Filing Flows › Piper Sandler Companies (PIPR) › Q1 2026
Piper Sandler Companies (PIPR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Piper Sandler Companies (PIPR) reported revenue of $475M for the first quarter 2026 (Q1 2026), +33% from a year earlier and -29% from the quarter before. Operating margin was 18.5%, net earnings $65.2M (13.7% of revenue).
Piper Sandler Companies, Q1 2026: revenue $475M (+32% year over year), operating margin 18.5%, net earnings $65.2M, operating cash flow −$292M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $475M | -29% | +33% |
| Operating profit | $87.9M | -53% | +199% |
| Net earnings | $65.2M | -43% | +0.5% |
| Operating cash flow | −$292M | -140% | — |
What changed
Revenue was $475.1M in Q1 2026, up 33% year over year and down 29% from the previous quarter.
Operating profit was $87.9M, a 18.5% margin (up 10.3 points year over year). Of the extra revenue versus Q1 2025, 50% reached operating profit, above the 8% margin then. Total costs grew 18% against revenue growth of 33%. Net earnings were $65.2M, up 1% year over year. The effective tax rate was 22.3%.
Operating cash flow was −$291.7M. Non-cash charges added back $6.8M of depreciation and amortization and $28.0M of share-based compensation. Working capital and other items used $394.8M.
Questions
What was Piper Sandler Companies' revenue in the first quarter 2026?
Piper Sandler Companies (PIPR) reported revenue of $475M for the first quarter 2026 (Q1 2026), +33% from a year earlier and -29% from the quarter before.
Was Piper Sandler Companies profitable in the first quarter 2026?
Operating profit was $87.9M (18.5% of revenue) and net earnings $65.2M.