Piper Sandler Companies (NYSE:PIPR) posted third-quarter results that topped Wall Street expectations on Friday, fueled by a surge in equity financing activity and strong contributions from its advisory and fixed income businesses. The upbeat results sent the firm’s shares up 1.2% in premarket trading.
The investment bank reported adjusted earnings per share of $3.82, well ahead of analyst forecasts of $3.17, while revenue climbed 33% year-over-year to $479 million, surpassing the consensus estimate of $422.8 million.
A major highlight was corporate financing revenue, which soared 345% to $79.7 million amid robust deal flow and higher average fees. Advisory services revenue rose 13% to $212.4 million, driven by strength in the financial services sector, while fixed income services generated $56 million, up 15% from a year ago.
“We delivered record third quarter revenues powered by an increase in equity financings as well as strong activity across the rest of our businesses,” said Chad Abraham, chairman and chief executive officer. “We are pleased with our momentum, client engagement remains high and we are well-positioned to finish the year strong.”
Piper Sandler’s pre-tax margin expanded to 22.4%, compared with 15.5% in the prior-year period, supported by both higher revenue and a lower compensation ratio. The firm completed 82 advisory transactions during the quarter, marking a 15% increase year-over-year.
The board of directors declared a quarterly dividend of $0.70 per share, payable on December 12, 2025, to shareholders of record as of November 25, 2025.
For the first nine months of 2025, Piper Sandler returned $204 million to shareholders through a combination of dividends and share repurchases, underscoring its commitment to capital returns amid accelerating business momentum.