Stifel Financial (SF) Q4 2025 earnings summary

Executive summary

• Achieved record annual net revenue of $5.53 billion in 2025, up 11% year-over-year, with record results in Global Wealth Management and Asset Management, and surpassed $5 billion for the first time.

• Fourth quarter net revenue reached $1.56 billion, up 14% year-over-year, with record quarterly client assets and EPS.

• 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 $646.5 million ($5.87 per share), non-GAAP $744.3 million ($6.76 per share); Q4 GAAP net earnings were $255 million, non-GAAP $290 million ($2.63 per share).

• Full-year pre-tax margin: GAAP 15.8%, non-GAAP 17.9%; Q4 pre-tax margin over 22%.

• Return on tangible common equity for 2025 was approximately 25%; Q4 annualized ROTCE was 31.1%.

• Tangible book value per share increased 7% year-over-year to $37.50.

• 10-year net revenue growth of 137%, EPS growth of 525%.

Outlook and guidance

• 2026 net revenue guidance: $6.0–$6.35 billion, with EPS projected to rise 22% to $9.70, excluding $100 million from divested businesses.

• Net interest income forecasted at $1.1–$1.2 billion, supported by $4 billion in balance sheet growth.

• Compensation and non-compensation expense ratios expected to decline slightly in 2026; compensation ratio guided to 56.5–57.5%, non-compensation to 18–20%.

• Long-term ambition to reach $10 billion in revenue and $1 trillion in client assets.

• Management remains confident in navigating market and geopolitical risks, emphasizing platform strength and long-term strategy.