Stifel Reports Second Quarter 2026 Results

ST. LOUIS, July 22, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.45 billion for the three months ended June 30, 2026, compared with $1.28 billion a year ago. Net income available to common shareholders was $217.2 million, or $1.34 per diluted common share, compared with $145.7 million, or $0.89 per diluted common share ⁽¹⁾ for the second quarter of 2025. Non-GAAP net income available to common shareholders was $229.3 million, or $1.42 per diluted common share for the second quarter of 2026.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel delivered an outstanding second quarter and a record first half, reflecting the strength, balance, and momentum of our franchise. In the first half of 2026, we executed on our strategy by: growing revenue, improving operating leverage, expanding our balance sheet, and deploying capital where it earns the best risk-adjusted returns. Just as importantly, Stifel was ranked No. 1 in Employee Advisor Satisfaction by J.D. Power for the fourth consecutive year, reinforcing the strength of our advisor-first culture. As we look ahead, Stifel remains well positioned to build on this momentum as our advice-driven business helps clients navigate an increasingly complex world.”

Highlights

• The Company reported net revenues of $1.45 billion, the best second quarter in its history, driven by higher investment banking revenues, asset management revenues, commission revenues, and net interest income.
• Non-GAAP net income available to common shareholders of $1.42 per diluted common share.
• Investment banking revenues increased 42% over the year-ago quarter.
  • Capital raising revenues increased 64% over the year-ago quarter.
  • Advisory revenues increased 24% over the year-ago quarter.
• Asset management revenues increased 13% over the year-ago quarter.
• Record client assets of $580.1 billion, up 12% over the year-ago quarter.
• Over the last twelve months, recruited trailing twelve-month production totaled approximately $30 million.
• Non-GAAP pre-tax margin of 21.7%.
• Annualized return on tangible common equity (ROTCE) ⁽⁶⁾ of 23.6%.
• Tangible book value per common share ⁽⁹⁾ of $25.52, up 15.0% from prior year.
  
  

Global Wealth Management

Global Wealth Management reported record net revenues of $956.5 million for the three months ended June 30, 2026, compared with $845.6 million during the second quarter of 2025. Pre-tax net income was $361.8 million compared with $306.1 million in the second quarter of 2025.

Highlights

• Ranked No. 1 in Overall Employee Advisor Satisfaction for the fourth straight year.

• Record client assets of $580.1 billion, up 12% over the year-ago quarter, which included $9.7 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
  
• Fee-based client assets of $239.8 billion, up 16% over the year-ago quarter, which included $4.6 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
  
• Over the last twelve months, recruited trailing twelve-month production totaled approximately $30 million.
  
  

Net revenues increased 13% from a year ago:

• Transactional revenues increased 14% over the year-ago quarter, reflecting an increase in client activity.
  
• Asset management revenues increased 13% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.
  
• Net interest income increased 8% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.
  

Total Expenses:

• Compensation expense as a percentage of net revenues decreased to 48.2% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
  
• Provision for credit losses was primarily impacted by loan growth in the retained portfolio and specific reserves on individual credits.
  
• Non-compensation operating expenses as a percentage of net revenues decreased to 14.0% primarily attributable to revenue growth over the year-ago quarter, partially offset by an increase in the provision for credit losses.
  
  

Institutional Group

Institutional Group reported net revenues of $480.7 million for the three months ended June 30, 2026, compared with $419.8 million during the second quarter of 2025. Pre-tax net income was $92.2 million compared with $61.0 million in the second quarter of 2025.

Highlights

Investment banking revenues increased 42% from a year ago:

• Advisory revenues increased 24% from the year-ago quarter, driven by higher levels of completed advisory transactions.
• Equity capital raising revenues increased 121% from the year-ago quarter, driven by higher volumes and larger deal sizes.
• Fixed income capital raising revenues increased 18% over the year-ago quarter primarily driven by higher bond issuances reflecting a more favorable financing environment.
  
  

Fixed income transactional revenues decreased 26% from a year ago:

• Fixed income transactional revenues were impacted by lower realized trading gains during the quarter. Second quarter 2025 results benefited from a roughly $30 million gain in our aircraft business.
  
  

Equity transactional revenues decreased 4% from a year ago:

• Equity transactional revenues were impacted by the restructuring of our European Equities business. Those actions resulted in a $9 million reduction in equity transactional revenues year over year.
  
  

Total Expenses:

• Compensation expense as a percentage of net revenues decreased to 59.4% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
  
• Non-compensation operating expenses as a percentage of net revenues decreased to 21.4% primarily attributable to revenue growth.
  
  

Other Matters

Highlights

• Total assets increased $5.0 billion, or 13%, over the year-ago quarter.
• The Company repurchased $177.0 million, or 2.4 million shares, of its outstanding common stock during the second quarter at an average price of $73.20.
• Weighted average diluted shares outstanding decreased primarily due to share repurchases.
• The Board of Directors declared a $0.34 quarterly dividend per share, payable on June 15, 2026, to common shareholders of record on June 1, 2026.
• The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on June 15, 2026, to shareholders of record on June 1, 2026.
  
  

Conference Call Information

Stifel Financial Corp. will host its second quarter 2026 financial results conference call on Wednesday, July 22, 2026, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 330-6710 and referencing conference ID 4490542. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Summary Results of Operations (Unaudited)

Non-GAAP Financial Measures ⁽¹¹⁾

GAAP to Non-GAAP Reconciliation ⁽¹¹⁾

Footnotes

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations