$SF

STIFEL FINANCIAL CORP

CIK:0000720672|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Commissions

$ 221,462

$ 200,669

$ 429,296

$ 394,339

Principal transactions

140,091

172,603

290,312

314,263

Investment banking

331,954

233,460

673,366

471,402

Asset management

456,630

403,608

916,087

813,149

Interest

476,093

477,056

927,142

952,688

Other income

12,549

3,690

68,228

14,271

Total revenues

1,638,779

1,491,086

3,304,431

2,960,112

Interest expense

187,975

206,800

375,466

420,357

Net revenues

^[1]

1,450,804

1,284,286

2,928,965

2,539,755

Non-interest expenses:

Compensation and benefits

833,018

774,936

1,681,352

1,507,156

Occupancy and equipment rental

100,555

95,678

200,250

186,444

Communications and office supplies

46,341

47,847

97,362

97,360

Commissions and floor brokerage

15,039

17,146

30,080

33,952

Provision for credit losses

12,538

8,328

19,073

20,348

Other operating expenses

143,875

126,531

275,338

417,311

Total non-interest expenses

1,151,366

1,070,466

2,303,455

2,262,571

Income from operations before income tax expense

299,438

213,820

625,510

277,184

Provision for income taxes

72,961

58,765

147,614

69,137

Net income

226,477

155,055

477,896

208,047

Preferred dividends

9,321

18,641

Net income available to common shareholders

$ 217,156

$ 145,734

$ 459,255

$ 189,406

Earnings per common share:

Basic

$ 1.41

$ 0.94

$ 2.97

$ 1.21

Diluted

1.34

0.89

2.83

1.15

Cash dividends declared per common share

$ 0.34

$ 0.31

$ 0.68

$ 0.62

Weighted-average number of common shares outstanding:

Basic

154,234

155,024

154,869

156,074

Diluted

161,631

163,271

162,556

164,687

[1]	No individual client accounted for more than 10 percent of total net revenues for the three and six months ended June 30, 2026 and 2025.

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 477,896	$ 208,047
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	31,012	30,281
Amortization of loans and advances to financial advisors and other employees	75,863	70,918
Amortization of premium on investment portfolio	2,800	3,660
Provision for credit losses	19,073	20,348
Amortization of intangible assets	19,099	10,937
Deferred income taxes	14,234	(42,923)
Stock-based compensation	111,852	93,481
Gain on sale of business	(47,284)	0
Unrealized gains on investments	(238)	(4,468)
Gain on sale of leased aircraft engines	0	(32,063)
Other, net	10,484	(2,101)
Receivables:
Brokerage clients, net	(223,708)	(19,799)
Brokers, dealers, and clearing organizations	(293,183)	(150,592)
Securities purchased under agreements to resell	(234,745)	(108,554)
Financial instruments owned	(271,235)	(174,505)
Loans originated as held for sale	(1,235,628)	(986,234)
Proceeds from loans held for sale	1,383,978	1,403,477
Loans and advances to financial advisors and other employees, net	(23,915)	(127,850)
Other assets	(107,717)	69,236
Increase/(decrease) in operating liabilities, net of liabilities assumed:
Brokerage clients, net	278,240	110,388
Brokers, dealers, and clearing organizations	(15,318)	11,310
Drafts	(74,873)	(20,047)
Financial instruments sold, but not yet purchased	169,344	173,284
Accrued compensation	(277,156)	(247,393)
Other liabilities and accrued expenses	(55,328)	107,444
Net cash provided by/(used in) operating activities	(266,453)	396,282
Cash Flows From Investing Activities:
Principal paydowns, maturities, and calls of available-for-sale securities	170,190	165,343
Principal paydowns, maturities, and calls of held-to-maturity securities	1,206,749	845,032
Sale or maturity of investments	1,280	8
Disposition of business, net	50,456	0
Sale of leased aircraft engines	0	77,803
Increase in loans held for investment, net	(2,550,901)	(573,871)
Payments for:
Purchase of fixed assets	(62,638)	(31,405)
Purchase of available-for-sale securities	(119,010)	(90,408)
Purchase of held-to-maturity securities	(1,539,018)	(904,935)
Purchase of investments	(7,470)	(1,454)
Acquisitions, net of cash received	0	(72,591)
Net cash used in investing activities	(2,850,362)	(586,478)
Cash Flows From Financing Activities:
Payment of contingent consideration	(113)	(190)
Increase in securities sold under agreements to repurchase	444,383	139,262
Increase/(decrease) in bank deposits, net	2,511,943	(429,164)
Increase in securities loaned	199,130	221,073
Proceeds from Federal Home Loan Bank advances, net	450,000	0
Proceeds from borrowings	145,000	0
Repayment of borrowings	(145,000)	0
Repayment of short-term debt	0	(75,056)
Tax payments related to shares withheld for stock-based compensation plans	(130,534)	(119,068)
Repurchase of common stock	(268,491)	(176,211)
Cash dividends on preferred stock	(18,641)	(18,641)
Cash dividends paid to common stock and equity-award holders	(127,837)	(115,557)
Net cash provided by/(used in) financing activities	3,059,840	(573,552)
Effect of exchange rate changes on cash	(4,136)	11,608
Decrease in cash, cash equivalents, and cash segregated for regulatory purposes	(61,111)	(752,140)
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period	2,282,807	2,678,203
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period	2,221,696	1,926,063
Supplemental disclosure of cash flow information:
Cash paid for interest	379,842	426,513
Cash paid for income taxes, net of refunds	61,996	81,595
Noncash investing and financing activities:
Transfer of loans held for investment to held for sale	25,314	735,629
Transfer of loans held for sale to held for investment	0	97,464
Unit grants, net of forfeitures	$ 203,040	$ 228,370

