Piper Sandler Companies
NYSE: PIPR · FINANCIAL SERVICES · CAPITAL MARKETS
Updated 2026-06-05
Piper Sandler Companies (PIPR) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $537.35M | $528.07M | $313.52M | $486.88M | $503.38M | $443.88M | $499.99M | $541.96M | $665.59M | $688.52M | $762.22M | $835.72M | $724.37M | $810.29M | $1.20B | $1.98B | $1.38B | $1.31B | $1.48B | $1.90B |
| Revenue growth (YoY) | — | -1.7% | -40.6% | +55.3% | +3.4% | -11.8% | +12.6% | +8.4% | +22.8% | +3.4% | +10.7% | +9.6% | -13.3% | +11.9% | +47.6% | +65.8% | -30.2% | -5.3% | +13.1% | +28.6% |
| Cost of revenue | $32.30M | $23.69M | $18.66M | $18.09M | $34.79M | $20.72M | $19.09M | $25.04M | $25.07M | $23.40M | $22.52M | $20.27M | $16.55M | $11.73M | $14.45M | $10.73M | $9.48M | $10.15M | $5.68M | $121.76M |
| Gross profit | $505.05M | $504.38M | $294.87M | $468.79M | $468.59M | $423.16M | $480.90M | $516.92M | $640.52M | $665.12M | $739.70M | $815.46M | $707.82M | $798.56M | $1.18B | $1.97B | $1.37B | $1.30B | $1.48B | $1.78B |
| Gross margin | 94.0% | 95.5% | 94.0% | 96.3% | 93.1% | 95.3% | 96.2% | 95.4% | 96.2% | 96.6% | 97.0% | 97.6% | 97.7% | 98.6% | 98.8% | 99.5% | 99.3% | 99.2% | 99.6% | 93.6% |
| R&D | — | — | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $357.90M | $329.81M | $287.32M | $315.91M | $280.05M | $265.01M | $296.88M | $322.46M | $394.51M | $421.73M | $510.61M | $589.64M | $488.49M | $516.09M | $877.46M | $1.31B | $983.52M | $897.03M | $1.00B | $1.23B |
| Operating income | $33.35M | $30.43M | $-223.61M | $56.55M | $53.82M | $-80.19M | $69.01M | $75.61M | $110.31M | $86.42M | $-30.87M | $79.32M | $72.49M | $118.98M | $68.55M | $441.51M | $134.37M | $122.59M | $218.41M | $385.53M |
| Operating margin | 6.2% | 5.8% | -71.3% | 11.6% | 10.7% | -18.1% | 13.8% | 14.0% | 16.6% | 12.6% | -4.1% | 9.5% | 10.0% | 14.7% | 5.7% | 22.3% | 9.7% | 9.4% | 14.7% | 20.2% |
| EBITDA | $47.59M | $41.79M | $-212.03M | $66.22M | $68.57M | $-64.58M | $83.69M | $89.32M | $124.85M | $99.14M | $-3.25M | $101.97M | $91.31M | $138.10M | $123.97M | $484.22M | $165.38M | $159.96M | $245.48M | $412.92M |
| EBITDA margin | 8.9% | 7.9% | -67.6% | 13.6% | 13.6% | -14.5% | 16.7% | 16.5% | 18.8% | 14.4% | -0.4% | 12.2% | 12.6% | 17.0% | 10.4% | 24.4% | 12.0% | 12.2% | 16.6% | 21.7% |
| EBIT | $33.35M | $30.43M | $-223.61M | $56.55M | $53.82M | $-80.19M | $69.01M | $75.61M | $110.31M | $86.42M | $-30.87M | $79.32M | $72.49M | $118.98M | $68.55M | $441.51M | $134.37M | $122.59M | $218.41M | $385.53M |
| Interest expense | $32.30M | $23.69M | $18.66M | $18.09M | $34.79M | $20.72M | $19.09M | $25.04M | $25.07M | $23.40M | $22.52M | $20.27M | $16.55M | $11.73M | $14.45M | $10.73M | $9.48M | $10.15M | $5.68M | $4.84M |
| Income tax | $10.21M | $5.79M | $-40.13M | $26.18M | $32.16M | $9.12M | $19.47M | $20.39M | $35.99M | $27.94M | $-17.13M | $53.81M | $18.05M | $24.58M | $19.19M | $111.14M | $33.19M | $23.61M | $60.97M | $80.58M |
| Effective tax rate | 5.0% | 20.9% | 18.0% | 46.3% | 56.9% | -9.8% | 32.1% | 31.1% | 36.3% | 34.9% | 43.8% | -661.8% | 24.0% | 18.0% | 32.1% | 28.5% | 23.1% | 21.6% | 25.2% | 22.3% |
| Net income | $195.43M | $21.94M | $-182.97M | $30.37M | $24.36M | $-102.02M | $41.27M | $45.09M | $63.17M | $52.08M | $-21.95M | $-61.94M | $57.04M | $111.71M | $40.50M | $278.51M | $110.67M | $85.49M | $181.11M | $281.33M |
| Net income growth (YoY) | — | -88.8% | -933.9% | +116.6% | -19.8% | -518.8% | +140.5% | +9.3% | +40.1% | -17.6% | -142.2% | -182.2% | +192.1% | +95.9% | -63.7% | +587.6% | -60.3% | -22.8% | +111.9% | +55.3% |
| Profit margin | 36.4% | 4.2% | -58.4% | 6.2% | 4.8% | -23.0% | 8.3% | 8.3% | 9.5% | 7.6% | -2.9% | -7.4% | 7.9% | 13.8% | 3.4% | 14.0% | 8.0% | 6.5% | 12.2% | 14.8% |
Frequently asked questions
What is Piper Sandler Companies's revenue?
Piper Sandler Companies's trailing twelve-month revenue is $2.02B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PIPR?
In its most recent fiscal year, PIPR ran a gross margin of 93.61%, an operating margin of 20.25%, and a net margin of 14.77%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PIPR generate?
PIPR produced $697.53M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PIPR's balance sheet healthy?
PIPR holds $809.41M in cash and equivalents against — in long-term debt, on $1.37B of shareholder equity. That debt is best read against the cash flow the business throws off each year.