Equibles

8-K

Stifel Financial Corp (SF)

8-K 2025-10-22 For: 2025-10-22
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2025

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware 001-09305 43-1273600
(State of<br> <br>incorporation) (Commission<br> <br>File Number) (IRS Employer<br> <br>Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading<br>Symbol(s) Name of Each Exchange<br> <br>on Which Registered
Common Stock, $0.15 par value per share SF New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B SF-PB New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C SF-PC New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D SF-PD New York Stock Exchange
5.20% Senior Notes due 2047 SFB New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 22, 2025, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended September 30, 2025. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended September 30, 2025, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, October 22, 2025, at 9:30 a.m. Eastern time, the Company will hold a conference call to discuss its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br>Number Description
99.1 Press release dated October 22, 2025.
99.2 Financial Supplement for the quarter ended September 30, 2025.
99.3 Financial Results Presentation dated October 22, 2025.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

STIFEL FINANCIAL CORP.<br> <br>(Registrant)
Date: October 22, 2025 By: /s/ James M. Marischen
Name: James M. Marischen
Title: Chief Financial Officer

3

EX-99.1

Exhibit 99.1

LOGO

Stifel Reports Third Quarter 2025 Results

ST. LOUIS, MO, October 22, 2025 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.4 billion for the three months ended September 30, 2025, compared with $1.2 billion a year ago. Net income available to common shareholders was $202.1 million, or $1.84 per diluted common share, compared with $149.2 million, or $1.34 per diluted common share for the third quarter of 2024. Non-GAAP net income available to common shareholders was $214.4 million, or $1.95 per diluted common share for the third quarter of 2025.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our third-quarter results once again highlight the strength ofStifel’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 a34% 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 gainmomentum, 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,<br>transactional revenues, asset management revenues, and net interest income.
Non-GAAP net income available to common shareholders of $1.95 per diluted common<br>share.
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Investment banking revenues increased 33% over the year-ago quarter.<br>
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Capital raising revenues increased 36% over the year-ago quarter.<br>
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Advisory revenues increased 31% over the year-ago quarter.<br>
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Transactional revenues increased 20% over the year-ago quarter.<br>
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Record asset management revenues increased 13% over the year-ago quarter.<br>
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Record client assets of $544.0 billion, up 10% over the year-ago quarter.<br>
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Recruited 33 financial advisors during the quarter, including 16 experienced employee advisors and 1 experienced<br>independent advisor.
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Non-GAAP pre-tax margin of 21.2%.<br>
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Annualized return on tangible common equity (ROTCE)^(5)^ of<br>24.3%.
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Tangible book value per common share ^(7)^ of $34.99, up 4% from<br>prior year.
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Financial Summary (Unaudited)
--- --- --- --- --- ---
(000s) 3Q 2025
GAAPFinancial 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%
GlobalWealth 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

All values are in US Dollars.

Media Contact: Neil Shapiro **** (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271-3610 | www.stifel.com/investor-relations

LOGO

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<br>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.<br>
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Fee-based client assets of $219.2 billion, up 15% over the year-ago quarter.
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Net revenues increased 10% from a year ago:

Transactional revenues increased 5% over the year-ago quarter reflecting an<br>increase in client activity.
Asset management revenues increased 13% over the year-ago quarter reflecting<br>higher asset values and net new asset growth.
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Net interest income increased 7% over the year-ago quarter driven by balance<br>sheet growth, partially offset by lower interest rates and changes in the deposit mix.
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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<br>reserves on individual credits.
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Non-compensation operating expenses as a percentage of net revenues decreased to<br>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.
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Summary Results of Operations
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(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%

Stifel Financial Corp.  |  Page 2

LOGO

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<br>levels of completed advisory transactions.
Equity capital raising revenues increased 55% from the year-ago quarter driven<br>by higher volumes as clients actively engaged in capital raising opportunities in a more constructive market environment.
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Fixed income capital raising revenues increased 19% over the year-ago quarter<br>primarily driven by higher bond issuances reflecting a more favorable financing environment.
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Fixed income transactionalrevenues increased 55% from a year ago:

Fixed income transactional revenues increased from the year-ago quarter driven<br>by higher realized trading gains and increased client activity.

Equity transactional revenues increased 19% from a yearago:

Equity transactional revenues increased from the year-ago quarter primarily<br>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.<br>
Non-compensation operating expenses as a percentage of net revenues decreased to<br>22.8% primarily as a result of revenue growth, partially offset by higher investment banking expenses, professional fees, and occupancy costs.
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Summary Results of Operations
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(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 122,567 78,974
Equity transactional 58,306 48,824
Other 2,608 7,638
Total expenses $411,144 $330,604
Compensation expense 297,106 224,556
Non-comp. operating expenses 114,038 106,048
Pre-tax net income $89,291 $41,797
Compensation ratio 59.4% 60.3%
Non-compensation ratio 22.8% 28.5%
Pre-tax margin 17.8% 11.2%

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

The Company repurchased $31.2 million of its outstanding common stock during the third quarter.<br>
Weighted average diluted shares outstanding decreased primarily as a result of share repurchases, partially offset by<br>the increase in the Company’s share price.
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The Board of Directors declared a $0.46 quarterly dividend per share payable on September 16, 2025 to common<br>shareholders of record on September 2, 2025.
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The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock<br>payable on September 16, 2025 to shareholders of record on September 2, 2025.<br>
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3Q 2025
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Commonstock repurchases
Repurchases (000s) 31,238 $20,222
Number of shares (000s) 275 249
Average price 113.63 $81.23
Period end shares (000s) 101,948 102,313
Weighted average diluted shares outstanding<br>(000s) 110,058 110,994
Effective tax rate **** 26.1% 26.8%
StifelFinancial Corp. ^(8)^
Tier 1 common capital ratio 14.8% 15.0%
Tier 1 risk based capital ratio 17.6% 17.9%
Tier 1 leverage capital ratio 11.1% 11.3%
Tier 1 capital (MM) 4,267 $4,159
Risk weighted assets (MM) 24,235 $23,183
Average assets (MM) 38,332 $36,813
Quarter end assets (MM) 41,687 $38,935
Agency **** Rating Outlook
Fitch Ratings BBB+ Stable
S&P Global<br>Ratings BBB Stable

All values are in US Dollars.

Stifel Financial Corp.  |  Page 4

Conference Call Information

Stifel Financial Corp. will host its third quarter 2025 financial results conference call onWednesday, October22, 2025, at 9:30 a.m. Eastern Time*.* The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing **** (866) 409-1555 and referencing conference ID 2769458. **** A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Stifel Financial Corp.  |  Page 5

Summary Results of Operations (Unaudited)

Three Months Ended Nine Months Ended
(000s, except per share amounts) **** 9/30/2025 9/30/2024 % Change 6/30/2025 % Change **** 9/30/2025 9/30/2024 % Change
Revenues:
Commissions **** $ 206,075 $ 183,445 12.3 $200,669 2.7 **** $ 600,414 $ 552,238 8.7
Principal transactions **** 177,876 137,089 29.8 172,603 3.1 **** 492,139 429,677 14.5
Investment banking **** 323,483 243,182 33.0 233,460 38.6 **** 794,885 690,412 15.1
Asset management **** 431,399 382,616 12.7 403,608 6.9 **** 1,244,548 1,130,849 10.1
Other income **** 14,228 18,705 (23.9) 3,690 285.6 **** 28,499 39,835 (28.5)
Operating revenues **** 1,153,061 965,037 19.5 1,014,030 13.7 **** 3,160,485 2,843,011 11.2
Interest revenue **** 481,504 510,823 (5.7) 477,056 0.9 **** 1,434,192 1,515,803 (5.4)
Total revenues **** 1,634,565 1,475,860 10.8 1,491,086 9.6 **** 4,594,677 4,358,814 5.4
Interest expense **** 205,169 251,192 (18.3) 206,800 (0.8) **** 625,526 753,176 (16.9)
Net revenues **** 1,429,396 1,224,668 16.7 1,284,286 11.3 **** 3,969,151 3,605,638 10.1
Non-interest expenses:
Compensation and benefits **** 839,820 718,065 17.0 774,936 8.4 **** 2,346,976 2,120,479 10.7
Non-compensation operating expenses **** 303,530 289,945 4.7 295,530 2.7 **** 1,058,945 822,916 28.7
Total non-interestexpenses **** 1,143,350 1,008,010 13.4 1,070,466 6.8 **** 3,405,921 2,943,395 15.7
Income before income taxes **** 286,046 216,658 32.0 213,820 33.8 **** 563,230 662,243 (15.0)
Provision for income taxes **** 74,675 58,153 28.4 58,765 27.1 **** 143,812 174,869 (17.8)
Net income **** 211,371 158,505 33.4 155,055 36.3 **** 419,418 487,374 (13.9)
Preferred dividends **** 9,320 9,320 0.0 9,321 (0.0) **** 27,961 27,961 0.0
Net income available to common shareholders **** $202,051 $149,185 35.4 $145,734 38.6 **** $391,457 $459,413 (14.8)
Earnings per common share:
Basic **** $1.96 $1.43 37.1 $1.41 39.0 **** $3.77 $4.41 (14.5)
Diluted **** $1.84 $1.34 37.3 $1.34 37.3 **** $3.56 $4.16 (14.4)
Cash dividends declared per common share **** $0.46 $0.42 9.5 $0.46 0.0 **** $1.38 $1.26 9.5
Weighted average number of common sharesoutstanding:
Basic **** 103,119 103,966 (0.8) 103,349 (0.2) **** 103,735 104,135 (0.4)
Diluted **** 110,058 110,994 (0.8) 108,847 1.1 **** 109,918 110,457 (0.5)

Stifel Financial Corp.  |  Page 6

Non-GAAP Financial Measures ^(9)^

Three Months Ended
(000s, except per share amounts) **** 9/30/2025 9/30/2024 9/30/2025 9/30/2024
GAAP net income **** $211,371 158,505 $419,418 $487,374
Preferred dividend **** 9,320 9,320 27,961 27,961
Net income available to common shareholders **** 202,051 149,185 391,457 459,413
Non-GAAP adjustments:
Merger-related ^(10)^ **** 12,678 17,950 45,715 43,925
Restructuring and severance ^(11)^ **** 4,065 1,261 31,106 11,222
Provision for income taxes ^(12)^ **** (4,375) (2,126) (13,997) (8,374)
Total non-GAAP adjustments **** 12,368 17,085 62,824 46,773
Non-GAAP net income available to commonshareholders **** $214,419 166,270 $454,281 $506,186
Weighted average diluted shares outstanding **** 110,058 110,994 109,918 110,457
GAAP earnings per diluted common share **** $1.92 1.42 $3.82 $4.42
Non-GAAP adjustments **** 0.11 0.16 0.57 0.42
Non-GAAP earnings per diluted common share **** $2.03 1.58 $4.39 $4.84
GAAP earnings per diluted common share available to common shareholders **** $1.84 1.34 $3.56 $4.16
Non-GAAP adjustments **** 0.11 0.16 0.57 0.42
Non-GAAP earnings per<br>diluted common share available to common shareholders **** $1.95 1.50 $4.13 $4.58

All values are in US Dollars.

Stifel Financial Corp.  |  Page 7

GAAP to Non-GAAP Reconciliation ^(9)^

Three Months Ended
(000s) **** 9/30/2025 9/30/2024 9/30/2025 9/30/2024
GAAP compensation and benefits $839,820 718,065 $2,346,976 $2,120,479
As a percentage of net revenues 58.8% 58.6% 59.1% 58.8%
Non-GAAP adjustments:
Merger-related ^(10)^ (6,704) (6,101) (13,706) (17,398)
Restructuring and severance<br>^(11)^ (4,065) (1,261) (31,106) (11,222)
Total non-GAAP adjustments (10,769) (7,362) (44,812) (28,620)
Non-GAAP compensation and<br>benefits $829,051 710,703 $2,302,164 $2,091,859
As a percentage of non-GAAP net revenues 58.0% 58.0% 58.0% 58.0%
GAAP non-compensation expenses $303,530 289,945 $1,058,945 $822,916
As a percentage of net revenues 21.2% 23.7% 26.7% 22.8%
Non-GAAP adjustments:
Merger-related ^(10)^ (5,972) (11,166) (31,929) (25,835)
Non-GAAP<br>non-compensation expenses $297,558 278,779 $1,027,016 $797,081
As a percentage of non-GAAP net revenues 20.8% 22.8% 25.9% 22.1%
Total adjustments **** $16,743 19,211 $76,821 $55,147

All values are in US Dollars.

Stifel Financial Corp.  |  Page 8

Footnotes

^(1)^ Represents available to common shareholders.
^(2)^ Reconciliations of the Company’s GAAP results to these non-GAAP<br>measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
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^(3)^ Non-GAAP pre-tax margin is calculated<br>by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and<br>“GAAP to Non-GAAP Reconciliation.”
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^(4)^ Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to<br>common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons<br>shareholders by average common shareholders’ equity.
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^(5)^ Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income<br>applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable<br>to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible<br>assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $87.2 million and $77.9 million as of September 30, 2025 and 2024, respectively.
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^(6)^ Includes loans held for sale.
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^(7)^ Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by<br>period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.<br>
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^(8)^ Capital ratios are estimates at the time of the Company’s earnings release, October 22, 2025.<br>
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^(9)^ The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the<br>United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise.<br>The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject<br>to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the<br>Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating<br>results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company<br>refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of<br>the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
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^(10)^ Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of<br>restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of<br>certain businesses and are not representative of the costs of running the Company’s on-going business.
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^(11)^ The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.<br>
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^(12)^ Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
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Stifel Financial Corp.  |  Page 9

EX-99.2

Exhibit 99.2

LOGO

Third Quarter 2025 Earnings Results
Quarterly Financial Supplement Page
Consolidated Financial Highlights 2
GAAP Consolidated Results of Operations 3
Non-GAAP Condensed Consolidated Results of<br>Operations 4
Consolidated Financial Summary 5
Consolidated Financial Information and Metrics 6
Regulatory Capital 7
Global Wealth Management - Summary Results of Operations 8
Global Wealth Management - Statistical Information 9
Institutional Group - Summary Results of Operations 11
Stifel Bancorp - Financial Information and Credit Metrics 12
Stifel Bancorp - Loan and Investment Portfolio 13
Loans and Lending Commitments - Allowance for Credit Losses 14
Consolidated Net Interest Income 15
Stifel Bancorp Net Interest Income 16
GAAP to Core Reconciliation 17
Footnotes 18
Disclaimer and Legal Notice 19
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 1 of 19
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Consolidated Financial Highlights
Three Months Ended Nine Months Ended
(Unaudited, 000s, except per shareinformation) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change 9/30/2025 9/30/2024 % Change
Net revenues $ 1,429,396 $ 1,224,668 16.7 % $ 1,284,286 11.3 % $ 3,969,151 $ 3,605,638 10.1 %
Net income $ 211,371 $ 158,505 33.4 % $ 155,055 36.3 % $ 419,418 $ 487,374 (13.9 %)
Preferred dividends **** 9,320 9,320 0.0 % 9,321 (0.0 %) **** 27,961 27,961 0.0 %
Net income available to common shareholders $ 202,051 $ 149,185 35.4 % $ 145,734 38.6 % $ 391,457 $ 459,413 (14.8 %)
Earnings per diluted common share $ 1.92 $ 1.42 35.2 % $ 1.42 35.2 % $ 3.82 $ 4.42 (13.6 %)
Earnings per diluted common share available to common shareholders $ 1.84 $ 1.34 37.3 % $ 1.34 37.3 % $ 3.56 $ 4.16 (14.4 %)
Non-GAAP financial summary (1):
Net revenues $ 1,429,398 $ 1,225,351 16.7 % $ 1,284,378 11.3 % $ 3,969,231 $ 3,606,330 10.1 %
Net income $ 223,739 $ 175,590 27.4 % $ 194,947 14.8 % $ 482,242 $ 534,147 (9.7 %)
Preferred dividends **** 9,320 9,320 0.0 % 9,321 (0.0 %) **** 27,961 27,961 0.0 %
Net income available to common shareholders $ 214,419 166,270 29.0 % 185,626 15.5 % **** 454,281 506,186 (10.3 %)
Earnings per diluted common share $ 2.03 $ 1.58 28.5 % $ 1.79 13.4 % $ 4.39 $ 4.84 (9.3 %)
Earnings per diluted common share available to common shareholders $ 1.95 $ 1.50 30.0 % $ 1.71 14.0 % $ 4.13 $ 4.58 (9.8 %)
Weighted average number of common shares outstanding:
Basic **** 103,119 103,966 (0.8 %) 103,349 (0.2 %) **** 103,735 104,135 (0.4 %)
Diluted **** 110,058 110,994 (0.8 %) 108,847 1.1 % **** 109,918 110,457 (0.5 %)
Period end common shares outstanding **** 101,948 102,313 (0.4 %) 102,190 (0.2 %) **** 101,948 102,313 (0.4 %)
Cash dividends declared per common share $ 0.46 $ 0.42 9.5 % $ 0.46 0.0 % $ 1.38 $ 1.26 9.5 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 2 of 19
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GAAP Consolidated Results of Operations
Three Months Ended Nine Months Ended
(Unaudited, 000s, except per shareinformation) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change 9/30/2025 9/30/2024 % Change
Revenues:
Commissions $ 206,075 $ 183,445 12.3 % $ 200,669 2.7 % $ 600,414 $ 552,238 8.7 %
Principal transactions **** 177,876 137,089 29.8 % 172,603 3.1 % **** 492,139 429,677 14.5 %
Transactional revenues **** 383,951 320,534 19.8 % 373,272 2.9 % **** 1,092,553 981,915 11.3 %
Capital raising **** 144,213 106,325 35.6 % 106,155 35.9 % **** 350,840 302,892 15.8 %
Advisory **** 179,270 136,857 31.0 % 127,305 40.8 % **** 444,045 387,520 14.6 %
Investment banking **** 323,483 243,182 33.0 % 233,460 38.6 % **** 794,885 690,412 15.1 %
Asset management **** 431,399 382,616 12.7 % 403,608 6.9 % **** 1,244,548 1,130,849 10.1 %
Other income **** 14,228 18,705 (23.9 %) 3,690 285.6 % **** 28,499 39,835 (28.5 %)
Operating revenues **** 1,153,061 965,037 19.5 % 1,014,030 13.7 % **** 3,160,485 2,843,011 11.2 %
Interest revenue **** 481,504 510,823 (5.7 %) 477,056 0.9 % **** 1,434,192 1,515,803 (5.4 %)
Total revenues **** 1,634,565 1,475,860 10.8 % 1,491,086 9.6 % **** 4,594,677 4,358,814 5.4 %
Interest expense **** 205,169 251,192 (18.3 %) 206,800 (0.8 %) **** 625,526 753,176 (16.9 %)
Net revenues **** 1,429,396 1,224,668 16.7 % 1,284,286 11.3 % **** 3,969,151 3,605,638 10.1 %
Non-interest expenses:
Compensation and benefits **** 839,820 718,065 17.0 % 774,936 8.4 % **** 2,346,976 2,120,479 10.7 %
Occupancy and equipment rental **** 95,601 89,625 6.7 % 95,678 (0.1 %) **** 282,045 268,189 5.2 %
Communication and office supplies **** 48,893 48,869 0.0 % 47,847 2.2 % **** 146,253 144,417 1.3 %
Commissions and floor brokerage **** 15,807 16,239 (2.7 %) 17,146 (7.8 %) **** 49,759 46,389 7.3 %
Provision for credit losses **** 8,316 5,287 57.3 % 8,328 (0.1 %) **** 28,664 13,509 112.2 %
Investment banking expenses **** 17,088 12,997 31.5 % 8,989 90.1 % **** 34,624 29,979 15.5 %
Other operating expenses **** 117,825 116,928 0.8 % 117,542 0.2 % **** 517,600 320,433 61.5 %
Total non-interest expenses **** 1,143,350 1,008,010 13.4 % 1,070,466 6.8 % **** 3,405,921 2,943,395 15.7 %
Income before income taxes **** 286,046 216,658 32.0 % 213,820 33.8 % **** 563,230 662,243 (15.0 %)
Provision for income taxes **** 74,675 58,153 28.4 % 58,765 27.1 % **** 143,812 174,869 (17.8 %)
Net income **** 211,371 158,505 33.4 % 155,055 36.3 % **** 419,418 487,374 (13.9 %)
Preferred dividends **** 9,320 9,320 0.0 % 9,321 (0.0 %) **** 27,961 27,961 0.0 %
Net income available to common shareholders $ 202,051 $ 149,185 35.4 % $ 145,734 38.6 % $ 391,457 $ 459,413 (14.8 %)
Earnings per common share:
Basic $ 1.96 $ 1.43 37.1 % $ 1.41 39.0 % $ 3.77 $ 4.41 (14.5 %)
Diluted $ 1.84 $ 1.34 37.3 % $ 1.34 37.3 % $ 3.56 $ 4.16 (14.4 %)
Weighted average number of common shares outstanding:
Basic **** 103,119 103,966 (0.8 %) 103,349 (0.2 %) **** 103,735 104,135 (0.4 %)
Diluted **** 110,058 110,994 (0.8 %) 108,847 1.1 % **** 109,918 110,457 (0.5 %)
Cash dividends declared per common share $ 0.46 $ 0.42 9.5 % $ 0.46 0.0 % $ 1.38 $ 1.26 9.5 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 3 of 19
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Non-GAAP Condensed Consolidated Results of Operations ^(1)^
Three Months Ended Nine Months Ended
(Unaudited, 000s, except per shareinformation) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change 9/30/2025 9/30/2024 % Change
Non-GAAP net revenues $ 1,429,398 $ 1,225,351 16.7 % $ 1,284,378 11.3 % $ 3,969,231 $ 3,606,330 10.1 %
Non-GAAPnon-interest expenses:
Non-GAAP compensation and benefits **** 829,051 710,703 16.7 % 744,949 11.3 % **** 2,302,164 2,091,859 10.1 %
Non-GAAP<br>non-compensation operating expenses **** 297,558 278,779 6.7 % 278,192 7.0 % **** 1,027,016 797,081 28.8 %
Total non-GAAP<br>non-interest expenses **** 1,126,609 989,482 13.9 % 1,023,141 10.1 % **** 3,329,180 2,888,940 15.2 %
Non-GAAP income before income taxes **** 302,789 235,869 28.4 % 261,237 15.9 % **** 640,051 717,390 (10.8 %)
Non-GAAP provision for income taxes **** 79,050 60,279 31.1 % 66,290 19.2 % **** 157,809 183,243 (13.9 %)
Non-GAAP net income **** 223,739 175,590 27.4 % 194,947 14.8 % **** 482,242 534,147 (9.7 %)
Preferred dividends **** 9,320 9,320 0.0 % 9,321 (0.0 %) **** 27,961 27,961 0.0 %
Non-GAAP net income available to commonshareholders $ 214,419 $ 166,270 29.0 % $ 185,626 15.5 % $ 454,281 $ 506,186 (10.3 %)
Non-GAAP earnings per common share:
Basic $ 2.08 $ 1.60 30.0 % $ 1.80 15.6 % $ 4.38 $ 4.86 (9.9 %)
Diluted $ 1.95 $ 1.50 30.0 % $ 1.71 14.0 % $ 4.13 $ 4.58 (9.8 %)
Weighted average number of common shares outstanding:
Basic **** 103,119 103,966 (0.8 %) 103,349 (0.2 %) **** 103,735 104,135 (0.4 %)
Diluted **** 110,058 110,994 (0.8 %) 108,847 1.1 % **** 109,918 110,457 (0.5 %)
Cash dividends declared per common share $ 0.46 $ 0.42 9.5 % $ 0.46 0.0 % $ 1.38 $ 1.26 9.5 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 4 of 19
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Consolidated Financial Summary
Three Months Ended Nine Months Ended
(Unaudited, 000s) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change 9/30/2025 9/30/2024 % Change
Net revenues:
Global Wealth Management $ 907,440 **** $ 827,116 9.7 % $ 845,631 7.3 % $ 2,603,630 **** $ 2,418,751 7.6 %
Institutional Group **** 500,435 **** 372,401 34.4 % 419,779 19.2 % **** 1,305,143 **** 1,114,498 17.1 %
Other **** 21,521 **** 25,151 (14.4 %) 18,876 14.0 % **** 60,378 **** 72,389 (16.6 %)
Total net revenues $ 1,429,396 **** $ 1,224,668 16.7 % $ 1,284,286 11.3 % $ 3,969,151 **** $ 3,605,638 10.1 %
Operating expenses:
Global Wealth Management $ 564,790 **** $ 525,413 7.5 % $ 539,575 4.7 % $ 1,828,519 **** $ 1,527,127 19.7 %
Institutional Group **** 411,144 **** 330,604 24.4 % 358,739 14.6 % **** 1,127,381 **** 986,779 14.2 %
Other **** 167,416 **** 151,993 10.1 % 172,152 (2.8 %) **** 450,021 **** 429,489 4.8 %
Total operating expenses $ 1,143,350 **** $ 1,008,010 13.4 % $ 1,070,466 6.8 % $ 3,405,921 **** $ 2,943,395 15.7 %
Operating contribution:
Global Wealth Management $ 342,650 **** $ 301,703 13.6 % $ 306,056 12.0 % $ 775,111 **** $ 891,624 (13.1 %)
Institutional Group **** 89,291 **** 41,797 113.6 % 61,040 46.3 % **** 177,762 **** 127,719 39.2 %
Other **** (145,895 ) (126,842 ) 15.0 % (153,276 ) (4.8 %) **** (389,643 ) (357,100 ) 9.1 %
Income before income taxes $ 286,046 **** $ 216,658 32.0 % $ 213,820 33.8 % $ 563,230 **** $ 662,243 (15.0 %)
Financial ratios:
Compensation and benefits **** 58.8 % 58.6 % 20 60.3 % (150 ) **** 59.1 % 58.8 % 30
Non-compensation operating expenses **** 21.2 % 23.7 % (250 ) 23.1 % (190 ) **** 26.7 % 22.8 % 390
Income before income taxes **** 20.0 % 17.7 % 230 16.6 % 340 **** 14.2 % 18.4 % (420 )
Effective tax rate **** 26.1 % 26.8 % (70 ) 27.5 % (140 ) **** 25.5 % 26.4 % (90 )
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Consolidated Financial Information and Metrics
As of and for the Three Months Ended
(Unaudited, 000s, except per share data) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change
Financial Information:
Total assets $ 41,687,360 **** $ 38,934,504 7.1 % $ 39,859,653 4.6 %
Total shareholders’ equity $ 5,756,135 **** $ 5,557,080 3.6 % $ 5,596,985 2.8 %
Total common equity $ 5,071,135 **** $ 4,872,080 4.1 % $ 4,911,985 3.2 %
Goodwill and intangible assets $ (1,592,723 ) $ (1,511,258 ) 5.4 % $ (1,594,342 ) (0.1 %)
DTL on goodwill and intangible assets $ 89,186 **** $ 79,071 12.8 % $ 85,241 4.6 %
Tangible common equity $ 3,567,598 **** $ 3,439,893 3.7 % $ 3,402,884 4.8 %
Preferred equity $ 685,000 **** $ 685,000 0.0 % $ 685,000 0.0 %
Financial Metrics:
Book value per common share (2) $ 49.74 **** $ 47.62 4.5 % $ 48.07 3.5 %
Tangible book value per common share (2) $ 34.99 **** $ 33.62 4.1 % $ 33.30 5.1 %
Return on common equity (3) **** 16.1 % 12.3 % 11.9 %
Non-GAAP return on common equity (1)(3) **** 17.0 % 13.7 % 15.2 %
Return on tangible common equity (4) **** 22.9 % 17.5 % 17.0 %
Non-GAAP return on tangible common equity<br>(1)(4) **** 24.3 % 19.5 % 21.7 %
Pre-tax margin on net revenues **** 20.0 % 17.7 % 16.6 %
Non-GAAP<br>pre-tax margin on net revenues (1) **** 21.2 % 19.2 % 20.3 %
Effective tax rate **** 26.1 % 26.8 % 27.5 %
Non-GAAP effective tax rate (1) **** 26.1 % 25.6 % 25.4 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 6 of 19
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Regulatory Capital ^(5)^
(Unaudited, 000s) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change
SF Regulatory Capital:
Common equity tier 1 capital $ 3,582,042 **** $ 3,474,276 3.1 % $ 3,431,336 4.4 %
Tier 1 capital $ 4,267,042 **** $ 4,159,276 2.6 % $ 4,116,336 3.7 %
Risk-weighted assets $ 24,235,136 **** $ 23,183,240 4.5 % $ 23,588,069 2.7 %
Common equity tier 1 capital ratio **** 14.8 % 15.0 % 14.5 %
Tier 1 risk based capital ratio **** 17.6 % 17.9 % 17.5 %
Tier 1 leverage capital ratio **** 11.1 % 11.3 % 10.8 %
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital $ 1,323,323 **** $ 1,306,476 1.3 % $ 1,337,013 (1.0 %)
Tier 1 capital $ 1,323,323 **** $ 1,306,476 1.3 % $ 1,337,013 (1.0 %)
Risk-weighted assets $ 11,934,243 **** $ 12,213,330 (2.3 %) $ 11,644,303 2.5 %
Common equity tier 1 capital ratio **** 11.1 % 10.7 % 11.5 %
Tier 1 risk based capital ratio **** 11.1 % 10.7 % 11.5 %
Tier 1 leverage capital ratio **** 7.1 % 7.1 % 7.0 %
Stifel Bank Regulatory Capital:
Common equity tier 1 capital $ 827,457 **** $ 758,397 9.1 % $ 810,648 2.1 %
Tier 1 capital $ 827,457 **** $ 758,397 9.1 % $ 810,648 2.1 %
Risk-weighted assets $ 6,761,299 **** $ 5,591,442 20.9 % $ 6,643,960 1.8 %
Common equity tier 1 capital ratio **** 12.2 % 13.6 % 12.2 %
Tier 1 risk based capital ratio **** 12.2 % 13.6 % 12.2 %
Tier 1 leverage capital ratio **** 7.1 % 7.1 % 7.1 %
Stifel Net Capital:
Net capital $ 515,800 **** $ 486,200 6.1 % $ 381,900 35.1 %
Excess net capital $ 485,100 **** $ 462,500 4.9 % $ 356,600 36.0 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 7 of 19
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Global Wealth Management - Summary Results of Operations
Three Months Ended Nine Months Ended
(Unaudited, 000s) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change 9/30/2025 9/30/2024 % Change
Revenues:
Commissions $ 141,864 **** $ 129,230 9.8 % $ 128,203 10.7 % $ 395,893 **** $ 371,912 6.4 %
Principal transactions **** 61,214 **** 63,497 (3.6 %) 54,463 12.4 % **** 176,246 **** 179,876 (2.0 %)
Transactional revenues **** 203,078 **** 192,727 5.4 % 182,666 11.2 % **** 572,139 **** 551,788 3.7 %
Asset management **** 431,363 **** 382,309 12.8 % 403,574 6.9 % **** 1,244,443 **** 1,130,496 10.1 %
Net interest **** 257,327 **** 240,825 6.9 % 254,148 1.3 % **** 757,009 **** 713,375 6.1 %
Investment banking (6) **** 6,529 **** 6,217 5.0 % 6,224 4.9 % **** 18,661 **** 16,277 14.6 %
Other income **** 9,143 **** 5,038 81.5 % (981 ) nm **** 11,378 **** 6,815 67.0 %
Net revenues **** 907,440 **** 827,116 9.7 % 845,631 7.3 % **** 2,603,630 **** 2,418,751 7.6 %
Non-interest expenses:
Compensation and benefits **** 441,626 **** 403,205 9.5 % 420,240 5.1 % **** 1,284,159 **** 1,185,682 8.3 %
Non-compensation operating expenses **** 123,164 **** 122,208 0.8 % 119,335 3.2 % **** 544,360 **** 341,445 59.4 %
Total non-interest expenses **** 564,790 **** 525,413 7.5 % 539,575 4.7 % **** 1,828,519 **** 1,527,127 19.7 %
Income before income taxes $ 342,650 **** $ 301,703 13.6 % $ 306,056 12.0 % $ 775,111 **** $ 891,624 (13.1 %)
As a percentage of net revenues:
Compensation and benefits **** 48.7 % 48.7 % — 49.7 % (100 ) **** 49.3 % 49.0 % 30
Non-compensation operating expenses **** 13.5 % 14.8 % (130 ) 14.1 % (60 ) **** 20.9 % 14.1 % 680
Income before income taxes **** 37.8 % 36.5 % 130 36.2 % 160 **** 29.8 % 36.9 % (710 )
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Global Wealth Management - Statistical Information
As of and for the Three Months Ended
(Unaudited, 000s) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change
Total client assets $ 544,010,000 **** $ 496,298,000 9.6 % $ 516,532,000 5.3 %
Fee-based client assets $ 219,178,000 **** $ 190,771,000 14.9 % $ 206,319,000 6.2 %
Transactional assets $ 324,832,000 **** $ 305,527,000 6.3 % $ 310,213,000 4.7 %
Secured client lending (7) $ 3,459,000 **** $ 2,934,000 17.9 % $ 3,367,000 2.7 %
Asset Management Revenue:
Private Client Group (8) $ 371,414 **** $ 322,758 15.1 % $ 344,899 7.7 %
Asset Management **** 40,762 **** 38,314 6.4 % 39,206 4.0 %
Third-party Bank Sweep Program **** 4,608 **** 8,417 (45.3 %) 5,721 (19.5 %)
Other (9) **** 14,615 **** 13,127 11.3 % 13,782 6.0 %
Total asset management revenues $ 431,399 **** $ 382,616 12.7 % $ 403,608 6.9 %
Fee-based Assets (millions):
Private Client Group (8) $ 191,688 **** $ 166,768 14.9 % $ 180,066 6.5 %
Asset Management **** 46,413 **** 42,049 10.4 % 44,822 3.5 %
