Stifel (NYSE: SF) posts record Q1 2026 revenue and EPS jump

Stifel (NYSE: SF) posts record Q1 2026 revenue and EPS jump

Stifel (NYSE: SF) posts record Q1 2026 revenue and EPS jump

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Sell-side banking analyst positive

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Q: What were Stifel’s non-GAAP earnings and margins for Q1 2026?

Q: How did Stifel’s Global Wealth Management segment perform in Q1 2026?

Q: What were the key results for Stifel’s Institutional Group in Q1 2026?

Q: What shareholder returns did Stifel Financial Corp. provide in Q1 2026?

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Negative

8-K Event Classification

Key Figures

Key Terms

Offering Details

How did Stifel Financial Corp. (SF) perform financially in Q1 2026?

What were Stifel’s non-GAAP earnings and margins for Q1 2026?

How did Stifel’s Global Wealth Management segment perform in Q1 2026?

What were the key results for Stifel’s Institutional Group in Q1 2026?

How strong were Stifel’s capital ratios at the end of Q1 2026?

What shareholder returns did Stifel Financial Corp. provide in Q1 2026?

Positive

Negative

8-K Event Classification

Key Figures

Key Terms

Offering Details

How did Stifel Financial Corp. (SF) perform financially in Q1 2026?

What were Stifel’s non-GAAP earnings and margins for Q1 2026?

How did Stifel’s Global Wealth Management segment perform in Q1 2026?

What were the key results for Stifel’s Institutional Group in Q1 2026?

How strong were Stifel’s capital ratios at the end of Q1 2026?

What shareholder returns did Stifel Financial Corp. provide in Q1 2026?

Positive

Negative

8-K Event Classification

Key Figures

Key Terms

Offering Details

How did Stifel Financial Corp. (SF) perform financially in Q1 2026?

What were Stifel’s non-GAAP earnings and margins for Q1 2026?

How did Stifel’s Global Wealth Management segment perform in Q1 2026?

What were the key results for Stifel’s Institutional Group in Q1 2026?

How strong were Stifel’s capital ratios at the end of Q1 2026?

What shareholder returns did Stifel Financial Corp. provide in Q1 2026?

Press Releases

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Press Releases

Other Documents

Non-GAAP net revenues were $1.44 billion , and non-GAAP net income available to common shareholders was $237.5 million . Non-GAAP diluted EPS reached $1.45 , while the non-GAAP pre-tax margin on net revenues improved to 22.2% , significantly higher than a year earlier.

Global Wealth Management net revenues reached $932.1 million , up 9.6% year over year, with pre-tax income of $330.7 million . Total client assets were $538.7 billion , and fee-based client assets were $219.9 billion , supporting record asset management revenue in the quarter.

Institutional Group net revenues were $495.3 million , up 28.7% from Q1 2025. Investment banking revenues rose to $335.3 million , with advisory revenues of $218.4 million , driving pre-tax income to $97.9 million and lifting the segment pre-tax margin to 19.8% .

Stifel repurchased 2.793 million common shares for $224.4 million at an average price of $80.32 . The company also paid a quarterly cash dividend of $0.34 per common share, up 9.7% from $0.31 a year earlier.

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(High)

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(Neutral)

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8-K

Stifel Financial Corp. reported a very strong first quarter 2026, driven by broad-based growth in both wealth management and institutional businesses. Net revenues rose to $1.48 billion from $1.26 billion, while net income available to common shareholders jumped to $242.1 million from $43.7 million a year earlier.

GAAP diluted earnings per common share increased to $1.48 from $0.26, and non-GAAP diluted EPS reached $1.45 versus $0.33. Global Wealth Management net revenues grew to $932.1 million and Institutional Group net revenues to $495.3 million, with both segments more than doubling pre-tax income year over year.

The firm highlighted record first-quarter net revenue, record asset management revenue, and record first-quarter investment banking revenue. Profitability improved markedly, with the GAAP pre-tax margin on net revenues expanding to 22.1% from 5.0%, and non-GAAP return on tangible common equity rising to 24.8% from 6.2%.

Profitability inflection: Net revenues grew 17.7% year over year to $1.48 billion while GAAP pre-tax margin expanded to 22.1% from 5.0%, and non-GAAP ROTCE rose to 24.8%, indicating a strong improvement in operating leverage.
Segment strength: Global Wealth Management and the Institutional Group both more than doubled pre-tax income year over year, supported by record first-quarter investment banking and asset management revenues.
Capital and shareholder returns: Tier 1 risk-based capital ratio of 18.7% and common equity Tier 1 ratio of 15.8%, alongside $224.4 million of share repurchases and a 9.7% higher dividend per common share versus the prior year.

None.

Stifel delivered a step-change in profitability with broad-based Q1 2026 growth.

Stifel Financial Corp. posted net revenues of $1.48 billion, up 17.7% year over year, with GAAP net income available to common shareholders rising to $242.1 million from $43.7 million. Both Global Wealth Management and the Institutional Group contributed meaningfully.

Wealth management net revenues increased to $932.1 million and pre-tax income to $330.7 million, while Institutional Group net revenues rose to $495.3 million with pre-tax income of $97.9 million. Non-compensation ratios declined sharply, reflecting operating leverage and lower one-off costs.

Profitability metrics improved substantially: GAAP pre-tax margin on net revenues reached 22.1%, and non-GAAP return on tangible common equity was 24.8% for Q1 2026. Capital ratios remained solid, with a Tier 1 risk-based capital ratio of 18.7%, while the company continued returning capital through $224.4 million of buybacks in the quarter.

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: $1,478.2M Net income to common shareholders: $242.1M GAAP diluted EPS (common): $1.48/share +5 more

8 metrics

Net revenues $1,478.2M Quarter ended March 31, 2026; up 17.7% year over year

Net income to common shareholders $242.1M Quarter ended March 31, 2026; up 454.4% year over year

GAAP diluted EPS (common) $1.48/share Quarter ended March 31, 2026; versus $0.26 a year earlier

Non-GAAP diluted EPS (common) $1.45/share Quarter ended March 31, 2026; versus $0.33 a year earlier

Global Wealth net revenues $932.1M Q1 2026 segment net revenues; up 9.6% year over year

Institutional Group net revenues $495.3M Q1 2026 segment net revenues; up 28.7% year over year

Non-GAAP ROTCE 24.8% Return on tangible common equity for Q1 2026

Tier 1 risk-based capital ratio 18.7% Stifel Financial Corp. consolidated, as of March 31, 2026

non-GAAP, pre-tax margin, return on tangible common equity, Tier 1 risk-based capital ratio, +1 more

5 terms

non-GAAP financial

"Non-GAAP net income available to common shareholders was $237.5 million, or $1.45 per diluted common share"

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

pre-tax margin financial

"Pre-tax margin on net revenues increased to 22.1% from 5.0% in the prior-year quarter"

Pre-tax margin is a measure of a company's profitability that shows how much profit it makes before paying taxes, expressed as a percentage of its revenue. It indicates how efficiently a company is generating profit from its sales before tax expenses are considered. Investors use pre-tax margin to compare companies' core profitability and to assess operational performance regardless of varying tax situations.

return on tangible common equity financial

"Non-GAAP return on tangible common equity (ROTCE) was 24.8% versus 6.2% a year ago"

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 financial

"Tier 1 risk-based capital ratio was 18.7% as of March 31, 2026"

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.

provision for credit losses financial

"Provision for credit losses was $6.5 million for the quarter ended March 31, 2026"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

04/22/2026 - 07:00 AM

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): April 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 April 22, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended March 31, 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 March 31, 2026, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, April 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 April 22, 2026.

99.2		Financial Supplement for the quarter ended March 31, 2026.

99.3		Financial Results Presentation dated April 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 First Quarter 2026 Results

ST. LOUIS, MO, April 22, 2026 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.48 billion for the three months ended March 31, 2026, compared with $1.26 billion a year ago. Net income available to common shareholders was $242.1 million, or $1.48 per diluted common share, compared with $43.7 million, or $0.26 per diluted common share ⁽¹⁾ for the first quarter of 2025. Non-GAAP net income available to common shareholders was $237.5 million, or $1.45 per diluted common share for the first quarter of 2026.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel delivered record first quarter results with approximately $1.5 billion in revenue and earnings per share of $1.48. Even amid heightened volatility driven by geopolitical events, we achieved our strongest ever first quarter performance across both operating segments, underscoring the durability and diversification of our model. Looking ahead, client engagement remains high across wealth management and institutional, and our investment banking pipelines are among the strongest we have seen. Assuming market risks remain within current expectations, we are well positioned for a strong 2026.”

Highlights

The Company reported net revenues of $1.48 billion, the second best in its history, driven by higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of Stifel Independent Advisors, LLC, which closed on February 2, 2026.

Non-GAAP net income available to common shareholders of $1.45 per diluted common share. The first quarter of 2025 was negatively impacted by elevated provisions for legal matters.

Investment banking revenues increased 44% over the year-ago quarter.

Advisory revenues increased 59% over the year-ago quarter.

Capital raising revenues increased 22% over the year-ago quarter.

Record asset management revenues, up 12% over the year-ago quarter.

Client assets of $538.7 billion, up 11% over the year-ago quarter.

Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.

Non-GAAP pre-tax margin of 22.2%.

Annualized return on tangible common equity (ROTCE)⁽⁶⁾ of 24.8%.

Tangible book value per common share ⁽⁹⁾ of $24.89, up 12% from prior year.



Financial Summary (Unaudited)

(000s)	1Q 2026	1Q 2025

GAAP Financial Highlights:



Net revenues	$1,478,161	$1,255,469

Net income ⁽²⁾	$242,099	$43,672

Diluted EPS ^(1) (2)	$1.48	$0.26

Comp. ratio	57.4%	58.3%

Non-comp. ratio	20.5%	36.7%

Pre-tax margin	22.1%	5.0%

Non-GAAP Financial Highlights:

Net revenues	$1,441,522	$1,255,455

Net income ^{(2) (3)}	$237,477	$54,236

Diluted EPS ^{(1) (2) (3)}	$1.45	$0.33

Comp. ratio ⁽³⁾	57.5%	58.0%

Non-comp. ratio ⁽³⁾	20.3%	35.9%

Pre-tax margin ⁽⁴⁾	22.2%	6.1%

ROCE ⁽⁵⁾	17.9%	4.4%

ROTCE ⁽⁶⁾	24.8%	6.2%

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

Net revenues	$932,123	$850,559

Pre-tax net income	$330,715	$126,405

Total client assets ⁽⁷⁾	$538,717	$485,860

Fee-based client assets ⁽⁷⁾	$219,863	$189,693

Bank loans ⁽⁸⁾	$22,185	$21,241

Institutional Group

Net revenues	$495,258	$384,929

Equity	$332,339	$236,192

Fixed Income	$162,919	$148,737

Pre-tax net income	$97,910	$27,431

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 net revenues of $932.1 million for the three months ended March 31, 2026, compared with $850.6 million during the first quarter of 2025. Pre-tax net income was $330.7 million compared with $126.4 million in the first quarter of 2025.

Highlights

Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.

Client assets of $538.7 billion, up 11% over the year-ago quarter, which included $9.0 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

Fee-based client assets of $219.9 billion, up 16% over the year-ago quarter, which included $4.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

Net revenues increased 10% from a year ago:

Transactional revenues increased 9% over the year-ago quarter, reflecting an increase in client activity.

Asset management revenues increased 12% 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 increased to 50.7% primarily attributable to higher variable and deferred compensation costs.

Provision for credit losses decreased from the year-ago quarter as a result of a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.

Non-compensation operating expenses as a percentage of net revenues decreased to 13.8% primarily attributable to lower litigation-related expenses and provision for credit losses.



Summary Results of Operations

(000s)	1Q 2026		1Q 2025

Net revenues	$932,123		$850,559

Transactional revenues	202,658		186,395

Asset management	459,426		409,506

Net interest income	264,368		245,534

Investment banking	6,072		5,908

Other income	(401	)	3,216

Total expenses	$601,408		$724,154

Compensation expense	472,460		422,293

Provision for credit losses	6,535		12,020

Non-comp. operating expenses	122,413		289,841

Pre-tax net income	$330,715		$126,405

Compensation ratio	50.7%		49.6%

Non-compensation ratio	13.8%		35.5%

Pre-tax margin	35.5%		14.9%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Institutional Group reported net revenues of $495.3 million for the three months ended March 31, 2026, compared with $384.9 million during the first quarter of 2025. Pre-tax net income was $97.9 million compared with $27.4 million in the first quarter of 2025.

Highlights

Investment banking revenues increased 45% from a year ago:

Advisory revenues increased 59% over the year-ago quarter, driven by higher levels of completed advisory transactions.

Equity capital raising revenues increased 37% over the year-ago quarter, driven by higher volumes and larger deal sizes.

Fixed income capital raising revenues increased 9% from the year-ago quarter primarily driven by driven by higher bond issuances reflecting a more favorable financing environment.

Fixed income transactional revenues increased 12% from a year ago:

Fixed income transactional revenues increased from the year-ago quarter driven by increased client activity due to the continued normalization of the yield curve.

Equity transactional revenues decreased 7% 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 59.7% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.

Non-compensation operating expenses as a percentage of net revenues decreased to 20.5% primarily attributable to revenue growth.



Summary Results of Operations

(000s)	1Q 2026	1Q 2025

Net revenues	$495,258	$384,929

Investment banking	335,340	232,034

Advisory	218,438	137,470

Equity capital raising	67,293	49,005

Fixed income capital raising	49,609	45,559

Fixed income transactional	100,038	89,345

Equity transactional	55,359	59,590

Other	4,521	3,960

Total expenses	$397,348	$357,498

Compensation expense	295,870	252,585

Non-comp. operating expenses	101,478	104,913

Pre-tax net income	$97,910	$27,431

Compensation ratio	59.7%	65.6%

Non-compensation ratio	20.5%	27.3%

Pre-tax margin	19.8%	7.1%

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

Total assets increased $2.5 billion, or 6%, over the year-ago quarter.

On January 26, 2026, the Board of Directors declared a three-for-two stock split, effective February 26, 2026, to shareholders of record at the close of business on February 12, 2026.

The Company repurchased $224.4 million, or 2.8 million shares, of its outstanding common stock during the first quarter at an average price of $80.32, including $128.0 million in connection with net-share settlements under its equity compensation plan.

Weighted average diluted shares outstanding decreased primarily due to share repurchases, partially offset by the increase in the Company’s share price.

The Board of Directors declared a $0.34 quarterly dividend per share, payable on March 16, 2026, to common shareholders of record on March 2, 2026.

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on March 16, 2026, to shareholders of record on March 2, 2026.


	1Q 2026	1Q 2025

Common stock repurchases ⁽¹⁾

Repurchases (000s)	$224,360	$210,934

Number of shares (000s)	2,793	3,044

Average price	$80.32	$69.30

Period end shares (000s)	153,817	154,617

Weighted average diluted shares outstanding (000s)	163,444	165,953

Effective tax rate	22.9%	16.4%

Stifel Financial Corp. ⁽¹⁰⁾

Tier 1 common capital ratio	15.8%	14.7%

Tier 1 risk-based capital ratio	18.7%	17.6%

Tier 1 leverage capital ratio	11.4%	10.8%

Tier 1 capital (MM)	$4,530	$4,163

Risk weighted assets (MM)	$24,288	$23,661

Average assets (MM)	$39,724	$38,397

Quarter end assets (MM)	$42,893	$40,384

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 first quarter 2026 financial results conference call on Wednesday, April 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 2892702. 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

(000s, except per share amounts)	3/31/2026		3/31/2025		% Change		12/31/2025		% Change

Revenues:

Commissions		$ 207,834		$ 193,670		7.3		$ 213,204		(2.5)

Principal transactions		150,221		141,660		6.0		153,198		(1.9)

Investment banking		341,412		237,942		43.5		455,856		(25.1)

Asset management		459,457		409,541		12.2		455,797		0.8

Other income		55,679		10,581		426.2		5,424		926.5

Operating revenues		1,214,603		993,394		22.3		1,283,479		(5.4)

Interest revenue		451,049		475,632		(5.2)		469,377		(3.9)

Total revenues		1,665,652		1,469,026		13.4		1,752,856		(5.0)

Interest expense		187,491		213,557		(12.2)		192,277		(2.5)

Net revenues		1,478,161		1,255,469		17.7		1,560,579		(5.3)

Non-interest expenses:

Compensation and benefits		848,334		732,220		15.9		925,154		(8.3)

Non-compensation operating expenses		303,755		459,885		(33.9)		327,516		(7.3)

Total non-interest expenses		1,152,089		1,192,105		(3.4)		1,252,670		(8.0)

Income before income taxes		326,072		63,364		414.6		307,909		5.9

Provision for income taxes		74,653		10,372		619.8		43,548		71.4

Net income		251,419		52,992		374.4		264,361		(4.9)

Preferred dividends		9,320		9,320		0.0		9,320		0.0

Net income available to common shareholders		$ 242,099		$ 43,672		454.4		$ 255,041		(5.1)

Earnings per common share: ⁽¹⁾

Basic		$1.56		$0.28		457.1		$1.65		(5.5)

Diluted		$1.48		$0.26		469.2		$1.54		(3.9)

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

Weighted average number of common shares outstanding: ⁽¹⁾

Basic		155,508		157,146		(1.0)		154,181		0.9

Diluted		163,444		165,953		(1.5)		165,516		(1.3)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽¹¹⁾


	Three Months Ended
(000s, except per share amounts)	3/31/2026		3/31/2025

GAAP net income		$251,419		$52,992

Preferred dividend		9,320		9,320

Net income available to common shareholders		242,099		43,672



Non-GAAP adjustments:

Net revenue adjustments ^{(12) (13)}		(36,639)		(14)

Merger-related ⁽¹⁴⁾		28,815		12,675

Restructuring and severance ⁽¹⁵⁾		1,831		—

Provision for income taxes ⁽¹⁶⁾		1,371		(2,097)

Total non-GAAP adjustments		(4,622)		10,564

Non-GAAP net income available to common shareholders		$237,477		$54,236



Weighted average diluted shares outstanding ⁽¹⁾		163,444		165,953



GAAP earnings per diluted common share ⁽¹⁾		$1.54		$0.31

Non-GAAP adjustments ⁽¹⁾		(0.03)		0.07

Non-GAAP earnings per diluted common share ⁽¹⁾		$1.51		$0.38



GAAP earnings per diluted common share available to common shareholders ⁽¹⁾		$1.48		$0.26

Non-GAAP adjustments ⁽¹⁾		(0.03)		0.07

Non-GAAP earnings per diluted common share available to common shareholders ⁽¹⁾		$1.45		$0.33

Stifel Financial Corp. | Page 7

GAAP to Non-GAAP Reconciliation ⁽¹¹⁾


	Three Months Ended
(000s)	3/31/2026		3/31/2025

GAAP net revenues		$1,478,161		$1,255,469

Non-GAAP adjustments:

Gain on sale of business ⁽¹²⁾		(49,784)		—

Litigation-related and other ⁽¹³⁾		13,145		(14)

Total non-GAAP adjustments		(36,639)		(14)

Non-GAAP net revenues		$1,441,522		$1,255,455



GAAP compensation and benefits		$848,334		$732,220

As a percentage of net revenues		57.4%		58.3%

Non-GAAP adjustments:

Merger-related ⁽¹⁴⁾		(17,628)		(4,056)

Restructuring and severance ⁽¹⁵⁾		(1,831)		—

Total non-GAAP adjustments		(19,459)		(4,056)

Non-GAAP compensation and benefits		$828,875		$728,164

As a percentage of non-GAAP net revenues		57.5%		58.0%



GAAP non-compensation expenses		$303,755		$459,885

As a percentage of net revenues		20.5%		36.7%

Non-GAAP adjustments:

Merger-related ⁽¹⁴⁾		(11,187)		(8,619)

Non-GAAP non-compensation expenses		$292,568		$451,266

As a percentage of non-GAAP net revenues		20.3%		35.9%

Total adjustments before income taxes		($5,993)		$12,661

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 $92.5 million and $82.5 million as of March 31, 2026, and 2025, respectively.

⁽⁷⁾

Total client assets and fee-based client assets as of March 31, 2025, include $9.0 billion and $4.2 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, April 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

Exhibit 99.2

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First 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 Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


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

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Consolidated Financial Highlights ⁽¹⁾


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Net revenues	$	1,478,161	$	1,255,469		17.7	%	$	1,560,579		(5.3	%)
Net income	$	251,419	$	52,992		374.4	%	$	264,361		(4.9	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	242,099	$	43,672		454.4	%	$	255,041		(5.1	%)
Earnings per diluted common share	$	1.54	$	0.31		396.8	%	$	1.59		(3.1	%)
Earnings per diluted common share available to common shareholders	$	1.48	$	0.26		469.2	%	$	1.54		(3.9	%)
Non-GAAP financial summary ⁽²⁾:
Net revenues	$	1,441,522	$	1,255,455		14.8	%	$	1,560,593		(7.6	%)
Net income	$	246,797	$	63,556		288.3	%	$	299,332		(17.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	237,477		54,236		337.9	%		290,012		(18.1	%)
Earnings per diluted common share	$	1.51	$	0.38		297.4	%	$	1.81		(16.6	%)
Earnings per diluted common share available to common shareholders	$	1.45	$	0.33		339.4	%	$	1.75		(17.1	%)

Weighted average number of common shares outstanding:
Basic		155,508		157,146		(1.0	%)		154,181		0.9	%
Diluted		163,444		165,953		(1.5	%)		165,516		(1.3	%)
Period end common shares outstanding		153,817		154,617		(0.5	%)		152,496		0.9	%
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.31		9.7	%


