Piper Sandler Companies (PIPR) Cash Flow: Operating & Free Cash Flow

Piper Sandler Companies (PIPR) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Piper Sandler Companies generated $732.19M of operating cash flow and spent $34.66M on capital expenditures. That left free cash flow of $697.53M, up 134.3% from $297.76M a year earlier, or 36.7% of revenue. It returned $239.19M to shareholders through $114.15M in dividends and $125.04M in share buybacks.

Piper Sandler Companies Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Piper Sandler Companies (PIPR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	281.33	157.44	98.97	101.18	330.37	49.36	118.17	55.83	-59.55
Depreciation & Amortization	27.39	27.07	37.37	31.01	42.71	55.43	19.12	18.82	22.65
Deferred Income Tax	0.00	17.62	11.43	-32.80	-53.98	-36.18	11.32	-0.65	-3.37
Stock Based Compensation	0.00	103.36	93.77	131.20	171.45	121.69	32.00	44.29	39.83
Change in Working Capital	256.12	-8.88	23.27	-464.82	207.04	585.94	-84.44	386.38	82.34
Change in Accounts Receivable	120.88	37.51	88.46	-43.39	-32.64	254.29	-46.21	-89.88	99.25
Change in Accounts Payable	16.50	4.88	-3.64	-8.63	-5.34	11.08	-1.14	-10.74	-21.45
Change in Other Working Capital	118.74	-60.80	31.90	9.32	9.51	320.57	-37.09	487.00	4.54
Other Operating Activities	167.36	34.26	22.24	9.32	9.51	3.54	-28.39	5.14	121.10
Net Cash from Operating Activities	732.19	313.26	275.63	-224.91	707.09	779.77	67.80	509.85	232.12
Investing Activities
Capital Expenditures	-34.67	-15.50	-10.05	-30.60	-20.58	-17.58	-6.52	-15.86	-8.10
Acquisitions	-8.99	-16.27	0.00	-96.50	0.00	-417.41	33.21	0.00	0.00
Purchases of Investments	-145.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	11.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-178.01	-31.77	-10.05	-127.10	-20.58	-435.00	26.69	-15.80	-7.99
Financing Activities
Debt Repayment	5.00	-37.34	-125.00	0.00	-70.00	-49.98	175.03	-364.98	-178.90
Common Stock Issued	4.25	0.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-125.04	-66.43	-70.68	-187.33	-69.90	-21.97	-50.58	-70.90	-25.48
Dividends Paid	-114.15	-73.73	-84.44	-107.53	-99.35	-28.17	-35.59	-47.16	-18.95
Other Financing Activities	0.00	-3.91	0.54	44.80	16.13	12.56	15.81	6.28	-9.80
Net Cash from Financing Activities	-229.94	-180.61	-249.59	-250.06	-223.12	-87.56	104.66	-476.77	-233.12
Summary
Effect of Forex Changes on Cash	2.34	-1.14	1.48	-3.27	-0.36	0.70	0.51	-0.65	1.53
Net Change in Cash	326.58	99.74	17.47	-605.34	463.39	257.92	199.65	16.57	-7.57
Cash at Beginning of Period	482.83	383.10	365.62	970.97	507.94	250.02	50.36	33.79	41.36
Cash at End of Period	809.42	482.83	383.10	365.62	970.97	507.94	250.02	50.36	33.79
Free Cash Flow	697.53	297.76	265.58	-255.51	686.51	762.18	61.28	493.99	224.02
Supplemental Disclosures
Interest Paid	-	5.69	10.16	9.48	10.78	-	-	-	-
Income Taxes Paid	-	10.91	19.45	85.43	165.91	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Piper Sandler Companies Cash Flow

What is Piper Sandler Companies's free cash flow?

Piper Sandler Companies generated free cash flow of $697.53M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $732.19M minus $34.66M of capital expenditures. That was up 134.3% from $297.76M a year earlier. Free cash flow equaled 36.7% of revenue.

How much does Piper Sandler Companies spend on capital expenditures?

Piper Sandler Companies spent $34.66M on capital expenditures in fiscal 2025, compared with $15.50M a year earlier. That equals 4.7% of operating cash flow.

Does Piper Sandler Companies pay dividends or buy back shares?

Yes. In fiscal 2025 Piper Sandler Companies returned $114.15M in dividends and $125.04M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition