スティーフルフィナンシャルの適時開示・決算・その他

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): January 26, 2026

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-09305

43-1273600

(State of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered

Common Stock, $0.15 par value per share	SF	New York Stock Exchange

Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B	SF-PB	New York Stock Exchange

Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C	SF-PC	New York Stock Exchange

Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D	SF-PD	New York Stock Exchange

5.20% Senior Notes due 2047	SFB	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 28, 2026, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended December 31, 2025. 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 December 31, 2025, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, January 28, 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.

Item 8.01 Other Events.

On January 26, 2026, the Company’s Board of Directors declared a three-for-two stock split in the form of a 50% stock dividend to be distributed on February 26, 2026, to shareholders of record as of the close of business on February 12, 2026. Shareholders will receive one additional share of Company common stock for every two shares owned as of the close of business on the record date. Cash will be distributed in lieu of fractional shares based on the closing price on the record date.

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 January 28, 2026.
99.2		Financial Supplement for the quarter ended December 31, 2025.
99.3		Financial Results Presentation dated January 28, 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: January 28, 2026	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

EX-99.1 2 d28114dex991.htm EX-99.1 EX-99.1

LOGO

Stifel Reports Record Full Year Results

Announces 11% Common Stock Dividend Increase and Three-For-Two Stock Split

ST. LOUIS, MO, January 28, 2026 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.56 billion for the three months ended December 31, 2025, compared with $1.36 billion a year ago. Net income available to common shareholders was $255.0 million, or $2.31 per diluted common share, compared with $234.7 million, or $2.09 per diluted common share for the fourth quarter of 2024. Non-GAAP net income available to common shareholders was $290.0 million, or $2.63 per diluted common share for the fourth quarter of 2025.

Net revenues of $5.53 billion for the year ended December 31, 2025, compared to $4.97 billion a year ago. Net income available to common shareholders was $646.5 million, or $5.87 per diluted common share, compared with $694.1 million, or $6.25 per diluted common share in 2024. Non-GAAP net income available to common shareholders was $744.3 million, or $6.76 per diluted common share in 2025.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “2025 marked a record year for Stifel and demonstrated the strength of our platform and long-term strategy. While we remain attentive to market and geopolitical risks, we are confident in our ability to navigate uncertainty and continue to deliver for clients and shareholders.”

Full Year Highlights

The Company reported record net revenues of $5.53 billion, driven by higher investment banking revenues, asset management revenues, transactional revenues, and net interest income.

Non-GAAP net income available to common shareholders of $6.76 per diluted common share was negatively impacted by elevated provisions for legal matters of $1.16 per diluted common share (after-tax). (13)

Record asset management revenues, up 11% over 2024.

Investment banking revenue increased 26% over 2024.

Record quarter-end client assets of $551.9 billion, up 10% over 2024.

Non-GAAP pre-tax margin of 17.9% (negatively impacted by elevated legal provisions of 3.2%). (13)

Return on average tangible common equity (ROTCE) (5) of 21.0% (negatively impacted by elevated legal provisions of 3.8%). (13)

Tangible book value per common share (7) of $37.50, up 7% from prior year.

Fourth Quarter Highlights

Quarterly record net revenues of $1.56 billion, driven by higher investment banking revenues and asset management revenues.

Non-GAAP net income available to common shareholders of $2.63 per diluted common share.

Investment banking revenue increased 50% over the year-ago quarter.

Non-GAAP pre-tax margin of 22.3%.

Annualized ROTCE (5) of 31.1%.

Other Highlights

Board of Directors approved an 11% increase in common stock dividend starting in the first quarter of 2026.

Board of Directors declared a three-for-two stock split, effective February 26, 2026, to shareholders of record on February 12, 2026.



Financial Summary (Unaudited)
(000s)	4Q 2025		4Q 2024		FY 2025		FY 2024

GAAP Financial Highlights:

Net revenues		$1,560,579		$1,364,682		$5,529,730		$4,970,320

Net income (1)		$255,041		$234,685		$646,498		$694,098

Diluted EPS (1)		$2.31		$2.09		$5.87		$6.25

Comp. ratio		59.3%		58.3%		59.2%		58.7%

Non-comp. ratio		21.0%		22.2%		25.0%		22.6%

Pre-tax margin		19.7%		19.5%		15.8%		18.7%

Non-GAAP Financial Highlights:

Net revenues		$1,560,593		$1,364,721		$5,529,824		$4,971,051

Net income (1) (2)		$290,012		$249,710		$744,293		$755,896

Diluted EPS (1) (2)		$2.63		$2.23		$6.76		$6.81

Comp. ratio (2)		58.0%		58.0%		58.0%		58.0%

Non-comp. ratio (2)		19.7%		21.3%		24.1%		21.9%

Pre-tax margin (3)		22.3%		20.7%		17.9%		20.1%

ROCE (4)		22.2%		20.1%		14.8%		15.9%

ROTCE (5)		31.1%		28.3%		21.0%		22.7%

Global Wealth Management (assets and loans in millions)

Net revenues		$933,150		$865,209		$3,536,780		$3,283,960

Pre-tax net income		$330,073		$316,318		$1,105,184		$1,207,942

Total client assets		$551,863		$501,402

Fee-based client assets		$224,488		$192,705

Bank loans, net (6)		$22,427		$21,311

Institutional Group

Net revenues		$609,703		$478,335		$1,914,846		$1,592,833

Equity		$407,066		$280,159		$1,160,103		$926,729

Fixed Income		$202,637		$198,176		$754,743		$666,104

Pre-tax net income		$151,677		$95,681		$329,439		$223,400

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations Global Wealth Management reported record net revenues of $933.2 million for the three months ended December 31, 2025, compared with $865.2 million during the fourth quarter of 2024.

LOGO

Global Wealth Management

Fourth Quarter Results

Pre-tax net income was $330.1 million compared with $316.3 million in the fourth quarter of 2024.

Highlights

Client assets of $551.9 billion, up 10% over the year-ago quarter.

Fee-based client assets of $224.5 billion, up 16% over the year-ago quarter.

Recruited 14 financial advisors during the quarter, including 9 experienced employee advisors with total trailing 12-month production of $5.4 million.

Net revenues increased 8% from a year ago:

Transactional revenues increased 3% over the year-ago quarter, reflecting an increase in client activity.

Asset management revenues increased 12% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.

Net interest income increased 3% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.

Total Expenses:

Compensation expense as a percentage of net revenues increased to 50.2% primarily attributable to higher variable and deferred compensation costs.

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 14.4% primarily attributable to the decrease in the provision for credit losses.



Summary Results of Operations

(000s)	4Q 2025	4Q 2024

Net revenues	$933,150	$865,209

Transactional revenues	206,654	200,564

Asset management	455,766	405,800

Net interest income	261,624	254,337

Investment banking	8,334	5,198

Other income	772	(690	)

Total expenses	$603,077	$548,891

Compensation expense	468,040	419,466

Provision for credit losses	9,740	11,893

Non-comp. operating expenses	125,297	117,532

Pre-tax net income	$330,073	$316,318

Compensation ratio	50.2%	48.5%

Non-compensation ratio	14.4%	14.9%

Pre-tax margin	35.4%	36.6%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Fourth Quarter Results

Institutional Group reported net revenues of $609.7 million for the three months ended December 31, 2025, compared with $478.3 million during the fourth quarter of 2024. Pre-tax net income was $151.7 million compared with $95.7 million in the fourth quarter of 2024.

Highlights

Investment banking revenues increased 50% from a year ago:

Advisory revenues increased 46% over the year-ago quarter, driven by higher levels of completed advisory transactions.

Equity capital raising revenues increased 99% over the year-ago quarter, driven by higher volumes and larger deal sizes.

Fixed income capital raising revenues increased 23% over the year-ago quarter primarily driven by higher bond issuances reflecting a more favorable financing environment and larger deal sizes.

Fixed income transactional revenues decreased 18% from a year ago:

Fixed income transactional revenues were impacted by lower realized trading gains during the quarter.

Equity transactional revenues increased 6% from a year ago:

Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

Total Expenses:

Compensation expense as a percentage of net revenues decreased to 56.8% primarily attributable to increased operational efficiency and revenue growth, partially offset by higher revenue-related compensation.

Non-compensation operating expenses as a percentage of net revenues decreased to 18.3% primarily attributable to expense discipline and revenue growth, partially offset by higher investment banking expenses.



Summary Results of Operations

(000s)	4Q 2025	4Q 2024

Net revenues	$609,703	$478,335

Investment banking	447,522	299,221

Advisory	276,607	189,912

Equity capital raising	95,320	47,885

Fixed income capital raising	75,595	61,424

Fixed income transactional	96,798	118,700

Equity transactional	62,950	59,409

Other	2,433	1,005

Total expenses	$458,026	$382,654

Compensation expense	346,507	280,261

Non-comp. operating expenses	111,519	102,393

Pre-tax net income	$151,677	$95,681

Compensation ratio	56.8%	58.6%

Non-compensation ratio	18.3%	21.4%

Pre-tax margin	24.9%	20.0%

Stifel Financial Corp. | Page 3

LOGO

Global Wealth Management

Full Year Results

Global Wealth Management reported record net revenues of $3.54 billion for the year ended December 31, 2025, compared with $3.28 billion in 2024. Pre-tax net income was $1.11 billion compared with $1.21 billion in 2024.

Highlights

Added 181 financial advisors during the year, including 54 experienced employee advisors, 2 experienced independent advisors, and 36 experienced financial advisors from B. Riley, with a combined total trailing 12-month production of $86.3 million.

Net revenues increased 8% from prior year:

Transactional revenues increased 4% from prior year, reflecting an increase in client activity.

Asset management revenues increased 11% from prior year, reflecting higher asset values due to improved market conditions and net new asset growth.

Net interest income increased 5% from prior year primarily driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.

Total Expenses:

Compensation expense as a percentage of net revenues increased to 49.5% primarily attributable to higher variable and deferred compensation costs.

Provision for credit losses was primarily impacted by overall loan growth in the retained portfolio and specific reserves on individual credits.

Non-compensation operating expenses as a percentage of net revenues increased to 19.3% primarily attributable to higher litigation-related expenses and an increase in the provision for credit losses.



Summary Results of Operations

(000s)	FY 2025	FY 2024

Net revenues	$3,536,780	$3,283,960

Transactional revenues	778,793	752,352

Asset management	1,700,209	1,536,296

Net interest income	1,018,633	967,712

Investment banking	26,995	21,475

Other income	12,150	6,125

Total expenses	$2,431,596	$2,076,018

Compensation expense	1,752,199	1,605,148

Provision for credit losses	38,404	25,102

Non-comp. operating expenses	640,993	445,768

Pre-tax net income	$1,105,184	$1,207,942

Compensation ratio	49.5%	48.9%

Non-compensation ratio	19.3%	14.3%

Pre-tax margin	31.2%	36.8%

Stifel Financial Corp. | Page 4

LOGO

Institutional Group

Full Year Results

Institutional Group reported net revenues of $1.91 billion for the year ended December 31, 2025, compared with $1.59 billion in 2024. Pre-tax net income was $329.4 million compared with $223.4 million in 2024.

Highlights

Investment banking revenues increased 26% from prior year:

Advisory revenues increased 25% from prior year, driven by higher levels of completed advisory transactions.

Equity capital raising revenues increased 44% from prior year, driven by higher volumes as clients actively engaged in capital raising opportunities in a more constructive market environment.

Fixed income capital raising revenues increased 12% from prior year driven by higher bond issuances reflecting a more favorable financing environment.

Fixed income transactional revenues increased 11% from prior year:

Fixed income transactional revenues increased from prior year, driven by improved client engagement, market volatility, and realized trading gains.

Equity transactional revenues increased 13% from prior year:

Equity transactional revenues increased from prior year, driven by an increase in equities trading commissions.

Total Expenses:

Compensation expense as a percentage of net revenues remained relatively consistent with prior year.

Non-compensation operating expenses as a percentage of net revenues decreased to 22.5% primarily attributable to expense discipline and revenue growth, partially offset by higher investment banking expenses.



Summary Results of Operations

(000s)	FY 2025	FY 2024

Net revenues	$1,914,846	$1,592,833

Investment banking	1,223,746	973,356

Advisory	720,652	577,432

Equity capital raising	269,278	186,877

Fixed income capital raising	233,816	209,047

Fixed income transactional	437,826	393,013

Equity transactional	242,336	215,223

Other	10,938	11,241

Total expenses	$1,585,407	$1,369,433

Compensation expense	1,153,895	959,602

Non-comp. operating expenses	431,512	409,831

Pre-tax net income	$329,439	$223,400

Compensation ratio	60.3%	60.2%

Non-compensation ratio	22.5%	25.8%

Pre-tax margin	17.2%	14.0%

Stifel Financial Corp. | Page 5

LOGO

Other Matters

Highlights

Total assets increased $1.4 billion, or 3%, over the year-ago quarter.

On January 26, 2026, the Board of Directors approved an 11% increase in the quarterly dividend to $0.51 per common share starting in the first quarter of 2026.

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

The Company repurchased $39.0 million of its outstanding common stock during the fourth quarter. During 2025, the Company repurchased $370.6 million of its outstanding common stock, including $126.0 million in connection with net-share settlements under its equity compensation plan.

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

The effective tax rate was primarily impacted by the benefit related to the tax impact on stock-based compensation.

The Board of Directors declared a $0.46 quarterly dividend per share, payable on December 15, 2025, to common shareholders of record on December 1, 2025.

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on December 15, 2025, to shareholders of record on December 1, 2025.


	4Q 2025		4Q 2024		FY 2025		FY 2024

Common stock repurchases

Repurchases (000s)		$39,044		$45,461		$370,592		$242,628

Number of shares (000s)		335		408		3,673		3,140

Average price		$116.52		$111.30		$100.90		$77.28

Period end shares (000s)		101,664		102,171		101,664		102,171

Weighted average diluted shares outstanding (000s)		110,344		112,089		110,052		110,975

Effective tax rate		14.1%		8.3%		21.5%		21.2%

Stifel Financial Corp. (8)

Tier 1 common capital ratio		15.5%		15.4%

Tier 1 risk based capital ratio		18.3%		18.2%

Tier 1 leverage capital ratio		11.4%		11.4%

Tier 1 capital (MM)		$4,503		$4,331

Risk weighted assets (MM)		$24,603		$23,742

Average assets (MM)		$39,415		$38,073

Quarter end assets (MM)		$41,271		$39,896

Agency		Rating		Outlook

Fitch Ratings		BBB+		Stable

S&P Global Ratings		BBB		Stable

Stifel Financial Corp. | Page 6

Conference Call Information

Stifel Financial Corp. will host its fourth quarter and full year 2025 financial results conference call on Wednesday, January 28, 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 7359166. 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, 2024. 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 7

Summary Results of Operations (Unaudited)



	Three Months Ended								Year Ended

(000s, except per share amounts)		12/31/2025		12/31/2024	% Change		9/30/2025	% Change		12/31/2025		12/31/2024	% Change


Revenues:

Commissions	$	213,204	$	203,786	4.6	$	206,075	3.5	$	813,618	$	756,024	7.6

Principal transactions		153,198		174,887	(12.4)		177,876	(13.9)		645,337		604,564	6.7

Investment banking		455,856		304,419	49.7		323,483	40.9		1,250,741		994,831	25.7

Asset management		455,797		405,825	12.3		431,399	5.7		1,700,345		1,536,674	10.7

Other income		5,424		3,294	64.7		14,228	(61.9)		33,923		43,129	(21.3)


Operating revenues		1,283,479		1,092,211	17.5		1,153,061	11.3		4,443,964		3,935,222	12.9

Interest revenue		469,377		500,661	(6.2)		481,504	(2.5)		1,903,569		2,016,464	(5.6)


Total revenues		1,752,856		1,592,872	10.0		1,634,565	7.2		6,347,533		5,951,686	6.7

Interest expense		192,277		228,190	(15.7)		205,169	(6.3)		817,803		981,366	(16.7)


Net revenues		1,560,579		1,364,682	14.4		1,429,396	9.2		5,529,730		4,970,320	11.3

Non-interest expenses:

Compensation and benefits		925,154		795,750	16.3		839,820	10.2		3,272,130		2,916,229	12.2

Non-compensation operating expenses		327,516		302,731	8.2		303,530	7.9		1,386,461		1,125,647	23.2


Total non-interest expenses		1,252,670		1,098,481	14.0		1,143,350	9.6		4,658,591		4,041,876	15.3


Income before income taxes		307,909		266,201	15.7		286,046	7.6		871,139		928,444	(6.2)

Provision for income taxes		43,548		22,196	96.2		74,675	(41.7)		187,360		197,065	(4.9)

Net income		264,361		244,005	8.3		211,371	25.1		683,779		731,379	(6.5)

Preferred dividends		9,320		9,320	0.0		9,320	0.0		37,281		37,281	0.0


Net income available to common shareholders	$	255,041	$	234,685	8.7	$	202,051	26.2	$	646,498	$	694,098	(6.9)


Earnings per common share:

Basic		$2.48		$2.26	9.7		$1.96	26.5		$6.25		$6.67	(6.3)

Diluted		$2.31		$2.09	10.5		$1.84	25.5		$5.87		$6.25	(6.1)

Cash dividends declared per common share		$0.46		$0.42	9.5		$0.46	—		$1.84		$1.68	9.5

Weighted average number of common shares outstanding:

Basic		102,787		103,856	(1.0)		103,119	(0.3)		103,497		104,066	(0.5)

Diluted		110,344		112,089	(1.6)		110,058	0.3		110,052		110,975	(0.8)

Stifel Financial Corp. | Page 8

Non-GAAP Financial Measures (9)



	Three Months Ended			Year Ended


(000s, except per share amounts)		12/31/2025	12/31/2024		12/31/2025	12/31/2024


GAAP net income		$264,361	$244,005		$683,779	$731,379

Preferred dividend		9,320	9,320		37,281	37,281


Net income available to common shareholders		255,041	234,685		646,498	694,098



Non-GAAP adjustments:

Merger-related (10)		24,207	16,820		69,922	60,745

Restructuring and severance (11)		16,525	(430)		47,631	10,792

Provision for income taxes (12)		(5,761)	(1,365)		(19,758)	(9,739)


Total non-GAAP adjustments		34,971	15,025		97,795	61,798


Non-GAAP net income available to common shareholders		$290,012	$249,710		$744,293	$755,896




Weighted average diluted shares outstanding		110,344	112,089		110,052	110,975



GAAP earnings per diluted common share		$2.39	$2.18		$6.21	$6.59

Non-GAAP adjustments		0.32	0.14		0.89	0.56


Non-GAAP earnings per diluted common share		$2.71	$2.32		$7.10	$7.15




GAAP earnings per diluted common share available to common shareholders		$2.31	$2.09		$5.87	$6.25

Non-GAAP adjustments		0.32	0.14		0.89	0.56


Non-GAAP earnings per diluted common share available to common shareholders		$2.63	$2.23		$6.76	$6.81

Stifel Financial Corp. | Page 9

GAAP to Non-GAAP Reconciliation (9)



	Three Months Ended			Year Ended


(000s)		12/31/2025	12/31/2024		12/31/2025	12/31/2024


GAAP compensation and benefits		$925,154	$795,750		$3,272,130	$2,916,229

As a percentage of net revenues		59.3%	58.3%		59.2%	58.7%

Non-GAAP adjustments:

Merger-related (10)		(3,485)	(4,641)		(17,191)	(22,039)

Restructuring and severance (11)		(16,525)	430		(47,631)	(10,792)


Total non-GAAP adjustments		(20,010)	(4,211)		(64,822)	(32,831)


Non-GAAP compensation and benefits		$905,144	$791,539		$3,207,308	$2,883,398


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



GAAP non-compensation expenses		$327,516	$302,731		$1,386,461	$1,125,647

As a percentage of net revenues		21.0%	22.2%		25.0%	22.6%

Non-GAAP adjustments:

Merger-related (10)		(20,708)	(12,140)		(52,637)	(37,975)


Non-GAAP non-compensation expenses		$306,808	$290,591		$1,333,824	$1,087,672


As a percentage of non-GAAP net revenues		19.7%	21.3%		24.1%	21.9%

Total adjustments		$40,732	$16,390		$117,553	$71,537

Stifel Financial Corp. | Page 10

Footnotes

(1)

Represents available to common shareholders.

(2)

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.”

(3)

Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

(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.

(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. 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 $90.7 million and $80.3 million as of December 31, 2025, and 2024, respectively.

(6)

Includes loans held for sale.

(7)

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.

(8)

Capital ratios are estimates at the time of the Company’s earnings release, January 28, 2026.

(9)

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.

(10)

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.

(11)

The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

(12)

Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

(13)

During the first quarter of 2025, we recognized elevated provisions for legal matters of $180 million, included in other operating expenses within the Global Wealth Management segment. Please refer to our first quarter 2025 earnings release.

Stifel Financial Corp. | Page 11

EX-99.2 3 d28114dex992.htm EX-99.2 EX-99.2

LOGO

Exhibit 99.2

Fourth Quarter and Full Year 2025 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 Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 1 of 19

LOGO


Consolidated Financial Highlights
	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2025		12/31/2024		% Change			9/30/2025		% Change			12/31/2025		12/31/2024		% Change
Net revenues	$	1,560,579	$	1,364,682		14.4	%	$	1,429,396		9.2	%	$	5,529,730	$	4,970,320		11.3	%
Net income	$	264,361	$	244,005		8.3	%	$	211,371		25.1	%	$	683,779	$	731,379		(6.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%

Net income available to common shareholders	$	255,041	$	234,685		8.7	%	$	202,051		26.2	%	$	646,498	$	694,098		(6.9	%)
Earnings per diluted common share	$	2.39	$	2.18		9.6	%	$	1.92		24.5	%	$	6.21	$	6.59		(5.8	%)
Earnings per diluted common share available to common shareholders	$	2.31	$	2.09		10.5	%	$	1.84		25.5	%	$	5.87	$	6.25		(6.1	%)
Non-GAAP financial summary (1):
Net revenues	$	1,560,593	$	1,364,721		14.4	%	$	1,429,398		9.2	%	$	5,529,824	$	4,971,051		11.2	%
Net income	$	299,332	$	259,030		15.6	%	$	223,739		33.8	%	$	781,574	$	793,177		(1.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%

Net income available to common shareholders	$	290,012		249,710		16.1	%		214,419		35.3	%		744,293		755,896		(1.5	%)
Earnings per diluted common share	$	2.71	$	2.32		16.8	%	$	2.03		33.5	%	$	7.10	$	7.15		(0.7	%)
Earnings per diluted common share available to common shareholders	$	2.63	$	2.23		17.9	%	$	1.95		34.9	%	$	6.76	$	6.81		(0.7	%)

Weighted average number of common shares outstanding:
Basic		102,787		103,856		(1.0	%)		103,119		(0.3	%)		103,497		104,066		(0.5	%)
Diluted		110,344		112,089		(1.6	%)		110,058		0.3	%		110,052		110,975		(0.8	%)
Period end common shares outstanding		101,664		102,171		(0.5	%)		101,948		(0.3	%)		101,664		102,171		(0.5	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	1.84	$	1.68		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 2 of 19

LOGO

GAAP Consolidated Results of Operations


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2025		12/31/2024		% Change			9/30/2025		% Change			12/31/2025		12/31/2024		% Change
Revenues:
Commissions	$	213,204	$	203,786		4.6	%	$	206,075		3.5	%	$	813,618	$	756,024		7.6	%
Principal transactions		153,198		174,887		(12.4	%)		177,876		(13.9	%)		645,337		604,564		6.7	%

Transactional revenues		366,402		378,673		(3.2	%)		383,951		(4.6	%)		1,458,955		1,360,588		7.2	%
Capital raising		177,868		114,507		55.3	%		144,213		23.3	%		528,708		417,399		26.7	%
Advisory		277,988		189,912		46.4	%		179,270		55.1	%		722,033		577,432		25.0	%

Investment banking		455,856		304,419		49.7	%		323,483		40.9	%		1,250,741		994,831		25.7	%
Asset management		455,797		405,825		12.3	%		431,399		5.7	%		1,700,345		1,536,674		10.7	%
Other income		5,424		3,294		64.7	%		14,228		(61.9	%)		33,923		43,129		(21.3	%)

Operating revenues		1,283,479		1,092,211		17.5	%		1,153,061		11.3	%		4,443,964		3,935,222		12.9	%
Interest revenue		469,377		500,661		(6.2	%)		481,504		(2.5	%)		1,903,569		2,016,464		(5.6	%)

Total revenues		1,752,856		1,592,872		10.0	%		1,634,565		7.2	%		6,347,533		5,951,686		6.7	%
Interest expense		192,277		228,190		(15.7	%)		205,169		(6.3	%)		817,803		981,366		(16.7	%)

Net revenues		1,560,579		1,364,682		14.4	%		1,429,396		9.2	%		5,529,730		4,970,320		11.3	%

Non-interest expenses:
Compensation and benefits		925,154		795,750		16.3	%		839,820		10.2	%		3,272,130		2,916,229		12.2	%
Occupancy and equipment rental		100,242		94,213		6.4	%		95,601		4.9	%		382,287		362,402		5.5	%
Communication and office supplies		50,061		49,965		0.2	%		48,893		2.4	%		196,314		194,382		1.0	%
Commissions and floor brokerage		16,417		16,434		(0.1	%)		15,807		3.9	%		66,176		62,823		5.3	%
Provision for credit losses		9,740		11,893		(18.1	%)		8,316		17.1	%		38,404		25,402		51.2	%
Investment banking expenses		18,685		8,822		111.8	%		17,088		9.3	%		53,309		38,801		37.4	%
Other operating expenses		132,371		121,404		9.0	%		117,825		12.3	%		649,971		441,837		47.1	%

Total non-interest expenses		1,252,670		1,098,481		14.0	%		1,143,350		9.6	%		4,658,591		4,041,876		15.3	%
Income before income taxes		307,909		266,201		15.7	%		286,046		7.6	%		871,139		928,444		(6.2	%)
Provision for income taxes		43,548		22,196		96.2	%		74,675		(41.7	%)		187,360		197,065		(4.9	%)

Net income		264,361		244,005		8.3	%		211,371		25.1	%		683,779		731,379		(6.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%

Net income available to common shareholders	$	255,041	$	234,685		8.7	%	$	202,051		26.2	%	$	646,498	$	694,098		(6.9	%)

Earnings per common share:
Basic	$	2.48	$	2.26		9.7	%	$	1.96		26.5	%	$	6.25	$	6.67		(6.3	%)
Diluted	$	2.31	$	2.09		10.5	%	$	1.84		25.5	%	$	5.87	$	6.25		(6.1	%)
Weighted average number of common shares outstanding:
Basic		102,787		103,856		(1.0	%)		103,119		(0.3	%)		103,497		104,066		(0.5	%)
Diluted		110,344		112,089		(1.6	%)		110,058		0.3	%		110,052		110,975		(0.8	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	1.84	$	1.68		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 3 of 19

LOGO

Non-GAAP Condensed Consolidated Results of Operations (1)


	Three Months Ended										Year Ended
(Unaudited, 000s, except per share information)		12/31/2025		12/31/2024	% Change			9/30/2025	% Change			12/31/2025		12/31/2024	% Change


Non-GAAP net revenues	$	1,560,593	$	1,364,721	14.4	%	$	1,429,398	9.2	%	$	5,529,824	$	4,971,051	11.2	%
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		905,144		791,539	14.4	%		829,051	9.2	%		3,207,308		2,883,398	11.2	%
Non-GAAP non-compensation operating expenses		306,808		290,591	5.6	%		297,558	3.1	%		1,333,824		1,087,672	22.6	%

Total non-GAAP non-interest expenses		1,211,952		1,082,130	12.0	%		1,126,609	7.6	%		4,541,132		3,971,070	14.4	%
Non-GAAP income before income taxes		348,641		282,591	23.4	%		302,789	15.1	%		988,692		999,981	(1.1	%)
Non-GAAP provision for income taxes		49,309		23,561	109.3	%		79,050	(37.6	%)		207,118		206,804	0.2	%

Non-GAAP net income		299,332		259,030	15.6	%		223,739	33.8	%		781,574		793,177	(1.5	%)
Preferred dividends		9,320		9,320	0.0	%		9,320	0.0	%		37,281		37,281	0.0	%

Non-GAAP net income available to common shareholders	$	290,012	$	249,710	16.1	%	$	214,419	35.3	%	$	744,293	$	755,896	(1.5	%)

Non-GAAP earnings per common share:
Basic	$	2.82	$	2.40	17.5	%	$	2.08	35.6	%	$	7.19	$	7.26	(1.0	%)
Diluted	$	2.63	$	2.23	17.9	%	$	1.95	34.9	%	$	6.76	$	6.81	(0.7	%)
Weighted average number of common shares outstanding:
Basic		102,787		103,856	(1.0	%)		103,119	(0.3	%)		103,497		104,066	(0.5	%)
Diluted		110,344		112,089	(1.6	%)		110,058	0.3	%		110,052		110,975	(0.8	%)
Cash dividends declared per common share	$	0.46	$	0.42	9.5	%	$	0.46	0.0	%	$	1.84	$	1.68	9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 4 of 19

LOGO

Consolidated Financial Summary


	Three Months Ended													Year Ended
(Unaudited, 000s)		12/31/2025			12/31/2024		% Change			9/30/2025		% Change			12/31/2025			12/31/2024		% Change

Net revenues:
Global Wealth Management	$	933,150		$	865,209		7.9	%	$	907,440		2.8	%	$	3,536,780		$	3,283,960		7.7	%
Institutional Group		609,703			478,335		27.5	%		500,435		21.8	%		1,914,846			1,592,833		20.2	%
Other		17,726			21,138		(16.1	%)		21,521		(17.6	%)		78,104			93,527		(16.5	%)

Total net revenues	$	1,560,579		$	1,364,682		14.4	%	$	1,429,396		9.2	%	$	5,529,730		$	4,970,320		11.3	%
Operating expenses:
Global Wealth Management	$	603,077		$	548,891		9.9	%	$	564,790		6.8	%	$	2,431,596		$	2,076,018		17.1	%
Institutional Group		458,026			382,654		19.7	%		411,144		11.4	%		1,585,407			1,369,433		15.8	%
Other		191,567			166,936		14.8	%		167,416		14.4	%		641,588			596,425		7.6	%

Total operating expenses	$	1,252,670		$	1,098,481		14.0	%	$	1,143,350		9.6	%	$	4,658,591		$	4,041,876		15.3	%
Operating contribution:
Global Wealth Management	$	330,073		$	316,318		4.3	%	$	342,650		(3.7	%)	$	1,105,184		$	1,207,942		(8.5	%)
Institutional Group		151,677			95,681		58.5	%		89,291		69.9	%		329,439			223,400		47.5	%
Other		(173,841	)		(145,798	)	19.2	%		(145,895	)	19.2	%		(563,484	)		(502,898	)	12.0	%

Income before income taxes	$	307,909		$	266,201		15.7	%	$	286,046		7.6	%	$	871,139		$	928,444		(6.2	%)
Financial ratios:
Compensation and benefits		59.3	%		58.3	%	100			58.8	%	50			59.2	%		58.7	%	50
Non-compensation operating expenses		21.0	%		22.2	%	(120	)		21.2	%	(20	)		25.0	%		22.6	%	240
Income before income taxes		19.7	%		19.5	%	20			20.0	%	(30	)		15.8	%		18.7	%	(290	)
Effective tax rate		14.1	%		8.3	%	580			26.1	%	(1,200	)		21.5	%		21.2	%	30


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 5 of 19

LOGO

Consolidated Financial Information and Metrics



	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	12/31/2025			12/31/2024			% Change			9/30/2025			% Change
Financial Information:
Total assets	$	41,270,782		$	39,895,540			3.4	%	$	41,687,360			(1.0	%)
Total shareholders’ equity	$	5,977,317		$	5,686,770			5.1	%	$	5,756,135			3.8	%
Total common equity	$	5,292,317		$	5,001,770			5.8	%	$	5,071,135			4.4	%
Goodwill and intangible assets	$	(1,571,903	)	$	(1,508,792	)		4.2	%	$	(1,592,723	)		(1.3	%)
DTL on goodwill and intangible assets	$	92,224		$	81,569			13.1	%	$	89,186			3.4	%

Tangible common equity	$	3,812,638		$	3,574,547			6.7	%	$	3,567,598			6.9	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	52.06		$	48.95			6.4	%	$	49.74			4.7	%
Tangible book value per common share (2)	$	37.50		$	34.99			7.2	%	$	34.99			7.2	%
Return on common equity (3)		19.5	%		18.9	%					16.1	%
Adjusted return on common equity (1)(3)		22.2	%		20.1	%					17.0	%
Return on tangible common equity (4)		27.3	%		26.6	%					22.9	%
Adjusted return on tangible common equity (1)(4)		31.1	%		28.3	%					24.3	%
Pre-tax margin on net revenues		19.7	%		19.5	%					20.0	%
Non-GAAP pre-tax margin on net revenues (1)		22.3	%		20.7	%					21.2	%
Effective tax rate		14.1	%		8.3	%					26.1	%
Non-GAAP effective tax rate (1)		14.1	%		8.3	%					26.1	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 6 of 19

LOGO

Regulatory Capital (5)


(Unaudited, 000s)	12/31/2025			12/31/2024			% Change			9/30/2025			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,818,450		$	3,645,786			4.7	%	$	3,582,042			6.6	%
Tier 1 capital	$	4,503,450		$	4,330,786			4.0	%	$	4,267,042			5.5	%
Risk-weighted assets	$	24,602,985		$	23,741,574			3.6	%	$	24,235,136			1.5	%
Common equity tier 1 capital ratio		15.5	%		15.4	%					14.8	%
Tier 1 risk based capital ratio		18.3	%		18.2	%					17.6	%
Tier 1 leverage capital ratio		11.4	%		11.4	%					11.1	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,328,265		$	1,366,711			(2.8	%)	$	1,323,323			0.4	%
Tier 1 capital	$	1,328,265		$	1,366,711			(2.8	%)	$	1,323,323			0.4	%
Risk-weighted assets	$	11,876,471		$	12,334,731			(3.7	%)	$	11,934,243			(0.5	%)
Common equity tier 1 capital ratio		11.2	%		11.1	%					11.1	%
Tier 1 risk based capital ratio		11.2	%		11.1	%					11.1	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	854,826		$	768,652			11.2	%	$	827,457			3.3	%
Tier 1 capital	$	854,826		$	768,652			11.2	%	$	827,457			3.3	%
Risk-weighted assets	$	7,221,333		$	5,920,599			22.0	%	$	6,761,299			6.8	%
Common equity tier 1 capital ratio		11.8	%		13.0	%					12.2	%
Tier 1 risk based capital ratio		11.8	%		13.0	%					12.2	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	559,500		$	449,500			24.5	%	$	515,800			8.5	%
Excess net capital	$	529,800		$	425,500			24.5	%	$	485,100			9.2	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 7 of 19

LOGO

Global Wealth Management - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2025			12/31/2024			% Change			9/30/2025			% Change			12/31/2025			12/31/2024			% Change
Revenues:
Commissions	$	142,757		$	136,805			4.4	%	$	141,864			0.6	%	$	538,650		$	508,717			5.9	%
Principal transactions		63,897			63,759			0.2	%		61,214			4.4	%		240,143			243,635			(1.4	%)

Transactional revenues		206,654			200,564			3.0	%		203,078			1.8	%		778,793			752,352			3.5	%
Asset management		455,766			405,800			12.3	%		431,363			5.7	%		1,700,209			1,536,296			10.7	%
Net interest		261,624			254,337			2.9	%		257,327			1.7	%		1,018,633			967,712			5.3	%
Investment banking (6)		8,334			5,198			60.3	%		6,529			27.6	%		26,995			21,475			25.7	%
Other income		772			(690	)		211.9	%		9,143			(91.6	%)		12,150			6,125			98.4	%

Net revenues		933,150			865,209			7.9	%		907,440			2.8	%		3,536,780			3,283,960			7.7	%
Non-interest expenses:
Compensation and benefits		468,040			419,466			11.6	%		441,626			6.0	%		1,752,199			1,605,148			9.2	%
Non-compensation operating expenses		135,037			129,425			4.3	%		123,164			9.6	%		679,397			470,870			44.3	%

Total non-interest expenses		603,077			548,891			9.9	%		564,790			6.8	%		2,431,596			2,076,018			17.1	%

Income before income taxes	$	330,073		$	316,318			4.3	%	$	342,650			(3.7	%)	$	1,105,184		$	1,207,942			(8.5	%)


As a percentage of net revenues:
Compensation and benefits		50.2	%		48.5	%		170			48.7	%		150			49.5	%		48.9	%		60
Non-compensation operating expenses		14.4	%		14.9	%		(50	)		13.5	%		90			19.3	%		14.3	%		500
Income before income taxes		35.4	%		36.6	%		(120	)		37.8	%		(240	)		31.2	%		36.8	%		(560	)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 8 of 19

LOGO

Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	12/31/2025			12/31/2024			% Change			9/30/2025			% Change
Total client assets	$	551,863,000		$	501,402,000			10.1	%	$	544,010,000			1.4	%
Fee-based client assets	$	224,488,000		$	192,705,000			16.5	%	$	219,178,000			2.4	%
Transactional assets	$	327,375,000		$	308,697,000			6.1	%	$	324,832,000			0.8	%
Secured client lending (7)	$	3,702,000		$	3,214,000			15.2	%	$	3,459,000			7.0	%
Asset Management Revenue:
Private Client Group (8)	$	394,031		$	343,154			14.8	%	$	371,414			6.1	%
Asset Management		41,415			39,281			5.4	%		40,762			1.6	%
Third-party Bank Sweep Program		4,278			8,706			(50.9	%)		4,608			(7.2	%)
Other (9)		16,073			14,684			9.5	%		14,615			10.0	%

Total asset management revenues	$	455,797		$	405,825			12.3	%	$	431,399			5.7	%
Fee-based Assets (millions):
Private Client Group (8)	$	196,718		$	168,206			17.0	%	$	191,688			2.6	%
Asset Management		46,708			42,110			10.9	%		46,413			0.6	%
Elimination (10)		(18,938	)		(17,611	)		7.5	%		(18,923	)		0.1	%

Total fee-based assets	$	224,488		$	192,705			16.5	%	$	219,178			2.4	%
Third-party Bank Sweep Program	$	524		$	1,609			(67.4	%)	$	526			(0.4	%)
ROA (bps) (11):
Private Client Group (8)		82.2			82.3						82.5
Asset Management		35.5			37.3						35.1
Third-party Bank Sweep Program		383.7			398.4						384.3


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 9 of 19

LOGO

Global Wealth Management - Statistical Information (Cont.)


	As of and for the Three Months Ended
(Unaudited, millions)	12/31/2025		12/31/2024		% Change			9/30/2025		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	14,654	$	17,115		(14.4	%)	$	14,907		(1.7	%)
Sweep Deposits		10,969		9,950		10.2	%		10,529		4.2	%
Direct Wealth Management Deposits at Stifel Bancorp		66		328		(79.9	%)		428		(84.6	%)

Total Stifel Bancorp Wealth Management Deposits		25,689		27,393		(6.2	%)		25,864		(0.7	%)
Other Bank Deposits		4,063		1,709		137.7	%		4,274		(4.9	%)

Total Stifel Bancorp Deposits	$	29,752	$	29,102		2.2	%	$	30,138		(1.3	%)

Short-term Treasuries (12)	$	6,741	$	7,753		(13.1	%)	$	7,148		(5.7	%)
Third-party Commercial Treasury Deposits (13)	$	5,199	$	3,199		62.5	%	$	3,513		48.0	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	25,689	$	27,393		(6.2	%)	$	25,864		(0.7	%)
Third-party Bank Sweep Program (13)		524		1,609		(67.4	%)		526		(0.4	%)
Third-party Treasury (13)		199		198		0.5	%		—		nm
Other Sweep Cash		486		355		36.9	%		415		17.1	%
Money Market Mutual Funds		16,984		12,606		34.7	%		15,538		9.3	%

Total Wealth Management Cash	$	43,882	$	42,161		4.1	%	$	42,343		3.6	%

Client money market and insured product (14)	$	26,633	$	29,029		(8.3	%)	$	26,377		1.0	%
Third-party Deposits Available to Stifel Bancorp (13)	$	5,922	$	5,006		18.3	%	$	4,039		46.6	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 10 of 19

LOGO

Institutional Group - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2025			12/31/2024			% Change			9/30/2025			% Change			12/31/2025			12/31/2024			% Change
Revenues:
Commissions	$	70,447		$	66,981			5.2	%	$	64,211			9.7	%	$	274,968		$	247,307			11.2	%
Principal transactions		89,301			111,128			(19.6	%)		116,662			(23.5	%)		405,194			360,929			12.3	%

Transactional revenues		159,748			178,109			(10.3	%)		180,873			(11.7	%)		680,162			608,236			11.8	%
Capital raising		170,915			109,309			56.4	%		137,684			24.1	%		503,094			395,924			27.1	%
Advisory		276,607			189,912			45.7	%		179,270			54.3	%		720,652			577,432			24.8	%

Investment banking		447,522			299,221			49.6	%		316,954			41.2	%		1,223,746			973,356			25.7	%
Other income (15)		2,433			1,005			142.1	%		2,608			(6.7	%)		10,938			11,241			(2.7	%)

Net revenues		609,703			478,335			27.5	%		500,435			21.8	%		1,914,846			1,592,833			20.2	%
Non-interest expenses:
Compensation and benefits		346,507			280,261			23.6	%		297,106			16.6	%		1,153,895			959,602			20.2	%
Non-compensation operating expenses		111,519			102,393			8.9	%		114,038			(2.2	%)		431,512			409,831			5.3	%

Total non-interest expenses		458,026			382,654			19.7	%		411,144			11.4	%		1,585,407			1,369,433			15.8	%

Income before income taxes	$	151,677		$	95,681			58.5	%	$	89,291			69.9	%	$	329,439		$	223,400			47.5	%


As a percentage of net revenues:
Compensation and benefits		56.8	%		58.6	%		(180	)		59.4	%		(260	)		60.3	%		60.2	%		10
Non-compensation operating expenses		18.3	%		21.4	%		(310	)		22.8	%		(450	)		22.5	%		25.8	%		(330	)
Income before income taxes		24.9	%		20.0	%		490			17.8	%		710			17.2	%		14.0	%		320


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 11 of 19

LOGO

Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	12/31/2025			12/31/2024			% Change			9/30/2025			% Change
Stifel Bancorp Financial Information:
Total assets	$	32,253,991		$	31,378,704			2.8	%	$	32,615,017			(1.1	%)
Total shareholder’s equity	$	2,244,781		$	2,134,900			5.1	%	$	2,210,850			1.5	%
Total loans, net (includes loans held for sale)	$	22,427,456		$	21,310,776			5.2	%	$	21,634,690			3.7	%
Residential real estate		9,254,939			8,565,193			8.1	%		9,085,945			1.9	%
Commercial and industrial		4,135,091			4,062,029			1.8	%		3,760,005			10.0	%
Fund banking		4,096,649			3,854,222			6.3	%		3,881,895			5.5	%
Securities-based loans		2,672,431			2,389,593			11.8	%		2,565,897			4.2	%
Construction and land		1,214,450			1,242,002			(2.2	%)		1,166,895			4.1	%
Commercial real estate		423,474			518,923			(18.4	%)		437,570			(3.2	%)
Other		269,729			247,783			8.9	%		278,934			(3.3	%)
Loans held for sale		502,199			578,980			(13.3	%)		595,517			(15.7	%)
Investment securities	$	8,142,395		$	8,108,877			0.4	%	$	8,146,439			(0.0	%)
Available-for-sale securities, at fair value		1,593,390			1,584,598			0.6	%		1,688,636			(5.6	%)
Held-to-maturity securities, at amortized cost		6,549,005			6,524,279			0.4	%		6,457,803			1.4	%
Unrealized losses on available-for-sale securities		(105,199	)		(170,111	)		(38.2	%)		(113,421	)		(7.2	%)
Total deposits	$	29,752,063		$	29,102,227			2.2	%	$	30,137,748			(1.3	%)
Demand deposits (interest-bearing)		28,931,314			28,580,415			1.2	%		29,277,379			(1.2	%)
Demand deposits (non-interest-bearing)		339,494			318,229			6.7	%		456,021			(25.6	%)
Certificates of deposit		481,255			203,583			136.4	%		404,348			19.0	%

Credit Metrics:
Allowance for credit losses	$	160,911		$	170,044			(5.4	%)	$	164,206			(2.0	%)
Allowance as a percentage of retained loans		0.73	%		0.81	%					0.78	%
Net charge-offs as a percentage of average loans		0.06	%		0.02	%					0.05	%
Total nonperforming assets	$	125,159		$	160,901			(22.2	%)	$	159,073			(21.3	%)
Nonperforming assets as a percentage of total assets		0.39	%		0.51	%					0.49	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 12 of 19

LOGO

Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	12/31/2025		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,255		33	%	Financials	$	1,105	27	%
Securities-based loans		2,672		10	%	Industrials		851	21	%
Home equity lines of credit and other		270		1	%	Information technology		574	14	%

Total consumer		12,197		44	%	Consumer discretionary		366	9	%

Commercial and industrial		4,135		15	%	REITs		256	6	%
Fund banking		4,097		15	%	Materials		238	6	%
Construction and land		1,215		4	%	Communication services		222	5	%
Commercial real estate		423		2	%	Healthcare		209	5	%

Total commercial		9,870		36	%	Hotel, leisure, restaurants		208	5	%

Total loan portfolio		22,067		80	%	Consumer staples		106	3	%

Unfunded commitments		5,416		20	%

Total	$	27,483		100	%

						CLO by Major Sector
						High tech industries	$	695	11	%
Investment Portfolio						Banking, finance, insurance, & real estate		682	10	%
CLO	$	6,514		79	%	Services: business		640	10	%
Agency MBS		1,184		14	%	Healthcare & pharmaceuticals		594	9	%
Corporate bonds		400		5	%	Hotel, gaming, & leisure		336	5	%
SBA		78		1	%	Construction & building		274	4	%
Student loan ARS		67		1	%	Beverage, food, & tobacco		238	4	%
CMBS		2		0	%	Chemicals, plastics, & rubber		231	4	%
Other		3		0	%	Services: consumer		230	4	%

Total Portfolio	$	8,248		100	%	Capital equipment		229	4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 13 of 19

LOGO

Loans and Lending Commitments - Allowance for Credit Losses


	December 31, 2025
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL%	Q4 Provision
Residential real estate	$	9,254,939	$	11,264	0.12%	$	(1,245	)
Commercial and industrial		4,135,091		92,612	2.24%		19,820
Fund banking		4,096,649		8,193	0.20%		(2,623	)
Securities-based loans		2,672,431		3,254	0.12%		73
Construction and land		1,214,450		10,567	0.87%		(1,657	)
Commercial real estate		423,474		5,650	1.33%		(2,953	)
Other		269,729		705	0.26%		(158	)

Loans held for investment, gross		22,066,763		132,245	0.60%		11,257
Loans held for sale		502,199

Total loans, gross		22,568,962
Lending commitments		5,416,365		28,666	0.53%		(1,517	)

Loans and lending commitments	$	27,985,327	$	160,911		$	9,740


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 14 of 19

LOGO

Consolidated Net Interest Income


	Three Months Ended
	December 31, 2025						December 31, 2024						September 30, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	2,341.6	$	23.0		3.92%	$	2,892.8	$	35.3		4.88%	$	2,236.3	$	24.1		4.31%
Financial instruments owned		1,435.4		8.8		2.46%		1,238.5		6.8		2.19%		1,345.1		8.3		2.47%
Margin balances		943.1		15.6		6.61%		724.1		13.3		7.34%		856.8		15.5		7.24%
Investments:
Asset-backed securities		6,580.0		95.3		5.79%		6,620.1		111.7		6.75%		6,433.7		98.8		6.14%
Mortgage-backed securities		1,223.5		10.6		3.47%		1,079.7		7.9		2.94%		1,089.4		8.9		3.26%
Corporate fixed income securities		406.7		2.8		2.76%		517.9		3.6		2.70%		446.8		3.0		2.68%
Other		4.8		—		2.55%		4.7		—		2.55%		4.7		—		2.55%

Total investments		8,215.0		108.7		5.29%		8,222.4		123.2		5.99%		7,974.6		110.7		5.55%
Loans:
Residential real estate		9,158.9		92.8		4.05%		8,483.8		77.7		3.67%		8,988.7		88.5		3.94%
Commercial and industrial		4,005.6		66.2		6.62%		3,977.0		80.4		8.09%		3,786.8		71.4		7.55%
Fund banking		3,899.8		64.4		6.60%		3,606.1		67.9		7.53%		3,967.0		70.0		7.06%
Securities-based loans		2,620.4		38.4		5.86%		2,320.4		38.1		6.57%		2,538.5		39.5		6.23%
Commercial real estate		423.5		8.3		7.88%		551.1		10.1		7.30%		436.4		8.8		8.10%
Construction and land		1,209.0		21.7		7.17%		1,260.1		24.3		7.73%		1,195.2		23.1		7.74%
Loans held for sale		416.4		7.4		7.12%		499.4		10.4		8.30%		488.8		10.5		8.56%
Other		261.0		4.4		6.77%		237.6		4.4		7.33%		258.2		4.7		7.20%

