Stifel Financial Q3 2026 earnings rise 11.3% to $225M

Stifel Financial Q3 2026 earnings rise 11.3% to $225M

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SF reported $224.8 million of net income available to common shareholders and diluted EPS of $1.40 for Q3 2026. Those compared with $202.1 million and $1.22, respectively, in Q3 2025.

Global Wealth Management generated $980.3 million in revenue and $374.4 million in pre-tax income, up 8.0% and 9.3%, respectively, year over year. Institutional Group revenue was $430.3 million and pre-tax income was $76.3 million, down 14.0% and 14.6%.

Cash dividends declared per common share were $0.34 for the third quarter of 2026, compared with $0.31 for the third quarter of 2025, a 9.7% year-over-year increase.

Wealth management growth and share repurchases contrasted with lower revenue and pre-tax income in the Institutional Group.

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Stifel Financial Corp. (SF) reported third-quarter 2026 net revenues of $1.426 billion, down 0.2% from a year earlier. Net income available to common shareholders rose 11.3% to $224.8 million, and diluted earnings per share increased 14.8% to $1.40. Income before income taxes increased 8.2% to $309.6 million. Non-GAAP diluted earnings per share available to common shareholders were $1.46, compared with $1.30.

Global Wealth Management revenue increased 8.0% to $980.3 million, and pre-tax income rose 9.3% to $374.4 million. Institutional Group revenue fell 14.0% to $430.3 million, while pre-tax income declined 14.6% to $76.3 million. Total client assets were $576.482 billion as of September 30, 2026. During the quarter, Stifel repurchased 1.612 million common shares for $124.005 million at an average price of $76.95.

For the first nine months of 2026, net revenues were $4.355 billion, up 9.7%, and net income available to common shareholders was $684.1 million, up 74.8% from the same period in 2025.

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Moderate pointCommon earnings rose 11.3% to $224.8 million in the third quarter.
Moderate pointGlobal Wealth Management revenue increased 8.0% to $980.3 million.

Moderate pointInstitutional Group revenue declined 14.0% to $430.3 million.

At September 30, $7,245 million of lending commitments remained unfunded, separately reported from the $26,065 million in total loans.

This 8-K reports Stifel’s completed third-quarter results and highlights $1.3 billion in loan growth; total loans, including loans held for sale, were $26,065 million on September 30.

The supplement separately lists $7,245 million in lending commitments as unfunded at September 30.

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Net revenues: $1.426 billion Net income available to common shareholders: $224.8 million Diluted EPS: $1.40 +5 more

8 metrics

Net revenues $1.426 billion Third quarter 2026; compared with $1.429 billion in third quarter 2025

Net income available to common shareholders $224.8 million Third quarter 2026; compared with $202.1 million in third quarter 2025

Diluted EPS $1.40 Third quarter 2026; compared with $1.22 in third quarter 2025

Non-GAAP diluted EPS available to common shareholders $1.46 Third quarter 2026; compared with $1.30 in third quarter 2025

Global Wealth Management net revenues $980.3 million Third quarter 2026; up 8.0% year over year

Institutional Group net revenues $430.3 million Third quarter 2026; down 14.0% year over year

Common stock repurchases $124.005 million Third quarter 2026

Shares repurchased 1.612 million shares Third quarter 2026

Non-GAAP financial measure, Net interest income/margin, Common equity tier 1 capital ratio, Allowance for credit losses

4 terms

Non-GAAP financial measure financial

"Non-GAAP financial measures disclosed by the Company"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

Net interest income/margin financial

"Net interest income/margin"

Common equity tier 1 capital ratio financial

"Common equity tier 1 capital ratio"

A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.

Allowance for credit losses financial

"Allowance for credit losses"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Net revenues: $1.426 billion

Third quarter 2026

Net revenues $1.426 billion -0.2% year over year

Net income available to common shareholders $224.8 million +11.3% year over year

Diluted EPS $1.40 +14.8% year over year

Non-GAAP diluted EPS available to common shareholders $1.46 +12.3% year over year

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SF reported $224.8 million of net income available to common shareholders and diluted EPS of $1.40 for Q3 2026. Those compared with $202.1 million and $1.22, respectively, in Q3 2025.

Global Wealth Management generated $980.3 million in revenue and $374.4 million in pre-tax income, up 8.0% and 9.3%, respectively, year over year. Institutional Group revenue was $430.3 million and pre-tax income was $76.3 million, down 14.0% and 14.6%.

Cash dividends declared per common share were $0.34 for the third quarter of 2026, compared with $0.31 for the third quarter of 2025, a 9.7% year-over-year increase.

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Available on EDGAR 10/21/2026 - 07:00 AM EDT Accepted by SEC EDGAR 10/21/2026 - 07:00 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2026

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-09305

43-1273600

(State of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share	SF	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B	SF-PB	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C	SF-PC	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D	SF-PD	New York Stock Exchange
5.20% Senior Notes due 2047	SFB	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended September 30, 2026. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended September 30, 2026, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, October 21, 2026, at 9:30 a.m. Eastern time, the Company will hold a conference call to discuss its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description

99.1		Press release dated October 21, 2026.

99.2		Financial Supplement for the quarter ended September 30, 2026.

99.3		Financial Results Presentation dated October 21, 2026.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Exhibit 99.1

LOGO

Stifel Reports Third Quarter 2026 Results

ST. LOUIS, MO, October 21, 2026 – 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

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

LOGO

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%

Stifel Financial Corp. | Page 2

LOGO

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

(000s)	3Q 2026		3Q 2025

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%

Stifel Financial Corp. | Page 3

LOGO

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. | Page 4

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.

Stifel Financial Corp. | Page 5

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)

Stifel Financial Corp. | Page 6

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

(31,273)

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

Stifel Financial Corp. | Page 7

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

Stifel Financial Corp. | Page 8

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.

