Piper Sandler Companies: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Key takeaways

Net revenues up 25% year-over-year: Net revenues were $495.5 million, up 4% from the first quarter and 25% from a year earlier. Adjusted net revenues were $491.1 million, up 21% year-over-year. Source
Diluted EPS rose to $0.95: Net income attributable to Piper Sandler Companies was $67.8 million, or $0.95 per diluted share, compared with $0.92 in the first quarter and $0.59 a year earlier. Source
Advisory revenue reached second-quarter record: Advisory services revenue of $274.2 million was up 34% year-over-year, driven by more M&A activity and the private capital advisory group. Source
Equity brokerage near record level: Equity brokerage revenue was $62.9 million, up 4% from the first quarter and 8% from a year earlier on increased client activity. Source
Pre-tax margin rose to 20.3%: Pre-tax margin was 20.3%, compared with 18.5% in the first quarter and 12.3% a year earlier, driven primarily by higher net revenues and lower non-compensation expenses. Source
First-half returns totaled $215 million: First-half returns were $215 million through dividends and repurchases of 1.3 million shares at an average price of $79.12. Source

“Broad-based performance across our platform drove another quarter of year-over-year growth, fueling our best first-half revenues on record,”
Chad Abraham, chairman and chief executive officer

Guidance

Area	Period	Figure	Against last quarter
Quarterly cash dividend Source	Dividend payable September 11, 2026	$0.20 per share	Kept

What changed from last quarter

New: Tripp Griffin and Rob Parker were appointed co-heads of services & industrials investment banking. Source
New: Former co-heads Matt Sznewajs and John Tye moved to lead private equity advisory with David Lee, including the financial sponsors group. Source
New: A managing director was hired to head power generation equity research, covering grid and data center infrastructure, merchant power and nuclear, energy storage, and renewable power. Source

Results and growth drivers

Net revenues up 25% year-over-year: Net revenues were $495.5 million, up 4% from the first quarter and 25% from a year earlier. Adjusted net revenues were $491.1 million, up 21% year-over-year. Source
Diluted EPS rose to $0.95: Net income attributable to Piper Sandler Companies was $67.8 million, or $0.95 per diluted share, compared with $0.92 in the first quarter and $0.59 a year earlier. Source
First-half revenues up 29%: First-half net revenues were $970 million, up 29%. Adjusted net revenues were $961 million, up 22%, with advisory services up 25% over the prior year period. Source

Segment revenue lines

Advisory revenue reached second-quarter record: Advisory services revenue of $274.2 million was up 34% year-over-year, driven by more M&A activity and the private capital advisory group. Source
Corporate financing fell from first quarter: Corporate financing revenue was $37.8 million, down 48% from the first quarter on fewer completed financings and up 10% from a year earlier. Source
Municipal revenue more than doubled sequentially: Municipal financing revenue was $49.5 million, up 107% from the first quarter on specialty sector and governmental activity, and up 18% from a year earlier. Source
Equity brokerage near record level: Equity brokerage revenue was $62.9 million, up 4% from the first quarter and 8% from a year earlier on increased client activity. Source
Fixed income revenue slipped on volatility: Fixed income services revenue was $48.6 million, down 3% from the first quarter and 14% from a year earlier, when balance sheet restructuring trades had contributed. Source

“Our results reflect the durability of our diversified model and the trust clients place in us in complex market environments.”
Chad Abraham, chairman and chief executive officer

Sector and client activity

Financial services group led advisory: Advisory results were led by the financial services group, with contributions from the healthcare and services & industrials teams. Source
Healthcare led capital raising: Corporate financing activity during the quarter was led by capital raising for healthcare clients. Source
Higher fees offset fewer advisory deals: Advisory revenue sequentially rose 9% because a higher average fee more than offset the effect of fewer completed transactions. Source

Costs and margins

Pre-tax margin rose to 20.3%: Pre-tax margin was 20.3%, compared with 18.5% in the first quarter and 12.3% a year earlier, driven primarily by higher net revenues and lower non-compensation expenses. Source
Adjusted operating margin rose to 21.8%: Adjusted operating margin was 21.8%, compared with 20.0% in the first quarter and 18.1% a year earlier. Source
Compensation ratio edged down: Compensation ratio was 62.3%, compared with 62.4% in the first quarter and 65.1% a year earlier. The adjusted compensation ratio was 61.5%. Source
Non-compensation expenses fell 4%: Non-compensation expenses were $86.4 million, down 4% from both the first quarter and the prior year. The first quarter had included $8.5 million of litigation-related expenses. Source

“We enter the second half of the year with continued momentum and a clear focus on best-in-class returns for our shareholders.”
Chad Abraham, chairman and chief executive officer

Tax and earnings per share

Effective tax rate rose to 30.2%: The effective tax rate was 30.2%, compared with 22.3% in the first quarter and 35.1% a year earlier. Source
First-quarter tax benefit from stock vesting: The first-quarter rate of 22.3% included $7.0 million, or $0.10 per diluted share, of tax benefits from restricted stock vesting. Source

