Piper Sandler (PIPR) Q4 2025 Earnings Transcript

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Friday, Feb. 6, 2026 astatine 8 a.m. ET

• Chairman and Chief Executive Officer — Chad Abraham

• President — Debbra Schoneman

• Chief Financial Officer — Katherine Patricia Clune

• Head of Investor Relations — Kate Winslow

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Operator: Good morning, and invited to the Piper Sandler Companies Fourth Quarter and Full Year 2025 Earnings Conference Call. Today's telephone is being recorded and volition see remarks by Piper Sandler absorption followed by a question and reply session. I'll statesman by turning the telephone implicit to Kate Winslow, Please spell ahead.

Kate Winslow: Thank you, operator. Good morning, and convey you for joining the Piper Sandler Companies Fourth Quarter and Full Year 2025 Earnings Conference Call. Hosting the telephone contiguous are Chairman and CEO, Chad Abraham, our President, Debbra Schoneman, and CFO, Katherine Patricia Clune. Earlier this morning, we issued a property merchandise announcing Piper Sandler's 4th fourth and afloat twelvemonth 2025 fiscal results which is disposable connected our website astatine pipersandler.com/earnings. Today's treatment of the results is complementary to the property release. A replay of this telephone volition besides beryllium disposable astatine that aforesaid website aboriginal today.

Before we begin, fto maine punctual you that remarks made connected today's telephone whitethorn incorporate forward-looking statements that are not humanities oregon existent facts including statements astir beliefs and expectations, and impact inherent risks and uncertainties. Factors that could origin existent results to disagree materially from those anticipated are identified successful the company's reports connected record with the SEC which are disposable connected our website astatine pipersandler.com and connected the SEC website astatine sec.gov. Today's treatment besides includes statements regarding definite non-GAAP fiscal measures that absorption believes are meaningful erstwhile evaluating the company's performance.

Katherine Patricia Clune: The non-GAAP measures should beryllium considered successful summation to and not a substitute for measures of fiscal show prepared successful accordance with GAAP. A reconciliation of these non-GAAP fiscal measures to the astir straight comparable GAAP measurement is provided successful our net merchandise issued today. I volition present crook the telephone implicit to Chad.

Chad Abraham: Thank you, Kate. Good morning, everyone. Thank you for joining us. Our concern performed good during 2025 driven by beardown execution and improving marketplace conditions. We had a beardown decorativeness to the twelvemonth with grounds adjusted nett revenues of $635 cardinal successful the 4th quarter, a 27.2% operating margin, and adjusted EPS of $6.88. On a full-year basis, adjusted nett revenues were $1.9 billion, achieving a 21.9% operating borderline and adjusted EPS of $17.74. There are a fig of highlights from 2025. Adjusted nett revenues grew 22% with contributions from each businesses, resulting successful a 39% summation successful adjusted nett income compared to 2024.