Stifel金融2026年三季报：净收入同比持平且小幅低于预期，非GAAP EPS $1.46仅微超预期1%

----- d182962d8k.htm -----
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):
October 21, 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 October 21, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended September 30, 2026. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form
8-K.
In addition, a copy of the Company’s Financial Supplement for the quarter ended September 30, 2026, is attached as Exhibit 99.2 to this Report on
Form 8-K.
On Wednesday, October 21, 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 October
21, 2026.
99.2
Financial Supplement for the quarter ended September
30, 2026.
99.3
Financial Results Presentation dated October 21, 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: October 21, 2026
By:
/s/ James M. Marischen
Name:
James M. Marischen
Title:
Chief Financial Officer
3

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EX-99.1
2
d182962dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
Stifel Reports Third Quarter 2026 Results
ST. LOUIS, MO, October
21, 2026
– Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.43 billion for
the three months ended September 30, 2026, compared with $1.43 billion a year ago. Net income available to common shareholders was $224.8 million, or $1.40 per diluted common share, compared with $202.1 million, or $1.22 per
diluted common share
(1)
for the third quarter of 2025.
Non-GAAP
net income available to common shareholders was $234.1 million, or $1.46 per
diluted common share for the third quarter of 2026.
Ronald J. Kruszewski
,
Chairman and Chief Executive Officer, said “Stifel is on track for another record year, with year-to-date revenue of
$4.3 billion up 9%, core earnings per share of $4.33 up 22%, and return on tangible common equity of 24.1%. The investments we’ve made in our business continued to drive operating efficiencies, as we delivered our highest ever third
quarter earnings per share of $1.46, up 12% versus the prior year, on net revenue of $1.43 billion. I am optimistic about our outlook, as Stifel’s diversified business model, recurring revenue stream, and disciplined capital management
position us to keep compounding value for shareholders.
”
Highlights
The Company reported net revenues of $1.43 billion, the second best third quarter in its history, driven by higher asset management
revenues and net interest income.
Non-GAAP
net income available to common shareholders of $1.46 per diluted common
share, the best third quarter in its history.
Asset management revenues increased 14% over the
year-ago
quarter.
Net interest income increased 9% over the year ago quarter.
Bank loans increased 21% over the year ago quarter.
Client assets of $576.5 billion, up 6% over the
year-ago
quarter.
Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.
Non-GAAP
pre-tax
margin of 22.5%.
Annualized return on tangible common equity (ROTCE)
(6)
of
23.9%.
Tangible book value per common share
(9)
of $26.05, up 12% from
prior year.
The Company repurchased $124.0 million, or 1.6 million shares, of its outstanding common stock during the third
quarter at an average price of $76.95.
Announced strategic investment in Meow Technologies.
Financial Summary (Unaudited)
(000s)
3Q 2026
3Q 2025
9m 2026
9m 2025
GAAP Financial
Highlights:
Net revenues
$1,426,211
$1,429,396
$4,355,176
$3,969,151
Net income
(2)
$224,823
$202,051
$684,078
$391,457
Diluted EPS
(1)
(2)
$1.40
$1.22
$4.23
$2.37
Comp. ratio
57.0%
58.8%
57.3%
59.1%
Non-comp.
ratio
21.3%
21.2%
21.2%
26.7%
Pre-tax
margin
21.7%
20.0%
21.5%
14.2%
Non-GAAP
Financial Highlights:
Net revenues
$1,429,077
$1,429,398
$4,323,903
$3,969,231
Net income
(2)
(3)
$234,096
$214,419
$700,872
$454,281
Diluted EPS
(1) (2)
(3)
$1.46
$1.30
$4.33
$2.76
Comp. ratio
(3)
56.6%
58.0%
57.0%
58.0%
Non-comp.
ratio
(3)
20.9%
20.8%
20.9%
25.9%
Pre-tax
margin
(4)
22.5%
21.2%
22.1%
16.1%
ROCE
(5)
17.4%
17.0%
17.5%
12.2%
ROTCE
(6)
23.9%
24.3%
24.1%
17.3%
Global Wealth
Management (
assets and loans in millions
)
Net revenues
$980,293
$907,440
$2,868,950
$2,603,630
Pre-tax
net
income
$374,408
$342,650
$1,066,970
$775,111
Total client assets
(7)
$576,482
$544,010
Fee-based
client assets
(7)
$239,661
$219,178
Bank loans
(8)
$26,065
$21,635
Institutional
Group
Net revenues
$430,281
$500,435
$1,406,233
$1,305,143
Equity
$282,574
$296,677
$915,506
$753,037
Fixed Income
$147,707
$203,758
$490,727
$552,106
Pre-tax
net income
$76,261
$89,291
$266,348
$177,762
Media Contact:
Neil Shapiro
(212)
271-3447 | Investor
Contact: Joel Jeffrey (212)
271-3610
| www.stifel.com/investor-relations
Global Wealth Management
Global Wealth Management reported record net revenues of $980.3 million for the three months ended September 30, 2026, compared with
$907.4 million during the third quarter of 2025.
Pre-tax
net income was $374.4 million compared with $342.7 million in the third quarter of 2025.
Highlights
Client assets of $576.5 billion, up 6% over the
year-ago
quarter, which
included $10.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Fee-based
client assets of $239.7 billion, up 9% over the
year-ago
quarter, which included $4.8 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.
Net revenues increased 8% from a year ago:
Transactional revenues decreased 3% over the
year-ago
quarter, reflecting a
decrease in client activity.
Asset management revenues increased 14% over the
year-ago
quarter, reflecting
higher asset values due to improved market conditions and net new asset growth.
Net interest income increased 11% 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 modestly to 48.8% primarily driven by higher
revenue-related compensation, partially offset by revenue growth.
Provision for credit losses decreased from a year ago primarily 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
13.0% primarily attributable to lower litigation-related expenses, a decrease in the provision for credit losses, and revenue growth over the
year-ago
quarter.
Summary
Results of Operations
(000s)
3Q 2026
3Q 2025
Net revenues
$980,293
$907,440
Transactional revenues
196,213
203,078
Asset management
492,123
431,363
Net interest income
284,583
257,327
Investment banking
6,731
6,529
Other
income
643
9,143
Total expenses
$605,885
$564,790
Compensation expense
478,877
441,626
Provision for credit losses
7,926
8,316
Non-comp.
operating expenses
119,082
114,848
Pre-tax
net income
$374,408
$342,650
Compensation ratio
48.8%
48.7%
Non-compensation
ratio
13.0%
13.5%
Pre-tax
margin
38.2%
37.8%
Stifel
Financial Corp. | Page 2
Institutional Group
Institutional Group reported net revenues of $430.3 million for the three months ended September 30, 2026, compared with $500.4 million during the third
quarter of 2025.
Pre-tax
net income was $76.3 million compared with $89.3 million in the third quarter of 2025.
Highlights
Investment banking revenues decreased 6% from a year ago:
Advisory revenues decreased 4% from the
year-ago
quarter, driven by lower levels
of completed advisory transactions.
Equity capital raising revenues decreased 13% from the
year-ago
quarter, driven by
lower volumes and smaller deal sizes.
Fixed income capital raising revenues decreased 2% over the
year-ago
quarter
primarily driven by lower bond issuances.
Fixed income transactional revenues decreased 34% from a year ago:
Fixed income transactional revenues were impacted by widening credit spreads, increased market volatility, and lower
realized trading gains during the quarter.
Equity transactional revenues decreased 29% from a year ago:
Equity transactional revenues were impacted by lower realized trading gains, a decline in trading volumes over the
year-ago
quarter and the restructuring of our European Equities business, which resulted in a $7 million reduction in equity transactional revenues year over year.
Total Expenses:
Compensation expense as a percentage of net revenues decreased to 58.7% primarily attributable to lower revenue-related
compensation due to a decline in revenues from the year ago quarter.
Non-compensation
operating expenses as a percentage of net revenues increased to
23.6% primarily attributable to a decline in revenues from the year ago quarter.
Summary
Results of Operations
(000s)
3Q 2026
3Q 2025
Net revenues
$430,281
$500,435
Investment banking
299,472
316,954
Advisory
173,017
179,270
Equity capital raising
68,556
78,765
Fixed income capital raising
57,899
58,919
Fixed income transactional
80,472
122,567
Equity transactional
41,195
58,306
Other
9,142
2,608
Total expenses
$354,020
$411,144
Compensation expense
252,656
297,106
Non-comp.
operating expenses
101,364
114,038
Pre-tax
net income
$76,261
$89,291
Compensation ratio
58.7%
59.4%
Non-compensation
ratio
23.6%
22.8%
Pre-tax
margin
17.7%
17.8%
Stifel
Financial Corp. | Page 3
Other Matters
Highlights
Total assets increased $3.6 billion, or 9%, from the
year-ago
quarter.
Over the last twelve months, the Company repurchased $564.4 million, or 7.3 million shares, of its outstanding
common stock at an average price of $77.05.
Weighted average diluted shares outstanding decreased primarily due to share repurchases.
The Board of Directors declared a $0.34 quarterly dividend per share, payable on September 15, 2026, to common
shareholders of record on September 1, 2026.
The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock,
payable on September 15, 2026, to shareholders of record on September 1, 2026.
3Q 2026
3Q 2025
Common stock repurchases
(1)
Repurchases (000s)
$124,005
$33,086
Number of shares (000s)
1,612
438
Average price
$76.95
$75.57
Period end shares (000s)
150,061
152,922
Weighted average diluted shares outstanding (000s)
160,145
165,087
Effective tax
rate
24.4%
26.1%
Stifel Financial Corp.
(10)
Tier 1 common capital ratio
`14.5%
14.8%
Tier 1 risk-based capital ratio
17.0%
17.6%
Tier 1 leverage capital ratio
10.8%
11.1%
Tier 1 capital (MM)
$4,665
$4,267
Risk weighted assets (MM)
$27,450
$24,235
Average assets (MM)
$43,060
$38,332
Quarter end
assets (MM)
$45,282
$41,687
Agency
Rating
Outlook
Fitch Ratings
BBB+
Stable
S&P
Global Ratings
BBB
Stable
Conference
Call Information
Stifel
Financial Corp. | Page 4
Stifel Financial Corp. will host its third
quarter 2026 financial results conference call on Wednesday, October
21, 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 9806728.
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
Nine Months Ended
(000s, except per share amounts)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Revenues:
Commissions
$ 200,756
$ 206,075
(2.6)
$ 221,462
(9.3)
$ 630,052
$ 600,414
4.9
Principal transactions
117,124
177,876
(34.2)
140,091
(16.4)
407,436
492,139
(17.2)
Investment banking
306,203
323,483
(5.3)
331,954
(7.8)
979,569
794,885
23.2
Asset management
492,163
431,399
14.1
456,630
7.8
1,408,250
1,244,548
13.2
Other income
8,299
14,228
(41.7)
12,549
(33.9)
76,527
28,499
168.5
Operating revenues
1,124,545
1,153,061
(2.5)
1,162,686
(3.3)
3,501,834
3,160,485
10.8
Interest revenue
510,624
481,504
6.0
476,093
7.3
1,437,766
1,434,192
0.2
Total revenues
1,635,169
1,634,565
0.0
1,638,779
(0.2)
4,939,600
4,594,677
7.5
Interest expense
208,958
205,169
1.8
187,975
11.2
584,424
625,526
(6.6)
Net revenues
1,426,211
1,429,396
(0.2)
1,450,804
(1.7)
4,355,176
3,969,151
9.7
Non-interest
expenses:
Compensation and benefits
813,494
839,820
(3.1)
833,018
(2.3)
2,494,846
2,346,976
6.3
Non-compensation
operating
expenses
303,092
303,530
(0.1)
318,348
(4.8)
925,195
1,058,945
(12.6)
Total
non-interest
expenses
1,116,586
1,143,350
(2.3)
1,151,366
(3.0)
3,420,041
3,405,921
0.4
Income before income taxes
309,625
286,046
8.2
299,438
3.4
935,135
563,230
66.0
Provision for income taxes
75,482
74,675
1.1
72,961
3.5
223,096
143,812
55.1
Net income
234,143
211,371
10.8
226,477
3.4
712,039
419,418
69.8
Preferred dividends
9,320
9,320
0.0
9,321
(0.0)
27,961
27,961
0.0
Net income available to common shareholders
$224,823
$202,051
11.3
$217,156
3.5
$684,078
$391,457
74.8
Earnings per common share:
(1)
Basic
$1.48
$1.31
13.0
$1.41
5.0
$4.45
$2.52
76.6
Diluted
$1.40
$1.22
14.8
$1.34
4.5
$4.23
$2.37
78.5
Cash dividends declared per common share
(1)
$0.34
$0.31
9.7
$0.34
0.0
$1.02
$0.93
9.7
Weighted average number of common shares outstanding:
(1)
Basic
151,956
154,679
(1.8)
154,234
(1.5)
153,889
155,603
(1.1)
Diluted
160,145
165,087
(3.0)
161,631
(0.9)
161,744
164,877
(1.9)
Stifel
Financial Corp. | Page 6
Non-GAAP
Financial Measures
(11)
Three Months Ended
Nine Months Ended
(000s, except per share amounts)
9/30/2026
9/30/2025
9/30/2026
9/30/2025
GAAP net income
234,143
$211,371
712,039
$419,418
Preferred dividend
9,320
9,320
27,961
27,961
Net income available to common shareholders
224,823
202,051
684,078
391,457
Non-GAAP
adjustments:
Net revenue adjustments
(12)
(13)
2,866
2
(31,273)
80
Merger-related
(14)
8,219
12,676
50,090
45,635
Restructuring and severance
(15)
1,174
4,065
3,504
31,106
Provision for income taxes
(16)
(2,986)
(4,375)
(5,527)
(13,997)
Total
non-GAAP
adjustments
9,273
12,368
16,794
62,824
Non-GAAP
net income available to
common shareholders
$234,096
$214,419
$700,872
$454,281
Weighted average diluted shares outstanding
(1)
160,145
165,087
161,744
164,877
GAAP earnings per diluted common share
(1)
$1.46
$1.28
$4.41
$2.53
Non-GAAP
adjustments
(1)
0.06
0.08
0.10
0.39
Non-GAAP
earnings per diluted common
share
(1)
$1.52
$1.36
$4.51
$2.92
GAAP earnings per diluted common share available to common shareholders
(1)
$1.40
$1.22
$4.23
$2.37
Non-GAAP
adjustments
(1)
0.06
0.08
0.10
0.39
Non-GAAP
earnings per diluted common share available to common shareholders
(1)
$1.46
$1.30
$4.33
$2.76
Stifel
Financial Corp. | Page 7
GAAP to
Non-GAAP
Reconciliation
(11)
Three Months Ended
Nine Months Ended
(000s)
9/30/2026
9/30/2025
9/30/2026
9/30/2025
GAAP net revenues
$1,426,211
$1,429,396
$4,355,176
$3,969,151
Non-GAAP
adjustments:
Gain on sale of business
(12)
2,866
—
(44,418)
—
Litigation-related and other
(13)
—
2
13,145
80
Total
non-GAAP
adjustments
2,866
2
(31,273)
80
Non-GAAP
net revenues
$1,429,077
$1,429,398
$4,323,903
$3,969,231
GAAP compensation and benefits
$813,494
$839,820
$2,494,846
$2,346,976
As a percentage of net revenues
57.0%
58.8%
57.3%
59.1%
Non-GAAP
adjustments:
Merger-related
(14)
(3,463)
(6,704)
(25,226)
(13,706)
Restructuring and severance
(15)
(1,174)
(4,065)
(3,504)
(31,106)
Total
non-GAAP
adjustments
(4,637)
(10,769)
(28,730)
(44,812)
Non-GAAP
compensation and
benefits
$808,857
$829,051
$2,466,116
$2,302,164
As a percentage of
non-GAAP
net
revenues
56.6%
58.0%
57.0%
58.0%
GAAP
non-compensation
expenses
$303,092
$303,530
$925,195
$1,058,945
As a percentage of net revenues
21.3%
21.2%
21.2%
26.7%
Non-GAAP
adjustments:
Merger-related
(14)
(4,756)
(5,972)
(24,864)
(31,929)
Non-GAAP
non-compensation
expenses
$298,336
$297,558
$900,331
$1,027,016
As a percentage of
non-GAAP
net
revenues
20.9%
20.8%
20.9%
25.9%
Total adjustments before income
taxes
$12,259
$16,743
$22,321
$76,821
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 $95.0 million and
$87.2 million as of September 30, 2026, and 2025, respectively.
(7)
Total client assets and
fee-based
client assets as of September 30, 2025,
include $10.2 billion and $4.8 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, October 21, 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

----- d182962dex992.htm -----
EX-99.2
3
d182962dex992.htm
EX-99.2
EX-99.2
Exhibit 99.2
Third Quarter 2026 Earnings Results
Quarterly Financial Supplement
Page
Consolidated Financial Highlights
2
GAAP Consolidated Results of Operations
3
Non-GAAP
Condensed Consolidated Results of Operations
4
Consolidated Financial Summary
5
Consolidated Financial Information and Metrics
6
Regulatory Capital
7
Global Wealth Management - Summary Results of Operations
8
Global Wealth Management - Statistical Information
9
Institutional Group - Summary Results of Operations
11
Stifel Bancorp - Financial Information and Credit Metrics
12
Stifel Bancorp - Loan and Investment Portfolio
13
Loans and Lending Commitments - Allowance for Credit Losses
14
Consolidated
Non-GAAP
Net Interest Income
15
Stifel Bancorp Net Interest Income
16
GAAP to
Non-GAAP
Reconciliation
17
Footnotes
18
Disclaimer and Legal Notice
19
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 1 of 19
Consolidated Financial Highlights
(1)
Three Months Ended
Nine Months Ended
(Unaudited, 000s, except per share information)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Net revenues
$
1,426,211
$
1,429,396
(0.2
%)
$
1,450,804
(1.7
%)
$
4,355,176
$
3,969,151
9.7
%
Net income
$
234,143
$
211,371
10.8
%
$
226,477
3.4
%
$
712,039
$
419,418
69.8
%
Preferred dividends
9,320
9,320
0.0
%
9,321
(0.0
%)
27,961
27,961
0.0
%
Net income available to common shareholders
$
224,823
$
202,051
11.3
%
$
217,156
3.5
%
$
684,078
$
391,457
74.8
%
Earnings per diluted common share
$
1.46
$
1.28
14.1
%
$
1.40
4.3
%
$
4.41
$
2.53
73.9
%
Earnings per diluted common share available to common shareholders
$
1.40
$
1.22
14.8
%
$
1.34
4.5
%
$
4.23
$
2.37
78.5
%
Non-GAAP
financial summary (2):
Net revenues
$
1,429,077
$
1,429,398
(0.0
%)
$
1,453,304
(1.7
%)
$
4,323,903
$
3,969,231
8.9
%
Net income
$
243,416
$
223,739
8.8
%
$
238,620
2.0
%
$
728,833
$
482,242
51.1
%
Preferred dividends
9,320
9,320
0.0
%
9,321
(0.0
%)
27,961
27,961
0.0
%
Net income available to common shareholders
$
234,096
214,419
9.2
%
229,299
2.1
%
$
700,872
$
454,281
54.3
%
Earnings per diluted common share
$
1.52
$
1.36
11.8
%
$
1.48
2.7
%
$
4.51
$
2.92
54.5
%
Earnings per diluted common share available to common shareholders
$
1.46
$
1.30
12.3
%
$
1.42
2.8
%
$
4.33
$
2.76
56.9
%
Weighted average number of common shares outstanding:
Basic
151,956
154,679
(1.8
%)
154,234
(1.5
%)
153,889
155,603
(1.1
%)
Diluted
160,145
165,087
(3.0
%)
161,631
(0.9
%)
161,744
164,877
(1.9
%)
Period end common shares outstanding
150,061
152,922
(1.9
%)
151,589
(1.0
%)
150,061
152,922
(1.9
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.34
0.0
%
$
1.02
$
0.93
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 2 of 19
GAAP Consolidated Results of Operations
(1)
Three Months Ended
Nine Months Ended
(Unaudited, 000s, except per share information)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Revenues:
Commissions
$
200,756
$
206,075
(2.6
%)
$
221,462
(9.3
%)
$
630,052
$
600,414
4.9
%
Principal transactions
117,124
177,876
(34.2
%)
140,091
(16.4
%)
407,436
492,139
(17.2
%)
Transactional revenues
317,880
383,951
(17.2
%)
361,553
(12.1
%)
1,037,488
1,092,553
(5.0
%)
Capital raising
132,875
144,213
(7.9
%)
174,456
(23.8
%)
430,305
350,840
22.6
%
Advisory
173,328
179,270
(3.3
%)
157,498
10.1
%
549,264
444,045
23.7
%
Investment banking
306,203
323,483
(5.3
%)
331,954
(7.8
%)
979,569
794,885
23.2
%
Asset management
492,163
431,399
14.1
%
456,630
7.8
%
1,408,250
1,244,548
13.2
%
Other income
8,299
14,228
(41.7
%)
12,549
(33.9
%)
76,527
28,499
168.5
%
Operating revenues
1,124,545
1,153,061
(2.5
%)
1,162,686
(3.3
%)
3,501,834
3,160,485
10.8
%
Interest revenue
510,624
481,504
6.0
%
476,093
7.3
%
1,437,766
1,434,192
0.2
%
Total revenues
1,635,169
1,634,565
0.0
%
1,638,779
(0.2
%)
4,939,600
4,594,677
7.5
%
Interest expense
208,958
205,169
1.8
%
187,975
11.2
%
584,424
625,526
(6.6
%)
Net revenues
1,426,211
1,429,396
(0.2
%)
1,450,804
(1.7
%)
4,355,176
3,969,151
9.7
%
Non-interest
expenses:
Compensation and benefits
813,494
839,820
(3.1
%)
833,018
(2.3
%)
2,494,846
2,346,976
6.3
%
Occupancy and equipment rental
102,787
95,601
7.5
%
100,555
2.2
%
303,037
282,045
7.4
%
Communication and office supplies
48,846
48,893
(0.1
%)
46,341
5.4
%
146,208
146,253
(0.0
%)
Commissions and floor brokerage
13,547
15,807
(14.3
%)
15,039
(9.9
%)
43,627
49,759
(12.3
%)
Provision for credit losses
7,926
8,316
(4.7
%)
12,538
(36.8
%)
26,999
28,664
(5.8
%)
Investment banking expenses
13,079
17,088
(23.5
%)
12,495
4.7
%
34,120
34,624
(1.5
%)
Other operating expenses
116,907
117,825
(0.8
%)
131,380
(11.0
%)
371,204
517,600
(28.3
%)
Total
non-interest
expenses
1,116,586
1,143,350
(2.3
%)
1,151,366
(3.0
%)
3,420,041
3,405,921
0.4
%
Income before income taxes
309,625
286,046
8.2
%
299,438
3.4
%
935,135
563,230
66.0
%
Provision for income taxes
75,482
74,675
1.1
%
72,961
3.5
%
223,096
143,812
55.1
%
Net income
234,143
211,371
10.8
%
226,477
3.4
%
712,039
419,418
69.8
%
Preferred dividends
9,320
9,320
0.0
%
9,321
(0.0
%)
27,961
27,961
0.0
%
Net income available to common shareholders
$
224,823
$
202,051
11.3
%
$
217,156
3.5
%
$
684,078
$
391,457
74.8
%
Earnings per common share:
Basic
$
1.48
$
1.31
13.0
%
$
1.41
5.0
%
$
4.45
$
2.52
76.6
%
Diluted
$
1.40
$
1.22
14.8
%
$
1.34
4.5
%
$
4.23
$
2.37
78.5
%
Weighted average number of common shares outstanding:
Basic
151,956
154,679
(1.8
%)
154,234
(1.5
%)
153,889
155,603
(1.1
%)
Diluted
160,145
165,087
(3.0
%)
161,631
(0.9
%)
161,744
164,877
(1.9
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.34
0.0
%
$
1.02
$
0.93
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 3 of 19
Non-GAAP
Condensed Consolidated Results of
Operations
(1) (2)
Three Months Ended
Nine Months Ended
(Unaudited, 000s, except per share information)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Non-GAAP
net revenues
$
1,429,077
$
1,429,398
(0.0
%)
$
1,453,304
(1.7
%)
$
4,323,903
$
3,969,231
8.9
%
Non-GAAP
non-interest
expenses:
Non-GAAP
compensation and benefits
808,857
829,051
(2.4
%)
828,384
(2.4
%)
2,466,116
2,302,164
7.1
%
Non-GAAP
non-compensation
operating
expenses
298,336
297,558
0.3
%
309,427
(3.6
%)
900,331
1,027,016
(12.3
%)
Total
non-GAAP
non-interest
expenses
1,107,193
1,126,609
(1.7
%)
1,137,811
(2.7
%)
3,366,447
3,329,180
1.1
%
Non-GAAP
income before income taxes
321,884
302,789
6.3
%
315,493
2.0
%
957,456
640,051
49.6
%
Non-GAAP
provision for income taxes
78,468
79,050
(0.7
%)
76,873
2.1
%
228,623
157,809
44.9
%
Non-GAAP
net income
243,416
223,739
8.8
%
238,620
2.0
%
728,833
482,242
51.1
%
Preferred dividends
9,320
9,320
0.0
%
9,321
(0.0
%)
27,961
27,961
0.0
%
Non-GAAP
net income available to common shareholders
$
234,096
$
214,419
9.2
%
$
229,299
2.1
%
$
700,872
$
454,281
54.3
%
Non-GAAP
earnings per common share:
Basic
$
1.55
$
1.39
11.5
%
$
1.49
4.0
%
$
4.59
$
2.92
57.2
%
Diluted
$
1.46
$
1.30
12.3
%
$
1.42
2.8
%
$
4.33
$
2.76
56.9
%
Weighted average number of common shares outstanding:
Basic
151,956
154,679
(1.8
%)
154,234
(1.5
%)
153,889
155,603
(1.1
%)
Diluted
160,145
165,087
(3.0
%)
161,631
(0.9
%)
161,744
164,877
(1.9
%)
Cash dividends declared per common share
$
0.34
$
0.31
9.7
%
$
0.34
0.0
%
$
1.02
$
0.93
9.7
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 4 of 19
Consolidated Financial Summary
Three Months Ended
Nine Months Ended
(Unaudited, 000s)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Net revenues:
Global Wealth Management
$
980,293
$
907,440
8.0
%
$
956,534
2.5
%
$
2,868,950
$
2,603,630
10.2
%
Institutional Group
430,281
500,435
(14.0
%)
480,694
(10.5
%)
1,406,233
1,305,143
7.7
%
Other
15,637
21,521
(27.3
%)
13,576
15.2
%
79,993
60,378
32.5
%
Total net revenues
$
1,426,211
$
1,429,396
(0.2
%)
$
1,450,804
(1.7
%)
$
4,355,176
$
3,969,151
9.7
%
Operating expenses:
Global Wealth Management
$
605,885
$
564,790
7.3
%
$
594,687
1.9
%
$
1,801,980
$
1,828,519
(1.5
%)
Institutional Group
354,020
411,144
(13.9
%)
388,517
(8.9
%)
1,139,885
1,127,381
1.1
%
Other
156,681
167,416
(6.4
%)
168,162
(6.8
%)
478,176
450,021
6.3
%
Total operating expenses
$
1,116,586
$
1,143,350
(2.3
%)
$
1,151,366
(3.0
%)
$
3,420,041
$
3,405,921
0.4
%
Operating contribution:
Global Wealth Management
$
374,408
$
342,650
9.3
%
$
361,847
3.5
%
$
1,066,970
$
775,111
37.7
%
Institutional Group
76,261
89,291
(14.6
%)
92,177
(17.3
%)
266,348
177,762
49.8
%
Other
(141,044
)
(145,895
)
(3.3
%)
(154,586
)
(8.8
%)
(398,183
)
(389,643
)
2.2
%
Income before income taxes
$
309,625
$
286,046
8.2
%
$
299,438
3.4
%
$
935,135
$
563,230
66.0
%
Financial ratios (change in bps):
Compensation and benefits
57.0
%
58.8
%
(180
)
57.4
%
(40
)
57.3
%
59.1
%
(180
)
Non-compensation
operating expenses
21.3
%
21.2
%
10
22.0
%
(70
)
21.2
%
26.7
%
(550
)
Income before income taxes
21.7
%
20.0
%
170
20.6
%
110
21.5
%
14.2
%
730
Effective tax rate
24.4
%
26.1
%
(170
)
24.4
%
0
23.9
%
25.5
%
(160
)
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 5 of 19
Consolidated Financial Information and Metrics
As of and for the Three Months Ended
(Unaudited, 000s, except per share data)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
Financial Information:
Total assets
$
45,281,836
$
41,687,360
8.6
%
$
44,907,609
0.8
%
Total shareholders’ equity
$
6,046,148
$
5,756,135
5.0
%
$
6,013,241
0,5
%
Total common equity
$
5,361,148
$
5,071,135
5.7
%
$
5,328,241
0.6
%
Goodwill and intangible assets
$
(1,548,636
)
$
(1,592,723
)
(2.8
%)
$
(1,552,657
)
(0.3
%)
DTL on goodwill and intangible assets
$
96,536
$
89,186
8.2
%
$
93,488
3.3
%
Tangible common equity
$
3,909,068
$
3,567,598
9.6
%
$
3,869,072
1.0
%
Preferred equity
$
685,000
$
685,000
0.0
%
$
685,000
0.0
%
Financial Metrics:
Book value per common share (1)(3)
$
35.73
$
33.16
7.8
%
$
35.15
1.7
%
Tangible book value per common share (1)(3)
$
26.05
$
23.33
11.7
%
$
25.52
2.1
%
Return on common equity (4)
16.7
%
16.1
%
16.2
%
Non-GAAP
return on common equity (2)(4)
17.4
%
17.0
%
17.1
%
Return on tangible common equity (5)
23.0
%
22.9
%
22.3
%
Non-GAAP
return on tangible common equity (2)(5)
23.9
%
24.3
%
23.6
%
Pre-tax
margin on net revenues
21.7
%
20.0
%
20.6
%
Non-GAAP
pre-tax
margin on
net revenues (2)
22.5
%
21.2
%
21.7
%
Effective tax rate
24.4
%
26.1
%
24.4
%
Non-GAAP
effective tax rate (2)
24.4
%
26.1
%
24.4
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 6 of 19
Regulatory Capital
(6)
(Unaudited, 000s)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
SF Regulatory Capital:
Common equity tier 1 capital
$
3,980,152
$
3,582,042
11.1
%
$
3,890,357
2.3
%
Tier 1 capital
$
4,665,152
$
4,267,042
9.3
%
$
4,575,357
2.0
%
Risk-weighted assets
$
27,450,352
$
24,235,466
13.3
%
$
26,405,428
4.0
%
Common equity tier 1 capital ratio
14.5
%
14.8
%
14.7
%
Tier 1 risk based capital ratio
17.0
%
17.6
%
17.3
%
Tier 1 leverage capital ratio
10.8
%
11.1
%
11.2
%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital
$
1,349,294
$
1,323,323
2.0
%
$
1,336,645
0.9
%
Tier 1 capital
$
1,349,294
$
1,323,323
2.0
%
$
1,336,645
0.9
%
Risk-weighted assets
$
12,321,004
$
11,938,637
3.2
%
$
12,180,861
1.2
%
Common equity tier 1 capital ratio
11.0
%
11.1
%
11.0
%
Tier 1 risk based capital ratio
11.0
%
11.1
%
11.0
%
Tier 1 leverage capital ratio
7.1
%
7.1
%
7.1
%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital
$
1,088,652
$
827,457
31.6
%
$
958,490
13.6
%
Tier 1 capital
$
1,088,652
$
827,457
31.6
%
$
958,490
13.6
%
Risk-weighted assets
$