Total loans		21,994.6		303.6		5.52%		20,935.5		313.3		5.99%		21,659.6		316.5		5.85%
Other interest-bearing assets		1,154.3		9.7		3.35%		909.7		8.8		3.89%		908.0		6.4		2.80%

Total interest-bearing assets/ interest income		36,084.0		469.4		5.20%		34,923.0		500.7		5.73%		34,980.4		481.5		5.51%
Interest-bearing liabilities:
Senior notes		617.3		7.1		4.62%		616.5		7.1		4.64%		617.1		7.1		4.62%
Deposits		29,007.5		169.7		2.34%		28,535.1		208.4		2.92%		28,445.5		188.0		2.64%
Other interest-bearing liabilities		1,702.4		15.5		3.64%		1,328.9		12.7		3.81%		1,620.2		10.1		2.48%

Total interest-bearing liabilities/ interest expense	$	31,327.2		192.3		2.46%	$	30,480.5		228.2		2.99%	$	30,682.8		205.2		2.67%

Net interest income/margin			$	277.1		3.07%			$	272.5		3.12%			$	276.3		3.16%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 15 of 19

LOGO

Stifel Bancorp Net Interest Income


	Three Months Ended
	December 31, 2025						December 31, 2024						September 30, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,293.5	$	13.7		4.22%	$	1,870.0	$	24.1		5.16%	$	1,302.5	$	15.4		4.72%
Investments		8,215.0		108.7		5.29%		8,222.4		123.2		5.99%		7,974.6		110.7		5.55%
Loans		21,994.6		303.6		5.52%		20,935.5		313.3		5.99%		21,659.6		316.5		5.85%
Other interest-bearing assets		66.4		0.8		4.99%		66.5		0.9		5.11%		66.3		0.9		5.20%

Total interest-bearing assets/ interest income	$	31,569.5	$	426.8		5.41%	$	31,094.4	$	461.5		5.94%	$	31,003.0	$	443.5		5.72%
Interest-bearing liabilities:
Deposits	$	29,007.5	$	169.7		2.34%	$	28,535.1	$	208.4		2.92%	$	28,445.5	$	188.0		2.64%
Other interest-bearing liabilities		139.9		1.9		5.67%		92.3		1.5		6.67%		142.1		1.9		5.37%

Total interest-bearing liabilities/ interest expense	$	29,147.4		171.6		2.36%	$	28,627.4		209.9		2.93%	$	28,587.6		189.9		2.66%

Net interest income/margin			$	255.2		3.23%			$	251.6		3.24%			$	253.6		3.27%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 16 of 19

LOGO

GAAP to Core Reconciliation


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2025			12/31/2024			Change			9/30/2025			Change			12/31/2025			12/31/2024			Change
GAAP net revenues	$	1,560,579		$	1,364,682					$	1,429,396					$	5,529,730		$	4,970,320
Non-GAAP adjustments		14			39						2						94			731

Non-GAAP net revenues		1,560,593			1,364,721						1,429,398						5,529,824			4,971,051

GAAP compensation and benefits expense		925,154			795,750						839,820						3,272,130			2,916,229
Merger-related (16)		(3,485	)		(4,641	)					(6,704	)					(17,191	)		(22,039	)
Restructuring and severance (17)		(16,525	)		430						(4,065	)					(47,631	)		(10,792	)

Total non-GAAP adjustments		(20,010	)		(4,211	)					(10,769	)					(64,822	)		(32,831	)

Non-GAAP compensation and benefits expense		905,144			791,539						829,051						3,207,308			2,883,398


GAAP non-compensation operating expenses		327,516			302,731						303,530						1,386,461			1,125,647
Merger-related (16)		(20,708	)		(12,140	)					(5,972	)					(52,637	)		(37,975	)

Non-GAAP non-compensation operating expenses		306,808			290,591						297,558						1,333,824			1,087,672

Total adjustments		(40,732	)		(16,390	)					(16,743	)					(117,553	)		(71,537	)


GAAP provision for income taxes		43,548			22,196						74,675						187,360			197,065
Merger-related and other (18)		5,761			1,365						4,375						19,758			9,739

Non-GAAP provision for income taxes		49,309			23,561						79,050						207,118			206,804

Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		19.7	%		21.3	%		(160	)		20.8	%		(110	)		24.1	%		21.9	%		220
Income before income taxes		22.3	%		20.7	%		160			21.2	%		110			17.9	%		20.1	%		(220	)
Effective tax rate		14.1	%		8.3	%		580			26.1	%		(1,200	)		20.9	%		20.7	%		20


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 17 of 19

LOGO

Footnotes


(1)		Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(2)		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.
(3)		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.

(4)		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 $90.7 million, $80.3 million, and $87.2 million, as of December 31, 2025 and 2024, and September 30, 2025, respectively.
(5)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 28, 2026.

(6)		Includes capital raising and advisory revenues.
(7)		Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(8)		Includes Private Client Group and Trust Business.
(9)		Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(10)		Asset management assets managed in Private Client Group or Trust accounts.
(11)		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.

(12)		Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(13)		The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.

(14)		Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(15)		Includes net interest, asset management, and other income.

(16)		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.
(17)		The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

(18)		Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 18 of 19

LOGO

Disclaimer and Legal

Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. 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 fourth quarter earnings release issued January 28, 2026.


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 19 of 19

EX-99.3 4 d28114dex993.htm EX-99.3 EX-99.3

Exhibit 99.3 Fourth Quarter 2025 Financial Results Presentation January 28, 2026 Quarterly Earnings Report

2025 Snapshot 2025 RESULTS millions, except per share and ratios NET REVENUE PRE-TAX MARGIN NET EARNINGS GAAP & NON-GAAP $5,530 GAAP 15.8% NON-GAAP 17.9% GAAP $646 NON-GAAP $744 EPS ROCE ROTCE* GAAP $5.87 NON-GAAP $6.76 GAAP 12.9% NON-GAAP 14.8% GAAP 18.2% NON-GAAP 21.0% * Please see our definition of ROTCE in our fourth quarter 2025 earnings release HIGHLIGHTS Record Second Highest Net Revenue Institutional Group Revenue Record Revenue for Ranked #1 in Employee Advisor Satisfaction rd Global Wealth Management By JD Power for 3 Consecutive Year Record Asset Increased Common Dividend by 11% & Management Revenue Announced 3:2 Common Stock Split Quarterly Earnings Report 1

Long-Term History of Business & Share Price Growth Financial Results 10 yr. 5 yr. (millions) Growth Growth 2015 2020 2025 3 Total Net Revenue $2,335 $3,752 $5,530 137% 47% Global Wealth Management $1,377 $2,191 $3,537 157% 61% Institutional Group $976 $1,583 $1,915 96% 21% (1)(2)(3)(4) Earnings per share $1.27 $4.56 $7.92 525% 74% Growth Drivers Client Assets 219,883 357,429 551,863 151% 54% Client Fee-Based Assets 62,679 129,372 224,488 258% 74% Assets $13,326 $26,604 $41,271 210% 55% IB Managing Directors 123 194 226 84% 16% (1) 2015 excludes duplicative acquisition costs (2) Earnings per share have been adjusted to reflect December 2020 three for two stock split (3) Non-GAAP & includes Other segment (4) Excludes Impact of $67 million legal accrual in 3Q23 & $180 million legal accrual in 1Q25 Stifel's Share Price Outperformance Non-GAAP Pre-tax Margin & Return on Tangible Common Equity 8000% Stifel 7,537% 35.0% 7000% Microsoft 4,410% 30.0% 6000% S&P 500 834% 5000% 25.0% 4000% 20.0% 3000% 15.0% 2000% 10.0% 1000% 5.0% 0% 0.0% SF SPX MSFT *Excludes iP mpa re-c ta t of x M $67 ar g mi in llion in one Re t tu ime rn lo en ga T l a re n serv gibe ls e Common Equity *Excludes impact of $67 million in one time legal reserves Quarterly Earnings Report 2 Share Price Appreciation

Fourth Quarter Snapshot 4Q25 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS GAAP & NON-GAAP $1,561 GAAP $2.31 NON-GAAP $2.63 GAAP $255 NON-GAAP $290 BOOK VALUE PER SHARE ANNUALIZED ROTCE* ANNUALIZED ROCE TBV $37.50 BV $52.06 GAAP 19.5% NON-GAAP 22.2% GAAP 27.3% NON-GAAP 31.1% * Please see our definition of ROTCE in our fourth quarter 2025 earnings release HIGHLIGHTS Record Record Quarterly Client Assets Net Revenue Under Management Record Global Wealth Record Management Revenue Earnings Per Share Second Highest Announced Sale of Institutional Revenue Stifel Independent Advisors Quarterly Earnings Report 3

Variance to Consensus Estimates Fourth Quarter Results Variance to Consensus Estimates COMMENTRY ON VARIANCE TO ANALYST (in Millions, except diluted EPS and share data) 4Q25 4Q25 Mean % ∆ 4Q25 vs. 4Q24 ESTIMATES Revenues Operating* Analyst Results Commissions + Principal transactions $366 $383 (4%) (3%) ■ Commissions & Principal Transactions: Investment banking $456 $385 18% 50% ■ Stronger Global Wealth Management Revenue Asset management and service fees $456 $456 0% 12% Net interest $277 $279 (1%) 2% ■ Lower Fixed Income Revenue due to Timing of Net revenues $1,561 $1,512 3% 14% Trading Gains Non-interest expenses Compensation and benefits 905 877 (4%) 14% ■ Investment Banking: Compensation Ratio 58.0% 58.0% 10 bps 0 bps Non-compensation expenses 307 307 (0%) 6% ■ Stronger Advisory Revenue Total non-interest expenses 1,212 1,183 (2%) 12% ■ Stronger Equity Underwriting Revenue Income before income taxes 349 329 6% 23% Provision for income taxes 49 44 (13%) 109% ■ Stronger Fixed Income Underwriting Revenue Tax Rate 14.1% 13.2% 90 bps 580 bps Net Income $299 $286 5% 16% ■ Net Interest Income Diluted Operating EPS $2.63 $2.51 5% 18% *Non-GAAP ■ Lower Net Interest Margin due to Timing of Fee Income * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted average share count. ■ Non-compensation Expense: ■ Operating Leverage Given Higher Revenue ■ Higher Investment Banking Gross Up ■ Tax Rate: ■ Return to Provision Adjustment for Foreign Taxes Quarterly Earnings Report 4

Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE CLIENT CASH BALANCES Sequential millions 4Q25 Y/Y Change 2025 VS 2024 $1,599 Change $1,474 $1,446 $1,305 $1,308 Transactional $207 3% 2% $779 4% $1,115 $1,092 $1,066 $927 $760 $800 $640 Asset Management 456 12% 6% 1,700 11% $510 $240 Net Interest 262 3% 1% 1,019 5% Investment Banking 8 60% 28% 27 26% ($108) ($253) ($456) Other 1 nm nm 12 98% ($691) ($920) Total Global Wealth Management Net $933 8% 3% $3,537 8% ($1,409) Revenue Comp. Ratio 50.2% 170 bps 150 bps 49.5% 60 bps 4Q24 1Q25 2Q25 3Q25 4Q25 Non-Comp. Ratio 14.4% -50 bps 90 bps 19.3% 500 bps Ticked MMF Smart Rate Sweep Non-Wealth Deposits Provision for credit loss $10 -18% 17% $38 54% Pre-tax Margin 35.4% -120 bps -240 bps 31.2% -560 bps CONSISTENT SBI NIM AS RATES DECLINE Pre-tax Pre-provision Margin 36.4% -150 bps -230 bps 32.3% -520 bps 5.00% 4.50% CLIENT ASSET METRICS 4.00% 3.27% 3.24% 3.23% 3.22% 3.50% Sequential 3.10% millions 4Q25 Y/Y Change 3.00% Total Client Assets $551,863 10% 1% 2.50% Fee-based Client Assets $224,488 16% 2% 2.00% 1.50% Private Client Fee-based Client Assets $196,718 17% 3% 1.00% 0.50% 0.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Margin Fed Funds Quarterly Earnings Report 5 millions

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 4Q25 Y/Y Change 2025 2024 Change Advisory $277 46% 54% $721 25%■ Second Highest Full Year & Quarterly Revenue Capital Raising $171 56% 24% $503 27% Equity $95 99% 21% $269 44% ■ Second Highest Full Year & Quarterly Investment Fixed Income $76 23% 19% $234 12% Banking Revenue Transactional $160 -10% -12% $680 12% Equity $63 6% 8% $242 13% ■ KBW Ranked #1 in Bank & Thrift M&A Deal Value Fixed Income $97 -18% -21% $438 11% Total Institutional Revenue* $610 28% 22% $1,915 20% in 2025 with 75% Market Share Comp. Ratio 56.8% -180 bps -260 bps 60.3% 10 bps Non-Comp. Ratio 18.3% -310 bps -450 bps 22.5% -330 bps ■ Ranked #1 in Municipal Issuance in Number of Pre-tax Margin 24.9% 490 bps 710 bps 17.2% 320 bps Issues in 2025 with 13.8% Market Share * Includes net interest, asset management, and other income INSTITUTIONAL GROUP NET REVENUE LONG-TERM REVENUE GROWTH $2,500 $600 $2,000 $500 $400 $1,500 $300 $1,000 $200 $500 $100 $0 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Advisory Capital Raising Transactional Advisory Fees Capital Raising Brokerage Other * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 6 millions millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% 63% millions 4Q25 4Q24 Y/Y Change 30% 61% Compensation $905 $792 14% 25% 59% 20% Non-compensation Expense, $278 $270 3% 15% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0% 58.0% 10% Credit Loss Provision & IB Gross Up $28 $21 37% 55% 5% Non-compensation $307 $291 6% 53% 0% 4Q24 1Q25 2Q25 3Q25 4Q25 Pre-tax Income $349 $283 23% Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 4Q25 $700 Bar chart header numbers $600 GAAP Net Income $264,361 are a graphic $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $255,041 $100 $0 Non-GAAP After Tax Adjustments $34,971 2020 2021 2022 2023 2024 2025 Non-GAAP Net Income Available to Common $290,012 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our fourth quarter 2025 earnings release. *2023 annual GAAP to non-GAAP results based on annualized results through 12/31/2023 Quarterly Earnings Report 7 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $45,000 22.0% $41,687 ■ Increased Dividend on Common Shares 11% $41,271 $39,896 $40,384 $39,860 20.0% $40,000 ■ Authorized 3:2 Stock Split 18.0% 18.3% 18.2% 17.6% $35,000 17.6% 17.5% 16.0% ■ Repurchased 335,000 Shares in 4Q25 14.0% $30,000 ■ Repurchased 2.5 million Shares in 2025 12.0% $25,000 11.4% 11.4% 11.1% 10.0%■ 7.6 million Shares in Total Authorization 10.8% 10.8% $20,000 8.0% ■ Bank Funding Increased at CAGR of 14% Since 4Q24 1Q25 2Q25 3Q25 4Q25 2020 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,200,000 DEPLOYING EXCESS CAPITAL A TRACK RECORD of FUNDING GROWTH $70,000 $1,000,000 $60,000 $800,000 $50,000 $600,000 $40,000 $30,000 $400,000 $20,000 $200,000 $10,000 $0 $0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 ($200,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Bank Deposits Available Funding Acquisitions *2023 based on results through 9/30/2023 Quarterly Earnings Report 8 (000s) millions millions

2026 Consensus & Outlook % Change From Guidance Actual Consensus 2026 2025 2026 millions 2025 Transactional $1,459 $1,556 7% Investment Banking $1,251 $1,523 22% Asset Management $1,700 $1,917 13% Other $34 $34 0% Net Interest Income $1,086 $1,168 8% $1,100 - $1,200 (1) Net Revenue $5,530 $6,198 12% $6,000 - $6,350 (1) Compensation Ratio 58.0% 57.4% -60 bps 56.5% - 57.5% (1)(2) Non-Compensation Opex. Ratio* 19.2% 18.5% -70 bps 18% - 20% (1)(2) Pre-tax Margin 21.1% 22.9% 180 bps (1)(2) Earnings per Common Share $7.92 $9.70 22% Diluted Shares 110.3 109.7 -1% • Non-Compensation Opex. Ratio =Non-Compensation Expense – Credit Provision & investment Banking Gross Up / Net Revenue • (1) Includes reduction of $100 million in revenue and associated expenses in 2026 guidance attributable to the SIA sale and Stifel European Equities restructuring, based on 2025 actual results • (2) Excludes impact of $180 million legal accrual in 1Q25 Quarterly Earnings Report 9

Fourth Quarter 2025 Financial Results Presentation January 28, 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, 2024. 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 11