Stifel Financial Corporation (SF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Please stand by. Good day and welcome to the Stiefel Financial Q126 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Joel Jeffrey, Head of Investor Relations. Please go ahead. Thank you, Operator. Good morning and welcome to Stiefel's first quarter 2026 earnings call. On behalf of Stiefel Financial Corp., I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at Stifel.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Stifel Financial Corp. does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. I will now turn the call over to our Chairman and Chief Executive Officer, Ron Krzyzewski. Thanks, Joel. Good morning, and thanks to everyone for joining us. In the first quarter, we delivered very strong performance. Net revenues of $1.48 billion were up 18% from a year ago. That includes a non-recurring gain from the sale of Steeple and Independent Advisors, which closed in February, which was partially offset by interest on a legal judgment. We've excluded both from our core results. Excluding the SIA gain, revenue grew 15%. Either way, it was a record first quarter, and regardless, it's a growth rate comparable to the best firms on the street. Earnings per share were $1.48 on a gap basis and $1.45 on a non-gap basis, compared to $0.33 last year. That's a significant improve...