Elimination (10) **** (18,923 ) (18,046 ) 4.9 % (18,569 ) 1.9 %
Total fee-based assets $ 219,178 **** $ 190,771 14.9 % $ 206,319 6.2 %
Third-party Bank Sweep Program $ 526 **** $ 698 (24.6 %) $ 568 (7.4 %)
ROA (bps) (11):
Private Client Group (8) **** 82.5 **** 82.2 83.1
Asset Management **** 35.1 **** 36.4 35.0
Third-party Bank Sweep Program **** 384.3 **** 450.1 389.3
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 9 of 19
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Global Wealth Management - Statistical Information (Cont.)
As of and for the Three Months Ended
(Unaudited, millions) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change
Stifel Bancorp Deposits:
Smart Rate Deposits $ 14,907 $ 16,315 (8.6 %) $ 15,015 (0.7 %)
Sweep Deposits **** 10,529 9,637 9.3 % 9,847 6.9 %
Direct Wealth Management Deposits at Stifel Bancorp **** 428 369 16.0 % 102 319.6 %
Total Stifel Bancorp Wealth Management Deposits **** 25,864 26,321 (1.7 %) 24,964 3.6 %
Other Bank Deposits **** 4,274 1,800 137.4 % 3,709 15.2 %
Total Stifel Bancorp Deposits $ 30,138 $ 28,121 7.2 % $ 28,673 5.1 %
Short-term Treasuries (12) $ 7,148 $ 7,321 (2.4 %) $ 6,418 11.4 %
Third-party Commercial Treasury Deposits (13) $ 3,513 $ 2,215 58.6 % $ 3,318 5.9 %
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits $ 25,864 $ 26,321 (1.7 %) $ 24,964 3.6 %
Third-party Bank Sweep Program (13) **** 526 698 (24.6 %) 568 (7.4 %)
Third-party Treasury (13) **** — 149 nm 217 nm
Other Sweep Cash **** 415 320 29.7 % 551 (24.7 %)
Money Market Mutual Funds **** 15,538 11,301 37.5 % 15,297 1.6 %
Total Wealth Management Cash $ 42,343 $ 38,789 9.2 % $ 41,597 1.8 %
Client money market and insured product (14) $ 26,377 $ 26,970 (2.2 %) $ 25,981 1.5 %
Third-party Deposits Available to Stifel Bancorp (13) $ 4,039 $ 3,062 31.9 % $ 4,103 (1.6 %)
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 10 of 19
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Institutional Group - Summary Results of Operations
Three Months Ended Nine Months Ended
(Unaudited, 000s) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change 9/30/2025 9/30/2024 % Change
Revenues:
Commissions $ 64,211 **** $ 54,215 18.4 % $ 72,466 (11.4 %) $ 204,521 **** $ 180,326 13.4 %
Principal transactions **** 116,662 **** 73,583 58.5 % 118,140 (1.3 %) **** 315,893 **** 249,801 26.5 %
Transactional revenues **** 180,873 **** 127,798 41.5 % 190,606 (5.1 %) **** 520,414 **** 430,127 21.0 %
Capital raising **** 137,684 **** 100,108 37.5 % 99,931 37.8 % **** 332,179 **** 286,615 15.9 %
Advisory **** 179,270 **** 136,857 31.0 % 127,305 40.8 % **** 444,045 **** 387,520 14.6 %
Investment banking **** 316,954 **** 236,965 33.8 % 227,236 39.5 % **** 776,224 **** 674,135 15.1 %
Other income (15) **** 2,608 **** 7,638 (65.9 %) 1,937 34.6 % **** 8,505 **** 10,236 (16.9 %)
Net revenues **** 500,435 **** 372,401 34.4 % 419,779 19.2 % **** 1,305,143 **** 1,114,498 17.1 %
Non-interest expenses:
Compensation and benefits **** 297,106 **** 224,556 32.3 % 257,697 15.3 % **** 807,388 **** 679,341 18.8 %
Non-compensation operating expenses **** 114,038 **** 106,048 7.5 % 101,042 12.9 % **** 319,993 **** 307,438 4.1 %
Total non-interest expenses **** 411,144 **** 330,604 24.4 % 358,739 14.6 % **** 1,127,381 **** 986,779 14.2 %
Income before income taxes $ 89,291 **** $ 41,797 113.6 % $ 61,040 46.3 % $ 177,762 **** $ 127,719 39.2 %
As a percentage of net revenues:
Compensation and benefits **** 59.4 % 60.3 % (90 ) 61.4 % (200 ) **** 61.9 % 61.0 % 90
Non-compensation operating expenses **** 22.8 % 28.5 % (570 ) 24.1 % (130 ) **** 24.5 % 27.5 % (300 )
Income before income taxes **** 17.8 % 11.2 % 660 14.5 % 330 **** 13.6 % 11.5 % 210
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Stifel Bancorp - Financial Information and Credit Metrics
(Unaudited, 000s) 9/30/2025 9/30/2024 % Change 6/30/2025 % Change
Stifel Bancorp Financial Information:
Total assets $ 32,615,017 $ 30,416,173 7.2 % $ 31,115,875 4.8 %
Total shareholder’s equity $ 2,210,850 $ 2,091,052 5.7 % $ 2,191,619 0.9 %
Total loans, net (includes loans held for sale) $ 21,634,690 **** $ 20,633,425 **** **** 4.9 % $ 21,447,860 **** **** 0.9 %
Residential real estate 9,085,945 8,406,932 8.1 % 8,906,739 2.0 %
Fund banking 3,881,895 3,762,960 3.2 % 3,910,070 (0.7 %)
Commercial and industrial 3,760,005 3,896,824 (3.5 %) 3,536,227 6.3 %
Securities-based loans 2,565,897 2,273,246 12.9 % 2,568,050 (0.1 %)
Construction and land 1,166,895 1,219,787 (4.3 %) 1,217,561 (4.2 %)
Commercial real estate 437,570 565,686 (22.6 %) 429,243 1.9 %
Other 278,934 224,146 24.4 % 254,395 9.6 %
Loans held for sale 595,517 465,739 27.9 % 800,766 (25.6 %)
Investment securities $ 8,146,439 **** $ 8,231,240 **** **** (1.0 %) $ 8,130,970 **** **** 0.2 %
Available-for-sale<br>securities, at fair value 1,688,636 1,618,289 4.3 % 1,546,392 9.2 %
Held-to-maturity<br>securities, at amortized cost 6,457,803 6,612,951 (2.3 %) 6,584,578 (1.9 %)
Unrealized losses on<br>available-for-sale securities (113,421 ) (134,116 ) (15.4 %) (129,654 ) (12.5 %)
Total deposits $ 30,137,748 **** $ 28,120,518 **** **** 7.2 % $ 28,673,063 **** **** 5.1 %
Demand deposits (interest-bearing) 29,277,379 27,539,904 6.3 % 28,171,862 3.9 %
Demand deposits (non-interest-bearing) 456,021 309,982 47.1 % 373,823 22.0 %
Certificates of deposit 404,348 270,632 49.4 % 127,378 217.4 %
Credit Metrics:
Allowance for credit losses $ 164,206 $ 163,274 0.6 % $ 166,410 (1.3 %)
Allowance as a percentage of retained loans 0.78 % 0.80 % 0.80 %
Net charge-offs as a percentage of average loans 0.05 % 0.03 % 0.06 %
Total nonperforming assets $ 159,073 $ 144,122 10.4 % $ 157,348 1.1 %
Nonperforming assets as a percentage of total assets 0.49 % 0.47 % 0.51 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 12 of 19
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Stifel Bancorp - Loan and Investment Portfolio
(Unaudited, millions) 9/30/2025 % of Total<br>Portfolio
Loan Portfolio Commercial Portfolio by Major Sector
Residential real estate $ 9,086 34 % Financials $ 1,046 28 %
Securities-based loans 2,566 10 % Industrials 833 22 %
Home equity lines of credit and other 279 1 % Information technology 580 15 %
Total consumer 11,931 45 % Consumer discretionary 316 8 %
Fund banking 3,882 15 % REITs 218 6 %
Commercial and industrial 3,760 14 % Materials 205 5 %
Construction and land 1,167 4 % Communication services 175 5 %
Commercial real estate 437 1 % Hotel, leisure, restaurants 155 4 %
Total commercial 9,246 34 % Healthcare 148 4 %
Total loan portfolio 21,177 79 % Consumer staples 80 2 %
Unfunded commitments 5,524 21 %
Total $ 26,701 100 %
CLO by Major Sector
High tech industries $ 661 10 %
Investment Portfolio Banking, finance, insurance, & real estate 659 10 %
CLO $ 6,423 78 % Services: business 597 9 %
Agency MBS 1,242 15 % Healthcare & pharmaceuticals 579 9 %
Corporate bonds 433 5 % Hotel, gaming, & leisure 322 5 %
SBA 81 1 % Construction & building 285 4 %
Student loan ARS 67 1 % Capital equipment 231 4 %
CMBS 11 0 % Chemicals, plastics, & rubber 230 4 %
Other 3 0 % Services: consumer 226 4 %
Total Portfolio $ 8,260 100 % Beverage, food, & tobacco 223 3 %
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Loans and Lending Commitments - Allowance for Credit Losses
September 30, 2025
(Unaudited, 000s) Loans and LendingCommitments ACL ACL% Q3 Provision
Residential real estate $ 9,085,945 $ 12,509 0.1 % $ (1,258 )
Fund banking 3,881,895 10,816 0.3 % (132 )
Commercial and industrial 3,760,005 85,830 2.3 % 11,378
Securities-based loans 2,565,897 3,180 0.1 % 52
Construction and land 1,166,895 12,225 1.0 % (629 )
Commercial real estate 437,570 8,603 2.0 % (192 )
Other 278,934 859 0.3 % (411 )
Loans held for investment, gross 21,177,141 134,022 0.6 % 8,808
Loans held for sale 595,517
Total loans, gross 21,772,658
Lending commitments 5,523,784 30,184 0.5 % (492 )
Loans and lending commitments $ 27,296,442 $ 164,206 $ 8,316
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 14 of 19
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Consolidated Net Interest Income
Three Months Ended
September 30, 2025 September 30, 2024 June 30, 2025
(Unaudited, millions) Averagebalance Interestincome/expense Averageinterestrate Averagebalance Interestincome/expense Averageinterestrate Averagebalance Interestincome/expense Averageinterestrate
Interest-earning assets:
Cash and federal funds sold $ 2,236.3 $ 24.1 **** 4.31 % $ 2,733.0 $ 36.7 5.37 % $ 1,924.5 $ 20.8 4.32 %
Financial instruments owned **** 1,345.1 **** 8.3 **** 2.47 % 1,191.9 7.0 2.36 % 1,367.1 9.3 2.73 %
Margin balances **** 856.8 **** 15.5 **** 7.24 % 675.7 13.7 8.12 % 830.2 14.4 6.92 %
Investments:
Asset-backed securities **** 6,433.7 **** 98.8 **** 6.14 % 6,223.6 113.3 7.28 % 6,735.2 101.8 6.05 %
Mortgage-backed securities **** 1,089.4 **** 8.9 **** 3.26 % 1,047.0 7.6 2.89 % 1,133.3 9.0 3.16 %
Corporate fixed income securities **** 446.8 **** 3.0 **** 2.68 % 543.0 3.7 2.72 % 464.8 3.1 2.69 %
Other **** 4.7 **** — **** 2.55 % 4.7 — 2.55 % 4.8 — 2.55 %
Total investments **** 7,974.6 **** 110.7 **** 5.55 % 7,818.3 124.6 6.37 % 8,338.1 113.9 5.47 %
Loans:
Residential real estate **** 8,988.7 **** 88.5 **** 3.94 % 8,342.3 74.8 3.59 % 8,798.4 85.0 3.86 %
Commercial and industrial **** 3,786.8 **** 71.4 **** 7.55 % 3,785.0 81.9 8.65 % 4,005.4 73.2 7.31 %
Fund banking **** 3,967.0 **** 70.0 **** 7.06 % 3,506.1 71.2 8.12 % 3,773.9 67.0 7.10 %
Securities-based loans **** 2,538.5 **** 39.5 **** 6.23 % 2,258.9 40.8 7.23 % 2,503.3 38.7 6.19 %
Commercial real estate **** 436.4 **** 8.8 **** 8.10 % 603.4 11.3 7.48 % 449.3 9.6 8.58 %
Construction and land **** 1,195.2 **** 23.1 **** 7.74 % 1,164.4 24.8 8.51 % 1,214.4 21.8 7.19 %
Loans held for sale **** 488.8 **** 10.5 **** 8.56 % 493.4 10.5 8.51 % 496.9 10.8 8.71 %
Other **** 258.2 **** 4.7 **** 7.20 % 211.1 4.2 8.07 % 250.5 4.5 7.13 %
Total loans **** 21,659.6 **** 316.5 **** 5.85 % 20,364.6 319.5 6.28 % 21,492.1 310.6 5.78 %
Other interest-bearing assets **** 908.0 **** 6.4 **** 2.80 % 830.3 9.3 4.49 % 928.0 8.1 3.45 %
Total interest-bearing assets/ interest<br>income **** 34,980.4 **** 481.5 **** 5.51 % 33,613.8 510.8 6.08 % 34,880.0 477.1 5.47 %
Interest-bearing liabilities:
Senior notes **** 617.1 **** 7.1 **** 4.62 % 779.3 8.2 4.20 % 616.9 7.1 4.62 %
Deposits **** 28,445.5 **** 188.0 **** 2.64 % 27,535.9 229.7 3.34 % 28,463.0 187.5 2.64 %
Other interest-bearing liabilities **** 1,620.2 **** 10.1 **** 2.48 % 1,340.6 13.3 3.96 % 1,563.3 12.2 3.11 %
Total interest-bearing liabilities/ interest<br>expense $ 30,682.8 **** 205.2 **** 2.67 % $ 29,655.8 251.2 3.39 % $ 30,643.2 206.8 2.70 %
Net interest income/margin $ 276.3 **** 3.16 % $ 259.6 3.09 % $ 270.3 3.10 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 15 of 19
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Stifel Bancorp Net Interest Income
Three Months Ended
September 30, 2025 September 30, 2024 June 30, 2025
(Unaudited, millions) Averagebalance Interestincome/expense Averageinterestrate Averagebalance Interestincome/expense Averageinterestrate Averagebalance Interestincome/expense Averageinterestrate
Interest-earning assets:
Cash and federal funds sold $ 1,302.5 $ 15.4 **** 4.72 % $ 1,705.6 $ 24.1 5.66 % $ 1,098.1 $ 13.1 4.77 %
Investments **** 7,974.6 **** 110.7 **** 5.55 % 7,818.3 124.6 6.37 % 8,338.1 113.9 5.47 %
Loans **** 21,659.6 **** 316.5 **** 5.85 % 20,364.6 319.5 6.28 % 21,492.1 310.6 5.78 %
Other interest-bearing assets **** 66.3 **** 0.9 **** 5.20 % 66.3 0.9 5.51 % 66.0 1.0 5.59 %
Total interest-bearing assets/ interest income $ 31,003.0 $ 443.5 **** 5.72 % $ 29,954.8 $ 469.1 6.26 % $ 30,994.3 $ 438.6 5.66 %
Interest-bearing liabilities:
Deposits $ 28,445.5 $ 188.0 **** 2.64 % $ 27,535.9 $ 229.7 3.34 % $ 28,463.0 $ 187.5 2.64 %
Other interest-bearing liabilities **** 142.1 **** 1.9 **** 5.37 % 91.6 1.6 7.11 % 143.4 2.0 5.44 %
Total interest-bearing liabilities/ interest expense $ 28,587.6 **** 189.9 **** 2.66 % $ 27,627.5 231.3 3.35 % $ 28,606.4 189.5 2.65 %
Net interest income/margin $ 253.6 **** 3.27 % $ 237.8 3.17 % $ 249.1 3.22 %
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 16 of 19
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GAAP to Core Reconciliation
Three Months Ended Nine Months Ended
(Unaudited, 000s) 9/30/2025 9/30/2024 Change 6/30/2025 Change 9/30/2025 9/30/2024 Change
GAAP net revenues $ 1,429,396 **** $ 1,224,668 $ 1,284,286 $ 3,969,151 **** $ 3,605,638
Non-GAAP adjustments **** 2 **** 683 92 **** 80 **** 692
Non-GAAP net revenues **** 1,429,398 **** 1,225,351 1,284,378 **** 3,969,231 **** 3,606,330
GAAP compensation and benefits expense **** 839,820 **** 718,065 774,936 **** 2,346,976 **** 2,120,479
Merger-related and other (16) **** (6,704 ) (6,101 ) (2,946 ) **** (13,706 ) (17,398 )
Restructuring and severance (17) **** (4,065 ) (1,261 ) (27,041 ) **** (31,106 ) (11,222 )
Total non-GAAP adjustments **** (10,769 ) (7,362 ) (29,987 ) **** (44,812 ) (28,620 )
Non-GAAP compensation and benefits expense **** 829,051 **** 710,703 744,949 **** 2,302,164 **** 2,091,859
GAAP non-compensation operating expenses **** 303,530 **** 289,945 295,530 **** 1,058,945 **** 822,916
Merger-related (16) **** (5,972 ) (11,166 ) (17,338 ) **** (31,929 ) (25,835 )
Non-GAAP<br>non-compensation operating expenses **** 297,558 **** 278,779 278,192 **** 1,027,016 **** 797,081
Total adjustments **** (16,743 ) (19,211 ) (47,417 ) **** (76,821 ) (55,147 )
GAAP provision for income taxes **** 74,675 **** 58,153 58,765 **** 143,812 **** 174,869
Merger-related and other (18) **** 4,375 **** 2,126 7,525 **** 13,997 **** 8,374
Non-GAAP provision for income taxes **** 79,050 **** 60,279 66,290 **** 157,809 **** 183,243
Financial ratios:
Compensation and benefits **** 58.0 % 58.0 % — 58.0 % — **** 58.0 % 58.0 % —
Non-compensation operating expenses **** 20.8 % 22.8 % (200 ) 21.7 % (90 ) **** 25.9 % 22.1 % 380
Income before income taxes **** 21.2 % 19.2 % 200 20.3 % 90 **** 16.1 % 19.9 % (380 )
Effective tax rate **** 26.1 % 25.6 % 50 25.4 % 70 **** 24.7 % 25.5 % (80 )
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 17 of 19
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Footnotes
(1) Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
(2) Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity<br>(defined below) divided by period end common shares outstanding.
(3) Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of<br>non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
(4) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of<br>non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on<br>goodwill and intangible assets was $87.2 million, $77.9 million, and $84.3 million, as of September 30, 2025 and 2024, and June 30, 2025, respectively.
(5) Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 22, 2025.
(6) Includes capital raising and advisory revenues.
(7) Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
(8) Includes Private Client Group and Trust Business.
(9) Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(10) Asset management assets managed in Private Client Group or Trust accounts.
(11) Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average<br>daily balances for Individual Program Banks.
(12) Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(13) During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.
(14) Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(15) Includes net interest, asset management, and other income.
(16) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional<br>earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(17) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(18) Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 18 of 19
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Disclaimer and Legal Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

