STIFEL FINANCIAL CORP (SF)

CIK: 0000720672. SIC: 6211 Security Brokers, Dealers & Flotation Companies. Latest 10-K as of: 2026-02-24.

SIC breadcrumb: Finance, Insurance, And Real Estate > Security And Commodity Brokers, Dealers, Exchanges, And Services > SIC 6211 Security Brokers, Dealers & Flotation Companies

SEC company page: https://www.sec.gov/edgar/browse/?CIK=720672. Latest filing source: 0001193125-26-067130.

Selected Fundamentals

Metric	Value	Unit	FY	Filed
Revenue	6,347,533,000	USD	2025	2026-02-24
Net income	683,779,000	USD	2025	2026-02-24
Assets	41,270,782,000	USD	2025	2026-02-24

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000720672.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	2,642,370,000	2,996,462,000	3,194,957,000	3,514,961,000	3,817,839,000	4,783,086,000	4,592,826,000	5,159,280,000	5,951,686,000	6,347,533,000
Net income	81,520,000	182,871,000	393,968,000	448,396,000	503,472,000	824,858,000	662,155,000	522,536,000	731,379,000	683,779,000
Operating income							885,116,000	706,692,000	928,444,000
Diluted EPS	1.00	2.14	3.15	3.66	4.16	6.66	5.32	4.28	6.25	5.87
Assets	19,129,356,000	21,383,953,000	24,519,598,000	24,610,225,000	26,604,254,000	34,049,715,000	37,196,124,000	37,727,460,000	39,895,540,000	41,270,782,000
Liabilities	16,390,948,000	18,522,377,000	21,322,005,000	20,940,435,000	22,365,488,000	29,014,756,000	31,867,653,000	32,433,029,000	34,208,770,000	35,293,465,000
Stockholders' equity	2,738,408,000	2,861,576,000	3,197,593,000	3,669,790,000	4,238,766,000	5,034,959,000	5,328,471,000	5,294,431,000	5,686,770,000	5,977,317,000
Cash and cash equivalents	912,932,000	696,283,000	1,936,560,000	1,142,596,000	2,279,274,000	1,963,326,000	2,199,985,000	3,361,801,000	2,648,308,000	2,253,789,000
Net margin	3.09%	6.10%	12.33%	12.76%	13.19%	17.25%	14.42%	10.13%	12.29%	10.77%
Operating margin							19.27%	13.70%	15.60%

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000720672.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarter	End Date	Revenue	Net Income	Diluted EPS	Method
2022-Q2	2022-06-30			1.29	reported discrete quarter
2022-Q3	2022-09-30			1.21	reported discrete quarter
2023-Q1	2023-03-31			1.28	reported discrete quarter
2023-Q2	2023-06-30	1,241,811,000	134,352,000	1.10	reported discrete quarter
2023-Q3	2023-09-30	1,265,587,000	68,161,000	0.52	reported discrete quarter
2023-Q4	2023-12-31	1,390,091,000	162,484,000		derived Q4 = FY annual - nine-month YTD
2024-Q1	2024-03-31	1,417,693,000	163,575,000	1.40	reported discrete quarter
2024-Q2	2024-06-30	1,465,261,000	165,294,000	1.41	reported discrete quarter
2024-Q3	2024-09-30	1,475,860,000	158,505,000	1.34	reported discrete quarter
2024-Q4	2024-12-31	1,592,872,000	244,005,000		derived Q4 = FY annual - nine-month YTD
2025-Q1	2025-03-31	1,469,026,000	52,992,000	0.39	reported discrete quarter
2025-Q2	2025-06-30	1,491,086,000	155,055,000	1.34	reported discrete quarter
2025-Q3	2025-09-30	1,634,565,000	211,371,000	1.84	reported discrete quarter
2025-Q4	2025-12-31	1,752,856,000	264,361,000		derived Q4 = FY annual - nine-month YTD
2026-Q1	2026-03-31	1,665,652,000	251,419,000	1.48	reported discrete quarter

Quarterly Charts

Macro Cross-References

CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
UNRATE - Unemployment Rate
FEDFUNDS - Federal Funds Effective Rate
CES0500000003 - Average Hourly Earnings of All Employees, Total Private
DFEDTARU - Federal Funds Target Range - Upper Limit
DFEDTARL - Federal Funds Target Range - Lower Limit
DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
PCEPI - Personal Consumption Expenditures: Chain-type Price Index
PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
PPIACO - Producer Price Index by Commodity: All Commodities
T10YIE - 10-Year Breakeven Inflation Rate
U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
PAYEMS - All Employees, Total Nonfarm
CIVPART - Labor Force Participation Rate
EMRATIO - Employment-Population Ratio
UNEMPLOY - Unemployed
CE16OV - Employment Level
ICSA - Initial Claims
JTSJOL - Job Openings: Total Nonfarm
JTSQUR - Quits: Total Nonfarm
GDPC1 - Real Gross Domestic Product
A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
INDPRO - Industrial Production: Total Index
TCU - Capacity Utilization: Total Index
HOUST - New Privately-Owned Housing Units Started: Total Units
PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
RSAFS - Advance Retail Sales: Retail Trade
PCE - Personal Consumption Expenditures
DSPIC96 - Real Disposable Personal Income
PSAVERT - Personal Saving Rate
M2SL - M2
BOPGSTB - U.S. International Trade in Goods and Services: Balance
MSPUS - Median Sales Price of Houses Sold for the United States
HSN1F - New One Family Houses Sold: United States
RHORUSQ156N - Homeownership Rate in the United States
TTLCONS - Total Construction Spending: Total Construction in the United States
RRVRUSQ156N - Rental Vacancy Rate in the United States
TOTALSL - Total Consumer Credit Owned and Securitized
REVOLSL - Revolving Consumer Credit Owned and Securitized
DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
GDP - Gross Domestic Product
GPDI - Gross Private Domestic Investment
GCE - Government Consumption Expenditures and Gross Investment
PCEC - Personal Consumption Expenditures
NETEXP - Net Exports of Goods and Services
GFDEBTN - Federal Debt: Total Public Debt
GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
FYFSD - Federal Surplus or Deficit
FGRECPT - Federal Government Current Receipts
FGEXPND - Federal Government: Current Expenditures
MANEMP - All Employees, Manufacturing
USCONS - All Employees, Construction
USTRADE - All Employees, Retail Trade
USFIRE - All Employees, Financial Activities
USGOVT - All Employees, Government
AWHAETP - Average Weekly Hours of All Employees, Total Private
DGORDER - Manufacturers' New Orders: Durable Goods
NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
BUSINV - Total Business Inventories
EXPGS - Exports of Goods and Services
IMPGS - Imports of Goods and Services
IR - Import Price Index (End Use): All Commodities
PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001193125-26-202795.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-04. Report date: 2026-03-31.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the accompanying consolidated financial statements and notes thereto contained in this Quarterly Report on Form 10-Q.

Certain statements in this report may be considered forward-looking. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, statements made about general economic and market conditions, the investment banking industry, objectives and results, and also may include our belief regarding the effect of various legal proceedings, management expectations, our liquidity and funding sources, counterparty credit risk, or other similar matters.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors discussed under “Economic and Market Conditions” in Part II, Item 1A in this Quarterly Report on Form 10-Q, as well as the factors identified under “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the SEC. These reports are available at the Company’s web site at www.stifel.com and at the SEC web site at www.sec.gov.

Because of these and other uncertainties, the Company’s actual future results may be materially different from the results indicated by these forward-looking statements. In addition, the Company’s past results of operations do not necessarily indicate its future results. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events, unless it is obligated to do so under federal securities laws.

Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries.

Executive Summary

We operate as a financial services and bank holding company. We have built a diversified business serving private clients, institutional investors, and investment banking clients located across the U.S., Europe, and Canada. Our principal activities are: (i) private client services, including securities transaction and financial planning services; (ii) institutional equity and fixed income sales, trading and research, and municipal finance; (iii) investment banking services, including mergers and acquisitions, public offerings, and private placements; and (iv) retail and commercial banking, including personal and commercial lending programs.

Our core philosophy is based upon a tradition of trust, understanding, and studied advice. We attract and retain experienced professionals by fostering a culture of entrepreneurial, long-term thinking. We provide our private, institutional and corporate clients quality, personalized service, with the theory that if we place clients’ needs first, both our clients and our company will prosper. Our unwavering client and associate focus have earned us a reputation as one of the nation’s leading wealth management and investment banking firms. We have grown our business both organically and through opportunistic acquisitions.

We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of consolidation, whereby allowing us to increase market share in our private client and institutional group businesses.

Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our principal customers are individual investors, corporations, municipalities, and institutions.

Our ability to attract and retain highly skilled and productive associates is critical to the success of our business. Accordingly, compensation and benefits comprise the largest component of our expenses, and our performance is dependent upon our ability to attract, develop, and retain highly skilled associates who are motivated and committed to providing the highest quality of service and guidance to our clients.

On January 26, 2026, our Board declared a 50% stock dividend, in the form of a three-for-two stock split, of our common stock payable on February 26, 2026, to shareholders of record as of February 12, 2026. All share and per share information has been retroactively adjusted to reflect the stock split.

47

On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), a wholly owned subsidiary and independent contractor broker-dealer, to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc. We recognized a gain on the sale of $49.8 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.

Results for the three months ended March 31, 2026

For the three months ended March 31, 2026, net revenues increased 17.7% to $1.5 billion from $1.3 billion during the comparable period in 2025. Net income available to common shareholders increased 454.4% to $242.1 million, or $1.48 per diluted common share for the three months ended March 31, 2026, compared to $43.7 million, or $0.26 per diluted common share during the comparable period in 2025. Net income available to common shareholders for the three months ended March 31, 2025 was negatively impacted by elevated provisions for legal matters.

Our revenue growth was primarily attributable to higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of SIA during the quarter.

Economic and Market Conditions

Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.

For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Risk Factors” in the 2025 Form 10-K.

48

RESULTS OF OPERATIONS

Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025

The following table presents consolidated financial information for the periods indicated (in thousands, except percentages):

Three Months Ended March 31,

As a Percentage of Net Revenues For the Three Months Ended March 31,

2026

2025

%

Change

2026

2025

Revenues:

Commissions

$

207,834

$

193,670

7.3

14.1

%

15.4

%

Principal transactions

150,221

141,660

6.0

10.1

11.3

Transactional revenues

358,055

335,330

6.8

24.2

26.7

Investment banking

341,412

237,942

43.5

23.1

19.0

Asset management

459,457

409,541

12.2

31.1

32.6

Interest

451,049

475,632

(5.2

)

30.5

37.9

Other income

55,679

10,581

426.2

3.8

0.8

Total revenues

1,665,652

1,469,026

13.4

112.7

117.0

Interest expense

187,491

213,557

(12.2

)

12.7

17.0

Net revenues

1,478,161

1,255,469

17.7

100.0

100.0

Non-interest expenses:

Compensation and benefits

848,334

732,220

15.9

57.4

58.3

Occupancy and equipment rental

99,695

90,766

9.8

6.7

7.2

Communication and office supplies

51,021

49,513

3.0

3.5

3.9

Commissions and floor brokerage

15,041

16,806

(10.5

)

1.0

1.3

Provision for credit losses

6,535

12,020

(45.6

)

0.4

1.0

Other operating expenses

131,463

290,780

(54.8

)

8.9

23.3

Total non-interest expenses

1,152,089

1,192,105

(3.4

)

77.9

95.0

Income before income taxes

326,072

63,364

414.6

22.1

5.0

Provision for income taxes

74,653

10,372

619.8

5.1

0.8

Net income

251,419

52,992

374.4

17.0

4.2

Preferred dividends

9,320

9,320

—

0.6

0.7

Net income available to common shareholders

$

242,099

$

43,672

454.4

16.4

%

3.5

%

NET REVENUES

The following table presents consolidated net revenues for the periods indicated (in thousands, except percentages):

Three Months Ended March 31,

2026

2025

%

Change

Net revenues:

Commissions

$

207,834

$

193,670

7.3

Principal transactions

150,221

141,660

6.0

Transactional revenues

358,055

335,330

6.8

Capital raising

122,974

100,472

22.4

Advisory

218,438

137,470

58.9

Investment banking

341,412

237,942

43.5

Asset management

459,457

409,541

12.2

Net interest

263,558

262,075

0.6

Other income

55,679

10,581

426.2

Total net revenues

$

1,478,161

$

1,255,469

17.7

Commissions – Commission revenues are primarily generated from agency transactions in OTC and listed equity securities, insurance products, and options. In addition, commission revenues also include distribution fees for promoting and distributing mutual funds.

For the three months ended March 31, 2026, commission revenues increased 7.3% to $207.8 million from $193.7 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility.

49

Principal transactions – Principal transaction revenues are gains and losses on secondary trading, principally fixed income transactional revenues.

For the three months ended March 31, 2026, principal transactions revenues increased 6.0% to $150.2 million from $141.7 million in the comparable period in 2025. The increase is primarily attributable to increased client activity.

Investment banking – Investment banking revenues include: (i) capital-raising revenues representing fees earned from the underwriting of debt and equity securities, and (ii) advisory fees related to corporate debt and equity offerings, municipal debt offerings, merger and acquisitions, private placements, and other investment banking advisory fees.

For the three months ended March 31, 2026, investment banking revenues increased 43.5% to $341.4 million from $237.9 million in the comparable period in 2025.

Capital-raising revenues increased 22.4% to $123.0 million for the three months ended March 31, 2026 from $100.5 million in the comparable period in 2025. For the three months ended March 31, 2026, equity capital-raising reve

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-24. Report date: 2025-12-31.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of the financial condition and results of operations of our company should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Annual Report on Form 10-K for the year ended December 31, 2025.

Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries.

Executive Summary

We operate as a financial services and bank holding company. We have built a diversified business serving private clients, institutional investors, and investment banking clients located across the U.S., Europe, and Canada. Our principal activities are: (i) private client services, including securities transaction and financial planning services; (ii) institutional equity and fixed income sales, trading, and research, and municipal finance; (iii) investment banking services, including mergers and acquisitions, public offerings, and private placements; and (iv) retail and commercial banking, including personal and commercial lending programs.

Our core philosophy is based upon a tradition of trust, understanding, and studied advice. We attract and retain experienced professionals by fostering a culture of entrepreneurial, long-term thinking. We provide our private, institutional, and corporate clients quality, personalized service, with the theory that if we place clients’ needs first, both our clients and our company will prosper. Our unwavering client and associate focus have earned us a reputation as one of the nation’s leading wealth management and investment banking firms. We have grown our business both organically and through opportunistic acquisitions.

We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of consolidation, whereby allowing us to increase market share in our private client and institutional group businesses.

Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our principal customers are individual investors, corporations, municipalities, and institutions.

Our ability to attract and retain highly skilled and productive associates is critical to the success of our business. Accordingly, compensation and benefits comprise the largest component of our expenses, and our performance is dependent upon our ability to attract, develop, and retain highly skilled associates who are motivated and committed to providing the highest quality of service and guidance to our clients.

On April 7, 2025, the Company acquired a portion of B. Riley Financial, Inc.’s traditional wealth management business, a deal that added 36 advisors with approximately $4 billion in assets under management. Consideration for this transaction consisted of cash from operations.

On June 2, 2025, the Company acquired Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. Consideration for this transaction consisted of cash from operations.

On January 26, 2026, our Board declared a 50% stock dividend, in the form of a three-for-two stock split, of our common stock payable on February 26, 2026, to shareholders of record as of February 12, 2026. Trading will begin on a split-adjusted basis on February 27, 2026. On January 30, 2026, the Company had approximately 103.2 million shares outstanding. After the split, the Company will have approximately 154.8 million shares outstanding.

On February 2, 2026, the Company sold Stifel Independent Advisors, LLC, a wholly owned subsidiary and independent contractor broker-dealer, to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc.

Results for the Year Ended December 31, 2025

For the year ended December 31, 2025, net revenues increased 11.3% to a record $5.53 billion compared to $4.97 billion during the comparable period in 2024. Net income available to common shareholders for the year ended December 31, 2025, decreased 6.9% to $646.5 million, or $5.87 per diluted common share, compared to $694.1 million, or $6.25 per diluted common share, in 2024. Net income available to common shareholders for the year ended December 31, 2025, was negatively impacted by elevated provisions for legal matters of $1.16 per diluted common share (after-tax) related to a FINRA Arbitration Panel decision in the first quarter.

Our revenue growth for the year ended December 31, 2025, was primarily attributable to higher investment banking revenues, asset management revenues, transactional revenues, and net interest income. For the year ended December 31, 2025, our Global Wealth Management segment posted record net revenues, with our Institutional Group segment posting its second highest net revenues.

We remain well-positioned entering fiscal 2026, with nearly $552 billion of client assets under administration, strong activity levels for financial advisory recruiting, a significant interest rate-sensitive asset base at our bank subsidiaries, and a strong investment banking pipeline. We expect wealth management revenues to grow as investors continue to redeploy cash into the markets and client assets grow through recruiting and market appreciation. Institutional revenues are expected to benefit from increased investment banking activity as well as continued growth in transactional revenues, particularly in the fixed income business.

Economic and Market Conditions

Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.

Overall, 2026 is expected to be a year of continued economic growth, stable interest rates, and opportunities in credit markets. The U.S. economy is expected to continue its robust growth trajectory, potentially accelerating above 3% supported by tax cuts, AI spending, and deregulation. Risks to inflation are seen as more on the upside than the downside, with the Federal Reserve likely to maintain a ‘hold’ stance on interest rates after the December 2025 rate cut. Longer-dated bond yields are expected to trade in a range, reflecting what are considered normal levels of interest rates. Global credit markets are expected to continue outperforming, driven by a focus on carry (yield) rather than capital gains. Corporate bonds are likely to outperform government bonds and cash. For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Item 1A – Risk Factors” of this Form 10-K.

New Tax Legislation

On July 4, 2025, the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was signed into law in the U.S., which includes a broad range of tax reform provisions. Beginning in 2025, the OBBBA provides an elective deduction for domestic research and development expenses, a reinstatement of elective 100% first-year bonus depreciation, and repeal of non-U.S. corporations’ fiscal year-end. Some impacts of the OBBBA will not be realized until 2026 and forward, such as revisions to the international tax framework.

The Company elected to expense its domestic research and development expenditures and take 100% bonus depreciation for qualified assets for U.S. tax purposes. We will continue to monitor the impact of the OBBBA and the range of potential outcomes, which will depend on our facts in each year and anticipated guidance from the U.S. Department of the Treasury.

Interest Rate Environment

During the fourth quarter of 2025, the Federal Reserve announced a 25-basis-point reduction in the federal funds rate target range to 3.50% to 3.75%, as the labor market shows signs of softening while acknowledging inflation and economic outlook uncertainty remain somewhat elevated. In addition, the Federal Reserve ended the balance sheet reduction program, which began in 2022, effective December 1, 2025.

During the January meeting, the Federal Reserve voted to hold the target range for the federal funds rate at 3.50% to 3.75%. The Federal Reserve noted that it will continue to monitor economic data and adjust its stance on monetary policy if risks emerge that could negatively impact the attainment of its goal of maximum employment and inflation at 2% over the long term.

Potential decreases to the federal funds rate may impact our interest-based revenues. While decreases in interest rates will lower fees the Company earns from FDIC-insured deposits of clients through a program offered by the Company, such decreases may be offset to a degree if the cash sweep balances increase as clients find fewer higher-yielding alternatives to deploy these balances. Future rate decreases will also reduce the rates the Company charges on customer margin loans, which will have a negative impact on our earnings.

RESULTS OF OPERATIONS

The following table presents consolidated financial information for the periods indicated (in thousands, except percentages):

For the Year Ended December 31,

Percentage

Change

As a Percentage of

Net Revenues

for the Year Ended

December 31,

2025

2024

2023

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

Revenues:

Commissions

813,618

756,024

673,597

7.6

12.2

14.7

15.2

15.5

Principal transactions

645,337

604,564

490,440

6.7

23.3

11.7

12.2

11.3

Investment banking

1,250,741

994,831

731,255

25.7

36.0

22.6

20.0

16.8

Asset management

1,700,345

1,536,674

1,299,496

10.7

18.3

30.7

30.9

29.9

Interest

1,903,569

2,016,464

1,955,745

(5.6

)

3.1

34.4

40.6

45.0

Other income

33,923

43,129

8,747

(21.3

)

393.1

0.7

0.8

0.1

Total revenues

6,347,533

5,951,686

5,159,280

6.7

15.4

114.8

119.7

118.6

Interest expense

817,803

981,366

810,336

(16.7

)

21.1

14.8

19.7

18.6

Net revenues

5,529,730

4,970,320

4,348,944

11.3

14.3

100.0

Non-interest expenses:

Compensation and benefits

3,272,130

2,916,229

2,554,581

12.2

14.2

59.2

58.7

Occupancy and equipment rental

382,287

362,402

339,322

5.5

6.8

6.9

7.3

7.8

Communication and office supplies

196,314

194,382

184,652

1.0

5.3

3.6

3.9

4.3

Commissions and floor brokerage

66,176

62,823

58,344

5.3

7.7

1.2

1.3

Provision for credit losses

38,404

25,402

24,999

51.2

1.6

0.7

0.5

0.6

Other operating expenses

703,280

480,638

480,354

46.3

0.1

12.6

9.6

11.1

Total non-interest expenses

4,658,591

4,041,876

3,642,252

15.3

11.0

84.2

81.3

83.8

Income before income taxes

871,139

928,444

706,692

(6.2

)

31.4

15.8

18.7

16.2

Provision for income taxes

187,360

197,065

184,156

(4.9

)

7.0

3.4

4.0

4.2

Net income

683,779

731,379

522,536

(6.5

)

40.0

12.4

14.7

12.0

Preferred dividends

37,281

—

0.7

0.8

Net income available to common shareholders

646,498

694,098

485,255

(6.9

43.0

11.7

14.0

11.2

NET REVENUES

The following table presents consolidated net revenues for the periods indicated (in thousands, except percentages):

For the Year Ended December 31,

Percentage Change

2025

2024

2023

2025 vs. 2024

2024 vs. 2023

Revenues:

Commissions

813,618

756,024

673,597

7.6

12.2

Principal transactions

645,337

604,564

490,440

6.7

23.3

Transactional revenues

1,458,955

1,360,588

1,164,037

7.2

16.9

Capital raising

528,708

417,399

265,667

26.7

57.1

Advisory

722,033

577,432

465,588

25.0

24.0

Investment banking

1,250,741

994,831

731,255

25.7

36.0

Asset management

1,700,345

1,536,674

1,299,496

10.7

18.3

Net interest

1,085,766

1,035,098

1,145,409

4.9

(9.6

)

Other income

33,923

43,129

8,747

(21.3

)

393.1

Total net revenues

5,529,730

4,970,320

4,348,944

11.3

14.3

Year Ended December 31, 2025, Compared With Year Ended December 31, 2024

For the year ended December 31, 2025, net revenues increased 11.3% to a record $5.53 billion from $4.97 billion in 2024. The increase was primarily attributable to higher investment banking, asset management, transactional revenues, and net interest income.

Commissions – Commission revenues are primarily generated from agency transactions in OTC and listed equity securities, insurance products, and options. In addition, commission revenues also include distribution fees for promoting and distributing mutual funds.

For the year ended December 31, 2025, commission revenues increased 7.6% to $813.6 million from $756.0 million in 2024. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable period in 2024.

Principal transactions – Principal transaction revenues are gains and losses on secondary trading, principally fixed income transactional revenues.

For the year ended December 31, 2025, principal transactions revenues increased 6.7% to $645.3 million from $604.6 million in 2024. The increase is primarily attributable to higher realized trading gains and increased client activity over the comparable period in 2024.

Investment banking – Investment banking revenues include: (i) capital-raising revenues representing fees earned from the underwriting of debt and equity securities, and (ii) advisory fees related to corporate debt and equity offerings, municipal debt offerings, merger and acquisitions, private placements, and other investment banking advisory fees.

For the year ended December 31, 2025, investment banking revenues increased 25.7% to $1.3 billion from $994.8 million in 2024.

For the year ended December 31, 2025, capital-raising revenues increased 26.7% to $528.7 million from $417.4 million in 2024. For the year ended December 31, 2025, equity capital-raising revenues increased 41.4% to $280.7 million from $198.5 million in 2024 driven by higher volumes during 2025. For the year ended December 31, 2025, fixed income capital-raising revenues increased 13.3% to $248.0 million from $218.9 million in 2024 driven by higher bond issuances reflecting a more favorable financing environment during 2025.

For the year ended December 31, 2025, advisory revenues increased 25.0% to $722.0 million from $577.4 million in 2024. The increase is primarily attributable to higher levels of completed advisory transactions during 2025 with continued growth in depository advisory transactions.

Asset management – Asset management revenues include fees for asset-based financial services provided to individuals and institutional clients. Investment advisory fees are charged based on the value of assets in fee-based accounts. Asset management revenues are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets.

For the year ended December 31, 2025, asset management revenues increased 10.7% to a record $1.70 billion from $1.54 billion in 2024. The increase is primarily attributable to market appreciation leading to higher asset values due to improved market conditions and net new asset growth. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.

Other income – For the year ended December 31, 2025, other income decreased 21.3% to $33.9 million from $43.1 million during 2024. The decrease is primarily attributable to reduced lease income generated from our aircraft engine leasing business due to the sale of engines, lower investment gains, and a decrease in mortgage loan origination fees from the comparable period in 2024.

Year Ended December 31, 2024, Compared With Year Ended December 31, 2023

For the year ended December 31, 2024, net revenues increased 14.3% to $4.97 billion from $4.35 billion in 2023. The increase was primarily attributable to higher investment banking, asset management, and transactional revenues, partially offset by lower net interest income.

Commissions – For the year ended December 31, 2024, commission revenues increased 12.2% to $756.0 million from $673.6 million in 2023.

Principal transactions – For the year ended December 31, 2024, principal transactions revenues increased 23.3% to $604.6 million from $490.4 million in 2023.

Investment banking – For the year ended December 31, 2024, investment banking revenues increased 36.0% to $994.8 million from $731.3 million in 2023.

For the year ended December 31, 2024, capital-raising revenues increased 57.1% to $417.4 million from $265.7 million in 2023. For the year ended December 31, 2024, equity capital-raising revenues increased 73.2% to $198.5 million from $114.6 million in 2023 driven by higher volumes during 2024. For the year ended December 31, 2024, fixed income capital-raising revenues increased 44.9% to $218.9 million from $151.1 million in 2023 driven by higher bond issuances during 2024.

For the year ended December 31, 2024, advisory revenues increased 24.0% to $577.4 million from $465.6 million in 2023. The increase is primarily attributable to higher levels of completed advisory transactions during 2024.

Asset management – For the year ended December 31, 2024, asset management revenues increased 18.3% to $1.54 billion from $1.30 billion in 2023. The increase is primarily attributable to market appreciation leading to higher asset values and net cash inflows primarily as a result of our recruiting efforts. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.

Other income – For the year ended December 31, 2024, other income increased 393.1% to $43.1 million from $8.7 million in 2023. The increase is primarily attributable to higher investment gains over the comparable period in 2023.

NET INTEREST INCOME

I. Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables present average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):

For the Year Ended

December 31, 2025

December 31, 2024

December 31, 2023

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:

Interest-bearing cash and federal funds sold

2,252,703

94,179

4.18

3,126,654

164,110

5.25

2,394,404

123,363

5.15

Financial instruments owned

1,347,543

33,007

2.45

1,126,934

25,001

2.22

895,020

16,726

1.87

Margin balances

866,477

59,324

6.85

698,487

55,156

7.90

786,264

61,138

7.78

Investments:

Asset-backed securities

6,591,048

397,304

6.03

6,210,508

442,176

7.12

6,143,333

428,664

6.98

Mortgage-backed securities

1,140,980

37,092

3.25

993,619

26,368

2.65

963,414

21,355

2.22

Corporate fixed income securities

453,374

12,336

2.72

564,101

15,469

2.74

624,079

17,060

2.73

Other

4,773

122

2.55

4,740

120

2.55

4,709

120

2.55

Total investments

8,190,175

446,854

5.46

7,772,968

484,133

6.23

7,735,535

467,199

6.04

Loans:

Residential real estate

8,896,581

347,303

3.90

8,268,123

291,376

3.52

7,731,478

241,730

3.13

Commercial and industrial

3,977,009

287,446

7.23

3,734,097

323,531

8.66

4,491,531

378,277

8.42

Fund banking

3,860,296

267,804

6.94

3,458,175

273,907

7.92

4,256,903

323,120

7.59

Securities-based loans

2,513,202

153,195

6.10

2,292,176

162,161

7.07

2,440,912

170,699

6.99

Construction and land

1,208,737

88,395

7.31

1,176,660

96,929

8.24

770,563

63,134

8.19

Commercial real estate

451,642

33,890

7.50

612,374

44,658

7.29

670,556

49,715

7.41

Loans held for sale

497,295

39,904

8.02

486,261

41,071

8.45

210,446

13,628

6.48

Other

254,659

17,863

7.01

211,733

16,415

7.75

166,245

12,705

7.64

Total loans

21,659,421

1,235,800

5.71

20,239,599

1,250,048

6.18

20,738,634

1,253,008

6.04

Other interest-earning assets

997,251

34,405

3.45

838,928

38,016

4.53

764,679

34,311

4.49

Total interest-earning assets/interest income

35,313,570

1,903,569

5.39

33,803,570

2,016,464

5.97

33,314,536

1,955,745

5.87

Interest-bearing liabilities:

Short-term borrowings

1,874

5.14

404

6.44

2,412

144

5.97

Stock loan

381,779

(6,578

)

(1.72

)

253,467

(7,203

)

(2.84

)

147,904

(8,028

)

(5.43

)

Senior notes

617,000

28,524

4.62

905,733

40,349

4.45

1,115,052

50,025

4.49

Stifel Capital Trusts

58,712

3,713

6.32

60,000

4,408

7.35

60,000

4,363

7.27

Deposits:

Money market

25,544,354

639,991

2.51

25,581,967

814,527

3.18

24,967,085

632,251

2.53

Demand deposits

2,868,142

89,287

3.11

1,913,841

67,920

3.55

2,297,253

92,527

4.03

Time deposits

211,772

8,924

4.21

114,681

5,995

5.23

2,535

2.95

Savings

10,999

113

1.03

1,235

0.88

556

0.72

Total deposits

28,635,267

738,315

2.58

27,611,724

888,453

3.22

27,267,429

724,857

2.66

Federal Home Loan Bank advances

823

4.60

—

2.15

1,371

4.99

Other interest-bearing liabilities

1,142,270

53,695

4.70

1,065,202

55,333

5.19

1,027,985

38,907

3.78

Total interest-bearing liabilities/interest expense

30,837,725

817,803

2.65

29,896,531

981,366

3.28

29,622,153

810,336

2.74

Net interest income/margin

1,085,766

3.07

1,035,098

3.06

1,145,409

3.44

The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the periods indicated (in thousands):

Year Ended December 31, 2025

Compared to Year Ended

December 31, 2024

Year Ended December 31, 2024

Compared to Year Ended

December 31, 2023

Increase (decrease) due to:

Volume

Rate

Total

Volume

Rate

Total

Interest income:

Interest-bearing cash and federal funds sold

(40,470

)

(29,461

)

(69,931

)

38,393

2,354

40,747

Financial instruments owned

5,227

2,779

8,006

4,805

3,470

8,275

Margin balances

9,321

(5,153

)

4,168

(6,948

)

966

(5,982

)

Investments:

Asset-backed securities

29,858

(74,730

)

(44,872

)

4,721

8,791

13,512

Mortgage-backed securities

4,260

6,464

10,724

688

4,325

5,013

Corporate fixed income securities

(3,014

)

(119

)

(3,133

)

(1,645

)

(1,591

)

Other

—

Loans:

Residential real estate

23,135

32,792

55,927

17,532

32,114

49,646

Commercial and industrial

23,300

(59,385

)

(36,085

)

(66,003

)

11,257

(54,746

)

Fund banking

90,438

(96,541

)

(6,103

)

(64,059

)

14,846

(49,213

)

Securities-based loans

20,610

(29,576

)

(8,966

)

(10,551

)

2,013

(8,538

)

Construction and land

2,737

(11,271

)

(8,534

)

33,451

344

33,795

Commercial real estate

(12,102

)

1,334

(10,768

)

(4,254

)

(803

)

(5,057

)

Loans held for sale

971

(2,138

)

(1,167

)

22,273

5,170

27,443

Other

3,097

(1,649

)

1,448

3,782

(72

)

3,710

Other interest-earning assets

13,646

(17,257

)

(3,611

)

3,361

344

3,705

171,015

(283,910

)

(112,895

)

(24,454

)

85,173

60,719

Interest expense:

Short-term borrowings

)

(126

)

(118

)

Stock loan

2,809

(2,184

)

625

2,483

(1,658

)

825

Senior notes

(13,414

)

1,589

(11,825

)

(9,327

)

(349

)

(9,676

)

Stifel Capital Trusts

(93

)

(602

)

(695

)

—

Deposits:

Money market

(1,196

)

(173,340

)

(174,536

)

15,921

166,355

182,276

Demand deposits

28,349

(6,982

)

21,367

(14,371

)

(10,236

)

(24,607

)

Time deposits

3,799

(870

)

2,929

5,819

101

5,920

Savings

100

102

Federal Home Loan Bank advances

(44

)

(24

)

(68

)

Other interest-bearing liabilities

5,215

(6,853

)

(1,638

)

1,455

14,971

16,426

25,672

(189,235

)

(163,563

)

1,816

169,214

171,030

Increases and decreases in interest revenue and interest expense result from changes in average balances (volume) of interest-earning bank assets and liabilities, as well as changes in average interest rates. The effect of changes in volume is determined by multiplying the change in volume by the previous year’s average yield/cost. Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous year’s volume. Changes applicable to both volume and rate have been allocated proportionately.

