---
schema_version: "secwatch.filing_event.v1"
accession: "0001230245-23-000122"
form_type: "8-K"
ticker: "PIPR"
cik: "0001230245"
company_name: "PIPER SANDLER COMPANIES"
filed_at: "2023-07-28T23:59:59+00:00"
generated_at: "2026-06-12T22:51:32.859868+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Piper Sandler Q2 GAAP EPS $0.23, adjusted EPS $1.13; revenue down 18% YoY

## Summary
- GAAP net revenues $288.7M, down 18% YoY; adjusted net revenues $277.4M, down 20% YoY.
- GAAP net income $4.0M ($0.23 per diluted share); adjusted net income $20.2M ($1.13 per share).
- GAAP pre-tax margin 5.0%; adjusted pre-tax margin 9.5%, down 800 bps YoY.
- Declared quarterly dividend of $0.60 per share.
- CEO cites challenging market conditions across the industry.

## SEC filing metadata
- accession: 0001230245-23-000122
- form_type: 8-K
- ticker: PIPR
- cik: 0001230245
- company_name: PIPER SANDLER COMPANIES
- filed_at: 2023-07-28T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1230245/000123024523000122/0001230245-23-000122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1230245/000123024523000122/pipr-20230728.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001230245-23-000122
- JSON: https://secwatch.observer/filing/0001230245-23-000122.json
- Plain text: https://secwatch.observer/filing/0001230245-23-000122.txt

## Key facts
- Earnings Releases
  PIPER SANDLER COMPANIES reported second quarter ended June 30, 2023 results: revenue $288.7, net income $4.0, EPS $0.23.
  - Period: second quarter ended June 30, 2023
  - Revenue: $288.7
  - Net income: $4.0
  - EPS: $0.23
  - Result: reported results
  source text: Second Quarter 2023 Results U.S. GAAP Adjusted (1) (Dollars in millions, except per share data) Q2 vs. vs. Q2 vs. vs. 2023 Q1-23 Q2-22 2023 Q1-23 Q2-22 Net revenues $288.7 -3 % -18 % $277.4 -4 % -20 % Pre-tax margin 5.0 % -3.7pp -5.6pp 9.5 % -4.6pp -8.0pp Net income applicable to Piper Sandler Companies $4.0 -85 % -82 % $20.2 -52 % -54 % Earnings
  evidence_url: https://www.sec.gov/Archives/edgar/data/1230245/000123024523000122/0001230245-23-000122-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.