Piper Sandler Authorizes $200 Million Buyback as Banking Revenue Hits Third-Quarter Record

Published October 30, 2026 at 9:20 AM EDT

Piper Sandler authorized a new $200 million share buyback as record corporate investment banking revenue helped offset a weaker quarter overall, the investment bank said Friday.

Net revenue fell 8% from a year earlier to $443 million in the third quarter, according to the earnings release filed with an 8-K. Adjusted net revenue was $456 million, flat with a year ago. Net income attributable to the company declined 8% to $55 million, or $0.78 a diluted share. Adjusted EPS was $0.87, down 9%.

Advisory and banking strength

Corporate investment banking generated record third-quarter revenue of $307 million, driven by the financial services, healthcare and energy groups, according to the release. Advisory services revenue rose 18% from a year earlier.

"As we build on our record year-to-date revenues, we remain focused on supporting our clients across dynamic markets, finishing the year strong and continuing to return capital to our shareholders," Chairman and CEO Chad Abraham said. He also cited increased client activity in fixed income.

The GAAP pre-tax margin narrowed to 15.0% from 22.4% a year earlier, and the adjusted pre-tax margin was 19.8%, down 1.4 percentage points.

Capital returns

The board authorized repurchases of up to $200 million of common stock, effective immediately and expiring Dec. 31, 2028. The existing authorization had $20.3 million left and expires Dec. 31, 2026.

Piper Sandler bought back 0.5 million shares in the third quarter at an average price of $74.53. Through the first nine months of 2026, it returned $268 million to shareholders through dividends and repurchases of 1.8 million shares. It also declared a quarterly dividend of $0.20 a share.

By the numbers

$443 million: third-quarter net revenue, down 8%
$307 million: record third-quarter corporate investment banking revenue
18%: growth in advisory services revenue
$0.87: adjusted EPS, down 9%
$200 million: new buyback authorization
$0.20: quarterly dividend

Sources

Piper Sandler Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 30, 2026 (accession 0001230245-26-000038)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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