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

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GAAP Consolidated Results of Operations ⁽¹⁾



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Revenues:
Commissions	$	207,834	$	193,670		7.3	%	$	213,204		(2.5	%)
Principal transactions		150,221		141,660		6.0	%		153,198		(1.9	%)

Transactional revenues		*358,055*		335,330		6.8	%		366,402		(2.3	%)
Capital raising		122,974		100,472		22.4	%		177,868		(30.9	%)
Advisory		218,438		137,470		58.9	%		277,988		(21.4	%)

Investment banking		*341,412*		237,942		43.5	%		455,856		(25.1	%)
Asset management		459,457		409,541		12.2	%		455,797		0.8	%
Other income		55,679		10,581		426.2	%		5,424		926.5	%

Operating revenues		1,214,603		993,394		22.3	%		1,283,479		(5.4	%)
Interest revenue		451,049		475,632		(5.2	%)		469,377		(3.9	%)

Total revenues		1,665,652		1,469,026		13.4	%		1,752,856		(5.0	%)
Interest expense		187,491		213,557		(12.2	%)		192,277		(2.5	%)

Net revenues		1,478,161		1,255,469		17.7	%		1,560,579		(5.3	%)

Non-interest expenses:
Compensation and benefits		848,334		732,220		15.9	%		925,154		(8.3	%)
Occupancy and equipment rental		99,695		90,766		9.8	%		100,242		(0.5	%)
Communication and office supplies		51,021		49,513		3.0	%		50,061		1.9	%
Commissions and floor brokerage		15,041		16,806		(10.5	%)		16,417		(8.4	%)
Provision for credit losses		6,535		12,020		(45.6	%)		9,740		(32.9	%)
Investment banking expenses		8,546		8,547		(0.0	%)		18,685		(54.3	%)
Other operating expenses		122,917		282,233		(56.4	%)		132,371		(7.1	%)

Total non-interest expenses		1,152,089		1,192,105		(3.4	%)		1,252,670		(8.0	%)
Income before income taxes		326,072		63,364		414.6	%		307,909		5.9	%
Provision for income taxes		74,653		10,372		619.8	%		43,548		71.4	%

Net income		251,419		52,992		374.4	%		264,361		(4.9	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	242,099	$	43,672		454.4	%	$	255,041		(5.1	%)

Earnings per common share:
Basic	$	1.56	$	0.28		457.1	%	$	1.65		(5.5	%)
Diluted	$	1.48	$	0.26		469.2	%	$	1.54		(3.9	%)
Weighted average number of common shares outstanding:
Basic		155,508		157,146		(1.0	%)		154,181		0.9	%
Diluted		163,444		165,953		(1.5	%)		165,516		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.31		9.7	%


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

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



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Non-GAAP net revenues	$	1,441,522	$	1,255,455		14.8	%	$	1,560,593		(7.6	%)
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		828,875		728,164		13.8	%		905,144		(8.4	%)
Non-GAAP non-compensation operating expenses		292,568		451,266		(35.2	%)		306,808		(4.6	%)

Total non-GAAP non-interest expenses		1,121,443		1,179,430		(4.9	%)		1,211,952		(7.5	%)
Non-GAAP income before income taxes		320,079		76,025		321.0	%		348,641		(8.2	%)
Non-GAAP provision for income taxes		73,282		12,469		487.7	%		49,309		48.6	%
Non-GAAP net income		246,797		63,556		288.3	%		299,332		(17.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Non-GAAP net income available to common shareholders	$	237,477	$	54,236		337.9	%	$	290,012		(18.1	%)

Non-GAAP earnings per common share:
Basic	$	1.53	$	0.35		337.1	%	$	1.88		(18.6	%)
Diluted	$	1.45	$	0.33		339.4	%	$	1.75		(17.1	%)
Weighted average number of common shares outstanding:
Basic		155,508		157,146		(1.0	%)		154,181		0.9	%
Diluted		163,444		165,953		(1.5	%)		165,516		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.31		9.7	%


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

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Consolidated Financial Summary


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Net revenues:
Global Wealth Management	$	932,123		$	850,559			9.6	%	$	933,150			(0.1	%)
Institutional Group		495,258			384,929			28.7	%		609,703			(18.8	%)
Other		50,780			19,981			154.1	%		17,726			186.5	%

Total net revenues	$	1,478,161		$	1,255,469			17.7	%	$	1,560,579			(5.3	%)
Operating expenses:
Global Wealth Management	$	601,408		$	724,154			(17.0	%)	$	603,077			(0.3	%)
Institutional Group		397,348			357,498			11.1	%		458,026			(13.2	%)
Other		153,333			110,453			38.8	%		191,567			(20.0	%)

Total operating expenses	$	1,152,089		$	1,192,105			(3.4	%)	$	1,252,670			(8.0	%)
Operating contribution:
Global Wealth Management	$	330,715		$	126,405			161.6	%	$	330,073			0.2	%
Institutional Group		97,910			27,431			256.9	%		151,677			(35.4	%)
Other		(102,553	)		(90,472	)		13.4	%		(173,841	)		(41.0	%)

Income before income taxes	$	326,072		$	63,364			414.6	%	$	307,909			5.9	%
Financial ratios (change in bps):
Compensation and benefits		57.4	%		58.3	%		(90	)		59.3	%		(190	)
Non-compensation operating expenses		20.5	%		36.7	%		(1,620	)		21.0	%		(50	)
Income before income taxes		22.1	%		5.0	%		1,710			19.7	%		240
Effective tax rate		22.9	%		16.4	%		650			14.1	%		880


Stifel Financial Corp. Quarterly Financial Supplement \| First 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)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Financial Information:
Total assets	$	42,893,152		$	40,383,727			6.2	%	$	41,270,782			3.9	%
Total Stifel Financial Corp. shareholders’ equity	$	5,981,482		$	5,538,186			8.0	%	$	5,977,317			0.1	%
Total common equity	$	5,296,482		$	4,853,186			9.1	%	$	5,292,317			0.1	%
Goodwill and intangible assets	$	(1,561,298	)	$	(1,503,358	)		3.9	%	$	(1,571,903	)		(0.7	%)
DTL on goodwill and intangible assets	$	92,780		$	83,367			11.3	%	$	92,224			0.6	%

Tangible common equity	$	3,827,964		$	3,433,195			11.5	%	$	3,812,638			0.4	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (1)(3)	$	34.43		$	31.39			9.7	%	$	34.71			(0.8	%)
Tangible book value per common share (1)(3)	$	24.89		$	22.21			12.1	%	$	25.00			(0.4	%)
Return on common equity (4)		18.3	%		3.5	%					19.5	%
Non-GAAP return on common equity (2)(4)		17.9	%		4.4	%					22.2	%
Return on tangible common equity (5)		25.3	%		5.0	%					27.3	%
Non-GAAP return on tangible common equity (2)(5)		24.8	%		6.2	%					31.1	%
Pre-tax margin on net revenues		22.1	%		5.0	%					19.7	%
Non-GAAP pre-tax margin on net revenues (2)		22.2	%		6.1	%					22.3	%
Effective tax rate		22.9	%		16.4	%					14.1	%
Non-GAAP effective tax rate (2)		22.9	%		16.4	%					14.1	%


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

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Regulatory Capital ⁽⁶⁾



	As of and for the Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,845,174		$	3,478,476			10.5	%	$	3,818,450			0.7	%
Tier 1 capital	$	4,530,429		$	4,163,476			8.8	%	$	4,503,450			0.6	%
Risk-weighted assets	$	24,288,031		$	23,661,099			2.6	%	$	24,602,985			(1.3	%)
Common equity tier 1 capital ratio		15.8	%		14.7	%					15.5	%
Tier 1 risk based capital ratio		18.7	%		17.6	%					18.3	%
Tier 1 leverage capital ratio		11.4	%		10.8	%					11.4	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,350,799		$	1,373,088			(1.6	%)	$	1,328,266			1.7	%
Tier 1 capital	$	1,351,054		$	1,373,088			(1.6	%)	$	1,328,266			1.7	%
Risk-weighted assets	$	11,819,433		$	12,374,082			(4.5	%)	$	11,876,471			(0.5	%)
Common equity tier 1 capital ratio		11.4	%		11.1	%					11.2	%
Tier 1 risk based capital ratio		11.4	%		11.1	%					11.2	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.0	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	839,275		$	780,209			7.6	%	$	854,826			(1.8	%)
Tier 1 capital	$	839,275		$	780,209			7.6	%	$	854,826			(1.8	%)
Risk-weighted assets	$	7,178,238		$	5,963,456			20.4	%	$	7,221,333			(0.6	%)
Common equity tier 1 capital ratio		11.7	%		13.1	%					11.8	%
Tier 1 risk based capital ratio		11.7	%		13.1	%					11.8	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	643,200		$	294,100			118.7	%	$	559,500			15.0	%
Excess net capital	$	609,600		$	271,200			124.8	%	$	529,800			15.1	%


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

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Global Wealth Management - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Revenues:
Commissions	$	140,064		$	125,826			11.3	%	$	142,757			(1.9	%)
Principal transactions		62,594			60,569			3.3	%		63,897			(2.0	%)

Transactional revenues		*202,658*			186,395			8.7	%		206,654			(1.9	%)
Asset management		459,426			409,506			12.2	%		455,766			0.8	%
Net interest		264,368			245,534			7.7	%		261,624			1.0	%
Investment banking (7)		6,072			5,908			2.8	%		8,334			(27.1	%)
Other income		(401	)		3,216			(112.5	%)		772			(151.9	%)

Net revenues		932,123			850,559			9.6	%		933,150			(0.1	%)
Non-interest expenses:
Compensation and benefits		472,460			422,293			11.9	%		468,040			0.9	%
Non-compensation operating expenses		128,948			301,861			(57.3	%)		135,037			(4.5	%)

Total non-interest expenses		601,408			724,154			(17.0	%)		603,077			(0.3	%)

Income before income taxes	$	330,715		$	126,405			161.6	%	$	330,073			0.2	%


As a percentage of net revenues (change in bps):
Compensation and benefits		50.7	%		49.6	%		110			50.2	%		50
Non-compensation operating expenses		13.8	%		35.5	%		(2,170	)		14.4	%		(60	)
Income before income taxes		35.5	%		14.9	%		2,060			35.4	%		10


Stifel Financial Corp. Quarterly Financial Supplement \| First 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)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Total client assets (8)	$	538,717,000		$	485,860,000			10.9	%	$	551,863,000			(2.4	%)
Fee-based client assets (8)	$	219,863,000		$	189,693,000			15.9	%	$	224,488,000			(2.1	%)
Transactional assets	$	318,854,000		$	296,167,000			7.7	%	$	327,375,000			(2.6	%)
Secured client lending (9)	$	3,841,000		$	3,239,000			18.6	%	$	3,702,000			3.8	%
Asset Management Revenue (000s):
Private Client Group (10)	$	394,695		$	345,357			14.3	%	$	394,031			0.2	%
Asset Management		41,811			38,520			8.5	%		41,415			1.0	%
Third-party Bank Sweep Program		3,780			11,783			(67.9	%)		4,278			(11.6	%)
Other (11)		19,171			13,881			38.1	%		16,073			19.3	%

Total asset management revenues	$	459,457		$	409,541			12.2	%	$	455,797			0.8	%
Fee-based Assets (millions):
Private Client Group (10)	$	191,708		$	166,035			15.5	%	$	196,718			(2.5	%)
Asset Management		46,981			41,136			14.2	%		46,708			0.6	%
Elimination (12)		(18,826	)		(17,478	)		7.7	%		(18,938	)		(0.6	%)

Total fee-based assets	$	219,863		$	189,693			15.9	%	$	224,488			(2.1	%)
Third-party Bank Sweep Program	$	475		$	828			(42.6	%)	$	524			(9.4	%)
ROA (bps) (13):
Private Client Group (10)		80.3			82.1						82.2
Asset Management		35.6			37.4						35.5
Third-party Bank Sweep Program		358.9			400.0						383.7


Stifel Financial Corp. Quarterly Financial Supplement \| First 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)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	14,288	$	16,424		(13.0	%)	$	14,654		(2.5	%)
Sweep Deposits		11,529		10,043		14.8	%		10,969		5.1	%
Direct Wealth Management Deposits at Stifel Bancorp		227		387		(41.3	%)		66		243.9	%

Total Stifel Bancorp Wealth Management Deposits		26,044		26,854		(3.0	%)		25,689		1.4	%
Other Bank Deposits		4,753		2,785		70.7	%		4,063		17.0	%

Total Stifel Bancorp Deposits	$	30,797	$	29,639		3.9	%	$	29,752		3.5	%

Short-term Treasuries (14)	$	6,330	$	7,218		(12.3	%)	$	6,741		(6.1	%)
Third-party Commercial Treasury Deposits (15)	$	5,675	$	2,900		95.7	%	$	5,199		9.2	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	26,044	$	26,854		(3.0	%)	$	25,689		1.4	%
Third-party Bank Sweep Program (15)		475		828		(42.6	%)		524		(9.4	%)
Third-party Treasury (15)		—		—		0.0	%		199		nm
Other Sweep Cash		648		149		334.9	%		486		33.3	%
Money Market Mutual Funds		17,173		13,698		25.4	%		16,984		1.1	%

Total Wealth Management Cash	$	44,340	$	41,529		6.8	%	$	43,882		1.0	%

Client money market and insured product (16)	$	26,940	$	27,444		(1.8	%)	$	26,633		1.2	%
Third-party Deposits Available to Stifel Bancorp (15)	$	6,150	$	3,728		65.0	%	$	5,922		3.9	%


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

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Institutional Group - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Revenues:
Commissions	$	67,770		$	67,844			(0.1	%)	$	70,447			(3.8	%)
Principal transactions		87,627			81,091			8.1	%		89,301			(1.9	%)

Transactional revenues		*155,397*			148,935			4.3	%		159,748			(2.7	%)
Capital raising		116,902			94,564			23.6	%		170,915			(31.6	%)
Advisory		218,438			137,470			58.9	%		276,607			(21.0	%)

Investment banking		*335,340*			232,034			44.5	%		447,522			(25.1	%)
Other income (17)		4,521			3,960			(14.2	%)		2,433			85.8	%

Net revenues		495,258			384,929			28.7	%		609,703			(18.8	%)
Non-interest expenses:
Compensation and benefits		295,870			252,585			17.1	%		346,507			(14.6	%)
Non-compensation operating expenses		101,478			104,913			(3.3	%)		111,519			(9.0	%)

Total non-interest expenses		397,348			357,498			11.1	%		458,026			(13.2	%)

