Filing Flows › Financials › Piper Sandler Companies (PIPR)
Piper Sandler Companies (PIPR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Piper Sandler Companies (PIPR) Q3 2026 earnings results →
Q3 2026 Revenue down 8% year over year to $444M · 12¢ of every $1 of revenue kept as net profit · operating margin 15.0%
Piper Sandler Companies made $444M in Q3 2026 (-8% Y/Y). Operating margin 15.0%, net earnings $55.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $443.7M in Q3 2026, down 8% year over year and down 11% from the previous quarter.
Operating profit was $66.6M, a 15.0% margin (down 7.4 points year over year). Total costs grew 1% against a revenue fall of 8%. Net earnings were $55.4M, down 8% year over year ($40.2M including minority interests, which bore $15.3M of losses). The effective tax rate was 39.7%.
Operating cash flow was $349.9M (up 997% year over year), 871% of net income including minority interests. Non-cash charges added back $7.2M of depreciation and amortization and $25.6M of share-based compensation. Working capital and other items added $276.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $444M | -8% | 15.0% | $55.4M | $350M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $496M | +24% | 20.2% | $67.8M | $36.3M |
| Q1 2026 | 10-Q | May 7, 2026 | $475M | +32% | 18.5% | $65.2M | −$292M |
| Q4 2025 | 10-K | Feb 26, 2026 | $667M | +37% | 28.3% | $114M | $730M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $480M | +33% | 22.4% | $60.3M | $31.9M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $399M | +17% | 12.3% | $42.2M | $32.1M |
| Q1 2025 | 10-Q | May 8, 2025 | $359M | +4% | 8.2% | $64.9M | −$207M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Piper Sandler Companies
Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States ("U.S.") and internationally. Founded in 1895, Piper Sandler Companies provides a broad set of products and services, including financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; fixed income services; and alternative asset management strategies. Our headquarters are located in Minneapolis, Minnesota and we have offices across the U.S. and international locations in London, Aberdeen, Munich, Paris, Zurich, Abu Dhabi Global Markets ("ADGM") and Hong Kong.
In its own words, from its 10-K, filed Feb 26, 2026.
Piper Sandler Companies against its Security Brokers, Dealers & Flotation Companies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -8% against the peers' median +13%. Operating margin: 15.0% against the peers' median 18.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PIPR Piper Sandler Companies | Q3 2026 | $444M | -8% | 15.0% |
| MS Morgan Stanley | Q3 2026 | $20.3B | +12% | 31.9% |
| GS Goldman Sachs Group | Q3 2026 | $18.7B | +23% | 37.5% |
| GLXY Galaxy Digital | Q3 2026 | $8.1B | -72% | 4.3% |
| BLK BlackRock | Q3 2026 | $7.8B | +19% | 30.0% |
| SCHW Schwab Charles | Q3 2026 | $7.2B | +17% | 52.7% |
| Jones Financial Companies Lllp | Q3 2026 | $5.2B | +13% | 0.0% |
| RJF Raymond James Financial | Q4 FY26 | $4.7B | +13% | 18.2% |
| JEF Jefferies Financial Group | Q3 FY26 | $3.2B | +11% | 10.9% |
Source: Piper Sandler Companies 10-Q on SEC EDGAR · CIK 1230245 · Security Brokers, Dealers & Flotation Companies
Guidance and outlook
13F: who owns PIPR and who is buying
More on PIPR
- How Piper Sandler Companies makes money: revenue by segment
- Piper Sandler Companies next earnings date and what analysts expect
- Piper Sandler Companies stock forecast, price target and fair value
- Who owns Piper Sandler Companies stock: holders, funds and Congress trades
- Piper Sandler Companies guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
Compare PIPR with
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- Piper Sandler Companies vs Miami International Holdings (PIPR vs MIAX)
- Piper Sandler Companies vs Navient Holdings (PIPR vs NAVI)