Filing Flows › Piper Sandler Companies (PIPR) › Q4 2025
Piper Sandler Companies (PIPR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Piper Sandler Companies (PIPR) reported revenue of $667M for the fourth quarter 2025 (Q4 2025), +37% from a year earlier and +39% from the quarter before. Operating margin was 28.3%, net earnings $114M (17.1% of revenue).
Piper Sandler Companies, Q4 2025: revenue $667M (+37% year over year), operating margin 28.3%, net earnings $114M, operating cash flow $730M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $667M | +39% | +37% |
| Operating profit | $189M | +76% | +130% |
| Net earnings | $114M | +89% | +65% |
| Operating cash flow | $730M | 23× | +345% |
What changed
Revenue was $667.0M in Q4 2025, up 37% year over year and up 39% from the previous quarter.
Operating profit was $188.8M, a 28.3% margin (up 11.4 points year over year). Of the extra revenue versus a year earlier, 59% reached operating profit, above the 17% margin then. Total costs grew 19% against revenue growth of 37%. Net earnings were $114.0M, up 65% year over year. The effective tax rate was 24.3%.
Operating cash flow was $729.8M (up 345% year over year), 510% of net income including minority interests. Non-cash charges added back $8.1M of depreciation and amortization and $48.1M of share-based compensation. Working capital and other items added $530.7M.
Questions
What was Piper Sandler Companies' revenue in the fourth quarter 2025?
Piper Sandler Companies (PIPR) reported revenue of $667M for the fourth quarter 2025 (Q4 2025), +37% from a year earlier and +39% from the quarter before.
Was Piper Sandler Companies profitable in the fourth quarter 2025?
Operating profit was $189M (28.3% of revenue) and net earnings $114M.