Revenue: As of FY2026 Q2, the actual value is USD 1.451 B.

EPS: As of FY2026 Q2, the actual value is USD 1.34.

EBIT: As of FY2026 Q2, the actual value is USD 299.44 M.

Overall Company Performance (GAAP)

Stifel Financial Corp. reported net revenues of $1,450,804 thousand for Q2 2026, marking a 13.0% increase from $1,284,286 thousand in Q2 2025. For the six months ended June 30, 2026, net revenues were $2,928,965 thousand, an increase of 15.3% from $2,539,755 thousand in the prior year period. Net income was $217,156 thousand for Q2 2026, up 49.0% from $145,734 thousand in Q2 2025. For the six months, net income was $459,255 thousand, a 142.5% increase from $189,406 thousand in 2025. Total compensation and benefits were $833,018 thousand for Q2 2026, a 7.5% increase from $774,936 thousand in Q2 2025, with the compensation ratio at 57.4% for Q2 2026, down from 60.3% in Q2 2025. Non-compensation operating expenses were $318,348 thousand for Q2 2026, up 7.7% from $295,530 thousand in Q2 2025, and the non-compensation ratio was 22.0% for Q2 2026, down from 23.1% in Q2 2025. The pre-tax margin was 20.6% for Q2 2026, up from 16.6% for Q2 2025. Income before income taxes increased by 40.0% to $299,438 thousand for Q2 2026 from $213,820 thousand in Q2 2025. Provision for income taxes was $72,961 thousand for Q2 2026, up 24.2% from $58,765 thousand in Q2 2025. Stifel Financial Corp. reported GAAP Net Revenue of $1,451 million for 2Q26, and year-to-date GAAP Net Revenue was $2,929 million. GAAP Net Earnings for 2Q26 were $217 million, and year-to-date GAAP Net Earnings reached $459 million.

Overall Company Performance (Non-GAAP)

Non-GAAP net revenues were $1,453,304 thousand for Q2 2026, compared to $1,284,378 thousand for Q2 2025. Non-GAAP net income available to common shareholders reached $229,299 thousand for Q2 2026, up from $185,626 thousand in the prior year period. The non-GAAP compensation ratio was 57.0% for Q2 2026, down from 58.0% for Q2 2025, and the non-compensation ratio was 21.3% for Q2 2026, down from 21.7% in Q2 2025. The non-GAAP pre-tax margin was 21.7% for Q2 2026, up from 20.3% for Q2 2025. Return on Average Common Equity (ROCE) was 17.1% for Q2 2026, up from 15.2% for Q2 2025. Return on Average Tangible Common Equity (ROTCE) was 23.6% for Q2 2026, up from 21.7% for Q2 2025. Non-GAAP Net Revenue was $1,453 million for 2Q26, and year-to-date Non-GAAP Net Revenue was $2,895 million. Non-GAAP Net Earnings for 2Q26 were $229 million, and year-to-date Non-GAAP Net Earnings were $467 million. Annualized Return on Tangible Common Equity (ROTCE) for 2Q26 was 17.1% Non-GAAP, and year-to-date Non-GAAP ROTCE was 17.5%. Annualized Return on Common Equity (ROCE) for 2Q26 was 23.6% Non-GAAP, and year-to-date Non-GAAP ROCE was 24.2%. Total Non-GAAP Compensation was $828 million in 2Q26, an 11% increase from $745 million in 2Q25. Non-compensation Expense, excluding Investment Banking Gross Up & Credit Loss, was $284 million in 2Q26, up 9% from $261 million in 2Q25. Credit Loss Provision & Investment Banking Gross Up was $25 million in 2Q26, a 44% increase from $17 million in 2Q25. Total Non-compensation expense was $309 million in 2Q26, an 11% increase from $278 million in 2Q25. Pre-tax Income was $315 million in 2Q26, up 21% from $261 million in 2Q25. Non-GAAP Net Income Available to Common Shareholders was $229,299 thousand in 2Q26.