Stifel Financial Corp. | Page 9

Exhibit 99.2

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Third Quarter 2026 Earnings Results

Quarterly Financial Supplement		Page



Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Condensed Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Non-GAAP Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Non-GAAP Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights ⁽¹⁾
	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change			9/30/2026		9/30/2025		% Change
Net revenues	$	1,426,211	$	1,429,396		(0.2	%)	$	1,450,804		(1.7	%)	$	4,355,176	$	3,969,151		9.7	%
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 diluted common share	$	1.46	$	1.28		14.1	%	$	1.40		4.3	%	$	4.41	$	2.53		73.9	%
Earnings per diluted common share available to common shareholders	$	1.40	$	1.22		14.8	%	$	1.34		4.5	%	$	4.23	$	2.37		78.5	%
Non-GAAP financial summary (2):
Net revenues	$	1,429,077	$	1,429,398		(0.0	%)	$	1,453,304		(1.7	%)	$	4,323,903	$	3,969,231		8.9	%
Net income	$	243,416	$	223,739		8.8	%	$	238,620		2.0	%	$	728,833	$	482,242		51.1	%
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	234,096		214,419		9.2	%		229,299		2.1	%	$	700,872	$	454,281		54.3	%
Earnings per diluted common share	$	1.52	$	1.36		11.8	%	$	1.48		2.7	%	$	4.51	$	2.92		54.5	%
Earnings per diluted common share available to common shareholders	$	1.46	$	1.30		12.3	%	$	1.42		2.8	%	$	4.33	$	2.76		56.9	%

Weighted average number of common shares outstanding:
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	%)
Period end common shares outstanding		150,061		152,922		(1.9	%)		151,589		(1.0	%)		150,061		152,922		(1.9	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	1.02	$	0.93		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations ⁽¹⁾
	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	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	%)

Transactional revenues		317,880		383,951		(17.2	%)		361,553		(12.1	%)		1,037,488		1,092,553		(5.0	%)
Capital raising		132,875		144,213		(7.9	%)		174,456		(23.8	%)		430,305		350,840		22.6	%
Advisory		173,328		179,270		(3.3	%)		157,498		10.1	%		549,264		444,045		23.7	%

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	%
Occupancy and equipment rental		102,787		95,601		7.5	%		100,555		2.2	%		303,037		282,045		7.4	%
Communication and office supplies		48,846		48,893		(0.1	%)		46,341		5.4	%		146,208		146,253		(0.0	%)
Commissions and floor brokerage		13,547		15,807		(14.3	%)		15,039		(9.9	%)		43,627		49,759		(12.3	%)
Provision for credit losses		7,926		8,316		(4.7	%)		12,538		(36.8	%)		26,999		28,664		(5.8	%)
Investment banking expenses		13,079		17,088		(23.5	%)		12,495		4.7	%		34,120		34,624		(1.5	%)
Other operating expenses		116,907		117,825		(0.8	%)		131,380		(11.0	%)		371,204		517,600		(28.3	%)

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:
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	%
Weighted average number of common shares outstanding:
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	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	1.02	$	0.93		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 3 of 19

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Non-GAAP Condensed Consolidated Results of Operations ^{(1) (2)}
	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change			9/30/2026		9/30/2025		% Change

Non-GAAP net revenues	$	1,429,077	$	1,429,398		(0.0	%)	$	1,453,304		(1.7	%)	$	4,323,903	$	3,969,231		8.9	%
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		808,857		829,051		(2.4	%)		828,384		(2.4	%)		2,466,116		2,302,164		7.1	%
Non-GAAP non-compensation operating expenses		298,336		297,558		0.3	%		309,427		(3.6	%)		900,331		1,027,016		(12.3	%)

Total non-GAAP non-interest expenses		1,107,193		1,126,609		(1.7	%)		1,137,811		(2.7	%)		3,366,447		3,329,180		1.1	%
Non-GAAP income before income taxes		321,884		302,789		6.3	%		315,493		2.0	%		957,456		640,051		49.6	%
Non-GAAP provision for income taxes		78,468		79,050		(0.7	%)		76,873		2.1	%		228,623		157,809		44.9	%

Non-GAAP net income		243,416		223,739		8.8	%		238,620		2.0	%		728,833		482,242		51.1	%
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Non-GAAP net income available to common shareholders	$	234,096	$	214,419		9.2	%	$	229,299		2.1	%	$	700,872	$	454,281		54.3	%

Non-GAAP earnings per common share:
Basic	$	1.55	$	1.39		11.5	%	$	1.49		4.0	%	$	4.59	$	2.92		57.2	%
Diluted	$	1.46	$	1.30		12.3	%	$	1.42		2.8	%	$	4.33	$	2.76		56.9	%
Weighted average number of common shares outstanding:
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	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	1.02	$	0.93		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 4 of 19

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Consolidated Financial Summary
	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change			9/30/2026			9/30/2025			% Change
Net revenues:
Global Wealth Management	$	980,293		$	907,440			8.0	%	$	956,534			2.5	%	$	2,868,950		$	2,603,630			10.2	%
Institutional Group		430,281			500,435			(14.0	%)		480,694			(10.5	%)		1,406,233			1,305,143			7.7	%
Other		15,637			21,521			(27.3	%)		13,576			15.2	%		79,993			60,378			32.5	%

Total net revenues	$	1,426,211		$	1,429,396			(0.2	%)	$	1,450,804			(1.7	%)	$	4,355,176		$	3,969,151			9.7	%
Operating expenses:
Global Wealth Management	$	605,885		$	564,790			7.3	%	$	594,687			1.9	%	$	1,801,980		$	1,828,519			(1.5	%)
Institutional Group		354,020			411,144			(13.9	%)		388,517			(8.9	%)		1,139,885			1,127,381			1.1	%
Other		156,681			167,416			(6.4	%)		168,162			(6.8	%)		478,176			450,021			6.3	%

