PIPER SANDLER COMPANIES

PIPR ·Financial, Capital Markets, United States

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Profit Margins

Gross Margin Operating Margin Net Margin

Period	Gross Margin	Operating Margin	Net Margin
Jun 2009	—	13.7%	8.6%
Sep 2009	—	12.3%	7.3%
Mar 2010	—	7.7%	0.4%
Jun 2010	—	8.6%	5.4%
Sep 2010	—	10.7%	5.7%
Dec 2010	—	12.5%	5.1%
Mar 2011	—	8.7%	5.4%
Jun 2011	—	12.2%	7.6%
Sep 2011	—	4.9%	-3.4%
Dec 2011	—	-111.9%	-109.7%
Mar 2012	—	12.9%	2.5%
Jun 2012	—	5.3%	6.4%
Sep 2012	—	18.7%	14.5%
Dec 2012	—	15.5%	8.0%
Mar 2013	—	15.8%	8.8%
Jun 2013	—	3.1%	2.3%
Sep 2013	—	9.0%	4.0%
Dec 2013	—	21.7%	14.0%
Mar 2014	—	18.8%	10.2%
Jun 2014	—	17.3%	10.3%
Sep 2014	—	15.5%	8.8%
Dec 2014	—	13.7%	8.0%
Mar 2015	—	18.6%	10.1%
Jun 2015	—	15.2%	10.0%
Sep 2015	—	4.4%	3.1%
Dec 2015	—	11.1%	6.5%
Mar 2016	—	2.2%	1.5%
Jun 2016	—	3.7%	1.1%
Sep 2016	—	8.9%	5.2%
Dec 2016	—	-26.0%	-16.2%
Mar 2017	—	11.1%	9.9%
Jun 2017	—	9.7%	6.7%
Sep 2017	—	-33.6%	-20.3%
Dec 2017	—	4.3%	-19.1%
Mar 2018	—	5.0%	6.5%
Jun 2018	—	2.9%	3.7%
Sep 2018	—	13.3%	10.5%
Dec 2018	—	14.6%	8.4%
Mar 2019	—	12.5%	10.5%
Jun 2019	—	11.9%	5.9%
Sep 2019	—	10.4%	21.3%
Dec 2019	—	19.1%	13.7%
Mar 2020	—	-14.2%	-6.1%
Jun 2020	—	2.5%	0.5%
Sep 2020	—	8.0%	3.8%
Dec 2020	—	17.2%	10.3%
Mar 2021	—	19.2%	11.5%
Jun 2021	—	22.3%	13.7%
Sep 2021	—	16.9%	10.2%
Dec 2021	—	25.9%	17.4%
Mar 2022	—	10.1%	10.4%
Jun 2022	—	10.5%	6.0%
Sep 2022	—	5.7%	4.3%
Dec 2022	—	10.8%	9.7%
Mar 2023	—	8.6%	8.5%
Jun 2023	—	4.9%	1.4%
Sep 2023	—	-1.2%	1.3%
Dec 2023	—	18.1%	11.0%
Mar 2024	—	15.2%	12.3%
Jun 2024	—	8.3%	10.2%
Sep 2024	—	15.4%	9.6%
Dec 2024	—	16.9%	14.2%
Mar 2025	—	8.2%	18.1%
Jun 2025	—	12.3%	10.6%
Sep 2025	—	22.4%	12.6%
Dec 2025	—	28.3%	17.1%
Mar 2026	—	18.5%	13.7%
Jun 2026	—	20.2%	13.7%