Form 8-K
8-K — STIFEL FINANCIAL CORP
Accession: 0001193125-26-168288
Filed: 2026-04-22
Period: 2026-04-22
CIK: 0000720672
SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — d113868d8k.htm (Primary)
EX-99.1 (d113868dex991.htm)
EX-99.2 (d113868dex992.htm)
EX-99.3 (d113868dex993.htm)
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8-K
8-K (Primary)
Filename: d113868d8k.htm · Sequence: 1
8-K
STIFEL FINANCIAL CORP false 0000720672 0000720672 2026-04-22 2026-04-22 0000720672 us-gaap:CommonStockMember 2026-04-22 2026-04-22 0000720672 us-gaap:SeriesBPreferredStockMember 2026-04-22 2026-04-22 0000720672 us-gaap:SeriesCPreferredStockMember 2026-04-22 2026-04-22 0000720672 us-gaap:SeriesDPreferredStockMember 2026-04-22 2026-04-22 0000720672 sfb:M5.20SeniorNotesDue2047Member 2026-04-22 2026-04-22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2026
STIFEL FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Delaware
001-09305
43-1273600
(State of
incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
501 N. Broadway, St. Louis, Missouri 63102-2188
(Address of principal executive offices and zip code)
(314) 342-2000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Common Stock, $0.15 par value per share
SF
New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
SF-PB
New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
SF-PC
New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
SF-PD
New York Stock Exchange
5.20% Senior Notes due 2047
SFB
New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 22, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended March 31, 2026. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.
In addition, a copy of the Company’s Financial Supplement for the quarter ended March 31, 2026, is attached as Exhibit 99.2 to this Report on Form 8-K.
On Wednesday, April 22, 2026, at 9:30 a.m. Eastern time, the Company will hold a conference call to discuss its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.
The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Description
99.1
Press release dated April 22, 2026.
99.2
Financial Supplement for the quarter ended March 31, 2026.
99.3
Financial Results Presentation dated April 22, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
STIFEL FINANCIAL CORP.
(Registrant)
Date: April 22, 2026
By:
/s/ James M. Marischen
Name:
James M. Marischen
Title:
Chief Financial Officer
3
EX-99.1
EX-99.1
Filename: d113868dex991.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Stifel Reports First Quarter 2026 Results
ST. LOUIS, MO, April 22, 2026 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.48 billion for
the three months ended March 31, 2026, compared with $1.26 billion a year ago. Net income available to common shareholders was $242.1 million, or $1.48 per diluted common share, compared with $43.7 million, or $0.26 per diluted
common share (1) for the first quarter of 2025. Non-GAAP net income available to common shareholders was $237.5 million, or $1.45 per diluted
common share for the first quarter of 2026.
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel delivered record first quarter results with approximately
$1.5 billion in revenue and earnings per share of $1.48. Even amid heightened volatility driven by geopolitical events, we achieved our strongest ever first quarter performance across both operating segments, underscoring the durability and
diversification of our model. Looking ahead, client engagement remains high across wealth management and institutional, and our investment banking pipelines are among the strongest we have seen. Assuming market risks remain within current
expectations, we are well positioned for a strong 2026.”
Highlights
The Company reported net revenues of $1.48 billion, the second best in its history, driven by higher investment
banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of Stifel Independent Advisors, LLC, which closed on February 2, 2026.
Non-GAAP net income available to common shareholders of $1.45 per diluted common
share. The first quarter of 2025 was negatively impacted by elevated provisions for legal matters.
Investment banking revenues increased 44% over the year-ago quarter.
Advisory revenues increased 59% over the year-ago quarter.
Capital raising revenues increased 22% over the year-ago quarter.
Record asset management revenues, up 12% over the year-ago quarter.
Client assets of $538.7 billion, up 11% over the year-ago quarter.
Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.
Non-GAAP pre-tax margin of 22.2%.
Annualized return on tangible common equity (ROTCE) (6) of
24.8%.
Tangible book value per common share (9) of $24.89, up 12% from
prior year.
Financial Summary (Unaudited)
(000s)
1Q 2026
1Q 2025
GAAP Financial
Highlights:
Net revenues
$1,478,161
$1,255,469
Net income (2)
$242,099
$43,672
Diluted EPS (1)
(2)
$1.48
$0.26
Comp. ratio
57.4%
58.3%
Non-comp. ratio
20.5%
36.7%
Pre-tax margin
22.1%
5.0%
Non-GAAP Financial Highlights:
Net revenues
$1,441,522
$1,255,455
Net income (2) (3)
$237,477
$54,236
Diluted EPS (1) (2)
(3)
$1.45
$0.33
Comp. ratio (3)
57.5%
58.0%
Non-comp. ratio (3)
20.3%
35.9%
Pre-tax margin (4)
22.2%
6.1%
ROCE (5)
17.9%
4.4%
ROTCE (6)
24.8%
6.2%
Global Wealth Management
(assets and loans in millions)
Net revenues
$932,123
$850,559
Pre-tax net income
$330,715
$126,405
Total client assets
(7)
$538,717
$485,860
Fee-based client assets (7)
$219,863
$189,693
Bank loans (8)
$22,185
$21,241
Institutional
Group
Net revenues
$495,258
$384,929
Equity
$332,339
$236,192
Fixed Income
$162,919
$148,737
Pre-tax net income
$97,910
$27,431
Media Contact:
Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
Global Wealth Management
Global Wealth Management
reported net revenues of $932.1 million for the three months ended March 31, 2026, compared with $850.6 million during the first quarter of 2025. Pre-tax net income was $330.7 million
compared with $126.4 million in the first quarter of 2025.
Highlights
Over the last twelve months, recruited trailing twelve-month production totaled
approximately $80 million.
Client assets of $538.7 billion, up 11% over the year-ago quarter, which
included $9.0 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Fee-based client assets of $219.9 billion, up 16% over the year-ago quarter, which included $4.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Net revenues increased 10% from a year ago:
Transactional revenues increased 9% over the year-ago quarter, reflecting an
increase in client activity.
Asset management revenues increased 12% 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 increased to 50.7% primarily attributable to higher variable and
deferred compensation costs.
Provision for credit losses decreased from the year-ago quarter as a result of a
modest improvement in macroeconomic conditions, partially offset 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
13.8% primarily attributable to lower litigation-related expenses and provision for credit losses.
Summary Results of Operations
(000s)
1Q 2026
1Q 2025
Net revenues
$932,123
$850,559
Transactional revenues
202,658
186,395
Asset management
459,426
409,506
Net interest income
264,368
245,534
Investment banking
6,072
5,908
Other income
(401
)
3,216
Total expenses
$601,408
$724,154
Compensation expense
472,460
422,293
Provision for credit losses
6,535
12,020
Non-comp. operating expenses
122,413
289,841
Pre-tax net income
$330,715
$126,405
Compensation ratio
50.7%
49.6%
Non-compensation ratio
13.8%
35.5%
Pre-tax margin
35.5%
14.9%
Stifel
Financial Corp. | Page 2
Institutional Group
Institutional Group
reported net revenues of $495.3 million for the three months ended March 31, 2026, compared with $384.9 million during the first quarter of 2025. Pre-tax net income was $97.9 million
compared with $27.4 million in the first quarter of 2025.
Highlights
Investment banking revenues increased 45% from a year ago:
Advisory revenues increased 59% over the year-ago quarter, driven by higher levels
of completed advisory transactions.
Equity capital raising revenues increased 37% over the year-ago quarter, driven by
higher volumes and larger deal sizes.
Fixed income capital raising revenues increased 9% from the year-ago quarter
primarily driven by driven by higher bond issuances reflecting a more favorable financing environment.
Fixed income
transactional revenues increased 12% from a year ago:
Fixed income transactional revenues increased from the year-ago quarter driven by
increased client activity due to the continued normalization of the yield curve.
Equity transactional revenues decreased
7% 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 59.7% primarily attributable to revenue growth,
partially offset by higher revenue-related compensation.
Non-compensation operating expenses as a percentage of net revenues decreased to
20.5% primarily attributable to revenue growth.
Summary Results of Operations
(000s)
1Q 2026
1Q 2025
Net revenues
$495,258
$384,929
Investment banking
335,340
232,034
Advisory
218,438
137,470
Equity capital raising
67,293
49,005
Fixed income capital raising
49,609
45,559
Fixed income transactional
100,038
89,345
Equity transactional
55,359
59,590
Other
4,521
3,960
Total expenses
$397,348
$357,498
Compensation expense
295,870
252,585
Non-comp. operating
expenses
101,478
104,913
Pre-tax net income
$97,910
$27,431
Compensation ratio
59.7%
65.6%
Non-compensation ratio
20.5%
27.3%
Pre-tax margin
19.8%
7.1%
Stifel
Financial Corp. | Page 3
Other Matters
Highlights
Total assets increased $2.5 billion, or 6%, over the year-ago quarter.
On January 26, 2026, the Board of Directors declared a three-for-two stock split, effective February 26, 2026, to shareholders of record at the close of business on February 12, 2026.
The Company repurchased $224.4 million, or 2.8 million shares, of its outstanding common stock during the first
quarter at an average price of $80.32, including $128.0 million in connection with net-share settlements under its equity compensation plan.
Weighted average diluted shares outstanding decreased primarily due to share repurchases, partially offset by the increase
in the Company’s share price.
The Board of Directors declared a $0.34 quarterly dividend per share, payable on March 16, 2026, to common
shareholders of record on March 2, 2026.
The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock,
payable on March 16, 2026, to shareholders of record on March 2, 2026.
1Q 2026
1Q 2025
Common stock repurchases (1)
Repurchases (000s)
$224,360
$210,934
Number of shares (000s)
2,793
3,044
Average price
$80.32
$69.30
Period end shares (000s)
153,817
154,617
Weighted average diluted shares outstanding (000s)
163,444
165,953
Effective tax rate
22.9%
16.4%
Stifel Financial Corp. (10)
Tier 1 common capital ratio
15.8%
14.7%
Tier 1 risk-based capital ratio
18.7%
17.6%
Tier 1 leverage capital ratio
11.4%
10.8%
Tier 1 capital (MM)
$4,530
$4,163
Risk weighted assets (MM)
$24,288
$23,661
Average assets (MM)
$39,724
$38,397
Quarter end assets (MM)
$42,893
$40,384
Agency
Rating
Outlook
Fitch Ratings
BBB+
Stable
S&P Global Ratings
BBB
Stable
Stifel
Financial Corp. | Page 4
Conference Call Information
Stifel Financial Corp. will host its first quarter 2026 financial results conference call on
Wednesday, April 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 2892702. 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.
Stifel
Financial Corp. | Page 5
Summary Results of Operations (Unaudited)
Three Months Ended
(000s, except per share amounts)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Revenues:
Commissions
$ 207,834
$ 193,670
7.3
$ 213,204
(2.5)
Principal transactions
150,221
141,660
6.0
153,198
(1.9)
Investment banking
341,412
237,942
43.5
455,856
(25.1)
Asset management
459,457
409,541
12.2
455,797
0.8
Other income
55,679
10,581
426.2
5,424
926.5
Operating revenues
1,214,603
993,394
22.3
1,283,479
(5.4)
Interest revenue
451,049
475,632
(5.2)
469,377
(3.9)
Total revenues
1,665,652
1,469,026
13.4
1,752,856
(5.0)
Interest expense
187,491
213,557
(12.2)
192,277
(2.5)
Net revenues
1,478,161
1,255,469
17.7
1,560,579
(5.3)
Non-interest expenses:
Compensation and benefits
848,334
732,220
15.9
925,154
(8.3)
Non-compensation operating expenses
303,755
459,885
(33.9)
327,516
(7.3)
Total non-interest
expenses
1,152,089
1,192,105
(3.4)
1,252,670
(8.0)
Income before income taxes
326,072
63,364
414.6
307,909
5.9
Provision for income taxes
74,653
10,372
619.8
43,548
71.4
Net income
251,419
52,992
374.4
264,361
(4.9)
Preferred dividends
9,320
9,320
0.0
9,320
0.0
Net income available to common shareholders
$ 242,099
$ 43,672
454.4
$ 255,041
(5.1)
Earnings per common share:
(1)
Basic
$1.56
$0.28
457.1
$1.65
(5.5)
Diluted
$1.48
$0.26
469.2
$1.54
(3.9)
Cash dividends declared per common share
(1)
$0.34
$0.31
9.7
$0.31
9.7
Weighted average number of common shares outstanding: (1)
Basic
155,508
157,146
(1.0)
154,181
0.9
Diluted
163,444
165,953
(1.5)
165,516
(1.3)
Stifel
Financial Corp. | Page 6
Non-GAAP Financial Measures (11)
Three Months Ended
(000s, except per share amounts)
3/31/2026
3/31/2025
GAAP net income
$251,419
$52,992
Preferred dividend
9,320
9,320
Net income available to common shareholders
242,099
43,672
Non-GAAP adjustments:
Net revenue adjustments (12) (13)
(36,639)
(14)
Merger-related (14)
28,815
12,675
Restructuring and severance (15)
1,831
—
Provision for income taxes (16)
1,371
(2,097)
Total non-GAAP adjustments
(4,622)
10,564
Non-GAAP net income available to common shareholders
$237,477
$54,236
Weighted average diluted shares outstanding (1)
163,444
165,953
GAAP earnings per diluted common share (1)
$1.54
$0.31
Non-GAAP adjustments
(1)
(0.03)
0.07
Non-GAAP earnings per diluted common share (1)
$1.51
$0.38
GAAP earnings per diluted common share available to common shareholders (1)
$1.48
$0.26
Non-GAAP adjustments
(1)
(0.03)
0.07
Non-GAAP earnings per diluted common share
available to common shareholders (1)
$1.45
$0.33
Stifel
Financial Corp. | Page 7
GAAP to Non-GAAP Reconciliation (11)
Three Months Ended
(000s)
3/31/2026
3/31/2025
GAAP net revenues
$1,478,161
$1,255,469
Non-GAAP adjustments:
Gain on sale of business
(12)
(49,784)
—
Litigation-related and other
(13)
13,145
(14)
Total non-GAAP adjustments
(36,639)
(14)
Non-GAAP net revenues
$1,441,522
$1,255,455
GAAP compensation and benefits
$848,334
$732,220
As a percentage of net revenues
57.4%
58.3%
Non-GAAP adjustments:
Merger-related
(14)
(17,628)
(4,056)
Restructuring and severance
(15)
(1,831)
—
Total non-GAAP adjustments
(19,459)
(4,056)
Non-GAAP compensation and
benefits
$828,875
$728,164
As a percentage of non-GAAP net revenues
57.5%
58.0%
GAAP non-compensation expenses
$303,755
$459,885
As a percentage of net revenues
20.5%
36.7%
Non-GAAP adjustments:
Merger-related
(14)
(11,187)
(8,619)
Non-GAAP
non-compensation expenses
$292,568
$451,266
As a percentage of non-GAAP net
revenues
20.3%
35.9%
Total adjustments before income taxes
($5,993)
$12,661
Stifel
Financial Corp. | Page 8
Footnotes
(1)
All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.