Transaction counts and issuance

Completed advisory transactions 83: 83 advisory transactions were completed, compared with 94 in the first quarter and 71 a year earlier. Source
Equity transactions priced 21: 21 equity transactions were priced, compared with 26 in the first quarter and 16 a year earlier. 17 were book run. Source
Municipal issues priced 141: 141 municipal negotiated issues were priced, compared with 98 in the first quarter and 177 a year earlier. Source
Equity brokerage shares traded rose: 3.4 billion shares were traded, up 10% from the first quarter and 17% from a year earlier. Source

Capital and shareholder returns

First-half returns totaled $215 million: First-half returns were $215 million through dividends and repurchases of 1.3 million shares at an average price of $79.12. Source
Second-quarter buybacks of 386 thousand shares: Under the repurchase authorization, 386 thousand shares were bought in the second quarter at an average price of $79.24. Source
Second-quarter dividends paid $13.8 million: The second-quarter dividend of $0.20 per share totaled $13.8 million in aggregate. Source
Shareholders' equity rose year-over-year: Common shareholders' equity was $1,372.7 million, compared with $1,341.8 million in the first quarter and $1,229.9 million a year earlier. Source

Talent and leadership changes

Full-time headcount reached 1,915: Full-time employees totaled 1,915, compared with 1,842 in the first quarter and 1,845 a year earlier. Corporate investment banking managing directors numbered 193. Source
Services and industrials co-heads named: Tripp Griffin and Rob Parker were appointed co-heads of the services & industrials investment banking group. Source
Private equity advisory leadership changed: The former services and industrials co-heads moved to serve alongside David Lee in leading private equity advisory, including the financial sponsors group. Source
Power generation research head hired: A managing director was hired to head power generation equity research, covering grid and data center infrastructure and related power sectors. Source

Coming up, as management said on 30 July 2026

Dividend payment and record date: The $0.20 dividend is scheduled to be paid on September 11, 2026 to shareholders of record as of August 28, 2026. Source

Figures management reported

Figure	Reported
Completed M&A and restructuring transactions Source	67
Total completed advisory transactions Source	83
Total equity transactions priced Source	21
Aggregate par value of municipal issues priced (in billions) Source	5.1
Total municipal issues priced Source	141
Number of shares traded (in billions) Source	3.4

Risks management discussed

Demand: Interest rate volatility affected regular-way fixed income client activity during the quarter. Source
Demand: Issuance among governmental municipal clients declined during the quarter, offset within municipal financing by specialty sector activity. Source

Earlier plans management reported on

Not stated: Management states a clear focus on best-in-class returns for shareholders for the second half of 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Piper Sandler Companies Reports Second Quarter 2026 Results; Declares Quarterly Dividend of $0.20 Per Share

MINNEAPOLIS - July 30, 2026 - Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced its results for the second quarter of 2026.

"Broad-based performance across our platform drove another quarter of year-over-year growth, fueling our best first-half revenues on record," said Chad Abraham, chairman and chief executive officer. "Our results reflect the durability of our diversified model and the trust clients place in us in complex market environments. We enter the second half of the year with continued momentum and a clear focus on best-in-class returns for our shareholders."

	Second Quarter 2026 Results
	U.S. GAAP							Adjusted (1)
(Dollars in millions, except per share data)	Q2			vs.		vs.			Q2			vs.		vs.
2026			Q1-26	Q2-25				2026			Q1-26	Q2-25
Net revenues		$496		4%		25%				$491		5%		21%
Pre-tax margin	20.3%				1.8pp		8.0pp		21.8%				1.8pp		3.7pp
Net income attributable to Piper Sandler Companies		$68		4%		61%				$74		4%		41%
Earnings per diluted common share		$0.95		3%		61%				$1.04		4%		41%

(1)A non-U.S. GAAP ("non-GAAP") measure. Management believes that presenting results and measures on an adjusted basis alongside U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods. The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information."

Financial & Business Highlights

Net revenues of $496 million for the second quarter of 2026 and adjusted net revenues of $491 million grew 25% and 21%, respectively, over the prior year quarter.
Advisory services generated record second quarter revenues totaling $274 million, up 34% year-over-year, driven by increased M&A activity and a strong performance from our private capital advisory group.
Municipal financing revenues of $50 million represented our strongest quarter since 2021 led by our special district and hospitality groups.
Equity brokerage delivered $63 million of revenues, one of our best quarters on record, as we leveraged the broad capabilities of our platform to take advantage of market opportunities.
Net revenues of $970 million for the first half of 2026 and adjusted net revenues of $961 million grew 29% and 22%, respectively, over the prior year period, fueled by 25% growth in advisory services and robust contributions from our financing and equity brokerage businesses.

Talent

Appointed Tripp Griffin and Rob Parker as co-heads of services & industrials investment banking. The former co-heads of that group, Matt Sznewajs and John Tye, transitioned to serve alongside David Lee leading our private equity advisory effort, including the financial sponsors group.
Expanded our equities platform with the hiring of a managing director to head power generation equity research, with coverage focused on grid & data center infrastructure, merchant power & nuclear, energy storage, and renewable power spanning across the energy and industrials sectors.

Capital

Declared a quarterly cash dividend of $0.20 per share of the company's common stock on July 30, 2026 to be paid on September 11, 2026 to shareholders of record as of August 28, 2026.
Returned an aggregate of $215 million to shareholders during the first half of 2026 through dividends paid and repurchases of 1.3 million shares of the company's common stock at an average price of $79.12 per share.

U.S. GAAP Selected Financial Data

The following summarizes our results on a U.S. GAAP basis.

	Three Months Ended														Six Months Ended
(Dollars in thousands, except per share data)	June 30,			Mar. 31,			June 30,			Change vs.					June 30,			June 30,
2026			2026			2025			Q1-26		Q2-25			2026			2025			Change
Revenues
Investment banking:
Advisory services	$274,211			$250,962			$204,841			9%		34%			$525,173			$421,641			25%
Corporate financing	37,805			73,315			34,246			-48%		10%			111,120			67,307			65%
Municipal financing	49,511			23,913			41,907			107%		18%			73,424			68,310			7%
Total investment banking	361,527			348,190			280,994			4%		29%			709,717			557,258			27%
Institutional brokerage:
Equity brokerage	62,907			60,470			58,083			4%		8%			123,377			112,337			10%
Fixed income services	48,625			50,375			56,382			-3%		-14%			99,000			104,052			-5%
Total institutional brokerage	111,532			110,845			114,465			1%		-3%			222,377			216,389			3%
Interest income	9,104			11,646			7,947			-22%		15%			20,750			17,910			16%
Investment income/(loss)	14,091			4,464			(4,829)			216%			N/M		18,555			(34,426)				N/M
Total revenues	496,254			475,145			398,577			4%		25%			971,399			757,131			28%
Interest expense	739			736			1,799			- %		-59%			1,475			3,081			-52%
Net revenues	495,515			474,409			396,778			4%		25%			969,924			754,050			29%
Non-interest expenses
Compensation and benefits	308,709			296,057			258,216			4%		20%			604,766			506,673			19%
Non-compensation expenses	86,371			90,421			89,638			-4%		-4%			176,792			169,020			5%
Total non-interest expenses	395,080			386,478			347,854			2%		14%			781,558			675,693			16%
Income before income tax expense	100,435			87,931			48,924			14%		105%			188,366			78,357			140%
Income tax expense	30,338			19,619			17,169			55%		77%			49,957			9,834			408%
Net income	$70,097			$68,312			$31,755			3%		121%			$138,409			$68,523			102%
Net income attributable to Piper Sandler Companies	$67,845			$65,242			$42,182			4%		61%			$133,087			$107,097			24%
Earnings per diluted common share	$0.95			$0.92			$0.59			3%		61%			$1.87			$1.51			24%
Ratios and margin
Compensation ratio		62.3%			62.4%			65.1%								62.4%			67.2%
Non-compensation ratio		17.4%			19.1%			22.6%								18.2%			22.4%
Pre-tax margin		20.3%			18.5%			12.3%								19.4%			10.4%
Effective tax rate		30.2%			22.3%			35.1%								26.5%			12.6%

N/M - Not meaningful

The following table summarizes additional business metrics for the periods presented.

	Three Months Ended													Six Months Ended
	June 30,			Mar. 31,			June 30,			Change vs.				June 30,			June 30,
2026			2026			2025			Q1-26		Q2-25		2026			2025			Change
Advisory services
Completed M&A and restructuring transactions		67			69			49		-3%		37%			136			91		49%
Completed capital advisory transactions (1)		16			25			22		-36%		-27%			41			35		17%
Total completed advisory transactions		83			94			71		-12%		17%			177			126		40%
Corporate financings
Total equity transactions priced		21			26			16		-19%		31%			47			31		52%
Book run equity transactions priced		17			26			12		-35%		42%			43			23		87%
Total debt and preferred transactions priced		7			10			10		-30%		-30%			17			22		-23%
Book run debt and preferred transactions priced		2			7			8		-71%		-75%			9			16		-44%
Municipal negotiated issues
Aggregate par value of issues priced (in billions)	$5.1			$3.3			$5.7			55%		-11%		$8.3			$9.0			-8%
Total issues priced		141			98			177		44%		-20%			239			271		-12%
Equity brokerage
Number of shares traded (in billions)		3.4			3.1			2.9		10%		17%			6.6			5.8		14%

(1)Includes debt capital markets advisory transactions and equity and debt private placements.

NET REVENUES

For the second quarter of 2026, net revenues of $495.5 million increased 4% compared to the first quarter of 2026 and 25% compared to the second quarter of 2025.

Investment banking revenues of $361.5 million for the second quarter of 2026 increased 4% compared to the first quarter of 2026 and 29% compared to the second quarter of 2025.

Advisory services revenues of $274.2 million for the second quarter of 2026 increased 9% compared to the first quarter of 2026 driven by a higher average fee which more than offset the impact of fewer completed transactions. Advisory services revenues increased 34% compared to the second quarter of 2025 driven by more completed M&A transactions and a higher average fee. Sector performance was led by our financial services group with solid contributions from our healthcare and services & industrials teams.
Corporate financing revenues of $37.8 million for the second quarter of 2026 decreased 48% compared to the strong first quarter of 2026 resulting from fewer completed financings. Corporate financing revenues increased 10% compared to the second quarter of 2025 driven by more completed equity underwriting transactions. Performance during the quarter was led by capital raising activity for our healthcare clients.
Municipal financing revenues of $49.5 million for the second quarter of 2026 increased 107% compared to the first quarter of 2026 resulting from robust activity from both our specialty sector and governmental businesses. Municipal financing revenues increased 18% compared to the second quarter of 2025 driven by the strong performance from our specialty sectors which more than offset a decline in issuances among our governmental clients.

