Piper Sandler (PIPR) is lower today after reporting first-quarter 2026 earnings before the open on May 1, 2026. While the company posted net revenues of $474.4 million, results were down 29% from the record fourth quarter of 2025, highlighting the typical post–year-end slowdown in deal closings and investment income compared with a very strong prior quarter.

For Q1 2026, Piper Sandler reported net revenues of $474.4 million and net income attributable to the company of $65.2 million, or $0.92 per diluted share. The firm noted $8.5 million of litigation-related expenses in the quarter, which reduced earnings per diluted share by roughly $0.08, adding pressure to margins and complicating comparisons versus both the prior quarter and the year-ago period.

Management characterized the quarter as a strong start to 2026 with record first-quarter revenues and cited 30% growth in corporate investment banking versus the year-ago quarter. Advisory services revenue rose 16% year over year to about $251 million, and corporate financing revenue more than doubled year over year to $73.3 million, led by healthcare underwriting activity; however, investors are also weighing the quarter’s sequential drop in advisory revenue from Q4 levels and the lower investment income versus the prior quarter.

Alongside results, Piper Sandler increased its quarterly cash dividend by 14% to $0.20 per share, payable June 12, 2026, and said it returned $171 million to shareholders in Q1 through dividends and repurchases. Even with the higher payout, today’s trade suggests the market is focusing more on the sequential revenue step-down and the litigation-related cost headwind than on capital returns.