Filing Flows › Piper Sandler Companies (PIPR) › Q3 2025
Piper Sandler Companies (PIPR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Piper Sandler Companies (PIPR) reported revenue of $480M for the third quarter 2025 (Q3 2025), +33% from a year earlier and +20% from the quarter before. Operating margin was 22.4%, net earnings $60.3M (12.6% of revenue).
Piper Sandler Companies, Q3 2025: revenue $480M (+33% year over year), operating margin 22.4%, net earnings $60.3M, operating cash flow $31.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $480M | +20% | +33% |
| Operating profit | $107M | +120% | +93% |
| Net earnings | $60.3M | +43% | +73% |
| Operating cash flow | $31.9M | -0.7% | -60% |
What changed
Revenue was $480.1M in Q3 2025, up 33% year over year and up 20% from the previous quarter.
Operating profit was $107.4M, a 22.4% margin (up 7.0 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 15% margin then. Total costs grew 22% against revenue growth of 33%. Net earnings were $60.3M, up 73% year over year. The effective tax rate was 23.2%.
Operating cash flow was $31.9M (down 60% year over year), 39% of net income including minority interests. Non-cash charges added back $6.8M of depreciation and amortization and $23.4M of share-based compensation. Working capital and other items used $80.8M.
Questions
What was Piper Sandler Companies' revenue in the third quarter 2025?
Piper Sandler Companies (PIPR) reported revenue of $480M for the third quarter 2025 (Q3 2025), +33% from a year earlier and +20% from the quarter before.
Was Piper Sandler Companies profitable in the third quarter 2025?
Operating profit was $107M (22.4% of revenue) and net earnings $60.3M.