Stifel Financial (NYSE: SF) Q2 2026 profit jumps 49% on revenue growth

Stifel Financial (NYSE: SF) Q2 2026 profit jumps 49% on revenue growth

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Q: How did Stifel Financial (SF) perform in Q2 2026 overall?

Q: How profitable was Stifel Financial (SF) in the first half of 2026?

Q: What were Stifel Financial’s (SF) key capital ratios at June 30, 2026?

Q: What were the main trends in Stifel Financial’s (SF) Institutional Group in Q2 2026?

Q: How much stock did Stifel Financial (SF) repurchase in Q2 2026?

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8-K Event Classification

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Earnings Snapshot

How did Stifel Financial (SF) perform in Q2 2026 overall?

What drove Stifel Financial (SF) revenue growth in Q2 2026?

How profitable was Stifel Financial (SF) in the first half of 2026?

What were Stifel Financial’s (SF) key capital ratios at June 30, 2026?

How is Stifel Financial’s (SF) Global Wealth Management segment performing?

What were the main trends in Stifel Financial’s (SF) Institutional Group in Q2 2026?

How much stock did Stifel Financial (SF) repurchase in Q2 2026?

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8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

How did Stifel Financial (SF) perform in Q2 2026 overall?

What drove Stifel Financial (SF) revenue growth in Q2 2026?

How profitable was Stifel Financial (SF) in the first half of 2026?

What were Stifel Financial’s (SF) key capital ratios at June 30, 2026?

How is Stifel Financial’s (SF) Global Wealth Management segment performing?

What were the main trends in Stifel Financial’s (SF) Institutional Group in Q2 2026?

How much stock did Stifel Financial (SF) repurchase in Q2 2026?

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Stifel Financial reported Q2 2026 net revenues of $1.45 billion , up 13% year-over-year, and net income available to common shareholders of $217.2 million , up 49% . Diluted EPS available to common shareholders increased to $1.34 , while non-GAAP diluted EPS was $1.42 .

For the first half of 2026, Stifel generated $2.93 billion in net revenues and $459.3 million in net income available to common shareholders, up 142.5% year-over-year. Non-GAAP earnings per diluted common share available to common shareholders were $2.87 , with higher ROCE and ROTCE than a year earlier.

At June 30, 2026, Stifel reported a Common equity Tier 1 capital ratio of 14.7% , a Tier 1 risk-based capital ratio of 17.3% , and a Tier 1 leverage ratio of 11.2% . Total assets were $44.9 billion , and Tier 1 capital totaled $4.58 billion .

Institutional Group net revenues were $480.7 million , up 14.5% year-over-year. Investment banking revenues rose to $323.3 million , up about 42% , with capital-raising revenues up 66.0% and advisory revenues up 23.6% , while fixed income transactional revenues declined.

In Q2 2026, Stifel repurchased 2.419 million common shares for $177.0 million at an average price of $73.20 per share. Period-end common shares outstanding were 151.6 million , and weighted average diluted shares outstanding were 161.6 million for the quarter.

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Stifel Financial Corp. reported strong results for the quarter ended June 30, 2026. GAAP net revenues were $1.45 billion, up 13% year-over-year, while net income available to common shareholders rose 49% to $217.2 million. Diluted EPS available to common shareholders increased to $1.34 from $0.89, and non-GAAP diluted EPS was $1.42. For the first half of 2026, net revenues reached $2.93 billion and net income to common was $459.3 million, delivering higher ROCE and ROTCE on both GAAP and non-GAAP bases.

Global Wealth Management generated record quarterly net revenues of $956.5 million, up 13% year-over-year, with pre-tax margin of 37.8%. Total client assets were about $580 billion, and fee-based client assets about $240 billion, both growing double digits. Institutional Group net revenues were $480.7 million, up 14.5%, driven by investment banking revenues up over 40%, while fixed income transactional revenues declined.

The balance sheet showed total assets of $44.9 billion and loans of about $24.8 billion. Regulatory capital remained strong, with a Tier 1 risk-based capital ratio of 17.3% and Tier 1 leverage ratio of 11.2%. The company repurchased 2.4 million common shares in the quarter for $177.0 million, and book value and tangible book value per share continued to increase.

Q2 2026 net revenues were $1.45 billion, up 13% year-over-year, while net income available to common shareholders rose 49% and diluted EPS increased 50.6% versus Q2 2025.
First-half 2026 net income available to common shareholders reached $459.3 million, up 142.5% from the prior-year first half, supported by higher net revenues and materially stronger pre-tax margins.
Both Global Wealth Management and Institutional Group delivered double-digit revenue and pre-tax income growth, including investment banking revenues up over 40% year-over-year, indicating broad-based business strength.

None.

The presentation distinguishes the 2.4 million common shares repurchased during the quarter from 7.8 million shares in total authorization, so the authorization is capacity rather than additional completed repurchases.

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, and exhibit attachments filed with this report.

Net revenues Q2 2026: $1.45 billion Net income to common Q2 2026: $217.2 million Diluted EPS to common Q2 2026: $1.34 +4 more

7 metrics

Net revenues Q2 2026 $1.45 billion Quarter ended June 30, 2026; up 13.0% year-over-year

Net income to common Q2 2026 $217.2 million Net income available to common shareholders; up 49.0% vs Q2 2025

Diluted EPS to common Q2 2026 $1.34 Earnings per diluted common share available to common shareholders; up 50.6% vs Q2 2025

Global Wealth Management net revenues Q2 2026 $956.5 million Segment net revenues; up 13.1% year-over-year and a record quarter

Institutional Group net revenues Q2 2026 $480.7 million Segment net revenues; up 14.5% vs Q2 2025

Tier 1 risk-based capital ratio 17.3% Stifel Financial consolidated capital ratio as of June 30, 2026

Common stock repurchases Q2 2026 $177.0 million 2.419 million shares repurchased at an average price of $73.20 per share

Return on tangible common equity, Tier 1 risk-based capital ratio, Allowance for credit losses, Non-GAAP net revenues, +1 more

5 terms

Return on tangible common equity financial

"Return on tangible common equity (5) | | | 22.3 %"

Return on tangible common equity measures how much profit a company generates from the real, spendable capital that belongs to common shareholders, shown as a percentage. It strips out intangible items like goodwill to focus on the “hard” equity and tells investors how efficiently the firm uses that tangible capital to create earnings—think of it as the return on the cash you actually have rather than on paper values or goodwill.

Tier 1 risk-based capital ratio regulatory

"Tier 1 risk-based capital ratio | | | 17.3 % |"

A Tier 1 risk-based capital ratio measures a bank’s core financial cushion—its highest-quality capital such as common equity—relative to the size and risk of its assets, where riskier loans count for more. Think of it as the safety margin a bank keeps against losses compared to the amount and riskiness of what it owns; investors use it to judge a bank’s solvency, regulatory strength, and ability to withstand shocks or sustain payouts.

Allowance for credit losses financial

"Allowance for credit losses | | $ | 150,093 |"

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.

Non-GAAP net revenues financial

"Non-GAAP net revenues | | $ | 1,453,304 |"

Capital raising financial

"Capital raising | | | 174,456 | | | | 106,155 |"

Capital raising is the process a company uses to get money to run or grow its business, either by selling ownership stakes (shares), borrowing (loans or bonds), or other financing tools. It matters to investors because it changes a company’s cash position and risk: new borrowing can increase debt, and selling new shares can reduce existing owners’ percentage—similar to adding fuel to a car to go farther but changing who owns the car or how it’s financed.

Net revenues: $1.45 billion

Quarter ended June 30, 2026

Net revenues $1.45 billion up 13.0% vs Q2 2025

Net income available to common shareholders $217.2 million up 49.0% vs Q2 2025

Diluted EPS available to common shareholders $1.34 up 50.6% vs Q2 2025

Non-GAAP diluted EPS available to common shareholders $1.42 up 24.6% vs Q2 2025

Non-GAAP pre-tax margin on net revenues 21.7% up 140 bps vs Q2 2025

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Available on EDGAR 07/22/2026 - 07:00 AM Accepted by SEC EDGAR 07/22/2026 - 07:00 AM

Stifel Financial reported Q2 2026 net revenues of $1.45 billion, up 13% year-over-year, and net income available to common shareholders of $217.2 million, up 49%. Diluted EPS available to common shareholders increased to $1.34, while non-GAAP diluted EPS was $1.42.

Growth was led by Global Wealth Management and Institutional Group. Global Wealth Management net revenues were $956.5 million, up 13.1%, driven by asset management and net interest income. Institutional Group net revenues grew 14.5% to $480.7 million, with investment banking revenues up over 40%.

For the first half of 2026, Stifel generated $2.93 billion in net revenues and $459.3 million in net income available to common shareholders, up 142.5% year-over-year. Non-GAAP earnings per diluted common share available to common shareholders were $2.87, with higher ROCE and ROTCE than a year earlier.

At June 30, 2026, Stifel reported a Common equity Tier 1 capital ratio of 14.7%, a Tier 1 risk-based capital ratio of 17.3%, and a Tier 1 leverage ratio of 11.2%. Total assets were $44.9 billion, and Tier 1 capital totaled $4.58 billion.

Global Wealth Management posted record Q2 2026 net revenues of $956.5 million, up 13.1% year-over-year, and pre-tax margin of 37.8%. Total client assets were about $580 billion, with fee-based client assets of roughly $240 billion, both growing double digits.

Institutional Group net revenues were $480.7 million, up 14.5% year-over-year. Investment banking revenues rose to $323.3 million, up about 42%, with capital-raising revenues up 66.0% and advisory revenues up 23.6%, while fixed income transactional revenues declined.

In Q2 2026, Stifel repurchased 2.419 million common shares for $177.0 million at an average price of $73.20 per share. Period-end common shares outstanding were 151.6 million, and weighted average diluted shares outstanding were 161.6 million for the quarter.

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): July 22, 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 July 22, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended June 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 June 30, 2026, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, July 22, 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 July 22, 2026.
99.2		Financial Supplement for the quarter ended June 30, 2026.
99.3		Financial Results Presentation dated July 22, 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 Second Quarter 2026 Results

ST. LOUIS, MO, July 22, 2026 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.45 billion for the three months ended June 30, 2026, compared with $1.28 billion a year ago. Net income available to common shareholders was $217.2 million, or $1.34 per diluted common share, compared with $145.7 million, or $0.89 per diluted common share ⁽¹⁾ for the second quarter of 2025. Non-GAAP net income available to common shareholders was $229.3 million, or $1.42 per diluted common share for the second quarter of 2026.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel delivered an outstanding second quarter and a record first half, reflecting the strength, balance, and momentum of our franchise. In the first half of 2026, we executed on our strategy by: growing revenue, improving operating leverage, expanding our balance sheet, and deploying capital where it earns the best risk-adjusted returns. Just as importantly, Stifel was ranked No. 1 in Employee Advisor Satisfaction by J.D. Power for the fourth consecutive year, reinforcing the strength of our advisor-first culture. As we look ahead, Stifel remains well positioned to build on this momentum as our advice-driven business helps clients navigate an increasingly complex world.”

Highlights

The Company reported net revenues of $1.45 billion, the best second quarter in its history, driven by higher investment banking revenues, asset management revenues, commission revenues, and net interest income.

Non-GAAP net income available to common shareholders of $1.42 per diluted common share.

Investment banking revenues increased 42% over the year-ago quarter.

Capital raising revenues increased 64% over the year-ago quarter.

Advisory revenues increased 24% over the year-ago quarter.

Asset management revenues increased 13% over the year-ago quarter.

Record client assets of $580.1 billion, up 12% over the year-ago quarter.

Over the last twelve months, recruited trailing twelve-month production totaled approximately $30 million.

Non-GAAP pre-tax margin of 21.7%.

Annualized return on tangible common equity (ROTCE)⁽⁶⁾ of 23.6%.

Tangible book value per common share ⁽⁹⁾ of $25.52, up 15.0% from prior year.



Financial Summary (Unaudited)
(000s)	2Q 2026		2Q 2025		6m 2026		6m 2025

GAAP Financial Highlights:

Net revenues		$1,450,804		$1,284,286		$2,928,965		$2,539,755

Net income ⁽²⁾		$217,156		$145,734		$459,255		$189,406

Diluted EPS ^(1) (2)		$1.34		$0.89		$2.83		$1.15

Comp. ratio		57.4%		60.3%		57.4%		59.3%

Non-comp. ratio		22.0%		23.1%		21.2%		29.8%

Pre-tax margin		20.6%		16.6%		21.4%		10.9%

Non-GAAP Financial Highlights:

Net revenues		$1,453,304		$1,284,378		$2,894,826		$2,539,833

Net income ⁽²⁾ ⁽³⁾		$229,299		$185,626		$466,776		$239,862

Diluted EPS ^{(1) (2) (3)}		$1.42		$1.14		$2.87		$1.46

Comp. ratio ⁽³⁾		57.0%		58.0%		57.2%		58.0%

Non-comp. ratio ⁽³⁾		21.3%		21.7%		20.8%		28.7%

Pre-tax margin ⁽⁴⁾		21.7%		20.3%		22.0%		13.3%

ROCE ⁽⁵⁾		17.1%		15.2%		17.5%		9.8%

ROTCE ⁽⁶⁾		23.6%		21.7%		24.2%		13.8%

*Global Wealth Management (assets and loans in millions***)

Net revenues		$956,534		$845,631		$1,888,657		$1,696,190

Pre-tax net income		$361,847		$306,056		$692,562		$432,461

Total client assets ⁽⁷⁾		$580,077		$516,532

Fee-based client assets ⁽⁷⁾		$239,777		$206,319

Bank loans ⁽⁸⁾		$24,805		$21,448

Institutional Group

Net revenues		$480,694		$419,779		$975,952		$804,708

Equity		$300,593		$220,168		$632,932		$456,360

Fixed Income		$180,101		$199,611		$343,020		$348,348

Pre-tax net income		$92,177		$61,040		$190,087		$88,471

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 $956.5 million for the three months ended June 30, 2026, compared with $845.6 million during the second quarter of 2025. Pre-tax net income was $361.8 million compared with $306.1 million in the second quarter of 2025.

Highlights

Ranked No. 1 in Overall Employee Advisor Satisfaction for the fourth straight year.

Record client assets of $580.1 billion, up 12% over the year-ago quarter, which included $9.7 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

Fee-based client assets of $239.8 billion, up 16% over the year-ago quarter, which included $4.6 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 $30 million.

Net revenues increased 13% from a year ago:

Transactional revenues increased 14% over the year-ago quarter, reflecting an increase in client activity.

Asset management revenues increased 13% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.

Net interest income increased 8% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.

Total Expenses:

Compensation expense as a percentage of net revenues decreased to 48.2% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.

Provision for credit losses was primarily impacted 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 14.0% primarily attributable to revenue growth over the year-ago quarter, partially offset by an increase in the provision for credit losses.



Summary Results of Operations

(000s)	2Q 2026	2Q 2025

Net revenues	$956,534	$845,631

Transactional revenues	207,397	182,666

Asset management	456,596	403,574

Net interest income	274,602	254,148

Investment banking	8,693	6,224

Other income	9,246	(981)

Total expenses	$594,687	$539,575

Compensation expense	460,582	420,240

Provision for credit losses	12,538	8,328

Non-comp. operating expenses	121,567	111,007

Pre-tax net income	$361,847	$306,056

Compensation ratio	48.2%	49.7%

Non-compensation ratio	14.0%	14.1%

Pre-tax margin	37.8%	36.2%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Institutional Group reported net revenues of $480.7 million for the three months ended June 30, 2026, compared with $419.8 million during the second quarter of 2025. Pre-tax net income was $92.2 million compared with $61.0 million in the second quarter of 2025.

Highlights

Investment banking revenues increased 42% from a year ago:

Advisory revenues increased 24% from the year-ago quarter, driven by higher levels of completed advisory transactions.

Equity capital raising revenues increased 121% from the year-ago quarter, driven by higher volumes and larger deal sizes.

Fixed income capital raising revenues increased 18% over the year-ago quarter primarily driven by higher bond issuances reflecting a more favorable financing environment.

Fixed income transactional revenues decreased 26% from a year ago:

Fixed income transactional revenues were impacted by lower realized trading gains during the quarter. Second quarter 2025 results benefited from a roughly $30 million gain in our aircraft business.

Equity transactional revenues decreased 4% from a year ago:

Equity transactional revenues were impacted by the restructuring of our European Equities business. Those actions resulted in a $9 million reduction in equity transactional revenues year over year.

Total Expenses:

Compensation expense as a percentage of net revenues decreased to 59.4% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.

Non-compensation operating expenses as a percentage of net revenues decreased to 21.4% primarily attributable to revenue growth.



Summary Results of Operations

(000s)	2Q 2026	2Q 2025

Net revenues	$480,694	$419,779

Investment banking	323,261	227,236

Advisory	157,363	127,305

Equity capital raising	102,273	46,187

Fixed income capital raising	63,625	53,744

Fixed income transactional	95,046	129,117

Equity transactional	59,110	61,489

Other	3,277	1,937

Total expenses	$388,517	$358,739

Compensation expense	285,504	257,697

Non-comp. operating expenses	103,013	101,042

Pre-tax net income	$92,177	$61,040

Compensation ratio	59.4%	61.4%

Non-compensation ratio	21.4%	24.1%

Pre-tax margin	19.2%	14.5%

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

Total assets increased $5.0 billion, or 13%, over the year-ago quarter.

The Company repurchased $177.0 million, or 2.4 million shares, of its outstanding common stock during the second quarter at an average price of $73.20.

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 June 15, 2026, to common shareholders of record on June 1, 2026.

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on June 15, 2026, to shareholders of record on June 1, 2026.


	2Q 2026	2Q 2025

Common stock repurchases ⁽¹⁾

Repurchases (000s)	$177,035	$87,527

Number of shares (000s)	2,419	1,525

Average price	$73.20	$57.38

Period end shares (000s)	151,589	153,285

Weighted average diluted shares outstanding (000s)	161,631	163,271

Effective tax rate	24.4%	27.5%

Stifel Financial Corp. ⁽¹⁰⁾

Tier 1 common capital ratio	14.7%	14.5%

Tier 1 risk-based capital ratio	17.3%	17.5%

Tier 1 leverage capital ratio	11.2%	10.8%

Tier 1 capital (MM)	$4,576	$4,116

Risk weighted assets (MM)	$26,405	$23,588

Average assets (MM)	$40,983	$38,013

Quarter end assets (MM)	$44,908	$39,860

Agency	Rating	Outlook

Fitch Ratings	BBB+	Stable

S&P Global Ratings	BBB	Stable

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its second quarter 2026 financial results conference call on Wednesday, July 22, 2026, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 330-6710 and referencing conference ID 4490542. 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						Six Months Ended

(000s, except per share amounts)		6/30/2026	6/30/2025	% Change	3/31/2026	% Change		6/30/2026	6/30/2025	% Change


Revenues:

Commissions		$ 221,462	$ 200,669	10.4	$207,834	6.6		$ 429,296	$ 394,339	8.9

Principal transactions		140,091	172,603	(18.8)	150,221	(6.7)		290,312	314,263	(7.6)

Investment banking		331,954	233,460	42.2	341,412	(2.8)		673,366	471,402	42.8

Asset management		456,630	403,608	13.1	459,457	(0.6)		916,087	813,149	12.7

Other income		12,549	3,690	240.1	55,679	(77.5)		68,228	14,271	378.1


Operating revenues		1,162,686	1,014,030	14.7	1,214,603	(4.3)		2,377,289	2,007,424	18.4

Interest revenue		476,093	477,056	(0.2)	451,049	5.6		927,142	952,688	(2.7)


Total revenues		1,638,779	1,491,086	9.9	1,665,652	(1.6)		3,304,431	2,960,112	11.6

Interest expense		187,975	206,800	(9.1)	187,491	0.3		375,466	420,357	(10.7)


Net revenues		1,450,804	1,284,286	13.0	1,478,161	(1.9)		2,928,965	2,539,755	15.3

Non-interest expenses:

Compensation and benefits		833,018	774,936	7.5	848,334	(1.8)		1,681,352	1,507,156	11.6

Non-compensation operating expenses		318,348	295,530	7.7	303,755	4.8		622,103	755,415	(17.6)


Total non-interest expenses		1,151,366	1,070,466	7.6	1,152,089	(0.1)		2,303,455	2,262,571	1.8


Income before income taxes		299,438	213,820	40.0	326,072	(8.2)		625,510	277,184	125.7

Provision for income taxes		72,961	58,765	24.2	74,653	(2.3)		147,614	69,137	113.5


Net income		226,477	155,055	46.1	251,419	(9.9)		477,896	208,047	129.7

Preferred dividends		9,321	9,321	0.0	9,320	0.0		18,641	18,641	0.0


Net income available to common shareholders		$217,156	$145,734	49.0	$242,099	(10.3)		$459,255	$189,406	142.5


Earnings per common share: ⁽¹⁾

Basic		$1.41	$0.94	50.0	$1.56	(9.6)		$2.97	$1.21	145.5

Diluted		$1.34	$0.89	50.6	$1.48	(9.5)		$2.83	$1.15	146.1

Cash dividends declared per common share ⁽¹⁾		$0.34	$0.31	9.7	$0.34	0.0		$0.68	$0.62	9.7

Weighted average number of common shares outstanding: ⁽¹⁾

Basic		154,234	155,024	(0.5)	155,508	(0.8)		154,869	156,074	(0.8)

Diluted		161,631	163,271	(1.0)	163,444	(1.1)		162,556	164,687	(1.3)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽¹¹⁾

Three Months Ended

Six Months Ended

(000s, except per share amounts)

6/30/2026

6/30/2025

6/30/2026

6/30/2025

GAAP net income

$226,477

$155,055

$477,896

$208,047

Preferred dividend

9,321

9,321

18,641

18,641

Net income available to common shareholders

217,156

145,734

459,255

189,406

Non-GAAP adjustments:

Net revenue adjustments ^{(12) (13)}

2,500

(34,139)

Merger-related ⁽¹⁴⁾

13,056

20,284

41,871

32,959

Restructuring and severance ⁽¹⁵⁾

499

27,041

2,330

27,041

Provision for income taxes ⁽¹⁶⁾

(3,912)

(7,525)

(2,541)

(9,622)

Total non-GAAP adjustments

12,143

39,892

7,521

50,456

Non-GAAP net income available to common shareholders

$229,299

$185,626

$466,776

$239,862

Weighted average diluted shares outstanding ⁽¹⁾

161,631

163,271

162,556

164,687

GAAP earnings per diluted common share ⁽¹⁾

$1.40

$0.94

$2.95

$1.26

Non-GAAP adjustments ⁽¹⁾

0.08

0.25

0.04

0.31

Non-GAAP earnings per diluted common share ⁽¹⁾

$1.48

$1.19

$2.99

$1.57

GAAP earnings per diluted common share available to common shareholders ⁽¹⁾

$1.34

$0.89

$2.83

$1.15

Non-GAAP adjustments ⁽¹⁾

0.08

0.25

0.04

0.31

Non-GAAP earnings per diluted common share available to common shareholders ⁽¹⁾

$1.42

$1.14

$2.87

$1.46

Stifel Financial Corp. | Page 7

GAAP to Non-GAAP Reconciliation ⁽¹¹⁾



	Three Months Ended			Six Months Ended


(000s)		6/30/2026	6/30/2025		6/30/2026	6/30/2025


GAAP net revenues		$1,450,804	$1,284,286		$2,928,965	$2,539,755

Non-GAAP adjustments:

Gain on sale of business ⁽¹²⁾		2,500	—		(47,284)	—

Litigation-related and other ⁽¹³⁾		—	92		13,145	78


Total non-GAAP adjustments		2,500	92		(34,139)	78


Non-GAAP net revenues		$1,453,304	$1,284,378		$2,894,826	$2,539,833




GAAP compensation and benefits		$833,018	$774,936		$1,681,352	$1,507,156

As a percentage of net revenues		57.4%	60.3%		57.4%	59.3%

Non-GAAP adjustments:

Merger-related ⁽¹⁴⁾		(4,135)	(2,946)		(21,763)	(7,002)

Restructuring and severance ⁽¹⁵⁾		(499)	(27,041)		(2,330)	(27,041)


Total non-GAAP adjustments		(4,634)	(29,987)		(24,093)	(34,043)


Non-GAAP compensation and benefits		$828,384	$744,949		$1,657,259	$1,473,113


As a percentage of non-GAAP net revenues		57.0%	58.0%		57.2%	58.0%



GAAP non-compensation expenses		$318,348	$295,530		$622,103	$755,415

As a percentage of net revenues		22.0%	23.1%		21.2%	29.8%

Non-GAAP adjustments:

Merger-related ⁽¹⁴⁾		(8,921)	(17,338)		(20,108)	(25,957)


Non-GAAP non-compensation expenses		$309,427	$278,192		$601,995	$729,458


As a percentage of non-GAAP net revenues		21.3%	21.7%		20.8%	28.7%

Total adjustments before income taxes		$16,055	$47,417		$10,062	$60,078

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 $93.1 million and $84.3 million as of June 30, 2026, and 2025, respectively.

⁽⁷⁾

Total client assets and fee-based client assets as of June 30, 2025, include $9.7 billion and $4.6 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, July 22, 2026.

⁽¹¹⁾

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” during its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

⁽¹²⁾

Gain recognized on the sale of Stifel Independent Advisors, LLC during the first quarter of 2026.

⁽¹³⁾

Primarily related to prejudgment interest recognized on legal matters.

⁽¹⁴⁾

Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

⁽¹⁵⁾

The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

⁽¹⁶⁾

Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 9

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Exhibit 99.2

Second 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 \| Second Quarter 2026 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights ⁽¹⁾
	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change			6/30/2026		6/30/2025		% Change
Net revenues	$	1,450,804	$	1,284,286		13.0	%	$	1,478,161		(1.9	%)	$	2,928,965	$	2,539,755		15.3	%
Net income	$	226,477	$	155,055		46.1	%	$	251,419		(9.9	%)	$	477,896	$	208,047		129.7	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	217,156	$	145,734		49.0	%	$	242,099		(10.3	%)	$	459,255	$	189,406		142.5	%
Earnings per diluted common share	$	1.40	$	0.94		48.9	%	$	1.54		(9.1	%)	$	2.95	$	1.26		134.1	%
Earnings per diluted common share available to common shareholders	$	1.34	$	0.89		50.6	%	$	1.48		(9.5	%)	$	2.83	$	1.15		146.1	%
Non-GAAP financial summary (2):
Net revenues	$	1,453,304	$	1,284,378		13.2	%	$	1,441,522		0.8	%	$	2,894,826	$	2,539,833		14.0	%
Net income	$	238,620	$	194,947		22.4	%	$	246,797		(3.3	%)	$	485,417	$	258,503		87.8	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	229,299		185,626		23.5	%		237,477		(3.4	%)		466,776		239,862		94.6	%
Earnings per diluted common share	$	1.48	$	1.19		24.4	%	$	1.51		(2.0	%)	$	2.99	$	1.57		90.4	%
Earnings per diluted common share available to common shareholders	$	1.42	$	1.14		24.6	%	$	1.45		(2.1	%)	$	2.87	$	1.46		96.6	%

Weighted average number of common shares outstanding:
Basic		154,234		155,024		(0.5	%)		155,508		(0.8	%)		154,869		156,074		(0.8	%)
Diluted		161,631		163,271		(1.0	%)		163,444		(1.1	%)		162,556		164,687		(1.3	%)
Period end common shares outstanding		151,589		153,285		(1.1	%)		153,817		(1.4	%)		151,589		153,285		(1.1	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	0.68	$	0.62		9.7	%


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

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GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change			6/30/2026		6/30/2025		% Change
Revenues:
Commissions	$	221,462	$	200,669		10.4	%	$	207,834		6.6	%	$	429,296	$	394,339		8.9	%
Principal transactions		140,091		172,603		(18.8	%)		150,221		(6.7	%)		290,312		314,263		(7.6	%)

Transactional revenues		*361,553*		373,272		(3.1	%)		358,055		1.0	%		*719,608*		708,602		1.6	%
Capital raising		174,456		106,155		64.3	%		122,974		41.9	%		297,430		206,627		43.9	%
Advisory		157,498		127,305		23.7	%		218,438		(27.9	%)		375,936		264,775		42.0	%

Investment banking		*331,954*		233,460		42.2	%		341,412		(2.8	%)		*673,366*		471,402		42.8	%
Asset management		456,630		403,608		13.1	%		459,457		(0.6	%)		916,087		813,149		12.7	%
Other income		12,549		3,690		240.1	%		55,679		(77.5	%)		68,228		14,271		378.1	%

Operating revenues		1,162,686		1,014,030		14.7	%		1,214,603		(4.3	%)		2,377,289		2,007,424		18.4	%
Interest revenue		476,093		477,056		(0.2	%)		451,049		5.6	%		927,142		952,688		(2.7	%)

Total revenues		1,638,779		1,491,086		9.9	%		1,665,652		(1.6	%)		3,304,431		2,960,112		11.6	%
Interest expense		187,975		206,800		(9.1	%)		187,491		0.3	%		375,466		420,357		(10.7	%)

Net revenues		1,450,804		1,284,286		13.0	%		1,478,161		(1.9	%)		2,928,965		2,539,755		15.3	%

Non-interest expenses:
Compensation and benefits		833,018		774,936		7.5	%		848,334		(1.8	%)		1,681,352		1,507,156		11.6	%
Occupancy and equipment rental		100,555		95,678		5.1	%		99,695		0.9	%		200,250		186,444		7.4	%
Communication and office supplies		46,341		47,847		(3.1	%)		51,021		(9.2	%)		97,362		97,360		0.0	%
Commissions and floor brokerage		15,039		17,146		(12.3	%)		15,041		(0.0	%)		30,080		33,952		(11.4	%)
Provision for credit losses		12,538		8,328		50.6	%		6,535		91.9	%		19,073		20,348		(6.3	%)
Investment banking expenses		12,495		8,989		39.0	%		8,546		46.2	%		21,041		17,536		20.0	%
Other operating expenses		131,380		117,542		11.8	%		122,917		6.9	%		254,297		399,775		(36.4	%)

Total non-interest expenses		1,151,366		1,070,466		7.6	%		1,152,089		(0.1	%)		2,303,455		2,262,571		1.8	%
Income before income taxes		299,438		213,820		40.0	%		326,072		(8.2	%)		625,510		277,184		125.7	%
Provision for income taxes		72,961		58,765		24.2	%		74,653		(2.3	%)		147,614		69,137		113.5	%

Net income		226,477		155,055		46.1	%		251,419		(9.9	%)		477,896		208,047		129.7	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	217,156	$	145,734		49.0	%	$	242,099		(10.3	%)	$	459,255	$	189,406		142.5	%

Earnings per common share:
Basic	$	1.41	$	0.94		50.0	%	$	1.56		(9.6	%)	$	2.97	$	1.21		145.5	%
Diluted	$	1.34	$	0.89		50.6	%	$	1.48		(9.5	%)	$	2.83	$	1.15		146.1	%
Weighted average number of common shares outstanding:
Basic		154,234		155,024		(0.5	%)		155,508		(0.8	%)		154,869		156,074		(0.8	%)
Diluted		161,631		163,271		(1.0	%)		163,444		(1.1	%)		162,556		164,687		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	0.68	$	0.62		9.7	%


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

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Non-GAAP Condensed Consolidated Results of Operations ^{(1) (2)}


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change			6/30/2026		6/30/2025		% Change

Non-GAAP net revenues	$	1,453,304	$	1,284,378		13.2	%	$	1,441,522		0.8	%	$	2,894,826	$	2,539,833		14.0	%
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		828,384		744,949		11.2	%		828,875		(0.1	%)		1,657,259		1,473,113		12.5	%
Non-GAAP non-compensation operating expenses		309,427		278,192		11.2	%		292,568		5.8	%		601,995		729,458		(17.5	%)

Total non-GAAP non-interest expenses		1,137,811		1,023,141		11.2	%		1,121,443		1.5	%		2,259,254		2,202,571		2.6	%
Non-GAAP income before income taxes		315,493		261,237		20.8	%		320,079		(1.4	%)		635,572		337,262		88.5	%
Non-GAAP provision for income taxes		76,873		66,290		16.0	%		73,282		4.9	%		150,155		78,759		90.7	%

Non-GAAP net income		238,620		194,947		22.4	%		246,797		(3.3	%)		485,417		258,503		87.8	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Non-GAAP net income available to common shareholders	$	229,299	$	185,626		23.5	%	$	237,477		(3.4	%)	$	466,776	$	239,862		94.6	%

Non-GAAP earnings per common share:
Basic	$	1.49	$	1.20		24.2	%	$	1.53		(2.6	%)	$	3.01	$	1.54		95.5	%
Diluted	$	1.42	$	1.14		24.6	%	$	1.45		(2.1	%)	$	2.87	$	1.46		96.6	%
Weighted average number of common shares outstanding:
Basic		154,234		155,024		(0.5	%)		155,508		(0.8	%)		154,869		156,074		(0.8	%)
Diluted		161,631		163,271		(1.0	%)		163,444		(1.1	%)		162,556		164,687		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	0.68	$	0.62		9.7	%


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

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Consolidated Financial Summary



	Three Months Ended													Six Months Ended
(Unaudited, 000s)		6/30/2026			6/30/2025		% Change			3/31/2026		% Change			6/30/2026			6/30/2025		% Change

