Piper Sandler reported third‑quarter 2025 financial results, with revenue increasing 33.3% year‑over‑year to $479.3 million and non‑GAAP earnings per share of $3.82, 16.7% above analyst consensus.
The revenue jump was driven by record equity financing activity, generating $80 million in revenue, and a 13% rise in advisory services revenue, led by the financial services industry group that advised on six of the ten largest U.S. bank M&A transactions that closed during the quarter.
Investment banking revenue totaled $330.6 million, while advisory services revenue reached $212.4 million, the highest third‑quarter figures on record for the firm.
Management highlighted that the market environment improved significantly in the third quarter, with equity markets reaching record highs and lower volatility boosting equity underwriting. Client engagement remained high, and the firm noted that it is well positioned to finish the year strong.
The company declared a quarterly cash dividend of $0.70 per share, payable on December 12, 2025, and returned $204 million to shareholders during the first nine months of 2025 through share repurchases and dividends.
Piper Sandler also completed the acquisition of G Squared Capital Partners in September 2025, expanding its technology investment banking capabilities, particularly in government services and defense technology.
No forward guidance was provided for the remainder of the year.
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