Ronald J. Kruszewski, Chairman and Chief Executive Officer, said "Our third-quarter results once again highlight the strength of Stifel's balanced business model and disciplined execution. We delivered record net revenue of more than $1.4 billion and $1.95 in earnings per share, the third highest in our history, driven by record results in Global Wealth Management and a 34% increase in Institutional revenue. As we enter year-end, I'm optimistic about the opportunities ahead. With record investment banking pipelines, record client assets, and an integrated wealth and banking platform that continues to gain momentum, Stifel is well positioned to build on its success."
Highlights
The Company reported record net revenues of $1.43 billion, driven by higher investment banking revenues, transactional revenues, asset management revenues, and net interest income.
Non-GAAP net income available to common shareholders of $1.95 per diluted common share.
Investment banking revenues increased 33% over the year-ago quarter.
Capital raising revenues increased 36% over the year-ago quarter.
Advisory revenues increased 31% over the year-ago quarter.
Transactional revenues increased 20% over the year-ago quarter.
Record asset management revenues increased 13% over the year-ago quarter.
Record client assets of $544.0 billion, up 10% over the year-ago quarter.
Recruited 33 financial advisors during the quarter, including 16 experienced employee advisors and 1 experienced independent advisor.
Non-GAAP pre-tax margin of 21.2%.
Annualized return on tangible common equity (ROTCE) (5) of 24.3%.
Tangible book value per common share (7) of $34.99, up 4% from prior year.
Financial Summary (Unaudited)
(000s)
3Q 2025
3Q 2024
9m 2025
9m 2024
GAAP Financial Highlights:
Net revenues
$
1,429,396
$
1,224,668
$
3,969,151
$
3,605,638
Net income (1)
$
202,051
$
149,185
$
391,457
$
459,413
Diluted EPS (1)
$
1.84
$
1.34
$
3.56
$
4.16
Comp. ratio
58.8
%
58.6
%
59.1
%
58.8
%
Non-comp. ratio
21.2
%
23.7
%
26.7
%
22.8
%
Pre-tax margin
20.0
%
17.7
%
14.2
%
18.4
%
Non-GAAP Financial Highlights:
Net revenues
$
1,429,398
$
1,225,351
$
3,969,231
$
3,606,330
Net income (1) (2)
$
214,419
$
166,270
$
454,281
$
506,186
Diluted EPS (1) (2)
$
1.95
$
1.50
$
4.13
$
4.58
Comp. ratio (2)
58.0
%
58.0
%
58.0
%
58.0
%
Non-comp. ratio (2)
20.8
%
22.8
%
25.9
%
22.1
%
Pre-tax margin (3)
21.2
%
19.2
%
16.1
%
19.9
%
ROCE (4)
17.0
%
13.7
%
12.2
%
14.4
%
ROTCE (5)
24.3
%
19.5
%
17.3
%
20.7
%
Global Wealth Management (assets and loans in millions)
Net revenues
$
907,440
$
827,116
$
2,603,630
$
2,418,751
Pre-tax net income
$
342,650
$
301,703
$
775,111
$
891,624
Total client assets
$
544,010
$
496,298
Fee-based client assets
$
219,178
$
190,771
Bank loans (6)
$
21,635
$
20,633
Institutional Group
Net revenues
$
500,435
$
372,401
$
1,305,143
$
1,114,498
Equity
$
296,677
$
222,459
$
753,037
$
646,570
Fixed Income
$
203,758
$
149,942
$
552,106
$
467,928
Pre-tax net income
$
89,291
$
41,797
$
177,762
$
127,719
Global Wealth Management
Global Wealth Management reported record net revenues of $907.4 million for the three months ended September 30, 2025 compared with $827.1 million during the third quarter of 2024. Pre-tax net income was $342.7 million compared with $301.7 million in the third quarter of 2024.
Highlights
Recruited 33 financial advisors during the quarter, including 16 experienced employee advisors, and 1 experienced independent advisor, with total trailing 12 month production of $18.9 million.
Record client assets of $544.0 billion, up 10% over the year-ago quarter.
Fee-based client assets of $219.2 billion, up 15% over the year-ago quarter.
Net revenues increased 10% from a year ago:
Transactional revenues increased 5% over the year-ago quarter reflecting an increase in client activity.
Asset management revenues increased 13% over the year-ago quarter reflecting higher asset values and net new asset growth.
Net interest income increased 7% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.
Total Expenses:
Compensation expense as a percentage of net revenues remained consistent with a year ago.
Provision for credit losses was primarily impacted by overall loan growth in the retained portfolio and specific reserves on individual credits.
Non-compensation operating expenses as a percentage of net revenues decreased to 13.5% primarily as a result of revenue growth and lower litigation-related expenses over the year-ago quarter, partially offset by an increase in the provision for credit losses.
Summary Results of Operations
(000s)
3Q 2025
3Q 2024
Net revenues
$
907,440
$
827,116
Transactional revenues
203,078
192,727
Asset management
431,363
382,309
Net interest income
257,327
240,825
Investment banking
6,529
6,217
Other income
9,143
5,038
Total expenses
$
564,790
$
525,413
Compensation expense
441,626
403,205
Provision for credit losses
8,316
5,287
Non-comp. operating expenses
114,848
116,921
Pre-tax net income
$
342,650
$
301,703
Compensation ratio
48.7
%
48.7
%
Non-compensation ratio
13.5
%
14.8
%
Pre-tax margin
37.8
%
36.5
%
Institutional Group
Institutional Group reported net revenues of $500.4 million for the three months ended September 30, 2025 compared with $372.4 million during the third quarter of 2024. Pre-tax net income was $89.3 million compared with $41.8 million in the third quarter of 2024.
Highlights
Investment banking revenues increased 34% from a year ago:
Advisory revenues increased 31% from the year-ago quarter driven by higher levels of completed advisory transactions.
Equity capital raising revenues increased 55% from the year-ago quarter driven by higher volumes as clients actively engaged in capital raising opportunities in a more constructive market environment.
Fixed income capital raising revenues increased 19% over the year-ago quarter primarily driven by higher bond issuances reflecting a more favorable financing environment.
Fixed income transactional revenues increased 55% from a year ago:
Fixed income transactional revenues increased from the year-ago quarter driven by higher realized trading gains and increased client activity.
Equity transactional revenues increased 19% from a year ago:
Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity.
Total Expenses:
Compensation expense as a percentage of net revenues decreased to 59.4% primarily as a result of higher revenues.
Non-compensation operating expenses as a percentage of net revenues decreased to 22.8% primarily as a result of revenue growth, partially offset by higher investment banking expenses, professional fees, and occupancy costs.
Summary Results of Operations
(000s)
3Q 2025
3Q 2024
Net revenues
$
500,435
$
372,401
Investment banking
316,954
236,965
Advisory
179,270
136,857
Equity capital raising
78,765
50,744
Fixed income capital raising
58,919
49,364
Fixed income transactional
