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Dec 31, 2025
Piper Sandler Q4 2025 Earnings Report
Piper Sandler Companies reported record fourth quarter revenues and strong full-year growth in 2025, driven by advisory services and institutional brokerage.
Key Takeaways
Piper Sandler Companies announced a strong finish to 2025 with record fourth quarter revenues of $666.1 million, a 39% increase from the previous quarter and 38% year-over-year. Full-year revenues reached $1.9 billion, up 24% from 2024, primarily fueled by a record year in advisory services. The company also declared a special cash dividend of $5.00 per share and a quarterly cash dividend of $0.70 per share, alongside a four-for-one stock split.
Fourth quarter 2025 net revenues reached a record $666.1 million, increasing 39% sequentially and 38% year-over-year.
Full-year 2025 net revenues were $1.90 billion, a 24% increase compared to 2024, driven by strong performance across all businesses.
Advisory services revenues grew 44% year-over-year in Q4 2025, contributing to record full-year advisory revenues of $1.04 billion.
The company announced a special cash dividend of $5.00 per share, a quarterly cash dividend of $0.70 per share, and a four-for-one forward stock split.
Revenue by Segment
Forward Guidance
The forward-looking statements indicate potential for continued growth in advisory services and institutional brokerage, but also acknowledge risks from macroeconomic conditions and market volatility.
Positive Outlook
- Strong performance in advisory services, with record revenues in 2025, positions the company well for future growth.
- Growth in institutional brokerage, particularly equity brokerage, indicates robust client activity.
- Strategic talent additions and new initiatives like private markets trading are expected to strengthen business lines.
- The four-for-one stock split aims to increase liquidity and accessibility for a wider range of investors.
- Increased profitability and earnings in 2025, driven by revenue growth and operating discipline, suggest a solid financial foundation.
Challenges Ahead
- The volume of anticipated transactions and corresponding revenues may vary significantly due to macroeconomic conditions or financial market declines.
- Revenues from corporate advisory and equity/debt financings are highly dependent on the number, size, and timing of completed transactions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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