Piper Sandler Companies (NYSE:PIPR) reported a standout fourth quarter for 2025 on Friday, delivering adjusted earnings and revenue that came in well ahead of market expectations and capped a record year for the investment bank.
Adjusted earnings reached $6.88 per share for the quarter, comfortably beating analyst estimates of $4.73. Revenue climbed to an all-time high of $666.1 million, far above the consensus forecast of $518.1 million. Despite the strong numbers, the company’s shares slipped 0.49% in pre-market trading.
The fourth quarter marked Piper Sandler’s strongest period on record, with revenue rising 38% year over year and 39% sequentially. Advisory services were the main growth engine, with revenue jumping 44% year over year to $402.6 million. Financial services activity remained strong, while the services and industrials team delivered a record quarter. The firm completed 127 advisory transactions during the period, up 38% from a year earlier.
“We had a fantastic finish to 2025, delivering record fourth quarter revenues. Full year revenues of $1.9 billion grew over 20% fueled by a record year from our advisory business, and strong growth across the rest of our businesses,” said Chad Abraham, chairman and chief executive officer.
For the full year 2025, Piper Sandler reported adjusted earnings of $17.74 per share on revenue of $1.9 billion, representing year-over-year increases of 40% and 22%, respectively. Adjusted operating margin improved to 27.2% in the fourth quarter, up from 24.4% in the same period last year.
The board announced a special cash dividend of $5.00 per share alongside a regular quarterly dividend of $0.70 per share. The company also revealed plans for a 4-for-1 stock split, effective March 24, 2026, aimed at boosting liquidity and broadening investor access.
Across business lines, corporate investment banking revenue for 2025 rose 28% compared with the prior year, while institutional brokerage revenue increased 8%, supported by record performance in equity brokerage.