Stifel Expects Flat Q3 Revenue, 15% Unit Decline
Management expects wealth-management growth to offset a roughly 15% Institutional Group decline, leaving third-quarter firm-wide net revenue essentially flat year over year.
Rhea-AI Filing Summary
Stifel Financial Corp. (SF) reported selected operating data as of August 31, 2026, including total client assets of $587.622 billion, up 10% year over year, and fee-based client assets of $244.377 billion, up 14%.
Separately, Chairman and Chief Executive Officer Ronald J. Kruszewski said both measures reached record highs, increasing 12% and 17% year over year, respectively, excluding SIA. Stifel expects third-quarter 2026 firm-wide net revenue to be essentially flat with the third quarter of 2025. Management expects Global Wealth Management growth to offset a roughly 15% decline in the Institutional Group, primarily reflecting lower transactional revenue and a modest decline in investment banking revenue.
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Filing Explained
The August 31 operating-data update adds a funding-balance detail: treasury deposits were
8-K Event Classification
Key Figures
Key Terms
Fee-based client assets financial
Treasury deposits financial
transactional revenue financial
insured product financial
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CURRENT REPORT
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Item 7.01 Regulation FD Disclosure.
On September 24, 2026, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for August 31, 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 September 24, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
2
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.
| STIFEL FINANCIAL CORP. | ||||||
| (Registrant) | ||||||
| Date: September 24, 2026 | By: | /s/ James M. Marischen | ||||
| Name: | James M. Marischen | |||||
| Title: | Chief Financial Officer | |||||
3
Stifel Reports August 2026 Operating Data
ST. LOUIS, MO, September 24, 2026 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for August 31, 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, “Total client assets and fee-based client assets reached record highs, increasing 12% and 17% year over year, excluding SIA, supported by strong recruiting and market appreciation. Treasury deposits continued to grow, increasing 7% month over month, underscoring the strength of our diversified funding mix and more than offsetting declines in client money market and insured product balances. For the third quarter, we anticipate that firm-wide net revenue will be essentially flat with the third quarter of 2025 as strong growth in our Global Wealth Management segment will offset a roughly 15% decline in our Institutional Group, which primarily reflects lower transactional revenue and a modest decline in investment banking revenue. That said, we remain encouraged by the robust pipelines across our Institutional Group and continue to expect strong segment results in the second half of the year.”
| Selected Operating Data (Unaudited) | ||||||||||||||||||||
| As of | % Change | |||||||||||||||||||
| (millions) | 8/31/2026 | 8/31/2025 (1) | 7/31/2026 | 8/31/2025 | 7/31/2026 | |||||||||||||||
| Total client assets |
$587,622 | $532,742 | $578,402 | 10% | 2% | |||||||||||||||
| Fee-based client assets |
$244,377 | $213,635 | $239,844 | 14% | 2% | |||||||||||||||
| Private Client Group fee-based client assets |
$214,193 | $186,679 | $209,901 | 15% | 2% | |||||||||||||||
| Bank loans, net (includes loans held for sale) |
$25,637 | $21,646 | $25,624 | 18% | 0% | |||||||||||||||
| Client money market and insured product (2) |
$23,443 | $25,436 | $24,062 | (8%) | (3%) | |||||||||||||||
| Treasury deposits (3) |
$12,344 | $7,647 | $11,501 | 61% | 7% | |||||||||||||||
| (1) | Total client assets and Private Client Group fee-based client assets as of August 31, 2025, include $9.9 billion and $4.7 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026. |
| (2) | Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash. |
| (3) | Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial deposits at Stifel Bancorp and third-party banks. |
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.
Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations