Stifel Financial (SF) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 net revenues of $1.45 billion, up 14.7% year-over-year, with net income available to common shareholders rising 49% to $217.2 million and diluted EPS up 50.6% to $1.34; non-GAAP EPS was $1.42.

• First half 2026 net revenues reached $2.93 billion, up 15.3%, and net income surged 142.5% to $459.3 million ($2.83 per diluted share).

• Strong performance was driven by record Global Wealth Management and Institutional Group results, with higher investment banking, asset management, commissions, and net interest income.

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

• Record client assets reached $580.1 billion, up 12% year-over-year.

Financial highlights

• Q2 2026 net revenues: $1.45 billion (+14.7% YoY); net income: $217.2 million (+49% YoY); non-GAAP EPS: $1.42.

• First half net revenues: $2.93 billion (+15.3% YoY); net income: $459.3 million (+142.5% YoY); EPS: $2.83.

• Investment banking revenues up 42% YoY; asset management revenues up 13% YoY; fee-based client assets up 16%.

• Compensation ratio improved to 57.0% (non-GAAP), down from 58.0% a year ago.

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

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.

• Management remains focused on revenue growth, client relationship development, and recruiting experienced financial advisors.

• 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.