Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q3 2026 Earnings Presentation
11 slides from Stifel Financial's earnings presentation, Oct 21, 2026
Slide 1: Third Quarter 2026 Financial Results Presentation
Third Quarter 2026 Financial Results Presentation October 21, 2026 Quarterly Earnings Report
Slide 2: Third Quarter Snapshot
Third Quarter Snapshot 3Q26 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q26: GAAP $1,426 & NON-GAAP $1,429 3Q26: GAAP $225 & NON-GAAP $234 3Q26: GAAP $1.40 & NON-GAAP $1.46 YTD: GAAP $4,355 & NON-GAAP $4,324 YTD: GAAP $684 & NON-GAAP $701 YTD: GAAP $4.23 & NON-GAAP $4
Slide 3: Valuation & Performance Comparison
Valuation & Performance Comparison SF RJF MS (1) Price $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) 1
Slide 4: Variance to Consensus Estimates
Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates COMMENTARY ON VARIANCE TO ANALYST (in Millions, except diluted EPS and share data) 3Q26 3Q26 Mean %∆ 3Q26 vs. 3Q25 ESTIMATES Revenues Operating* Analyst Results Commissions + Principal transactions $318 $351 (10%)
Slide 5: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential Record Quarterly Net Revenue millions 3Q26 Y/Y Change 2026 YTD VS 2025 YTD Change ■ Transactional $196 -3% -5% $606 6% Asset Management 492 14% 8% 1,408 13% ■ Record Asset Management Revenue Net Interest 285 11% 4% 824 9
Slide 6: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 3Q26 Y/Y Change 2026 YTD 2025 YTD Change Advisory $173 -3% 10% $549 24% ■ Institutional Revenue up 8% YTD vs. 2025 Capital Raising $126 -8% -24% $409 23% Equity $69 -13% -33% $238 37% ■ YTD Pre-tax Margin up 530 bps Fixed
Slide 7: Expenses
Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 62% 30% 61% Non-compensation Ratio millions 3Q26 3Q25 Y/Y Change 25% 60% Compensation Ratio 59% 20% Compensation $809 $829 -2% 58% Non-compensation Expense, 58.0% 58.0% 15% $277 $272 2% 57% Ex. IB Gross Up & Credit Loss 57.5% 57.0%
Slide 8: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $50,000 24.0% $44,908 $45,282 22.0% ■ Repurchased 1.6 million Shares in Open $45,000 $41,687 $41,271 $42,893 20.0% Market $40,000 18.0% ■ 6.2 million Shares in Total Authorization millions 18.3% 18.7% $35,000 17.6% 17.3% 16.0% 17.0% $3
Slide 9: Concluding Remarks
Concluding Remarks Quarterly Earnings Report
Slide 10: Third Quarter 2026 Financial Results Presentation
Third Quarter 2026 Financial Results Presentation October 21, 2026 Quarterly Earnings Report
Slide 11: Disclaimer
Disclaimer 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 futu