Stifel Financial (SF) Q4 FY2023 earnings: revenue $1.1 billion, up 2.2% on the year

Stifel Financial Corp. (SF) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 2.2% on the same quarter a year earlier. Net income was $162 million, down 8.0% on the year, and diluted earnings per share $0.97. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$1.1 billionup 2.2%

Net income$162 milliondown 8.0%

Diluted EPS$0.97

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,146	1,045	n/a	n/a
Interest expense	244	221	n/a	n/a
Pre-tax income	206	109	n/a	n/a
Income tax	43.5	41.3	n/a	n/a
Effective tax rate	21.1%	37.7%	n/a
Net income	162	68.2	n/a	n/a
Net margin	14.2%	6.5%	n/a
Diluted EPS	$0.97	$0.35	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	275	230	n/a	n/a
Capital expenditure	12.9	12.3	n/a	n/a
Free cash flow	262	218	n/a	n/a
Free cash flow margin	22.9%	20.9%	n/a
Cash from investing	866	145	n/a	n/a
Cash from financing	-424	500	n/a	n/a
Depreciation and amortisation	17.4	14.2	n/a	n/a
Share-based compensation	34.0	30.4	n/a	n/a
Buybacks	144	119	n/a	n/a
Dividend per share	n/a	$0.24	n/a	n/a
Diluted shares, weighted	167m	170m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	5,294	5,243	n/a	n/a
Deposits	27,335	27,594	n/a	n/a
Debt	1,116	1,115	n/a	n/a
Other liabilities	3,983	3,925	n/a	n/a
Total liabilities and equity	37,727	37,878	n/a	n/a
Fixed assets	192	196	n/a	n/a
Goodwill	1,388	1,399	n/a	n/a
Intangible assets	133	127	n/a	n/a
Securities held for sale or to maturity	7,440	7,413	n/a	n/a
Securities borrowed	215	180	n/a	n/a
Trading assets	919	1,057	n/a	n/a
Cash and equivalents	3,362	2,768	n/a	n/a
Other assets	24,078	24,737	n/a	n/a
Total assets	37,727	37,878	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,045	1,146	1,163	1,218	1,225	1,365	1,255	1,284	1,429	1,561	1,478	1,451
Interest expense	221	244	255	247	251	228	214	207	205	192	187	188
Pre-tax income	109	206	219	227	217	266	63.4	214	286	308	326	299
Tax rate	38%	21%	25%	27%	27%	8%	16%	27%	26%	14%	23%	24%
Net income	68.2	162	164	165	159	244	53.0	155	211	264	251	226
Net margin	7%	14%	14%	14%	13%	18%	4%	12%	15%	17%	17%	16%
Diluted EPS	$0.35	$0.97	$0.93	$0.94	$0.89	$1.45	$0.26	$0.89	$1.23	$1.59	$1.48	$1.34
Operating cash flow	230	275	-610	207	198	695	-211	607	338	382	-343	76.1
Capital expenditure	12.3	12.9	9.6	34.0	12.8	17.4	16.6	14.8	17.2	13.5	47.8	14.8
Free cash flow	218	262	-619	173	186	677	-228	593	321	369	-390	61.3
Buybacks	119	144	60.7	17.6	20.2	45.6	93.2	83.0	31.2	37.5	96.4	172
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000950170-24-016475: the filing on EDGAR. All of Stifel Financial Corp.'s filings: EDGAR company page.

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