0001230245-26-000022
SEC filingPiper Sandler Q1 2026 net revenues up 32.8% to $474.4M, driven by strong investment banking; EPS $0.92.
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenues | $474.4M | $357.3M | +32.8% |
| Gross Profit | $474.4M | $357.3M | +32.8% |
| Gross Margin | 100.0% | 100.0% | — |
| Operating Income | $87.9M | $29.4M | +198.7% |
| Operating Margin | 18.5% | 8.2% | +1030 bps |
| Net Income | $68.3M | $36.8M | +85.8% |
| Diluted EPS | $0.92 | $0.91 | +1.1% |
| Operating Cash Flow | -$291.7M | -$207.2M | — |
| Free Cash Flow | -$293.9M | -$218.4M | — |
Q1 2026 营收大幅增长 32.8%，主要受投资银行业务驱动，其中 corporate financing 收入激增 121.8% 至 $73.3M，advisory services 增长 15.8% 至 $251.0M。Institutional brokerage 增长 8.8%，equity brokerage 受益于市场波动带来的交易量增加。
利润率显著改善，operating margin 从 8.2% 扩大至 18.5%，主要由于 net revenues 大幅增长而 compensation ratio 下降至 62.4%（去年同期 69.5%）。Non-GAAP adjusted operating margin 为 20.0%，较去年同期的 17.9% 提升 210 bps。
盈利质量方面，net income attributable to Piper Sandler Companies 仅增长 0.5% 至 $65.2M，主要因为去年同期有 $28.1M 的 noncontrolling interests 亏损，而本期为 $3.1M 收益。剔除该影响，adjusted net income 下降 2.1% 至 $71.9M。经营现金流为负，主要因支付年度激励薪酬。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Investment Banking | $348.2M | +26.0% | — | — | Advisory services 增长 15.8%，corporate financing 增长 121.8%，healthcare 和 financial services 团队表现强劲 |
| Institutional Brokerage | $110.8M | +8.8% | — | — | Equity brokerage 增长 11.5%，fixed income services 增长 5.7% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $344.4M | -$465.0M |
| Total assets | $2,130.1M | -$462.6M |
| Short-term financing | $15.0M | 持平 |
| Total shareholders' equity | $1,557.9M | -$24.9M |
| Operating Cash Flow | -$291.7M | -$84.5M |
| Capex | $2.2M | -$9.0M |
| Free Cash Flow | -$293.9M | -$75.5M |
现金大幅减少主要因支付年度激励薪酬（accrued compensation 下降 $410.1M）和 $100.7M 股息。杠杆率降至 1.4x（adjusted 1.6x）。