Filing Flows › Piper Sandler Companies (PIPR) › Q1 2025
Piper Sandler Companies (PIPR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Piper Sandler Companies (PIPR) reported revenue of $359M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -26% from the quarter before. Operating margin was 8.2%, net earnings $64.9M (18.1% of revenue).
Piper Sandler Companies, Q1 2025: revenue $359M (+4% year over year), operating margin 8.2%, net earnings $64.9M, operating cash flow −$207M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $359M | -26% | +4% |
| Operating profit | $29.4M | -64% | -44% |
| Net earnings | $64.9M | -6% | +53% |
| Operating cash flow | −$207M | — | — |
What changed
Revenue was $358.6M in Q1 2025, up 4% year over year and down 26% from the previous quarter.
Operating profit was $29.4M, a 8.2% margin (down 7.0 points year over year). Operating profit fell $23.0M even though revenue rose $14.1M versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 4%. Net earnings were $64.9M, up 53% year over year ($36.8M including minority interests, which bore $28.1M of losses). The effective tax rate was -24.9%.
Operating cash flow was −$207.2M. Non-cash charges added back $6.3M of depreciation and amortization and $31.2M of share-based compensation. Working capital and other items used $281.4M.
Questions
What was Piper Sandler Companies' revenue in the first quarter 2025?
Piper Sandler Companies (PIPR) reported revenue of $359M for the first quarter 2025 (Q1 2025), +4% from a year earlier and -26% from the quarter before.
Was Piper Sandler Companies profitable in the first quarter 2025?
Operating profit was $29.4M (8.2% of revenue) and net earnings $64.9M.