Institutional brokerage revenues of $111.5 million for the second quarter of 2026 were essentially flat compared to the first quarter of 2026 and decreased 3% compared to the second quarter of 2025.

Equity brokerage revenues of $62.9 million for the second quarter of 2026 increased 4% compared to the first quarter of 2026 and 8% compared to the second quarter of 2025 driven by increased client activity.
Fixed income services revenues of $48.6 million for the second quarter of 2026 decreased 3% compared to the first quarter of 2026 as interest rate volatility continued to impact our regular-way client activity. Fixed income services revenues decreased 14% compared to the second quarter of 2025, which benefited from the execution of several balance sheet restructuring trades.

Investment income/(loss) for the second quarter of 2026 was income of $14.1 million compared to income of $4.5 million for the first quarter of 2026 and a loss of $4.8 million for the second quarter of 2025. For the current and prior periods, investment income/(loss) includes amounts attributable to noncontrolling interests primarily related to the alternative asset funds we manage.

NON-INTEREST EXPENSES

For the second quarter of 2026, non-interest expenses of $395.1 million increased 2% compared to the first quarter of 2026 and 14% compared to the second quarter of 2025.

Compensation ratio of 62.3% for the second quarter of 2026 improved compared to 62.4% for the first quarter of 2026 and 65.1% for the second quarter of 2025 driven by higher net revenues.
Non-compensation expenses of $86.4 million for the second quarter of 2026 decreased 4% compared to both the first quarter of 2026 and the second quarter of 2025. Non-compensation expenses were higher during the first quarter of 2026 due to other operating expenses which included $8.5 million of litigation-related expenses. Non-compensation expenses were higher during the second quarter of 2025 due to $5.0 million of restructuring and integration costs related to headcount reductions, as well as vacated office space associated with our acquisition of Aviditi Advisors.

PRE-TAX INCOME

For the second quarter of 2026, we recorded pre-tax income of $100.4 million compared to $87.9 million for the first quarter of 2026 and $48.9 million for the second quarter of 2025.

Pre-tax margin of 20.3% for the second quarter of 2026 improved compared to 18.5% for the first quarter of 2026 and 12.3% for the second quarter of 2025 driven primarily by higher net revenues and lower non-compensation expenses.

EFFECTIVE TAX RATE

For the current and prior periods, the effective tax rate is impacted by the level of noncontrolling interests, the amount of non-deductible expenses, and the vesting of restricted stock awards. For the second quarter of 2026, the effective tax rate was 30.2%. The effective tax rate of 22.3% for the first quarter of 2026 included $7.0 million of tax benefits related to the vesting of restricted stock awards. For the second quarter of 2025, the effective tax rate of 35.1% was elevated due to the net loss attributable to noncontrolling interests.

NET INCOME & EARNINGS PER SHARE

For the second quarter of 2026, we generated net income of $67.8 million, or $0.95 per diluted common share.

Results for the current quarter increased compared to net income of $65.2 million, or $0.92 per diluted common share, for the first quarter of 2026 resulting primarily from higher net revenues and lower non-compensation expenses. This was offset in part by a higher effective tax rate as net income for the first quarter of 2026 included $7.0 million, or $0.10 per diluted common share, of income tax benefits related to the vesting of restricted stock awards. Results for the current quarter increased compared to net income of $42.2 million, or $0.59 per diluted common share, for the second quarter of 2025 driven by higher net revenues, an increased pre-tax margin and a lower effective tax rate.

Non-GAAP Selected Financial Data

The following summarizes our results on an adjusted, non-GAAP basis.

	Three Months Ended														Six Months Ended
(Dollars in thousands, except per share data)	June 30,			Mar. 31,			June 30,			Change vs.					June 30,			June 30,
2026			2026			2025			Q1-26			Q2-25		2026			2025			Change
Adjusted revenues
Investment banking:
Advisory services	$274,211			$250,962			$204,841			9%			34%		$525,173			$421,641			25%
Corporate financing	37,805			73,315			34,246			-48%			10%		111,120			67,307			65%
Municipal financing	49,511			23,913			41,907			107%			18%		73,424			68,310			7%
Total investment banking	361,527			348,190			280,994			4%			29%		709,717			557,258			27%
Institutional brokerage:
Equity brokerage	62,907			60,470			58,083			4%			8%		123,377			112,337			10%
Fixed income services	48,625			50,375			56,382			-3%			-14%		99,000			104,052			-5%
Total institutional brokerage	111,532			110,845			114,465			1%			-3%		222,377			216,389			3%
Interest income	9,104			11,646			7,947			-22%			15%		20,750			17,910			16%
Investment income/(loss)	9,712			(401)			3,781				N/M		157%		9,311			222				N/M
Adjusted total revenues	491,875			470,280			407,187			5%			21%		962,155			791,779			22%
Interest expense	739			736			1,799			- %			-59%		1,475			3,081			-52%
Adjusted net revenues	491,136			469,544			405,388			5%			21%		960,680			788,698			22%
Adjusted operating expenses
Adjusted compensation and benefits	302,048			289,239			251,340			4%			20%		591,287			490,909			20%
Adjusted non-compensation expenses	81,998			86,444			80,676			-5%			2%		168,442			155,873			8%
Adjusted total operating expenses	384,046			375,683			332,016			2%			16%		759,729			646,782			17%
Adjusted operating income	107,090			93,861			73,372			14%			46%		200,951			141,916			42%
Adjusted income tax expense	32,621			21,927			20,631			49%			58%		54,548			15,680			248%
Adjusted net income	$74,469			$71,934			$52,741			4%			41%		$146,403			$126,236			16%
Adjusted earnings per diluted common share	$1.04			$1.00			$0.74			4%			41%		$2.04			$1.76			16%
Adjusted ratios and margin
Adjusted compensation ratio		61.5%			61.6%			62.0%								61.5%			62.2%
Adjusted non-compensation ratio		16.7%			18.4%			19.9%								17.5%			19.8%
Adjusted operating margin		21.8%			20.0%			18.1%								20.9%			18.0%
Adjusted effective tax rate		30.5%			23.4%			28.1%								27.1%			11.0%

