PIPER SANDLER COMPANIES (PIPR) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	2.1B	1.9B	1.5B	1.3B	1.4B
Cost of Revenue	96.4M	121.8M	5.7M	10.1M	9.5M
Gross Profit	2.0B	1.8B	1.5B	1.3B	1.4B
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	—	1.3B	1.0B	934.8M	1.0B
General & Admin Expense	—	1.2B	1.0B	897.0M	983.5M
Selling & Marketing Expense	—	47.2M	42.2M	37.7M	42.8M
Other Expenses	1.5B	122.6M	210.8M	242.5M	212.8M
Total Operating Expenses	1.5B	1.4B	1.3B	1.2B	1.2B
Cost and Expenses	1.6B	1.5B	1.3B	1.2B	1.2B
Operating Income (EBIT)	446.9M	385.5M	218.4M	122.6M	134.4M
Non-Operating
Interest Income	79.9M	70.2M	32.9M	26.7M	20.4M
Interest Expense	3.0M	4.8M	5.7M	10.1M	9.5M
Net Interest Income	76.8M	65.3M	27.2M	16.6M	10.9M
Other Non-Op Income/Expense	(3.1M)	(11.0M)	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	443.8M	374.5M	218.4M	122.6M	134.4M
Income Tax Expense	122.2M	80.6M	61.0M	23.6M	33.2M
Bottom Line
Net Income	302.5M	281.3M	181.1M	85.5M	110.7M
Earnings from Cont. Ops	321.5M	294.0M	157.4M	99.0M	101.2M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	302.5M	281.3M	181.1M	85.5M	110.7M
Per Share
Basic EPS	$4.47	$4.22	$2.86	$1.43	$1.98
Diluted EPS	$4.25	$3.96	$2.56	$1.24	$1.63
Revenue Per Share	$30.96	$28.58	$23.38	$21.89	$24.73
Shares
Basic Shares Outstanding	67.3M	66.6M	63.4M	59.8M	55.9M
Diluted Shares Outstanding	70.7M	71.1M	70.8M	68.9M	67.9M
Profitability Metrics
EBITDA	468.6M	412.9M	245.5M	160.0M	165.4M
D&A	21.8M	27.4M	27.1M	37.4M	31.0M
EBIT	446.8M	385.5M	218.4M	122.6M	134.4M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026