Investment banking firm Piper Sandler (NYSE: PIPR) will be announcing earnings results this Friday before the bell. Here’s what you need to know.

Piper Sandler beat analysts’ revenue expectations by 7.5% last quarter, reporting revenues of $455.3 million, up 29.4% year on year. It was a stunning quarter for the company, with a solid beat of analysts’ revenue estimates and .

Is Piper Sandler a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Piper Sandler’s revenue to grow 3.9% year on year to $518.2 million, slowing from the 9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $4.76 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Piper Sandler has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 8.8% on average.

Looking at Piper Sandler’s peers in the investment banking & brokerage segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Moelis delivered year-on-year revenue growth of 11.2%, beating analysts’ expectations by 10%, and Evercore reported revenues up 32.4%, topping estimates by 16%.

Read our full analysis of Moelis’s results here and Evercore’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the investment banking & brokerage stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.1% on average over the last month. Piper Sandler is down 6.3% during the same time and is heading into earnings with an average analyst price target of $410.67 (compared to the current share price of $344.90).

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