In Q1 2026, Piper Sandler achieved record revenues, led by an outsized performance in its Debt Capital Markets Advisory segment. Restructuring and private capital advisory divisions also delivered strong contributions as the firm integrated its recent acquisition, boosting transaction volume and fee income.

Bank M&A activity slowed relative to previous quarters with fewer large deals closing, though smaller transactions continued to support advisory pipelines. The firm’s derivative desk experienced elevated hedging inquiries and increased deal flow, but volatility in the forward rate curve complicated client positioning decisions.

Healthcare equity capital markets delivered significant market share gains, driving a standout quarter despite expectations of softer capital markets. Management cautioned that this level of performance may not sustain in Q2, and overall advisory fees are expected to moderate sequentially as sponsor-driven transactions face slower launch cycles.

Technology M&A improved from last year but remains a smaller contributor within the seven-sector team, with larger software deals seeing valuation pressures and caution on inorganic growth. Non-M&A services, particularly debt capital markets, continued to gain momentum alongside steady restructuring and private capital advisory activity.