$PIPR

PIPER JAFFRAY COMPANIES

CIK:0001230245|SEC Filings

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues

Investment banking

$ 361,527

$ 280,994

$ 709,717

$ 557,258

Institutional brokerage

111,532

114,465

222,377

216,389

Interest income

9,104

7,947

20,750

17,910

Investment income/(loss)

14,091

(4,829)

18,555

(34,426)

Total revenues

496,254

398,577

971,399

757,131

Interest expense

739

1,799

1,475

3,081

Net revenues

495,515

396,778

969,924

754,050

Non-interest expenses

Compensation and benefits

308,709

258,216

604,766

506,673

Occupancy and equipment

19,612

17,442

37,677

35,669

Outside services

16,776

20,920

30,493

36,391

Communications

15,885

14,944

30,795

30,385

Marketing and business development

15,883

13,869

31,034

28,742

Trade execution and clearance

5,414

4,701

10,451

9,875

Restructuring and integration costs

4,998

Intangible asset amortization

2,058

2,147

4,115

4,223

Other operating expenses

10,743

10,617

32,227

18,737

Total non-interest expenses

395,080

347,854

781,558

675,693

Income before income tax expense

100,435

48,924

188,366

78,357

Income tax expense

30,338

17,169

49,957

9,834

Net income

70,097

31,755

138,409

68,523

Net income/(loss) attributable to noncontrolling interests

2,252

(10,427)

5,322

(38,574)

Net income attributable to Piper Sandler Companies

$ 67,845

$ 42,182

$ 133,087

$ 107,097

Earnings per common share (1)

Basic

$ 1.00

$ 0.63

^[1]

$ 1.96

$ 1.62

^[1]

Diluted

0.95

0.59

^[1]

1.87

1.51

^[1]

Dividends declared per common share

$ 0.20

$ 0.16

^[1]

$ 1.63

^[1]

$ 1.08

^[1]

Weighted average number of common shares outstanding (1)

Basic (in shares)

67,698

66,812

^[1]

67,769

66,166

^[1]

Diluted (in shares)

71,241

70,903

^[1]

71,237

71,030

^[1]

[1]	Common shares and per common share information have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 138,409	$ 68,523
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization of fixed assets	9,619	8,294
Deferred income taxes	9,022	22,700
Stock-based compensation	56,788	52,425
Amortization of intangible assets	4,115	4,223
Amortization of forgivable loans	14,578	10,359
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	(151,663)	7,712
Net financial instruments and other inventory positions owned	(23,783)	(76,104)
Investments	15,280	16,768
Other assets	(74,039)	(40,779)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	(20,358)	269
Accrued compensation	(261,149)	(239,052)
Other liabilities and accrued expenses	27,716	(10,419)
Net cash used in operating activities	(255,465)	(175,081)
Investing Activities
Business acquisitions, net of cash acquired	(1,152)	0
Purchases of fixed assets, net	(9,943)	(25,364)
Net cash used in investing activities	(11,095)	(25,364)
Financing Activities
Net change in short-term financing	0	5,000
Payment of cash dividends	(114,564)	(87,348)
Increase/(decrease) in noncontrolling interests	(22,433)	20,152
Repurchase of common stock	(100,856)	(101,518)
Proceeds from stock option exercises	519	1,485
Net cash used in financing activities	(237,334)	(162,229)
Currency adjustment:
Effect of exchange rate changes on cash	(1,290)	3,163
Net decrease in cash and cash equivalents	(505,184)	(359,511)
Cash and cash equivalents at beginning of year	809,415	482,834
Cash and cash equivalents at end of year	$ 304,231	$ 123,323

Consolidated Statements of Financial Condition - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 304,231

$ 809,415

Receivables from brokers, dealers and clearing organizations

205,275

53,612

Financial instruments and other inventory positions owned

558,084

502,270

Investments (including noncontrolling interests of $195,032 and $216,838, respectively)

307,238

322,518

Fixed assets (net of accumulated depreciation and amortization of $98,277 and $89,312, respectively)

77,538

77,329

Right-of-use lease assets

122,488

64,004

Goodwill

319,258

Intangible assets (net of accumulated amortization of $174,889 and $170,774, respectively)

96,624

99,598

Net deferred income tax assets

147,102

156,124

Other assets

189,018

188,518

Total assets

2,326,856

2,592,646

Liabilities and Shareholders' Equity

Short-term financing

15,000

Payables to brokers, dealers and clearing organizations

2,000

22,358

Financial instruments and other inventory positions sold, but not yet purchased

80,545

48,514

Accrued compensation

400,033

702,847

Accrued lease liabilities

160,009

101,351

Other liabilities and accrued expenses

101,845

119,783

Total liabilities

759,432

1,009,853

Shareholders’ equity (1):

Common stock, $0.01 par value: Shares authorized: 400,000,000; Shares issued: 78,131,703 and 78,250,916, respectively; Shares outstanding: 67,549,449 and 67,483,432, respectively

779

^[1]

Additional paid-in capital

1,010,866

957,145

^[1]

Retained earnings

733,988

728,931

Less: Common stock held in treasury, at cost: 10,582,254 shares and 10,767,484 shares, respectively

(374,580)

(318,581)

Accumulated other comprehensive income

1,696

2,733

Total common shareholders' equity

1,372,749

1,371,007

Noncontrolling interests

194,675

211,786

Total shareholders' equity

1,567,424

1,582,793

Total liabilities and shareholders' equity

2,326,856

2,592,646

Asset Not Pledged as Collateral

Assets

Financial instruments and other inventory positions owned

462,844

435,204

Asset Pledged as Collateral

Assets

Financial instruments and other inventory positions owned

$ 95,240

$ 67,066

[1]	Common shares information and additional paid-in capital have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.