Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q2 2025 Earnings Presentation
14 slides from Stifel Financial's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Financial Results Presentation
Second Quarter 2025 Financial Results Presentation July 30, 2025 Quarterly Earnings Report
Slide 2: Second Quarter Snapshot
Second Quarter Snapshot 2Q25 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 2Q25: GAAP & NON-GAAP $1,284 2Q25: GAAP $146 & NON-GAAP $186 2Q25: GAAP $1.34 & NON-GAAP $1.71 YTD: GAAP & NON-GAAP $2,540 YTD: GAAP $189 & NON-GAAP $240 YTD: GAAP $1.73 & NON-GAAP $2.18 ANNUALIZE
Slide 3: Second Quarter Results
Second Quarter Results Operating Results Sequential NET REVENUE millions 2Q25 Y/Y Change 2025 YTD VS 2024 YTD Change $1,600 Global Wealth Management $846 6% -1% $1,696 7% Institutional 420 7% 9% 805 8% $1,365 $1,400 $1,255 $1,284 Other 19 -28% -6% 39 -18% $1,218 $1,225 Net revenue 1,284 6% 2% 2,540
Slide 4: Wealth Management: A Key Growth Driver
Wealth Management: A Key Growth Driver CONSISTENT GROWTH $4,000 $3,500 Net Revenue (millions) $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Brokerage Asset Management & Service Fees Net Interest Investment Bankin g & Other *2025 GWM net revenue based o
Slide 5: Institutional Business Gaining Momentum As Bank M&A Activity Accelerates
Institutional Business Gaining Momentum As Bank M&A Activity Accelerates INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 2Q25 Y/Y Change 2025 YTD VS 2024 YTD Change ■ Highest Second Quarter Net Revenue Since 2Q21 Advisory $127 -3% -7% $265 6% Capital Raising $100 4% 6% $194 4% ■ Record To
Slide 6: Integrating AI Into the Stifel Platform
Integrating AI Into the Stifel Platform Enhance Our Platform Through Use of Agent-Based Models ■ Increases Efficiency But Human Side Remains Irreplaceable ■ Platform to Enhance: ■ Client Service ■ Data Management ■ Insights ■ Early AI Success: ■ Investment Banking Analytics ■ Advisor Support Quarter
Slide 7: Variance to Consensus Estimates
Variance to Consensus Estimates Second Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) Revenues 2Q25 Operating* 2Q25 Mean Analyst %Δ 2Q25 vs. 2Q24 Results ■ Commissions & Principal Transactions: Commissions
Slide 8: Global Wealth Management Net Revenue
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 2Q25 Y/Y Change Change 2025 YTD VS 2024 YTD ■ Record Second Quarter Net Revenue Transactional $183 3% -2% $369 3% ■ Record Total Client & Fee-Based Assets Asset Management 404 6% -1% 813 9% ■ Highest Quarterly N
Slide 9: Strong Bank Fundamentals
Strong Bank Fundamentals 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 $771 $800 $651 $573 5.00% $497 $368 $258 $124 4.00% millions 3.19% 3.17% 3.24% 3.10% 3.22% 3.00% ($456) ($623) ($691) 2.00% ($920) 1.00% ($1,409) 0.00% 2Q24 3
Slide 10: Expenses: Non-GAAP Expense Ratios
Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% Non-compensation Ratio millions 2Q25 2Q24 Y/Y Change 63% Compensation Ratio 30% Compensation $745 $707 5% 61% 25% Non-compensation Expense, 59% 20% $261 $248 5% Ex. IB Gross Up & Credit Loss 15% 57% 58.0% 58.0% 58.0% 58.
Slide 11: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $45,000 $40,384 22.0% ■ Repurchased 970,000 shares in 2Q25 $39,896 $39,860 20.0% $38,935 $40,000 $37,809 18.0% ■ Bank Funding Increased at CAGR of 13% $35,000 17.8% 17.9% 18.2% 17.6% 17.5% 16.0% Since 2019 millions $30,000 14.0% ■ Comp
Slide 12: 2025 Performance & Outlook for Second Half
2025 Performance & Outlook for Second Half Outlook for 2H25 vs. millions 1H25 Annualized 2025* Consensus 2025 2025 Guidance 1H25 Operating Net Revenue $2,008 $4,015 $4,135 $4,150 - $4,550 Transactional $709 $1,417 $1,387 Asset Management $813 $1,626 $1,680 Investment Banking $471 $943 $1,029 Net Int
Slide 13: Second Quarter 2025 Financial Results Presentation
Second Quarter 2025 Financial Results Presentation July 30, 2025 Quarterly Earnings Report
Slide 14: 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