Year Ended December 31, 2025, Compared With Year Ended December 31, 2024

Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the year ended December 31, 2025, net interest income increased 4.9% to $1.09 billion from $1.04 billion in 2024.

For the year ended December 31, 2025, interest revenue decreased 5.6% to $1.90 billion from $2.02 billion in 2024, principally as a result of lower interest rates, partially offset by an increase in interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.2 billion during the year ended December 31, 2025, compared to $30.1 billion in 2024 at average interest rates of 5.59% and 6.14%, respectively.

For the year ended December 31, 2025, interest expense decreased 16.7% to $817.8 million from $981.4 million in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $28.8 billion during the year ended December 31, 2025, compared to $27.7 billion in 2024 at average interest rates of 2.59% and 3.23%, respectively.

Year Ended December 31, 2024, Compared With Year Ended December 31, 2023

Net interest income – For the year ended December 31, 2024, net interest income decreased 9.6% to $1.0 billion from $1.1 billion in 2023.

For the year ended December 31, 2024, interest revenue increased 3.1% to $2.02 billion from $1.96 billion in 2023, principally as a result of higher interest rates and an increase in interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $30.1 billion during the year ended December 31, 2024, compared to $29.9 billion in 2023 at average interest rates of 6.14% and 6.01%, respectively.

For the year ended December 31, 2024, interest expense increased 21.1% to $981.4 million from $810.3 million in 2023. The increase is primarily attributable to higher interest rates and higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $27.7 billion during the year ended December 31, 2024, compared to $27.3 billion in 2023 at average interest rates of 3.23% and 2.66%, respectively.

II. Investment in Debt Securities

The maturities and related weighted-average yields of our debt securities not carried at fair value at December 31, 2025, are as follows (in thousands, except rates):

Within 1

Year

1-5 Years

5-10 Years

After 10 Years

Total

Asset-backed securities

—

157,770

1,494,530

4,896,754

6,549,054

Weighted-average yield (1)

0.00

5.95

5.99

5.71

5.78

(1)
The weighted-average yield is computed using the expected maturity of each security weighted based on the amortized cost of each security.

III. Loan Portfolio

The following table presents the maturities of each major loan category in Stifel Bancorp’s loan portfolio held for investment for the periods indicated (in thousands):

Within 1 Year

1-5 Years

5-15 years

Over 15 Years

Total

Residential real estate

128

1,286

602,778

8,650,747

9,254,939

Commercial and industrial

748,406

2,394,279

979,511

12,895

4,135,091

Fund banking

3,301,306

780,597

14,746

—

4,096,649

Securities-based loans

2,578,835

93,596

—

2,672,431

Construction and land

608,167

606,283

—

1,214,450

Commercial real estate

126,843

296,109

522

—

423,474

Home equity lines of credit

23,944

28,069

173,101

225,196

Other

44,533

—

44,533

7,432,162

4,200,219

1,770,658

8,663,724

22,066,763

The sensitivity of loans with maturities in excess of one year at December 31, 2025, is as follows (in thousands):

Variable or adjusted-rate loans

Residential real estate

7,440,990

Commercial and industrial

3,146,260

Fund banking

795,343

Securities-based loans

81,500

Construction and land

606,283

Commercial real estate

283,534

Home equity lines of credit

201,252

Other

—

12,555,162

Fixed-rate loans

Residential real estate

1,813,821

Commercial and industrial

240,425

Fund banking

—

Securities-based loans

12,096

Construction and land

—

Commercial real estate

13,097

Home equity lines of credit

—

Other

—

2,079,439

The following table presents the Company’s credit ratios, as well as the component of the ratio’s calculation, for the periods indicated (in thousands, except percentages):

As of and for the year ending December 31,

2025

2024

2023

Allowance for credit losses to total loans outstanding

0.73

0.81

0.83

Allowance for credit losses

160,911

170,044

161,605

Loans held for investment

22,066,763

20,879,745

19,441,467

Nonaccrual loans to total loans outstanding

0.57

0.77

0.22

Nonaccrual loans

125,159

160,900

42,366

Loans held for investment

22,066,763

20,879,745

19,441,467

Allowance for credit losses to nonaccrual loans

1.29x

1.06x

3.83x

Allowance for credit losses

160,911

170,044

161,605

Nonaccrual loans

125,159

160,900

42,366

The following table presents net charge-offs to average loans outstanding by major loan category for the year ended December 31, 2025 (in thousands, except percentages):

Residential real estate

0.00