9,773,740
$
6,761,301
44.6
%
$
9,003,643
8.6
%
Common equity tier 1 capital ratio
11.1
%
12.2
%
10.6
%
Tier 1 risk based capital ratio
11.1
%
12.2
%
10.6
%
Tier 1 leverage capital ratio
7.0
%
7.1
%
7.1
%
Stifel Net Capital:
Net capital
$
810,900
$
515,800
57.2
%
$
776,500
4.4
%
Excess net capital
$
779,300
$
485,100
60.6
%
$
735,300
6.0
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 7 of 19
Global Wealth Management - Summary Results of Operations
Three Months Ended
Nine Months Ended
(Unaudited, 000s)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Revenues:
Commissions
$
136,513
$
141,864
(3.8
%)
$
147,157
(7.2
%)
$
423,734
$
395,893
7.0
%
Principal transactions
59,700
61,214
(2.5
%)
60,240
(0.9
%)
182,534
176,246
3.6
%
Transactional revenues
196,213
203,078
(3.4
%)
207,397
(5.4
%)
606,268
572,139
6.0
%
Asset management
492,123
431,363
14.1
%
456,596
7.8
%
1,408,145
1,244,443
13.2
%
Net interest
284,583
257,327
10.6
%
274,602
3.6
%
823,553
757,009
8.8
%
Investment banking (7)
6,731
6,529
3.1
%
8,693
(22.6
%)
21,496
18,661
15.2
%
Other income
643
9,143
(93.0
%)
9,246
(93.0
%)
9,488
11,378
(16.6
%)
Net revenues
980,293
907,440
8.0
%
956,534
2.5
%
2,868,950
2,603,630
10.2
%%
Non-interest
expenses:
Compensation and benefits
478,877
441,626
8.4
%
460,582
4.0
%
1,411,919
1,284,159
9.9
%
Non-compensation operating expenses
127,008
123,164
3.1
%
134,105
(5.3
%)
390,061
544,360
(28.3
%)
Total
non-interest
expenses
605,885
564,790
7.3
%
594,687
1.9
%
1,801,980
1,828,519
(1.5
%)
Income before income taxes
$
374,408
$
342,650
9.3
%
$
361,847
3.4
%
$
1,066,970
$
775,111
37.7
%
As a percentage of net revenues (change in bps):
Compensation and benefits
48.8
%
48.7
%
10
48.2
%
60
49.2
%
49.3
%
(10
)
Non-compensation
operating expenses
13.0
%
13.5
%
(50
)
14.0
%
(100
)
13.6
%
20.9
%
(730
)
Income before income taxes
38.2
%
37.8
%
40
37.8
%
40
37.2
%
29.8
%
740
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 8 of 19
Global Wealth Management - Statistical Information
As of and for the Three Months Ended
(Unaudited, 000s)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
Total client assets (8)
$
576,482,000
$
544,010,000
6.0
%
$
580,077,000
(0.6
%)
Fee-based
client assets (8)
$
239,661,000
$
219,178,000
9.3
%
$
239,777,000
(0.0
%)
Transactional assets
$
336,821,000
$
324,832,000
3.7
%
$
340,300,000
(1.0
%)
Secured client lending (9)
$
3,858,000
$
3,459,000
11.5
%
$
4,144,000
(6.9
%)
Asset Management Revenue:
Private Client Group (10)
$
426,248
$
371,414
14.8
%
$
390,046
9.3
%
Asset Management
45,057
40,762
10.5
%
44,068
2.2
%
Third-party Bank Sweep Program
2,631
4,608
(42.9
%)
3,186
(17.4
%)
Other (11)
18,227
14,615
24.7
%
19,330
(5.7
%)
Total asset management revenues
$
492,163
$
431,399
14.1
%
$
456,630
7.8
%
Fee-based
Assets (millions):
Private Client Group (10)
$
209,744
$
191,688
9.4
%
$
210,049
(0.1
%)
Asset Management
49,293
46,413
6.2
%
49,652
(0.7
%)
Elimination (12)
(19,376
)
(18,923
)
2.4
%
(19,924
)
(2.8
%)
Total
fee-based
assets
$
239,661
$
219,178
9.3
%
$
239,777
(0.0
%)
Third-party Bank Sweep Program
$
334
$
526
(36.5
%)
$
392
(14.8
%)
ROA (bps) (13):
Private Client Group (10)
81.2
82.5
81.4
Asset Management
36.6
35.1
35.5
Third-party Bank Sweep Program
365.0
384.3
358.3
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 9 of 19
Global Wealth Management - Statistical Information (Cont.)
As of and for the Three Months Ended
(Unaudited, millions)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
Stifel Bancorp Deposits:
Smart Rate Deposits
$
12,867
$
14,907
(13.7
%)
$
13,354
(3.6
%)
Sweep Deposits
9,678
10,529
(8.1
%)
10,939
(11.5
%)
Direct Wealth Management Deposits at Stifel Bancorp
193
428
(54.9
%)
190
1.6
%
Total Stifel Bancorp Wealth Management Deposits
22,738
25,864
(12.1
%)
24,483
(7.1
%)
Other Bank Deposits
10,069
4,274
135.6
%
7,781
29.4
%
Total Stifel Bancorp Deposits
$
32,807
$
30,138
8.9
%
$
32,264
1.7
%
Short-term Treasuries (14)
$
6,996
$
7,148
(2.1
%)
$
6,742
3.8
%
Third-party Commercial Treasury Deposits (15)
$
2,600
$
3,513
(26.0
%)
$
3,058
(15.0
%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits
$
22,738
$
25,864
(12.1
%)
$
24,483
(7.1
%)
Third-party Bank Sweep Program (15)
334
526
(36.5
%)
392
(14.8
%)
Third-party Treasury (15)
—
—
0.0
%
—
0.0
%
Other Sweep Cash
664
415
60.0
%
713
(6.9
%)
Money Market Mutual Funds
17,695
15,538
13.9
%
17,330
2.1
%
Total Wealth Management Cash
$
41,431
$
42,343
(2.2
%)
$
42,918
(3.5
%)
Client money market and insured product (16)
$
23,543
$
26,377
(10.7
%)
$
25,398
(7.3
%)
Third-party Deposits Available to Stifel Bancorp (15)
$
2,934
$
4,039
(27.4
%)
$
3,450
(15.0
%)
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 10 of 19
Institutional Group - Summary Results of Operations
Three Months Ended
Nine Months Ended
(Unaudited, 000s)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
9/30/2026
9/30/2025
% Change
Revenues:
Commissions
$
64,243
$
64,211
0.0
%
$
74,305
(13.5
%)
$
206,318
$
204,521
0.9
%
Principal transactions
57,424
116,662
(50.8
%)
79,851
(28.1
%)
224,902
315,893
(28.8
%)
Transactional revenues
121,667
180,873
(32.7
%)
154,156
(21.1
%)
431,220
520,414
(17.1
%)
Capital raising
126,455
137,684
(8.2
%)
165,898
(23.8
%)
409,255
332,179
23.2
%
Advisory
173,017
179,270
(3.5
%)
157,363
9.9
%
548,818
444,045
23.6
%
Investment banking
299,472
316,954
(5.5
%)
323,261
(7.4
%)
958,073
776,224
23.4
%
Other income (17)
9,142
2,608
250.5
%
3,277
179.0
%
16,940
8,505
99.2
%
Net revenues
430,281
500,435
(14.0
%)
480,694
(10.5
%)
1,406,233
1,305,143
7.7
%
Non-interest
expenses:
Compensation and benefits
252,656
297,106
(15.0
%)
285,504
(11.5
%)
834,030
807,388
3.3
%
Non-compensation
operating expenses
101,364
114,038
(11.1
%)
103,013
(1.6
%)
305,855
319,993
(4.4
%)
Total
non-interest
expenses
354,020
411,144
(13.9
%)
388,517
(8.9
%)
1,139,885
1,127,381
1.1
%
Income before income taxes
$
76,261
$
89,291
(14.6
%)
$
92,177
(17.3
%)
$
266,348
$
177,762
49.8
%
As a percentage of net revenues (change in bps):
Compensation and benefits
58.7
%
59.4
%
(70
)
59.4
%
(70
)
59.3
%
61.9
%
(260
)
Non-compensation operating expenses
23.6
%
22.8
%
80
21.4
%
220
21.8
%
24.5
%
(270
)
Income before income taxes
17.7
%
17.8
%
(10
)
19.2
%
(150
)
18.9
%
13.6
%
530
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 11 of 19
Stifel Bancorp - Financial Information and Credit Metrics
(Unaudited, 000s)
9/30/2026
9/30/2025
% Change
6/30/2026
% Change
Stifel Bancorp Financial Information:
Total assets
$
35,486,860
$
32,615,017
8.8
%
$
35,278,437
0.6
%
Total shareholder’s equity
$
2,429,171
$
2,210,850
9.9
%
$
2,334,646
4.0
%
Total loans, net (includes loans held for sale)
$
26,064,729
$
21,634,690
20.5
%
$
24,805,104
5.1
%
Residential real estate
9,821,336
9,085,945
8.1
%
9,619,618
2.1
%
Fund banking
6,719,233
3,881,895
73.1
%
5,767,990
16.5
%
Commercial and industrial
4,720,505
3,760,005
25.5
%
4,529,422
4.2
%
Securities-based loans
2,992,962
2,565,897
16.6
%
2,977,657
0.5
%
Construction and land
926,412
1,166,895
(20.6
%)
977,377
(5.2
%)
Commercial real estate
372,212
437,570
(14.9
%)
412,809
(9.8
%)
Other
313,373
278,934
12.3
%
289,812
8.1
%
Loans held for sale
328,900
595,517
(44.8
%)
373,591
(12.0
%)
Investment securities
$
8,024,768
$
8,146,439
(1.5
%)
$
8,410,858
(4.6
%)
Available-for-sale
securities, at fair value
1,512,748
1,688,636
(10.4
%)
1,529,505
(1.1
%)
Held-to-maturity
securities, at amortized cost
6,512,020
6,457,803
0.8
%
6,881,353
(5.4
%)
Unrealized losses on
available-for-sale
securities
(178,012
)
(113,421
)
56.9
%
(115,080
)
54.7
%
Total deposits
$
32,807,264
$
30,137,748
8.9
%
$
32,264,006
1.7
%
Demand deposits (interest-bearing)
32,052,478
29,277,379
9.5
%
31,476,634
1.8
%
Demand deposits
(non-interest-bearing)
561,463
456,021
23.1
%
498,688
12.6
%
Certificates of deposit
193,323
404,348
(52.2
%)
288,684
(33.0
%)
Credit Metrics:
Allowance for credit losses
$
143,165
$
164,206
(12.8
%)
$
150,093
(4.6
%)
Allowance as a percentage of retained loans
0.55
%
0.78
%
0.61
%
Net charge-offs as a percentage of average loans
0.06
%
0.05
%
0.03
%
Total nonperforming assets
$
125,507
$
159,073
(21.1
%)
$
125,615
(0.1
%)
Nonperforming assets as a percentage of total assets
0.35
%
0.49
%
0.36
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 12 of 19
Stifel Bancorp - Loan and Investment Portfolio
(Unaudited, millions)
9/30/2026
% of Total
Portfolio
Loan Portfolio
Commercial Portfolio by Major Sector
Residential real estate
$
9,821
30
%
Financials
$
1,288
27
%
Securities-based loans
2,993
9
%
Industrials
883
19
%
Home equity lines of credit and other
313
1
%
Information technology
756
16
%
Total consumer
13,127
40
%
Consumer discretionary
302
6
%
Fund banking
6,719
20
%
Healthcare
297
6
%
Commercial and industrial
4,721
14
%
Communication services
297
6
%
Construction and land
926
3
%
Materials
288
6
%
Commercial real estate
372
1
%
Hotel, leisure, restaurants
253
5
%
Total commercial
12,738
38
%
REITs
202
4
%
Total loan portfolio
25,865
78
%
Consumer staples
134
3
%
Unfunded commitments
7,245
22
%
Total
$
33,110
100
%
CLO by Major Sector
Banking, finance, insurance, & real estate
$
705
11
%
Investment Portfolio
High tech industries
654
10
%
CLO
$
6,504
79
%
Healthcare & pharmaceuticals
640
10
%
Agency MBS
1,350
16
%
Services: business
618
10
%
Corporate bonds
275
3
%
Hotel, gaming, & leisure
363
6
%
SBA
62
1
%
Construction & building
271
4
%
Student loan ARS
8
0
%
Beverage, food, & tobacco
260
4
%
CMBS
1
0
%
Capital equipment
234
4
%
Other
3
0
%
Services: consumer
222
3
%
Total Portfolio
$
8,203
100
%
Chemicals, plastics, & rubber
217
3
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 13 of 19
Loans and Lending Commitments - Allowance for Credit Losses
September 30, 2026
(Unaudited, 000s)
Loans and Lending
Commitments
ACL
ACL %
Q3 Provision
Residential real estate
$
9,821,336
$
10,294
0.1
%
$
(2,095
)
Fund banking
6,719,233
9,985
0.1
%
1,176
Commercial and industrial
4,720,505
76,467
1.6
%
12,268
Securities-based loans
2,992,962
3,139
0.1
%
(370
)
Construction and land
926,412
6,550
0.7
%
(4,137
)
Commercial real estate
372,212
5,775
1.6
%
855
Other
313,373
937
0.3
%
(382
)
Loans held for investment, gross
25,866,033
113,147
0.4
%
7,315
Loans held for sale
328.900
Total loans, gross
26,194,934
Lending-related commitments (unfunded)
7,244,780
30,018
0,4
%
611
Loans and lending-related commitments
$
33,439,714
$
143,165
$
7,926
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 14 of 19
Consolidated
Non-GAAP
Net Interest Income
(2)
Three Months Ended
September 30, 2026
September 30, 2025
June 30, 2026
(Unaudited, millions)
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Interest-earning assets:
Cash and federal funds sold
$
1,764.7
$
16.6
3.76%
$
2,236.3
$
24.1
4.31
%
$
2,000.1
$
17.8
3.56
%
Financial instruments owned
1,640.0
9.0
2.20%
1,345.1
8.3
2.47
%
1,489.0
9.0
2.43
%
Margin balances
976.5
17.9
7.34%
856.8
15.5
7.24
%
1,114.6
16.9
6.07
%
Investments:
Asset-backed securities
6,613.8
89.2
5.40%
6,433.7
98.8
6.14
%
6,795.3
90.6
5.33
%
Mortgage-backed securities
1,241.1
11.4
3.66%
1,089.4
8.9
3.26
%
1,222.7
10.9
3.55
%
Corporate fixed income securities
292.5
1.8
2.40%
446.8
3.0
2.68
%
361.1
2.2
2.45
%
Other
4.8
—
2.51%
4.7
—
2.55
%
4.8
—
2.55
%
Total investments
8,152.2
102.4
5.02%
7,974.6
110.7
5.55
%
8,383.9
103.7
4.95
%
Loans:
Residential real estate
9,723.9
107.5
4.42%
8,988.7
88.5
3.94
%
9,465.8
98.6
4.17
%
Commercial and industrial
4,521.5
71.5
6.32%
3,786.8
71.4
7.55
%
4,393.8
68.7
6.25
%
Fund banking
6,355.7
98.2
6.18%
3,967.0
70.0
7.06
%
4,736.2
73.2
6.18
%
Securities-based loans
2,977.7
41.4
5.57%
2,538.5
39.5
6.23
%
2,875.2
39.4
5.49
%
Commercial real estate
384.7
6.0
6.19%
436.4
8.8
8.10
%
421.1
6.5
6.15
%
Construction and land
957.9
14.4
5.99%
1,195.2
23.1
7.74
%
1,105.9
18.2
6.58
%
Loans held for sale
420.4
8.3
7.89%
488.8
10.5
8.56
%
348.2
6.8
7.77
%
Other
299.9
4.9
6.50%
258.2
4.7
7.20
%
276.7
4.6
6.73
%
Total loans
25,641.7
352.2
5.49%
21,659.6
316.5
5.85
%
23,622.9
316.0
5.35
%
Other interest-bearing assets
1,291.9
12.6
3.89%
908.0
6.4
2.80
%
1,155.6
12.7
4.40
%
Total interest-bearing assets/ interest income
39,467.0
510.7
5.18%
34,980.4
481.5
5.51
%
37,766.1
476.1
5.04
%
Interest-bearing liabilities:
Senior notes
617.9
7.1
4.62%
617.1
7.1
4.62
%
617.7
7.1
4.62
%
Deposits
31,525.0
180.6
2.29%
28,445.5
188.0
2.64
%
30,348.1
163.5
2.16
%
Other interest-bearing liabilities
2,182.3
21.3
3.89%
1,620.2
10.1
2.48
%
1,931.0
17.4
3.59
%
Total interest-bearing liabilities/ interest expense
$
34,325.2
209.0
2.44%
$
30,682.8
205.2
2.67
%
$
32,896.8
188.0
2.29
%
Net interest income/margin
$
301.7
3.06%
$
276.3
3.16
%
$
288.1
3.05
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 15 of 19
Stifel Bancorp Net Interest Income
Three Months Ended
September 30, 2026
September 30, 2025
June 30, 2026
(Unaudited, millions)
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Average
balance
Interest
income/expense
Average
interest
rate
Interest-earning assets:
Cash and federal funds sold
$
684.1
7.3
4.27
%
$
1,302.5
$
15.4
4.72
%
$
954.5
$
11.8
4.93
%
Investments
8,152.2
102.4
5.02
%
7,974.6
110.7
5.55
%
8,383.9
103.7
4.95
%
Loans
25,641.7
352.2
5.49
%
21,659.6
316.5
5.85
%
23,622.9
316.0
5.35
%
Other interest-bearing assets
82.1
1.3
6.35
%
66.3
0.9
5.20
%
68.5
0.9
5.69
%
Total interest-bearing assets/ interest income
$
34,560.1
$
463.2
5.36
%
$
31,003.0
$
443.5
5.72
%
$
33,029.8
$
432.4
5.24
%
Interest-bearing liabilities:
Deposits
$
31,525.0
$
180.6
2.29
%
$
28,445.5
$
188.0
2.64
%
$
30,348.1
$
163.5
2.16
%
Other interest-bearing liabilities
145.1
1.9
5.11
%
142.1
1.9
5.37
%
177.4
2.1
4.66
%
Total interest-bearing liabilities/ interest expense
$
31,670.1
182.5
2.32
%
$
28,587.6
189.9
2.66
%
$
30,525.5
165.6
2.17
%
Net interest income/margin
$
280.7
3.21
%
$
253.6
3.27
%
$
266.8
3.23
%
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 16 of 19
GAAP to
Non-GAAP
Reconciliation
Three Months Ended
Nine Months Ended
(Unaudited, 000s)
9/30/2026
9/30/2025
Change
6/30/2026
Change
9/30/2026
9/30/2025
Change
GAAP net revenues
$
1,426,211
$
1,429,396
$
1,450,804
$
4,355,176
$
3,969,151
Gain on sale of business (18)
2,866
—
2,500
(44,418)
—
Litigation-related and other (19)
—
2
—
13,145
80
Total
non-GAAP
adjustments
2,866
2
2,500
(31,273)
80
Non-GAAP
net revenues
1,429,077
1,429,398
1,453,304
4,323,903
3,969,231
GAAP compensation and benefits expense
813,494
839,820
833,018
2,494,846
2,346,976
Merger-related and other (20)
(3,463)
(6,704
)
(4,135
)
(25,226)
(13,706
)
Restructuring and severance (21)
(1,174)
(4,065
)
(499
)
(3,504)
(31,106
)
Total
non-GAAP
adjustments
(4,637)
(10,769
)
(4,634
)
(28,730)
(44,812
)
Non-GAAP
compensation and benefits expense
808,857
829,051
828,384
2,466,116
2,302,164
GAAP
non-compensation
operating expenses
303,092
303,530
318,348
925,195
1,058,945
Merger-related (20)
(4,756)
(5,972
)
(8,921
)
(24,864)
(31,929
)
Non-GAAP
non-compensation
operating expenses
298,336
297,558
309,427
900,331
1,027,016
Total adjustments
(12,259)
(16,743
)
(16,055
)
(22,321)
(76,821
)
GAAP provision for income taxes
75,482
74,675
72,961
223,096
143,812
Merger-related and other (22)
2,986
4,375
3,912
5,527
13,997
Non-GAAP
provision for income taxes
78,468
79,050
76,873
228,623
157,809
Financial ratios (change in bps):
Compensation and benefits
56.6
%
58.0
%
(140
)
57.0
%
(40
)
57.0
%
58.0
%
(100
)
Non-compensation
operating expenses
20.9
%
20.8
%
10
21.3
%
(40
)
20.9
%
25.9
%
(500
)
Income before income taxes
22.5
%
21.2
%
130
21.7
%
80
22.1
%
16.1
%
600
Effective tax rate
24.4
%
26.1
%
(170
)
24.4
%
—
23.9
%
24.7
%
(80
)
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 17 of 19
Footnotes
(1)
All share and per share information has been retroactively adjusted to reflect the February 2026
three-for-two
stock split.
(2)
Please refer to the GAAP to
Non-GAAP
Reconciliation for a reconciliation of the Company’s GAAP results to these
non-GAAP
measures.
(3)
Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per common share, a
non-GAAP
financial measure, represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
(4)
Return on average common equity (“ROCE”), a
non-GAAP
financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average
common shareholders’ equity or, in the case of adjusted ROCE, calculated by dividing full year or annualized
non-GAAP
net income applicable to commons shareholders by average common shareholders’
equity.
(5)
Return on average tangible common equity (“ROTCE”), a
non-GAAP
financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by
average tangible common equity or, in the case of adjusted ROTCE, calculated by dividing full year or annualized
non-GAAP
net income applicable to common shareholders by average tangible common equity.
Tangible common equity, also a
non-GAAP
financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible
assets. Average deferred taxes on goodwill and intangible assets was $95.0 million, $87.2 million, and $93.1 million, as of September 30, 2026 and 2025, and June 30, 2026, respectively.
(6)
Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 21, 2026.
(7)
Includes capital raising and advisory revenues.
(8)
Total client assets and
fee-based
client assets as of September 30, 2025, include $10.2 billion and $4.8 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 | Third Quarter 2026 Earnings Release
Page 18 of 19
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 third quarter earnings release issued
October 21, 2026.
