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Business Segment and Revenues Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Business Segment and Revenues Information | BUSINESS SEGMENT AND REVENUES INFORMATION The Company's activities as an investment bank and institutional securities firm constitute a single business segment. Revenues for the Company are derived from investment banking services and institutional sales, trading and research services. The Company is organized as one reportable segment in order to maximize the value provided to clients by leveraging the diversified expertise and broad relationships of its experienced professionals across the Company. Substantially all of the Company's net revenues and long-lived assets are located in the U.S. The accounting policies for the reportable segment are the same as those described in Note 2. The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM, who manages business activities on a consolidated basis, considers monthly plan-to-actual variances of net income attributable to Piper Sandler Companies in assessing performance, determining compensation and making decisions about the use of capital, including repurchases of common stock, dividend payments, and acquisitions. The CODM evaluates the performance and allocates resources of the reportable segment based on net income attributable to Piper Sandler Companies as reported on the consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, net income attributable to Piper Sandler Companies was $281.3 million, $181.1 million and $85.5 million, respectively. The significant expense categories of the reportable segment are consistent with the presentation of non-interest expenses on the consolidated statements of operations. The measure of reportable segment assets is reported on the consolidated statements of financial condition as total assets. At December 31, 2025 and 2024, total assets were $2.59 billion and $2.26 billion, respectively. The components of net revenues are as follows:
|  |  | Year Ended December 31,
(Amounts in thousands) |  |  |  |  | 2025 |  | 2024 |  | 2023
Revenues |  |  |  |  |  |  |  |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |
Investment banking: |  |  |  |  |  |  |  |  |
Advisory services |  |  |  |  | $ | 1,037,959 |  |  | $ | 808,746 |  |  | $ | 709,316 |
Corporate financing |  |  |  |  | 217,156 |  |  | 173,876 |  |  | 131,077 |
Municipal financing |  |  |  |  | 145,751 |  |  | 122,513 |  |  | 83,419 |
Total investment banking |  |  |  |  | 1,400,866 |  |  | 1,105,135 |  |  | 923,812 |
Institutional brokerage: |  |  |  |  |  |  |  |  |
Equity brokerage |  |  |  |  | 230,273 |  |  | 215,275 |  |  | 209,512 |
Fixed income services |  |  |  |  | 202,925 |  |  | 186,167 |  |  | 168,027 |
Total institutional brokerage |  |  |  |  | 433,198 |  |  | 401,442 |  |  | 377,539 |
Total revenues from contracts with customers |  |  |  |  | 1,834,064 |  |  | 1,506,577 |  |  | 1,301,351 |
Interest income |  |  |  |  | 36,904 |  |  | 32,908 |  |  | 26,723 |
Investment income/(loss) |  |  |  |  | 33,249 |  |  | (7,890) |  |  | 30,039 |
Total revenues |  |  |  |  | 1,904,217 |  |  | 1,531,595 |  |  | 1,358,113 |
Interest expense |  |  |  |  | 4,841 |  |  | 5,681 |  |  | 10,146 |
Net revenues |  |  |  |  | $ | 1,899,376 |  |  | $ | 1,525,914 |  |  | $ | 1,347,967 |

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- Definition The entire disclosure for reporting segments including data and tables. 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