Global Wealth Management Segment

Net revenues reached a record $956.5 million for Q2 2026, an increase from $845.6 million in Q2 2025. Pre-tax net income was $361.8 million for Q2 2026, up from $306.1 million in Q2 2025. Total client assets were a record $580.1 billion, up 12% over the year-ago quarter, which included $9.7 billion of client assets from the Stifel Independent Advisors business sold on February 2, 2026. Fee-based client assets were $239.8 billion, up 16% over the year-ago quarter, including $4.6 billion from the Stifel Independent Advisors business. Bank loans were $24,805 million for Q2 2026, up from $21,448 million for Q2 2025. Transactional revenues increased 14% over the year-ago quarter, asset management revenues increased 13%, and net interest income increased 8%. The compensation expense ratio decreased to 48.2% for Q2 2026, from 49.7% in Q2 2025, and the non-compensation operating expense ratio decreased to 14.0% for Q2 2026, from 14.1% in Q2 2025. The pre-tax margin was 37.8% for Q2 2026, up from 36.2% in Q2 2025. Global Wealth Management Net Revenue was $957 million in 2Q26, showing a 13% year-over-year change, and year-to-date revenue reached $1,889 million, an 11% change from 2025 YTD. The Compensation Ratio for Global Wealth Management was 48.2% in 2Q26, a decrease of 150 basis points year-over-year, and the Non-Compensation Ratio was 14.0%, a decrease of 10 basis points year-over-year. Provision for credit loss was $13 million, a 51% increase year-over-year. Pre-tax Pre-provision Margin was 39.1%, an increase of 190 basis points year-over-year. Private Client Fee-based Client Assets were $210,049 million, a 17% increase year-over-year. Client Cash Balances were $1,599 million in 2Q26, compared to $1,167 million in 2Q25.

Institutional Group Segment

Net revenues were $480.7 million for Q2 2026, up from $419.8 million in Q2 2025. Pre-tax net income was $92.2 million for Q2 2026, up from $61.0 million in Q2 2025. Investment banking revenues increased 42% from the year-ago quarter, with advisory revenues up 24%, equity capital raising revenues up 121%, and fixed income capital raising revenues up 18%. Fixed income transactional revenues decreased 26% from the year-ago quarter due to lower realized trading gains. Equity transactional revenues decreased 4% from the year-ago quarter, impacted by a -$9 million reduction year over year from the restructuring of the European Equities business. The compensation expense ratio decreased to 59.4% for Q2 2026, from 61.4% in Q2 2025, and the non-compensation operating expense ratio decreased to 21.4% for Q2 2026, from 24.1% in Q2 2025. The pre-tax margin was 19.2% for Q2 2026, up from 14.5% in Q2 2025. Total Institutional Revenue was $481 million in 2Q26, marking a 15% year-over-year increase, and year-to-date revenue reached $976 million, a 21% change from 2025 YTD. The Compensation Ratio for the Institutional Group was 59.4% in 2Q26, a decrease of 200 basis points year-over-year, and the Non-Compensation Ratio was 21.4%, a decrease of 270 basis points year-over-year. Year-to-date Pre-tax Margin was 19.5%, an increase of 850 basis points.

Other Key Metrics

Total assets increased by $5.0 billion, or 13%, over the year-ago quarter to $44,908 million in Q2 2026 from $39,860 million in Q2 2025. Stifel Financial Corp. repurchased $177.0 million, or 2.4 million shares, of its common stock during Q2 2026 at an average price of $73.20, an increase from $87.5 million, or 1.5 million shares, repurchased in Q2 2025. Quarter-end shares were 151,589 thousand for Q2 2026, down from 153,285 thousand for Q2 2025. Weighted average diluted shares outstanding were 161,631 thousand for Q2 2026, down from 163,271 thousand for Q2 2025. The effective tax rate was 24.4% for Q2 2026, down from 27.5% for Q2 2025. Estimated capital ratios as of July 22, 2026, included a Tier 1 Common Capital Ratio of 14.7% (up from 14.5% in Q2 2025), a Tier 1 Risk-Based Capital Ratio of 17.3% (down from 17.5% in Q2 2025), and a Tier 1 Leverage Capital Ratio of 11.2% (up from 10.8% in Q2 2025). Tier 1 Capital was $4,576 million, up from $4,116 million in Q2 2025. Risk Weighted Assets were $26,405 million, up from $23,588 million in Q2 2025. Average assets were $40,983 million, up from $38,013 million in Q2 2025. The Board of Directors declared a $0.34 quarterly dividend per common share, payable on June 15, 2026, an increase from $0.31 per common share declared in Q2 2025. Book Value per share was $35.15, and Tangible Book Value per share was $25.52. Loan growth was $2.6 billion. The Tier 1 Leverage ratio was 11.4% in 2Q26, and the Tier 1 Risk Based Capital ratio was 17.3%.

Outlook / Guidance

Stifel Financial Corp.’s Chairman and CEO, Ronald J. Kruszewski, stated that the company is well-positioned to build on its momentum, leveraging its advice-driven business to assist clients in a complex world. In the first half of 2026, the company successfully executed its strategy by growing revenue, improving operating leverage, expanding its balance sheet, and deploying capital for risk-adjusted returns. The financial report includes a standard disclaimer regarding forward-looking statements, noting they involve risks and uncertainties, and the company disclaims any obligation to update them.