Stifel (NYSE: SF) sees 30–40% revenue jump on Feb 2026 metrics

Stifel (NYSE: SF) sees 30–40% revenue jump on Feb 2026 metrics

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What key operating results did Stifel Financial Corp. (SF) report for February 28, 2026?

How did Stifel’s fee-based client assets change year-over-year as of February 28, 2026?

What guidance did Stifel (SF) give for first-quarter 2026 revenue in this 8-K?

How did Stifel’s treasury deposits and client cash balances trend in February 2026?

What impact did the sale of Stifel Independent Advisors, LLC have on reported metrics?

What business areas did Stifel highlight as drivers of February 2026 performance?

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Form Type

8-K

Stifel Financial Corp. released selected operating data for February 28, 2026 and updated its first-quarter outlook. After completing the sale of Stifel Independent Advisors, LLC on February 2, 2026, management said that, excluding assets from this transaction, total client assets and fee-based client assets rose 12% and 19% year-over-year, helped by equity markets and advisor recruiting.

Based on the table provided, total client assets were $557,714 million, up 10% from February 28, 2025. Fee-based client assets were $228,012 million, up 16% year-over-year, while bank loans, net, were $22,348 million, up 5%. Treasury deposits reached $9,584 million, a 73% increase from a year earlier and up 5% from January.

Client money market and insured products were $26,030 million, down 6% year-over-year but slightly above January. The company noted that first-quarter 2026 investment banking activity is well above prior-year levels and stated an expectation that first-quarter 2026 revenue will increase 30%–40% versus the first quarter of 2025, while cautioning that this limited operating data should not be assumed to correlate consistently with earnings.

Strong revenue outlook: Management expects first-quarter 2026 revenue to increase 30%–40% versus the first quarter of 2025, supported by investment banking activity that remains well above prior-year levels.
Growing client and fee-based assets: Total client assets reached $557,714 million and fee-based client assets $228,012 million, up 10% and 16% year-over-year, respectively, with even higher growth excluding the divested Stifel Independent Advisors, LLC assets.
Significant increase in treasury deposits: Treasury deposits rose to $9,584 million, a 73% year-over-year increase and 5% above January, reflecting strong growth in venture banking-related balances.

None.

Stifel shows strong asset growth and signals a 30%–40% revenue jump for Q1 2026.

Stifel Financial Corp. reported February 28, 2026 operating metrics showing broad balance-sheet and asset growth. Total client assets reached $557,714 million, up 10% year-over-year, while fee-based client assets climbed to $228,012 million, a 16% increase. Treasury deposits rose sharply to $9,584 million, up 73% year-over-year.

Management also highlighted that, excluding the sold Stifel Independent Advisors, LLC business, total and fee-based client assets increased 12% and 19% year-over-year, respectively. Bank loans, net, grew to $22,348 million, up 5%. Client money market and insured products declined 6% versus a year earlier but ticked up 1% from January, showing some month-over-month stability.

A key datapoint is the outlook that first-quarter 2026 investment banking activity remains well above prior-year levels and that revenue is expected to be 30%–40% higher than in the first quarter of 2025. The company explicitly notes the limited nature of this operating data and cautions that it should not be assumed to correlate consistently with earnings, so future detailed quarterly results will clarify how these trends translate into profitability.

03/26/2026 - 04:15 PM

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): March 26, 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 7.01 Regulation FD Disclosure.

On March 26, 2026, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for February 28, 2026. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K, and is incorporated by reference.

The exhibit is 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 March 26, 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.

LOGO

Stifel Reports February 2026 Operating Data

ST. LOUIS, MO, March 26, 2026 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for February 28, 2026, to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “On February 2, 2026, we completed the sale of Stifel Independent Advisors, LLC. Excluding assets related to this transaction, total client assets and fee-based client assets increased 12% and 19% year-over-year, driven by equity market appreciation and strong advisor recruiting. Client money market and insured products rose 1% from January, while venture banking growth increased treasury deposits by more than $400 million. Despite recent market volatility, first-quarter 2026 investment banking activity remains well above prior-year levels, and we expect revenue to increase 30%–40% versus the first quarter of 2025.”



Selected Operating Data (Unaudited)



	As of						% Change

(millions)	2/28/2026		2/28/2025 ⁽¹⁾		1/31/2026 ⁽²⁾		2/28/2025		1/31/2026

Total client assets		$557,714		$506,475		$561,061		10%		(1)%

Fee-based client assets		$228,012		$196,380		$229,423		16%		(1)%

Private Client Group fee-based client assets		$199,191		$171,760		$201,396		16%		(1)%

Bank loans, net (includes loans held for sale)		$22,348		$21,201		$22,311		5%		0%

Client money market and insured product ⁽³⁾		$26,030		$27,737		$25,911		(6)%		1%

Treasury deposits ⁽⁴⁾		$9,584		$5,557		$9,139		73%		5%

(1)	Total client assets and Private Client Group fee-based client assets as of February 28, 2025, include $9.3 billion and $4.3 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

(2)	Total client assets and Private Client Group fee-based client assets as of January 31, 2026, include $10.0 billion and $4.9 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

(3)	Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.

(4)	Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits at Stifel Bancorp and third-party banks.

Stifel reported total client assets of $557,714 million, up 10% year-over-year, and fee-based client assets of $228,012 million, up 16%. Bank loans, net, reached $22,348 million, a 5% increase from February 28, 2025.

Fee-based client assets were $228,012 million, up 16% from February 28, 2025. Management also noted that, excluding assets from the sale of Stifel Independent Advisors, LLC, fee-based client assets increased 19% year-over-year, helped by equity market appreciation and advisor recruiting.

Stifel stated it expects first-quarter 2026 revenue to increase 30%–40% compared with the first quarter of 2025. Management linked this outlook to investment banking activity that remains well above prior-year levels but cautioned that limited operating data does not consistently correlate with earnings.

Treasury deposits were $9,584 million as of February 28, 2026, up 73% year-over-year and 5% from January, driven by venture banking growth. Client money market and insured products totaled $26,030 million, down 6% year-over-year but 1% higher than January.

Stifel completed the sale of Stifel Independent Advisors, LLC on February 2, 2026. Excluding assets related to this divested business, total client assets and fee-based client assets increased 12% and 19% year-over-year, respectively, indicating stronger underlying asset growth than the headline percentages alone.

Management cited equity market appreciation, strong advisor recruiting, venture banking growth, and elevated investment banking activity. These factors supported higher client and fee-based assets, a more than 73% year-over-year rise in treasury deposits, and expectations for a 30%–40% increase in first-quarter 2026 revenue versus the prior year’s quarter.

5 documents

EX-99.1 EX-99.1 20.6 KB

STIFEL FINANCIAL CORP.

(Registrant)

Date: March 26, 2026

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer