What were Stifel's third-quarter 2026 earnings per share?

Stifel reported GAAP diluted earnings of $1.40 per common share, compared with $1.22 in the third quarter of 2025. Adjusted diluted earnings were $1.46, compared with $1.30 a year earlier.

Stifel Reports Third Quarter 2026 Results

Q: How much stock did Stifel repurchase over the last twelve months?

Stifel repurchased $564.4 million of common stock over the last twelve months, representing 7.3 million shares at an average price of $77.05.

Wealth management revenue increased while institutional revenue declined, and lower expenses helped lift quarterly earnings.

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Rhea-AI Sentiment

(Positive)How Sentiment works

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Rhea-AI Summary

Stifel Financial (NYSE: SF) reported third-quarter 2026 net income available to common shareholders of $224.8 million, up from a year earlier. Diluted earnings rose to $1.40 from $1.22, while net revenue slipped 0.2% to $1.43 billion. Adjusted diluted earnings, which exclude certain items, reached $1.46 versus $1.30. The GAAP pre-tax margin expanded to 21.7% from 20.0%.

Global Wealth Management revenue rose to $980.3 million from $907.4 million, while Institutional Group revenue fell to $430.3 million from $500.4 million. Client assets reached $576.5 billion, up 6%, and bank loans increased 21% year over year. Stifel repurchased $124.0 million of common stock during the quarter at an average price of $76.95. Nine-month GAAP diluted earnings rose to $4.23 from $2.37. The company also announced an investment in Meow Technologies.

27 points · 0 major

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0 major · 16 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointThird-quarter GAAP diluted earnings rose 14.8% to $1.40 from $1.22 a year earlier.
Moderate pointThird-quarter GAAP pre-tax margin expanded to 21.7% from 20.0% a year earlier.
Moderate pointNine-month GAAP common-shareholder earnings reached $684.1 million versus $391.5 million; diluted EPS reached $4.23 versus $2.37.
Moderate pointWealth management quarterly revenue increased to $980.3 million from $907.4 million a year earlier.
Moderate pointClient assets increased 6% to $576.5 billion; fee-based assets increased 9% to $239.7 billion year over year.
Moderate pointBank loans increased 21% year over year to $26.065 billion.
Moderate pointNine-month institutional revenue rose to $1.406 billion from $1.305 billion; pre-tax income reached $266.3 million versus $177.8 million.
Moderate pointQuarterly common-stock repurchases totaled $124.0 million, covering 1.6 million shares at an average $76.95. 1.2% of market cap

19 minor points

Minor pointThird-quarter common-shareholder net income increased 11.3% to $224.8 million year over year.
Minor pointThird-quarter adjusted diluted earnings reached $1.46 versus $1.30 a year earlier.
Minor pointThird-quarter compensation expense decreased 3.1% year over year; non-compensation operating expenses decreased 0.1%.
Minor pointThird-quarter effective tax rate fell to 24.4% from 26.1% a year earlier.
Minor pointNine-month GAAP revenue increased 9.7% to $4.355 billion year over year.
Minor pointNine-month GAAP pre-tax margin expanded to 21.5% from 14.2% a year earlier.
Minor pointWealth management quarterly pre-tax income rose to $374.4 million from $342.7 million a year earlier.
Minor pointWealth management quarterly pre-tax margin increased to 38.2% from 37.8% a year earlier.
Minor pointCompanywide quarterly asset management revenue increased 14.1% year over year.
Minor pointCompanywide quarterly net interest income increased 9% year over year.
Minor pointRecruited trailing twelve-month production totaled approximately $19 million over the last twelve months.
Minor pointWealth management quarterly credit-loss provision decreased to $7.926 million from $8.316 million a year earlier.
Minor pointInstitutional quarterly compensation expense fell to $252.7 million from $297.1 million a year earlier.
Minor pointInstitutional quarterly non-compensation operating expenses fell to $101.4 million from $114.0 million a year earlier.
Minor pointCommon dividends declared per share increased to $0.34 from $0.31 in the year-earlier quarter.
Minor pointTangible book value per common share increased 12% to $26.05 year over year.
Minor pointQuarter-end assets increased 9% to $45.282 billion year over year.
Minor pointTier 1 capital increased to $4.665 billion from $4.267 billion a year earlier.
Minor point. Forward-looking: it has not happened yet and may not happen.Stifel announced an investment in Meow Technologies.

Negative

Moderate pointThird-quarter GAAP net revenue fell 0.2% year over year and 1.7% sequentially to $1.426 billion.
Moderate pointInstitutional quarterly revenue declined to $430.3 million from $500.4 million a year earlier.
Minor pointInstitutional quarterly pre-tax income fell to $76.3 million from $89.3 million a year earlier.
Minor pointInstitutional quarterly pre-tax margin slipped to 17.7% from 17.8% a year earlier.
Minor pointInstitutional advisory revenue decreased 4% year over year on fewer completed transactions.

11 minor points

Minor pointInstitutional equity capital raising revenue decreased 13% year over year on lower volumes and smaller deals.
Minor pointInstitutional fixed income capital raising revenue decreased 2% year over year on lower bond issuance.
Minor pointInstitutional fixed income transactional revenue decreased 34% year over year.
Minor pointInstitutional equity transactional revenue decreased 29% year over year, including a $7 million European restructuring-related reduction.
Minor pointWealth management quarterly transactional revenue decreased 3% year over year as client activity declined.
Minor pointWealth management quarterly compensation ratio increased to 48.8% from 48.7% a year earlier.
Minor pointAnnualized adjusted return on tangible common equity declined to 23.9% from 24.3% a year earlier.
Minor pointTier 1 common capital ratio fell to 14.5% from 14.8% a year earlier.
Minor pointTier 1 risk-based capital ratio fell to 17.0% from 17.6% a year earlier.
Minor pointTier 1 leverage capital ratio fell to 10.8% from 11.1% a year earlier.
Minor pointQuarterly merger-related expenses were $8.219 million; restructuring and severance expenses were $1.174 million.

News Explained

Over the last twelve months, Stifel repurchased $564.4 million, or 7.3 million shares, of common stock. Period-end shares were 150,061 thousand at September 30, 2026, versus 152,922 thousand a year earlier, and the company says lower weighted-average diluted shares were primarily due to repurchases.

Key Figures

Net revenues: $1.43 billion Net income available to common shareholders: $224.8 million GAAP diluted EPS: $1.40 +5 more

Net revenues: $1.43 billion; 3Q 2026; compared with $1.43 billion in 3Q 2025
Net income available to common shareholders: $224.8 million; 3Q 2026; compared with $202.1 million in 3Q 2025
GAAP diluted EPS: $1.40; 3Q 2026; compared with $1.22 in 3Q 2025
Non-GAAP diluted EPS: $1.46; 3Q 2026; compared with $1.30 in 3Q 2025
Global Wealth Management net revenues: $980.3 million; 3Q 2026; compared with $907.4 million in 3Q 2025
Institutional Group net revenues: $430.3 million; 3Q 2026; compared with $500.4 million in 3Q 2025
Common stock repurchases: $124.0 million; 1.6 million shares; 3Q 2026; average price of $76.95 per share
Client assets: $576.5 billion; 3Q 2026; up 6% year over year

Previous Earnings Reports

2 past events · Latest: Jul 22

Same Type 2 events

Jul 22
2Q26 earnings report

24h Move

+2.2%

Net revenues and diluted EPS increased year over year; non-GAAP pre-tax margin was 21.7%.
Oct 22
3Q25 earnings report

24h Move

+3.8%

Reported $1.43 billion in net revenues and $202.1 million in common-shareholder net income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, rotce, tangible book value per common share, tier 1 common capital ratio

4 terms

non-gaap financial

"Non-GAAP net income available to common shareholders"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

rotce financial

"Annualized return on tangible common equity (ROTCE)"

Return on Tangible Common Equity (ROTCE) measures how much profit a company generates for common shareholders using the company’s tangible equity — the book value of shareholders’ equity after subtracting intangible assets (like goodwill) and preferred stock. For investors it shows the efficiency of a company’s core, visible capital in producing earnings; like comparing how much profit a shop makes relative to the actual cash-and-inventory value a small owner has invested, it helps assess true underlying profitability and capital returns.

tier 1 common capital ratio financial

"Tier 1 common capital ratio"

Tier 1 common capital ratio measures a bank’s core equity — the common shares and retained profits that can absorb losses first — divided by its assets after those assets are adjusted for how risky they are. Investors view it like a safety cushion: a higher ratio means the bank has more ready-to-use capital to weather losses, which lowers the chance of distress and influences dividend capacity, lending power, and regulatory oversight.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10/21/2026 - 07:00 AM EDT

ST. LOUIS, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.43 billion for the three months ended September 30, 2026, compared with $1.43 billion a year ago. Net income available to common shareholders was $224.8 million, or $1.40 per diluted common share, compared with $202.1 million, or $1.22 per diluted common share ⁽¹⁾ for the third quarter of 2025. Non-GAAP net income available to common shareholders was $234.1 million, or $1.46 per diluted common share for the third quarter of 2026.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel is on track for another record year, with year-to-date revenue of $4.3 billion up 9%, core earnings per share of $4.33 up 22%, and return on tangible common equity of 24.1%. The investments we’ve made in our business continued to drive operating efficiencies, as we delivered our highest ever third quarter earnings per share of $1.46, up 12% versus the prior year, on net revenue of $1.43 billion. I am optimistic about our outlook, as Stifel’s diversified business model, recurring revenue stream, and disciplined capital management position us to keep compounding value for shareholders.”

Highlights

The Company reported net revenues of $1.43 billion, the second best third quarter in its history, driven by higher asset management revenues and net interest income.
Non-GAAP net income available to common shareholders of $1.46 per diluted common share, the best third quarter in its history.
Asset management revenues increased 14% over the year-ago quarter.
Net interest income increased 9% over the year ago quarter.
Bank loans increased 21% over the year ago quarter.
Client assets of $576.5 billion, up 6% over the year-ago quarter.
Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.
Non-GAAP pre-tax margin of 22.5%.
Annualized return on tangible common equity (ROTCE) ⁽⁶⁾ of 23.9%.
Tangible book value per common share ⁽⁹⁾of $26.05, up 12% from prior year.
The Company repurchased $124.0 million, or 1.6 million shares, of its outstanding common stock during the third quarter at an average price of $76.95.
Announced strategic investment in Meow Technologies.

Financial Summary (Unaudited)
(000s)	3Q 2026		3Q 2025		9m 2026		9m 2025
GAAP Financial Highlights:
Net revenues	$1,426,211		$1,429,396		$4,355,176		$3,969,151
Net income⁽²⁾	$224,823		$202,051		$684,078		$391,457
Diluted EPS^{(1) (2)}	$1.40		$1.22		$4.23		$2.37
Comp. ratio		57.0%		58.8%		57.3%		59.1%
Non-comp. ratio		21.3%		21.2%		21.2%		26.7%
Pre-tax margin		21.7%		20.0%		21.5%		14.2%
Non-GAAP Financial Highlights:
Net revenues	$1,429,077		$1,429,398		$4,323,903		$3,969,231
Net income⁽²⁾⁽³⁾	$234,096		$214,419		$700,872		$454,281
Diluted EPS^{(1) (2) (3)}	$1.46		$1.30		$4.33		$2.76
Comp. ratio⁽³⁾		56.6%		58.0%		57.0%		58.0%
Non-comp. ratio⁽³⁾		20.9%		20.8%		20.9%		25.9%
Pre-tax margin⁽⁴⁾		22.5%		21.2%		22.1%		16.1%
ROCE⁽⁵⁾		17.4%		17.0%		17.5%		12.2%
ROTCE⁽⁶⁾		23.9%		24.3%		24.1%		17.3%
*Global Wealth Management (assets and loans in millions***)
Net revenues	$980,293		$907,440		$2,868,950		$2,603,630
Pre-tax net income	$374,408		$342,650		$1,066,970		$775,111
Total client assets⁽⁷⁾	$576,482		$544,010
Fee-based client assets⁽⁷⁾	$239,661		$219,178
Bank loans⁽⁸⁾	$26,065		$21,635
Institutional Group

Net revenues	$430,281	$500,435	$1,406,233	$1,305,143
Equity	$282,574	$296,677	$915,506	$753,037
Fixed Income	$147,707	$203,758	$490,727	$552,106
Pre-tax net income	$76,261	$89,291	$266,348	$177,762

Global Wealth Management

Global Wealth Management reported record net revenues of $980.3 million for the three months ended September 30, 2026, compared with $907.4 million during the third quarter of 2025. Pre-tax net income was $374.4 million compared with $342.7 million in the third quarter of 2025.

Highlights

Client assets of $576.5 billion, up 6% over the year-ago quarter, which included $10.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Fee-based client assets of $239.7 billion, up 9% over the year-ago quarter, which included $4.8 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 $19 million.

Net revenues increased 8% from a year ago:

Transactional revenues decreased 3% over the year-ago quarter, reflecting a decrease in client activity.
Asset management revenues increased 14% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.
Net interest income increased 11% 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 modestly to 48.8% primarily driven by higher revenue-related compensation, partially offset by revenue growth.
Provision for credit losses decreased from a year ago primarily 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 13.0% primarily attributable to lower litigation-related expenses, a decrease in the provision for credit losses, and revenue growth over the year-ago quarter.

Summary Results of Operations

(000s)		3Q 2026		3Q 2025
Net revenues	$980,293		$907,440
Transactional revenues		196,213		203,078
Asset management		492,123		431,363
Net interest income		284,583		257,327
Investment banking		6,731		6,529
Other income		643		9,143

Total expenses	$605,885		$564,790
Compensation expense		478,877		441,626
Provision for credit losses		7,926		8,316
Non-comp. operating expenses		119,082		114,848
Pre-tax net income	$374,408		$342,650
Compensation ratio		48.8%		48.7%
Non-compensation ratio		13.0%		13.5%
Pre-tax margin		38.2%		37.8%

Institutional Group

Institutional Group reported net revenues of $430.3 million for the three months ended September 30, 2026, compared with $500.4 million during the third quarter of 2025. Pre-tax net income was $76.3 million compared with $89.3 million in the third quarter of 2025.

Highlights

Investment banking revenues decreased 6% from a year ago:

Advisory revenues decreased 4% from the year-ago quarter, driven by lower levels of completed advisory transactions.
Equity capital raising revenues decreased 13% from the year-ago quarter, driven by lower volumes and smaller deal sizes.
Fixed income capital raising revenues decreased 2% over the year-ago quarter primarily driven by lower bond issuances.

Fixed income transactional revenues decreased 34% from a year ago:

Fixed income transactional revenues were impacted by widening credit spreads, increased market volatility, and lower realized trading gains during the quarter.

Equity transactional revenues decreased 29% from a year ago:

Equity transactional revenues were impacted by lower realized trading gains, a decline in trading volumes over the year-ago quarter and the restructuring of our European Equities business, which resulted in a $7 million reduction in equity transactional revenues year over year.

Total Expenses:

Compensation expense as a percentage of net revenues decreased to 58.7% primarily attributable to lower revenue-related compensation due to a decline in revenues from the year ago quarter.
Non-compensation operating expenses as a percentage of net revenues increased to 23.6% primarily attributable to a decline in revenues from the year ago quarter.

Summary Results of Operations
Summary Results of Operations
(000s)		3Q 2026		3Q2025
Net revenues	$430,281		$500,435
Investment banking		299,472		316,954
Advisory		173,017		179,270
Equity capital raising		68,556		78,765
Fixed income capital raising		57,899		58,919
Fixed income transactional		80,472		122,567
Equity transactional		41,195		58,306
Other		9,142		2,608
Total expenses	$354,020		$411,144
Compensation expense		252,656		297,106
Non-comp. operating expenses		101,364		114,038
Pre-tax net income	$76,261		$89,291
Compensation ratio		58.7%		59.4%
Non-compensation ratio		23.6%		22.8%
Pre-tax margin		17.7%		17.8%

Other Matters

Highlights

Total assets increased $3.6 billion, or 9%, from the year-ago quarter.
Over the last twelve months, the Company repurchased $564.4 million, or 7.3 million shares, of its outstanding common stock at an average price of $77.05.
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 September 15, 2026, to common shareholders of record on September 1, 2026.
The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on September 15, 2026, to shareholders of record on September 1, 2026.

	3Q 2026		3Q 2025
Common stock repurchases⁽¹⁾
Repurchases (000s)	$124,005		$33,086
Number of shares (000s)		1,612		438
Average price	$76.95		$75.57
Period end shares (000s)		150,061		152,922
Weighted average diluted shares outstanding (000s)		160,145		165,087
Effective tax rate		24.4%		26.1%
Stifel Financial Corp.⁽¹⁰⁾
Tier 1 common capital ratio	`14.5%			14.8%
Tier 1 risk-based capital ratio		17.0%		17.6%
Tier 1 leverage capital ratio		10.8%		11.1%
Tier 1 capital (MM)	$4,665		$4,267
Risk weighted assets (MM)	$27,450		$24,235
Average assets (MM)	$43,060		$38,332
Quarter end assets (MM)	$45,282		$41,687
Agency	Rating		Outlook
Fitch Ratings	BBB+		Stable
S&P Global Ratings	BBB		Stable

Conference Call Information

Stifel Financial Corp. will host its third quarter 2026 financial results conference call on Wednesday, October 21, 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 9806728. 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								Nine Months Ended
(000s, except per share amounts)	9/30/2026		9/30/2025		% Change	6/30/2026		% Change	9/30/2026		9/30/2025		% Change
Revenues:
Commissions	$200,756		$206,075		(2.6)	$221,462		(9.3)	$630,052		$600,414		4.9
Principal transactions		117,124		177,876	(34.2)		140,091	(16.4)		407,436		492,139	(17.2)
Investment banking		306,203		323,483	(5.3)		331,954	(7.8)		979,569		794,885	23.2
Asset management		492,163		431,399	14.1		456,630	7.8		1,408,250		1,244,548	13.2
Other income		8,299		14,228	(41.7)		12,549	(33.9)		76,527		28,499	168.5
Operating revenues		1,124,545		1,153,061	(2.5)		1,162,686	(3.3)		3,501,834		3,160,485	10.8
Interest revenue		510,624		481,504	6.0		476,093	7.3		1,437,766		1,434,192	0.2
Total revenues		1,635,169		1,634,565	0.0		1,638,779	(0.2)		4,939,600		4,594,677	7.5
Interest expense		208,958		205,169	1.8		187,975	11.2		584,424		625,526	(6.6)
Net revenues		1,426,211		1,429,396	(0.2)		1,450,804	(1.7)		4,355,176		3,969,151	9.7
Non-interest expenses:
Compensation and benefits		813,494		839,820	(3.1)		833,018	(2.3)		2,494,846		2,346,976	6.3
Non-compensation operating expenses		303,092		303,530	(0.1)		318,348	(4.8)		925,195		1,058,945	(12.6)
Total non-interest expenses		1,116,586		1,143,350	(2.3)		1,151,366	(3.0)		3,420,041		3,405,921	0.4
Income before income taxes		309,625		286,046	8.2		299,438	3.4		935,135		563,230	66.0
Provision for income taxes		75,482		74,675	1.1		72,961	3.5		223,096		143,812	55.1
Net income		234,143		211,371	10.8		226,477	3.4		712,039		419,418	69.8
Preferred dividends		9,320		9,320	0.0		9,321	(0.0)		27,961		27,961	0.0
Net income available to common shareholders	$224,823		$202,051		11.3	$217,156		3.5	$684,078		$391,457		74.8
Earnings per common share:⁽¹⁾
Basic	$1.48		$1.31		13.0	$1.41		5.0	$4.45		$2.52		76.6
Diluted	$1.40		$1.22		14.8	$1.34		4.5	$4.23		$2.37		78.5
Cash dividends declared per common share⁽¹⁾	$0.34		$0.31		9.7	$0.34		0.0	$1.02		$0.93		9.7
Weighted average number of common shares outstanding:⁽¹⁾
Basic		151,956		154,679	(1.8)		154,234	(1.5)		153,889		155,603	(1.1)
Diluted		160,145		165,087	(3.0)		161,631	(0.9)		161,744		164,877	(1.9)

Non-GAAP Financial Measures ⁽¹¹⁾

	Three Months Ended						Nine Months Ended
(000s, except per share amounts)	9/30/2026			9/30/2025			9/30/2026			9/30/2025
GAAP net income		234,143		$	211,371			712,039		$	419,418
Preferred dividend		9,320			9,320			27,961			27,961
Net income available to common shareholders		224,823			202,051			684,078			391,457

