Total revenue fell from a $667.0M peak in 2025Q4 to $443.7M in 2026Q3 while the efficiency ratio deteriorated to 79.6 percent, suggesting reduced operating leverage and earnings that are highly sensitive to transaction volumes.
Piper Sandler Companies (PIPR) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Net Interest Income | 76.85M | 65.31M | 27.23M | 16.58M | 10.88M | -3.77M | -1.28M | 15.01M | 16.2M | 11.69M | 10.55M | 18.16M | 23.64M | 25.37M | 18.75M | 22.73M | 16.91M | 22.56M | -1.69M | 37.18M | 31.81M | 12.36M | 13.3M | 25.77M | 25.37M | 16.22M | 16.13M |
| NII Growth % | 583.83% | 139.88% | 64.25% | 52.29% | 388.96% | -194.07% | -108.54% | -7.35% | 38.61% | 10.78% | -41.9% | -23.2% | -6.82% | 35.32% | -17.5% | 34.36% | -25.02% | 1438.08% | -104.53% | 16.91% | 157.28% | -7.02% | -48.39% | 1.56% | 56.41% | 0.55% | - |
| Net Interest Margin % | 3.16% | 2.52% | 1.21% | 0.77% | 0.5% | -0.15% | -0.06% | 0.92% | 1.2% | 0.58% | 0.5% | 0.85% | 0.9% | 1.09% | 0.9% | 1.37% | 0.83% | 1.32% | -0.13% | 2.16% | 1.72% | 0.53% | 0.47% | 1.08% | 1.24% | 0.59% | 0.59% |
| Interest Income | 79.87M | 70.15M | 32.91M | 26.72M | 20.36M | 6.97M | 13.16M | 26.74M | 32.75M | 31.95M | 33.07M | 41.56M | 48.72M | 50.41M | 37.84M | 43.45M | 51.7M | 40.65M | 16.97M | 60.87M | 64.11M | 44.86M | 35.72M | 45.28M | 59.69M | 95.44M | 144.31M |
| Interest Expense | 3.02M | 4.84M | 5.68M | 10.15M | 9.48M | 10.73M | 14.45M | 11.73M | 16.55M | 20.27M | 22.52M | 23.4M | 25.07M | 25.04M | 19.09M | 20.72M | 34.79M | 18.09M | 18.66M | 23.69M | 32.3M | 32.49M | 22.42M | 19.51M | 34.31M | 79.22M | 128.18M |
| Loan Loss Provision | 93.36M | 116.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 2B | 1.83B | 1.45B | 1.28B | 1.36B | 1.98B | 1.18B | 783.55M | 691.62M | 803.77M | 729.15M | 646.97M | 616.87M | 491.55M | 462.15M | 400.43M | 451.67M | 446.23M | 296.56M | 467.19M | 473.24M | 408.94M | 420.91M | 760.97M | 703.68M | 0 | 0 |
| Non-Interest Income % | 96.3% | 96.56% | 98.15% | 98.72% | 99.21% | 100.19% | 100.11% | 98.12% | 97.71% | 98.57% | 98.57% | 97.27% | 96.31% | 95.09% | 96.1% | 94.63% | 96.39% | 95.19% | 100.57% | 92.63% | 93.7% | 97.07% | 96.94% | 96.73% | 96.52% | 0% | 0% |
| Total Net Revenue | 2.08B | 1.9B | 1.48B | 1.3B | 1.37B | 1.97B | 1.18B | 798.56M | 707.82M | 815.46M | 739.7M | 665.12M | 640.52M | 516.92M | 480.9M | 423.16M | 468.59M | 468.79M | 294.87M | 504.38M | 505.05M | 421.31M | 434.21M | 786.73M | 729.05M | 16.22M | 16.13M |
| Revenue Growth % | 24.72% | 28.72% | 13.52% | -5.37% | -30.33% | 66.91% | 47.92% | 12.82% | -13.2% | 10.24% | 11.21% | 3.84% | 23.91% | 7.49% | 13.64% | -9.69% | -0.04% | 58.98% | -41.54% | -0.13% | 19.88% | -2.97% | -44.81% | 7.91% | 4394.77% | 0.55% | - |
| Non-Interest Expense | 1.54B | 1.4B | 1.26B | 1.18B | 1.24B | 1.53B | 1.11B | 679.58M | 635.33M | 736.14M | 770.57M | 578.7M | 530.21M | 441.31M | 411.89M | 503.35M | 414.77M | 412.24M | 518.48M | 473.95M | 471.7M | 385.28M | 385.17M | 744.9M | 723.09M | 90.1M | -23.06M |
| Efficiency Ratio | 74.01% | 73.55% | 85.2% | 90.57% | 90.22% | 77.61% | 94.2% | 85.1% | 89.76% | 90.27% | 104.17% | 87.01% | 82.78% | 85.37% | 85.65% | 118.95% | 88.52% | 87.94% | 175.83% | 93.97% | 93.4% | 91.45% | 88.71% | 94.68% | 99.18% | 555.5% | -142.94% |
| Operating Income | 446.89M | 385.53M | 218.41M | 122.59M | 134.37M | 441.51M | 68.55M | 118.98M | 72.49M | 79.32M | -30.87M | 86.42M | 110.31M | 75.61M | 69.01M | -80.19M | 53.82M | 56.55M | -223.61M | 30.43M | 33.35M | 36.03M | 49.04M | 41.83M | 5.96M | -73.88M | 39.19M |
| Operating Margin % | 21.5% | 20.3% | 14.8% | 9.43% | 9.78% | 22.39% | 5.8% | 14.9% | 10.24% | 9.73% | -4.17% | 12.99% | 17.22% | 14.63% | 14.35% | -18.95% | 11.48% | 12.06% | -75.83% | 6.03% | 6.6% | 8.55% | 11.29% | 5.32% | 0.82% | -455.5% | 242.94% |
| Operating Income Growth % | - | 76.52% | 78.17% | -8.77% | -69.57% | 544.09% | -42.39% | 64.13% | -8.61% | 356.9% | -135.72% | -21.66% | 45.89% | 9.57% | 186.06% | -249% | -4.84% | 125.29% | -834.85% | -8.75% | -7.45% | -26.52% | 17.22% | 601.79% | 108.07% | -288.53% | - |
| Pretax Income | 443.76M | 374.55M | 218.41M | 122.59M | 134.37M | 441.51M | 68.55M | 118.98M | 72.49M | 79.32M | -30.87M | 86.42M | 110.31M | 75.61M | 69.01M | -80.19M | 53.82M | 56.55M | -223.61M | 30.43M | 33.35M | 36.03M | 49.04M | 41.83M | 5.96M | -73.88M | 39.19M |
| Pretax Margin % | 21.34% | 19.72% | 14.8% | 9.43% | 9.78% | 22.39% | 5.8% | 14.9% | 10.24% | 9.73% | -4.17% | 12.99% | 17.22% | 14.63% | 14.35% | -18.95% | 11.48% | 12.06% | -75.83% | 6.03% | 6.6% | 8.55% | 11.29% | 5.32% | 0.82% | -455.5% | 242.94% |
| Income Tax | 122.23M | 80.58M | 60.97M | 23.61M | 33.19M | 111.14M | 19.19M | 24.58M | 18.05M | 53.81M | -17.13M | 27.94M | 35.99M | 20.39M | 19.47M | 9.12M | 32.16M | 26.18M | -40.13M | 5.79M | 10.21M | 10.86M | 16.73M | 15.84M | 5.86M | -23.83M | 18.48M |
| Effective Tax Rate % | 27.54% | 21.51% | 27.92% | 19.26% | 24.7% | 25.17% | 28% | 20.66% | 24.89% | 67.84% | 55.48% | 32.33% | 32.62% | 26.97% | 28.21% | -11.37% | 59.76% | 46.3% | 17.95% | 19.03% | 30.62% | 30.15% | 34.11% | 37.85% | 98.22% | 32.26% | 47.16% |
| Net Income | 302.47M | 281.33M | 181.11M | 85.49M | 110.67M | 278.51M | 40.5M | 111.71M | 57.04M | -61.94M | -21.95M | 52.08M | 63.17M | 45.09M | 41.27M | -102.02M | 24.36M | 30.37M | -182.97M | 21.94M | 195.43M | 40.08M | 50.35M | 26M | 106K | -50.05M | 20.71M |
| Net Margin % | 14.55% | 14.81% | 12.27% | 6.58% | 8.06% | 14.13% | 3.43% | 13.99% | 8.06% | -7.6% | -2.97% | 7.83% | 9.86% | 8.72% | 8.58% | -24.11% | 5.2% | 6.48% | -62.05% | 4.35% | 38.69% | 9.51% | 11.6% | 3.3% | 0.01% | -308.58% | 128.37% |
| Net Income Growth % | 27.94% | 55.33% | 111.85% | -22.75% | -60.26% | 587.62% | -63.74% | 95.86% | 192.08% | -182.16% | -142.15% | -17.57% | 40.1% | 9.26% | 140.45% | -518.77% | -19.78% | 116.6% | -933.86% | -88.77% | 387.55% | -20.39% | 93.65% | 24427.36% | 100.21% | -341.7% | - |
| Net Income (Continuing) | 321.53M | 293.96M | 157.44M | 98.97M | 101.18M | 330.37M | 49.36M | 94.4M | 54.44M | 25.51M | -13.75M | 58.48M | 74.33M | 55.22M | 49.54M | -89.31M | 21.65M | 30.37M | -183.47M | 24.64M | 23.14M | 25.17M | 32.31M | 26M | 106K | -50.05M | 20.71M |
| EPS (Diluted) | 4.28 | 3.96 | 2.56 | 1.24 | 1.63 | 4.11 | 0.68 | 1.93 | 0.93 | -1.27 | -0.43 | 0.84 | 0.97 | 0.68 | 0.57 | -1.63 | 0.31 | 0.39 | -2.89 | 0.30 | 2.52 | 0.53 | 0.65 | 0.34 | 0.00 | -0.65 | 0.27 |
| EPS Growth % | 28.11% | 54.69% | 106.45% | -23.93% | -60.32% | 504.04% | -64.68% | 106.99% | 173.37% | -193.06% | -151.8% | -13.7% | 43.33% | 19.47% | 134.72% | -629.27% | -20.65% | 113.42% | -1054.55% | -87.98% | 379.52% | -19.23% | 92.59% | - | 100.38% | -338.53% | - |
| EPS (Basic) | - | 4.22 | 2.86 | 1.43 | 1.98 | 4.88 | 0.74 | 1.37 | 0.95 | -1.27 | -0.43 | 0.84 | 0.97 | 0.68 | 0.57 | -1.63 | 0.31 | 0.39 | -2.89 | 0.33 | 2.72 | 0.53 | 0.65 | 0.34 | 0.00 | -0.65 | 0.27 |
| Diluted Shares Outstanding | 70.67M | 71.14M | 70.78M | 68.9M | 67.86M | 67.82M | 59.6M | 55.75M | 53.7M | 51.23M | 51.12M | 57.56M | 60.1M | 60.24M | 62.46M | 62.69M | 61.51M | 64.03M | 63.35M | 72.47M | 75.87M | 76.32M | 77.6M | 76.95M | 76.64M | 77.12M | 76.24M |
Quick answers to the most common questions about buying PIPR stock.
For fiscal year 2025, Piper Sandler Companies (PIPR) reported total revenue of $1.90B. This represents a 11674.7% increase compared to $16.1M in 2000.
Piper Sandler Companies (PIPR) is profitable, generating $281.3M in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.