(2)
Represents available to common shareholders.
(3)
Reconciliations of the Company’s GAAP results to these non-GAAP measures
are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
(4)
Non-GAAP pre-tax margin is calculated
by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP
Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
(5)
Return on average common equity (“ROCE”), a non-GAAP financial
measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average common shareholders’ equity.
(6)
Return on average tangible common equity (“ROTCE”), a non-GAAP
financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure,
equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $92.5 million and
$82.5 million as of March 31, 2026, and 2025, respectively.
(7)
Total client assets and fee-based client assets as of March 31, 2025,
include $9.0 billion and $4.2 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
(8)
Includes loans held for sale.
(9)
Tangible book value per common share, a non-GAAP financial measure, represents
shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and
the deferred taxes on goodwill and intangible assets.
(10)
Capital ratios are estimates at the time of the Company’s earnings release, April 22, 2026.
(11)
The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United
States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” during its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and
Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments
that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided
as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are
not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences
between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
(12)
Gain recognized on the sale of Stifel Independent Advisors, LLC during the first quarter of 2026.
(13)
Primarily related to prejudgment interest recognized on legal matters.
(14)
Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of
restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of
certain businesses and are not representative of the costs of running the Company’s on-going business.
(15)
The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(16)
Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
Stifel
Financial Corp. | Page 9
EX-99.2
EX-99.2
Filename: d113868dex992.htm · Sequence: 3
EX-99.2
Exhibit 99.2
First Quarter 2026 Earnings Results
Quarterly Financial Supplement
Page
Consolidated Financial Highlights
2
GAAP Consolidated Results of Operations
3
Non-GAAP Condensed Consolidated Results
of Operations
4
Consolidated Financial Summary
5
Consolidated Financial Information and Metrics
6
Regulatory Capital
7
Global Wealth Management - Summary Results of Operations
8
Global Wealth Management - Statistical Information
9
Institutional Group - Summary Results of Operations
11
Stifel Bancorp - Financial Information and Credit Metrics
12
Stifel Bancorp - Loan and Investment Portfolio
13
Loans and Lending Commitments - Allowance for Credit Losses
14
Consolidated Non-GAAP Net Interest
Income
15
Stifel Bancorp Net Interest Income
16
GAAP to Core Reconciliation
17
Footnotes
18
Disclaimer and Legal Notice
19
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 1 of 19
Consolidated Financial Highlights (1)
Three Months Ended
(Unaudited, 000s, except per share information)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Net revenues
$
1,478,161
$
1,255,469
17.7
%
$
1,560,579
(5.3
%)
Net income
$
251,419
$
52,992
374.4
%
$
264,361
(4.9
%)
Preferred dividends
9,320
9,320
0.0
%
9,320
0.0
%
Net income available to common shareholders
$
242,099
$
43,672
454.4
%
$
255,041
(5.1
%)
Earnings per diluted common share
$
1.54
$
0.31
396.8
%
$
1.59
(3.1
%)
Earnings per diluted common share available to common shareholders
$
1.48
$
0.26
469.2
%
$
1.54
(3.9
%)
Non-GAAP financial summary (2):
Net revenues
$
1,441,522
$
1,255,455
14.8
%
$
1,560,593
(7.6
%)
Net income
$
246,797
$
63,556
288.3
%
$
299,332
(17.6
%)
Preferred dividends
9,320
9,320
0.0
%
9,320
0.0
%
Net income available to common shareholders
$
237,477
54,236
337.9
%
290,012
(18.1
%)
Earnings per diluted common share
$
1.51
$
0.38
297.4
%
$
1.81
(16.6
%)
Earnings per diluted common share available to common shareholders
$
1.45
$
0.33
339.4
%
$
1.75
(17.1
%)
Weighted average number of common shares outstanding:
Basic
155,508
157,146
(1.0
%)
154,181
0.9
%
Diluted
163,444
165,953
(1.5
%)
165,516
(1.3
%)
Period end common shares outstanding
153,817
154,617
(0.5
%)
152,496
0.9
%
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.31
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 2 of 19
GAAP Consolidated Results of Operations (1)
Three Months Ended
(Unaudited, 000s, except per share information)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Revenues:
Commissions
$
207,834
$
193,670
7.3
%
$
213,204
(2.5
%)
Principal transactions
150,221
141,660
6.0
%
153,198
(1.9
%)
Transactional revenues
358,055
335,330
6.8
%
366,402
(2.3
%)
Capital raising
122,974
100,472
22.4
%
177,868
(30.9
%)
Advisory
218,438
137,470
58.9
%
277,988
(21.4
%)
Investment banking
341,412
237,942
43.5
%
455,856
(25.1
%)
Asset management
459,457
409,541
12.2
%
455,797
0.8
%
Other income
55,679
10,581
426.2
%
5,424
926.5
%
Operating revenues
1,214,603
993,394
22.3
%
1,283,479
(5.4
%)
Interest revenue
451,049
475,632
(5.2
%)
469,377
(3.9
%)
Total revenues
1,665,652
1,469,026
13.4
%
1,752,856
(5.0
%)
Interest expense
187,491
213,557
(12.2
%)
192,277
(2.5
%)
Net revenues
1,478,161
1,255,469
17.7
%
1,560,579
(5.3
%)
Non-interest expenses:
Compensation and benefits
848,334
732,220
15.9
%
925,154
(8.3
%)
Occupancy and equipment rental
99,695
90,766
9.8
%
100,242
(0.5
%)
Communication and office supplies
51,021
49,513
3.0
%
50,061
1.9
%
Commissions and floor brokerage
15,041
16,806
(10.5
%)
16,417
(8.4
%)
Provision for credit losses
6,535
12,020
(45.6
%)
9,740
(32.9
%)
Investment banking expenses
8,546
8,547
(0.0
%)
18,685
(54.3
%)
Other operating expenses
122,917
282,233
(56.4
%)
132,371
(7.1
%)
Total non-interest expenses
1,152,089
1,192,105
(3.4
%)
1,252,670
(8.0
%)
Income before income taxes
326,072
63,364
414.6
%
307,909
5.9
%
Provision for income taxes
74,653
10,372
619.8
%
43,548
71.4
%
Net income
251,419
52,992
374.4
%
264,361
(4.9
%)
Preferred dividends
9,320
9,320
0.0
%
9,320
0.0
%
Net income available to common shareholders
$
242,099
$
43,672
454.4
%
$
255,041
(5.1
%)
Earnings per common share:
Basic
$
1.56
$
0.28
457.1
%
$
1.65
(5.5
%)
Diluted
$
1.48
$
0.26
469.2
%
$
1.54
(3.9
%)
Weighted average number of common shares outstanding:
Basic
155,508
157,146
(1.0
%)
154,181
0.9
%
Diluted
163,444
165,953
(1.5
%)
165,516
(1.3
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.31
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 3 of 19
Non-GAAP Condensed Consolidated Results of Operations (1) (2)
Three Months Ended
(Unaudited, 000s, except per share information)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Non-GAAP net revenues
$
1,441,522
$
1,255,455
14.8
%
$
1,560,593
(7.6
%)
Non-GAAP non-interest
expenses:
Non-GAAP compensation and benefits
828,875
728,164
13.8
%
905,144
(8.4
%)
Non-GAAP non-compensation
operating expenses
292,568
451,266
(35.2
%)
306,808
(4.6
%)
Total non-GAAP non-interest
expenses
1,121,443
1,179,430
(4.9
%)
1,211,952
(7.5
%)
Non-GAAP income before income taxes
320,079
76,025
321.0
%
348,641
(8.2
%)
Non-GAAP provision for income taxes
73,282
12,469
487.7
%
49,309
48.6
%
Non-GAAP net income
246,797
63,556
288.3
%
299,332
(17.6
%)
Preferred dividends
9,320
9,320
0.0
%
9,320
0.0
%
Non-GAAP net income available to common shareholders
$
237,477
$
54,236
337.9
%
$
290,012
(18.1
%)
Non-GAAP earnings per common share:
Basic
$
1.53
$
0.35
337.1
%
$
1.88
(18.6
%)
Diluted
$
1.45
$
0.33
339.4
%
$
1.75
(17.1
%)
Weighted average number of common shares outstanding:
Basic
155,508
157,146
(1.0
%)
154,181
0.9
%
Diluted
163,444
165,953
(1.5
%)
165,516
(1.3
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.31
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 4 of 19
Consolidated Financial Summary
Three Months Ended
(Unaudited, 000s)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Net revenues:
Global Wealth Management
$
932,123
$
850,559
9.6
%
$
933,150
(0.1
%)
Institutional Group
495,258
384,929
28.7
%
609,703
(18.8
%)
Other
50,780
19,981
154.1
%
17,726
186.5
%
Total net revenues
$
1,478,161
$
1,255,469
17.7
%
$
1,560,579
(5.3
%)
Operating expenses:
Global Wealth Management
$
601,408
$
724,154
(17.0
%)
$
603,077
(0.3
%)
Institutional Group
397,348
357,498
11.1
%
458,026
(13.2
%)
Other
153,333
110,453
38.8
%
191,567
(20.0
%)
Total operating expenses
$
1,152,089
$
1,192,105
(3.4
%)
$
1,252,670
(8.0
%)
Operating contribution:
Global Wealth Management
$
330,715
$
126,405
161.6
%
$
330,073
0.2
%
Institutional Group
97,910
27,431
256.9
%
151,677
(35.4
%)
Other
(102,553
)
(90,472
)
13.4
%
(173,841
)
(41.0
%)
Income before income taxes
$
326,072
$
63,364
414.6
%
$
307,909
5.9
%
Financial ratios (change in bps):
Compensation and benefits
57.4
%
58.3
%
(90
)
59.3
%
(190
)
Non-compensation operating expenses
20.5
%
36.7
%
(1,620
)
21.0
%
(50
)
Income before income taxes
22.1
%
5.0
%
1,710
19.7
%
240
Effective tax rate
22.9
%
16.4
%
650
14.1
%
880
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 5 of 19
Consolidated Financial Information and Metrics
As of and for the Three Months Ended
(Unaudited, 000s, except per share data)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Financial Information:
Total assets
$
42,893,152
$
40,383,727
6.2
%
$
41,270,782
3.9
%
Total Stifel Financial Corp. shareholders’ equity
$
5,981,482
$
5,538,186
8.0
%
$
5,977,317
0.1
%
Total common equity
$
5,296,482
$
4,853,186
9.1
%
$
5,292,317
0.1
%
Goodwill and intangible assets
$
(1,561,298
)
$
(1,503,358
)
3.9
%
$
(1,571,903
)
(0.7
%)
DTL on goodwill and intangible assets
$
92,780
$
83,367
11.3
%
$
92,224
0.6
%
Tangible common equity
$
3,827,964
$
3,433,195
11.5
%
$
3,812,638
0.4
%
Preferred equity
$
685,000
$
685,000
0.0
%
$
685,000
0.0
%
Financial Metrics:
Book value per common share (1)(3)
$
34.43
$
31.39
9.7
%
$
34.71
(0.8
%)
Tangible book value per common share (1)(3)
$
24.89
$
22.21
12.1
%
$
25.00
(0.4
%)
Return on common equity (4)
18.3
%
3.5
%
19.5
%
Non-GAAP return on common equity (2)(4)
17.9
%
4.4
%
22.2
%
Return on tangible common equity (5)
25.3
%
5.0
%
27.3
%
Non-GAAP return on tangible common equity (2)(5)
24.8
%
6.2
%
31.1
%
Pre-tax margin on net revenues
22.1
%
5.0
%
19.7
%
Non-GAAP pre-tax margin on
net revenues (2)
22.2
%
6.1
%
22.3
%
Effective tax rate
22.9
%
16.4
%
14.1
%
Non-GAAP effective tax rate (2)
22.9
%
16.4
%
14.1
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 6 of 19
Regulatory Capital (6)
As of and for the Three Months Ended
(Unaudited, 000s)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
SF Regulatory Capital:
Common equity tier 1 capital
$
3,845,174
$
3,478,476
10.5
%
$
3,818,450
0.7
%
Tier 1 capital
$
4,530,429
$
4,163,476
8.8
%
$
4,503,450
0.6
%
Risk-weighted assets
$
24,288,031
$
23,661,099
2.6
%
$
24,602,985
(1.3
%)
Common equity tier 1 capital ratio
15.8
%
14.7
%
15.5
%
Tier 1 risk based capital ratio
18.7
%
17.6
%
18.3
%
Tier 1 leverage capital ratio
11.4
%
10.8
%
11.4
%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital
$
1,350,799
$
1,373,088
(1.6
%)
$
1,328,266
1.7
%
Tier 1 capital
$
1,351,054
$
1,373,088
(1.6
%)
$
1,328,266
1.7
%
Risk-weighted assets
$
11,819,433
$
12,374,082
(4.5
%)
$
11,876,471
(0.5
%)
Common equity tier 1 capital ratio
11.4
%
11.1
%
11.2
%
Tier 1 risk based capital ratio
11.4
%
11.1
%
11.2
%
Tier 1 leverage capital ratio
7.0
%
7.1
%
7.0
%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital
$
839,275
$
780,209
7.6
%
$
854,826
(1.8
%)
Tier 1 capital
$
839,275
$
780,209
7.6
%
$
854,826
(1.8
%)
Risk-weighted assets
$
7,178,238
$
5,963,456
20.4
%
$
7,221,333
(0.6
%)
Common equity tier 1 capital ratio
11.7
%
13.1
%
11.8
%
Tier 1 risk based capital ratio
11.7
%
13.1
%
11.8
%
Tier 1 leverage capital ratio
7.0
%
7.1
%
7.1
%
Stifel Net Capital:
Net capital
$
643,200
$
294,100
118.7
%
$
559,500
15.0
%
Excess net capital
$
609,600
$
271,200
124.8
%
$
529,800
15.1
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 7 of 19
Global Wealth Management - Summary Results of Operations
Three Months Ended
(Unaudited, 000s)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Revenues:
Commissions
$
140,064
$
125,826
11.3
%
$
142,757
(1.9
%)
Principal transactions
62,594
60,569
3.3
%
63,897
(2.0
%)
Transactional revenues
202,658
186,395
8.7
%
206,654
(1.9
%)
Asset management
459,426
409,506
12.2
%
455,766
0.8
%
Net interest
264,368
245,534
7.7
%
261,624
1.0
%
Investment banking (7)
6,072
5,908
2.8
%
8,334
(27.1
%)
Other income
(401
)
3,216
(112.5
%)
772
(151.9
%)
Net revenues
932,123
850,559
9.6
%
933,150
(0.1
%)
Non-interest expenses:
Compensation and benefits
472,460
422,293
11.9
%
468,040
0.9
%
Non-compensation operating expenses
128,948
301,861
(57.3
%)
135,037
(4.5
%)
Total non-interest expenses
601,408
724,154
(17.0
%)
603,077
(0.3
%)
Income before income taxes
$
330,715
$
126,405
161.6
%
$
330,073
0.2
%
As a percentage of net revenues (change in bps):
Compensation and benefits
50.7
%
49.6
%
110
50.2
%
50
Non-compensation operating expenses
13.8
%
35.5
%
(2,170
)
14.4
%
(60
)
Income before income taxes
35.5
%
14.9
%
2,060
35.4
%
10
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 8 of 19
Global Wealth Management - Statistical Information
As of and for the Three Months Ended
(Unaudited, 000s)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Total client assets (8)
$
538,717,000
$
485,860,000
10.9
%
$
551,863,000
(2.4
%)
Fee-based client assets (8)
$
219,863,000
$
189,693,000
15.9
%
$
224,488,000
(2.1
%)
Transactional assets
$
318,854,000
$
296,167,000
7.7
%
$
327,375,000
(2.6
%)
Secured client lending (9)
$
3,841,000
$
3,239,000
18.6
%
$
3,702,000
3.8
%
Asset Management Revenue (000s):
Private Client Group (10)
$
394,695
$
345,357
14.3
%
$
394,031
0.2
%
Asset Management
41,811
38,520
8.5
%
41,415
1.0
%
Third-party Bank Sweep Program
3,780
11,783
(67.9
%)
4,278
(11.6
%)
Other (11)
19,171
13,881
38.1
%
16,073
19.3
%
Total asset management revenues
$
459,457
$
409,541
12.2
%
$
455,797
0.8
%
Fee-based Assets (millions):
Private Client Group (10)
$
191,708
$
166,035
15.5
%
$
196,718
(2.5
%)
Asset Management
46,981
41,136
14.2
%
46,708
0.6
%
Elimination (12)
(18,826
)
(17,478
)
7.7
%
(18,938
)
(0.6
%)
Total fee-based assets
$
219,863
$
189,693
15.9
%
$
224,488
(2.1
%)
Third-party Bank Sweep Program
$
475
$
828
(42.6
%)
$
524
(9.4
%)
ROA (bps) (13):
Private Client Group (10)
80.3
82.1
82.2
Asset Management
35.6
37.4
35.5
Third-party Bank Sweep Program
358.9
400.0
383.7
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 9 of 19
Global Wealth Management - Statistical Information (Cont.)
As of and for the Three Months Ended
(Unaudited, millions)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Stifel Bancorp Deposits:
Smart Rate Deposits
$
14,288
$
16,424
(13.0
%)
$
14,654
(2.5
%)
Sweep Deposits
11,529
10,043
14.8
%
10,969
5.1
%
Direct Wealth Management Deposits at Stifel Bancorp
227
387
(41.3
%)
66
243.9
%
Total Stifel Bancorp Wealth Management Deposits
26,044
26,854
(3.0
%)
25,689
1.4
%
Other Bank Deposits
4,753
2,785
70.7
%
4,063
17.0
%
Total Stifel Bancorp Deposits
$
30,797
$
29,639
3.9
%
$
29,752
3.5
%
Short-term Treasuries (14)
$
6,330
$
7,218
(12.3
%)
$
6,741
(6.1
%)
Third-party Commercial Treasury Deposits (15)
$
5,675
$
2,900
95.7
%
$
5,199
9.2
%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits
$
26,044
$
26,854
(3.0
%)
$
25,689
1.4
%
Third-party Bank Sweep Program (15)
475
828
(42.6
%)
524
(9.4
%)
Third-party Treasury (15)
—
—
0.0
%
199
nm
Other Sweep Cash
648
149
334.9
%
486
33.3
%
Money Market Mutual Funds
17,173
13,698
25.4
%
16,984
1.1
%
Total Wealth Management Cash
$
44,340
$
41,529
6.8
%
$
43,882
1.0
%
Client money market and insured product (16)
$
26,940
$
27,444
(1.8
%)
$
26,633
1.2
%
Third-party Deposits Available to Stifel Bancorp (15)
$
6,150
$
3,728
65.0
%
$
5,922
3.9
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 10 of 19
Institutional Group - Summary Results of Operations
Three Months Ended
(Unaudited, 000s)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Revenues:
Commissions
$
67,770
$
67,844
(0.1
%)
$
70,447
(3.8
%)
Principal transactions
87,627
81,091
8.1
%
89,301
(1.9
%)
Transactional revenues
155,397
148,935
4.3
%
159,748
(2.7
%)
Capital raising
116,902
94,564
23.6
%
170,915
(31.6
%)
Advisory
218,438
137,470
58.9
%
276,607
(21.0
%)
Investment banking
335,340
232,034
44.5
%
447,522
(25.1
%)
Other income (17)
4,521
3,960
(14.2
%)
2,433
85.8
%
Net revenues
495,258
384,929
28.7
%
609,703
(18.8
%)
Non-interest expenses:
Compensation and benefits
295,870
252,585
17.1
%
346,507
(14.6
%)
Non-compensation operating expenses
101,478
104,913
(3.3
%)
111,519
(9.0
%)
Total non-interest expenses
397,348
357,498
11.1
%
458,026
(13.2
%)
Income before income taxes
$
97,910
$
27,431
256.9
%
$
151,677
(35.4
%)
As a percentage of net revenues (change in bps):
Compensation and benefits
59.7
%
65.6
%
(590
)
56.8
%
290
Non-compensation operating expenses
20.5
%
27.3
%
(680
)
18.3
%
220
Income before income taxes
19.8
%
7.1
%
1,270
24.9
%
(510
)
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 11 of 19
Stifel Bancorp - Financial Information and Credit Metrics
(Unaudited, 000s)
3/31/2026
3/31/2025
% Change
12/31/2025
% Change
Stifel Bancorp Financial Information:
Total assets
$
33,303,655
$
32,100,614
3.7
%
$
32,253,991
3.3
%
Total shareholder’s equity
$
2,248,327
$
2,183,596
3.0
%
$
2,244,781
0.2
%
Total loans, net (includes loans held for sale)
$
22,185,318
$
21,241,400
4.4
%
$
22,427,456
(1.1
%)
Residential real estate
9,363,547
8,699,229
7.6
%
9,254,939
1.2
%
Commercial and industrial
4,170,090
3,678,411
13.4
%
4,135,091
0.8
%
Fund banking
3,737,366
3,659,294
2.1
%
4,096,649
(8.8
%)
Securities-based loans
2,749,987
2,404,960
14.3
%
2,672,431
2.9
%
Construction and land
1,229,903
1,206,876
1.9
%
1,214,450
1.3
%
Commercial real estate
440,993
472,550
(6.7
%)
423,474
4.1
%
Other
271,574
250,948
8.2
%
269,729
0.7
%
Loans held for sale
348,331
1,016,127
(65.7
%)
502,199
(30.6
%)
Investment securities
$
8,449,776
$
8,329,552
1.4
%
$
8,142,395
3.8
%
Available-for-sale
securities, at fair value
1,588,549
1,613,304
(1.5
%)
1,593,390
(0.3
%)
Held-to-maturity securities,
at amortized cost
6,861,227
6,716,248
2.2
%
6,549,005
4.8
%
Unrealized losses on
available-for-sale securities
(113,790
)
(141,910
)
(19.8
%)
(105,199
)
8.2
%
Total deposits
$
30,797,336
$
29,639,272
3.9
%
$
29,752,063
3.5
%
Demand deposits (interest-bearing)
30,350,046
29,180,478
4.0
%
28,931,314
4.9
%
Demand deposits (non-interest-bearing)
47,418
432,368
(89.0
%)
339,494
(86.0
%)
Certificates of deposit
399,872
26,426
nm
481,255
(16.9
%)
Credit Metrics:
Allowance for credit losses
$
142,692
$
170,266
(16.2
%)
$
160,911
(11.3
%)
Allowance as a percentage of retained loans
0.65
%
0.83
%
0.73
%
Net charge-offs as a percentage of average loans
0.11
%
0.05
%
0.06
%
Total nonperforming assets
$
105,993
$
160,891
(34.1
%)
$
125,159
(15.3
%)
Nonperforming assets as a percentage of total assets
0.32
%
0.50
%
0.39
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 12 of 19
Stifel Bancorp - Loan and Investment Portfolio
(Unaudited, millions)
3/31/2026
% of Total
Portfolio
Loan Portfolio
Commercial Portfolio by Major Sector
Residential real estate
$
9,364
34
%
Financials
$
1,034
25
%
Securities-based loans
2,750
10
%
Industrials
876
21
%
Home equity lines of credit and other
272
1
%
Information technology
600
14
%
Total consumer
12,386
45
%
Consumer discretionary
314
8
%
Commercial and industrial
4,170
15
%
Materials
265
6
%
Fund banking
3,737
13
%
REITs
254
6
%
Construction and land
1,230
4
%
Hotel, leisure, restaurants
251
6
%
Commercial real estate
441
2
%
Healthcare
245
6
%
Total commercial
9,578
34
%
Communication services
222
5
%
Total loan portfolio
21,964
79
%
Consumer staples
108
3
%
Unfunded commitments
5,850
21
%
Total
$
27,814
100
%
CLO by Major Sector
High tech industries
$
716
11
%
Investment Portfolio
Banking, finance, insurance, & real estate
703
10
%
CLO
$
6,819
80
%
Services: business
676
10
%
Agency MBS
1,241
14
%
Healthcare & pharmaceuticals
649
10
%
Corporate bonds
361
4
%
Hotel, gaming, & leisure
346
5
%
SBA
73
1
%
Construction & building
282
4
%
Student loan ARS
66
1
%
Beverage, food, & tobacco
255
4
%
CMBS
3
0
%
Capital equipment
245
4
%
Other
1
0
%
Services: consumer
231
3
%
Total Portfolio
$
8,564
100
%
Chemicals, plastics, & rubber
226
3
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 13 of 19
Loans and Lending Commitments - Allowance for Credit Losses
March 31, 2026
(Unaudited, 000s)
Loans and Lending
Commitments
ACL
ACL %
Q1 Provision
Residential real estate
$
9,363,547
$
10,988
0.12%
$
(276
)
Commercial and industrial
4,170,090
76,781
1.84%
8,924
Fund banking
3,737,366
7,475
0.20%
(718
)
Securities-based loans
2,749,987
3,300
0.12%
46
Construction and land
1,229,903
10,295
0.84%
(272
)
Commercial real estate
440,993
5,651
1.28%
1
Other
271,574
688
0.25%
(18
)
Loans held for investment, gross
21,963,460
115,178
0.52%
7,687
Loans held for sale
348,331
Total loans, gross
22,311,791
Lending-related commitments (unfunded)
5,849,911
27,514
0.47%
(1,152
)
Loans and lending-related commitments
$
28,161,702
$
142,692
$
6,535
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 14 of 19
Consolidated Non-GAAP Net Interest Income
(2)
Three Months Ended
March 31, 2026
March 31, 2025
December 31, 2025
(Unaudited, millions)
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Interest-earning assets:
Cash and federal funds sold
$
2,310.3
$
20.3
3.52
%
$
2,467.1
$
26.3
4.27
%
$
2,341.6
$
23.0
3.92
%
Financial instruments owned
1,516.9
8.4
2.21
%
1,242.5
6.5
2.11
%
1,435.4
8.8
2.46
%
Margin balances
1,022.9
15.4
6.02
%
835.8
13.9
6.64
%
943.1
15.6
6.61
%
Investments:
Asset-backed securities
6,556.6
87.5
5.33
%
6,617.4
101.4
6.13
%
6,580.0
95.3
5.79
%
Mortgage-backed securities
1,182.8
10.3
3.48
%
1,117.2
8.7
3.09
%
1,223.5
10.6
3.47
%
Corporate fixed income securities
373.5
2.4
2.57
%
496.3
3.4
2.75
%
406.7
2.8
2.76
%
Other
4.8
—
2.55
%
4.8
—
2.62
%
4.8
—
2.55
%
Total investments
8,117.7
100.2
4.94
%
8,235.7
113.5
5.51
%
8,215.0
108.7
5.29
%
Loans:
Residential real estate
9,299.5
95.4
4.10
%
8,633.5
81.0
3.75
%
9,158.9
92.8
4.05
%
Commercial and industrial
4,171.8
62.7
6.02
%
4,113.5
75.5
7.34
%
4,005.6
66.2
6.62
%
Fund banking
3,862.0
59.4
6.15
%
3,798.2
66.4
7.00
%
3,899.8
64.4
6.60
%
Securities-based loans
2,676.7
36.6
5.46
%
2,387.8
36.5
6.12
%
2,620.4
38.4
5.86
%
Commercial real estate
437.1
7.4
6.76
%
498.4
8.2
6.54
%
423.5
8.3
7.88
%
Construction and land
1,251.4
20.4
6.54
%
1,216.6
21.8
7.16
%
1,209.0
21.7
7.17
%
Loans held for sale
472.8
10.3
8.69
%
589.0
11.2
7.62
%
416.4
7.4
7.12
%
Other
271.3
4.1
6.09
%
248.8
4.4
6.97
%
261.0
4.4
6.77
%
Total loans
22,442.6
296.3
5.28
%
21,485.8
305.0
5.68
%
21,994.6
303.6
5.52
%
Other interest-bearing assets
1,071.3
10.4
3.88
%
996.8
10.4
4.17
%
1,154.3
9.7
3.35
%
Total interest-bearing assets/ interest income
36,481.7
451.0
4.95
%
35,263.7
475.6
5.40
%
36,084.0
469.4
5.20
%
Interest-bearing liabilities:
Senior notes
617.5
7.1
4.62
%
616.7
7.1
4.63
%
617.3
7.1
4.62
%
Deposits
29,154.1
150.9
2.07
%
28,622.8
193.1
2.70
%
29,007.5
169.7
2.34
%
Other interest-bearing
liabilities (19)
1,726.9
16.3
3.78
%
1,453.6
13.4
3.66
%
1,702.4
15.5
3.64
%
Total interest-bearing liabilities/ interest expense
$
31,498.5
174.3
2.21
%
$
30,693.1
213.6
2.78
%
$
31,327.2
192.3
2.46
%
Net interest income/margin
$
276.7
3.03
%
$
262.0
2.97
%
$
277.1
3.07
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 15 of 19
Stifel Bancorp Net Interest Income
Three Months Ended
March 31, 2026
March 31, 2025
December 31, 2025
(Unaudited, millions)
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Interest-earning assets:
Cash and federal funds sold
$
1,176.9
$
11.5
3.92
%
$
1,512.8
$
17.4
4.60
%
$
1,293.5
$
13.7
4.22
%
Investments
8,117.7
100.2
4.94
%
8,235.7
113.5
5.51
%
8,215.0
108.7
5.29
%
Loans
22,442.6
296.3
5.28
%
21,485.8
305.0
5.68
%
21,994.6
303.6
5.52
%
Other interest-bearing assets
66.4
0.9
5.14
%
66.7
0.8
5.15
%
66.4
0.8
4.99
%
Total interest-bearing assets/ interest income
$
31,803.6
$
408.9
5.14
%
$
31,301.0
$
436.7
5.58
%
$
31,569.5
$
426.8
5.41
%
Interest-bearing liabilities:
Deposits
$
29,154.1
$
150.9
2.07
%
$
28,622.8
$
193.1
2.70
%
$
29,007.5
$
169.7
2.34
%
Other interest-bearing liabilities
144.9
1.8
5.09
%
92.6
1.4
5.83
%
139.9
1.9
5.67
%
Total interest-bearing liabilities/ interest expense
$
29,299.0
152.7
2.09
%
$
28,715.4
194.5
2.71
%
$
29,147.4
171.6
2.36
%
Net interest income/margin
$
256.2
3.22
%
$
242.2
3.10
%
$
255.2
3.23
%
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 16 of 19
GAAP to Core Reconciliation
Three Months Ended
(Unaudited, 000s)
3/31/2026
3/31/2025
Change
12/31/2025
Change
GAAP net revenues
$
1,478,161
$
1,255,469
$
1,560,579
Gain on sale of business (18)
(49,784
)
—
—
Litigation-related and other (19)
13,145
(14
)
14
Total non-GAAP adjustments
(36,639
)
(14
)
14
Non-GAAP net revenues
1,441,522
1,255,455
1,560,593
GAAP compensation and benefits expense
848,334
732,220
925,154
Merger-related and other (20)
(17,628
)
(4,056
)
(3,485
)
Restructuring and severance (21)
(1,831
)
—
(16,525
)
Total non-GAAP adjustments
(19,459
)
(4,056
)
(20,010
)
Non-GAAP compensation and benefits expense
828,875
728,164
905,144
GAAP non-compensation operating expenses
303,755
459,885
327,516
Merger-related (20)
(11,187
)
(8,619
)
(20,708
)
Non-GAAP non-compensation
operating expenses
292,568
451,266
306,808
Total adjustments
5,993
(12,661
)
(40,732
)
GAAP provision for income taxes
74,653
10,372
43,548
Merger-related and other (22)
(1,371
)
2,097
5,761
Non-GAAP provision for income taxes
73,282
12,469
49,309
Financial ratios (change in bps):
Compensation and benefits
57.5
%
58.0
%
(50
)
58.0
%
(50
)
Non-compensation operating expenses
20.3
%
35.9
%
(1,560
)
19.7
%
60
Income before income taxes
22.2
%
6.1
%
1,610
22.3
%
(10
)
Effective tax rate
22.9
%
16.4
%
650
14.1
%
880
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 17 of 19
Footnotes
(1)
All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.
(2)
Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
(3)
Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per common share, a
non-GAAP financial measure, represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
(4)
Return on average common equity (“ROCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average
common shareholders’ equity or, in the case of adjusted ROCE, calculated by dividing full year or annualized non-GAAP net income applicable to commons shareholders by average common shareholders’
equity.
(5)
Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders
by average tangible common equity or, in the case of adjusted ROTCE, calculated by dividing full year or annualized non-GAAP net income applicable to common shareholders by average tangible common equity.
Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible
assets. Average deferred taxes on goodwill and intangible assets was $92.5 million, $82.5 million, and $90.7 million, as of March 31, 2026 and 2025, and December 31, 2025, respectively.
(6)
Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 22, 2026.
(7)
Includes capital raising and advisory revenues.
(8)
Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include
$4.2 billion and $4.9 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
(9)
Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
(10)
Includes Private Client Group and Trust Business.
(11)
Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(12)
Asset management assets managed in Private Client Group or Trust accounts.
(13)
Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and
average daily balances for Individual Program Banks.
(14)
Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(15)
The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.
(16)
Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(17)
Includes net interest, asset management, and other income.
(18)
Gain recognized on the sale of Stifel Independent Advisors during the first quarter of 2026.
(19)
Primarily related to prejudgment interest recognized on legal matters.
(20)
Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(21)
The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(22)
Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 18 of 19
Disclaimer and Legal Notice
Forward-Looking Statements
This presentation may contain “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus &
Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,”
“would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.
All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. 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 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.
Use of Non-GAAP Financial Measures
The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company
may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission
defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively
exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional
information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in
accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences
between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
Legal Notice
This Financial Supplement
contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s first quarter earnings release issued April 22, 2026.
Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2026 Earnings Release
Page 19 of 19
EX-99.3
EX-99.3
Filename: d113868dex993.htm · Sequence: 4
EX-99.3
Exhibit 99.3 First Quarter 2026 Financial Results Presentation April 22,
2026 Quarterly Earnings Report
First Quarter Snapshot 1Q26 RESULTS millions, except per share and
ratios NET REVENUE NET EARNINGS EPS 1Q26: GAAP $1,478 & NON-GAAP $1,442 1Q26: GAAP $1.48 & NON-GAAP $1.45 1Q26: GAAP $242 & NON-GAAP $237 BOOK VALUE PER SHARE ANNUALIZED ROTCE* ANNUALIZED ROCE TBV $24.89 BV $34.43 1Q26:GAAP 18.3% &
NON-GAAP 17.9% 1Q26:GAAP 25.3% & NON-GAAP 24.8% * Please see our definition of ROTCE in our first quarter 2026 earnings release HIGHLIGHTS Record First Quarter Record First Quarter Net Revenue Investment Banking Revenue Record First Quarter Net
Revenue Completed Sale of Global Wealth Management Stifel Independent Advisors Repurchased 2.8 million Record Asset Common Shares Management Revenue Quarterly Earnings Report 1
Strategic Objectives & Market Landscape Artificial Intelligence
Private Credit Software Loans Legislation & Market Structure Quarterly Earnings Report 2
Variance to Consensus Estimates COMMENTRY ON VARIANCE TO ANALYST First
Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 1Q26 1Q26 Mean % ∆ 1Q26 vs. 1Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $358 $363 (1%) 7% ■
Commissions & Principal Transactions: Investment banking $341 $334 2% 44% ■ Stronger Global Wealth Management & Fixed Asset management and service fees $459 $457 0% 12% Net interest $277 $280 (1%) 6% Income Revenue Net revenues $1,442
$1,442 0% 15% Non-interest expenses ■ Lower Equity Revenue on European Compensation and benefits 829 830 (0%) 14% Restructuring Compensation Ratio 57.5% 57.6% -1 bps -5 bps Non-compensation expenses 293 299 (2%) (35%) ■ Investment
Banking: Total non-interest expenses 1,121 1,129 (1%) (5%) Income before income taxes 320 312 3% 321% ■ Stronger Advisory Revenue Provision for income taxes 73 75 2% 494% ■ Lower Equity & Fixed Income Underwriting Tax Rate 22.9%
24.0% -110 bps 650 bps Net Income $247 $237 4% 288% Revenue Diluted Operating EPS $1.45 $1.38 5% 339% ■ Net Interest Income *Non-GAAP ■ Lower Non-Bank NII * Impact of Legal Reserves calculated as legal reserves of $67 million, an
adjusted tax rate of 25%, divided by the diluted ■ Non-compensation Expense: average share count. ■ Lower Provision Expense & Investment Banking Gross Up ■ Tax Rate: ■ Improved Foreign Profitability Quarterly Earnings
Report 3
Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE
Sequential millions 1Q26 Y/Y Change ■ Record First Quarter Net Revenue Change Transactional $203 9% -2% ■ Record Asset Management Revenue Asset Management 459 12% 1% ■ Record First Quarter Transactional Revenue Net Interest 264 8%
1% ■ Completed Sale of Stifel Independent Advisors Investment Banking 6 3% -27% Other (0) nm nm Total Global Wealth Management Net $932 10% 0% Revenue Comp. Ratio 50.7% 110 bps 50 bps Non-Comp. Ratio 13.8% -2170 bps -60 bps Provision for
credit loss $7 -46% -33% CLIENT CASH BALANCES Pre-tax Margin 35.5% 2060 bps 10 bps $1,599 $1,474 $1,446 Pre-tax Pre-provision Margin 36.1% 1980 bps -30 bps $1,167 $1,092 $1,114 $1,066 $760 $673 $505 $508 $240 $189 CLIENT ASSET METRICS Sequential
($54) millions 1Q26 Y/Y ($108) ($253) Change ($366) Total Client Assets $538,717 11% -2% ($691) ($894) Fee-based Client Assets $219,863 16% -2% ($1,409) Private Client Fee-based Client Assets $191,708 15% -3% 1Q25 2Q25 3Q25 4Q25 1Q26 Client Asset
Metrics Include the impact of assets associated with the sale of Stifel Ticked MMF Smart Rate Sweep* Non-Wealth Deposits Independent Advisors. Total Client Assets from SIA were $10.5 bil. and $9.0 bil. on December 31,2025 and March 31, 2025,
respectively. Fee-based Client Assets from SIA * Sweep balances include Sweep Deposits, Third-party Bank Sweep Program, & Other Sweep Cash were $4.9 bil. and $4.2 bil. on December 31, 2025 and March 31, 2025, respectively Quarterly Earnings
Report 4 millions
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS millions 1Q26
Y/Y Change ■ Institutional Revenue up 29% Year-on-Year Advisory $218 59% Capital Raising $117 24% ■ Positive Pre-Tax Margins from International Business Equity $67 37% Fixed Income $50 9% ■ Record First Quarter Investment Banking
Revenue Transactional $155 4% ■ Record First Quarter Advisory Revenue Equity $55 -7% Fixed Income $100 12% ■ Second Highest First Quarter Capital Raising Total Institutional Revenue* $495 29% Revenue Comp. Ratio 59.7% -590 bps Non-Comp.
Ratio 20.5% -680 bps ■ Ranked #1 in Senior Managed New Issue Negotiated Pre-tax Margin 19.8% 1270 bps Municipal Issuance with 14.6% Market Share * Includes net interest, asset management, and other income IMPROVED FIRST QUARTER PRE-TAX MARGIN
INSTITUTIONAL GROUP NET REVENUE 25.0% $600 19.8% 20.0% $500 $400 15.0% $300 10.6% 10.1% $200 10.0% 7.1% $100 5.0% $0 1Q25 2Q25 3Q25 4Q25 1Q26 0.0% Advisory Fees Capital Raising Brokerage Other 1Q23 1Q24 1Q25 1Q26 * 2021 revenue based on annualized
results through 9/30/2021 Quarterly Earnings Report 5 millions
Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME
65% 40% 35% millions 1Q26 1Q25 Y/Y Change 63% 30% 61% Compensation $829 $728 14% 25% 59% 20% Non-compensation Expense, $277 $431 -36% 15% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0% 57.5% 10% Credit Loss Provision & IB Gross Up
$15 $21 -27% 55% 5% 53% 0% Non-compensation $293 $451 -35% 1Q25 2Q25 3Q25 4Q25 1Q26 Pre-tax Income $320 $76 321% Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to
Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $1,200 $1,000 (000s) 1Q26 Bar chart header numbers $800 GAAP Net Income $251,419 are a graphic $600 $400 Preferred Dividend $9,320 $200 Net Income available to common Shareholders $242,099 $0 2021
2022 2023 2024 2025 2026* -$200 Non-GAAP After Tax Adjustments ($4,622) Non-GAAP Net Income Available to Common $237,477 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to
non-GAAP expenses, refer to our first quarter 2026 earnings release. *2026 annual GAAP to non-GAAP results based on annualized results through 3/31/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS
$45,000 22.0% $42,893 ■ Repurchased 1.25 million Shares in Open Market $41,687 $41,271 $40,384 20.0% $39,860 $40,000 ■ Net Settled 1.5 million Shares tied to Equity-based 18.0% 18.3% 18.7% Compensation $35,000 17.5% 17.6% 17.6% 16.0%
■ 10.2 million Shares in Total Authorization 14.0% $30,000 12.0% ■ Total Assets Increased $1.6 billion $25,000 11.4% 11.4% 11.1% 10.0% 10.8% 10.8% ■ Bank Funding Increased at CAGR of 11% Since 2021 $20,000 8.0% 1Q25 2Q25 3Q25 4Q25
1Q26 Assets Tier 1 Leverage Tier 1 Risk Based Capital $900,000 DEPLOYING EXCESS CAPITAL A TRACK RECORD of FUNDING GROWTH $800,000 $80,000 $700,000 $70,000 $600,000 $60,000 $50,000 $500,000 $40,000 $400,000 $30,000 $300,000 $20,000 $200,000 $10,000
$100,000 $0 $0 2021 2022 2023 2024 2025 2026* 2022 2023 2024 2025 2026 ($100,000) Capital Generated Bank Growth Bank Deposits Available Funding Common Stock Repurchases Dividends (Common & Preferred) Acquisitions *2026 based on results through
3/31/2026 Quarterly Earnings Report 7 (000s) millions millions
Concluding Remarks Quarterly Earnings Report
First Quarter 2026 Financial Results Presentation April 22, 2026
Quarterly Earnings Report
Disclaimer Forward-Looking Statements This presentation may contain
“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future
business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words
“may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,”
“anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. 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 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. Use of Non-GAAP Financial Measures The Company prepares its Consolidated Financial Statements using
accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and
otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that
effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts,
investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a
substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable
financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. Quarterly Earnings Report
10
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