Slide 1: Fourth Quarter 2025 Financial Results Presentation
Fourth Quarter 2025 Financial Results Presentation January 28, 2026 Quarterly Earnings Report
Slide 2: 2025 Snapshot
2025 Snapshot 2025 RESULTS millions, except per share and ratios NET REVENUE PRE-TAX MARGIN NET EARNINGS GAAP & NON-GAAP $5,530 GAAP 15.8% NON-GAAP 17.9% GAAP $646 NON-GAAP $744 EPS ROCE ROTCE* GAAP $5.87 NON-GAAP $6.76 GAAP 12.9% NON-GAAP 14.8% GAAP 18.2% NON-GAAP 21.0% * Please see our definition
Slide 3: Long-Term History of Business & Share Price Growth
Long-Term History of Business & Share Price Growth Financial Results 10 yr. 5 yr. (millions) 2015 2020 2025 Growth Growth 3 Total Net Revenue $2,335 $3,752 $5,530 137% 47% Global Wealth Management $1,377 $2,191 $3,537 157% 61% Institutional Group $976 $1,583 $1,915 96% 21% Earnings per share(1)(2)(3
Slide 4: Fourth Quarter Snapshot
Fourth Quarter Snapshot 4Q25 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS GAAP & NON-GAAP $1,561 GAAP $255 NON-GAAP $290 GAAP $2.31 NON-GAAP $2.63 ANNUALIZED ROCE ANNUALIZED ROTCE* BOOK VALUE PER SHARE GAAP 19.5% NON-GAAP 22.2% GAAP 27.3% NON-GAAP 31.1% TBV $37.50 BV $5
Slide 5: Variance to Consensus Estimates
Variance to Consensus Estimates Fourth Quarter Results Variance to Consensus Estimates COMMENTRY ON VARIANCE TO ANALYST (in Millions, except diluted EPS and share data) 4Q25 4Q25 Mean %∆ 4Q25 vs. 4Q24 ESTIMATES Revenues Operating* Analyst Results Commissions + Principal transactions $366 $383 (4%) (
Slide 6: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE CLIENT CASH BALANCES Sequential millions 4Q25 Y/Y Change 2025 VS 2024 Change $1,599 $1,446 $1,474 $1,305 $1,308 Transactional $207 3% 2% $779 4% $1,092 $1,066 $1,115 $927 $760 $800 Asset Management 456 12% 6% 1,700 11% $640 $510 $240 millions
Slide 7: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE Sequential HIGHLIGHTS millions 4Q25 Y/Y Change 2025 2024 Change Advisory $277 46% 54% $721 25% ■ Second Highest Full Year & Quarterly Revenue Capital Raising $171 56% 24% $503 27% Equity $95 99% 21% $269 44% ■ Second Highest Full Year & Quarterly Inves
Slide 8: Expenses
Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% Non-compensation Ratio millions 4Q25 4Q24 Y/Y Change 63% Compensation Ratio 30% 61% Compensation $905 $792 14% 25% Non-compensation Expense, 59% 20% $278 $270 3% Ex. IB Gross Up & Credit Loss 15% 57% 58.0% 58.0% 58.0% 58
Slide 9: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $45,000 22.0% $41,687 $41,271 ■ Increased Dividend on Common Shares 11% $39,896 $40,384 $39,860 20.0% $40,000 18.0% ■ Authorized 3:2 Stock Split 18.2% 18.3% $35,000 17.6% 17.6% 17.5% 16.0% Repurchased 335,000 Shares in 4Q25 millions ■
Slide 10: 2026 Consensus & Outlook
2026 Consensus & Outlook Actual Consensus % Change From Guidance millions 2025 2026 2025 2026 Transactional $1,459 $1,556 7% Investment Banking $1,251 $1,523 22% Asset Management $1,700 $1,917 13% Other $34 $34 0% Net Interest Income $1,086 $1,168 8% $1,100 - $1,200 (1) Net Revenue $5,530 $6,198 12%
Slide 11: Fourth Quarter 2025 Financial Results Presentation
Fourth Quarter 2025 Financial Results Presentation January 28, 2026 Quarterly Earnings Report
Slide 12: 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