What is Piper Sandler's unrecognized tax benefits?

Piper Sandler (PIPR) reported unrecognized tax benefits of $2.2M in Q4 2025.

How has Piper Sandler's unrecognized tax benefits changed year-over-year?

Piper Sandler's unrecognized tax benefits increased by 14.8% year-over-year, from $1.92M to $2.2M.

What is the long-term trend for Piper Sandler's unrecognized tax benefits?

Over 5 years (2020 to 2025), Piper Sandler's unrecognized tax benefits has grown at a 84.1% compound annual growth rate (CAGR), from $104K to $2.2M.

Piper Sandler PIPR Unrecognized tax benefits

Unrecognized tax benefits at other companies

PNC Financial ServicesPNC

$270M-26.0%

Jefferies Financial GroupJEF

——

Stifel FinancialSF

——

Morgan StanleyMS

——

EvercoreEVR

——

Raymond James FinancialRJF

——

Other financials

Income statement

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Revenue$474.4M+32.8%

Net income$65.2M+0.5%

EPS (diluted)$0.92+1.1%

Balance sheet

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Cash & equivalents$344.4M+173%

Total debt$112.2M-3.0%

Total equity$1.3B+10.6%

Total assets$2.1B+17.0%

Cash flow

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Operating cash flow-$291.7M-40.8%

CapEx$2.2M-80.7%

Free cash flow-$293.9M-34.6%

Valuation

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Market cap$5.53B+24.3%

Enterprise value$5.3B+19.3%

P/E19.6×-2.2×

P/S2.7×-0.1×

Profitability

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Net margin14%+0.8pp

FCF margin18%—

Returns & leverage

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Return on equity22%+4.5pp

Debt / equity0.1×0.0×

Where this comes from

Reported directly by Piper Sandler in its filing.

Tagged under the XBRL concept us-gaap:UnrecognizedTaxBenefits.

The official record: Piper Sandler’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Piper Sandler's unrecognized tax benefits?: Piper Sandler (PIPR) reported unrecognized tax benefits of $2.2M in Q4 2025.
How has Piper Sandler's unrecognized tax benefits changed year-over-year?: Piper Sandler's unrecognized tax benefits increased by 14.8% year-over-year, from $1.92M to $2.2M.
What is the long-term trend for Piper Sandler's unrecognized tax benefits?: Over 5 years (2020 to 2025), Piper Sandler's unrecognized tax benefits has grown at a 84.1% compound annual growth rate (CAGR), from $104K to $2.2M.