Stifel Financial Corp. Reports Record Revenues of $5.53 Billion, Net Income Decreases Due to Legal Provisions

**Stifel Financial Corp. Reports Record Revenues, Net Income Impacted by Legal Provisions**

Stifel Financial Corp., a Delaware-based financial holding company, reported its financial results for the fiscal year ended December 31, 2025. The company achieved record net revenues of $5.53 billion, an 11.3% increase compared to $4.97 billion in 2024. This growth was primarily driven by increased investment banking revenues, asset management revenues, transactional revenues, and net interest income. However, net income available to common shareholders decreased by 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 the previous year. The decrease in net income was attributed to elevated provisions for legal matters, which negatively impacted earnings by $1.16 per diluted common share after tax.

The Global Wealth Management segment experienced record net revenues, while the Institutional Group segment achieved its second-highest net revenue performance. Commission revenues increased by 7.6% to $813.6 million, driven by higher trading volumes due to increased market volatility. Principal transactions revenues also saw a rise of 6.7% to $645.3 million, reflecting higher realized trading gains and increased client activity. Investment banking revenues surged by 25.7% to $1.25 billion, with capital-raising revenues increasing by 26.7% and advisory revenues growing by 25.0%. Asset management revenues also increased by 10.7% to $1.70 billion, driven by market appreciation and net new asset growth. Net interest income increased by 4.9% to $1.09 billion, while other income decreased by 21.3% to $33.9 million.

Stifel Financial Corp. strategically expanded its business through several acquisitions during 2025. On April 7, the company acquired a portion of B. Riley Financial, Inc.’s wealth management business, adding 36 advisors and approximately $4 billion in assets under management. On June 2, Stifel acquired Bryan, Garnier & Co., an independent investment bank focused on European technology and healthcare companies. These acquisitions were funded through cash from operations. In addition, on January 26, 2026, the Board declared a three-for-two stock split, payable on February 26, 2026, to shareholders of record as of February 12, 2026. 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.

The company's employee headcount exceeded 9,000 associates, including more than 2,300 financial advisors, located primarily in the United States, the United Kingdom, Europe, and Canada. As of December 31, 2025, client assets under administration reached $551.9 billion. The company's Board of Directors approved an 11% increase in the quarterly dividend to $0.51 per common share starting in the first quarter of 2026. The company anticipates wealth management revenues to grow as investors 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.