Piper Sandler Companies
pipersandler.comWhat Do They Do?
Provides investment banking advice and financing, securities trading and research, and alternative asset management for corporations and financial sponsors, public and nonprofit entities, and institutional investors.
10-K for FY2025, filed Feb 26, 2026Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups…View ↗
For our corporate clients and financial sponsors, we provide advisory services, which includes mergers and acquisitions ("M&A"), equity and…View ↗
We offer both equity and fixed income advisory and trade execution services for institutional investors, corporations, and government and…View ↗
We have created alternative asset management funds in merchant banking and healthcare in order to invest firm capital and to manage capital…View ↗
How Do They Make Money?
Companies, sponsors, governments and nonprofits pay advisory and underwriting fees when transactions, financings or municipal issuances are completed; some restructuring fees are earned over the course of the work. Institutional investors pay commissions on trades and fees for research and corporate access, while alternative funds generate management fees over time and performance fees when earned.
10-K for FY2025, filed Feb 26, 2026Investment banking services include financial advisory services, management of and participation in underwritings, and municipal financing…View ↗
The Company's advisory fees generally consist of a nonrefundable up-front fee and a success fee. The nonrefundable fee is recorded as…View ↗
The substantial majority of the Company's advisory and underwriting fees (i.e., the success-related advisory fee) is considered variable…View ↗
Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and…View ↗
The performance obligation related to the transfer of management and investment advisory services is satisfied over time and the related…View ↗
Performance fees, if earned, are recognized when it is probable that such revenue will not be reversed in a future period. Management will…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment (Investment banking) ↗
$1.9B
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10-K for FY2025, filed Feb 26, 2026
$1.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Advisory services
|
74% |
Advisory services, FY2025
$1B Sources
|
|
|
Corporate financing
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
16% |
Corporate financing, FY2025
$217.2M Sources
|
Sold outright |
|
Municipal financing
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
10% |
Municipal financing, FY2025
$145.8M Sources
|
Sold outright |
Who Are Their Customers?
Corporations and financial sponsors use its investment banking advice and financing; government and nonprofit entities use public finance services; institutional investors use brokerage, research and fixed-income services.
10-K for FY2025, filed Feb 26, 2026Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups…View ↗
For our corporate clients and financial sponsors, we provide advisory services, which includes mergers and acquisitions ("M&A"), equity and…View ↗
We offer both equity and fixed income advisory and trade execution services for institutional investors, corporations, and government and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 26, 2026
10-K for FY2025, filed Feb 26, 2026
$281.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$70.1MView ↗
- ▲ +121%
- vs $31.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Flat. Revenue was $1.9B in FY2025, about the same as the $2B of FY2021.
Broader advisory offerings
The latest report includes private capital advisory and debt capital markets advisory; the older report describes M&A, placements, and debt and restructuring advisory. The company says it added private capital advisory capabilities and invested in debt capital markets advisory.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 26, 2026Investment Banking – For our corporate clients and financial sponsors, we provide advisory services, which includes mergers and…View ↗
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