Piper Sandler Companies (PIPR) stock plummeted 5.94% during intraday trading on Friday, as the investment bank reported mixed first-quarter fiscal 2026 results that showed declining earnings despite revenue growth.

The company reported adjusted earnings of $1 per diluted share for the quarter, down from $1.02 a year earlier. While this beat analyst estimates of $0.91 per share, the year-over-year decline appears to have concerned investors. Net revenues for the quarter rose to $474.4 million from $357.3 million a year earlier, exceeding analyst expectations of $436.3 million.

More significantly, Piper Sandler's Q1 2026 net income attributable to shareholders dropped 43% compared to the previous quarter, with net revenues falling 29% quarter-over-quarter. Advisory services revenue slid 38% to $251 million due to fewer completed transactions, though corporate financing revenue climbed 122% to $73.3 million. The company did increase its quarterly dividend by 14% to $0.20 per share, but this positive development was overshadowed by the earnings decline.