Stifel Reports November 2025 Operating Data

Rhea-AI Summary

Stifel Financial (NYSE: SF) reported selected operating results as of November 30, 2025, highlighting record fee-based client assets and strong deposit trends.

Key metrics: fee-based client assets were $224,662 million, up 14% year-over-year; treasury deposits were $8,734 million, up 96% year-over-year; total client assets were $553,606 million, up 8% year-over-year. Client money market and insured product balances declined 10% year-over-year. Management cited recruiting, market gains, and elevated institutional activity as drivers and noted a stronger fourth-quarter outlook despite a government shutdown impact.

Positive

• Fee-based client assets +14% year-over-year to $224,662 million
• Treasury deposits +96% year-over-year to $8,734 million

Negative

• Client money market and insured products down 10% year-over-year to $25,738 million

Key Figures

Total client assets $553,606M As of 11/30/2025; +8% YoY, +1% vs 10/31/2025

Fee-based client assets $224,662M As of 11/30/2025; +14% YoY, +1% vs 10/31/2025

PCG fee-based assets $196,548M As of 11/30/2025; +14% YoY, +1% vs 10/31/2025

Bank loans, net $21,963M As of 11/30/2025; +6% YoY, +1% vs 10/31/2025

Client money market & insured $25,738M As of 11/30/2025; -10% YoY, +1% vs 10/31/2025

Treasury deposits $8,734M As of 11/30/2025; +96% YoY, +9% vs 10/31/2025

Oct 2025 client assets $549,984M As of 10/31/2025; +12% YoY (prior monthly update)

3Q 2025 net revenues $1.43B Quarter ended 09/30/2025

Market Reality Check

$127.41 Last Close

Volume Volume 1,142,921 is 1.42x the 20-day average of 807,336, indicating elevated trading ahead of/around this update. normal

Technical Shares at 125.43 are trading above the 200-day MA of 106.33, while sitting 5.75% below the 52-week high.

Peers on Argus

SF fell 1.69% with higher volume, while key peers were mixed: JEF (-0.65%), EVR (-1.76%), HLI (-1.55%), TW (+0.31%), LPLA (-3.71%). The operating-data update appears more stock-specific than a broad Capital Markets move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 20	Monthly operating data	Positive	+1.5%	Record October client assets and strong year-over-year growth in key metrics.
Nov 11	Conference presentation	Neutral	+2.1%	Announcement of CEO presentation at Wolfe Research Wealth Symposium.
Nov 05	Dividend declaration	Positive	+0.5%	Quarterly cash dividends declared on common and preferred stock series.
Oct 27	Business divestiture deal	Neutral	+0.9%	Equitable to acquire Stifel Independent Advisors, subject to approvals.
Oct 22	Quarterly earnings	Positive	+3.8%	Strong 3Q results with record client assets and higher institutional revenues.

Pattern Detected

Recent fundamentally oriented updates (earnings, monthly operating data) have generally coincided with positive next-day price reactions, while neutral or event-related headlines show smaller, mixed moves.

Recent Company History

Over the last few months, SF has reported several growth milestones. October operating data on Oct 31, 2025 highlighted record assets and saw a +1.49% reaction. Third-quarter results on Oct 22, 2025 showed $1.43B in net revenues and strong segment growth, with shares up 3.84%. A dividend declaration and the Wolfe Symposium presentation also drew modest gains. November’s record client and fee-based assets extend this trajectory of rising asset levels and institutional activity.

Market Pulse Summary

This announcement highlights record total client assets of $553,606M and fee-based assets of $224,662M as of November 30, 2025, alongside sharply higher Treasury deposits, up 96% year-over-year. These figures extend trends from October’s operating data and strong 3Q 2025 results. Investors may focus on asset mix shifts, including lower money market and insured balances, and monitor future monthly updates and quarterly earnings for consistency in asset growth and institutional activity.

Key Terms

money market financial

"Client money market and insured product balances increased 1% from October..."

A money market is the part of the financial system where very short-term, low-risk loans and investments are made, such as government bills, bank certificates, and commercial paper. It matters to investors because it’s where cash is kept when safety and quick access matter—like a parking spot for money that earns a small return and can be moved fast—so changes in interest rates or market stress directly affect returns and liquidity.

sweep deposits financial

"Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program..."

Sweep deposits are a bank or brokerage feature that automatically moves idle cash from a checking or brokerage account into short-term interest-earning accounts or investments overnight, then returns it when you need to spend or trade. For investors this is important because it boosts the return on idle cash without manual steps while preserving quick access, and the specific destination affects interest earned and the type of protection (like deposit insurance) your cash receives.

third-party bank sweep program financial

"Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program..."

A third-party bank sweep program automatically moves uninvested cash from an account at a brokerage or financial firm into deposit accounts at outside banks so the money can earn interest and often receive federal deposit insurance. Think of it like an automatic system that tucks spare change into several separate piggy banks to earn a little return and reduce the risk of losing all your cash if one bank fails. Investors care because the program affects how much idle cash earns, how quickly it can be accessed, and what kinds of safety or counterparty risk apply.

treasury deposits financial

"Treasury deposits (2) | $ 8,734 | $4,451 | $8,006 | | 96% | 9%"

Treasury deposits are cash that a government’s finance office or a company’s treasury team keeps in bank accounts or very short-term safe instruments to manage day-to-day bills and reserves. Think of it like the checking and savings accounts a household uses to pay rent and cover emergencies; for investors, the size and location of these deposits indicate liquidity, short-term safety, and how much money is parked with particular banks, which can affect credit and counterparty risk.

AI-generated analysis. Not financial advice.

ST. LOUIS, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for November 30, 2025, to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Total client assets and fee-based client assets reached record highs in November, up 8% and 14% year-over-year, driven by strong recruiting and market gains. Client money market and insured product balances increased 1% from October as growth in Sweep balances more than offset a decline in Smart Rate. Additionally, the impressive growth in Treasury deposits accelerated in November as balances increased 9% from the prior month and nearly doubled from a year ago. In our Institutional Group, client activity levels remain elevated, and despite the impact of the government shutdown, we anticipate a strong fourth quarter.”

Selected Operating Data (Unaudited)
	As of							% Change
(millions)	11/30/2025		11/30/2024		10/31/2025			11/30/2024	10/31/2025
Total client assets	$553,606		$513,931		$549,984			8%	1%
Fee-based client assets	$224,662		$197,333		$222,818			14%	1%
Private Client Group fee-based client assets	$196,548		$172,527		$194,728			14%	1%
Bank loans, net (includes loans held for sale)	$21,963		$20,727		$21,796			6%	1%
Client money market and insured product(1)	$25,738		$28,558		$25,505			(10)%	1%
Treasury deposits(2)	$8,734		$4,451		$8,006			96%	9%

(1)   Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.
(2)   Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits at Stifel Bancorp and third-party banks.

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.

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

FAQ

What were Stifel (SF) total client assets as of November 30, 2025?

Total client assets were $553,606 million as of November 30, 2025.

How much did Stifel (SF) fee-based client assets change year-over-year on November 30, 2025?

Fee-based client assets increased 14% year-over-year to $224,662 million.

By how much did Stifel (SF) treasury deposits change as of November 30, 2025?

Treasury deposits rose 96% year-over-year to $8,734 million as of November 30, 2025.

What happened to Stifel (SF) client money market balances in November 2025?

Client money market and insured product balances fell 10% year-over-year to $25,738 million.

Did Stifel (SF) report any commentary on fourth-quarter expectations on December 18, 2025?

Management said institutional activity remained elevated and they anticipate a strong fourth quarter despite the government shutdown impact.