Form 8-K
8-K — STIFEL FINANCIAL CORP
Accession: 0001193125-26-311288
Filed: 2026-07-22
Period: 2026-07-22
CIK: 0000720672
SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — d137168d8k.htm (Primary)
EX-99.1 (d137168dex991.htm)
EX-99.2 (d137168dex992.htm)
EX-99.3 (d137168dex993.htm)
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8-K
8-K (Primary)
Filename: d137168d8k.htm · Sequence: 1
8-K
STIFEL FINANCIAL CORP false 0000720672 0000720672 2026-07-22 2026-07-22 0000720672 us-gaap:CommonStockMember 2026-07-22 2026-07-22 0000720672 us-gaap:SeriesBPreferredStockMember 2026-07-22 2026-07-22 0000720672 us-gaap:SeriesCPreferredStockMember 2026-07-22 2026-07-22 0000720672 us-gaap:SeriesDPreferredStockMember 2026-07-22 2026-07-22 0000720672 sfb:M5.20SeniorNotesDue2047Member 2026-07-22 2026-07-22
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): July 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 July 22, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended June 30, 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 June 30, 2026, is attached as Exhibit 99.2 to this Report on Form 8-K.
On Wednesday, July 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 July 22, 2026.
99.2
Financial Supplement for the quarter ended June 30, 2026.
99.3
Financial Results Presentation dated July 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: July 22, 2026
By:
/s/ James M. Marischen
Name:
James M. Marischen
Title:
Chief Financial Officer
3
EX-99.1
EX-99.1
Filename: d137168dex991.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Stifel Reports Second Quarter 2026 Results
ST. LOUIS, MO, July 22, 2026 – 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.
Financial Summary (Unaudited)
(000s)
2Q 2026
2Q 2025
6m 2026
6m 2025
GAAP
Financial Highlights:
Net revenues
$1,450,804
$1,284,286
$2,928,965
$2,539,755
Net income (2)
$217,156
$145,734
$459,255
$189,406
Diluted EPS (1)
(2)
$1.34
$0.89
$2.83
$1.15
Comp. ratio
57.4%
60.3%
57.4%
59.3%
Non-comp. ratio
22.0%
23.1%
21.2%
29.8%
Pre-tax margin
20.6%
16.6%
21.4%
10.9%
Non-GAAP Financial Highlights:
Net revenues
$1,453,304
$1,284,378
$2,894,826
$2,539,833
Net income (2) (3)
$229,299
$185,626
$466,776
$239,862
Diluted EPS (1) (2)
(3)
$1.42
$1.14
$2.87
$1.46
Comp. ratio (3)
57.0%
58.0%
57.2%
58.0%
Non-comp. ratio (3)
21.3%
21.7%
20.8%
28.7%
Pre-tax margin (4)
21.7%
20.3%
22.0%
13.3%
ROCE (5)
17.1%
15.2%
17.5%
9.8%
ROTCE (6)
23.6%
21.7%
24.2%
13.8%
Global
Wealth Management (assets and loans in millions)
Net revenues
$956,534
$845,631
$1,888,657
$1,696,190
Pre-tax net income
$361,847
$306,056
$692,562
$432,461
Total client assets
(7)
$580,077
$516,532
Fee-based client assets (7)
$239,777
$206,319
Bank loans (8)
$24,805
$21,448
Institutional Group
Net revenues
$480,694
$419,779
$975,952
$804,708
Equity
$300,593
$220,168
$632,932
$456,360
Fixed Income
$180,101
$199,611
$343,020
$348,348
Pre-tax net income
$92,177
$61,040
$190,087
$88,471
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 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.
Summary Results of Operations
(000s)
2Q 2026
2Q 2025
Net revenues
$956,534
$845,631
Transactional revenues
207,397
182,666
Asset management
456,596
403,574
Net interest income
274,602
254,148
Investment banking
8,693
6,224
Other income
9,246
(981)
Total expenses
$594,687
$539,575
Compensation expense
460,582
420,240
Provision for credit losses
12,538
8,328
Non-comp. operating expenses
121,567
111,007
Pre-tax net income
$361,847
$306,056
Compensation ratio
48.2%
49.7%
Non-compensation ratio
14.0%
14.1%
Pre-tax margin
37.8%
36.2%
Stifel
Financial Corp. | Page 2
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.
Summary Results of Operations
(000s)
2Q 2026
2Q 2025
Net revenues
$480,694
$419,779
Investment banking
323,261
227,236
Advisory
157,363
127,305
Equity capital raising
102,273
46,187
Fixed income capital raising
63,625
53,744
Fixed income transactional
95,046
129,117
Equity transactional
59,110
61,489
Other
3,277
1,937
Total expenses
$388,517
$358,739
Compensation expense
285,504
257,697
Non-comp. operating expenses
103,013
101,042
Pre-tax net income
$92,177
$61,040
Compensation ratio
59.4%
61.4%
Non-compensation ratio
21.4%
24.1%
Pre-tax margin
19.2%
14.5%
Stifel
Financial Corp. | Page 3
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.
2Q 2026
2Q 2025
Common stock repurchases (1)
Repurchases (000s)
$177,035
$87,527
Number of shares (000s)
2,419
1,525
Average price
$73.20
$57.38
Period end shares (000s)
151,589
153,285
Weighted average diluted shares outstanding
(000s)
161,631
163,271
Effective tax rate
24.4%
27.5%
Stifel
Financial Corp. (10)
Tier 1 common capital ratio
14.7%
14.5%
Tier 1 risk-based capital ratio
17.3%
17.5%
Tier 1 leverage capital ratio
11.2%
10.8%
Tier 1 capital (MM)
$4,576
$4,116
Risk weighted assets (MM)
$26,405
$23,588
Average assets (MM)
$40,983
$38,013
Quarter end assets (MM)
$44,908
$39,860
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 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.
Stifel
Financial Corp. | Page 5
Summary Results of Operations (Unaudited)
Three Months Ended
Six Months Ended
(000s, except per share amounts)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Revenues:
Commissions
$ 221,462
$ 200,669
10.4
$207,834
6.6
$ 429,296
$ 394,339
8.9
Principal transactions
140,091
172,603
(18.8)
150,221
(6.7)
290,312
314,263
(7.6)
Investment banking
331,954
233,460
42.2
341,412
(2.8)
673,366
471,402
42.8
Asset management
456,630
403,608
13.1
459,457
(0.6)
916,087
813,149
12.7
Other income
12,549
3,690
240.1
55,679
(77.5)
68,228
14,271
378.1
Operating revenues
1,162,686
1,014,030
14.7
1,214,603
(4.3)
2,377,289
2,007,424
18.4
Interest revenue
476,093
477,056
(0.2)
451,049
5.6
927,142
952,688
(2.7)
Total revenues
1,638,779
1,491,086
9.9
1,665,652
(1.6)
3,304,431
2,960,112
11.6
Interest expense
187,975
206,800
(9.1)
187,491
0.3
375,466
420,357
(10.7)
Net revenues
1,450,804
1,284,286
13.0
1,478,161
(1.9)
2,928,965
2,539,755
15.3
Non-interest expenses:
Compensation and benefits
833,018
774,936
7.5
848,334
(1.8)
1,681,352
1,507,156
11.6
Non-compensation operating expenses
318,348
295,530
7.7
303,755
4.8
622,103
755,415
(17.6)
Total non-interest
expenses
1,151,366
1,070,466
7.6
1,152,089
(0.1)
2,303,455
2,262,571
1.8
Income before income taxes
299,438
213,820
40.0
326,072
(8.2)
625,510
277,184
125.7
Provision for income taxes
72,961
58,765
24.2
74,653
(2.3)
147,614
69,137
113.5
Net income
226,477
155,055
46.1
251,419
(9.9)
477,896
208,047
129.7
Preferred dividends
9,321
9,321
0.0
9,320
0.0
18,641
18,641
0.0
Net income available to common shareholders
$217,156
$145,734
49.0
$242,099
(10.3)
$459,255
$189,406
142.5
Earnings per common share:
(1)
Basic
$1.41
$0.94
50.0
$1.56
(9.6)
$2.97
$1.21
145.5
Diluted
$1.34
$0.89
50.6
$1.48
(9.5)
$2.83
$1.15
146.1
Cash dividends declared per common share
(1)
$0.34
$0.31
9.7
$0.34
0.0
$0.68
$0.62
9.7
Weighted average number of common shares outstanding: (1)
Basic
154,234
155,024
(0.5)
155,508
(0.8)
154,869
156,074
(0.8)
Diluted
161,631
163,271
(1.0)
163,444
(1.1)
162,556
164,687
(1.3)
Stifel
Financial Corp. | Page 6
Non-GAAP Financial Measures (11)
Three Months Ended
Six Months Ended
(000s, except per share amounts)
6/30/2026
6/30/2025
6/30/2026
6/30/2025
GAAP net income
$226,477
$155,055
$477,896
$208,047
Preferred dividend
9,321
9,321
18,641
18,641
Net income available to common shareholders
217,156
145,734
459,255
189,406
Non-GAAP adjustments:
Net revenue adjustments (12) (13)
2,500
92
(34,139)
78
Merger-related (14)
13,056
20,284
41,871
32,959
Restructuring and severance (15)
499
27,041
2,330
27,041
Provision for income taxes (16)
(3,912)
(7,525)
(2,541)
(9,622)
Total non-GAAP adjustments
12,143
39,892
7,521
50,456
Non-GAAP net income available to
common shareholders
$229,299
$185,626
$466,776
$239,862
Weighted average diluted shares outstanding
(1)
161,631
163,271
162,556
164,687
GAAP earnings per diluted common share
(1)
$1.40
$0.94
$2.95
$1.26
Non-GAAP adjustments (1)
0.08
0.25
0.04
0.31
Non-GAAP earnings per diluted common share (1)
$1.48
$1.19
$2.99
$1.57
GAAP earnings per diluted common share available to common shareholders (1)
$1.34
$0.89
$2.83
$1.15
Non-GAAP adjustments (1)
0.08
0.25
0.04
0.31
Non-GAAP earnings per diluted common share available to common shareholders (1)
$1.42
$1.14
$2.87
$1.46
Stifel
Financial Corp. | Page 7
GAAP to Non-GAAP Reconciliation (11)
Three Months Ended
Six Months Ended
(000s)
6/30/2026
6/30/2025
6/30/2026
6/30/2025
GAAP net revenues
$1,450,804
$1,284,286
$2,928,965
$2,539,755
Non-GAAP adjustments:
Gain on sale of business
(12)
2,500
—
(47,284)
—
Litigation-related and other (13)
—
92
13,145
78
Total non-GAAP adjustments
2,500
92
(34,139)
78
Non-GAAP net revenues
$1,453,304
$1,284,378
$2,894,826
$2,539,833
GAAP compensation and benefits
$833,018
$774,936
$1,681,352
$1,507,156
As a percentage of net revenues
57.4%
60.3%
57.4%
59.3%
Non-GAAP adjustments:
Merger-related (14)
(4,135)
(2,946)
(21,763)
(7,002)
Restructuring and severance (15)
(499)
(27,041)
(2,330)
(27,041)
Total non-GAAP adjustments
(4,634)
(29,987)
(24,093)
(34,043)
Non-GAAP compensation and benefits
$828,384
$744,949
$1,657,259
$1,473,113
As a percentage of non-GAAP net
revenues
57.0%
58.0%
57.2%
58.0%
GAAP non-compensation expenses
$318,348
$295,530
$622,103
$755,415
As a percentage of net revenues
22.0%
23.1%
21.2%
29.8%
Non-GAAP adjustments:
Merger-related (14)
(8,921)
(17,338)
(20,108)
(25,957)
Non-GAAP
non-compensation expenses
$309,427
$278,192
$601,995
$729,458
As a percentage of non-GAAP net revenues
21.3%
21.7%
20.8%
28.7%
Total adjustments before income
taxes
$16,055
$47,417
$10,062
$60,078
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 $93.1 million and
$84.3 million as of June 30, 2026, and 2025, respectively.
(7)
Total client assets and fee-based client assets as of June 30, 2025, include
$9.7 billion and $4.6 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, July 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: d137168dex992.htm · Sequence: 3
EX-99.2
Exhibit 99.2
Second 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 Non-GAAP
Reconciliation
17
Footnotes
18
Disclaimer and Legal
Notice
19
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 1 of 19
Consolidated Financial Highlights (1)
Three Months Ended
Six Months Ended
(Unaudited, 000s, except per share information)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Net revenues
$
1,450,804
$
1,284,286
13.0
%
$
1,478,161
(1.9
%)
$
2,928,965
$
2,539,755
15.3
%
Net income
$
226,477
$
155,055
46.1
%
$
251,419
(9.9
%)
$
477,896
$
208,047
129.7
%
Preferred dividends
9,321
9,321
0.0
%
9,320
0.0
%
18,641
18,641
0.0
%
Net income available to common shareholders
$
217,156
$
145,734
49.0
%
$
242,099
(10.3
%)
$
459,255
$
189,406
142.5
%
Earnings per diluted common share
$
1.40
$
0.94
48.9
%
$
1.54
(9.1
%)
$
2.95
$
1.26
134.1
%
Earnings per diluted common share available to common shareholders
$
1.34
$
0.89
50.6
%
$
1.48
(9.5
%)
$
2.83
$
1.15
146.1
%
Non-GAAP financial summary
(2):
Net revenues
$
1,453,304
$
1,284,378
13.2
%
$
1,441,522
0.8
%
$
2,894,826
$
2,539,833
14.0
%
Net income
$
238,620
$
194,947
22.4
%
$
246,797
(3.3
%)
$
485,417
$
258,503
87.8
%
Preferred dividends
9,321
9,321
0.0
%
9,320
0.0
%
18,641
18,641
0.0
%
Net income available to common shareholders
$
229,299
185,626
23.5
%
237,477
(3.4
%)
466,776
239,862
94.6
%
Earnings per diluted common share
$
1.48
$
1.19
24.4
%
$
1.51
(2.0
%)
$
2.99
$
1.57
90.4
%
Earnings per diluted common share available to common shareholders
$
1.42
$
1.14
24.6
%
$
1.45
(2.1
%)
$
2.87
$
1.46
96.6
%
Weighted average number of common shares outstanding:
Basic
154,234
155,024
(0.5
%)
155,508
(0.8
%)
154,869
156,074
(0.8
%)
Diluted
161,631
163,271
(1.0
%)
163,444
(1.1
%)
162,556
164,687
(1.3
%)
Period end common shares outstanding
151,589
153,285
(1.1
%)
153,817
(1.4
%)
151,589
153,285
(1.1
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.34
0.0
%
$
0.68
$
0.62
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 2 of 19
GAAP Consolidated Results of Operations (1)
Three Months Ended
Six Months Ended
(Unaudited, 000s, except
per share information)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Revenues:
Commissions
$
221,462
$
200,669
10.4
%
$
207,834
6.6
%
$
429,296
$
394,339
8.9
%
Principal transactions
140,091
172,603
(18.8
%)
150,221
(6.7
%)
290,312
314,263
(7.6
%)
Transactional revenues
361,553
373,272
(3.1
%)
358,055
1.0
%
719,608
708,602
1.6
%
Capital raising
174,456
106,155
64.3
%
122,974
41.9
%
297,430
206,627
43.9
%
Advisory
157,498
127,305
23.7
%
218,438
(27.9
%)
375,936
264,775
42.0
%
Investment banking
331,954
233,460
42.2
%
341,412
(2.8
%)
673,366
471,402
42.8
%
Asset management
456,630
403,608
13.1
%
459,457
(0.6
%)
916,087
813,149
12.7
%
Other income
12,549
3,690
240.1
%
55,679
(77.5
%)
68,228
14,271
378.1
%
Operating revenues
1,162,686
1,014,030
14.7
%
1,214,603
(4.3
%)
2,377,289
2,007,424
18.4
%
Interest revenue
476,093
477,056
(0.2
%)
451,049
5.6
%
927,142
952,688
(2.7
%)
Total revenues
1,638,779
1,491,086
9.9
%
1,665,652
(1.6
%)
3,304,431
2,960,112
11.6
%
Interest expense
187,975
206,800
(9.1
%)
187,491
0.3
%
375,466
420,357
(10.7
%)
Net revenues
1,450,804
1,284,286
13.0
%
1,478,161
(1.9
%)
2,928,965
2,539,755
15.3
%
Non-interest expenses:
Compensation and benefits
833,018
774,936
7.5
%
848,334
(1.8
%)
1,681,352
1,507,156
11.6
%
Occupancy and equipment rental
100,555
95,678
5.1
%
99,695
0.9
%
200,250
186,444
7.4
%
Communication and office supplies
46,341
47,847
(3.1
%)
51,021
(9.2
%)
97,362
97,360
0.0
%
Commissions and floor brokerage
15,039
17,146
(12.3
%)
15,041
(0.0
%)
30,080
33,952
(11.4
%)
Provision for credit losses
12,538
8,328
50.6
%
6,535
91.9
%
19,073
20,348
(6.3
%)
Investment banking expenses
12,495
8,989
39.0
%
8,546
46.2
%
21,041
17,536
20.0
%
Other operating expenses
131,380
117,542
11.8
%
122,917
6.9
%
254,297
399,775
(36.4
%)
Total non-interest expenses
1,151,366
1,070,466
7.6
%
1,152,089
(0.1
%)
2,303,455
2,262,571
1.8
%
Income before income taxes
299,438
213,820
40.0
%
326,072
(8.2
%)
625,510
277,184
125.7
%
Provision for income taxes
72,961
58,765
24.2
%
74,653
(2.3
%)
147,614
69,137
113.5
%
Net income
226,477
155,055
46.1
%
251,419
(9.9
%)
477,896
208,047
129.7
%
Preferred dividends
9,321
9,321
0.0
%
9,320
0.0
%
18,641
18,641
0.0
%
Net income available to common shareholders
$
217,156
$
145,734
49.0
%
$
242,099
(10.3
%)
$
459,255
$
189,406
142.5
%
Earnings per common share:
Basic
$
1.41
$
0.94
50.0
%
$
1.56
(9.6
%)
$
2.97
$
1.21
145.5
%
Diluted
$
1.34
$
0.89
50.6
%
$
1.48
(9.5
%)
$
2.83
$
1.15
146.1
%
Weighted average number of common shares outstanding:
Basic
154,234
155,024
(0.5
%)
155,508
(0.8
%)
154,869
156,074
(0.8
%)
Diluted
161,631
163,271
(1.0
%)
163,444
(1.1
%)
162,556
164,687
(1.3
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.34
0.0
%
$
0.68
$
0.62
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 3 of 19
Non-GAAP Condensed Consolidated Results of Operations (1) (2)
Three Months Ended
Six Months Ended
(Unaudited, 000s, except
per share information)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Non-GAAP net revenues
$
1,453,304
$
1,284,378
13.2
%
$
1,441,522
0.8
%
$
2,894,826
$
2,539,833
14.0
%
Non-GAAP
non-interest expenses:
Non-GAAP compensation and benefits
828,384
744,949
11.2
%
828,875
(0.1
%)
1,657,259
1,473,113
12.5
%
Non-GAAP non-compensation operating
expenses
309,427
278,192
11.2
%
292,568
5.8
%
601,995
729,458
(17.5
%)
Total non-GAAP non-interest expenses
1,137,811
1,023,141
11.2
%
1,121,443
1.5
%
2,259,254
2,202,571
2.6
%
Non-GAAP income before income taxes
315,493
261,237
20.8
%
320,079
(1.4
%)
635,572
337,262
88.5
%
Non-GAAP provision for income taxes
76,873
66,290
16.0
%
73,282
4.9
%
150,155
78,759
90.7
%
Non-GAAP net income
238,620
194,947
22.4
%
246,797
(3.3
%)
485,417
258,503
87.8
%
Preferred dividends
9,321
9,321
0.0
%
9,320
0.0
%
18,641
18,641
0.0
%
Non-GAAP net income available to common shareholders
$
229,299
$
185,626
23.5
%
$
237,477
(3.4
%)
$
466,776
$
239,862
94.6
%
Non-GAAP earnings per common share:
Basic
$
1.49
$
1.20
24.2
%
$
1.53
(2.6
%)
$
3.01
$
1.54
95.5
%
Diluted
$
1.42
$
1.14
24.6
%
$
1.45
(2.1
%)
$
2.87
$
1.46
96.6
%
Weighted average number of common shares outstanding:
Basic
154,234
155,024
(0.5
%)
155,508
(0.8
%)
154,869
156,074
(0.8
%)
Diluted
161,631
163,271
(1.0
%)
163,444
(1.1
%)
162,556
164,687
(1.3
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.34
0.0
%
$
0.68
$
0.62
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 4 of 19
Consolidated Financial Summary
Three Months Ended
Six Months Ended
(Unaudited, 000s)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Net revenues:
Global Wealth Management
$
956,534
$
845,631
13.1
%
$
932,123
2.6
%
$
1,888,657
$
1,696,190
11.3
%
Institutional Group
480,694
419,779
14.5
%
495,258
(2.9
%)
975,952
804,708
21.3
%
Other
13,576
18,876
(28.1
%)
50,780
(73.3
%)
64,356
38,857
65.6
%
Total net revenues
$
1,450,804
$
1,284,286
13.0
%
$
1,478,161
(1.9
%)
$
2,928,965
$
2,539,755
15.3
%
Operating expenses:
Global Wealth Management
$
594,687
$
539,575
10.2
%
$
601,408
(1.1
%)
$
1,196,095
$
1,263,729
(5.4
%)
Institutional Group
388,517
358,739
8.3
%
397,348
(2.2
%)
785,865
716,237
9.7
%
Other
168,162
172,152
(2.3
%)
153,333
9.7
%
321,495
282,605
13.8
%
Total operating expenses
$
1,151,366
$
1,070,466
7.6
%
$
1,152,089
(0.1
%)
$
2,303,455
$
2,262,571
1.8
%
Operating contribution:
Global Wealth Management
$
361,847
$
306,056
18.2
%
$
330,715
9.4
%
$
692,562
$
432,461
60.1
%
Institutional Group
92,177
61,040
51.0
%
97,910
(5.9
%)
190,087
88,471
114.9
%
Other
(154,586
)
(153,276
)
0.9
%
(102,553
)
50.7
%
(257,139
)
(243,748
)
5.5
%
Income before income taxes
$
299,438
$
213,820
40.0
%
$
326,072
(8.2
%)
$
625,510
$
277,184
125.7
%
Financial ratios (change in bps):
Compensation and benefits
57.4
%
60.3
%
(290
)
57.4
%
—
57.4
%
59.3
%
(190
)
Non-compensation operating expenses
22.0
%
23.1
%
(110
)
20.5
%
150
21.2
%
29.8
%
(860
)
Income before income taxes
20.6
%
16.6
%
400
22.1
%
(150
)
21.4
%
10.9
%
1,050
Effective tax rate
24.4
%
27.5
%
(310
)
22.9
%
150
23.6
%
24.9
%
(130
)
Stifel Financial Corp. Quarterly Financial Supplement | Second 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)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
Financial Information:
Total assets
$
44,907,609
$
39,859,653
12.7
%
$
42,893,152
4.7
%
Total shareholders’ equity
$
6,013,241
$
5,596,985
7.4
%
$
5,981,482
0.5
%
Total common equity
$
5,328,241
$
4,911,985
8.5
%
$
5,296,482
0.6
%
Goodwill and intangible assets
$
(1,552,657
)
$
(1,594,342
)
(2.6
%)
$
(1,561,298
)
(0.6
%)
DTL on goodwill and intangible assets
$
93,488
$
85,241
9.7
%
$
92,780
0.8
%
Tangible common equity
$
3,869,072
$
3,402,884
13.7
%
$
3,827,964
1.1
%
Preferred equity
$
685,000
$
685,000
0.0
%
$
685,000
0.0
%
Financial Metrics:
Book value per common share (1)(3)
$
35.15
$
32.05
9.7
%
$
34.43
2.1
%
Tangible book value per common share (1)(3)
$
25.52
$
22.20
15.0
%
$
24.89
2.5
%
Return on common equity (4)
16.2
%
11.9
%
18.3
%
Non-GAAP return on common equity (2)(4)
17.1
%
15.2
%
17.9
%
Return on tangible common equity (5)
22.3
%
17.0
%
25.3
%
Non-GAAP return on tangible common equity (2)(5)
23.6
%
21.7
%
24.8
%
Pre-tax margin on net revenues
20.6
%
16.6
%
22.1
%
Non-GAAP pre-tax margin on
net revenues (2)
21.7
%
20.3
%
22.2
%
Effective tax rate
24.4
%
27.5
%
22.9
%
Non-GAAP effective tax rate (2)
24.4
%
25.4
%
22.9
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 6 of 19
Regulatory Capital
(6)
(Unaudited, 000s)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
SF Regulatory Capital:
Common equity tier 1 capital
$
3,890,357
$
3,431,336
13.4
%
$
3,848,174
1.1
%
Tier 1 capital
$
4,575,650
$
4,116,336
11.2
%
$
4,533,174
0.9
%
Risk-weighted assets
$
26,405,428
$
23,588,069
11.9
%
$
24,288,031
8.7
%
Common equity tier 1 capital ratio
14.7
%
14.5
%
15.8
%
Tier 1 risk based capital ratio
17.3
%
17.5
%
18.7
%
Tier 1 leverage capital ratio
11.2
%
10.8
%
11.4
%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital
$
1,336,645
$
1,337,013
(0.0
%)
$
1,353,799
(1.3
%)
Tier 1 capital
$
1,336,645
$
1,337,013
(0.0
%)
$
1,353,799
(1.3
%)
Risk-weighted assets
$
12,185,337
$
11,644,303
4.6
%
$
11,823,430
3.1
%
Common equity tier 1 capital ratio
11.0
%
11.5
%
11.5
%
Tier 1 risk based capital ratio
11.0
%
11.5
%
11.5
%
Tier 1 leverage capital ratio
7.1
%
7.0
%
7.1
%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital
$
958,490
$
810,648
18.2
%
$
839,275
14.2
%
Tier 1 capital
$
958,490
$
810,648
18.2
%
$
839,275
14.2
%
Risk-weighted assets
$
9,004,422
$
6,643,960
35.5
%
$
7,179,043
25.4
%
Common equity tier 1 capital ratio
10.6
%
12.2
%
11.7
%
Tier 1 risk based capital ratio
10.6
%
12.2
%
11.7
%
Tier 1 leverage capital ratio
7.1
%
7.1
%
7.0
%
Stifel Net Capital:
Net capital
$
770,000
$
381,900
101.6
%
$
643,200
19.7
%
Excess net capital
$
728,800
$
356,600
104.4
%
$
609,600
19.6
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 7 of 19
Global Wealth Management - Summary Results of Operations
Three Months Ended
Six Months Ended
(Unaudited, 000s)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Revenues:
Commissions
$
147,157
$
128,203
14.8
%
$
140,064
5.1
%
$
287,221
$
254,029
13.1
%
Principal transactions
60,240
54,463
10.6
%
62,594
(3.8
%)
122,834
115,032
6.8
%
Transactional revenues
207,397
182,666
13.5
%
202,658
2.3
%
410,055
369,061
11.1
%
Asset management
456,596
403,574
13.1
%
459,426
(0.6
%)
916,022
813,080
12.7
%
Net interest
274,602
254,148
8.0
%
264,368
3.9
%
538,970
499,682
7.9
%
Investment banking (7)
8,693
6,224
39.7
%
6,072
43.2
%
14,765
12,132
21.7
%
Other income
9,246
(981
)
nm
(401
)
nm
8,845
2,235
295.7
%
Net revenues
956,534
845,631
13.1
%
932,123
2.6
%
1,888,657
1,696,190
11.3
%
Non-interest expenses:
Compensation and benefits
460,582
420,240
9.6
%
472,460
(2.5
%)
933,042
842,533
10.7
%
Non-compensation operating expenses
134,105
119,335
12.4
%
128,948
4.0
%
263,053
421,196
(37.5
%)
Total non-interest expenses
594,687
539,575
10.2
%
601,408
(1.1
%)
1,196,095
1,263,729
(5.4
%)
Income before income taxes
$
361,847
$
306,056
18.2
%
$
330,715
9.4
%
$
692,562
$
432,461
60.1
%
As a percentage of net revenues (change in bps):
Compensation and benefits
48.2
%
49.7
%
(150
)
50.7
%
(250
)
49.4
%
49.7
%
(30
)
Non-compensation operating expenses
14.0
%
14.1
%
(10
)
13.8
%
20
13.9
%
24.8
%
(1,090
)
Income before income taxes
37.8
%
36.2
%
160
35.5
%
230
36.7
%
25.5
%
1,120
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 8 of 19
Global Wealth Management - Statistical
Information
As of and for the Three Months Ended
(Unaudited, 000s)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
Total client assets (8)
$
580,077,000
$
516,532,000
12.3
%
$
538,717,000
7.7
%
Fee-based client assets (8)
$
239,777,000
$
206,319,000
16.2
%
$
219,863,000
9.1
%
Transactional assets
$
340,300,000
$
310,213,000
9.7
%
$
318,854,000
6.7
%
Secured client lending (9)
$
4,144,000
$
3,367,000
23.1
%
$
3,841,000
7.9
%
Asset Management Revenue:
Private Client Group (10)
$
390,046
$
344,899
13.1
%
$
394,695
(1.2
%)
Asset Management
44,068
39,206
12.4
%
41,811
5.4
%
Third-party Bank Sweep Program
3,186
5,721
(44.3
%)
3,780
(15.7
%)
Other (11)
19,330
13,782
40.3
%
19,171
0.8
%
Total asset management revenues
$
456,630
$
403,608
13.1
%
$
459,457
(0.6
%)
Fee-based Assets (millions):
Private Client Group (10)
$
210,049
$
180,066
16.7
%
$
191,708
9.6
%
Asset Management
49,652
44,822
10.8
%
46,981
5.7
%
Elimination (12)
(19,924
)
(18,569
)
7.3
%
(18,826
)
5.8
%
Total fee-based assets
$
239,777
$
206,319
16.2
%
$
219,863
9.1
%
Third-party Bank Sweep Program
$
392
$
568
(31.0
%)
$
475
(17.5
%)
ROA (bps) (13):
Private Client Group (10)
81.4
83.1
80.3
Asset Management
35.5
35.0
35.6
Third-party Bank Sweep Program
358.3
389.3
358.9
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 9 of 19
Global Wealth Management - Statistical Information
(Cont.)
As of and for the Three Months Ended
(Unaudited, millions)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
Stifel Bancorp Deposits:
Smart Rate Deposits
$
13,354
$
15,015
(11.1
%)
$
14,288
(6.5
%)
Sweep Deposits
10,939
9,847
11.1
%
11,529
(5.1
%)
Direct Wealth Management Deposits at Stifel Bancorp
190
102
86.3
%
227
(16.3
%)
Total Stifel Bancorp Wealth Management Deposits
24,483
24,964
(1.9
%)
26,044
(6.0
%)
Other Bank Deposits
7,781
3,709
109.8
%
4,753
63.7
%
Total Stifel Bancorp Deposits
$
32,264
$
28,673
12.5
%
$
30,797
4.8
%
Short-term Treasuries (14)
$
6,742
$
6,418
5.0
%
$
6,330
6.5
%
Third-party Commercial Treasury Deposits (15)
$
3,058
$
3,318
(7.8
%)
$
5,675
(46.1
%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits
$
24,483
$
24,964
(1.9
%)
$
26,044
(6.0
%)
Third-party Bank Sweep Program (15)
392
568
(31.0
%)
475
(17.5
%)
Third-party Treasury (15)
—
217
nm
—
0.0
%
Other Sweep Cash
713
551
29.4
%
648
10.0
%
Money Market Mutual Funds
17,330
15,297
13.3
%
17,173
0.9
%
Total Wealth Management Cash
$
42,918
$
41,597
3.2
%
$
44,340
(3.2
%)
Client money market and insured product (16)
$
25,398
$
25,981
(2.2
%)
$
26,940
(5.7
%)
Third-party Deposits Available to Stifel Bancorp (15)
$
3,450
$
4,103
(15.9
%)
$
6,150
(43.9
%)
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 10 of 19
Institutional Group - Summary Results of
Operations
Three Months Ended
Six Months Ended
(Unaudited, 000s)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
6/30/2026
6/30/2025
% Change
Revenues:
Commissions
$
74,305
$
72,466
2.5
%
$
67,770
9.6
%
$
142,075
$
140,310
1.3
%
Principal transactions
79,851
118,140
(32.4
%)
87,627
(8.9
%)
167,478
199,231
(15.9
%)
Transactional revenues
154,156
190,606
(19.1
%)
155,397
(0.8
%)
309,553
339,541
(8.8
%)
Capital raising
165,898
99,931
66.0
%
116,902
41.9
%
282,800
194,495
45.4
%
Advisory
157,363
127,305
23.6
%
218,438
(28.0
%)
375,801
264,775
41.9
%
Investment banking
323,261
227,236
42.3
%
335,340
(3.6
%)
658,601
459,270
43.4
%
Other income (17)
3,277
1,937
69.2
%
4,521
(27.5
%)
7,798
5,897
32.2
%
Net revenues
480,694
419,779
14.5
%
495,258
(2.9
%)
975,952
804,708
21.3
%
Non-interest expenses:
Compensation and benefits
285,504
257,697
10.8
%
295,870
(3.5
%)
581,374
510,282
13.9
%
Non-compensation operating expenses
103,013
101,042
2.0
%
101,478
1.5
%
204,491
205,955
(0.7
%)
Total non-interest expenses
388,517
358,739
8.3
%
397,348
(2.2
%)
785,865
716,237
9.7
%
Income before income taxes
$
92,177
$
61,040
51.0
%
$
97,910
(5.9
%)
$
190,087
$
88,471
114.9
%
As a percentage of net revenues (change in bps):
Compensation and benefits
59.4
%
61.4
%
(200
)
59.7
%
(30
)
59.6
%
63.4
%
(380
)
Non-compensation operating expenses
21.4
%
24.1
%
(270
)
20.5
%
90
20.9
%
25.6
%
(470
)
Income before income taxes
19.2
%
14.5
%
470
19.8
%
(60
)
19.5
%
11.0
%
850
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 11 of 19
Stifel Bancorp - Financial Information and Credit Metrics
(Unaudited, 000s)
6/30/2026
6/30/2025
% Change
3/31/2026
% Change
Stifel Bancorp Financial Information:
Total assets
$
35,278,437
$
31,115,875
13.4
%
$
33,303,655
5.9
%
Total shareholder’s equity
$
2,334,646
$
2,191,619
6.5
%
$
2,248,327
3.8
%
Total loans, net (includes loans held for sale)
$
24,805,104
$
21,447,860
15.7
%
$
22,185,318
11.8
%
Residential real estate
9,619,618
8,906,739
8.0
%
9,363,547
2.7
%
Fund banking
5,767,990
3,910,070
47.5
%
3,737,366
54.3
%
Commercial and industrial
4,529,422
3,536,227
28.1
%
4,170,090
8.6
%
Securities-based loans
2,977,657
2,568,050
16.0
%
2,749,987
8.3
%
Construction and land
977,377
1,217,561
(19.7
%)
1,229,903
(20.5
%)
Commercial real estate
412,809
429,243
(3.8
%)
440,993
(6.4
%)
Other
289,812
254,395
13.9
%
271,574
6.7
%
Loans held for sale
373,591
800,766
(53.3
%)
348,331
7.3
%
Investment securities
$
8,410,858
$
8,130,970
3.4
%
$
8,449,776
(0.5
%)
Available-for-sale
securities, at fair value
1,529,505
1,546,392
(1.1
%)
1,588,549
(3.7
%)
Held-to-maturity securities,
at amortized cost
6,881,353
6,584,578
4.5
%
6,861,227
0.3
%
Unrealized losses on
available-for-sale securities
(115,080
)
(129,654
)
(11.2
%)
(113,790
)
1.1
%
Total deposits
$
32,264,006
$
28,673,063
12.5
%
$
30,797,336
4.8
%
Demand deposits (interest-bearing)
31,476,634
28,171,862
11.7
%
30,350,046
3.7
%
Demand deposits (non-interest-bearing)
498,688
373,823
33.4
%
47,418
951.7
%
Certificates of deposit
288,684
127,378
126.6
%
399,872
(27.8
%)
Credit Metrics:
Allowance for credit losses
$
150,093
$
166,410
(9.8
%)
$
142,692
5.2
%
Allowance as a percentage of retained loans
0.61
%
0.80
%
0.65
%
Net charge-offs as a percentage of average loans
0.03
%
0.06
%
0.11
%
Total nonperforming assets
$
125,615
$
157,348
(20.2
%)
$
105,993
18.5
%
Nonperforming assets as a percentage of total assets
0.36
%
0.51
%
0.32
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 12 of 19
Stifel Bancorp - Loan and
Investment Portfolio
(Unaudited, millions)
6/30/2026
% of Total
Portfolio
Loan Portfolio
Commercial Portfolio by Major Sector
Residential real estate
$
9,620
30
%
Financials
$
1,157
26
%
Securities-based loans
2,978
9
%
Industrials
843
19
%
Home equity lines of credit and other
290
1
%
Information technology
779
17
%
Total consumer
12,888
40
%
Consumer discretionary
309
7
%
Fund banking
5,768
18
%
Materials
289
6
%
Commercial and industrial
4,529
14
%
Healthcare
273
6
%
Construction and land
977
3
%
Communication services
257
6
%
Commercial real estate
413
2
%
REITs
255
6
%
Total commercial
11,687
37
%
Hotel, leisure, restaurants
246
5
%
Total loan portfolio
24,575
77
%
Consumer staples
117
3
%
Unfunded commitments
7,234
23
%
Total
$
31,809
100
%
CLO by Major Sector
