Filing Flows

Filing Flows › Companies › Piper Sandler Companies › Cash flow

Piper Sandler Companies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$350M in Q3 2026 · $824M over twelve months

Operating cash flow$350M
Free cash flow+$350M
Cash / net income8.7×

Analysis

In Q3 2026, Piper Sandler Companies generated $350M of operating cash flow. That is $318M more than in Q3 2025 ($31.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $824M; the largest uses were buybacks ($160M), dividends ($143M), other investing ($34.1M); besides operations, cash came from shares issued ($1.5M); the cash balance rose by $467M.

Operating cash flow was $350M against net income of $40.2M — 8.7× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$109M, stock-based pay +$25.6M, prepaid and other assets −$11.4M.

Free cash flow

Piper Sandler Companies: free cash flow by quarterPiper Sandler Companies: free cash flow by quarter$164MQ4 2024−$207MQ1 2025$32.1MQ2 2025$31.9MQ3 2025$730MQ4 2025−$292MQ1 2026$36.3MQ2 2026$350MQ3 2026
Operating cash flow less capital spending.
Piper Sandler Companies: operating cash flow against capital spendingPiper Sandler Companies: operating cash flow against capital spendingOperating cash flowCapital spending$164M$0Q4 2024−$207M$0Q1 2025$32.1M$0Q2 2025$31.9M$0Q3 2025$730M$0Q4 2025−$292M$0Q1 2026$36.3M$0Q2 2026$350M$0Q3 2026
Latest (Q3 2026): Operating cash flow $350M, Capital spending $0.

Capital allocation, year by year

Piper Sandler Companies: where the cash came from (up) and went (down), by fiscal yearPiper Sandler Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $707MFY2021: Net borrowing −$70.0MFY2021: Buybacks −$69.9MFY2021: Dividends −$99.3M$707MFY2021FY2022: Operating cash flow −$225MFY2022: Acquisitions −$96.5MFY2022: Buybacks −$187MFY2022: Dividends −$108MFY2022FY2023: Operating cash flow $276MFY2023: Net borrowing −$95.0MFY2023: Buybacks −$70.7MFY2023: Dividends −$84.4M$276MFY2023FY2024: Operating cash flow $313MFY2024: Net borrowing −$37.3MFY2024: Shares issued $792KFY2024: Acquisitions −$16.3MFY2024: Buybacks −$66.4MFY2024: Dividends −$73.7M$314MFY2024FY2025: Operating cash flow $587MFY2025: Net borrowing $5.0MFY2025: Shares issued $4.2MFY2025: Acquisitions −$9.0MFY2025: Buybacks −$125MFY2025: Dividends −$114M$596MFY2025
Over these 5 years operating cash flow totalled $1.7B; the largest uses were buybacks ($519M) and dividends ($479M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$581M
Debt$15.0M
Net cash$566M

Piper Sandler Companies funds itself: free cash flow was $824M over the last twelve months, and $581M of cash and investments stands against $15.0M of debt.

Where the cash came from and went

Piper Sandler Companies: sources (+) and uses (−) of cash, Q3 2026Piper Sandler Companies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$350MCash drawn (+) / kept (−)−$276MBuybacks−$39.4MOther investing−$20.8MDividends−$13.6MExchange rates$252K
Piper Sandler Companies: sources (+) and uses (−) of cash, TTM to Q3 2026Piper Sandler Companies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$824MCash drawn (+) / kept (−)−$467MBuybacks−$160MDividends−$143MOther investing−$34.1MPartners−$20.0MShares issued$1.5MAcquisitions−$1.2MExchange rates−$833K

From profit to cash

Piper Sandler Companies: net income to operating cash flow, Q3 2026Piper Sandler Companies: net income to operating cash flow, Q3 2026Net income$40.2MDepreciation & amortization$7.2MStock-based pay$25.6MAccrued liabilities−$5.2MEmployee-related liabilities$109MPrepaid and other assets−$11.4MOperating cash flow$350M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$350M—−$39.4M−$13.6M——−$276M$350M
Q2 2026$36.3M—−$31.0M−$13.8M——$40.2M$36.3M
Q1 2026−$292M−$1.2M−$69.9M−$101M—$519K$465M−$292M
Q4 2025$730M—−$19.8M−$14.9M—$980K−$695M$730M
Q3 2025$31.9M−$9.0M−$3.7M−$11.9M—$1.8M$9.3M$31.9M
Q2 2025$32.1M—−$20.9M−$17.1M——$2.8M$32.1M
Q1 2025−$207M—−$80.6M−$70.3M$5.0M$1.5M$357M−$207M
Q4 2024$164M−$102K−$6.5M−$12.6M−$10.0M—−$133M$164M

Piper Sandler Companies: income statement and cash flow

Piper Sandler Companies, Q3 2026: revenue $444M (-8% year over year), operating margin 15.0%. The chart follows the revenue to costs, profit and cash.

Piper Sandler Companies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.