Piper Sandler Companies (PIPR) Q4 FY2025 earnings: revenue $666 million, up 37.6% on the year
Piper Sandler Companies (PIPR) reported revenue of $666 million for Q4 FY2025, the quarter ended 31 December 2025, up 37.6% on the same quarter a year earlier. Net income was $114 million, up 65.0% on the year, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
The quarter, against the one before and a year earlier
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | 666 | 479 | 484 | +37.6% |
| Pre-tax income | 189 | 107 | 82.1 | +129.8% |
| Income tax | 45.8 | 24.9 | 29.6 | +54.6% |
| Effective tax rate | 24.3% | 23.2% | 36.1% | |
| Net income | 114 | 60.3 | 69.1 | +65.0% |
| Net margin | 17.1% | 12.6% | 14.3% | |
| Diluted EPS | $1.60 | $0.84 | $0.96 | +65.8% |
Read more
Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow and capital returned
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | 730 | 31.9 | 164 | +345.4% |
| Capital expenditure | 3.3 | 6.0 | 8.4 | -60.4% |
| Free cash flow | 726 | 25.9 | 155 | +367.3% |
| Free cash flow margin | 109.1% | 5.4% | 32.1% | |
| Cash from investing | -3.3 | -15.0 | -8.5 | n/a |
| Cash from financing | -31.3 | -25.2 | -19.3 | n/a |
| Depreciation and amortisation | 8.1 | 6.8 | 7.1 | +13.0% |
| Share-based compensation | 48.1 | 23.4 | 32.3 | +49.1% |
| Buybacks | 19.8 | 3.7 | 6.5 | +207.4% |
| Dividends paid | 14.9 | 11.9 | 12.6 | +17.9% |
| Dividend per share | $0.17 | $0.17 | $0.16 | +7.7% |
| Diluted shares, weighted | 71m | 71m | 71m | -0.3% |
| Shares outstanding at period end | 67m | 67m | 64m | +4.7% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 1,371 | 1,283 | 1,228 | +11.7% |
| Non-controlling interest | 212 | 180 | 188 | +12.7% |
| Short-term borrowings | 15.0 | 15.0 | 10.0 | +50.0% |
| Other liabilities | 995 | 742 | 830 | +19.8% |
| Total liabilities and equity | 2,593 | 2,220 | 2,256 | +14.9% |
| Fixed assets | 77.3 | 78.4 | 59.4 | +30.2% |
| Goodwill | 319 | 319 | 312 | +2.3% |
| Intangible assets | 99.6 | 103 | 108 | -7.4% |
| Cash and equivalents | 809 | 114 | 483 | +67.6% |
| Other assets | 1,287 | 1,605 | 1,294 | -0.6% |
| Total assets | 2,593 | 2,220 | 2,256 | +14.9% |
Questions
What was Piper Sandler Companies' revenue in Q4 FY2025?
Piper Sandler Companies (PIPR) reported revenue of $666 million for Q4 FY2025, the quarter ended 31 December 2025, up 37.6% on the same quarter a year earlier.
How much did Piper Sandler Companies earn in Q4 FY2025?
Net income for Q4 FY2025 was $114 million, up 65.0% on the year, and diluted earnings per share $1.60.
When did Piper Sandler Companies report Q4 FY2025 results?
Piper Sandler Companies filed its 10-K for the quarter ended 31 December 2025 with the SEC on 26 February 2026.
Quarterly results, the last 12 quarters
| Q3 FY2023 | Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 289 | 472 | 343 | 339 | 360 | 484 | 357 | 397 | 479 | 666 | 474 | 496 |
| Pre-tax income | -3.5 | 85.8 | 52.4 | 28.2 | 55.6 | 82.1 | 29.4 | 48.9 | 107 | 189 | 87.9 | 100 |
| Tax rate | n/a | 25% | 5% | 47% | 27% | 36% | -25% | 35% | 23% | 24% | 22% | 30% |
| Net income | 3.9 | 52.0 | 42.5 | 34.8 | 34.8 | 69.1 | 64.9 | 42.2 | 60.3 | 114 | 65.2 | 67.8 |
| Net margin | 1% | 11% | 12% | 10% | 10% | 14% | 18% | 11% | 13% | 17% | 14% | 14% |
| Diluted EPS | $0.06 | $0.75 | $0.61 | $0.49 | $0.49 | $0.96 | $0.91 | $0.59 | $0.84 | $1.60 | $0.92 | $0.95 |
| Operating cash flow | 27.3 | 423 | -197 | 266 | 80.1 | 164 | -207 | 32.1 | 31.9 | 730 | -292 | 36.3 |
| Capital expenditure | 3.6 | 1.8 | 1.3 | 3.4 | 2.5 | 8.4 | 11.1 | 14.2 | 6.0 | 3.3 | 2.2 | 7.8 |
| Free cash flow | 23.7 | 421 | -198 | 263 | 77.7 | 155 | -218 | 17.9 | 25.9 | 726 | -294 | 28.5 |
| Buybacks | 3.9 | 3.1 | 52.1 | 5.5 | 2.4 | 6.5 | 80.6 | 20.9 | 3.7 | 19.8 | 69.9 | 31.0 |
| Dividends paid | 10.1 | 10.2 | 35.7 | 14.8 | 10.7 | 12.6 | 70.3 | 17.1 | 11.9 | 14.9 | 101 | 13.8 |
| Shares outstanding | 60m | 61m | 63m | 64m | 64m | 64m | 66m | 67m | 67m | 67m | 68m | 68m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Read more
Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Source
10-K for the period ended 31 December 2025, filed 26 February 2026, accession 0001230245-26-000013: the filing on EDGAR. All of Piper Sandler Companies's filings: EDGAR company page.
The same record on your computer
GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.