Banking, finance, insurance, & real estate
$
701
10
%
Investment Portfolio
High tech industries
689
10
%
CLO
$
6,826
80
%
Healthcare & pharmaceuticals
646
9
%
Agency MBS
1,202
14
%
Services: business
627
9
%
Corporate bonds
361
4
%
Hotel, gaming, & leisure
350
5
%
SBA
68
1
%
Construction & building
268
4
%
Student loan ARS
65
1
%
Beverage, food, & tobacco
253
4
%
CMBS
1
0
%
Capital equipment
223
3
%
Other
3
0
%
Services: consumer
223
3
%
Total Portfolio
$
8,526
100
%
Chemicals, plastics, & rubber
214
3
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 13 of 19
Loans and Lending Commitments -
Allowance for Credit Losses
June 30, 2026
Loans and Lending
(Unaudited, 000s)
Commitments
ACL
ACL %
Q2 Provision
Residential real estate
$
9,619,618
$
12,389
0.1
%
$
1,401
Fund banking
5,767,990
8,809
0.2
%
1,334
Commercial and industrial
4,529,422
79,053
1.7
%
15,171
Securities-based loans
2,977,657
3,509
0.1
%
209
Construction and land
977,377
10,687
1.1
%
(6,368
)
Commercial real estate
412,809
4,919
1.2
%
(732
)
Other
289,812
1,319
0.5
%
630
Loans held for investment, gross
24,574,685
120,685
0.5
%
11,645
Loans held for sale
373,591
Total loans, gross
24,948,276
Lending-related commitments (unfunded)
7,234,297
29,408
0.4
%
893
Loans and lending-related commitments
$
32,182,573
$
150,093
$
12,538
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 14 of 19
Consolidated Non-GAAP Net Interest Income (2)
Three Months Ended
June 30, 2026
June 30, 2025
March 31, 2026
(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
$
2,000.1
$
17.8
3.56%
$
1,924.5
$
20.8
4.32
%
$
2,310.3
$
20.3
3.52
%
Financial instruments owned
1,489.0
9.0
2.43%
1,367.1
9.3
2.73
%
1,516.9
8.4
2.21
%
Margin balances
1,114.6
16.9
6.07%
830.2
14.4
6.92
%
1,022.9
15.4
6.02
%
Investments:
Asset-backed securities
6,795.3
90.6
5.33%
6,735.2
101.8
6.05
%
6,556.6
87.5
5.33
%
Mortgage-backed securities
1,222.7
10.9
3.55%
1,133.3
9.0
3.16
%
1,182.8
10.3
3.48
%
Corporate fixed income securities
361.1
2.2
2.45%
464.8
3.1
2.69
%
373.5
2.4
2.57
%
Other
4.8
—
2.55%
4.8
—
2.55
%
4.8
—
2.55
%
Total investments
8,383.9
103.7
4.95%
8,338.1
113.9
5.47
%
8,117.7
100.2
4.94
%
Loans:
Residential real estate
9,465.8
98.6
4.17%
8,798.4
85.0
3.86
%
9,299.5
95.4
4.10
%
Commercial and industrial
4,393.8
68.7
6.25%
4,005.4
73.2
7.31
%
4,171.8
62.7
6.02
%
Fund banking
4,736.2
73.2
6.18%
3,773.9
67.0
7.10
%
3,862.0
59.4
6.15
%
Securities-based loans
2,875.2
39.4
5.49%
2,503.3
38.7
6.19
%
2,676.7
36.6
5.46
%
Commercial real estate
421.1
6.5
6.15%
449.3
9.6
8.58
%
437.1
7.4
6.76
%
Construction and land
1,105.9
18.2
6.58%
1,214.4
21.8
7.19
%
1,251.4
20.4
6.54
%
Loans held for sale
348.2
6.8
7.77%
496.9
10.8
8.71
%
472.8
10.3
8.69
%
Other
276.7
4.6
6.73%
250.5
4.5
7.13
%
271.3
4.1
6.09
%
Total loans
23,622.9
316.0
5.35%
21,492.1
310.6
5.78
%
22,442.6
296.3
5.28
%
Other interest-bearing assets
1,155.6
12.7
4.40%
928.0
8.1
3.45
%
1,071.3
10.4
3.88
%
Total interest-bearing assets/ interest income
37,766.1
476.1
5.04%
34,880.0
477.1
5.47
%
36,481.7
451.0
4.95
%
Interest-bearing liabilities:
Senior notes
617.7
7.1
4.62%
616.9
7.1
4.62
%
617.5
7.1
4.62
%
Deposits
30,348.1
163.5
2.16%
28,463.0
187.5
2.64
%
29,154.1
150.9
2.07
%
Other interest-bearing liabilities (19)
1,931.0
17.4
3.59%
1,563.3
12.2
3.11
%
1,726.9
16.3
3.78
%
Total interest-bearing liabilities/ interest expense
$
32,896.8
188.0
2.29%
$
30,643.2
206.8
2.70
%
$
31,498.5
174.3
2.21
%
Net interest income/margin
$
288.1
3.05%
$
270.3
3.10
%
$
276.7
3.03
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 15 of 19
Stifel Bancorp Net Interest Income
Three Months Ended
June 30, 2026
June 30, 2025
March 31, 2026
(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
$
954.5
$
11.8
4.93
%
$
1,098.1
$
13.1
4.77
%
$
1,176.9
$
11.5
3.92
%
Investments
8,383.9
103.7
4.95
%
8,338.1
113.9
5.47
%
8,117.7
100.2
4.94
%
Loans
23,622.9
316.0
5.35
%
21,492.1
310.6
5.78
%
22,442.6
296.3
5.28
%
Other interest-bearing assets
68.5
0.9
5.69
%
66.0
1.0
5.59
%
66.4
0.9
5.14
%
Total interest-bearing assets/ interest income
$
33,029.8
$
432.4
5.24
%
$
30,994.3
$
438.6
5.66
%
$
31,803.6
$
408.9
5.14
%
Interest-bearing liabilities:
Deposits
$
30,348.1
$
163.5
2.16
%
$
28,463.0
$
187.5
2.64
%
$
29,154.1
$
150.9
2.07
%
Other interest-bearing liabilities
177.4
2.1
4.66
%
143.4
2.0
5.44
%
144.9
1.8
5.09
%
Total interest-bearing liabilities/ interest expense
$
30,525.5
165.6
2.17
%
$
28,606.4
189.5
2.65
%
$
29,299.0
152.7
2.09
%
Net interest income/margin
$
266.8
3.23
%
$
249.1
3.22
%
$
256.2
3.22
%
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 16 of 19
GAAP to Non-GAAP Reconciliation
Three Months Ended
Six Months Ended
(Unaudited, 000s)
6/30/2026
6/30/2025
Change
3/31/2026
Change
6/30/2026
6/30/2025
Change
GAAP net revenues
$
1,450,804
$
1,284,286
$
1,478,161
$
2,928,965
$
2,539,755
Gain on sale of business (18)
2,500
—
(49,784
)
(47,284
)
—
Litigation-related and other (19)
—
92
13,145
13,145
78
Total non-GAAP adjustments
2,500
92
(36,639
)
(34,139
)
78
Non-GAAP net revenues
1,453,304
1,284,378
1,441,522
2,894,826
2,539,833
GAAP compensation and benefits expense
833,018
774,936
848,334
1,681,352
1,507,156
Merger-related and other (20)
(4,135
)
(2,946
)
(17,628
)
(21,763
)
(7,002
)
Restructuring and severance (21)
(499
)
(27,041
)
(1,831
)
(2,330
)
(27,041
)
Total non-GAAP adjustments
(4,634
)
(29,987
)
(19,459
)
(24,093
)
(34,043
)
Non-GAAP compensation and benefits expense
828,384
744,949
828,875
1,657,259
1,473,113
GAAP non-compensation operating expenses
318,348
295,530
303,755
622,103
755,415
Merger-related (20)
(8,921
)
(17,338
)
(11,187
)
(20,108
)
(25,957
)
Non-GAAP non-compensation operating expenses
309,427
278,192
292,568
601,995
729,458
Total adjustments
(16,055
)
(47,417
)
5,993
(10,062
)
(60,078
)
GAAP provision for income taxes
72,961
58,765
74,653
147,614
69,137
Merger-related and other (22)
3,912
7,525
(1,371
)
2,541
9,622
Non-GAAP provision for income taxes
76,873
66,290
73,282
150,155
78,759
Financial ratios (change in bps):
Compensation and benefits
57.0
%
58.0
%
(100
)
57.5
%
(50
)
57.2
%
58.0
%
(80
)
Non-compensation operating expenses
21.3
%
21.7
%
(40
)
20.3
%
100
20.8
%
28.7
%
(790
)
Income before income taxes
21.7
%
20.3
%
140
22.2
%
(50
)
22.0
%
13.3
%
870
Effective tax rate
24.4
%
25.4
%
(100
)
22.9
%
150
23.6
%
23.4
%
20
Stifel Financial Corp. Quarterly Financial Supplement | Second 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 Non-GAAP 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 $93.1 million, $84.3 million, and
$92.5 million, as of June 30, 2026 and 2025, and March 31, 2026, respectively.
(6)
Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 22,
2026.
(7)
Includes capital raising and advisory revenues.
(8)
Total client assets and fee-based client assets as of June 30, 2025, include
$9.7 billion and $4.6 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 | Second 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 second quarter earnings release issued July 22, 2026.
Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2026 Earnings Release
Page 19 of 19
EX-99.3
EX-99.3
Filename: d137168dex993.htm · Sequence: 4
EX-99.3
Exhibit 99.3 Second Quarter 2026 Financial Results Presentation July 22,
2026 Quarterly Earnings Report
Second Quarter Snapshot 2Q26 RESULTS millions, except per share and
ratios NET REVENUE NET EARNINGS EPS 2Q26: GAAP $1,451 & NON-GAAP $1,453 2Q26: GAAP $1.34 & NON-GAAP $1.42 2Q26: GAAP $217 & NON-GAAP $229 YTD: GAAP $2,929 & NON-GAAP $2,895 YTD: GAAP $459 & NON-GAAP $467 YTD: GAAP $2.83 &
NON-GAAP $2.87 ANNUALIZED ROTCE* ANNUALIZED ROCE BOOK VALUE PER SHARE 2Q26:GAAP 16.2% & NON-GAAP 17.1% 2Q26:GAAP 22.3% & NON-GAAP 23.6% TBV $25.52 BV $35.15 YTD: GAAP 23.8% & NON-GAAP 24.2% YTD: GAAP 17.2% & NON-GAAP 17.5% * Please
see our definition of ROTCE in our second quarter 2026 earnings release HIGHLIGHTS Ranked #1 in Employee Advisor Satisfaction Record Net Revenue Th by JD Power for 4 Consecutive Year Global Wealth Management Record Second Quarter Increased Loans Net
Revenue by $2.6 billion Repurchased 2.4 million Record Second Quarter Common Shares Net Income Quarterly Earnings Report 1
Providing an Elevated Level of Service & Improving Efficiencies A
PREMIER LEVEL of SUPPORT ■ Ranked #1 by JD Power for Employee Advisor Satisfaction ■ Ranked #1 in Leadership & Culture, Operational Support, & Products & Marketing ■ Underscores Firm-Wide Focus on Advisor Support AI
PROVIDING IMPROVED EFFICIENCIES ■ Keeping Employees at the Center of the Client Relationship &: ■ Increasing Access to Data; ■ Reducing Time for Analysis & Presentation Preparation; ■ Improving Back Office
Efficiencies; & ■ Increasing Client Engagement Quarterly Earnings Report 2
Variance to Consensus Estimates COMMENTARY ON VARIANCE TO ANALYST Second
Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 2Q26 2Q26 Mean % ∆ 2Q26 vs. 2Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $362 $370 (2%) (3%) ■
Commissions & Principal Transactions: Investment banking $332 $309 7% 42% Asset management and service fees $457 $452 1% 13%■ Stronger Global Wealth Management Net interest $288 $284 1% 7% Revenue Net revenues $1,453 $1,422 2% 13%
Non-interest expenses ■ Lower Equity & Fixed Income Revenue Compensation and benefits 828 819 1% 11% Compensation Ratio 57.0% 57.6% -60 bps -100 bps ■ Investment Banking: Non-compensation expenses 309 303 2% 11% Total non-interest
expenses 1,138 1,122 1% 11% ■ Stronger Equity & Fixed Income Income before income taxes 315 300 5% 21% Underwriting Revenue Provision for income taxes 77 75 3% 16% Tax Rate 24.4% 24.8% -40 bps -100 bps ■ Lower Advisory Revenue Net
Income $229 $216 6% 24% Diluted Operating EPS $1.42 $1.33 7% 25% ■ Net Interest Income *Non-GAAP ■ Higher Average Interest-Earning Assets * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of
25%, divided by the diluted ■ Compensation Expense: average share count. ■ Lower Compensation Ratio ■ Non-Compensation Expense: ■ Higher Investment Banking Gross Up & Credit Provision Quarterly Earnings Report
3
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS
Sequential millions 2Q26 Y/Y Change 2026 YTD VS 2025 YTD Change ■ Record Quarterly Net Revenue Transactional $207 14% 2% $410 11% Asset Management 457 13% -1% 916 13% ■ Record Quarterly Transactional Revenue Net Interest 275 8% 4% 539 8%
■ Record Quarterly Pre-Tax Income Investment Banking 9 40% 43% 15 22% Other 9 nm nm 9 296% ■ Record Total Client & Fee-Based Client Assets Total Global Wealth Management Net $957 13% 3% $1,889 11% Revenue Comp. Ratio 48.2% -150 bps
-250 bps 49.4% -30 bps ■ Total Client Cash Balances up $2.7 Billion Y/Y Non-Comp. Ratio 14.0% -10 bps 20 bps 13.9% -1090 bps Provision for credit loss $13 51% 92% $19 -6% Pre-tax Margin 37.8% 160 bps 230 bps 36.7% 1120 bps Pre-tax
Pre-provision Margin 39.1% 190 bps 300 bps 37.7% 1100 bps CLIENT CASH BALANCES $1,599 $1,474 $1,446 $1,167 CLIENT ASSET METRICS $1,114 $760 $673 Sequential $505 $508 millions 2Q26 Y/Y $410 Change $240 $189 $157 Total Client Assets $580,091 12% 8%
Fee-based Client Assets $239,777 16% 9% ($54) ($108) ($253) ($366) Private Client Fee-based Client Assets $210,049 17% 10% ($673) ($934) Client Asset Metrics Include the impact of assets associated with the sale of Stifel Independent Advisors.
($1,409) Total Client Assets from SIA were $9.7 bil. on June 30, 2025. Fee-based Client Assets from SIA were $4.6 bil. on June 30, 2025. 2Q25 3Q25 4Q25 1Q26 2Q26 Ticked MMF Smart Rate Sweep* Non-Wealth Deposits * Sweep balances include Sweep
Deposits, Third-party Bank Sweep Program, & Other Sweep Cash Quarterly Earnings Report 4 millions
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential
millions 2Q26 Y/Y Change 2026 YTD 2025 YTD Change ■ Institutional Revenue up 21% YTD vs. 2025 Advisory $157 24% -28% $376 42% Capital Raising $166 66% 42% $283 45% ■ YTD Pre-tax Margin up 850 bps Equity $102 121% 52% $170 78% Fixed
Income $64 18% 28% $113 14% ■ Second Highest Second Quarter Revenue Transactional $154 -19% -1% $310 -9% Equity $59 -4% 7% $114 -6% Fixed Income $95 -26% -5% $195 -11% ■ Second Highest Quarterly Capital Raising Quarter Total
Institutional Revenue* $481 15% -3% $976 21% Comp. Ratio 59.4% -200 bps -30 bps 59.6% -380 bps ■ Equity Capital Raising Revenue Up 121% Y/Y Non-Comp. Ratio 21.4% -270 bps 90 bps 20.9% -470 bps Pre-tax Margin 19.2% 470 bps -60 bps 19.5% 850 bps
■ Ranked #1 in Municipal Issuance in Number of Issues YTD in 2026 with 14% Market Share * Includes net interest, asset management, and other income IMPROVED PRE-TAX MARGIN INSTITUTIONAL GROUP NET REVENUE 25.0% $600 19.5% 20.0% $500 $400 15.0%
$300 11.6% 11.0% $200 10.0% $100 5.0% 3.4% $0 2Q25 3Q25 4Q25 1Q26 2Q26 0.0% Advisory Fees Capital Raising Brokerage Other 1H23 1H24 1H25 1H26 * 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
62% 30% 61% millions 2Q26 2Q25 Y/Y Change 25% 60% 20% Compensation $828 $745 11% 59% 58% 15% Non-compensation Expense, $284 $261 9% 58.0% 58.0% 58.0% Ex. IB Gross Up & Credit Loss 57% 57.5% 10% 57.0% 56% Credit Loss Provision & IB Gross Up
$25 $17 44% 5% 55% Non-compensation $309 $278 11% 54% 0% 2Q25 3Q25 4Q25 1Q26 2Q26 Pre-tax Income $315 $261 21% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP
RECONCILIATION $1,000 $900 (000s) 2Q26 $800 $700 GAAP Net Income $226,477 $600 $500 Preferred Dividend $9,321 $400 $300 $200 Net Income available to common Shareholders $217,156 $100 $0 Non-GAAP After Tax Adjustments $12,143 2021 2022 2023 2024 2025
2026* Non-GAAP Net Income Available to Common $229,299 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2026 earnings release.
*2026 annual GAAP to non-GAAP results based on annualized results through 6/30/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS
$44,908 $45,000 22.0% $42,893 ■ Repurchased 2.4 million Shares in Open $41,271 $41,687 $39,860 20.0% $40,000 Market 18.0% 18.7% 18.3% $35,000 17.6% 17.5% 17.3% 16.0%■ 7.8 million Shares in Total Authorization 14.0% $30,000 ■ Total
Assets Increased $2 billion 12.0% $25,000 ■ Loan Growth of $2.6 billion 11.4% 11.4% 11.2% 10.0% 11.1% 10.8% $20,000 8.0% ■ Bank Funding Increased at CAGR of 11% Since 2Q25 3Q25 4Q25 1Q26 2Q26 2021 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 $500,000 $50,000 $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 6/30/2026 Quarterly Earnings Report 7 (000s)
millions millions
Concluding Remarks Quarterly Earnings Report
Second Quarter 2026 Financial Results Presentation July 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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v3.26.1
Document and Entity Information
Jul. 22, 2026
Document And Entity Information [Line Items]
Entity Registrant Name
STIFEL FINANCIAL CORP
Amendment Flag
false
Entity Central Index Key
0000720672
Document Type
8-K
Document Period End Date
Jul. 22, 2026
Entity Incorporation State Country Code
DE
Entity File Number
001-09305
Entity Tax Identification Number
43-1273600
Entity Address, Address Line One
501 N. Broadway
Entity Address, City or Town
St. Louis
Entity Address, State or Province
MO
Entity Address, Postal Zip Code
63102-2188
City Area Code
(314)
Local Phone Number
342-2000
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Soliciting Material
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Entity Emerging Growth Company
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Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title
Common Stock, $0.15 par value per share
Trading Symbol
SF
Security Exchange Name
NYSE
Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
Trading Symbol
SF-PB
Security Exchange Name
NYSE
Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
Trading Symbol
SF-PC
Security Exchange Name
NYSE
Series D Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
Trading Symbol
SF-PD
Security Exchange Name
NYSE
M 5.20 Senior Notes Due 2047 [Member]
Document And Entity Information [Line Items]
Security 12b Title
5.20% Senior Notes due 2047
Trading Symbol
SFB
Security Exchange Name
NYSE
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