N/M - Not meaningful

Throughout this press release, including the table above, we present financial measures that are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Management believes that presenting results and measures on an adjusted basis alongside U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods and enhances the overall understanding of our current financial performance by excluding certain items that may not be indicative of our core operating results. The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information."

See page 3 for a summary of additional business metrics.

ADJUSTED NET REVENUES

For the second quarter of 2026, adjusted net revenues of $491.1 million increased 5% compared to the first quarter of 2026. Adjusted net revenues increased 21% compared to the second quarter of 2025, driven by 34% growth in advisory services as well as solid contributions from our municipal financing and equity brokerage businesses.

ADJUSTED OPERATING EXPENSES

For the second quarter of 2026, adjusted operating expenses of $384.0 million increased 2% compared to the first quarter of 2026 and 16% compared to the second quarter of 2025.

Adjusted compensation ratio of 61.5% for the second quarter of 2026 decreased slightly compared to 61.6% for the first quarter of 2026 and 62.0% for the second quarter of 2025 driven by higher adjusted net revenues.
Adjusted non-compensation expenses of $82.0 million for the second quarter of 2026 decreased 5% compared to the first quarter of 2026 and were essentially flat compared to the second quarter of 2025. Adjusted non-compensation expenses were higher during the first quarter of 2026 due to other operating expenses which included $8.5 million of litigation-related expenses.

ADJUSTED OPERATING INCOME

For the second quarter of 2026, adjusted operating income of $107.1 million increased 14% compared to the first quarter of 2026 and 46% compared to the second quarter of 2025.

Adjusted operating margin of 21.8% for the second quarter of 2026 increased compared to 20.0% for the first quarter of 2026 resulting from higher adjusted net revenues and lower non-compensation expenses. Adjusted operating margin increased compared to 18.1% for the second quarter of 2025 driven primarily by higher adjusted net revenues.

ADJUSTED EFFECTIVE TAX RATE

For the second quarter of 2026, our adjusted effective tax rate of 30.5% increased compared to 28.1% for the second quarter of 2025, which benefited from lower non-deductible expenses. The adjusted effective tax rate of 23.4% for the first quarter of 2026 included $7.0 million of tax benefits related to the vesting of restricted stock awards.

ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE

For the second quarter of 2026, we generated adjusted net income of $74.5 million, or $1.04 of adjusted earnings per diluted common share.

Results for the current quarter increased compared to adjusted net income of $71.9 million, or $1.00 of adjusted earnings per diluted common share, for the first quarter of 2026 resulting primarily from higher adjusted net revenues and lower adjusted non-compensation expenses. This was offset in part by a higher adjusted effective tax rate as net income for the first quarter of 2026 included $7.0 million, or $0.09 per diluted common share, of income tax benefits related to the vesting of restricted stock awards. Results for the current quarter increased compared to adjusted net income of $52.7 million, or $0.74 of adjusted earnings per diluted common share, for the second quarter of 2025 resulting primarily from higher adjusted net revenues.

Capital

DIVIDENDS

On July 30, 2026, our Board of Directors declared a quarterly cash dividend on the company's common stock of $0.20 per share. This dividend will be paid on September 11, 2026, to shareholders of record as of the close of business on August 28, 2026.

During the second quarter of 2026, we paid a quarterly cash dividend of $0.20 per share of common stock, for an aggregate of $13.8 million.

During the first half of 2026, we paid quarterly cash dividends of $0.375 per share of common stock and a special cash dividend of $1.25 per share of common stock, which was paid in the first quarter of 2026. Total dividends paid year-to-date, including accrued forfeitable dividends paid on restricted stock awards that vested, were $114.6 million.

SHARE REPURCHASES

During the second quarter of 2026, we repurchased 386 thousand shares of the company's common stock, at an average price of $79.24 per share, pursuant to our share repurchase authorization. We also repurchased 5 thousand shares of the company's common stock, at an average price of $78.79 per share, from restricted stock award recipients selling shares upon the award vesting to meet their employment tax obligations. The aggregate amount of 391 thousand shares, or $31.0 million of the company's common stock, were repurchased at an average price of $79.23 per share.

During the first half of 2026, we repurchased 811 thousand shares of the company's common stock, at an average price of $78.44 per share, pursuant to our share repurchase authorization. We also repurchased 464 thousand shares of the company's common stock, at an average price of $80.31 per share, from restricted stock award recipients selling shares upon the award vesting to meet their employment tax obligations. The aggregate amount of 1.3 million shares, or $100.9 million of the company's common stock, were repurchased at an average price of $79.12 per share.

Additional Information

	June 30,		Mar. 31,		June 30,
	2026		2026		2025
Human Capital
Full-time employees		1,915		1,842		1,845
Corporate investment banking managing directors		193		192		182
Shareholder Information (amounts in millions)
Common shareholders’ equity	$1,372.7		$1,341.8		$1,229.9
Shares outstanding:
Common shares outstanding		67.5		67.9		66.8
Restricted shares outstanding		3.5		3.5		4.3
Total shares outstanding		71.0		71.4		71.1

Management Conference Call

Chad Abraham, chairman and chief executive officer; Deb Schoneman, president; and Kate Clune, chief financial officer, will host a conference call to discuss the financial results on Thursday, July 30, 2026, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). Participants can access the call by dialing 800 330-6710 (in the U.S.) or +1 312 471-1353 (outside the U.S.) and passcode number 8969597. Callers should dial in at least 15 minutes prior to the call time. The conference call will also be accessible as an audio webcast through the company's website at pipersandler.com/earnings. A replay of the conference call will be available beginning approximately three hours after the event through the same link.

About Piper Sandler

Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, a tied agent of AHP Capital Management GmbH, authorized and regulated by BaFin; and in the Abu Dhabi Global Market through Piper Sandler MENA Ltd., authorized and regulated by the ADGM Financial Services Regulatory Authority. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.

For more information, please contact Kate Clune, chief financial officer, at 212 466-7799 or investorrelations@psc.com.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements notice

This press release and the conference call to discuss the contents of this press release contain forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about the outlook for future periods, e.g., the outlook for corporate advisory (e.g., M&A, debt capital markets advisory, private capital advisory), corporate financing, public finance, equity brokerage, and fixed income brokerage; current deal pipelines (or backlogs); growth plans for our businesses, including corporate investment banking and fixed income; the financial performance of recently completed transactions; our recruiting pipeline; anticipated financial results for future periods (including expectations regarding revenue levels, non-compensation expenses, non-compensation ratio, effective tax rate, compensation ratio, compensation and benefits expense, operating margins, and earnings per share); our strategic priorities; the payment of our quarterly and special cash dividends; our share repurchase program; and economic, geopolitical, and market conditions generally.

Forward-looking statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the following:

the volume of anticipated transactions - including corporate advisory (i.e., M&A), equity financing, and debt financing - and the corresponding revenues from the transactions may vary from quarter to quarter significantly, particularly if there is a decline in macroeconomic conditions or the financial markets;
revenues from corporate advisory (i.e., M&A) engagements and equity and debt financings may vary materially depending on the number, size, and timing of completed transactions, and completed transactions do not generally provide for subsequent engagements;
market, geopolitical and economic conditions or developments may be unfavorable, including in specific sectors in which we operate, and these conditions or developments, such as market fluctuations or volatility, may adversely affect our business, revenue levels and profitability;
the impact of trade policy, including tariffs, on market, geopolitical and economic conditions is difficult to predict, and may result in a decline in macroeconomic conditions or the financial markets that negatively impacts our business;
continued business and investor uncertainty around future trade policy or geopolitical conditions may adversely affect our business, revenue levels, and profitability;
interest rate volatility, especially if the changes are rapid or severe, could negatively impact our fixed income institutional business and the negative impact could be exaggerated by reduced liquidity in the fixed income markets; and
our stock price may fluctuate as a result of several factors, including but not limited to, changes in our revenues and operating results.

A further listing and description of these and other risks, uncertainties and important factors can be found in the sections titled "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, and updated in our subsequent reports filed with the SEC (available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov).

Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. We undertake no obligation to update them in light of new information or future events.

Piper Sandler Companies

Results of Operations (U.S. GAAP - Unaudited)

	Three Months Ended					Six Months Ended
(Amounts in thousands, except per share data)	June 30,		Mar. 31,		June 30,		June 30,		June 30,
2026		2026		2025		2026		2025
Revenues
Investment banking	$361,527		$348,190		$280,994		$709,717		$557,258
Institutional brokerage	111,532		110,845		114,465		222,377		216,389
Interest income	9,104		11,646		7,947		20,750		17,910
Investment income/(loss)	14,091		4,464		(4,829)		18,555		(34,426)
Total revenues	496,254		475,145		398,577		971,399		757,131
Interest expense	739		736		1,799		1,475		3,081
Net revenues	495,515		474,409		396,778		969,924		754,050
Non-interest expenses
Compensation and benefits	308,709		296,057		258,216		604,766		506,673
Occupancy and equipment	19,612		18,065		17,442		37,677		35,669
Outside services	16,776		13,717		20,920		30,493		36,391
Communications	15,885		14,910		14,944		30,795		30,385
Marketing and business development	15,883		15,151		13,869		31,034		28,742
Trade execution and clearance	5,414		5,037		4,701		10,451		9,875
Restructuring and integration costs	-		-		4,998		-		4,998
Intangible asset amortization	2,058		2,057		2,147		4,115		4,223
Other operating expenses	10,743		21,484		10,617		32,227		18,737
Total non-interest expenses	395,080		386,478		347,854		781,558		675,693
Income before income tax expense	100,435		87,931		48,924		188,366		78,357
Income tax expense	30,338		19,619		17,169		49,957		9,834
Net income	70,097		68,312		31,755		138,409		68,523
Net income/(loss) attributable to noncontrolling interests	2,252		3,070		(10,427)		5,322		(38,574)
Net income attributable to Piper Sandler Companies	$67,845		$65,242		$42,182		$133,087		$107,097
Earnings per common share
Basic	$1.00		$0.96		$0.63		$1.96		$1.62
Diluted	$0.95		$0.92		$0.59		$1.87		$1.51
Dividends declared per common share	$0.20		$1.43		$0.16		$1.63		$1.08
Weighted average common shares outstanding
Basic	67,698		67,841		66,812		67,769		66,166
Diluted	71,241		71,235		70,903		71,237		71,030

Piper Sandler Companies

Preliminary Selected Summary Financial Information (Non-GAAP - Unaudited) (1)

	Three Months Ended						Six Months Ended
	June 30,		Mar. 31,		June 30,		June 30,		June 30,
(Amounts in thousands, except per share data)		2026		2026		2025		2026		2025
Adjusted revenues
Investment banking	$361,527		$348,190		$280,994		$709,717		$557,258
Institutional brokerage	111,532		110,845		114,465		222,377		216,389
Interest income	9,104		11,646		7,947		20,750		17,910
Investment income/(loss)	9,712		(401)		3,781		9,311		222
Adjusted total revenues	491,875		470,280		407,187		962,155		791,779
Interest expense	739		736		1,799		1,475		3,081
Adjusted net revenues (2)	491,136		469,544		405,388		960,680		788,698
Adjusted operating expenses
Adjusted compensation and benefits (3)	302,048		289,239		251,340		591,287		490,909
Adjusted non-compensation expenses (4)	81,998		86,444		80,676		168,442		155,873
Adjusted total operating expenses (5)	384,046		375,683		332,016		759,729		646,782
Adjusted operating income (6)	107,090			93,861	73,372		200,951		141,916
Adjusted income tax expense (7)	32,621			21,927	20,631		54,548		15,680
Adjusted net income (8)	$74,469			$71,934	$52,741		$146,403		$126,236
Adjusted earnings per diluted common share (9)	$1.04		$1.00		$0.74		$2.04		$1.76
Adjusted weighted average diluted common shares outstanding (10)	71,594		71,637		71,608		71,615		71,729
Adjusted ratios and margin
Adjusted compensation ratio (11)		61.5%		61.6%		62.0%		61.5%		62.2%
Adjusted non-compensation ratio (12)		16.7%		18.4%		19.9%		17.5%		19.8%
Adjusted operating margin (13)		21.8%		20.0%		18.1%		20.9%		18.0%
Adjusted effective tax rate (14)		30.5%		23.4%		28.1%		27.1%		11.0%

This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information."

Piper Sandler Companies

Reconciliation of U.S. GAAP to Selected Summary Financial Information (1) (Unaudited)

	Three Months Ended						Six Months Ended
	June 30,		Mar. 31,		June 30,		June 30,		June 30,
(Amounts in thousands, except per share data)		2026		2026		2025		2026		2025
Net revenues:
Net revenues - U.S. GAAP basis	$495,515		$474,409		$396,778		$969,924		$754,050
Adjustment:
Investment (income)/loss related to noncontrolling interests (15)	(4,379)		(4,865)		8,610		(9,244)		34,648
Adjusted net revenues	$491,136		$469,544		$405,388		$960,680		$788,698
Compensation and benefits:
Compensation and benefits - U.S. GAAP basis	$308,709		$296,057		$258,216		$604,766		$506,673
Adjustment:
Compensation from acquisition-related agreements	(6,661)		(6,818)		(6,876)		(13,479)		(15,764)
Adjusted compensation and benefits	$302,048		$289,239		$251,340		$591,287		$490,909
Non-compensation expenses:
Non-compensation expenses - U.S. GAAP basis	$86,371		$90,421		$89,638		$176,792		$169,020
Adjustments:
Non-compensation expenses related to noncontrolling interests (15)	(2,127)		(1,795)		(1,817)		(3,922)		(3,926)
Restructuring and integration costs	-		-		(4,998)		-		(4,998)
Amortization of intangible assets related to acquisitions	(2,058)		(2,057)		(2,147)		(4,115)		(4,223)
Non-compensation expenses from acquisition-related agreements	(188)		(125)		-		(313)		-
Adjusted non-compensation expenses	$81,998		$86,444		$80,676		$168,442		$155,873
Income before income tax expense:
Income before income tax expense - U.S. GAAP basis	$100,435		$87,931		$48,924		$188,366		$78,357
Adjustments:
Investment (income)/loss related to noncontrolling interests (15)	(4,379)		(4,865)		8,610		(9,244)		34,648
Non-compensation expenses related to noncontrolling interests (15)	2,127		1,795		1,817		3,922		3,926
Compensation from acquisition-related agreements	6,661		6,818		6,876		13,479		15,764
Restructuring and integration costs	-		-		4,998		-		4,998
Amortization of intangible assets related to acquisitions	2,058		2,057		2,147		4,115		4,223
Non-compensation expenses from acquisition-related agreements	188		125		-		313		-
Adjusted operating income	$107,090		$93,861		$73,372		$200,951		$141,916
Income tax expense:
Income tax expense - U.S. GAAP basis	$30,338		$19,619		$17,169		$49,957		$9,834
Tax effect of adjustments:
Compensation from acquisition-related agreements	1,688		1,730		1,712		3,418		3,552
Restructuring and integration costs	-		-		1,188		-		1,188
Amortization of intangible assets related to acquisitions	545		545		562		1,090		1,106
Non-compensation expenses from acquisition-related agreements	50		33		-		83		-
Adjusted income tax expense	$32,621		$21,927		$20,631		$54,548		$15,680
Continued on next page

