Piper Sandler posts FY 2025 income before income tax expense of USD 374.5 million, up 71.5%

Reuters02-27 03:04
Piper Sandler posts FY 2025 income before income tax expense of USD 374.5 million, up 71.5%

Piper Sandler (Piper Sandler Companies) reported FY 2025 net revenues of USD 1.90 billion (+24.5%), with income before income tax expense of USD 374.5 million (+71.5%) and net income attributable to shareholders of USD 281.3 million (+55.3%). Diluted EPS was USD 15.82 (+54.5%). The pre-tax margin was 19.7% (from 14.3%), while the effective tax rate was 21.5% (from 27.9%). Compensation and benefits totaled USD 1.19 billion (+18.1%), with a compensation ratio of 62.5% (from 65.8%). By business line in FY 2025, investment banking revenues were USD 1.40 billion (+26.8%), including advisory services of USD 1.04 billion (+28.3%), corporate financing of USD 217.2 million (+24.9%), and municipal financing of USD 145.8 million (+19.0%). Institutional brokerage revenues were USD 433.2 million (+7.9%), including equity brokerage of USD 230.3 million (+7.0%) and fixed income services of USD 202.9 million (+9.0%). Interest income was USD 36.9 million (+12.1%). Investment income was USD 33.2 million (2024: investment loss). During the period, Piper Sandler completed the acquisition of G Squared Capital Partners LLC on September 12, 2025, and highlighted continued investments in debt capital markets advisory, private capital advisory and restructuring. The firm also said it expects advisory services revenue to remain strong in 2026, anticipates 2026 equity brokerage revenues to be similar to 2025, and expects municipal issuance volumes in 2026 to be similar to 2025. The board declared a USD 5.00 per share special cash dividend related to FY 2025 adjusted net income, payable March 13, 2026.

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