Stifel Financial : 2026 1st Quarter Earnings
SF
Published on 05/15/2026 at 11:05 am EDT
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."
Financial Summary (Unaudited)
Highlights
(000s) 1Q 2026 1Q 2025
GAAP Financial Highlights:
interest income, and the recognition of a gain on
the sale of Stifel Independent Advisors, LLC, which
Net revenues
$1,478,161
$1,255,469
closed on February 2, 2026.
Net income (2)
$242,099
$43,672
Diluted EPS (1) (2)
$1.48
$0.26
Non-GAAP net income available to common
shareholders of $1.45 per diluted common share.
Comp. ratio 57.4% 58.3%
The first quarter of 2025 was negatively impacted
by elevated provisions for legal matters.
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
year-ago quarter.
Diluted EPS (1) (2) (3)
$1.45
$0.33
Comp. ratio (3)
57.5%
58.0%
the year-ago quarter.
Non-comp. ratio (3)
20.3%
35.9%
Record asset management revenues, up 12% over
Pre-tax margin (4)
22.2%
6.1%
the year-ago quarter.
ROCE (5)
17.9%
4.4%
Client assets of $538.7 billion, up 11% over the
ROTCE (6)
24.8%
6.2%
year-ago quarter.
Global Wealth Management (assets and loans in millions)
Net income (2) (3) $237,477 $54,236
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
$80 million.
$24.89, up 12% from prior year.
Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
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.
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%
Highlights
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.
1Q 2025
1Q 2026
(000s)
Summary Results of Operations
Highlights
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%
year-ago quarter driven by increased client activity due to the continued normalization of the yield curve.
Other Matters
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
Highlights
$80.32, including $128.0 million in connection with net-share settlements under its equity compensation plan.
Conference Call Information
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, https://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 https://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 https://www.stifel.com/investor-relations.
Cautionary Note Regarding Forward-Looking Statements
This earnings release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies' operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company's future results, financial condition and liquidity, see "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Summary Results of Operations (Unaudited)
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)
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
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
(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.
tifel
Disclaimer
Stifel Financial Corporation published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 15:03 UTC.