Total operating expenses	$	1,116,586		$	1,143,350			(2.3	%)	$	1,151,366			(3.0	%)	$	3,420,041		$	3,405,921			0.4	%
Operating contribution:
Global Wealth Management	$	374,408		$	342,650			9.3	%	$	361,847			3.5	%	$	1,066,970		$	775,111			37.7	%
Institutional Group		76,261			89,291			(14.6	%)		92,177			(17.3	%)		266,348			177,762			49.8	%
Other		(141,044	)		(145,895	)		(3.3	%)		(154,586	)		(8.8	%)		(398,183	)		(389,643	)		2.2	%

Income before income taxes	$	309,625		$	286,046			8.2	%	$	299,438			3.4	%	$	935,135		$	563,230			66.0	%
Financial ratios (change in bps):
Compensation and benefits		57.0	%		58.8	%		(180	)		57.4	%		(40	)		57.3	%		59.1	%		(180	)
Non-compensation operating expenses		21.3	%		21.2	%		10			22.0	%		(70	)		21.2	%		26.7	%		(550	)
Income before income taxes		21.7	%		20.0	%		170			20.6	%		110			21.5	%		14.2	%		730
Effective tax rate		24.4	%		26.1	%		(170	)		24.4	%		0			23.9	%		25.5	%		(160	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 5 of 19

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Consolidated Financial Information and Metrics

	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
Financial Information:
Total assets	$	45,281,836		$	41,687,360			8.6	%	$	44,907,609			0.8	%
Total shareholders’ equity	$	6,046,148		$	5,756,135			5.0	%	$	6,013,241			0,5	%
Total common equity	$	5,361,148		$	5,071,135			5.7	%	$	5,328,241			0.6	%
Goodwill and intangible assets	$	(1,548,636	)	$	(1,592,723	)		(2.8	%)	$	(1,552,657	)		(0.3	%)
DTL on goodwill and intangible assets	$	96,536		$	89,186			8.2	%	$	93,488			3.3	%

Tangible common equity	$	3,909,068		$	3,567,598			9.6	%	$	3,869,072			1.0	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%

Financial Metrics:
Book value per common share (1)(3)	$	35.73		$	33.16			7.8	%	$	35.15			1.7	%
Tangible book value per common share (1)(3)	$	26.05		$	23.33			11.7	%	$	25.52			2.1	%
Return on common equity (4)		16.7	%		16.1	%					16.2	%
Non-GAAP return on common equity (2)(4)		17.4	%		17.0	%					17.1	%
Return on tangible common equity (5)		23.0	%		22.9	%					22.3	%
Non-GAAP return on tangible common equity (2)(5)		23.9	%		24.3	%					23.6	%
Pre-tax margin on net revenues		21.7	%		20.0	%					20.6	%
Non-GAAP pre-tax margin on net revenues (2)		22.5	%		21.2	%					21.7	%
Effective tax rate		24.4	%		26.1	%					24.4	%
Non-GAAP effective tax rate (2)		24.4	%		26.1	%					24.4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁶⁾

(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,980,152		$	3,582,042			11.1	%	$	3,890,357			2.3	%
Tier 1 capital	$	4,665,152		$	4,267,042			9.3	%	$	4,575,357			2.0	%
Risk-weighted assets	$	27,450,352		$	24,235,466			13.3	%	$	26,405,428			4.0	%
Common equity tier 1 capital ratio		14.5	%		14.8	%					14.7	%
Tier 1 risk based capital ratio		17.0	%		17.6	%					17.3	%
Tier 1 leverage capital ratio		10.8	%		11.1	%					11.2	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,349,294		$	1,323,323			2.0	%	$	1,336,645			0.9	%
Tier 1 capital	$	1,349,294		$	1,323,323			2.0	%	$	1,336,645			0.9	%
Risk-weighted assets	$	12,321,004		$	11,938,637			3.2	%	$	12,180,861			1.2	%
Common equity tier 1 capital ratio		11.0	%		11.1	%					11.0	%
Tier 1 risk based capital ratio		11.0	%		11.1	%					11.0	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	1,088,652		$	827,457			31.6	%	$	958,490			13.6	%
Tier 1 capital	$	1,088,652		$	827,457			31.6	%	$	958,490			13.6	%
Risk-weighted assets	$	9,773,740		$	6,761,301			44.6	%	$	9,003,643			8.6	%
Common equity tier 1 capital ratio		11.1	%		12.2	%					10.6	%
Tier 1 risk based capital ratio		11.1	%		12.2	%					10.6	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	810,900		$	515,800			57.2	%	$	776,500			4.4	%
Excess net capital	$	779,300		$	485,100			60.6	%	$	735,300			6.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change			9/30/2026			9/30/2025			% Change
Revenues:
Commissions	$	136,513		$	141,864			(3.8	%)	$	147,157			(7.2	%)	$	423,734		$	395,893			7.0	%
Principal transactions		59,700			61,214			(2.5	%)		60,240			(0.9	%)		182,534			176,246			3.6	%

Transactional revenues		196,213			203,078			(3.4	%)		207,397			(5.4	%)		606,268			572,139			6.0	%
Asset management		492,123			431,363			14.1	%		456,596			7.8	%		1,408,145			1,244,443			13.2	%
Net interest		284,583			257,327			10.6	%		274,602			3.6	%		823,553			757,009			8.8	%
Investment banking (7)		6,731			6,529			3.1	%		8,693			(22.6	%)		21,496			18,661			15.2	%
Other income		643			9,143			(93.0	%)		9,246			(93.0	%)		9,488			11,378			(16.6	%)

Net revenues		980,293			907,440			8.0	%		956,534			2.5	%		2,868,950			2,603,630			10.2	%%
Non-interest expenses:
Compensation and benefits		478,877			441,626			8.4	%		460,582			4.0	%		1,411,919			1,284,159			9.9	%
Non-compensation operating expenses		127,008			123,164			3.1	%		134,105			(5.3	%)		390,061			544,360			(28.3	%)

Total non-interest expenses		605,885			564,790			7.3	%		594,687			1.9	%		1,801,980			1,828,519			(1.5	%)

Income before income taxes	$	374,408		$	342,650			9.3	%	$	361,847			3.4	%	$	1,066,970		$	775,111			37.7	%


As a percentage of net revenues (change in bps):
Compensation and benefits		48.8	%		48.7	%		10			48.2	%		60			49.2	%		49.3	%		(10	)
Non-compensation operating expenses		13.0	%		13.5	%		(50	)		14.0	%		(100	)		13.6	%		20.9	%		(730	)
Income before income taxes		38.2	%		37.8	%		40			37.8	%		40			37.2	%		29.8	%		740


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 8 of 19

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Global Wealth Management - Statistical Information
	As of and for the Three Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
Total client assets (8)	$	576,482,000		$	544,010,000			6.0	%	$	580,077,000			(0.6	%)
Fee-based client assets (8)	$	239,661,000		$	219,178,000			9.3	%	$	239,777,000			(0.0	%)
Transactional assets	$	336,821,000		$	324,832,000			3.7	%	$	340,300,000			(1.0	%)
Secured client lending (9)	$	3,858,000		$	3,459,000			11.5	%	$	4,144,000			(6.9	%)
Asset Management Revenue:
Private Client Group (10)	$	426,248		$	371,414			14.8	%	$	390,046			9.3	%
Asset Management		45,057			40,762			10.5	%		44,068			2.2	%
Third-party Bank Sweep Program		2,631			4,608			(42.9	%)		3,186			(17.4	%)
Other (11)		18,227			14,615			24.7	%		19,330			(5.7	%)

Total asset management revenues	$	492,163		$	431,399			14.1	%	$	456,630			7.8	%
Fee-based Assets (millions):
Private Client Group (10)	$	209,744		$	191,688			9.4	%	$	210,049			(0.1	%)
Asset Management		49,293			46,413			6.2	%		49,652			(0.7	%)
Elimination (12)		(19,376	)		(18,923	)		2.4	%		(19,924	)		(2.8	%)

Total fee-based assets	$	239,661		$	219,178			9.3	%	$	239,777			(0.0	%)
Third-party Bank Sweep Program	$	334		$	526			(36.5	%)	$	392			(14.8	%)
ROA (bps) (13):
Private Client Group (10)		81.2			82.5						81.4
Asset Management		36.6			35.1						35.5
Third-party Bank Sweep Program		365.0			384.3						358.3


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Global Wealth Management - Statistical Information (Cont.)
	As of and for the Three Months Ended
(Unaudited, millions)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	12,867	$	14,907		(13.7	%)	$	13,354		(3.6	%)
Sweep Deposits		9,678		10,529		(8.1	%)		10,939		(11.5	%)
Direct Wealth Management Deposits at Stifel Bancorp		193		428		(54.9	%)		190		1.6	%

Total Stifel Bancorp Wealth Management Deposits		22,738		25,864		(12.1	%)		24,483		(7.1	%)
Other Bank Deposits		10,069		4,274		135.6	%		7,781		29.4	%

Total Stifel Bancorp Deposits	$	32,807	$	30,138		8.9	%	$	32,264		1.7	%

Short-term Treasuries (14)	$	6,996	$	7,148		(2.1	%)	$	6,742		3.8	%
Third-party Commercial Treasury Deposits (15)	$	2,600	$	3,513		(26.0	%)	$	3,058		(15.0	%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	22,738	$	25,864		(12.1	%)	$	24,483		(7.1	%)
Third-party Bank Sweep Program (15)		334		526		(36.5	%)		392		(14.8	%)
Third-party Treasury (15)		—		—		0.0	%		—		0.0	%
Other Sweep Cash		664		415		60.0	%		713		(6.9	%)
Money Market Mutual Funds		17,695		15,538		13.9	%		17,330		2.1	%

Total Wealth Management Cash	$	41,431	$	42,343		(2.2	%)	$	42,918		(3.5	%)

Client money market and insured product (16)	$	23,543	$	26,377		(10.7	%)	$	25,398		(7.3	%)
Third-party Deposits Available to Stifel Bancorp (15)	$	2,934	$	4,039		(27.4	%)	$	3,450		(15.0	%)


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Institutional Group - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change			9/30/2026			9/30/2025			% Change
Revenues:
Commissions	$	64,243		$	64,211			0.0	%	$	74,305			(13.5	%)	$	206,318		$	204,521			0.9	%
Principal transactions		57,424			116,662			(50.8	%)		79,851			(28.1	%)		224,902			315,893			(28.8	%)

Transactional revenues		121,667			180,873			(32.7	%)		154,156			(21.1	%)		431,220			520,414			(17.1	%)
Capital raising		126,455			137,684			(8.2	%)		165,898			(23.8	%)		409,255			332,179			23.2	%
Advisory		173,017			179,270			(3.5	%)		157,363			9.9	%		548,818			444,045			23.6	%

Investment banking		299,472			316,954			(5.5	%)		323,261			(7.4	%)		958,073			776,224			23.4	%
Other income (17)		9,142			2,608			250.5	%		3,277			179.0	%		16,940			8,505			99.2	%

Net revenues		430,281			500,435			(14.0	%)		480,694			(10.5	%)		1,406,233			1,305,143			7.7	%
Non-interest expenses:
Compensation and benefits		252,656			297,106			(15.0	%)		285,504			(11.5	%)		834,030			807,388			3.3	%
Non-compensation operating expenses		101,364			114,038			(11.1	%)		103,013			(1.6	%)		305,855			319,993			(4.4	%)

Total non-interest expenses		354,020			411,144			(13.9	%)		388,517			(8.9	%)		1,139,885			1,127,381			1.1	%

Income before income taxes	$	76,261		$	89,291			(14.6	%)	$	92,177			(17.3	%)	$	266,348		$	177,762			49.8	%

