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Capital markets · Financial Services · Fiscal year ends Dec 31
Piper Sandler Companies reported revenue of $1.8B in the fiscal year ended Dec 2025, up 21.7% from the year before. Operating income was $375M, an operating margin of 20.4%, and net income was $281M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,042 | 1,435 | 1,301 | 1,507 | 1,834 |
| Operating incomederived: pre-tax income + interest | 442 | 134 | 123 | 218 | 375 |
| Pre-tax income | 442 | 134 | 123 | 218 | 375 |
| Income tax | 111 | 33.2 | 23.6 | 61.0 | 80.6 |
| Net income | 279 | 111 | 85.5 | 181 | 281 |
| Diluted EPS | 16.43 | 6.52 | 4.96 | 10.24 | 15.82 |
| Diluted shares | 17.0 | 17.0 | 17.2 | 17.7 | 17.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 971 | 366 | 383 | 483 | 809 |
| Net PP&E | 51.8 | 68.2 | 60.8 | 59.4 | 77.3 |
| Goodwill | 228 | 301 | 302 | 312 | 319 |
| Total assets | 2,565 | 2,182 | 2,141 | 2,256 | 2,593 |
| Short-term debt | – | 0.0 | 30.0 | 10.0 | 15.0 |
| Long-term debt | 125 | 125 | 0.0 | – | – |
| Total liabilities | 1,338 | 928 | 842 | 840 | 1,010 |
| Shareholders' equity | 1,062 | 1,054 | 1,085 | 1,228 | 1,371 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 707 | −225 | 276 | 313 | 587 |
| Depreciation & amortisation | 12.6 | 15.6 | 17.9 | 16.8 | 17.4 |
| Stock-based compensation | 171 | 131 | 93.8 | 103 | 124 |
| Acquisitions | 0.0 | 96.5 | 0.0 | 16.3 | 9.0 |
| Share buybacks | 69.9 | 187 | 70.7 | 66.4 | 125 |
| Dividends paid | 99.4 | 108 | 84.4 | 73.7 | 114 |
| Dividend per share | 6.80 | 6.90 | 3.65 | 3.50 | 5.70 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −29.7% | −9.3% | 15.8% | 21.7% |
| Operating income growth (YoY) | – | −69.6% | −8.8% | 78.2% | 71.5% |
| EPS growth (YoY) | – | −60.3% | −23.9% | 106.5% | 54.5% |
| Operating margin | 21.6% | 9.4% | 9.4% | 14.5% | 20.4% |
| Net margin | 13.6% | 7.7% | 6.6% | 12.0% | 15.3% |
| Return on equityBlank when equity is negative | 26.2% | 10.5% | 7.9% | 14.8% | 20.5% |
| Cash conversion (CFO ÷ net income) | 2.54x | −2.03x | 3.22x | 1.73x | 2.09x |
| Debt ÷ equity | 0.12x | 0.12x | 0.03x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −846 | −241 | −353 | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.