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Stifel Financial
Stifel Financial (SF) investor relations material
Stifel Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved record net revenue of $5.53 billion in 2025, up 11% year-over-year, with record results in Global Wealth Management and Asset Management, and strong Institutional segment performance.
Fourth quarter net revenue reached $1.56 billion, with record EPS and client assets under management.
Board authorized an 11% dividend increase and a 3-for-2 stock split, effective February 2026, reflecting confidence in earnings durability.
Announced the sale of Stifel Independent Advisors and closure of European equities business, removing $100 million in annual revenue but improving margins.
Ranked #1 in Employee Advisor Satisfaction by JD Power for the third consecutive year.
Financial highlights
2025 GAAP net earnings were $646 million ($5.87 per share), non-GAAP $744 million ($6.76 per share); Q4 GAAP net earnings $255 million, non-GAAP $290 million.
Record quarterly EPS of $2.63, pretax margin over 22%, and return on tangible equity above 31%.
2025 pre-tax margin: GAAP 15.8%, non-GAAP 17.9%; ROCE: GAAP 12.9%, non-GAAP 14.8%.
10-year net revenue growth of 137%, EPS growth of 525%.
Share price appreciated 7,537% since 1997, outperforming S&P 500 and Microsoft.
Outlook and guidance
2026 net revenue expected between $6.0–$6.35 billion, with guidance including $100 million revenue reduction from divestitures.
EPS projected to rise 22% to $9.70; compensation and non-compensation expense ratios expected to decline slightly.
Net interest income forecasted at $1.1–$1.2 billion, assuming $4 billion in balance sheet growth.
Compensation ratio guided to 56.5–57.5%, non-compensation operating ratio to 18–20%.
Long-term goal to reach $10 billion in revenue and $1 trillion in client assets.
Future legal provision impact on EPS
GWM pre-tax income decline drivers
Rationale for stock split and dividend hike
What M&A criteria guide capital deployment?
Capitalize on slowing independent advisor trend.
Sustain ECM share gains and higher participation.
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Next Stifel Financial earnings date
Q1 202622 Apr, 2026
Stifel Financial
Next Stifel Financial earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Stifel Financial Corp. is a financial services company providing investment banking, wealth management, and institutional services. The company offers solutions such as equity and fixed-income research, trading, underwriting, and advisory services. Stifel serves individual investors, corporations, and institutional clients, focusing on tailored financial strategies and capital market expertise. The company is headquartered in St. Louis, Missouri, and its shares are listed on the NYSE.
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