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Piper Sandler PIPR Fixed income services — Institutional brokerage

Other segment segments

Equity brokerage
$62.91M+8.3%

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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
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
Investment income/(loss)14,091(4,829)18,555(34,426)

Item 1. Financial Statements.

FAQ

What is Piper Sandler's fixed income services — institutional brokerage?
Piper Sandler (PIPR) reported fixed income services — institutional brokerage of $48.63M in Q2 2026.
How has Piper Sandler's fixed income services — institutional brokerage changed year-over-year?
Piper Sandler's fixed income services — institutional brokerage decreased by 13.8% year-over-year, from $56.38M to $48.63M.
What is the long-term trend for Piper Sandler's fixed income services — institutional brokerage?
Over 2 years (2023 to 2025), Piper Sandler's fixed income services — institutional brokerage has grown at a 11.2% compound annual growth rate (CAGR), from $168.03M to $207.68M.
What does fixed income services — institutional brokerage mean?
This metric represents the revenue generated from facilitating the trading and brokerage of debt instruments for institutional clients. It captures the firm's role as an intermediary in the secondary market for corporate, government, and municipal fixed-income securities. This revenue stream reflects the company's market-making capabilities and the volume of client activity within the broader fixed-income landscape.

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