Net revenues:
Global Wealth Management	$	956,534		$	845,631		13.1	%	$	932,123		2.6	%	$	1,888,657		$	1,696,190		11.3	%
Institutional Group		480,694			419,779		14.5	%		495,258		(2.9	%)		975,952			804,708		21.3	%
Other		13,576			18,876		(28.1	%)		50,780		(73.3	%)		64,356			38,857		65.6	%

Total net revenues	$	1,450,804		$	1,284,286		13.0	%	$	1,478,161		(1.9	%)	$	2,928,965		$	2,539,755		15.3	%
Operating expenses:
Global Wealth Management	$	594,687		$	539,575		10.2	%	$	601,408		(1.1	%)	$	1,196,095		$	1,263,729		(5.4	%)
Institutional Group		388,517			358,739		8.3	%		397,348		(2.2	%)		785,865			716,237		9.7	%
Other		168,162			172,152		(2.3	%)		153,333		9.7	%		321,495			282,605		13.8	%

Total operating expenses	$	1,151,366		$	1,070,466		7.6	%	$	1,152,089		(0.1	%)	$	2,303,455		$	2,262,571		1.8	%
Operating contribution:
Global Wealth Management	$	361,847		$	306,056		18.2	%	$	330,715		9.4	%	$	692,562		$	432,461		60.1	%
Institutional Group		92,177			61,040		51.0	%		97,910		(5.9	%)		190,087			88,471		114.9	%
Other		(154,586	)		(153,276	)	0.9	%		(102,553	)	50.7	%		(257,139	)		(243,748	)	5.5	%

Income before income taxes	$	299,438		$	213,820		40.0	%	$	326,072		(8.2	%)	$	625,510		$	277,184		125.7	%
Financial ratios (change in bps):
Compensation and benefits		57.4	%		60.3	%	(290	)		57.4	%	—			57.4	%		59.3	%	(190	)
Non-compensation operating expenses		22.0	%		23.1	%	(110	)		20.5	%	150			21.2	%		29.8	%	(860	)
Income before income taxes		20.6	%		16.6	%	400			22.1	%	(150	)		21.4	%		10.9	%	1,050
Effective tax rate		24.4	%		27.5	%	(310	)		22.9	%	150			23.6	%		24.9	%	(130	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
Financial Information:
Total assets	$	44,907,609		$	39,859,653			12.7	%	$	42,893,152			4.7	%
Total shareholders’ equity	$	6,013,241		$	5,596,985			7.4	%	$	5,981,482			0.5	%
Total common equity	$	5,328,241		$	4,911,985			8.5	%	$	5,296,482			0.6	%
Goodwill and intangible assets	$	(1,552,657	)	$	(1,594,342	)		(2.6	%)	$	(1,561,298	)		(0.6	%)
DTL on goodwill and intangible assets	$	93,488		$	85,241			9.7	%	$	92,780			0.8	%

Tangible common equity	$	3,869,072		$	3,402,884			13.7	%	$	3,827,964			1.1	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (1)(3)	$	35.15		$	32.05			9.7	%	$	34.43			2.1	%
Tangible book value per common share (1)(3)	$	25.52		$	22.20			15.0	%	$	24.89			2.5	%
Return on common equity (4)		16.2	%		11.9	%					18.3	%
Non-GAAP return on common equity (2)(4)		17.1	%		15.2	%					17.9	%
Return on tangible common equity (5)		22.3	%		17.0	%					25.3	%
Non-GAAP return on tangible common equity (2)(5)		23.6	%		21.7	%					24.8	%
Pre-tax margin on net revenues		20.6	%		16.6	%					22.1	%
Non-GAAP pre-tax margin on net revenues (2)		21.7	%		20.3	%					22.2	%
Effective tax rate		24.4	%		27.5	%					22.9	%
Non-GAAP effective tax rate (2)		24.4	%		25.4	%					22.9	%


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

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Regulatory Capital ⁽⁶⁾


(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,890,357		$	3,431,336			13.4	%	$	3,848,174			1.1	%
Tier 1 capital	$	4,575,650		$	4,116,336			11.2	%	$	4,533,174			0.9	%
Risk-weighted assets	$	26,405,428		$	23,588,069			11.9	%	$	24,288,031			8.7	%
Common equity tier 1 capital ratio		14.7	%		14.5	%					15.8	%
Tier 1 risk based capital ratio		17.3	%		17.5	%					18.7	%
Tier 1 leverage capital ratio		11.2	%		10.8	%					11.4	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,336,645		$	1,337,013			(0.0	%)	$	1,353,799			(1.3	%)
Tier 1 capital	$	1,336,645		$	1,337,013			(0.0	%)	$	1,353,799			(1.3	%)
Risk-weighted assets	$	12,185,337		$	11,644,303			4.6	%	$	11,823,430			3.1	%
Common equity tier 1 capital ratio		11.0	%		11.5	%					11.5	%
Tier 1 risk based capital ratio		11.0	%		11.5	%					11.5	%
Tier 1 leverage capital ratio		7.1	%		7.0	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	958,490		$	810,648			18.2	%	$	839,275			14.2	%
Tier 1 capital	$	958,490		$	810,648			18.2	%	$	839,275			14.2	%
Risk-weighted assets	$	9,004,422		$	6,643,960			35.5	%	$	7,179,043			25.4	%
Common equity tier 1 capital ratio		10.6	%		12.2	%					11.7	%
Tier 1 risk based capital ratio		10.6	%		12.2	%					11.7	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.0	%
Stifel Net Capital:
Net capital	$	770,000		$	381,900			101.6	%	$	643,200			19.7	%
Excess net capital	$	728,800		$	356,600			104.4	%	$	609,600			19.6	%


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

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change			6/30/2026			6/30/2025			% Change
Revenues:
Commissions	$	147,157		$	128,203			14.8	%	$	140,064			5.1	%	$	287,221		$	254,029			13.1	%
Principal transactions		60,240			54,463			10.6	%		62,594			(3.8	%)		122,834			115,032			6.8	%

Transactional revenues		207,397			182,666			13.5	%		202,658			2.3	%		410,055			369,061			11.1	%
Asset management		456,596			403,574			13.1	%		459,426			(0.6	%)		916,022			813,080			12.7	%
Net interest		274,602			254,148			8.0	%		264,368			3.9	%		538,970			499,682			7.9	%
Investment banking (7)		8,693			6,224			39.7	%		6,072			43.2	%		14,765			12,132			21.7	%
Other income		9,246			(981	)		nm			(401	)		nm			8,845			2,235			295.7	%

Net revenues		956,534			845,631			13.1	%		932,123			2.6	%		1,888,657			1,696,190			11.3	%
Non-interest expenses:
Compensation and benefits		460,582			420,240			9.6	%		472,460			(2.5	%)		933,042			842,533			10.7	%
Non-compensation operating expenses		134,105			119,335			12.4	%		128,948			4.0	%		263,053			421,196			(37.5	%)

Total non-interest expenses		594,687			539,575			10.2	%		601,408			(1.1	%)		1,196,095			1,263,729			(5.4	%)

Income before income taxes	$	361,847		$	306,056			18.2	%	$	330,715			9.4	%	$	692,562		$	432,461			60.1	%


As a percentage of net revenues (change in bps):
Compensation and benefits		48.2	%		49.7	%		(150	)		50.7	%		(250	)		49.4	%		49.7	%		(30	)
Non-compensation operating expenses		14.0	%		14.1	%		(10	)		13.8	%		20			13.9	%		24.8	%		(1,090	)
Income before income taxes		37.8	%		36.2	%		160			35.5	%		230			36.7	%		25.5	%		1,120


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
Total client assets (8)	$	580,077,000		$	516,532,000			12.3	%	$	538,717,000			7.7	%
Fee-based client assets (8)	$	239,777,000		$	206,319,000			16.2	%	$	219,863,000			9.1	%
Transactional assets	$	340,300,000		$	310,213,000			9.7	%	$	318,854,000			6.7	%
Secured client lending (9)	$	4,144,000		$	3,367,000			23.1	%	$	3,841,000			7.9	%
Asset Management Revenue:
Private Client Group (10)	$	390,046		$	344,899			13.1	%	$	394,695			(1.2	%)
Asset Management		44,068			39,206			12.4	%		41,811			5.4	%
Third-party Bank Sweep Program		3,186			5,721			(44.3	%)		3,780			(15.7	%)
Other (11)		19,330			13,782			40.3	%		19,171			0.8	%

Total asset management revenues	$	456,630		$	403,608			13.1	%	$	459,457			(0.6	%)
Fee-based Assets (millions):
Private Client Group (10)	$	210,049		$	180,066			16.7	%	$	191,708			9.6	%
Asset Management		49,652			44,822			10.8	%		46,981			5.7	%
Elimination (12)		(19,924	)		(18,569	)		7.3	%		(18,826	)		5.8	%

Total fee-based assets	$	239,777		$	206,319			16.2	%	$	219,863			9.1	%
Third-party Bank Sweep Program	$	392		$	568			(31.0	%)	$	475			(17.5	%)
ROA (bps) (13):
Private Client Group (10)		81.4			83.1						80.3
Asset Management		35.5			35.0						35.6
Third-party Bank Sweep Program		358.3			389.3						358.9


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 9 of 19

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Global Wealth Management - Statistical Information (Cont.)



