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 investment banking, asset management, and transactional revenues, including a gain from the sale of Stifel Independent Advisors.

• Net income available to common shareholders surged 454% to $242.1 million ($1.48 per diluted share), compared to $43.7 million in the prior year, which was impacted by legal accruals.

• Both Global Wealth Management and Institutional Group segments posted record or double-digit revenue growth, with significant increases in investment banking and advisory revenues.

• Client assets reached $538.7 billion, up 11% year-over-year, with fee-based assets at $220 billion.

• Completed the sale of Stifel Independent Advisors and a three-for-two stock split in February 2026.

Financial highlights

• Net revenues reached $1.48 billion, up 17.7% year-over-year; non-GAAP revenues were $1.44 billion, with investment banking revenue up 44%.

• Asset management revenue increased 12% year-over-year, driven by market appreciation and net new asset growth.

• Net interest income was $263.6 million, with interest expense down 12.2% due to lower rates.

• Firm-wide pre-tax margin exceeded 22%, with institutional pre-tax margin near 20%.

• Annualized ROTCE was 24.8%–25.3%; tangible book value per share increased to $24.89.

Outlook and guidance

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

• Maintaining full-year guidance of up to $4 billion in asset growth and strong liquidity and capital positions.

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

• No material changes to risk factors or critical accounting policies were reported.

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