Income before income taxes	$	97,910		$	27,431			256.9	%	$	151,677			(35.4	%)


As a percentage of net revenues (change in bps):
Compensation and benefits		59.7	%		65.6	%		(590	)		56.8	%		290
Non-compensation operating expenses		20.5	%		27.3	%		(680	)		18.3	%		220
Income before income taxes		19.8	%		7.1	%		1,270			24.9	%		(510	)


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

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Stifel Bancorp Financial Information:
Total assets	$	33,303,655		$	32,100,614			3.7	%	$	32,253,991			3.3	%
Total shareholder’s equity	$	2,248,327		$	2,183,596			3.0	%	$	2,244,781			0.2	%
Total loans, net (includes loans held for sale)	$	22,185,318		$	21,241,400			4.4	%	$	22,427,456			(1.1	%)
Residential real estate		9,363,547			8,699,229			7.6	%		9,254,939			1.2	%
Commercial and industrial		4,170,090			3,678,411			13.4	%		4,135,091			0.8	%
Fund banking		3,737,366			3,659,294			2.1	%		4,096,649			(8.8	%)
Securities-based loans		2,749,987			2,404,960			14.3	%		2,672,431			2.9	%
Construction and land		1,229,903			1,206,876			1.9	%		1,214,450			1.3	%
Commercial real estate		440,993			472,550			(6.7	%)		423,474			4.1	%
Other		271,574			250,948			8.2	%		269,729			0.7	%
Loans held for sale		348,331			1,016,127			(65.7	%)		502,199			(30.6	%)
Investment securities	$	8,449,776		$	8,329,552			1.4	%	$	8,142,395			3.8	%
Available-for-sale securities, at fair value		1,588,549			1,613,304			(1.5	%)		1,593,390			(0.3	%)
Held-to-maturity securities, at amortized cost		6,861,227			6,716,248			2.2	%		6,549,005			4.8	%
Unrealized losses on available-for-sale securities		(113,790	)		(141,910	)		(19.8	%)		(105,199	)		8.2	%
Total deposits	$	30,797,336		$	29,639,272			3.9	%	$	29,752,063			3.5	%
Demand deposits (interest-bearing)		30,350,046			29,180,478			4.0	%		28,931,314			4.9	%
Demand deposits (non-interest-bearing)		47,418			432,368			(89.0	%)		339,494			(86.0	%)
Certificates of deposit		399,872			26,426			nm			481,255			(16.9	%)

Credit Metrics:
Allowance for credit losses	$	142,692		$	170,266			(16.2	%)	$	160,911			(11.3	%)
Allowance as a percentage of retained loans		0.65	%		0.83	%					0.73	%
Net charge-offs as a percentage of average loans		0.11	%		0.05	%					0.06	%
Total nonperforming assets	$	105,993		$	160,891			(34.1	%)	$	125,159			(15.3	%)
Nonperforming assets as a percentage of total assets		0.32	%		0.50	%					0.39	%


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

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	3/31/2026		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,364		34	%	Financials	$	1,034	25	%
Securities-based loans		2,750		10	%	Industrials		876	21	%
Home equity lines of credit and other		272		1	%	Information technology		600	14	%

Total consumer		12,386		45	%	Consumer discretionary		314	8	%

Commercial and industrial		4,170		15	%	Materials		265	6	%
Fund banking		3,737		13	%	REITs		254	6	%
Construction and land		1,230		4	%	Hotel, leisure, restaurants		251	6	%
Commercial real estate		441		2	%	Healthcare		245	6	%

Total commercial		9,578		34	%	Communication services		222	5	%

Total loan portfolio		21,964		79	%	Consumer staples		108	3	%

Unfunded commitments		5,850		21	%

Total	$	27,814		100	%

						CLO by Major Sector
						High tech industries	$	716	11	%
Investment Portfolio						Banking, finance, insurance, & real estate		703	10	%
CLO	$	6,819		80	%	Services: business		676	10	%
Agency MBS		1,241		14	%	Healthcare & pharmaceuticals		649	10	%
Corporate bonds		361		4	%	Hotel, gaming, & leisure		346	5	%
SBA		73		1	%	Construction & building		282	4	%
Student loan ARS		66		1	%	Beverage, food, & tobacco		255	4	%
CMBS		3		0	%	Capital equipment		245	4	%
Other		1		0	%	Services: consumer		231	3	%

Total Portfolio	$	8,564		100	%	Chemicals, plastics, & rubber		226	3	%


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

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Loans and Lending Commitments - Allowance for Credit Losses


	March 31, 2026
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %	Q1 Provision
Residential real estate	$	9,363,547	$	10,988	0.12%	$	(276	)
Commercial and industrial		4,170,090		76,781	1.84%		8,924
Fund banking		3,737,366		7,475	0.20%		(718	)
Securities-based loans		2,749,987		3,300	0.12%		46
Construction and land		1,229,903		10,295	0.84%		(272	)
Commercial real estate		440,993		5,651	1.28%		1
Other		271,574		688	0.25%		(18	)

Loans held for investment, gross		21,963,460		115,178	0.52%		7,687
Loans held for sale		348,331

Total loans, gross		22,311,791
Lending-related commitments (unfunded)		5,849,911		27,514	0.47%		(1,152	)

Loans and lending-related commitments	$	28,161,702	$	142,692		$	6,535


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

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Consolidated Non-GAAP Net Interest Income ⁽²⁾


	Three Months Ended
	March 31, 2026							March 31, 2025							December 31, 2025
(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	$	2,310.3	$	20.3		3.52	%	$	2,467.1	$	26.3		4.27	%	$	2,341.6	$	23.0		3.92	%
Financial instruments owned		1,516.9		8.4		2.21	%		1,242.5		6.5		2.11	%		1,435.4		8.8		2.46	%
Margin balances		1,022.9		15.4		6.02	%		835.8		13.9		6.64	%		943.1		15.6		6.61	%
Investments:
Asset-backed securities		6,556.6		87.5		5.33	%		6,617.4		101.4		6.13	%		6,580.0		95.3		5.79	%
Mortgage-backed securities		1,182.8		10.3		3.48	%		1,117.2		8.7		3.09	%		1,223.5		10.6		3.47	%
Corporate fixed income securities		373.5		2.4		2.57	%		496.3		3.4		2.75	%		406.7		2.8		2.76	%
Other		4.8		—		2.55	%		4.8		—		2.62	%		4.8		—		2.55	%

Total investments		8,117.7		100.2		4.94	%		8,235.7		113.5		5.51	%		8,215.0		108.7		5.29	%
Loans:
Residential real estate		9,299.5		95.4		4.10	%		8,633.5		81.0		3.75	%		9,158.9		92.8		4.05	%
Commercial and industrial		4,171.8		62.7		6.02	%		4,113.5		75.5		7.34	%		4,005.6		66.2		6.62	%
Fund banking		3,862.0		59.4		6.15	%		3,798.2		66.4		7.00	%		3,899.8		64.4		6.60	%
Securities-based loans		2,676.7		36.6		5.46	%		2,387.8		36.5		6.12	%		2,620.4		38.4		5.86	%
Commercial real estate		437.1		7.4		6.76	%		498.4		8.2		6.54	%		423.5		8.3		7.88	%
Construction and land		1,251.4		20.4		6.54	%		1,216.6		21.8		7.16	%		1,209.0		21.7		7.17	%
Loans held for sale		472.8		10.3		8.69	%		589.0		11.2		7.62	%		416.4		7.4		7.12	%
Other		271.3		4.1		6.09	%		248.8		4.4		6.97	%		261.0		4.4		6.77	%

Total loans		22,442.6		296.3		5.28	%		21,485.8		305.0		5.68	%		21,994.6		303.6		5.52	%
Other interest-bearing assets		1,071.3		10.4		3.88	%		996.8		10.4		4.17	%		1,154.3		9.7		3.35	%

Total interest-bearing assets/ interest income		36,481.7		451.0		4.95	%		35,263.7		475.6		5.40	%		36,084.0		469.4		5.20	%
Interest-bearing liabilities:
Senior notes		617.5		7.1		4.62	%		616.7		7.1		4.63	%		617.3		7.1		4.62	%
Deposits		29,154.1		150.9		2.07	%		28,622.8		193.1		2.70	%		29,007.5		169.7		2.34	%
Other interest-bearing liabilities ⁽¹⁹⁾		1,726.9		16.3		3.78	%		1,453.6		13.4		3.66	%		1,702.4		15.5		3.64	%

Total interest-bearing liabilities/ interest expense	$	31,498.5		174.3		2.21	%	$	30,693.1		213.6		2.78	%	$	31,327.2		192.3		2.46	%

Net interest income/margin			$	276.7		3.03	%			$	262.0		2.97	%			$	277.1		3.07	%


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

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Stifel Bancorp Net Interest Income


	Three Months Ended
	March 31, 2026							March 31, 2025							December 31, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,176.9	$	11.5		3.92	%	$	1,512.8	$	17.4		4.60	%	$	1,293.5	$	13.7		4.22	%
Investments		8,117.7		100.2		4.94	%		8,235.7		113.5		5.51	%		8,215.0		108.7		5.29	%
Loans		22,442.6		296.3		5.28	%		21,485.8		305.0		5.68	%		21,994.6		303.6		5.52	%
Other interest-bearing assets		66.4		0.9		5.14	%		66.7		0.8		5.15	%		66.4		0.8		4.99	%

Total interest-bearing assets/ interest income	$	31,803.6	$	408.9		5.14	%	$	31,301.0	$	436.7		5.58	%	$	31,569.5	$	426.8		5.41	%
Interest-bearing liabilities:
Deposits	$	29,154.1	$	150.9		2.07	%	$	28,622.8	$	193.1		2.70	%	$	29,007.5	$	169.7		2.34	%
Other interest-bearing liabilities		144.9		1.8		5.09	%		92.6		1.4		5.83	%		139.9		1.9		5.67	%

Total interest-bearing liabilities/ interest expense	$	29,299.0		152.7		2.09	%	$	28,715.4		194.5		2.71	%	$	29,147.4		171.6		2.36	%

Net interest income/margin			$	256.2		3.22	%			$	242.2		3.10	%			$	255.2		3.23	%


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GAAP to Core Reconciliation


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			Change			12/31/2025			Change
GAAP net revenues	$	1,478,161		$	1,255,469					$	1,560,579
Gain on sale of business (18)		(49,784	)		—						—
Litigation-related and other (19)		13,145			(14	)					14

Total non-GAAP adjustments		(36,639	)		(14	)					14

Non-GAAP net revenues		1,441,522			1,255,455						1,560,593

GAAP compensation and benefits expense		848,334			732,220						925,154
Merger-related and other (20)		(17,628	)		(4,056	)					(3,485	)
Restructuring and severance (21)		(1,831	)		—						(16,525	)

Total non-GAAP adjustments		(19,459	)		(4,056	)					(20,010	)

Non-GAAP compensation and benefits expense		828,875			728,164						905,144


GAAP non-compensation operating expenses		303,755			459,885						327,516
Merger-related (20)		(11,187	)		(8,619	)					(20,708	)

Non-GAAP non-compensation operating expenses		292,568			451,266						306,808

Total adjustments		5,993			(12,661	)					(40,732	)


GAAP provision for income taxes		74,653			10,372						43,548
Merger-related and other (22)		(1,371	)		2,097						5,761

Non-GAAP provision for income taxes		73,282			12,469						49,309

Financial ratios (change in bps):
Compensation and benefits		57.5	%		58.0	%		(50	)		58.0	%		(50	)
Non-compensation operating expenses		20.3	%		35.9	%		(1,560	)		19.7	%		60
Income before income taxes		22.2	%		6.1	%		1,610			22.3	%		(10	)
Effective tax rate		22.9	%		16.4	%		650			14.1	%		880


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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 Core 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 $92.5 million, $82.5 million, and $90.7 million, as of March 31, 2026 and 2025, and December 31, 2025, respectively.
	(6)			Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 22, 2026.
	(7)			Includes capital raising and advisory revenues.
	(8)			Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include $4.2 billion and $4.9 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 \| First Quarter 2026 Earnings Release		Page 18 of 19

LOGO

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 first quarter earnings release issued April 22, 2026.


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

Exhibit 99.3 First Quarter 2026 Financial Results Presentation April 22, 2026 Quarterly Earnings Report

First Quarter Snapshot 1Q26 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 1Q26: GAAP $1,478 & NON-GAAP $1,442 1Q26: GAAP $1.48 & NON-GAAP $1.45 1Q26: GAAP $242 & NON-GAAP $237 BOOK VALUE PER SHARE ANNUALIZED ROTCE* ANNUALIZED ROCE TBV $24.89 BV $34.43 1Q26:GAAP 18.3% & NON-GAAP 17.9% 1Q26:GAAP 25.3% & NON-GAAP 24.8% * Please see our definition of ROTCE in our first quarter 2026 earnings release HIGHLIGHTS Record First Quarter Record First Quarter Net Revenue Investment Banking Revenue Record First Quarter Net Revenue Completed Sale of Global Wealth Management Stifel Independent Advisors Repurchased 2.8 million Record Asset Common Shares Management Revenue Quarterly Earnings Report 1

Strategic Objectives & Market Landscape Artificial Intelligence Private Credit Software Loans Legislation & Market Structure Quarterly Earnings Report 2

Variance to Consensus Estimates COMMENTRY ON VARIANCE TO ANALYST First Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 1Q26 1Q26 Mean % ∆ 1Q26 vs. 1Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $358 $363 (1%) 7% ■ Commissions & Principal Transactions: Investment banking $341 $334 2% 44% ■ Stronger Global Wealth Management & Fixed Asset management and service fees $459 $457 0% 12% Net interest $277 $280 (1%) 6% Income Revenue Net revenues $1,442 $1,442 0% 15% Non-interest expenses ■ Lower Equity Revenue on European Compensation and benefits 829 830 (0%) 14% Restructuring Compensation Ratio 57.5% 57.6% -1 bps -5 bps Non-compensation expenses 293 299 (2%) (35%) ■ Investment Banking: Total non-interest expenses 1,121 1,129 (1%) (5%) Income before income taxes 320 312 3% 321% ■ Stronger Advisory Revenue Provision for income taxes 73 75 2% 494% ■ Lower Equity & Fixed Income Underwriting Tax Rate 22.9% 24.0% -110 bps 650 bps Net Income $247 $237 4% 288% Revenue Diluted Operating EPS $1.45 $1.38 5% 339% ■ Net Interest Income *Non-GAAP ■ Lower Non-Bank NII * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted ■ Non-compensation Expense: average share count. ■ Lower Provision Expense & Investment Banking Gross Up ■ Tax Rate: ■ Improved Foreign Profitability Quarterly Earnings Report 3

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 1Q26 Y/Y Change ■ Record First Quarter Net Revenue Change Transactional $203 9% -2% ■ Record Asset Management Revenue Asset Management 459 12% 1% ■ Record First Quarter Transactional Revenue Net Interest 264 8% 1% ■ Completed Sale of Stifel Independent Advisors Investment Banking 6 3% -27% Other (0) nm nm Total Global Wealth Management Net $932 10% 0% Revenue Comp. Ratio 50.7% 110 bps 50 bps Non-Comp. Ratio 13.8% -2170 bps -60 bps Provision for credit loss $7 -46% -33% CLIENT CASH BALANCES Pre-tax Margin 35.5% 2060 bps 10 bps $1,599 $1,474 $1,446 Pre-tax Pre-provision Margin 36.1% 1980 bps -30 bps $1,167 $1,092 $1,114 $1,066 $760 $673 $505 $508 $240 $189 CLIENT ASSET METRICS Sequential ($54) millions 1Q26 Y/Y ($108) ($253) Change ($366) Total Client Assets $538,717 11% -2% ($691) ($894) Fee-based Client Assets $219,863 16% -2% ($1,409) Private Client Fee-based Client Assets $191,708 15% -3% 1Q25 2Q25 3Q25 4Q25 1Q26 Client Asset Metrics Include the impact of assets associated with the sale of Stifel Ticked MMF Smart Rate Sweep* Non-Wealth Deposits Independent Advisors. Total Client Assets from SIA were $10.5 bil. and $9.0 bil. on December 31,2025 and March 31, 2025, respectively. Fee-based Client Assets from SIA * Sweep balances include Sweep Deposits, Third-party Bank Sweep Program, & Other Sweep Cash were $4.9 bil. and $4.2 bil. on December 31, 2025 and March 31, 2025, respectively Quarterly Earnings Report 4 millions

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS millions 1Q26 Y/Y Change ■ Institutional Revenue up 29% Year-on-Year Advisory $218 59% Capital Raising $117 24% ■ Positive Pre-Tax Margins from International Business Equity $67 37% Fixed Income $50 9% ■ Record First Quarter Investment Banking Revenue Transactional $155 4% ■ Record First Quarter Advisory Revenue Equity $55 -7% Fixed Income $100 12% ■ Second Highest First Quarter Capital Raising Total Institutional Revenue* $495 29% Revenue Comp. Ratio 59.7% -590 bps Non-Comp. Ratio 20.5% -680 bps ■ Ranked #1 in Senior Managed New Issue Negotiated Pre-tax Margin 19.8% 1270 bps Municipal Issuance with 14.6% Market Share * Includes net interest, asset management, and other income IMPROVED FIRST QUARTER PRE-TAX MARGIN INSTITUTIONAL GROUP NET REVENUE 25.0% $600 19.8% 20.0% $500 $400 15.0% $300 10.6% 10.1% $200 10.0% 7.1% $100 5.0% $0 1Q25 2Q25 3Q25 4Q25 1Q26 0.0% Advisory Fees Capital Raising Brokerage Other 1Q23 1Q24 1Q25 1Q26 * 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 65% 40% 35% millions 1Q26 1Q25 Y/Y Change 63% 30% 61% Compensation $829 $728 14% 25% 59% 20% Non-compensation Expense, $277 $431 -36% 15% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0% 57.5% 10% Credit Loss Provision & IB Gross Up $15 $21 -27% 55% 5% 53% 0% Non-compensation $293 $451 -35% 1Q25 2Q25 3Q25 4Q25 1Q26 Pre-tax Income $320 $76 321% Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $1,200 $1,000 (000s) 1Q26 Bar chart header numbers $800 GAAP Net Income $251,419 are a graphic $600 $400 Preferred Dividend $9,320 $200 Net Income available to common Shareholders $242,099 $0 2021 2022 2023 2024 2025 2026* -$200 Non-GAAP After Tax Adjustments ($4,622) Non-GAAP Net Income Available to Common $237,477 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2026 earnings release. *2026 annual GAAP to non-GAAP results based on annualized results through 3/31/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $45,000 22.0% $42,893 ■ Repurchased 1.25 million Shares in Open Market $41,687 $41,271 $40,384 20.0% $39,860 $40,000 ■ Net Settled 1.5 million Shares tied to Equity-based 18.0% 18.3% 18.7% Compensation $35,000 17.5% 17.6% 17.6% 16.0% ■ 10.2 million Shares in Total Authorization 14.0% $30,000 12.0% ■ Total Assets Increased $1.6 billion $25,000 11.4% 11.4% 11.1% 10.0% 10.8% 10.8% ■ Bank Funding Increased at CAGR of 11% Since 2021 $20,000 8.0% 1Q25 2Q25 3Q25 4Q25 1Q26 Assets Tier 1 Leverage Tier 1 Risk Based Capital $900,000 DEPLOYING EXCESS CAPITAL A TRACK RECORD of FUNDING GROWTH $800,000 $80,000 $700,000 $70,000 $600,000 $60,000 $50,000 $500,000 $40,000 $400,000 $30,000 $300,000 $20,000 $200,000 $10,000 $100,000 $0 $0 2021 2022 2023 2024 2025 2026* 2022 2023 2024 2025 2026 ($100,000) Capital Generated Bank Growth Bank Deposits Available Funding Common Stock Repurchases Dividends (Common & Preferred) Acquisitions *2026 based on results through 3/31/2026 Quarterly Earnings Report 7 (000s) millions millions

Concluding Remarks Quarterly Earnings Report

First Quarter 2026 Financial Results Presentation April 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

Source: View Original Filing on SEC EDGAR

Stifel delivered strong Q1 2026 results, with net revenues of $1.48 billion, up 17.7% year over year. Net income available to common shareholders rose to $242.1 million, and diluted EPS increased to $1.48, reflecting a sharp improvement in profitability versus 2025.

Non-GAAP net revenues were $1.44 billion, and non-GAAP net income available to common shareholders was $237.5 million. Non-GAAP diluted EPS reached $1.45, while the non-GAAP pre-tax margin on net revenues improved to 22.2%, significantly higher than a year earlier.

Global Wealth Management net revenues reached $932.1 million, up 9.6% year over year, with pre-tax income of $330.7 million. Total client assets were $538.7 billion, and fee-based client assets were $219.9 billion, supporting record asset management revenue in the quarter.

Institutional Group net revenues were $495.3 million, up 28.7% from Q1 2025. Investment banking revenues rose to $335.3 million, with advisory revenues of $218.4 million, driving pre-tax income to $97.9 million and lifting the segment pre-tax margin to 19.8%.

At March 31, 2026, Stifel’s common equity Tier 1 capital ratio was 15.8% and its Tier 1 risk-based capital ratio was 18.7%. The Tier 1 leverage capital ratio stood at 11.4%, indicating a solid capital position relative to risk-weighted assets and total balance sheet size.

Stifel repurchased 2.793 million common shares for $224.4 million at an average price of $80.32. The company also paid a quarterly cash dividend of $0.34 per common share, up 9.7% from $0.31 a year earlier.

7 documents

STIFEL FINANCIAL CORP.

(Registrant)

Date: April 22, 2026

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer