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Stifel Financial Corp — Third Quarter 2026 Financial Results Presentation (Q3 2026)
Stifel Financial Corp (SF) · 11 slides · Filed Oct 21, 2026
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Slide 1 — Third Quarter 2026
Quarterly Earnings Report Third Quarter 2026 Financial Results Presentation October 21, 2026
Slide 2 — Third Quarter Snapshot
Quarterly Earnings Report Record Third Quarter Net Income Third Quarter Snapshot 1 3Q26 RESULTS millions, except per share and ratios HIGHLIGHTS NET REVENUE 3Q26: GAAP $1,426 & NON-GAAP $1,429 YTD: GAAP $4,355 & NON-GAAP $4,324 ANNUALIZED ROTCE* 3Q26:GAAP 23.0% & NON-GAAP 23.9% YTD: GAAP 23.5% & NON-GAAP 24.1% BOOK VALUE PER SHARE TBV $26.05 BV $35.73 Repurchased 1.6 million Common Shares Record Net Revenue Global Wealth Management Record Third Quarter Net Interest Income Strategic Investment in Meow Technologies Increased Loans by $1.3 billion * Please see our definition of ROTCE in our third quarter 2026 earnings release NET EARNINGS 3Q26: GAAP $225 & NON-GAAP $234 YTD: GAAP $684 & NON-GAAP $701 EPS 3Q26: GAAP $1.40 & NON-GAAP $1.46 YTD: GAAP $4.23 & NON-GAAP $4.33 ANNUALIZED ROCE 3Q26:GAAP 16.7% & NON-GAAP 17.4% YTD: GAAP 17.1% & NON-GAAP 17.5%
Slide 3 — Valuation & Performance Comparison
Quarterly Earnings Report Valuation & Performance Comparison 2 Sources: Factset, Company Filings & Stifel Research (1) Price as of 10/19/2026 (2) Tangible Book Value as of 6/30/2026 (3) LTM as of 6/30/2026 (4) Forward Earnings Per Share based on Consensus Calendar 2027 (5) Adjusted Earnings Per Share from 12/31/2016 – 6/30/2026 (6) Tangible Book Value from 12/31/2016 – 6/30/2026 SF RJF MS Price(1) $66.06 $153.44 $178.47 Price/Tangible Book Value(2) 2.6X 2.9X 3.4X Price / Trailing Earnings Per Share(3) 11.2X 12.9X 14.4X Price / Forward Earnings Per Share (4) 9.0X 10.2X 13.0X Earnings Growth(5) 406% 328% 325% Tangible Book Value Growth(6) 154% 151% 66% Return on Tangible Common Equity(3) 26.3% 23.1% 24.6%
Slide 4 — Variance to Consensus Estimates
Quarterly Earnings Report COMMENTARY ON VARIANCE TO ANALYST ESTIMATES ■Commissions & Principal Transactions: ■Lower Global Wealth Management, Equity, & Fixed Income ■Investment Banking: ■Stronger Advisory Revenue ■Stronger Equity & Fixed Income Underwriting Revenue ■Asset Management: ■Lower Fee-Based Assets ■Net Interest Income ■Higher Average Interest-Earning Assets & Net Interest Margin ■Non-Compensation Expense: ■Lower Investment Banking Gross Up & Credit Provision Variance to Consensus Estimates 3 * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted average share count. (in Millions, except diluted EPS and share data) 3Q26 3Q26 Mean % ∆ 3Q26 vs. 3Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $318 $351 (10%) (17%) Investment banking $306 $294 4% (5%) Asset management and service fees $492 $495 (1%) 14% Net interest $302 $298 1% 9% Net revenues $1,429 $1,450 (1%) 0% Non-interest expenses Compensation and benefits 809 821 (1%) (2%) Compensation Ratio 56.6% 56.6% 0 bps -140 bps Non-compensation expenses 298 309 (3%) 0% Total non-interest expenses 1,107 1,130 (2%) (2%) Income before income taxes 322 320 1% 6% Provision for income taxes 78 80 (1%) (1%) Tax Rate 24.4% 24.9% -40 bps -170 bps Net Income $234 $231 1% 9% Diluted Operating EPS $1.46 $1.44 1% 12% Third Quarter Results Variance to Consensus Estimates *Non-GAAP
Slide 5 — Global Wealth Management
Quarterly Earnings Report HIGHLIGHTS ■Record Quarterly Net Revenue ■Record Asset Management Revenue ■Record Third Quarter Net Interest Income ■Record Quarterly Pre-Tax Income ■Record Quarterly Treasury Deposit Growth Global Wealth Management 4 millions 3Q26 Y/Y Change Sequential Change 2026 YTD VS 2025 YTD Transactional $196 -3% -5% $606 6% Asset Management 492 14% 8% 1,408 13% Net Interest 285 11% 4% 824 9% Investment Banking 7 3% -23% 21 15% Other 1 nm nm 9 -17% Total Global Wealth Management Net Revenue $980 8% 3% $2,869 10% Comp. Ratio 48.8% 10 bps 60 bps 49.2% -10 bps Non-Comp. Ratio 13.0% -50 bps -100 bps 13.6% -730 bps Provision for credit loss $8 -5% -37% $27 -6% Pre-tax Margin 38.2% 40 bps 40 bps 37.2% 740 bps Pre-tax Pre-provision Margin 39.0% 30 bps -10 bps 38.1% 720 bps millions 3Q26 Y/Y Sequential Change Total Client Assets $576,482 6% -1% Fee-based Client Assets $239,661 9% 0% Private Client Fee-based Client Assets $209,744 9% 0% CLIENT ASSET METRICS GLOBAL WEALTH MANAGEMENT REVENUE Client Asset Metrics Include the impact of assets associated with the sale of Stifel Independent Advisors. Total Client Assets from SIA were $10.2 bil. on September 30, 2025. Fee-based Client Assets from SIA were $4.8 bil. on September 30, 2025. $880,000 $900,000 $920,000 $940,000 $960,000 $980,000 $1,000,000 $1,020,000 $1,040,000 $1,060,000 $1,080,000 3.00% 3.05% 3.10% 3.15% 3.20% 3.25% 3.30% 3.35% 3.40% NET INTEREST INCOME & NET INTEREST MARGIN NIM NII (000s) * Net Interest Income in 9/30/2026 based on annualized 2026 YTD results
Slide 6 — Institutional Group
Quarterly Earnings Report Institutional Group 5 * Includes net interest, asset management, and other income HIGHLIGHTS ■Institutional Revenue up 8% YTD vs. 2025 ■YTD Pre-tax Margin up 530 bps ■Lowest Quarterly Comp. Ratio Since 4Q24 ■Ranked #1 in Municipal Negotiated Issuance in Number of Issues YTD in 2026 with more than 13% Market Share * 2021 revenue based on annualized results through 9/30/2021 millions 3Q26 Y/Y Change Sequential Change 2026 YTD 2025 YTD Advisory $173 -3% 10% $549 24% Capital Raising $126 -8% -24% $409 23% Equity $69 -13% -33% $238 37% Fixed Income $58 -2% -9% $171 8% Transactional $122 -33% -21% $431 -17% Equity $41 -29% -30% $156 -13% Fixed Income $80 -34% -15% $276 -19% Total Institutional Revenue* $430 -14% -11% $1,406 8% Comp. Ratio 58.7% -70 bps -70 bps 59.3% -260 bps Non-Comp. Ratio 23.6% 80 bps 220 bps 21.8% -270 bps Pre-tax Margin 17.7% -10 bps -150 bps 18.9% 530 bps INSTITUTIONAL GROUP REVENUE $0 $100 $200 $300 $400 $500 $600 3Q25 4Q25 1Q26 2Q26 3Q26 millions INSTITUTIONAL GROUP NET REVENUE Advisory Fees Capital Raising Brokerage Other -0.7% 11.5% 13.6% 18.9% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% YTD23 YTD24 YTD25 YTD26 IMPROVED PRE-TAX MARGIN
Slide 7 — Expenses
Quarterly Earnings Report Expenses 6 * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2026 earnings release. $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2021 2022 2023 2024 2025 2026* millions ANNUAL GAAP to Non-GAAP RESULTS GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments 58.0% 58.0% 57.5% 57.0% 56.6% 0% 5% 10% 15% 20% 25% 30% 53% 54% 55% 56% 57% 58% 59% 60% 61% 62% 3Q25 4Q25 1Q26 2Q26 3Q26 Non-compensation Ratio Compensation Ratio Non-GAAP EXPENSE RATIOS Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio *2026 annual GAAP to non-GAAP results based on annualized results through 9/30/2026 millions 3Q26 3Q25 Y/Y Change Compensation $809 $829 -2% Non-compensation Expense, Ex. IB Gross Up & Credit Loss $277 $272 2% Credit Loss Provision & IB Gross Up $21 $25 -17% Non-compensation $298 $298 0% Pre-tax Income $322 $303 6% NON-GAAP EXPENSES & PRE-TAX INCOME (000s) 3Q26 GAAP Net Income $234,143 Preferred Dividend $9,320 Net Income available to common Shareholders $224,823 Non-GAAP After Tax Adjustments $9,273 Non-GAAP Net Income Available to Common Shareholders $234,096 GAAP to Non-GAAP RECONCILIATION
Slide 8 — Capital Utilization
Quarterly Earnings Report Capital Utilization 7 $41,687 $41,271 $42,893 $44,908 $45,282 11.1% 11.4% 11.4% 11.2% 10.8% 17.6% 18.3% 18.7% 17.3% 17.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 3Q25 4Q25 1Q26 2Q26 3Q26 millions FIRM-WIDE ASSETS & CAPITAL RATIOS Assets Tier 1 Leverage Tier 1 Risk Based Capital $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 2021 2022 2023 2024 2025 2026* millions A TRACK RECORD of FUNDING GROWTH Bank Deposits Available Funding ($100,000) $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2022 2023 2024 2025 2026 (000s) DEPLOYING EXCESS CAPITAL Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Acquisitions HIGHLIGHTS ■Repurchased 1.6 million Shares in Open Market ■6.2 million Shares in Total Authorization ■Loan Growth of $1.3 billion ■Bank Funding Increased at CAGR of 11% Since 2021 *2026 based on results through 9/30/2026
Slide 9 — Concluding Remarks
Quarterly Earnings Report Concluding Remarks
Slide 10 — Third Quarter 2026
Quarterly Earnings Report Third Quarter 2026 Financial Results Presentation October 21, 2026
Slide 11 — Disclaimer
Quarterly Earnings Report Disclaimer 10 Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Use of Non-GAAP Financial Measures The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.