	As of and for the Three Months Ended
(Unaudited, millions)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	13,354	$	15,015		(11.1	%)	$	14,288		(6.5	%)
Sweep Deposits		10,939		9,847		11.1	%		11,529		(5.1	%)
Direct Wealth Management Deposits at Stifel Bancorp		190		102		86.3	%		227		(16.3	%)

Total Stifel Bancorp Wealth Management Deposits		24,483		24,964		(1.9	%)		26,044		(6.0	%)
Other Bank Deposits		7,781		3,709		109.8	%		4,753		63.7	%

Total Stifel Bancorp Deposits	$	32,264	$	28,673		12.5	%	$	30,797		4.8	%

Short-term Treasuries (14)	$	6,742	$	6,418		5.0	%	$	6,330		6.5	%
Third-party Commercial Treasury Deposits (15)	$	3,058	$	3,318		(7.8	%)	$	5,675		(46.1	%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	24,483	$	24,964		(1.9	%)	$	26,044		(6.0	%)
Third-party Bank Sweep Program (15)		392		568		(31.0	%)		475		(17.5	%)
Third-party Treasury (15)		—		217		nm			—		0.0	%
Other Sweep Cash		713		551		29.4	%		648		10.0	%
Money Market Mutual Funds		17,330		15,297		13.3	%		17,173		0.9	%

Total Wealth Management Cash	$	42,918	$	41,597		3.2	%	$	44,340		(3.2	%)

Client money market and insured product (16)	$	25,398	$	25,981		(2.2	%)	$	26,940		(5.7	%)
Third-party Deposits Available to Stifel Bancorp (15)	$	3,450	$	4,103		(15.9	%)	$	6,150		(43.9	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change			6/30/2026			6/30/2025			% Change
Revenues:
Commissions	$	74,305		$	72,466			2.5	%	$	67,770			9.6	%	$	142,075		$	140,310			1.3	%
Principal transactions		79,851			118,140			(32.4	%)		87,627			(8.9	%)		167,478			199,231			(15.9	%)

Transactional revenues		154,156			190,606			(19.1	%)		155,397			(0.8	%)		309,553			339,541			(8.8	%)
Capital raising		165,898			99,931			66.0	%		116,902			41.9	%		282,800			194,495			45.4	%
Advisory		157,363			127,305			23.6	%		218,438			(28.0	%)		375,801			264,775			41.9	%

Investment banking		323,261			227,236			42.3	%		335,340			(3.6	%)		658,601			459,270			43.4	%
Other income (17)		3,277			1,937			69.2	%		4,521			(27.5	%)		7,798			5,897			32.2	%

Net revenues		480,694			419,779			14.5	%		495,258			(2.9	%)		975,952			804,708			21.3	%
Non-interest expenses:
Compensation and benefits		285,504			257,697			10.8	%		295,870			(3.5	%)		581,374			510,282			13.9	%
Non-compensation operating expenses		103,013			101,042			2.0	%		101,478			1.5	%		204,491			205,955			(0.7	%)

Total non-interest expenses		388,517			358,739			8.3	%		397,348			(2.2	%)		785,865			716,237			9.7	%

Income before income taxes	$	92,177		$	61,040			51.0	%	$	97,910			(5.9	%)	$	190,087		$	88,471			114.9	%


As a percentage of net revenues (change in bps):
Compensation and benefits		59.4	%		61.4	%		(200	)		59.7	%		(30	)		59.6	%		63.4	%		(380	)
Non-compensation operating expenses		21.4	%		24.1	%		(270	)		20.5	%		90			20.9	%		25.6	%		(470	)
Income before income taxes		19.2	%		14.5	%		470			19.8	%		(60	)		19.5	%		11.0	%		850


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 11 of 19

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
Stifel Bancorp Financial Information:
Total assets	$	35,278,437		$	31,115,875			13.4	%	$	33,303,655			5.9	%
Total shareholder’s equity	$	2,334,646		$	2,191,619			6.5	%	$	2,248,327			3.8	%
Total loans, net (includes loans held for sale)	$	24,805,104		$	21,447,860			15.7	%	$	22,185,318			11.8	%
Residential real estate		9,619,618			8,906,739			8.0	%		9,363,547			2.7	%
Fund banking		5,767,990			3,910,070			47.5	%		3,737,366			54.3	%
Commercial and industrial		4,529,422			3,536,227			28.1	%		4,170,090			8.6	%
Securities-based loans		2,977,657			2,568,050			16.0	%		2,749,987			8.3	%
Construction and land		977,377			1,217,561			(19.7	%)		1,229,903			(20.5	%)
Commercial real estate		412,809			429,243			(3.8	%)		440,993			(6.4	%)
Other		289,812			254,395			13.9	%		271,574			6.7	%
Loans held for sale		373,591			800,766			(53.3	%)		348,331			7.3	%
Investment securities	$	8,410,858		$	8,130,970			3.4	%	$	8,449,776			(0.5	%)
Available-for-sale securities, at fair value		1,529,505			1,546,392			(1.1	%)		1,588,549			(3.7	%)
Held-to-maturity securities, at amortized cost		6,881,353			6,584,578			4.5	%		6,861,227			0.3	%
Unrealized losses on available-for-sale securities		(115,080	)		(129,654	)		(11.2	%)		(113,790	)		1.1	%
Total deposits	$	32,264,006		$	28,673,063			12.5	%	$	30,797,336			4.8	%
Demand deposits (interest-bearing)		31,476,634			28,171,862			11.7	%		30,350,046			3.7	%
Demand deposits (non-interest-bearing)		498,688			373,823			33.4	%		47,418			951.7	%
Certificates of deposit		288,684			127,378			126.6	%		399,872			(27.8	%)

Credit Metrics:
Allowance for credit losses	$	150,093		$	166,410			(9.8	%)	$	142,692			5.2	%
Allowance as a percentage of retained loans		0.61	%		0.80	%					0.65	%
Net charge-offs as a percentage of average loans		0.03	%		0.06	%					0.11	%
Total nonperforming assets	$	125,615		$	157,348			(20.2	%)	$	105,993			18.5	%
Nonperforming assets as a percentage of total assets		0.36	%		0.51	%					0.32	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	6/30/2026		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,620		30	%	Financials	$	1,157	26	%
Securities-based loans		2,978		9	%	Industrials		843	19	%
Home equity lines of credit and other		290		1	%	Information technology		779	17	%

Total consumer		12,888		40	%	Consumer discretionary		309	7	%

Fund banking		5,768		18	%	Materials		289	6	%
Commercial and industrial		4,529		14	%	Healthcare		273	6	%
Construction and land		977		3	%	Communication services		257	6	%
Commercial real estate		413		2	%	REITs		255	6	%

Total commercial		11,687		37	%	Hotel, leisure, restaurants		246	5	%

Total loan portfolio		24,575		77	%	Consumer staples		117	3	%

Unfunded commitments		7,234		23	%

Total	$	31,809		100	%

						CLO by Major Sector
						Banking, finance, insurance, & real estate	$	701	10	%
Investment Portfolio						High tech industries		689	10	%
CLO	$	6,826		80	%	Healthcare & pharmaceuticals		646	9	%
Agency MBS		1,202		14	%	Services: business		627	9	%
Corporate bonds		361		4	%	Hotel, gaming, & leisure		350	5	%
SBA		68		1	%	Construction & building		268	4	%
Student loan ARS		65		1	%	Beverage, food, & tobacco		253	4	%
CMBS		1		0	%	Capital equipment		223	3	%
Other		3		0	%	Services: consumer		223	3	%

Total Portfolio	$	8,526		100	%	Chemicals, plastics, & rubber		214	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses



	June 30, 2026
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL %			Q2 Provision
Residential real estate	$	9,619,618	$	12,389		0.1	%	$	1,401
Fund banking		5,767,990		8,809		0.2	%		1,334
Commercial and industrial		4,529,422		79,053		1.7	%		15,171
Securities-based loans		2,977,657		3,509		0.1	%		209
Construction and land		977,377		10,687		1.1	%		(6,368	)
Commercial real estate		412,809		4,919		1.2	%		(732	)
Other		289,812		1,319		0.5	%		630

Loans held for investment, gross		24,574,685		120,685		0.5	%		11,645
Loans held for sale		373,591

Total loans, gross		24,948,276
Lending-related commitments (unfunded)		7,234,297		29,408		0.4	%		893

Loans and lending-related commitments	$	32,182,573	$	150,093				$	12,538


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 14 of 19

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Consolidated Non-GAAP Net Interest Income ⁽²⁾


	Three Months Ended
	June 30, 2026						June 30, 2025							March 31, 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	$	2,000.1	$	17.8		3.56%	$	1,924.5	$	20.8		4.32	%	$	2,310.3	$	20.3		3.52	%
Financial instruments owned		1,489.0		9.0		2.43%		1,367.1		9.3		2.73	%		1,516.9		8.4		2.21	%
Margin balances		1,114.6		16.9		6.07%		830.2		14.4		6.92	%		1,022.9		15.4		6.02	%
Investments:
Asset-backed securities		6,795.3		90.6		5.33%		6,735.2		101.8		6.05	%		6,556.6		87.5		5.33	%
Mortgage-backed securities		1,222.7		10.9		3.55%		1,133.3		9.0		3.16	%		1,182.8		10.3		3.48	%
Corporate fixed income securities		361.1		2.2		2.45%		464.8		3.1		2.69	%		373.5		2.4		2.57	%
Other		4.8		—		2.55%		4.8		—		2.55	%		4.8		—		2.55	%

Total investments		8,383.9		103.7		4.95%		8,338.1		113.9		5.47	%		8,117.7		100.2		4.94	%
Loans:
Residential real estate		9,465.8		98.6		4.17%		8,798.4		85.0		3.86	%		9,299.5		95.4		4.10	%
Commercial and industrial		4,393.8		68.7		6.25%		4,005.4		73.2		7.31	%		4,171.8		62.7		6.02	%
Fund banking		4,736.2		73.2		6.18%		3,773.9		67.0		7.10	%		3,862.0		59.4		6.15	%
Securities-based loans		2,875.2		39.4		5.49%		2,503.3		38.7		6.19	%		2,676.7		36.6		5.46	%
Commercial real estate		421.1		6.5		6.15%		449.3		9.6		8.58	%		437.1		7.4		6.76	%
Construction and land		1,105.9		18.2		6.58%		1,214.4		21.8		7.19	%		1,251.4		20.4		6.54	%
Loans held for sale		348.2		6.8		7.77%		496.9		10.8		8.71	%		472.8		10.3		8.69	%
Other		276.7		4.6		6.73%		250.5		4.5		7.13	%		271.3		4.1		6.09	%

Total loans		23,622.9		316.0		5.35%		21,492.1		310.6		5.78	%		22,442.6		296.3		5.28	%
Other interest-bearing assets		1,155.6		12.7		4.40%		928.0		8.1		3.45	%		1,071.3		10.4		3.88	%

Total interest-bearing assets/ interest income		37,766.1		476.1		5.04%		34,880.0		477.1		5.47	%		36,481.7		451.0		4.95	%
Interest-bearing liabilities:
Senior notes		617.7		7.1		4.62%		616.9		7.1		4.62	%		617.5		7.1		4.62	%
Deposits		30,348.1		163.5		2.16%		28,463.0		187.5		2.64	%		29,154.1		150.9		2.07	%
Other interest-bearing liabilities ⁽¹⁹⁾		1,931.0		17.4		3.59%		1,563.3		12.2		3.11	%		1,726.9		16.3		3.78	%

Total interest-bearing liabilities/ interest expense	$	32,896.8		188.0		2.29%	$	30,643.2		206.8		2.70	%	$	31,498.5		174.3		2.21	%

Net interest income/margin			$	288.1		3.05%			$	270.3		3.10	%			$	276.7		3.03	%


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

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Stifel Bancorp Net Interest Income


	Three Months Ended
	June 30, 2026							June 30, 2025							March 31, 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	$	954.5	$	11.8		4.93	%	$	1,098.1	$	13.1		4.77	%	$	1,176.9	$	11.5		3.92	%
Investments		8,383.9		103.7		4.95	%		8,338.1		113.9		5.47	%		8,117.7		100.2		4.94	%
Loans		23,622.9		316.0		5.35	%		21,492.1		310.6		5.78	%		22,442.6		296.3		5.28	%
Other interest-bearing assets		68.5		0.9		5.69	%		66.0		1.0		5.59	%		66.4		0.9		5.14	%

Total interest-bearing assets/ interest income	$	33,029.8	$	432.4		5.24	%	$	30,994.3	$	438.6		5.66	%	$	31,803.6	$	408.9		5.14	%
Interest-bearing liabilities:
Deposits	$	30,348.1	$	163.5		2.16	%	$	28,463.0	$	187.5		2.64	%	$	29,154.1	$	150.9		2.07	%
Other interest-bearing liabilities		177.4		2.1		4.66	%		143.4		2.0		5.44	%		144.9		1.8		5.09	%

Total interest-bearing liabilities/ interest expense	$	30,525.5		165.6		2.17	%	$	28,606.4		189.5		2.65	%	$	29,299.0		152.7		2.09	%

Net interest income/margin			$	266.8		3.23	%			$	249.1		3.22	%			$	256.2		3.22	%


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

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GAAP to Non-GAAP Reconciliation


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2026			6/30/2025			Change			3/31/2026			Change			6/30/2026			6/30/2025			Change
GAAP net revenues	$	1,450,804		$	1,284,286					$	1,478,161					$	2,928,965		$	2,539,755
Gain on sale of business (18)		2,500			—						(49,784	)					(47,284	)		—
Litigation-related and other (19)		—			92						13,145						13,145			78

Total non-GAAP adjustments		2,500			92						(36,639	)					(34,139	)		78

Non-GAAP net revenues		1,453,304			1,284,378						1,441,522						2,894,826			2,539,833

GAAP compensation and benefits expense		833,018			774,936						848,334						1,681,352			1,507,156
Merger-related and other (20)		(4,135	)		(2,946	)					(17,628	)					(21,763	)		(7,002	)
Restructuring and severance (21)		(499	)		(27,041	)					(1,831	)					(2,330	)		(27,041	)

Total non-GAAP adjustments		(4,634	)		(29,987	)					(19,459	)					(24,093	)		(34,043	)

Non-GAAP compensation and benefits expense		828,384			744,949						828,875						1,657,259			1,473,113

GAAP non-compensation operating expenses		318,348			295,530						303,755						622,103			755,415
Merger-related (20)		(8,921	)		(17,338	)					(11,187	)					(20,108	)		(25,957	)

Non-GAAP non-compensation operating expenses		309,427			278,192						292,568						601,995			729,458

Total adjustments		(16,055	)		(47,417	)					5,993						(10,062	)		(60,078	)


GAAP provision for income taxes		72,961			58,765						74,653						147,614			69,137
Merger-related and other (22)		3,912			7,525						(1,371	)					2,541			9,622

Non-GAAP provision for income taxes		76,873			66,290						73,282						150,155			78,759

Financial ratios (change in bps):
Compensation and benefits		57.0	%		58.0	%		(100	)		57.5	%		(50	)		57.2	%		58.0	%		(80	)
Non-compensation operating expenses		21.3	%		21.7	%		(40	)		20.3	%		100			20.8	%		28.7	%		(790	)
Income before income taxes		21.7	%		20.3	%		140			22.2	%		(50	)		22.0	%		13.3	%		870
Effective tax rate		24.4	%		25.4	%		(100	)		22.9	%		150			23.6	%		23.4	%		20


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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 $93.1 million, $84.3 million, and $92.5 million, as of June 30, 2026 and 2025, and March 31, 2026, respectively.

(6)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 22, 2026.
(7)		Includes capital raising and advisory revenues.

(8)		Total client assets and fee-based client assets as of June 30, 2025, include $9.7 billion and $4.6 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 \| Second 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 second quarter earnings release issued July 22, 2026.


