Filing Flows › Piper Sandler Companies (PIPR) › Q2 2025
Piper Sandler Companies (PIPR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Piper Sandler Companies (PIPR) reported revenue of $399M for the second quarter 2025 (Q2 2025), +17% from a year earlier and +11% from the quarter before. Operating margin was 12.3%, net earnings $42.2M (10.6% of revenue).
Piper Sandler Companies, Q2 2025: revenue $399M (+17% year over year), operating margin 12.3%, net earnings $42.2M, operating cash flow $32.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $399M | +11% | +17% |
| Operating profit | $48.9M | +66% | +73% |
| Net earnings | $42.2M | -35% | +21% |
| Operating cash flow | $32.1M | — | -88% |
What changed
Revenue was $398.6M in Q2 2025, up 17% year over year and up 11% from the previous quarter.
Operating profit was $48.9M, a 12.3% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, above the 8% margin then. Total costs grew 12% against revenue growth of 17%. Net earnings were $42.2M, up 21% year over year ($31.8M including minority interests, which bore $10.4M of losses). The effective tax rate was 35.1%.
Operating cash flow was $32.1M (down 88% year over year), 101% of net income including minority interests. Non-cash charges added back $6.2M of depreciation and amortization and $21.3M of share-based compensation. Working capital and other items used $27.1M.
Questions
What was Piper Sandler Companies' revenue in the second quarter 2025?
Piper Sandler Companies (PIPR) reported revenue of $399M for the second quarter 2025 (Q2 2025), +17% from a year earlier and +11% from the quarter before.
Was Piper Sandler Companies profitable in the second quarter 2025?
Operating profit was $48.9M (12.3% of revenue) and net earnings $42.2M.