As a percentage of net revenues (change in bps):
Compensation and benefits		58.7	%		59.4	%		(70	)		59.4	%		(70	)		59.3	%		61.9	%		(260	)
Non-compensation operating expenses		23.6	%		22.8	%		80			21.4	%		220			21.8	%		24.5	%		(270	)
Income before income taxes		17.7	%		17.8	%		(10	)		19.2	%		(150	)		18.9	%		13.6	%		530


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Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
Stifel Bancorp Financial Information:
Total assets	$	35,486,860		$	32,615,017			8.8	%	$	35,278,437			0.6	%
Total shareholder’s equity	$	2,429,171		$	2,210,850			9.9	%	$	2,334,646			4.0	%
Total loans, net (includes loans held for sale)	$	26,064,729		$	21,634,690			20.5	%	$	24,805,104			5.1	%
Residential real estate		9,821,336			9,085,945			8.1	%		9,619,618			2.1	%
Fund banking		6,719,233			3,881,895			73.1	%		5,767,990			16.5	%
Commercial and industrial		4,720,505			3,760,005			25.5	%		4,529,422			4.2	%
Securities-based loans		2,992,962			2,565,897			16.6	%		2,977,657			0.5	%
Construction and land		926,412			1,166,895			(20.6	%)		977,377			(5.2	%)
Commercial real estate		372,212			437,570			(14.9	%)		412,809			(9.8	%)
Other		313,373			278,934			12.3	%		289,812			8.1	%
Loans held for sale		328,900			595,517			(44.8	%)		373,591			(12.0	%)
Investment securities	$	8,024,768		$	8,146,439			(1.5	%)	$	8,410,858			(4.6	%)
Available-for-sale securities, at fair value		1,512,748			1,688,636			(10.4	%)		1,529,505			(1.1	%)
Held-to-maturity securities, at amortized cost		6,512,020			6,457,803			0.8	%		6,881,353			(5.4	%)
Unrealized losses on available-for-sale securities		(178,012	)		(113,421	)		56.9	%		(115,080	)		54.7	%
Total deposits	$	32,807,264		$	30,137,748			8.9	%	$	32,264,006			1.7	%
Demand deposits (interest-bearing)		32,052,478			29,277,379			9.5	%		31,476,634			1.8	%
Demand deposits (non-interest-bearing)		561,463			456,021			23.1	%		498,688			12.6	%
Certificates of deposit		193,323			404,348			(52.2	%)		288,684			(33.0	%)

Credit Metrics:
Allowance for credit losses	$	143,165		$	164,206			(12.8	%)	$	150,093			(4.6	%)
Allowance as a percentage of retained loans		0.55	%		0.78	%					0.61	%
Net charge-offs as a percentage of average loans		0.06	%		0.05	%					0.03	%
Total nonperforming assets	$	125,507		$	159,073			(21.1	%)	$	125,615			(0.1	%)
Nonperforming assets as a percentage of total assets		0.35	%		0.49	%					0.36	%


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Stifel Bancorp - Loan and Investment Portfolio
(Unaudited, millions)	9/30/2026		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,821		30	%	Financials	$	1,288	27	%
Securities-based loans		2,993		9	%	Industrials		883	19	%
Home equity lines of credit and other		313		1	%	Information technology		756	16	%

Total consumer		13,127		40	%	Consumer discretionary		302	6	%

Fund banking		6,719		20	%	Healthcare		297	6	%
Commercial and industrial		4,721		14	%	Communication services		297	6	%
Construction and land		926		3	%	Materials		288	6	%
Commercial real estate		372		1	%	Hotel, leisure, restaurants		253	5	%

Total commercial		12,738		38	%	REITs		202	4	%

Total loan portfolio		25,865		78	%	Consumer staples		134	3	%

Unfunded commitments		7,245		22	%

Total	$	33,110		100	%

						CLO by Major Sector
						Banking, finance, insurance, & real estate	$	705	11	%
Investment Portfolio						High tech industries		654	10	%
CLO	$	6,504		79	%	Healthcare & pharmaceuticals		640	10	%
Agency MBS		1,350		16	%	Services: business		618	10	%
Corporate bonds		275		3	%	Hotel, gaming, & leisure		363	6	%
SBA		62		1	%	Construction & building		271	4	%
Student loan ARS		8		0	%	Beverage, food, & tobacco		260	4	%
CMBS		1		0	%	Capital equipment		234	4	%
Other		3		0	%	Services: consumer		222	3	%

Total Portfolio	$	8,203		100	%	Chemicals, plastics, & rubber		217	3	%


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Loans and Lending Commitments - Allowance for Credit Losses
	September 30, 2026
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q3 Provision
Residential real estate	$	9,821,336	$	10,294		0.1	%	$	(2,095	)
Fund banking		6,719,233		9,985		0.1	%		1,176
Commercial and industrial		4,720,505		76,467		1.6	%		12,268
Securities-based loans		2,992,962		3,139		0.1	%		(370	)
Construction and land		926,412		6,550		0.7	%		(4,137	)
Commercial real estate		372,212		5,775		1.6	%		855
Other		313,373		937		0.3	%		(382	)

Loans held for investment, gross		25,866,033		113,147		0.4	%		7,315
Loans held for sale		328.900

Total loans, gross		26,194,934
Lending-related commitments (unfunded)		7,244,780		30,018		0,4	%		611

Loans and lending-related commitments	$	33,439,714	$	143,165				$	7,926


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Consolidated Non-GAAP Net Interest Income ⁽²⁾


	Three Months Ended
	September 30, 2026						September 30, 2025							June 30, 2026
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,764.7	$	16.6		3.76%	$	2,236.3	$	24.1		4.31	%	$	2,000.1	$	17.8		3.56	%
Financial instruments owned		1,640.0		9.0		2.20%		1,345.1		8.3		2.47	%		1,489.0		9.0		2.43	%
Margin balances		976.5		17.9		7.34%		856.8		15.5		7.24	%		1,114.6		16.9		6.07	%
Investments:
Asset-backed securities		6,613.8		89.2		5.40%		6,433.7		98.8		6.14	%		6,795.3		90.6		5.33	%
Mortgage-backed securities		1,241.1		11.4		3.66%		1,089.4		8.9		3.26	%		1,222.7		10.9		3.55	%
Corporate fixed income securities		292.5		1.8		2.40%		446.8		3.0		2.68	%		361.1		2.2		2.45	%
Other		4.8		—		2.51%		4.7		—		2.55	%		4.8		—		2.55	%

Total investments		8,152.2		102.4		5.02%		7,974.6		110.7		5.55	%		8,383.9		103.7		4.95	%
Loans:
Residential real estate		9,723.9		107.5		4.42%		8,988.7		88.5		3.94	%		9,465.8		98.6		4.17	%
Commercial and industrial		4,521.5		71.5		6.32%		3,786.8		71.4		7.55	%		4,393.8		68.7		6.25	%
Fund banking		6,355.7		98.2		6.18%		3,967.0		70.0		7.06	%		4,736.2		73.2		6.18	%
Securities-based loans		2,977.7		41.4		5.57%		2,538.5		39.5		6.23	%		2,875.2		39.4		5.49	%
Commercial real estate		384.7		6.0		6.19%		436.4		8.8		8.10	%		421.1		6.5		6.15	%
Construction and land		957.9		14.4		5.99%		1,195.2		23.1		7.74	%		1,105.9		18.2		6.58	%
Loans held for sale		420.4		8.3		7.89%		488.8		10.5		8.56	%		348.2		6.8		7.77	%
Other		299.9		4.9		6.50%		258.2		4.7		7.20	%		276.7		4.6		6.73	%

Total loans		25,641.7		352.2		5.49%		21,659.6		316.5		5.85	%		23,622.9		316.0		5.35	%
Other interest-bearing assets		1,291.9		12.6		3.89%		908.0		6.4		2.80	%		1,155.6		12.7		4.40	%

Total interest-bearing assets/ interest income		39,467.0		510.7		5.18%		34,980.4		481.5		5.51	%		37,766.1		476.1		5.04	%
Interest-bearing liabilities:
Senior notes		617.9		7.1		4.62%		617.1		7.1		4.62	%		617.7		7.1		4.62	%
Deposits		31,525.0		180.6		2.29%		28,445.5		188.0		2.64	%		30,348.1		163.5		2.16	%
Other interest-bearing liabilities		2,182.3		21.3		3.89%		1,620.2		10.1		2.48	%		1,931.0		17.4		3.59	%

Total interest-bearing liabilities/ interest expense	$	34,325.2		209.0		2.44%	$	30,682.8		205.2		2.67	%	$	32,896.8		188.0		2.29	%

Net interest income/margin			$	301.7		3.06%			$	276.3		3.16	%			$	288.1		3.05	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 15 of 19

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Stifel Bancorp Net Interest Income


	Three Months Ended
	September 30, 2026							September 30, 2025							June 30, 2026
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	684.1		7.3		4.27	%	$	1,302.5	$	15.4		4.72	%	$	954.5	$	11.8		4.93	%
Investments		8,152.2		102.4		5.02	%		7,974.6		110.7		5.55	%		8,383.9		103.7		4.95	%
Loans		25,641.7		352.2		5.49	%		21,659.6		316.5		5.85	%		23,622.9		316.0		5.35	%
Other interest-bearing assets		82.1		1.3		6.35	%		66.3		0.9		5.20	%		68.5		0.9		5.69	%

Total interest-bearing assets/ interest income	$	34,560.1	$	463.2		5.36	%	$	31,003.0	$	443.5		5.72	%	$	33,029.8	$	432.4		5.24	%
Interest-bearing liabilities:
Deposits	$	31,525.0	$	180.6		2.29	%	$	28,445.5	$	188.0		2.64	%	$	30,348.1	$	163.5		2.16	%
Other interest-bearing liabilities		145.1		1.9		5.11	%		142.1		1.9		5.37	%		177.4		2.1		4.66	%

Total interest-bearing liabilities/ interest expense	$	31,670.1		182.5		2.32	%	$	28,587.6		189.9		2.66	%	$	30,525.5		165.6		2.17	%

Net interest income/margin			$	280.7		3.21	%			$	253.6		3.27	%			$	266.8		3.23	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 16 of 19

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GAAP to Non-GAAP Reconciliation


	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			Change			6/30/2026			Change			9/30/2026			9/30/2025			Change
GAAP net revenues	$	1,426,211		$	1,429,396					$	1,450,804					$	4,355,176		$	3,969,151
Gain on sale of business (18)		2,866			—						2,500						(44,418)			—
Litigation-related and other (19)		—			2						—						13,145			80

Total non-GAAP adjustments		2,866			2						2,500						(31,273)			80

Non-GAAP net revenues		1,429,077			1,429,398						1,453,304						4,323,903			3,969,231

GAAP compensation and benefits expense		813,494			839,820						833,018						2,494,846			2,346,976
Merger-related and other (20)		(3,463)			(6,704	)					(4,135	)					(25,226)			(13,706	)
Restructuring and severance (21)		(1,174)			(4,065	)					(499	)					(3,504)			(31,106	)

Total non-GAAP adjustments		(4,637)			(10,769	)					(4,634	)					(28,730)			(44,812	)

Non-GAAP compensation and benefits expense		808,857			829,051						828,384						2,466,116			2,302,164

GAAP non-compensation operating expenses		303,092			303,530						318,348						925,195			1,058,945
Merger-related (20)		(4,756)			(5,972	)					(8,921	)					(24,864)			(31,929	)

Non-GAAP non-compensation operating expenses		298,336			297,558						309,427						900,331			1,027,016

Total adjustments		(12,259)			(16,743	)					(16,055	)					(22,321)			(76,821	)


GAAP provision for income taxes		75,482			74,675						72,961						223,096			143,812
Merger-related and other (22)		2,986			4,375						3,912						5,527			13,997

