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10-K annual report · filed Feb 26, 2026

PIPER SANDLER COMPANIES (PIPR) FY2025 10-K Annual Report

PIPR overviewOriginal on SEC EDGAR
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PIPER SANDLER COMPANIES (PIPR) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.8B (+21.7% year over year) and net income of $281M.

  • Top risk flagged: No specific or timely regulatory or legal risk identified in the risk factors section

FY2025 key financial metrics · XBRL

Revenue
$1.8B
+21.7% YoY
Net income
$281M
+55.3% YoY
EPS (diluted)
$15.82
+54.5% YoY
ROE
20.5%
+5.8 pp YoY
Operating cash flow
$587M
+87.3% YoY

Source: XBRL data from the PIPER SANDLER COMPANIES (PIPR) FY2025 10-K on SEC EDGAR. USD.

PIPER SANDLER COMPANIES FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: Investment banking and financial advisory services
  • No new products, services, or segments introduced or emphasized in FY 2026 filing
  • Strategic positioning and competitive focus unchanged from prior year
  • No quantitative business metrics disclosed within the business section text
  • This filing cross-references proxy statement extensively rather than containing standalone business details

Management Discussion & Analysis

  • Revenue $1.90B, up 24.5% YoY from $1.53B in 2024; investment banking led with $1.40B, up 26.8%
  • Net income $281.3M, up 55.3% YoY; pre-tax margin 19.7% vs 14.3%, compensation ratio improved 62.5% vs 65.8%
  • Best segment: investment banking, $1.40B revenue (+26.8%); worst: institutional brokerage, $433.2M revenue (+7.9%)
  • Compensation expense $1.19B (+18.1%), non-interest expenses $1.52B (+16.6%); interest expense down to $4.8M (-14.8%)
  • Outlook: strong advisory and corporate financing pipeline, expect similar equity brokerage revenue, continued municipal financing growth, risks include geopolitical tensions and trade uncertainties

Risk Factors

  • No specific or timely regulatory or legal risk identified in the risk factors section
  • No explicit geopolitical or macroeconomic threat with concrete exposure detailed
  • Operational risk general, no specific supply chain vulnerability mentioned
  • No competitive or market disruption risk naming specific competitor or technology
  • No financial or structural risk detailed such as leverage, concentration, or key-person dependency

Generated from the filing text; verify against the original. How to read a 10-K

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