Stifel Financial Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 22 July 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Record second-quarter net revenues: Net revenues were $1.45 billion, against $1.28 billion a year earlier. The company called it its best second quarter, with growth from investment banking, asset management, commissions and net interest income. Source
• Diluted EPS rose to $1.34: GAAP diluted EPS was $1.34, against $0.89. Non-GAAP diluted EPS was $1.42, against $1.14, on non-GAAP net income of $229.3 million. Source
• Equity capital raising up 121%: Equity capital raising revenues were $102.3 million. Advisory revenues were $157.4 million, up 24%, on more completed advisory transactions. Source
• Record client assets of $580.1 billion: Client assets reached $580.1 billion, up 12% from a year earlier. Source
• Pre-tax margin rose to 20.6%: GAAP pre-tax margin was 20.6%, against 16.6%. Non-GAAP pre-tax margin was 21.7%, against 20.3%, and ROTCE was 23.6%. Source
• Repurchased $177.0 million of stock: The company bought 2.4 million shares for $177.0 million, at an average $73.20, against 1.5 million shares at $57.38 a year earlier. Period-end shares were 151.6 million. Source

“Stifel delivered an outstanding second quarter and a record first half, reflecting the strength, balance, and momentum of our franchise.”

Ronald J. Kruszewski, Chairman and Chief Executive Officer

Results and growth drivers

• Record second-quarter net revenues: Net revenues were $1.45 billion, against $1.28 billion a year earlier. The company called it its best second quarter, with growth from investment banking, asset management, commissions and net interest income. Source
• Diluted EPS rose to $1.34: GAAP diluted EPS was $1.34, against $0.89. Non-GAAP diluted EPS was $1.42, against $1.14, on non-GAAP net income of $229.3 million. Source
• Investment banking and capital raising up: Investment banking revenues were $332.0 million, up 42%. Capital raising revenues rose 64% over the year-ago quarter. Source

Global Wealth Management segment

• Wealth net revenues up 13%: Global Wealth Management net revenues were $956.5 million, up 13%. Pre-tax net income was $361.8 million, against $306.1 million a year earlier. Source
• Asset management revenue rose 13%: Asset management revenues were $456.6 million, up 13%, from higher asset values and net new asset growth. Source
• Net interest income up 8%: Net interest income was $274.6 million, up 8%, from balance sheet growth, partly offset by lower interest rates. Source
• Wealth compensation ratio fell to 48.2%: Compensation was 48.2% of net revenues, against 49.7% a year earlier. Non-compensation expense was 14.0% of net revenues, against 14.1%. Source

“As we look ahead, Stifel remains well positioned to build on this momentum as our advice-driven business helps clients navigate an increasingly complex world.”

Ronald J. Kruszewski, Chairman and Chief Executive Officer

Institutional Group segment

• Institutional net revenues $480.7 million: Institutional Group net revenues were $480.7 million, against $419.8 million in the second quarter of 2025. Source
• Equity capital raising up 121%: Equity capital raising revenues were $102.3 million. Advisory revenues were $157.4 million, up 24%, on more completed advisory transactions. Source
• Fixed income transactional revenue fell: Fixed income transactional revenues were $95.0 million, down 26%, which the company tied to lower realized trading gains. The year-ago quarter included an aircraft gain. Source
• Equity transactional revenue down 4%: Equity transactional revenues were $59.1 million, down 4%, which the company linked to the European Equities restructuring. Source
• Institutional pre-tax margin rose to 19.2%: Institutional pre-tax net income was $92.2 million, against $61.0 million, a 19.2% pre-tax margin. Compensation was 59.4% of net revenues. Source

Client assets and advisor recruiting

• Record client assets of $580.1 billion: Client assets reached $580.1 billion, up 12% from a year earlier. Source
• Recruited production fell to $30 million: Recruited trailing twelve-month production was approximately $30 million. The first-quarter release gave approximately $80 million for the same measure. Source

Costs, margins and returns

• Pre-tax margin rose to 20.6%: GAAP pre-tax margin was 20.6%, against 16.6%. Non-GAAP pre-tax margin was 21.7%, against 20.3%, and ROTCE was 23.6%. Source
• Compensation ratio fell to 57.4%: Consolidated compensation was 57.4% of net revenues, against 60.3%. Non-compensation expense was 22.0%, against 23.1%. Source
• Non-GAAP adjustments of $12.1 million: Non-GAAP net income excluded $12.1 million of net adjustments, mainly merger-related charges of $13.1 million. The adjustments also included a $2.5 million gain on sale of business. Source
• Effective tax rate fell to 24.4%: The effective tax rate was 24.4%, against 27.5% a year earlier. Source

Capital, buybacks and dividends

• Repurchased $177.0 million of stock: The company bought 2.4 million shares for $177.0 million, at an average $73.20, against 1.5 million shares at $57.38 a year earlier. Period-end shares were 151.6 million. Source
• Dividend held at $0.34 per share: The board declared a $0.34 quarterly dividend, up from $0.31 a year earlier and unchanged from the first quarter. Source
• Tier 1 common ratio 14.7%: Tier 1 common capital ratio was 14.7%, down from 15.8% in the April release and up from 14.5% a year earlier. Source
• Total assets up $5.0 billion: Quarter-end total assets were $44.9 billion, against $39.9 billion a year earlier. Source

Strategy and leadership

• Strategy steps named for first half: The CEO listed revenue growth, operating leverage, balance sheet expansion and capital deployment as the first-half steps. Source
• Advisor satisfaction ranked No. 1: J.D. Power ranked Stifel No. 1 in Employee Advisor Satisfaction for the fourth consecutive year, which the CEO tied to its advisor-first culture. Source
• Sale of Stifel Independent Advisors: The Stifel Independent Advisors business was sold on February 2, 2026, and the year-ago client asset figures include $9.7 billion of its client assets. Source

Figures management reported

Risks management discussed

• Financial: Provision for credit losses rose to $12.5 million from $8.3 million, driven by loan growth in the retained portfolio and specific reserves on individual credits. Source
• External: Lower interest rates partly offset the net interest income growth in Global Wealth Management. Source
• Operational: The restructuring of the European Equities business reduced equity transactional revenue by $9 million year over year. Source

Earlier plans management reported on

• Met: The CEO said the company executed on its strategy in the first half of 2026 across four named steps. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.