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Piper Sandler PIPR Equity brokerage — Institutional brokerage

Other segment segments

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$48.63M-13.8%

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Other financials

Income statement

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Revenue$495.5M+24.9%
Net income$67.8M+60.8%
EPS (diluted)$0.95+61.0%

Balance sheet

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Cash & equivalents$304.2M+147%
Total debt$175.0M+50.6%
Total equity$1.4B+11.6%
Total assets$2.3B+18.8%

Cash flow

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Operating cash flow-$291.7M-40.8%
CapEx$7.8M-45.2%
Free cash flow-$293.9M-34.6%

Valuation

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Market cap$5.29B-8.0%
Enterprise value$5.16B-10.2%
P/E17.2×-10.0×
P/S2.5×-1.1×

Profitability

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Net margin14.5%+1.3pp
FCF margin18%

Returns & leverage

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Return on equity23.6%+5.7pp
Debt / equity0.1×0.0×

Where this comes from

Reported directly by Piper Sandler in its filing.

Tagged under the XBRL concept pipr:InstitutionalBrokerageRevenue.

The source filing: Piper Sandler’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 2:19 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001230245-26-000032
(Amounts in thousands)Three Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Municipal financing49,51141,90773,42468,310
Total investment banking361,527280,994709,717557,258
Institutional brokerage:
Equity brokerage62,90758,083123,377112,337
Fixed income services48,62556,38299,000104,052
Total institutional brokerage111,532114,465222,377216,389
Total revenues from contracts with customers473,059395,459932,094773,647
Interest income9,1047,94720,75017,910

Item 1. Financial Statements.

FAQ

What is Piper Sandler's equity brokerage — institutional brokerage?
Piper Sandler (PIPR) reported equity brokerage — institutional brokerage of $62.91M in Q2 2026.
How has Piper Sandler's equity brokerage — institutional brokerage changed year-over-year?
Piper Sandler's equity brokerage — institutional brokerage increased by 8.3% year-over-year, from $58.08M to $62.91M.
What is the long-term trend for Piper Sandler's equity brokerage — institutional brokerage?
Over 2 years (2023 to 2025), Piper Sandler's equity brokerage — institutional brokerage has grown at a 4.8% compound annual growth rate (CAGR), from $209.51M to $230.27M.
What does equity brokerage — institutional brokerage mean?
This metric represents the revenue generated from institutional equity brokerage services, including the execution of trades and provision of liquidity for institutional clients. It reflects the firm's ability to capture market share in secondary market trading activities and serves as a key indicator of client engagement within the institutional equities division. Growth in this area typically correlates with increased trading volumes and the firm's competitive positioning in equity capital markets.

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