Filing Flows › Piper Sandler Companies (PIPR) › Q3 2026 › vs Q3 2025
Piper Sandler Companies (PIPR) Q3 2026 vs Q3 2025 (year over year)
Piper Sandler Companies's revenue fell $36.4M (-8%) from $480M in Q3 2025 to $444M in Q3 2026. Operating margin 15.0% against 22.4% (-7.4 pts).
Piper Sandler Companies, Q3 2026: revenue $444M (-8% year over year), operating margin 15.0%, net earnings $55.4M, operating cash flow $350M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 15.0% | 22.4% | -7.4 pts |
| Net margin | 12.5% | 12.6% | -0.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $444M | $480M | −$36.4M | -8% |
| Operating profit | $66.6M | $107M | −$40.8M | -38% |
| Costs & expenses | $377M | $373M | $4.4M | +1% |
| Pre-tax earnings | $66.6M | $107M | −$40.8M | -38% |
| Loss borne by minority interests | $15.3M | −$22.2M | $37.5M | — |
| Net earnings | $55.4M | $60.3M | −$4.9M | -8% |
| Income tax | $26.5M | $24.9M | $1.5M | +6% |
| Depreciation & amortization | $7.2M | $6.8M | $381K | +6% |
| Share-based compensation | $25.6M | $23.4M | $2.2M | +9% |
| Working capital & other | $262M | −$58.6M | $320M | — |
| Operating cash flow | $350M | $31.9M | $318M | +997% |
Questions
How much did Piper Sandler Companies's revenue grow year over year in Q3 2026?
Piper Sandler Companies's revenue fell $36.4M (-8%) from $480M in Q3 2025 to $444M in Q3 2026. Operating margin 15.0% against 22.4% (-7.4 pts).