Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q3 2025 Earnings Presentation
13 slides from Stifel Financial's earnings presentation, Oct 22, 2025
Slide 1: Third Quarter 2025 Financial Results Presentation
Third Quarter 2025 Financial Results Presentation October 22, 2025 Quarterly Earnings Report
Slide 2: Third Quarter Snapshot
Third Quarter Snapshot 3Q25 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q25: GAAP & NON-GAAP $1,429 3Q25: GAAP $202 & NON-GAAP $214 3Q25: GAAP $1.84 & NON-GAAP $1.95 YTD: GAAP & NON-GAAP $3,969 YTD: GAAP $391 & NON-GAAP $454 YTD: GAAP $3.56 & NON-GAAP $4.13 ANNUALIZED
Slide 3: A Long-Term Growth Story
A Long-Term Growth Story Fiscal Year(1)(4) Fiscal Quarter (1) (millions) 2011 3Q25 Third Quarter 2025 Results Exceed Fiscal Net Revenue(2) $1,417 $1,429 Year 2011 Results Global Wealth Management $908 $907 Transactional $581 $203 Fee-Based(3) $285 $689 ■ Total Net Revenue in 3Q25 More Than Full Inst
Slide 4: Variance to Consensus Estimates
Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 3Q25 3Q25 Mean %∆ 3Q25 vs. 3Q24 Revenues Commissions + Principal transactions Operating* $384 Analyst $346 11% Results 20
Slide 5: Third Quarter Results
Third Quarter Results Operating Results Sequential NET REVENUE millions 3Q25 Y/Y Change 2025 YTD VS 2024 YTD Change $1,600 Global Wealth Management $907 10% 7% $2,604 8% $1,429 Institutional 500 34% 19% 1,305 17% $1,365 $1,400 $1,255 $1,284 Other 22 -14% 14% 60 -17% $1,225 Net revenue 1,429 17% 11%
Slide 6: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 3Q25 Y/Y Change 2025 YTD VS 2024 YTD Change ■ Record Quarterly Net Revenue Transactional $203 5% 11% $572 4% ■ Record Quarterly Transactional Revenue Asset Management 431 13% 7% 1,244 10% Net Interest 257 7% 1%
Slide 7: Global Wealth Management: Integrated Bank
Global Wealth Management: Integrated Bank CONSISTENT BANK NIM AS RATES DECLINE CLIENT CASH BALANCES 7.00% $1,599 $1,305 $1,308 6.00% $1,092 $1,066 $1,115 $927 $760 $771 $800 $573 $640 5.00% $497 $368 $240 4.00% millions 3.17% 3.24% 3.10% 3.22% 3.27% ($108) 3.00% ($456) ($691) 2.00% ($920) 1.00% ($1,
Slide 8: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 3Q25 Y/Y Change 2025 YTD VS 2024 YTD Change ■ Record Third Quarter Net Revenue Advisory $179 31% 41% $444 15% Capital Raising $138 38% 38% $332 16% ■ Record Third Quarter Transactional Revenue Equity $79 55% 71% $174 25%
Slide 9: Expenses
Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% Non-compensation Ratio millions 3Q25 3Q24 Y/Y Change 63% Compensation Ratio 30% Compensation $829 $711 17% 61% 25% Non-compensation Expense, 59% 20% $272 $260 4% Ex. IB Gross Up & Credit Loss 15% 57% 58.0% 58.0% 58.0% 58
Slide 10: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $45,000 22.0% $40,384 $41,687 ■ Repurchased 275,000 shares in 3Q25 $39,896 $39,860 20.0% $40,000 $38,935 18.0% ■ Bank Funding Accelerating as Treasury $35,000 17.9% 18.2% 17.6% 17.5% 17.6% 16.0% Deposit Growth Continues millions $30,00
Slide 11: Concluding Remarks
Concluding Remarks Quarterly Earnings Report
Slide 12: Third Quarter 2025 Financial Results Presentation
Third Quarter 2025 Financial Results Presentation October 22, 2025 Quarterly Earnings Report
Slide 13: 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