Non-GAAP provision for income taxes		78,468			79,050						76,873						228,623			157,809

Financial ratios (change in bps):
Compensation and benefits		56.6	%		58.0	%		(140	)		57.0	%		(40	)		57.0	%		58.0	%		(100	)
Non-compensation operating expenses		20.9	%		20.8	%		10			21.3	%		(40	)		20.9	%		25.9	%		(500	)
Income before income taxes		22.5	%		21.2	%		130			21.7	%		80			22.1	%		16.1	%		600
Effective tax rate		24.4	%		26.1	%		(170	)		24.4	%		—			23.9	%		24.7	%		(80	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 17 of 19

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Footnotes


(1)		All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.
(2)		Please refer to the GAAP to Non-GAAP Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
(3)		Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per common share, a non-GAAP financial measure, represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
(4)		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 or, in the case of adjusted ROCE, calculated by dividing full year or annualized non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
(5)		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 or, in the case of adjusted ROTCE, calculated by dividing full year or annualized non-GAAP 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 was $95.0 million, $87.2 million, and $93.1 million, as of September 30, 2026 and 2025, and June 30, 2026, respectively.
(6)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 21, 2026.
(7)		Includes capital raising and advisory revenues.
(8)		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.
(9)		Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
(10)		Includes Private Client Group and Trust Business.
(11)		Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(12)		Asset management assets managed in Private Client Group or Trust accounts.
(13)		Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.
(14)		Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(15)		The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.
(16)		Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(17)		Includes net interest, asset management, and other income.
(18)		Gain recognized on the sale of Stifel Independent Advisors during the first quarter of 2026.
(19)		Primarily related to prejudgment interest recognized on legal matters.
(20)		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.
(21)		The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(22)		Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 18 of 19

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Disclaimer and Legal Notice

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.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s third quarter earnings release issued October 21, 2026.


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 19 of 19

Exhibit 99.3 Third Quarter 2026 Financial Results Presentation October 21, 2026 Quarterly Earnings Report

Third Quarter Snapshot 3Q26 RESULTS millions, except per share and ratios NET EARNINGS NET REVENUE EPS 3Q26: GAAP $225 & NON-GAAP $234 3Q26: GAAP $1,426 & NON-GAAP $1,429 3Q26: GAAP $1.40 & NON-GAAP $1.46 YTD: GAAP $684 & NON-GAAP $701 YTD: GAAP $4,355 & NON-GAAP $4,324 YTD: GAAP $4.23 & NON-GAAP $4.33 ANNUALIZED ROTCE* ANNUALIZED ROCE BOOK VALUE PER SHARE 3Q26:GAAP 16.7% & NON-GAAP 17.4% 3Q26:GAAP 23.0% & NON-GAAP 23.9% TBV $26.05 BV $35.73 YTD: GAAP 23.5% & NON-GAAP 24.1% YTD: GAAP 17.1% & NON-GAAP 17.5% * Please see our definition of ROTCE in our third quarter 2026 earnings release HIGHLIGHTS Record Third Quarter Increased Loans Net Income by $1.3 billion Record Net Revenue Repurchased 1.6 million Global Wealth Management Common Shares Strategic Investment Record Third Quarter in Meow Technologies Net Interest Income Quarterly Earnings Report 1

Valuation & Performance Comparison SF RJF MS (1) Price $66.06 $153.44 $178.47 (2) Price/Tangible Book Value 2.6X 2.9X 3.4X (3) Price / Trailing Earnings Per Share 11.2X 12.9X 14.4X (4) Price / Forward Earnings Per Share 9.0X 10.2X 13.0X (5) Earnings Growth 406% 328% 325% (6) Tangible Book Value Growth 154% 151% 66% (3) Return on Tangible Common Equity 26.3% 23.1% 24.6% Sources: Factset, Company Filings & Stifel Research (1) Price as of 10/19/2026 (2) Tangible Book Value as of 6/30/2026 (3) LTM as of 6/30/2026 (4) Forward Earnings Per Share based on Consensus Calendar 2027 (5) Adjusted Earnings Per Share from 12/31/2016 – 6/30/2026 (6) Tangible Book Value from 12/31/2016 – 6/30/2026 Quarterly Earnings Report 2

Variance to Consensus Estimates COMMENTARY ON VARIANCE TO ANALYST Third Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 3Q26 3Q26 Mean % ∆ 3Q26 vs. 3Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $318 $351 (10%) (17%) ■ Commissions & Principal Transactions: Investment banking $306 $294 4% (5%) Asset management and service fees $492 $495 (1%) 14%■ Lower Global Wealth Management, Equity, Net interest $302 $298 1% 9% & Fixed Income Net revenues $1,429 $1,450 (1%) 0% Non-interest expenses ■ Investment Banking: Compensation and benefits 809 821 (1%) (2%) Compensation Ratio 56.6% 56.6% 0 bps -140 bps ■ Stronger Advisory Revenue Non-compensation expenses 298 309 (3%) 0% Total non-interest expenses 1,107 1,130 (2%) (2%) ■ Stronger Equity & Fixed Income Income before income taxes 322 320 1% 6% Underwriting Revenue Provision for income taxes 78 80 (1%) (1%) Tax Rate 24.4% 24.9% -40 bps -170 bps ■ Asset Management: Net Income $234 $231 1% 9% Diluted Operating EPS $1.46 $1.44 1% 12% ■ Lower Fee-Based Assets *Non-GAAP ■ Net Interest Income * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted ■ Higher Average Interest-Earning Assets & average share count. Net Interest Margin ■ Non-Compensation Expense: ■ Lower Investment Banking Gross Up & Credit Provision Quarterly Earnings Report 3

Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 3Q26 Y/Y Change 2026 YTD VS 2025 YTD Change ■ Record Quarterly Net Revenue Transactional $196 -3% -5% $606 6% Asset Management 492 14% 8% 1,408 13% ■ Record Asset Management Revenue Net Interest 285 11% 4% 824 9% ■ Record Third Quarter Net Interest Income Investment Banking 7 3% -23% 21 15% Other 1 nm nm 9 -17% ■ Record Quarterly Pre-Tax Income Total Global Wealth Management Net $980 8% 3% $2,869 10% Revenue Comp. Ratio 48.8% 10 bps 60 bps 49.2% -10 bps ■ Record Quarterly Treasury Deposit Growth Non-Comp. Ratio 13.0% -50 bps -100 bps 13.6% -730 bps Provision for credit loss $8 -5% -37% $27 -6% Pre-tax Margin 38.2% 40 bps 40 bps 37.2% 740 bps NET INTEREST INCOME & NET INTEREST Pre-tax Pre-provision Margin 39.0% 30 bps -10 bps 38.1% 720 bps MARGIN 3.40% $1,080,000 CLIENT ASSET METRICS $1,060,000 3.35% Sequential $1,040,000 millions 3Q26 Y/Y 3.30% Change $1,020,000 3.25% Total Client Assets $576,482 6% -1% $1,000,000 3.20% $980,000 Fee-based Client Assets $239,661 9% 0% $960,000 3.15% $940,000 Private Client Fee-based Client Assets $209,744 9% 0% 3.10% $920,000 3.05% $900,000 Client Asset Metrics Include the impact of assets associated with the sale of Stifel Independent Advisors. 3.00% $880,000 Total Client Assets from SIA were $10.2 bil. on September 30, 2025. Fee-based Client Assets from SIA were $4.8 bil. on September 30, 2025. NIM NII (000s) * Net Interest Income in 9/30/2026 based on annualized 2026 YTD results Quarterly Earnings Report 4

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 3Q26 Y/Y Change 2026 YTD 2025 YTD Change Advisory $173 -3% 10% $549 24%■ Institutional Revenue up 8% YTD vs. 2025 Capital Raising $126 -8% -24% $409 23% Equity $69 -13% -33% $238 37% ■ YTD Pre-tax Margin up 530 bps Fixed Income $58 -2% -9% $171 8% Transactional $122 -33% -21% $431 -17% ■ Lowest Quarterly Comp. Ratio Since 4Q24 Equity $41 -29% -30% $156 -13% Fixed Income $80 -34% -15% $276 -19% ■ Ranked #1 in Municipal Negotiated Issuance in Number Total Institutional Revenue* $430 -14% -11% $1,406 8% of Issues YTD in 2026 with more than 13% Market Share Comp. Ratio 58.7% -70 bps -70 bps 59.3% -260 bps Non-Comp. Ratio 23.6% 80 bps 220 bps 21.8% -270 bps Pre-tax Margin 17.7% -10 bps -150 bps 18.9% 530 bps * Includes net interest, asset management, and other income IMPROVED PRE-TAX MARGIN INSTITUTIONAL GROUP NET REVENUE 18.9% 20.0% $600 13.6% 15.0% $500 11.5% $400 10.0% $300 $200 5.0% $100 0.0% $0 -0.7% 3Q25 4Q25 1Q26 2Q26 3Q26 -5.0% Advisory Fees Capital Raising Brokerage Other YTD23 YTD24 YTD25 YTD26 * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 5 millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 62% 30% 61% 25% millions 3Q26 3Q25 Y/Y Change 60% 59% 20% Compensation $809 $829 -2% 58% 15% Non-compensation Expense, 58.0% 58.0% 57% $277 $272 2% 57.5% Ex. IB Gross Up & Credit Loss 57.0% 56% 10% 56.6% Credit Loss Provision & IB Gross Up $21 $25 -17% 55% 5% 54% Non-compensation $298 $298 0% 53% 0% 3Q25 4Q25 1Q26 2Q26 3Q26 Pre-tax Income $322 $303 6% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $1,000 $900 (000s) 3Q26 $800 Bar chart header numbers $700 GAAP Net Income $234,143 $600 are a graphic $500 Preferred Dividend $9,320 $400 $300 $200 Net Income available to common Shareholders $224,823 $100 $0 Non-GAAP After Tax Adjustments $9,273 2021 2022 2023 2024 2025 2026* Non-GAAP Net Income Available to Common $234,096 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2026 earnings release. *2026 annual GAAP to non-GAAP results based on annualized results through 9/30/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $50,000 24.0% ■ Repurchased 1.6 million Shares in Open $45,282 $44,908 22.0% $45,000 $42,893 $41,687 Market $41,271 20.0% $40,000 18.0% ■ 6.2 million Shares in Total Authorization 18.7% 18.3% 17.3% $35,000 17.6% 16.0% 17.0% 14.0%■ Loan Growth of $1.3 billion $30,000 12.0% ■ Bank Funding Increased at CAGR of 11% Since $25,000 11.4% 11.4% 10.0% 11.2% 11.1% 10.8% 2021 $20,000 8.0% 3Q25 4Q25 1Q26 2Q26 3Q26 Assets Tier 1 Leverage Tier 1 Risk Based Capital $900,000 DEPLOYING EXCESS CAPITAL A TRACK RECORD of FUNDING GROWTH $800,000 $80,000 $700,000 $70,000 $600,000 $60,000 $50,000 $500,000 $40,000 $400,000 $30,000 $300,000 $20,000 $200,000 $10,000 $100,000 $0 $0 2021 2022 2023 2024 2025 2026* 2022 2023 2024 2025 2026 ($100,000) Capital Generated Bank Growth Bank Deposits Available Funding Common Stock Repurchases Dividends (Common & Preferred) Acquisitions *2026 based on results through 9/30/2026 Quarterly Earnings Report 7 (000s) millions millions

Concluding Remarks Quarterly Earnings Report

Third Quarter 2026 Financial Results Presentation October 21, 2026 Quarterly Earnings Report

Disclaimer 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

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7 documents

STIFEL FINANCIAL CORP.

(Registrant)

Date: October 21, 2026

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer