Stifel Financial (SF) investor relations material

Executive summary

• Achieved record net revenue of $1.43 billion for Q3 2025, up 17% year-over-year, with EPS of $1.95 (Non-GAAP), the highest for any third quarter and third highest in firm history; return on tangible common equity reached 24.3%.

• Net income available to common shareholders was $214 million (Non-GAAP), up 29% year-over-year, and $202.1 million (GAAP), up 35.4%.

• Both Global Wealth Management and Institutional Group contributed, with Global Wealth Management setting a new revenue record and Institutional Group posting its third-best quarter.

• Record client assets reached $544 billion, up 10% year-over-year, and 33 advisors were added during the quarter.

• Revenue mix shifted to 62% fee-based, enhancing earnings stability and margin strength.

Financial highlights

• Net revenue grew 17% year-over-year to $1.43 billion; commissions and principal transactions rose 20%, investment banking revenue up 33%, and asset management revenue up 13%.

• Net income available to common shareholders was $214 million, up 29% year-over-year; diluted EPS was $1.95 (Non-GAAP), up 30% year-over-year.

• Annualized ROTCE reached 24.3% (Non-GAAP), up 480 bps year-over-year.

• Book value per share increased 5% year-over-year to $49.74; tangible book value per share rose 4% to $34.99.

• Pretax margin reached 21.2% (Non-GAAP); compensation ratio held steady at 58%.

Outlook and guidance

• Management expressed optimism for year-end, citing record investment banking pipelines, client assets, and momentum in the integrated wealth and banking platform.

• Fourth quarter net interest income forecasted between $270 million and $280 million.

• Full-year effective tax rate expected at 20%-22%, with Q4 rate projected at 12%-14% due to excess tax benefit from stock-based compensation.

• Continued growth in client cash and deposits expected, with ongoing advisor recruiting and strong pipelines in both wealth and institutional businesses.