Stifel Financial Corp. Quarterly Financial Supplement | Third Quarter 2026 Earnings Release
Page 19 of 19

----- d182962dex993.htm -----
EX-99.3
4
d182962dex993.htm
EX-99.3
EX-99.3
Exhibit 99.3 Third Quarter 2026 Financial Results Presentation October
21, 2026 Quarterly Earnings Report
Third Quarter Snapshot 3Q26 RESULTS millions, except per share and
ratios NET EARNINGS NET REVENUE EPS 3Q26: GAAP $225 & NON-GAAP $234 3Q26: GAAP $1,426 & NON-GAAP $1,429 3Q26: GAAP $1.40 & NON-GAAP $1.46 YTD: GAAP $684 & NON-GAAP $701 YTD: GAAP $4,355 & NON-GAAP $4,324 YTD: GAAP $4.23 &
NON-GAAP $4.33 ANNUALIZED ROTCE* ANNUALIZED ROCE BOOK VALUE PER SHARE 3Q26:GAAP 16.7% & NON-GAAP 17.4% 3Q26:GAAP 23.0% & NON-GAAP 23.9% TBV $26.05 BV $35.73 YTD: GAAP 23.5% & NON-GAAP 24.1% YTD: GAAP 17.1% & NON-GAAP 17.5% * Please
see our definition of ROTCE in our third quarter 2026 earnings release HIGHLIGHTS Record Third Quarter Increased Loans Net Income by $1.3 billion Record Net Revenue Repurchased 1.6 million Global Wealth Management Common Shares Strategic Investment
Record Third Quarter in Meow Technologies Net Interest Income Quarterly Earnings Report 1
Valuation & Performance Comparison SF RJF MS (1) Price $66.06
$153.44 $178.47 (2) Price/Tangible Book Value 2.6X 2.9X 3.4X (3) Price / Trailing Earnings Per Share 11.2X 12.9X 14.4X (4) Price / Forward Earnings Per Share 9.0X 10.2X 13.0X (5) Earnings Growth 406% 328% 325% (6) Tangible Book Value Growth 154%
151% 66% (3) Return on Tangible Common Equity 26.3% 23.1% 24.6% Sources: Factset, Company Filings & Stifel Research (1) Price as of 10/19/2026 (2) Tangible Book Value as of 6/30/2026 (3) LTM as of 6/30/2026 (4) Forward Earnings Per Share based
on Consensus Calendar 2027 (5) Adjusted Earnings Per Share from 12/31/2016 – 6/30/2026 (6) Tangible Book Value from 12/31/2016 – 6/30/2026 Quarterly Earnings Report 2
Variance to Consensus Estimates COMMENTARY ON VARIANCE TO ANALYST Third
Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 3Q26 3Q26 Mean % ∆ 3Q26 vs. 3Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $318 $351 (10%) (17%) ■
Commissions & Principal Transactions: Investment banking $306 $294 4% (5%) Asset management and service fees $492 $495 (1%) 14%■ Lower Global Wealth Management, Equity, Net interest $302 $298 1% 9% & Fixed Income Net revenues $1,429
$1,450 (1%) 0% Non-interest expenses ■ Investment Banking: Compensation and benefits 809 821 (1%) (2%) Compensation Ratio 56.6% 56.6% 0 bps -140 bps ■ Stronger Advisory Revenue Non-compensation expenses 298 309 (3%) 0% Total non-interest
expenses 1,107 1,130 (2%) (2%) ■ Stronger Equity & Fixed Income Income before income taxes 322 320 1% 6% Underwriting Revenue Provision for income taxes 78 80 (1%) (1%) Tax Rate 24.4% 24.9% -40 bps -170 bps ■ Asset Management: Net
Income $234 $231 1% 9% Diluted Operating EPS $1.46 $1.44 1% 12% ■ Lower Fee-Based Assets *Non-GAAP ■ Net Interest Income * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the
diluted ■ Higher Average Interest-Earning Assets & average share count. Net Interest Margin ■ Non-Compensation Expense: ■ Lower Investment Banking Gross Up & Credit Provision Quarterly Earnings Report 3
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS
Sequential millions 3Q26 Y/Y Change 2026 YTD VS 2025 YTD Change ■ Record Quarterly Net Revenue Transactional $196 -3% -5% $606 6% Asset Management 492 14% 8% 1,408 13% ■ Record Asset Management Revenue Net Interest 285 11% 4% 824 9%
■ Record Third Quarter Net Interest Income Investment Banking 7 3% -23% 21 15% Other 1 nm nm 9 -17% ■ Record Quarterly Pre-Tax Income Total Global Wealth Management Net $980 8% 3% $2,869 10% Revenue Comp. Ratio 48.8% 10 bps 60 bps 49.2%
-10 bps ■ Record Quarterly Treasury Deposit Growth Non-Comp. Ratio 13.0% -50 bps -100 bps 13.6% -730 bps Provision for credit loss $8 -5% -37% $27 -6% Pre-tax Margin 38.2% 40 bps 40 bps 37.2% 740 bps NET INTEREST INCOME & NET INTEREST
Pre-tax Pre-provision Margin 39.0% 30 bps -10 bps 38.1% 720 bps MARGIN 3.40% $1,080,000 CLIENT ASSET METRICS $1,060,000 3.35% Sequential $1,040,000 millions 3Q26 Y/Y 3.30% Change $1,020,000 3.25% Total Client Assets $576,482 6% -1% $1,000,000 3.20%
$980,000 Fee-based Client Assets $239,661 9% 0% $960,000 3.15% $940,000 Private Client Fee-based Client Assets $209,744 9% 0% 3.10% $920,000 3.05% $900,000 Client Asset Metrics Include the impact of assets associated with the sale of Stifel
Independent Advisors. 3.00% $880,000 Total Client Assets from SIA were $10.2 bil. on September 30, 2025. Fee-based Client Assets from SIA were $4.8 bil. on September 30, 2025. NIM NII (000s) * Net Interest Income in 9/30/2026 based on annualized
2026 YTD results Quarterly Earnings Report 4
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential
millions 3Q26 Y/Y Change 2026 YTD 2025 YTD Change Advisory $173 -3% 10% $549 24%■ Institutional Revenue up 8% YTD vs. 2025 Capital Raising $126 -8% -24% $409 23% Equity $69 -13% -33% $238 37% ■ YTD Pre-tax Margin up 530 bps Fixed Income
$58 -2% -9% $171 8% Transactional $122 -33% -21% $431 -17% ■ Lowest Quarterly Comp. Ratio Since 4Q24 Equity $41 -29% -30% $156 -13% Fixed Income $80 -34% -15% $276 -19% ■ Ranked #1 in Municipal Negotiated Issuance in Number Total
Institutional Revenue* $430 -14% -11% $1,406 8% of Issues YTD in 2026 with more than 13% Market Share Comp. Ratio 58.7% -70 bps -70 bps 59.3% -260 bps Non-Comp. Ratio 23.6% 80 bps 220 bps 21.8% -270 bps Pre-tax Margin 17.7% -10 bps -150 bps 18.9%
530 bps * Includes net interest, asset management, and other income IMPROVED PRE-TAX MARGIN INSTITUTIONAL GROUP NET REVENUE 18.9% 20.0% $600 13.6% 15.0% $500 11.5% $400 10.0% $300 $200 5.0% $100 0.0% $0 -0.7% 3Q25 4Q25 1Q26 2Q26 3Q26 -5.0% Advisory
Fees Capital Raising Brokerage Other YTD23 YTD24 YTD25 YTD26 * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 5 millions
Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME
62% 30% 61% 25% millions 3Q26 3Q25 Y/Y Change 60% 59% 20% Compensation $809 $829 -2% 58% 15% Non-compensation Expense, 58.0% 58.0% 57% $277 $272 2% 57.5% Ex. IB Gross Up & Credit Loss 57.0% 56% 10% 56.6% Credit Loss Provision & IB Gross Up
$21 $25 -17% 55% 5% 54% Non-compensation $298 $298 0% 53% 0% 3Q25 4Q25 1Q26 2Q26 3Q26 Pre-tax Income $322 $303 6% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to
Non-GAAP RECONCILIATION $1,000 $900 (000s) 3Q26 $800 Bar chart header numbers $700 GAAP Net Income $234,143 $600 are a graphic $500 Preferred Dividend $9,320 $400 $300 $200 Net Income available to common Shareholders $224,823 $100 $0 Non-GAAP After
Tax Adjustments $9,273 2021 2022 2023 2024 2025 2026* Non-GAAP Net Income Available to Common $234,096 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses,
refer to our third quarter 2026 earnings release. *2026 annual GAAP to non-GAAP results based on annualized results through 9/30/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS
$50,000 24.0% ■ Repurchased 1.6 million Shares in Open $45,282 $44,908 22.0% $45,000 $42,893 $41,687 Market $41,271 20.0% $40,000 18.0% ■ 6.2 million Shares in Total Authorization 18.7% 18.3% 17.3% $35,000 17.6% 16.0% 17.0% 14.0%■
Loan Growth of $1.3 billion $30,000 12.0% ■ Bank Funding Increased at CAGR of 11% Since $25,000 11.4% 11.4% 10.0% 11.2% 11.1% 10.8% 2021 $20,000 8.0% 3Q25 4Q25 1Q26 2Q26 3Q26 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 9/30/2026 Quarterly Earnings Report 7 (000s) millions
millions
Concluding Remarks Quarterly Earnings Report
Third Quarter 2026 Financial Results Presentation October 21, 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
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