Highlights

  • Third quarter 2026 net revenues were flat at $1.43 billion, while GAAP net income available to common rose 11%.
  • Diluted GAAP earnings per share were $1.40 versus $1.22, and non-GAAP diluted earnings per share were $1.46 versus $1.30.
  • Global Wealth Management posted record net revenues of $980.3 million, while Institutional Group net revenues fell to $430.3 million.
  • Stifel repurchased 1.6 million shares for $124.0 million in the quarter and announced a strategic investment in Meow Technologies.

Stifel Financial (NYSE:SF) shares were trading near their 52-week low at USD 66.61 on October 21, 2026, down 0.34%. The financial services firm sold its Stifel Independent Advisors business in February and reported third quarter 2026 results that day, with record wealth management revenue, lower institutional revenue and $124.0 million of share repurchases.

Headquartered in St. Louis, Missouri, Stifel is a Delaware corporation, founded in 1890, that describes itself as a diversified financial services firm providing wealth management, commercial and investment banking, trading and research services to individuals, institutions and municipalities. It operates more than 400 offices in the United States and major global financial centers. It reports two segments, Global Wealth Management and the Institutional Group, and runs a banking arm, Stifel Bancorp. Its fiscal year ends December 31.

Flat Revenue, Higher Earnings and Mixed Segments

Net revenues for the quarter ended September 30, 2026 were $1.43 billion, down 0.2% from a year earlier. Asset management revenue rose 14% to $492.2 million, while investment banking revenue fell 5% to $306.2 million and principal transactions fell 34% to $117.1 million. Compensation fell to 57.0% of net revenues from 58.8%, and pre-tax income rose 8% to $309.6 million, a 21.7% margin.

Net income was $234.1 million, and after $9.3 million of preferred dividends, net income available to common shareholders was $224.8 million, or $1.40 per diluted share. Per-share figures reflect a February 2026 three-for-two stock split. On a non-GAAP basis, which excludes items such as $8.2 million of merger-related costs, net income available to common shareholders was $234.1 million, or $1.46 per diluted share, and the pre-tax margin was 22.5%.

For nine months, net revenues were $4.36 billion, up 9.7%, and GAAP diluted EPS was $4.23 versus $2.37. That period included a $44.4 million gain from the sale of Stifel Independent Advisors in the first quarter.

Global Wealth Management delivered net revenues of $980.3 million, up 8%, and pre-tax income of $374.4 million at a 38.2% margin. Asset management revenue climbed 14% and net interest income 11%, while transactional revenue slipped 3% on lower client activity. Client assets reached $576.5 billion, up 6%, including $10.2 billion from the sold advisor business a year ago, and bank loans rose 21% to $26.1 billion.

The Institutional Group's net revenues fell to $430.3 million from $500.4 million, and pre-tax income was $76.3 million versus $89.3 million. Investment banking revenue declined 6%, with advisory down 4% on fewer completed transactions and equity capital raising down 13% on lower volumes. Fixed income transactional revenue dropped 34% to $80.5 million as widening credit spreads, volatility and lower realized trading gains had an impact, and equity transactional revenue fell 29%, including a $7 million reduction tied to restructuring the European equities business.

Capital Returns, Balance Sheet and Credit Metrics

Stifel repurchased 1.6 million common shares for $124.0 million in the quarter and 7.3 million shares for $564.4 million over twelve months. The board declared a quarterly dividend of $0.34 per common share, payable September 15, 2026.

Total assets were $45.3 billion, up 9%. Estimated capital ratios were a Tier 1 common ratio of 14.5% (14.8% a year earlier), a Tier 1 risk-based ratio of 17.0% and a Tier 1 leverage ratio of 10.8%. Stifel Bancorp deposits were $32.8 billion, up 8.9%. Its allowance for credit losses was 0.55% of retained loans versus 0.78%, net charge-offs were 0.06% of average loans versus 0.05%, and nonperforming assets were $125.5 million, or 0.35% of total assets, down from $159.1 million.

Management Commentary and What Is Not Disclosed

Management said Stifel is on track for another record year, citing year-to-date revenue of $4.3 billion, up 9%, and non-GAAP earnings per share of $4.33, up 22%.

The earnings materials include no numerical guidance. The Meow Technologies investment appears only in the highlights, with no amount or terms. The release notes lower litigation-related expenses in Global Wealth Management but gives no detail on legal matters.