Non-GAAP adjustments:
Net revenue adjustments ^{(12) (13)}		2,866			2			(31,273	)		80
Merger-related ⁽¹⁴⁾		8,219			12,676			50,090			45,635
Restructuring and severance ⁽¹⁵⁾		1,174			4,065			3,504			31,106
Provision for income taxes ⁽¹⁶⁾		(2,986	)		(4,375	)		(5,527	)		(13,997	)
Total non-GAAP adjustments		9,273			12,368			16,794			62,824
Non-GAAP net income available to common shareholders	$	234,096		$	214,419		$	700,872		$	454,281

Weighted average diluted shares outstanding ⁽¹⁾		160,145			165,087			161,744			164,877

GAAP earnings per diluted common share ⁽¹⁾	$	1.46		$	1.28		$	4.41		$	2.53
Non-GAAP adjustments ⁽¹⁾		0.06			0.08			0.10			0.39
Non-GAAP earnings per diluted common share ⁽¹⁾	$	1.52		$	1.36		$	4.51		$	2.92

GAAP earnings per diluted common share available to common shareholders ⁽¹⁾	$	1.40		$	1.22		$	4.23		$	2.37
Non-GAAP adjustments ⁽¹⁾		0.06			0.08			0.10			0.39
Non-GAAP earnings per diluted common share available to common shareholders ⁽¹⁾	$	1.46		$	1.30		$	4.33		$	2.76

GAAP to Non-GAAP Reconciliation ⁽¹¹⁾

	Three Months Ended						Nine Months Ended
(000s)	9/30/2026			9/30/2025			9/30/2026			9/30/2025
GAAP net revenues	$1,426,211			$1,429,396			$4,355,176			$3,969,151
Non-GAAP adjustments:
Gain on sale of business ⁽¹²⁾		2,866			—			(44,418	)		—
Litigation-related and other ⁽¹³⁾		—			2			13,145			80
Total non-GAAP adjustments		2,866			2			(31,273	)		80
Non-GAAP net revenues	$1,429,077			$1,429,398			$4,323,903			$3,969,231

GAAP compensation and benefits	$813,494			$839,820			$2,494,846			$2,346,976
As a percentage of net revenues		57.0%			58.8%			57.3%			59.1%
Non-GAAP adjustments:
Merger-related ⁽¹⁴⁾		(3,463	)		(6,704	)		(25,226	)		(13,706	)
Restructuring and severance ⁽¹⁵⁾		(1,174	)		(4,065	)		(3,504	)		(31,106	)
Total non-GAAP adjustments		(4,637	)		(10,769	)		(28,730	)		(44,812	)
Non-GAAP compensation and benefits	$808,857			$829,051			$2,466,116			$2,302,164
As a percentage of non-GAAP net revenues		56.6%			58.0%			57.0%			58.0%

GAAP non-compensation expenses	$303,092			$303,530			$925,195			$1,058,945
As a percentage of net revenues		21.3%			21.2%			21.2%			26.7%
Non-GAAP adjustments:
Merger-related ⁽¹⁴⁾		(4,756	)		(5,972	)		(24,864	)		(31,929	)
Non-GAAP non-compensation expenses	$298,336			$297,558			$900,331			$1,027,016
As a percentage of non-GAAP net revenues		20.9%			20.8%			20.9%			25.9%
Total adjustments before income taxes	$12,259			$16,743			$22,321			$76,821

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 $95.0 million and $87.2 million as of September 30, 2026, and 2025, respectively.
⁽⁷⁾	Total client assets and fee-based client assets as of September 30, 2025, include $10.2 billion and $4.8 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, October 21, 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.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Stifel's institutional trading revenue decline in the third quarter of 2026?

Stifel attributed lower institutional trading revenue to market conditions and reduced trading activity. Fixed income trading faced widening credit spreads, increased volatility and lower realized trading gains. Equity trading faced lower realized gains and volumes, plus a $7 million year-over-year revenue reduction from restructuring its European Equities business.

How much stock did Stifel repurchase over the last twelve months?

Stifel repurchased $564.4 million of common stock over the last twelve months, representing 7.3 million shares at an average price of $77.05.

Stifel Reports Third Quarter 2026 Results