Piper Sandler Companies

Reconciliation of U.S. GAAP to Selected Summary Financial Information (1) (Unaudited)

	Three Months Ended						Six Months Ended
	June 30,		Mar. 31,		June 30,		June 30,		June 30,
(Amounts in thousands, except per share data)		2026		2026		2025		2026		2025
Net income attributable to Piper Sandler Companies:
Net income attributable to Piper Sandler Companies - U.S. GAAP basis	$67,845		$65,242		$42,182		$133,087		$107,097
Adjustments:
Compensation from acquisition-related agreements	4,973		5,088		5,164		10,061		12,212
Restructuring and integration costs	-		-		3,810		-		3,810
Amortization of intangible assets related to acquisitions	1,513		1,512		1,585		3,025		3,117
Non-compensation expenses from acquisition-related agreements	138		92		-		230		-
Adjusted net income	$74,469		$71,934		$52,741		$146,403		$126,236
Earnings per diluted common share:
Earnings per diluted common share - U.S. GAAP basis	$0.95		$0.92		$0.59		$1.87		$1.51
Adjustment for inclusion of unvested acquisition-related stock	-		(0.01)		(0.01)		(0.01)		(0.03)
	$0.95		$0.91		$0.58		$1.86		$1.48
Adjustments:
Compensation from acquisition-related agreements	0.07		0.07		0.08		0.14		0.18
Restructuring and integration costs	-		-		0.06		-		0.06
Amortization of intangible assets related to acquisitions	0.02		0.02		0.02		0.04		0.04
Non-compensation expenses from acquisition-related agreements	-		-		-		-		-
Adjusted earnings per diluted common share	$1.04		$1.00		$0.74		$2.04		$1.76
Weighted average diluted common shares outstanding:
Weighted average diluted common shares outstanding - U.S. GAAP basis	71,241		71,235		70,903		71,237		71,030
Adjustment:
Unvested acquisition-related restricted stock with service conditions	353		402		705		378		699
Adjusted weighted average diluted common shares outstanding	71,594		71,637		71,608		71,615		71,729

Piper Sandler Companies

Notes to Non-GAAP Financial Schedules

(1)Selected Summary Financial Information are non-GAAP measures. Management believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods.

(2)A non-GAAP measure which excludes investment (income)/loss related to noncontrolling interests (see (15) below).

(3)A non-GAAP measure which excludes compensation expenses from acquisition-related agreements.

(4)A non-GAAP measure which excludes (a) non-compensation expenses related to noncontrolling interests (see (15) below), (b) restructuring and integration costs related to acquisitions and/or headcount reductions, (c) amortization of intangible assets related to acquisitions and (d) non-compensation expenses from acquisition-related agreements.

(5)A non-GAAP measure which is computed as the summation of adjusted compensation and benefits and adjusted non-compensation expenses (see (3) and (4) above).

(6)A non-GAAP measure which excludes (a) investment (income)/loss and non-compensation expenses related to noncontrolling interests (see (15) below), (b) compensation and non-compensation expenses from acquisition-related agreements, (c) restructuring and integration costs related to acquisitions and/or headcount reductions and (d) amortization of intangible assets related to acquisitions.

(7)A non-GAAP measure which includes the income tax effect of the adjustments for (a) compensation and non-compensation expenses from acquisition-related agreements, (b) restructuring and integration costs related to acquisitions and/or headcount reductions and (c) amortization of intangible assets related to acquisitions.

(8)A non-GAAP measure which represents net income attributable to Piper Sandler Companies adjusted for (a) the exclusion of compensation and non-compensation expenses from acquisition-related agreements, (b) the exclusion of restructuring and integration costs related to acquisitions and/or headcount reductions, (c) the exclusion of amortization of intangible assets related to acquisitions and (d) the income tax impact allocated to the adjustments.

(9)A non-GAAP measure which is computed based on a quotient of which the numerator is adjusted net income and the denominator is adjusted weighted average diluted common shares outstanding.

(10)A non-GAAP measure which assumes the vesting of acquisition-related restricted stock with service conditions.

(11)A non-GAAP measure which represents adjusted compensation and benefits expenses as a percentage of adjusted net revenues.

(12)A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenues.

(13)A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenues.

(14)A non-GAAP measure which represents adjusted income tax expense as a percentage of adjusted operating income.

(15)Noncontrolling interests include investment income/(loss) and non-compensation expenses from consolidated alternative asset management entities that are not attributable, either directly or indirectly, to Piper Sandler Companies.