Consolidated Statements of Financial Condition - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 2,191,628

$ 2,253,789

Cash segregated for regulatory purposes

30,068

29,018

Receivables:

Brokerage clients, net

1,361,802

1,138,094

Brokers, dealers, and clearing organizations

864,846

571,663

Securities purchased under agreements to resell

^[1]

798,907

564,162

Financial instruments owned, at fair value

1,699,070

1,427,835

Available-for-sale securities, at fair value

1,529,505

1,593,390

Held-to-maturity securities, at amortized cost

^[2]

6,881,353

6,549,054

Loans:

Held for investment, net

24,431,513

21,925,257

Held for sale, at lower of cost or fair value

373,591

502,199

Investments, at fair value

85,274

81,825

Fixed assets, net

228,745

197,119

Operating lease right-of-use assets, net

769,245

788,477

Goodwill

1,463,858

Intangible assets, net

88,799

108,045

Loans and advances to financial advisors and other employees, net

672,608

744,635

Deferred tax assets, net

139,522

151,204

Other assets

1,297,275

1,181,158

Total assets

44,907,609

41,270,782

Payables:

Brokerage clients, net

709,823

431,583

Brokers, dealers, and clearing organizations

487,190

303,378

Drafts

68,043

142,916

Securities sold under agreements to repurchase

^[3]

1,095,619

651,236

Bank deposits

32,264,006

29,752,063

Financial instruments sold, but not yet purchased, at fair value

962,970

793,626

Accrued compensation

711,796

988,952

Lease liabilities, net

838,090

855,899

Accounts payable and accrued expenses

633,976

701,369

Federal Home Loan Bank advances

450,000

Senior notes, net

617,855

617,443

Debentures to Stifel Financial Capital Trusts

55,000

Total liabilities

38,894,368

35,293,465

Equity

Preferred stock - $1 par value; authorized 3,000,000 shares; issued 27,400 shares

685,000

Common stock - $0.15 par value; authorized 291,000,000 shares; issued 167,494,307 and 167,494,164 shares, respectively

25,124

Additional paid-in-capital

1,857,164

1,907,949

Retained earnings

4,432,191

4,163,363

Accumulated other comprehensive loss

(29,250)

(17,809)

Treasury stock, at cost, 15,904,926 and 14,997,515 shares, respectively

(956,988)

(786,310)

Total equity

6,013,241

5,977,317

Total liabilities and equity

$ 44,907,609

$ 41,270,782

[1]	Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $794.0 million and $561.3 million at June 30, 2026 and December 31, 2025, respectively.
[2]	Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements.
[3]	Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $1.0 billion and $687.2 million at June 30, 2026 and December 31, 2025, respectively.