Stifel Reports First Quarter 2026 Results
Rhea-AI Summary
Stifel Financial (NYSE: SF) reported 1Q26 net revenues $1.48B and net income $242.1M ($1.48 diluted EPS), versus $1.26B revenue and $43.7M net income in 1Q25. Results were driven by higher investment banking, asset management, transaction activity, net interest income, and a gain on the Feb 2, 2026 sale of Stifel Independent Advisors.
Key metrics: investment banking revenues +44% YoY, advisory +59% YoY, client assets $538.7B (+11% YoY), ROTCE 24.8%, tangible book value per share $24.89 (+12% YoY). Board approved 3-for-2 stock split effective Feb 26, 2026; repurchased $224.4M shares in 1Q26.
Positive
- Net revenues +17.7% YoY to $1.48B
- Net income rose to $242.1M from $43.7M
- Investment banking revenues +44% YoY
- Client assets $538.7B, +11% YoY
- ROTCE 24.8% and tangible book value +12%
Negative
- Effective tax rate increased to 22.9% from 16.4%
News Market Reaction – SF
On the day this news was published, SF declined 4.08%, reflecting a moderate negative market reaction. Argus tracked a trough of -2.0% from its starting point during tracking. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $520M from the company's valuation, bringing the market cap to $12.23B at that time. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SF was up 0.75% pre-release while key peers were mixed: JEF (+0.25%), LPLA (+0.95%), EVR (-1.52%), HLI (-0.22%), TW (-1.13%). This points to a stock-specific setup rather than a broad capital markets move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 22 | Quarterly earnings | Positive | +3.8% | Strong Q3 2025 revenue growth, record wealth management and higher investment banking. |
| Jul 30 | Quarterly earnings | Positive | +3.6% | Best Q2 2025 ever with higher net revenues and strong non-GAAP EPS. |
| Apr 23 | Quarterly earnings | Negative | -3.8% | Record Q1 2025 revenues but sharply lower earnings due to legal provisions. |
| Oct 23 | Quarterly earnings | Positive | +0.7% | Q3 2024 revenue and earnings growth with strong investment banking and assets. |
| Jul 24 | Quarterly earnings | Positive | +2.7% | Q2 2024 revenue and EPS growth with record asset management revenues. |
Earnings releases have generally produced positive price reactions, even when results were mixed, suggesting investors often reward SF’s earnings updates.
Over recent quarters, SF’s earnings releases highlighted consistent net revenue growth, rising client assets, and expanding returns on tangible common equity. Prior updates such as Q2 2024, Q3 2024, and Q2 2025 emphasized record or strong revenues and higher ROTCE, typically followed by gains of 2–4%. Even the weaker Q1 2025 print, pressured by legal provisions, drew a negative price reaction aligned with softer profitability. Today’s record Q1 2026 results extend that trajectory of revenue growth and margin improvement.
Historical Comparison
In the past five earnings releases, SF moved an average of 1.41%, usually higher on strong revenue and ROTCE trends. Q1 2026 delivers higher net revenues and margins, consistent with those supportive patterns.
Earnings releases from 2024–2025 show rising net revenues, expanding client assets, and improving ROTCE, with Global Wealth Management and Institutional segments both contributing more over time.
Market Pulse Summary
This announcement details record Q1 2026 performance, with net revenues of $1.48B, GAAP EPS of $1.48, and ROTCE of 24.8%, supported by strong investment banking and asset management. Compared with earlier earnings, SF continues to grow client assets and expand margins. Investors may focus on sustainability of advisory and capital-raising activity, expense discipline after prior legal costs, and ongoing capital return through dividends and buybacks.
Key Terms
non-gaap financial
pre-tax margin financial
rotce financial
tangible book value financial
tier 1 common capital ratio financial
tier 1 risk-based capital ratio financial
tier 1 leverage capital ratio financial
phantom stock units financial
AI-generated analysis. Not financial advice.
ST. LOUIS, April 22, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel delivered record first quarter results with approximately
Highlights
- The Company reported net revenues of
$1.48 billion , the second best in its history, driven by higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of Stifel Independent Advisors, LLC, which closed on February 2, 2026. - Non-GAAP net income available to common shareholders of
$1.45 per diluted common share. The first quarter of 2025 was negatively impacted by elevated provisions for legal matters. - Investment banking revenues increased
44% over the year-ago quarter.- Advisory revenues increased
59% over the year-ago quarter. - Capital raising revenues increased
22% over the year-ago quarter.
- Advisory revenues increased
- Record asset management revenues, up
12% over the year-ago quarter. - Client assets of
$538.7 billion , up11% over the year-ago quarter. - Over the last twelve months, recruited trailing twelve-month production totaled approximately
$80 million . - Non-GAAP pre-tax margin of
22.2% . - Annualized return on tangible common equity (ROTCE) (6) of
24.8% . - Tangible book value per common share (9) of
$24.89 , up12% from prior year.
| Financial Summary (Unaudited) | ||||||
| (000s) | 1Q 2026 | 1Q 2025 | ||||
| GAAP Financial Highlights: | ||||||
| Net revenues | $ | 1,478,161 | $ | 1,255,469 | ||
| Net income(2) | $ | 242,099 | $ | 43,672 | ||
| Diluted EPS(1) (2) | $ | 1.48 | $ | 0.26 | ||
| Comp. ratio | 57.4 | % | 58.3 | % | ||
| Non-comp. ratio | 20.5 | % | 36.7 | % | ||
| Pre-tax margin | 22.1 | % | 5.0 | % | ||
| Non-GAAP Financial Highlights: | ||||||
| Net revenues | $ | 1,441,522 | $ | 1,255,455 | ||
| Net income(2) (3) | $ | 237,477 | $ | 54,236 | ||
| Diluted EPS(1) (2) (3) | $ | 1.45 | $ | 0.33 | ||
| Comp. ratio(3) | 57.5 | % | 58.0 | % | ||
| Non-comp. ratio(3) | 20.3 | % | 35.9 | % | ||
| Pre-tax margin(4) | 22.2 | % | 6.1 | % | ||
| ROCE(5) | 17.9 | % | 4.4 | % | ||
| ROTCE(6) | 24.8 | % | 6.2 | % | ||
| Global Wealth Management (assets and loans in millions) | ||||||
| Net revenues | $ | 932,123 | $ | 850,559 | ||
| Pre-tax net income | $ | 330,715 | $ | 126,405 | ||
| Total client assets(7) | $ | 538,717 | $ | 485,860 | ||
| Fee-based client assets(7) | $ | 219,863 | $ | 189,693 | ||
| Bank loans(8) | $ | 22,185 | $ | 21,241 | ||
| Institutional Group | ||||||
| Net revenues | $ | 495,258 | $ | 384,929 | ||
| Equity | $ | 332,339 | $ | 236,192 | ||
| Fixed Income | $ | 162,919 | $ | 148,737 | ||
| Pre-tax net income | $ | 97,910 | $ | 27,431 | ||
Global Wealth Management
Global Wealth Management reported net revenues of
Highlights
- Over the last twelve months, recruited trailing twelve-month production totaled approximately
$80 million .
- Client assets of
$538.7 billion , up11% over the year-ago quarter, which included$9.0 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
- Fee-based client assets of
$219.9 billion , up16% over the year-ago quarter, which included$4.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Net revenues increased
- Transactional revenues increased
9% over the year-ago quarter, reflecting an increase in client activity.
- Asset management revenues increased
12% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.
- Net interest income increased
8% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.
Total Expenses:
- Compensation expense as a percentage of net revenues increased to
50.7% primarily attributable to higher variable and deferred compensation costs.
- Provision for credit losses decreased from the year-ago quarter as a result of a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.
- Non-compensation operating expenses as a percentage of net revenues decreased to
13.8% primarily attributable to lower litigation-related expenses and provision for credit losses.
| Summary Results of Operations | ||||||
| (000s) | 1Q 2026 | 1Q 2025 | ||||
| Net revenues | $ | 932,123 | $ | 850,559 | ||
| Transactional revenues | 202,658 | 186,395 | ||||
| Asset management | 459,426 | 409,506 | ||||
| Net interest income | 264,368 | 245,534 | ||||
| Investment banking | 6,072 | 5,908 | ||||
| Other income | (401 | ) | 3,216 | |||
| Total expenses | $ | 601,408 | $ | 724,154 | ||
| Compensation expense | 472,460 | 422,293 | ||||
| Provision for credit losses | 6,535 | 12,020 | ||||
| Non-comp. operating expenses | 122,413 | 289,841 | ||||
| Pre-tax net income | $ | 330,715 | $ | 126,405 | ||
| Compensation ratio | 50.7 | % | 49.6 | % | ||
| Non-compensation ratio | 13.8 | % | 35.5 | % | ||
| Pre-tax margin | 35.5 | % | 14.9 | % | ||
Institutional Group
Institutional Group reported net revenues of
Highlights
Investment banking revenues increased
- Advisory revenues increased
59% over the year-ago quarter, driven by higher levels of completed advisory transactions.