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

Exhibit 99.3 Second Quarter 2026 Financial Results Presentation July 22, 2026 Quarterly Earnings Report

Second Quarter Snapshot 2Q26 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 2Q26: GAAP $1,451 & NON-GAAP $1,453 2Q26: GAAP $1.34 & NON-GAAP $1.42 2Q26: GAAP $217 & NON-GAAP $229 YTD: GAAP $2,929 & NON-GAAP $2,895 YTD: GAAP $459 & NON-GAAP $467 YTD: GAAP $2.83 & NON-GAAP $2.87 ANNUALIZED ROTCE* ANNUALIZED ROCE BOOK VALUE PER SHARE 2Q26:GAAP 16.2% & NON-GAAP 17.1% 2Q26:GAAP 22.3% & NON-GAAP 23.6% TBV $25.52 BV $35.15 YTD: GAAP 23.8% & NON-GAAP 24.2% YTD: GAAP 17.2% & NON-GAAP 17.5% * Please see our definition of ROTCE in our second quarter 2026 earnings release HIGHLIGHTS Ranked #1 in Employee Advisor Satisfaction Record Net Revenue Th by JD Power for 4 Consecutive Year Global Wealth Management Record Second Quarter Increased Loans Net Revenue by $2.6 billion Repurchased 2.4 million Record Second Quarter Common Shares Net Income Quarterly Earnings Report 1

Providing an Elevated Level of Service & Improving Efficiencies A PREMIER LEVEL of SUPPORT ■ Ranked #1 by JD Power for Employee Advisor Satisfaction ■ Ranked #1 in Leadership & Culture, Operational Support, & Products & Marketing ■ Underscores Firm-Wide Focus on Advisor Support AI PROVIDING IMPROVED EFFICIENCIES ■ Keeping Employees at the Center of the Client Relationship &: ■ Increasing Access to Data; ■ Reducing Time for Analysis & Presentation Preparation; ■ Improving Back Office Efficiencies; & ■ Increasing Client Engagement Quarterly Earnings Report 2

Variance to Consensus Estimates COMMENTARY ON VARIANCE TO ANALYST Second Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 2Q26 2Q26 Mean % ∆ 2Q26 vs. 2Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $362 $370 (2%) (3%) ■ Commissions & Principal Transactions: Investment banking $332 $309 7% 42% Asset management and service fees $457 $452 1% 13%■ Stronger Global Wealth Management Net interest $288 $284 1% 7% Revenue Net revenues $1,453 $1,422 2% 13% Non-interest expenses ■ Lower Equity & Fixed Income Revenue Compensation and benefits 828 819 1% 11% Compensation Ratio 57.0% 57.6% -60 bps -100 bps ■ Investment Banking: Non-compensation expenses 309 303 2% 11% Total non-interest expenses 1,138 1,122 1% 11% ■ Stronger Equity & Fixed Income Income before income taxes 315 300 5% 21% Underwriting Revenue Provision for income taxes 77 75 3% 16% Tax Rate 24.4% 24.8% -40 bps -100 bps ■ Lower Advisory Revenue Net Income $229 $216 6% 24% Diluted Operating EPS $1.42 $1.33 7% 25% ■ Net Interest Income *Non-GAAP ■ Higher Average Interest-Earning Assets * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted ■ Compensation Expense: average share count. ■ Lower Compensation Ratio ■ Non-Compensation Expense: ■ Higher Investment Banking Gross Up & Credit Provision Quarterly Earnings Report 3

Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 2Q26 Y/Y Change 2026 YTD VS 2025 YTD Change ■ Record Quarterly Net Revenue Transactional $207 14% 2% $410 11% Asset Management 457 13% -1% 916 13% ■ Record Quarterly Transactional Revenue Net Interest 275 8% 4% 539 8% ■ Record Quarterly Pre-Tax Income Investment Banking 9 40% 43% 15 22% Other 9 nm nm 9 296% ■ Record Total Client & Fee-Based Client Assets Total Global Wealth Management Net $957 13% 3% $1,889 11% Revenue Comp. Ratio 48.2% -150 bps -250 bps 49.4% -30 bps ■ Total Client Cash Balances up $2.7 Billion Y/Y Non-Comp. Ratio 14.0% -10 bps 20 bps 13.9% -1090 bps Provision for credit loss $13 51% 92% $19 -6% Pre-tax Margin 37.8% 160 bps 230 bps 36.7% 1120 bps Pre-tax Pre-provision Margin 39.1% 190 bps 300 bps 37.7% 1100 bps CLIENT CASH BALANCES $1,599 $1,474 $1,446 $1,167 CLIENT ASSET METRICS $1,114 $760 $673 Sequential $505 $508 millions 2Q26 Y/Y $410 Change $240 $189 $157 Total Client Assets $580,091 12% 8% Fee-based Client Assets $239,777 16% 9% ($54) ($108) ($253) ($366) Private Client Fee-based Client Assets $210,049 17% 10% ($673) ($934) Client Asset Metrics Include the impact of assets associated with the sale of Stifel Independent Advisors. ($1,409) Total Client Assets from SIA were $9.7 bil. on June 30, 2025. Fee-based Client Assets from SIA were $4.6 bil. on June 30, 2025. 2Q25 3Q25 4Q25 1Q26 2Q26 Ticked MMF Smart Rate Sweep* Non-Wealth Deposits * Sweep balances include Sweep Deposits, Third-party Bank Sweep Program, & Other Sweep Cash Quarterly Earnings Report 4 millions

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 2Q26 Y/Y Change 2026 YTD 2025 YTD Change ■ Institutional Revenue up 21% YTD vs. 2025 Advisory $157 24% -28% $376 42% Capital Raising $166 66% 42% $283 45% ■ YTD Pre-tax Margin up 850 bps Equity $102 121% 52% $170 78% Fixed Income $64 18% 28% $113 14% ■ Second Highest Second Quarter Revenue Transactional $154 -19% -1% $310 -9% Equity $59 -4% 7% $114 -6% Fixed Income $95 -26% -5% $195 -11% ■ Second Highest Quarterly Capital Raising Quarter Total Institutional Revenue* $481 15% -3% $976 21% Comp. Ratio 59.4% -200 bps -30 bps 59.6% -380 bps ■ Equity Capital Raising Revenue Up 121% Y/Y Non-Comp. Ratio 21.4% -270 bps 90 bps 20.9% -470 bps Pre-tax Margin 19.2% 470 bps -60 bps 19.5% 850 bps ■ Ranked #1 in Municipal Issuance in Number of Issues YTD in 2026 with 14% Market Share * Includes net interest, asset management, and other income IMPROVED PRE-TAX MARGIN INSTITUTIONAL GROUP NET REVENUE 25.0% $600 19.5% 20.0% $500 $400 15.0% $300 11.6% 11.0% $200 10.0% $100 5.0% 3.4% $0 2Q25 3Q25 4Q25 1Q26 2Q26 0.0% Advisory Fees Capital Raising Brokerage Other 1H23 1H24 1H25 1H26 * 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% millions 2Q26 2Q25 Y/Y Change 25% 60% 20% Compensation $828 $745 11% 59% 58% 15% Non-compensation Expense, $284 $261 9% 58.0% 58.0% 58.0% Ex. IB Gross Up & Credit Loss 57% 57.5% 10% 57.0% 56% Credit Loss Provision & IB Gross Up $25 $17 44% 5% 55% Non-compensation $309 $278 11% 54% 0% 2Q25 3Q25 4Q25 1Q26 2Q26 Pre-tax Income $315 $261 21% 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) 2Q26 $800 $700 GAAP Net Income $226,477 $600 $500 Preferred Dividend $9,321 $400 $300 $200 Net Income available to common Shareholders $217,156 $100 $0 Non-GAAP After Tax Adjustments $12,143 2021 2022 2023 2024 2025 2026* Non-GAAP Net Income Available to Common $229,299 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2026 earnings release. *2026 annual GAAP to non-GAAP results based on annualized results through 6/30/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $44,908 $45,000 22.0% $42,893 ■ Repurchased 2.4 million Shares in Open $41,271 $41,687 $39,860 20.0% $40,000 Market 18.0% 18.7% 18.3% $35,000 17.6% 17.5% 17.3% 16.0%■ 7.8 million Shares in Total Authorization 14.0% $30,000 ■ Total Assets Increased $2 billion 12.0% $25,000 ■ Loan Growth of $2.6 billion 11.4% 11.4% 11.2% 10.0% 11.1% 10.8% $20,000 8.0% ■ Bank Funding Increased at CAGR of 11% Since 2Q25 3Q25 4Q25 1Q26 2Q26 2021 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 $500,000 $50,000 $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 6/30/2026 Quarterly Earnings Report 7 (000s) millions millions

Concluding Remarks Quarterly Earnings Report

Second Quarter 2026 Financial Results Presentation July 22, 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: July 22, 2026

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer