Q1 2026 Piper Sandler Companies Earnings Call Transcript
Key Points
- Piper Sandler Cos (PIPR) achieved a record first quarter with adjusted net revenues of $470 million, marking the 10th consecutive quarter of year-over-year growth.
- Corporate Investment Banking revenues reached a first-quarter record of $324 million, up 30% year-over-year, driven by robust corporate financing activity.
- The Healthcare franchise set a new high watermark in revenues, with significant contributions from medtech and biopharma teams.
- The Financial Services group registered a strong quarter, ranking as the number one adviser in US bank M&A based on deal value announced.
- Equity Brokerage business achieved record first-quarter revenues of $60 million, an 11% increase from the prior year, driven by increased trading volumes.
- Municipal Financing revenues declined by 9% year-over-year, reflecting challenges in the public finance business.
- Fixed income revenues faced challenges due to high market volatility, which reduced regular client activity.
- Corporate Financing revenues are expected to decline in the second quarter from a strong first quarter.
- The Advisory outlook indicates potential challenges, with expectations of similar revenues in the second quarter due to market conditions.
- Non-compensation expenses increased by 15% year-over-year, partly due to an $8.5 million litigation-related expense.
Good morning, and welcome to the Piper Sandler Companies first quarter 2026 earnings conference call. Today's call is being recorded and will include remarks by Piper Sandler management, followed by a question-and-answer session.
I'll begin by turning the call over to Kate Winslow. Please go ahead.
Thank you, operator. Good morning, and thank you for joining the Piper Sandler Companies first-quarter 2026 earnings conference call. Hosting the call today are Chairman and CEO, Chad Abraham; our President, Deb Schoneman; and CFO, Kate Clune.
Earlier this morning, we issued a press release announcing Piper Sandler's first quarter 2026 financial results, which is available on our website at pipersandler.com/earnings. Today's discussion of the results is complementary to the press release. A replay of this call will also be available at that same website later today.
Before we begin, let me remind you that remarks made on today's call may contain forward-looking statements that are
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