Stifel Financial (SF) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net revenue of $1.45 billion, up 14.7% year-over-year, with non-GAAP EPS of $1.42 and net income of $229 million, marking the second-highest Q2 in company history.

• First half 2026 delivered record net revenue of $2.9 billion, up 15%, and EPS of $2.87, up 28% year-over-year, with return on tangible common equity at 24%.

• Strong performance driven by record Global Wealth Management and Institutional Group results, robust investment banking, asset management, and significant loan book growth.

• Advisor satisfaction ranked number one by J.D. Power for the fourth consecutive year, reflecting a strong advisor-centric culture.

Financial highlights

• Q2 net revenue: $1.45 billion (+14.7% YoY); non-GAAP EPS: $1.42 (+25% YoY); net income: $229 million (non-GAAP), $217 million (GAAP).

• First half net revenue: $2.9 billion (+15% YoY); EPS: $2.87 (+28% YoY).

• Return on tangible common equity: 24% for both Q2 and first half; annualized ROTCE 23.6%.

• Tangible book value per share increased 15% YoY to $25.52.

• Global Wealth Management net revenue: $957 million (+13% YoY); Institutional Group revenue: $481 million (+15% YoY).

Outlook and guidance

• On track to achieve full-year loan book growth guidance of up to $4 billion, with $2.6 billion added in Q2.

• Q3 net interest income expected between $290 million and $300 million.

• Anticipates additional comp flexibility and strong NII in the second half, assuming stable market conditions.

• Investment banking and advisory pipelines remain robust, with upside potential from sponsor and bank M&A activity.

• Ongoing focus on efficiency, advisor support, and leveraging AI for operational improvements.