Stifel Financial (SF) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter net revenues of $1.48 billion, up 17.7% year-over-year, with strong performance in Global Wealth Management and Institutional Group, and significant increases in investment banking and advisory revenues.

• GAAP EPS was $1.48 and non-GAAP EPS was $1.45, a substantial increase from the prior year, which was impacted by a $180 million legal accrual.

• Annualized return on tangible common equity approached 25%, reflecting strong profitability.

• Completed the sale of Stifel Independent Advisors, contributing a non-recurring gain and impacting client asset metrics.

• Repurchased 2.8 million shares in the quarter; 10.2 million shares remain under authorization.

Financial highlights

• Net revenues reached $1.48 billion, up 17.7% year-over-year; core revenue up 15% excluding SIA gain.

• Investment banking revenues grew 44% year-over-year; advisory revenues up 59%; asset management revenue up 12%.

• Non-GAAP revenues of $1.44 billion matched consensus; investment banking exceeded expectations by $8 million.

• Net interest income was at the lower end of guidance, $3 million below consensus, mainly due to lower corporate/non-bank NII.

• Firm-wide pre-tax margin exceeded 22%, with institutional pre-tax margin near 20%, up nearly 1,300 basis points year-over-year.

Outlook and guidance

• Management expects strong performance for the remainder of 2026, with robust client engagement and strong investment banking pipelines, assuming market risks remain within expectations.

• Maintaining full-year guidance of up to $4 billion in asset growth.

• Second quarter net interest income expected in the $280 million-$290 million range.

• Institutional and investment banking pipelines remain robust, though realization pace depends on geopolitical and economic factors.

• Forward-looking statements highlight risks and uncertainties, including market conditions and regulatory changes.