Stifel Financial (NYSE: SF) grows May 2026 client assets and loans, boosts IB outlook

Q: How did Stifel Financial (SF) total client assets change in May 2026?

Stifel’s total client assets reached $579,678 million as of May 31, 2026, a 16% year-over-year increase and 2% higher than April 30, 2026. Management attributed growth mainly to market appreciation and solid advisor recruiting.

Q: What were Stifel Financial (SF) fee-based client assets as of May 31, 2026?

Fee-based client assets totaled $238,727 million on May 31, 2026, up 20% from May 31, 2025 and 3% from April 30, 2026 . Private Client Group fee-based assets were $208,755 million with the same percentage growth rates.

Q: How did Stifel Financial (SF) bank loans and deposits trend in May 2026?

Bank loans, net, were $23,932 million , up 13% year-over-year and 2% month-over-month . Treasury deposits stood at $10,805 million , rising 76% vs. May 2025 but declining 3% from April , largely due to corporate client cash-flow timing.

Q: What guidance did Stifel Financial (SF) give for Q2 2026 investment banking revenue?

Stifel stated it expects second-quarter 2026 investment banking revenue to increase 25% to 30% compared with the second quarter of 2025. Management cited strong momentum and higher capital-raising activity supporting this outlook.

Q: What does Stifel Financial (SF) say about money market and insured products in May 2026?

Client money market and insured product balances were $24,967 million at May 31, 2026, down 3% year-over-year and roughly unchanged versus April 30, 2026. These balances can fluctuate with clients’ short-term liquidity preferences and rate environments.

Q: Why did Stifel Financial (SF) release May 2026 operating data?

Stifel released selected operating results for May 31, 2026 to provide investors timely visibility into key metrics such as client assets, loans, and deposits. The company cautioned that, given the limited scope, a consistent correlation to earnings should not be assumed.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Stifel Financial Corp. reported selected operating data as of May 31, 2026, showing broad growth across client assets and lending. Total client assets reached $579,678 million, up 16% year-over-year and 2% from April, driven by market gains and advisor recruiting.

Fee-based client assets were $238,727 million, up 20% year-over-year and 3% sequentially, while bank loans, net, rose to $23,932 million, a 13% annual and 2% monthly increase. Treasury deposits were $10,805 million, up 76% from May 2025 but down 3% from April, which management linked to timing of corporate client flows. The company stated it expects second-quarter 2026 investment banking revenue to increase 25% to 30% compared with the second quarter of 2025.

Positive

Strong client asset and loan growth: As of May 31, 2026, total client assets were $579,678 million, up 16% year-over-year, fee-based client assets rose 20%, and bank loans increased 13%, signaling broad balance-sheet and fee-asset expansion.
Robust investment banking outlook: Management stated it expects second-quarter 2026 investment banking revenue to rise 25% to 30% compared with the second quarter of 2025, pointing to continued capital-raising activity.

Negative

None.

Insights

Stifel shows broad balance-sheet and fee-asset growth with strong investment banking outlook.

Stifel Financial highlights healthy fundamentals in May 2026. Total client assets of $579,678 million rose 16% year-over-year, and fee-based client assets climbed 20%, indicating deeper advisory relationships and recurring revenue potential alongside continued advisor recruiting.

On the balance sheet, bank loans of $23,932 million increased 13% year-over-year, reflecting robust fund banking demand. Treasury deposits jumped 76% versus May 2025, though they dipped 3% from April due to corporate cash-timing effects, which can be volatile month to month.

Management also indicated strong investment banking momentum, expecting second-quarter 2026 investment banking revenue to be 25% to 30% above the second quarter of 2025. Subsequent quarterly reports for the period covering Q2 2026 will show how realized results compare with this outlook.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Total client assets: $579,678 million Fee-based client assets: $238,727 million Private Client Group fee-based assets: $208,755 million +4 more

7 metrics

Total client assets $579,678 million As of May 31, 2026; 16% YoY, 2% vs April 30, 2026

Fee-based client assets $238,727 million As of May 31, 2026; 20% YoY, 3% vs April 30, 2026

Private Client Group fee-based assets $208,755 million As of May 31, 2026; 20% YoY, 3% vs April 30, 2026

Bank loans, net $23,932 million As of May 31, 2026; 13% YoY, 2% vs April 30, 2026

Treasury deposits $10,805 million As of May 31, 2026; 76% YoY, -3% vs April 30, 2026

Client money market and insured product $24,967 million As of May 31, 2026; -3% YoY, roughly flat vs April 30, 2026

Expected Q2 2026 IB revenue change 25%–30% increase Compared with second quarter of 2025, per management statement

Key Terms

fee-based client assets, Treasury deposits, fund banking, investment banking revenue, +2 more

6 terms

fee-based client assets financial

"Total and fee-based client assets increased 18% and 23%, respectively, year-over-year"

Money and investments that a financial firm manages for clients where the firm is paid a regular fee (often a percentage of the assets) rather than earning commissions on trades. Investors care because fee-based arrangements create steadier, predictable revenue for the firm and align its incentive to grow client portfolios over time, much like paying a gardener a steady wage to care for a garden rather than paying per plant trimmed.

Treasury deposits financial

"Treasury deposits declined 3% in May, which was primarily a function of the timing of inflows"

Treasury deposits are cash that a government’s finance office or a company’s treasury team keeps in bank accounts or very short-term safe instruments to manage day-to-day bills and reserves. Think of it like the checking and savings accounts a household uses to pay rent and cover emergencies; for investors, the size and location of these deposits indicate liquidity, short-term safety, and how much money is parked with particular banks, which can affect credit and counterparty risk.

fund banking financial

"Loan balances rose more than 2% from the prior month as demand in fund banking remained robust."

Fund banking describes specialized banking and credit services tailored to investment funds—such as private equity, venture capital, or hedge funds—including deposit and custodial accounts, short-term loans against a fund’s assets or promised investor commitments, and day-to-day cash management. Investors care because these services determine how quickly a fund can act on opportunities, smooth out cash shortfalls, and protect value; like a bridge loan that keeps a project moving until longer-term money arrives, fund banking affects liquidity and potential returns.

investment banking revenue financial

"We expect second-quarter investment banking revenue to increase 25% to 30% from the second quarter of 2025."

Regulation FD Disclosure regulatory

"Item 7.01 Regulation FD Disclosure."

Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.

Non-Cumulative Preferred Stock financial

"Non-Cumulative Preferred Stock, Series B"

Preferred stock that pays a fixed dividend but does not require the company to make up missed payments later; if a dividend is skipped, shareholders lose that income permanently rather than accumulating a balance the company must repay. Investors care because this structure offers higher priority than common shares for payouts but less protection for dividend income, so it’s a trade-off between steady yield and the risk of permanent missed payments.

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Understanding 8-K Material Events →

Available on EDGAR 06/25/2026 - 04:16 PM Accepted by SEC EDGAR 06/25/2026 - 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): June 25, 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 June 25, 2026, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for May 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 June 25, 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.


		STIFEL FINANCIAL CORP.
		(Registrant)

Date: June 25, 2026	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

LOGO

Stifel Reports May 2026 Operating Data

ST. LOUIS, MO, June 25, 2026 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for May 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 and fee-based client assets increased 18% and 23%, respectively, year-over-year, excluding the sale of Stifel Independent Advisors, LLC. Growth was driven by market appreciation and solid advisor recruiting. Loan balances rose more than 2% from the prior month as demand in fund banking remained robust. Treasury deposits declined 3% in May, which was primarily a function of the timing of inflows and outflows by our corporate clients, but we continue to expect strong growth in the second quarter and beyond. Investment banking momentum remains strong, supported by increased capital raising activity. We expect second-quarter investment banking revenue to increase 25% to 30% from the second quarter of 2025.”



Selected Operating Data (Unaudited)



	As of						% Change

(millions)	5/31/2026		5/31/2025 ⁽¹⁾		4/30/2026		5/31/2025		4/30/2026

Total client assets		$579,678		$501,357		$568,887		16%		2%

Fee-based client assets		$238,727		$199,078		$232,400		20%		3%

Private Client Group fee-based client assets		$208,755		$173,557		$202,919		20%		3%

Bank loans, net (includes loans held for sale)		$23,932		$21,204		$23,409		13%		2%

Client money market and insured product ⁽²⁾		$24,967		$25,827		$25,038		(3%)		(0%)

Treasury deposits ⁽³⁾		$10,805		$6,155		$11,116		76%		(3%)

(1)	Total client assets and Private Client Group fee-based client assets as of May 31, 2025, include $9.3 billion and $4.4 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.

FAQ

How did Stifel Financial (SF) total client assets change in May 2026?

Stifel’s total client assets reached $579,678 million as of May 31, 2026, a 16% year-over-year increase and 2% higher than April 30, 2026. Management attributed growth mainly to market appreciation and solid advisor recruiting.

What were Stifel Financial (SF) fee-based client assets as of May 31, 2026?

Fee-based client assets totaled $238,727 million on May 31, 2026, up 20% from May 31, 2025 and 3% from April 30, 2026. Private Client Group fee-based assets were $208,755 million with the same percentage growth rates.

How did Stifel Financial (SF) bank loans and deposits trend in May 2026?

Bank loans, net, were $23,932 million, up 13% year-over-year and 2% month-over-month. Treasury deposits stood at $10,805 million, rising 76% vs. May 2025 but declining 3% from April, largely due to corporate client cash-flow timing.

What guidance did Stifel Financial (SF) give for Q2 2026 investment banking revenue?

Stifel stated it expects second-quarter 2026 investment banking revenue to increase 25% to 30% compared with the second quarter of 2025. Management cited strong momentum and higher capital-raising activity supporting this outlook.

What does Stifel Financial (SF) say about money market and insured products in May 2026?

Client money market and insured product balances were $24,967 million at May 31, 2026, down 3% year-over-year and roughly unchanged versus April 30, 2026. These balances can fluctuate with clients’ short-term liquidity preferences and rate environments.

Why did Stifel Financial (SF) release May 2026 operating data?

Stifel released selected operating results for May 31, 2026 to provide investors timely visibility into key metrics such as client assets, loans, and deposits. The company cautioned that, given the limited scope, a consistent correlation to earnings should not be assumed.

Filing Exhibits & Attachments

5 documents

Press Releases

EX-99.1 EX-99.1 19.7 KB