Stifel Financial : 2026 1st Quarter Earnings (Slides)

Published: 2026-05-15 11:05:21 ET SF

Published on 05/15/2026 at 11:05 am EDT

‌First Quarter 2026

Financial Results Presentation

Quarterly Earnings Report

April 22, 2026

‌First Quarter Snapshot

NET REVENUE

1Q26: GAAP $1,478 & NON-GAAP $1,442

ANNUALIZED ROCE

1Q26:GAAP 18.3% & NON-GAAP 17.9%

* Please see our definition of ROTCE in our first quarter 2026 earnings release

millions, except per share and ratios

NET EARNINGS

1Q26: GAAP $242 & NON-GAAP $237

EPS

1Q26: GAAP $1.48 & NON-GAAP $1.45

ANNUALIZED ROTCE*

1Q26:GAAP 25.3% & NON-GAAP 24.8%

BOOK VALUE PER SHARE

TBV $24.89 BV $34.43

Record First Quarter Net Revenue

Record First Quarter

Investment Banking Revenue

Record First Quarter Net Revenue Global Wealth Management

Completed Sale of

Stifel Independent Advisors

Record Asset Management Revenue

Repurchased 2.8 million

Common Shares

‌Strategic Objectives & Market Landscape

First Quarter Results Variance to Consensus Estimates

(in Millions, except diluted EPS and share data)

1Q26

1Q26 Mean

% ∆

1Q26 vs. 1Q25

Revenues

Operating*

Analyst

Results

Commissions + Principal transactions

$358

$363

(1%)

7%

Investment banking

$341

$334

2%

44%

Asset management and service fees

$459

$457

0%

12%

Net interest

$277

$280

(1%)

6%

Net revenues

$1,442

$1,442

0%

15%

‌Variance to Consensus Estimates

Non-interest expenses

Compensation and benefits

829

830

(0%)

14%

Compensation Ratio

57.5%

57.6%

-1 bps

-5 bps

Non-compensation expenses

293

299

(2%)

(35%)

Total non-interest expenses

1,121

1,129

(1%)

(5%)

Income before income taxes

320

312

3%

321%

Provision for income taxes

73

75

2%

494%

Tax Rate

22.9%

24.0%

-110 bps

650 bps

Net Income

$247

$237

4%

288%

Diluted Operating EPS

$1.45

$1.38

5%

339%

*Non-GAAP

COMMENTARY ON VARIANCE TO ANALYST ESTIMATES

Commissions & Principal Transactions:

Stronger Global Wealth Management & Fixed Income Revenue

Lower Equity Revenue on European Restructuring

Investment Banking:

Stronger Advisory Revenue

Lower Equity & Fixed Income Underwriting Revenue

Net Interest Income

Lower Non-Bank NII

Non-compensation Expense:

Lower Provision Expense & Investment Banking Gross Up

Tax Rate:

Improved Foreign Profitability

Transactional

$203

9%

-2%

Asset Management

459

12%

1%

Net Interest

264

8%

1%

Investment Banking

6

3%

-27%

Other

(0)

nm

nm

‌Comp. Ratio 50.7% 110 bps 50 bps

HIGHLIGHTS

Total Global Wealth Management Net

Revenue

$932

10%

0%

GLOBAL WEALTH MANAGEMENT REVENUE

Sequential

millions 1Q26 Y/Y Change

Change

Record First Quarter Net Revenue

Record Asset Management Revenue

Record First Quarter Transactional Revenue

Completed Sale of Stifel Independent Advisors

Non-Comp. Ratio 13.8% -2170 bps -60 bps

Pre-tax Margin 35.5% 2060 bps 10 bps

Provision for credit loss $7 -46% -33%

CLIENT CASH BALANCES

Pre-tax Pre-provision Margin 36.1% 1980 bps -30 bps

$1,092

$1,599

$1,066

$1,114

$240

$760

$505

$1,446

$1,474

$508

$189

$1,167

$673

Private Client Fee-based Client Assets $191,708 15% -3%

millions

CLIENT ASSET METRICS

1Q26

Y/Y

Sequential Change

Total Client Assets

$538,717

11%

-2%

Fee-based Client Assets $219,863 16% -2%

($691)

($894)

($54)

($1,409)

($108)

millions

($253) ($366)

Client Asset Metrics Include the impact of assets associated with the sale of Stifel Independent Advisors. Total Client Assets from SIA were $10.5 bil. and $9.0 bil. on December 31,2025 and March 31, 2025, respectively. Fee-based Client Assets from SIA were $4.9 bil. and $4.2 bil. on December 31, 2025 and March 31, 2025, respectively

1Q25 2Q25 3Q25 4Q25 1Q26

Ticked MMF Smart Rate Sweep* Non-Wealth Deposits

* Sweep balances include Sweep Deposits, Third-party Bank Sweep Program, & Other Sweep Cash

Global Wealth Management

‌Institutional Group

millions

Advisory

1Q26

$218

Y/Y Change

59%

Institutional Revenue up 29% Year-on-Year

Capital Raising

$117

24%

Positive Pre-Tax Margins from International Business

Equity

$67

37%

Fixed Income

$50

9%

Record First Quarter Investment Banking Revenue

Transactional

$155

4%

Equity

$55

-7%

Record First Quarter Advisory Revenue

Fixed Income

$100

12%

Second Highest First Quarter Capital Raising

Total Institutional Revenue*

$495

29%

Comp. Ratio

59.7%

-590 bps

Non-Comp. Ratio

20.5%

-680 bps

Pre-tax Margin

19.8%

1270 bps

* Includes net interest, asset management, and other income

Revenue

Ranked #1 in Senior Managed New Issue Negotiated Municipal Issuance with 14.6% Market Share

25.0%

20.0%

15.0%

10.0%

19.8%

10.1% 10.6%

$600

$500

millions

$400

$300

$200

5.0%

0.0%

7.1%

$100

$0

1Q25 2Q25 3Q25 4Q25 1Q26

1Q23 1Q24 1Q25 1Q26

Advisory Fees Capital Raising Brokerage Other

‌Compensation $829 $728 14%

65%

Compensation Ratio

63%

61%

59%

Non-GAAP EXPENSE RATIOS

40%

Non-compensation Ratio

35%

30%

25%

20%

15%

Non-compensation $293 $451 -35%

Credit Loss Provision & IB Gross Up $15 $21 -27%

57%

55%

53%

58.0% 58.0%

58.0% 58.0%

57.5%

10%

5%

0%

Pre-tax Income $320 $76 321%

1Q25 2Q25 3Q25 4Q25 1Q26

Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio

Net Income available to common Shareholders

$242,099

Non-GAAP After Tax Adjustments ($4,622)

Preferred Dividend $9,320

GAAP Net Income $251,419

$1,200

$1,000

$800

millions

$600

$400

$200

$0

-$200

ANNUAL GAAP to Non-GAAP RESULTS

2021 2022 2023 2024 2025 2026*

Non-GAAP Net Income Available to Common

Shareholders $237,477

GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments

* For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2026 earnings release.

*2026 annual GAAP to non-GAAP results based on annualized results through 3/31/2026

Expenses

millions

1Q26

1Q25

Y/Y Change

Non-compensation Expense,

Ex. IB Gross Up & Credit Loss

$277

$431

-36%

(000s)

1Q26

‌Capital Utilization

FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS

$45,000

$40,000

millions

$35,000

$30,000

$25,000

$20,000

$40,384

17.6%

10.8%

$39,860

17.5%

10.8%

$41,687

17.6%

11.1%

$41,271

18.3%

11.4%

$42,893

18.7%

11.4%

22.0%

20.0%

18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

Repurchased 1.25 million Shares in Open Market

Net Settled 1.5 million Shares tied to Equity-based Compensation

10.2 million Shares in Total Authorization

Total Assets Increased $1.6 billion

Bank Funding Increased at CAGR of 11% Since 2021

1Q25 2Q25 3Q25 4Q25 1Q26

Assets Tier 1 Leverage Tier 1 Risk Based Capital

$900,000

$800,000

$700,000

$600,000

$500,000

(000s)

$400,000

$300,000

$200,000

$100,000

$0

($100,000)

DEPLOYING EXCESS CAPITAL

2022 2023 2024 2025 2026

Capital Generated Bank Growth

Common Stock Repurchases Dividends (Common & Preferred) Acquisitions

$80,000

$70,000

$60,000

millions

$50,000

$40,000

$30,000

$20,000

$10,000

$0

A TRACK RECORD of FUNDING GROWTH

2021 2022 2023 2024 2025 2026*

Bank Deposits Available Funding

*2026 based on results through 3/31/2026

Quarterly Earnings Report

‌Concluding Remarks

‌First Quarter 2026

Financial Results Presentation

Quarterly Earnings Report

April 22, 2026

‌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

Disclaimer

Quarterly Earnings Report

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.