- Equity capital raising revenues increased
37% over the year-ago quarter, driven by higher volumes and larger deal sizes.
- Fixed income capital raising revenues increased
9% from the year-ago quarter primarily driven by driven by higher bond issuances reflecting a more favorable financing environment.
Fixed income transactional revenues increased
- Fixed income transactional revenues increased from the year-ago quarter driven by increased client activity due to the continued normalization of the yield curve.
Equity transactional revenues decreased
- Equity transactional revenues were impacted by the restructuring of our European Equities business. Those actions resulted in a
$9 million reduction in equity transactional revenues year over year.
Total Expenses:
- Compensation expense as a percentage of net revenues decreased to
59.7% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
- Non-compensation operating expenses as a percentage of net revenues decreased to
20.5% primarily attributable to revenue growth.
| Summary Results of Operations | ||||||
| (000s) | 1Q 2026 | 1Q 2025 | ||||
| Net revenues | $ | 495,258 | $ | 384,929 | ||
| Investment banking | 335,340 | 232,034 | ||||
| Advisory | 218,438 | 137,470 | ||||
| Equity capital raising | 67,293 | 49,005 | ||||
| Fixed income capital raising | 49,609 | 45,559 | ||||
| Fixed income transactional | 100,038 | 89,345 | ||||
| Equity transactional | 55,359 | 59,590 | ||||
| Other | 4,521 | 3,960 | ||||
| Total expenses | $ | 397,348 | $ | 357,498 | ||
| Compensation expense | 295,870 | 252,585 | ||||
| Non-comp. operating expenses | 101,478 | 104,913 | ||||
| Pre-tax net income | $ | 97,910 | $ | 27,431 | ||
| Compensation ratio | 59.7 | % | 65.6 | % | ||
| Non-compensation ratio | 20.5 | % | 27.3 | % | ||
| Pre-tax margin | 19.8 | % | 7.1 | % | ||
Other Matters
Highlights
- Total assets increased
$2.5 billion , or6% , over the year-ago quarter. - On January 26, 2026, the Board of Directors declared a three-for-two stock split, effective February 26, 2026, to shareholders of record at the close of business on February 12, 2026.
- The Company repurchased
$224.4 million , or 2.8 million shares, of its outstanding common stock during the first quarter at an average price of$80.32 , including$128.0 million in connection with net-share settlements under its equity compensation plan. - Weighted average diluted shares outstanding decreased primarily due to share repurchases, partially offset by the increase in the Company’s share price.
- The Board of Directors declared a
$0.34 quarterly dividend per share, payable on March 16, 2026, to common shareholders of record on March 2, 2026. - The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on March 16, 2026, to shareholders of record on March 2, 2026.
| 1Q 2026 | 1Q 2025 | |||||
| Common stock repurchases(1) | ||||||
| Repurchases (000s) | $ | 224,360 | $ | 210,934 | ||
| Number of shares (000s) | 2,793 | 3,044 | ||||
| Average price | $ | 80.32 | $ | 69.30 | ||
| Period end shares (000s) | 153,817 | 154,617 | ||||
| Weighted average diluted shares outstanding (000s) | 163,444 | 165,953 | ||||
| Effective tax rate | 22.9 | % | 16.4 | % | ||
| Stifel Financial Corp.(10) | ||||||
| Tier 1 common capital ratio | 15.8 | % | 14.7 | % | ||
| Tier 1 risk-based capital ratio | 18.7 | % | 17.6 | % | ||
| Tier 1 leverage capital ratio | 11.4 | % | 10.8 | % | ||
| Tier 1 capital (MM) | $ | 4,530 | $ | 4,163 | ||
| Risk weighted assets (MM) | $ | 24,288 | $ | 23,661 | ||
| Average assets (MM) | $ | 39,724 | $ | 38,397 | ||
| Quarter end assets (MM) | $ | 42,893 | $ | 40,384 | ||
| Agency | Rating | Outlook | ||||
| Fitch Ratings | BBB+ | Stable | ||||
| S&P Global Ratings | BBB | Stable | ||||
Conference Call Information
Stifel Financial Corp. will host its first quarter 2026 financial results conference call on Wednesday, April 22, 2026, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.
All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 330-6710 and referencing conference ID 2892702. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.
Company Information
Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.
A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.
The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.
Cautionary Note Regarding Forward-Looking Statements
This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
| 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 | |
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
(7) Total client assets and fee-based client assets as of March 31, 2025, include
(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.
