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 surpassing $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, reflecting confidence in earnings durability.

• Global Wealth Management and institutional segments drove results, with record advisor recruiting and strong client engagement.

• 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 net earnings were $744.3 million ($6.76 per share).

• Q4 2025 GAAP net earnings were $255 million ($2.31 per share); non-GAAP $290 million ($2.63 per share).

• Pre-tax margin for 2025 was 17.9% (non-GAAP); Q4 pre-tax margin was 22.3%.

• Return on tangible common equity was 21% for the year and 31.1% in Q4.

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

Outlook and guidance

• 2026 net revenue guidance: $6.0–$6.35 billion, excluding $100 million from divested businesses.

• EPS projected to rise 22% to $9.70; compensation and non-compensation expense ratios expected to decline slightly.

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

• 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 strategy.