Piper Sandler Companies (PIPR) reported an operating income of $385.5M, resulting in an operating profit margin of 20.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Piper Sandler Companies (PIPR) generated $1.78B in gross profit for the year, representing a gross profit margin of 93.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Transaction-driven revenue volatility
Metrics are mathematically derived from official filings.
Fee Income Dominates Revenue Base
Non-interest income comprised roughly 95 to 100 percent of total revenue across recent quarters, with the fee share reaching 100.7 percent in 2026Q3, as shown in the reported income statement figures for PIPR.
Because net interest income is negligible for this firm, the revenue line behaves as an advisory and brokerage earnings stream rather than a spread business. The reported fee percentage above 100 percent in the latest quarter reflects a small negative NII contribution, which suggests net funding or interest costs exceeded interest earned in that period. This makes the earnings profile highly dependent on transaction timing, so investors should monitor whether fee volumes remain durable outside the strong 2025Q4 peak.
Provisioning Emerges Only Recently
Provision expense was zero through 2025Q3 but reached $18.0M in 2026Q1, $21.5M in 2026Q2, and $23.0M in 2026Q3, based on the reported quarterly figures for PIPR.
The shift from zero provisions to a sustained run-rate of roughly $20M per quarter is a notable change for an advisory-led firm and may indicate the emergence of lending-related credit exposure that was previously immaterial. Provisions consumed a meaningful share of quarterly operating income in 2026, which suggests credit costs are now a relevant earnings variable. The underlying drivers are not disclosed in the supplied data, so this warrants further investigation rather than firm conclusions.
Efficiency Deteriorates From 2025 Peak
The efficiency ratio rose from 66.9 percent in 2025Q4 to 79.6 percent in 2026Q3, indicating weaker operating leverage as revenue softened, based on reported PIPR figures.
Operating income fell from $189.8M in 2025Q4 to $67.2M in 2026Q3 while expenses remained elevated relative to revenue, which compresses the cost advantage that the firm achieved during the 2025 recovery. The pattern suggests compensation, which is the dominant cost for a bank of this type, has not flexed down as quickly as fee revenue. Investors should watch whether the efficiency ratio stabilizes below 80 percent in subsequent quarters.
Earnings Quality Challenged by Volatility
Net income swung from $114.0M in 2025Q4 to $55.4M in 2026Q3, and EPS fell 7.7 percent year over year, based on reported PIPR quarterly results.
The sharp quarter-to-quarter swings suggest that headline earnings are heavily influenced by the timing of closed transactions, which limits their predictive value. The 2026Q3 EPS of $0.78 and a missing forward EPS result in the supplied data make the trajectory difficult to verify. An analyst should be cautious about extrapolating the 2025 peak earnings level into forward periods.
Late 2025 Peak Marks Turning Point
Total revenue reached $667.0M in 2025Q4 before declining to $443.7M in 2026Q3, a drop of roughly one-third, according to reported PIPR figures.
The fourth quarter of 2025 appears to represent the high-water mark of the recent cycle, with net income of $114.0M and EPS of $1.60 far above surrounding periods. The subsequent decline to near-zero net interest income and sub-$450M revenue suggests the deal and advisory environment softened materially. Investors should treat the 2025Q4 result as an outlier rather than a run-rate baseline.