LegalNotice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s third quarter earnings release issued October 22, 2025.

Stifel Financial Corp. Quarterly Financial Supplement Third Quarter 2025 Earnings Release Page 19 of 19

EX-99.3

Exhibit 99.3 Third Quarter 2025 Financial Results Presentation October 22, 2025 Quarterly Earnings Report

Third Quarter Snapshot 3Q25 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q25: GAAP & NON-GAAP $1,429 3Q25: GAAP $1.84 & NON-GAAP $1.95 3Q25: GAAP $202 & NON-GAAP $214 YTD: GAAP & NON-GAAP $3,969 YTD: GAAP $391 & NON-GAAP $454 YTD: GAAP $3.56 & NON-GAAP $4.13 ANNUALIZED ROTCE* ANNUALIZED ROCE BOOK VALUE PER SHARE 3Q25:GAAP 16.1% & NON-GAAP 17.0% 3Q25:GAAP 22.9% & NON-GAAP 24.3% TBV $34.99 BV $49.74 YTD: GAAP 14.9% & NON-GAAP 17.3% YTD: GAAP 10.5% & NON-GAAP 12.2% * Please see our definition of ROTCE in our third quarter 2025 earnings release HIGHLIGHTS Record Quarterly Record Investment Banking Net Revenue Pipelines Record Quarterly Net Revenue Record Client Assets Global Wealth Management Under Management Expanded Venture Highest Third Quarterly Net Revenue Institutional Group Banking Team Quarterly Earnings Report 1

A Long-Term Growth Story (1)(4) (1) Fiscal Year Fiscal Quarter Third Quarter 2025 Results Exceed Fiscal (millions) 2011 3Q25 (2) Net Revenue $1,417 $1,429 Year 2011 Results Global Wealth Management $908 $907 Transactional $581 $203 ■ Total Net Revenue in 3Q25 More Than Full (3) Fee-Based $285 $689 Year 2011 But Mix Has Shifted Institutional Group $507 $500 Investment Banking $179 $317 ■ GWM Revenue Now Primarily Fee & Advisory $75 $179 Balance Sheet Driven Capital Raising $104 $138 Transactional $323 $181 ■ IG Revenue Now Primarily Investment Ratios Banking Driven Comp. Ratio 63.4% 58.0% Non-Comp. Ratio 23.5% 20.8% ■ Expense Ratio Decline as Scale of Business Pre-tax Margin 13.1% 21.2% Increased EPS $1.20 $1.95 Annual Dividend Per Share $0.00 $1.84■ Pre-tax Margin Increased by 810 bps ■ Total Client Assets Increased 360% Client Metrics (millions) ■ Fee-Based Assets Increased 1170% Total Client Assets $119,362 $544,010 Fee-Based Assets $17,282 $219,178 (1) Non-GAAP (2) Includes Other segment (3) Fee-Based includes Asset Management revenue & Net Interest Income from Global Wealth Management (4) Adjusts EPS for 3:2 stock split on 12/17/2020 Quarterly Earnings Report 2

Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 3Q25 3Q25 Mean % ∆ 3Q25 vs. 3Q24 Revenues Operating* Analyst Results ■ Commissions & Principal Transactions: Commissions

  • Principal transactions $384 $346 11% 20% Investment banking $323 $278 16% 33% ■ Stronger Revenue from Institutional Fixed Asset management and service fees $431 $436 (1%) 13% Income & Global Wealth Management Net interest $276 $273 1% 6% Net revenues $1,429 $1,340 7% 17% ■ Investment Banking: Non-interest expenses Compensation and benefits 829 775 (4%) 17% ■ Stronger Advisory Revenue Compensation Ratio 58.0% 57.9% 10 bps 0 bps Non-compensation expenses 298 286 (4%) 7% ■ Stronger Equity & Fixed Income Underwriting Total non-interest expenses 1,127 1,061 (6%) 14% Revenue Income before income taxes 303 278 9% 28% Provision for income taxes 79 67 (18%) 31% ■ Net Interest Income Tax Rate 26.1% 24.1% 200 bps -50 bps Net Income $224 $211 6% 27% ■ Higher Net Interest Margin Diluted Operating EPS $1.95 $1.85 5% 30% ■ Non-Compensation Expense *Non-GAAP ■ Higher Investment Banking Gross Up Quarterly Earnings Report 3

Third Quarter Results Operating Results NET REVENUE Sequential millions 3Q25 Y/Y Change 2025 YTD VS 2024 YTD Change $1,600 Global Wealth Management $907 10% 7% $2,604 8% $1,429 $1,365 Institutional 500 34% 19% 1,305 17% $1,400 $1,284 $1,255 Other 22 -14% 14% 60 -17% $1,225 $1,200 Net revenue 1,429 17% 11% 3,969 10% Compensation expense 829 17% 11% 2,302 10% $1,000 1 289 6% 7% 998 27% Operating expense 2 $800 8 57% 0% 29 112% Provision for credit loss Pre-tax pre-provision income 312 29% 16% 669 -9% $600 Pre-tax income 304 28% 16% 640 -11% $400 Taxes 79 31% 19% 158 -14% 3Q24 4Q24 1Q25 2Q25 3Q25 Net income 224 27% 15% 482 -10% Preferred dividends 9 0% 0% 28 0% Net income available to common 214 29% 16% 454 -10% shareholders Diluted EPS $1.95 30% 14% $4.13 -10% Compensation ratio 58.0% 0 bps 0 bps 58.0% 0 bps 3 Operating expense ratio 20.2% -210 bps -80 bps 25.2% 350 bps Pre-tax operating margin 21.2% 200 bps 90 bps 16.1% -380 bps Book value per share $49.74 5% 4% Tangible book value per share $34.99 4% 5% 4 24.3% 480 bps 260 bps ROTCE (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our third quarter earnings release Quarterly Earnings Report 4 millions

Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 3Q25 Y/Y Change 2025 YTD VS 2024 YTD Change ■ Record Quarterly Net Revenue Transactional $203 5% 11% $572 4% ■ Record Quarterly Transactional Revenue Asset Management 431 13% 7% 1,244 10% ■ Record Quarterly Asset Management Revenue Net Interest 257 7% 1% 757 6% ■ Record Total Client & Fee-Based Assets Investment Banking 7 5% 5% 19 15% Other 9 82% nm 11 67% ■ Added 33 Financial Advisors, Including 17 Experienced Total Global Wealth Management Net with Total Trailing Twelve Month Production of $19 million $907 10% 7% $2,604 8% Revenue Comp. Ratio 48.7% 0 bps -100 bps 49.3% 30 bps Non-Comp. Ratio 13.5% -130 bps -60 bps 20.9% 680 bps Provision for credit loss $8 57% 0% $29 112% Pre-tax Margin 37.8% 130 bps 160 bps 29.8% -710 bps Pre-tax Pre-provision Margin 38.7% 160 bps 150 bps 30.9% -650 bps NET REVENUE & MARGIN 45% $950 $907 CLIENT ASSET METRICS $900 $865 $851 Sequential $846 millions 3Q25 Y/Y $827 $850 Change 40% Total Client Assets $544,010 10% 5% $800 Fee-based Client Assets $219,178 15% 6% $750 37.8% Private Client Fee-based Client Assets $191,688 15% 7% 35% 36.6% 36.2% $700 36.5% 35.6% $650 30% $600 3Q24 4Q24 1Q25* 2Q25 3Q25 Net Revenue Pre-tax Margin *1Q25 excludes impact of $180 million legal accrual Quarterly Earnings Report 5 Margin Net Revenue (millions)

Global Wealth Management: Integrated Bank CONSISTENT BANK NIM AS RATES DECLINE CLIENT CASH BALANCES 7.00% $1,599 $1,305 $1,308 6.00% $1,115 $1,092 $1,066 $927 $760 $800 $771 5.00% $640 $573 $497 $368 $240 4.00% 3.27% 3.24% 3.22% 3.17% 3.10% 3.00% ($108) ($456) 2.00% ($691) ($920) 1.00% ($1,409) 0.00% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Ticked MMF Smart Rate Sweep Non-Wealth Deposits Net Interest Margin Deposit Costs Asset Yields ASSET GROWTH & SOLID NIM ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS $35,000,000 4.00% 2.50% 3.50% $30,000,000 2.00% 3.00% $25,000,000 2.50% $20,000,000 1.50% 2.00% $15,000,000 1.50% 1.00% $10,000,000 1.00% 0.85% 0.85% 0.83% $5,000,000 0.81% 0.83% 0.50% 0.50% $0 0.00% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.00% 3Q24 4Q24 1Q25 2Q25 3Q25 Investments Commercial Loans Consumer Loans Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio Cash & Other NIM Quarterly Earnings Report 6 millions Bank Assets (000s) Net Interest Margin

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 3Q25 Y/Y Change 2025 YTD VS 2024 YTD Change ■ Record Third Quarter Net Revenue Advisory $179 31% 41% $444 15% Capital Raising $138 38% 38% $332 16% ■ Record Third Quarter Transactional Revenue Equity $79 55% 71% $174 25% Fixed Income $59 10% 19% $158 6% ■ Record Third Quarter Fixed Income & Equity Transactional $181 42% -5% $520 21% Transactional Revenue Equity $58 19% -4% $180 16% Fixed Income $123 55% -5% $341 29% ■ Second Highest Third Quarter Advisory Revenue Total Institutional Revenue* $500 34% 19% $1,305 17% Comp. Ratio 59.4% -90 bps -200 bps 61.9% 90 bps Non-Comp. Ratio 22.8% -570 bps -130 bps 24.5% -300 bps Pre-tax Margin 17.8% 660 bps 330 bps 13.6% 210 bps *Includes Other revenue INSTITUTIONAL GROUP NET REVENUE $500 $400 $300 $200 $100 $0 3Q24 4Q24 1Q25 2Q25 3Q25 Advisory Fees Capital Raising Brokerage Other Quarterly Earnings Report 7 millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% millions 3Q25 3Q24 Y/Y Change 63% 30% 61% Compensation $829 $711 17% 25% 59% 20% Non-compensation Expense, $272 $260 4% Ex. IB Gross Up & Credit Loss 15% 57% 58.0% 58.0% 58.0% 58.0% 58.0% 10% Credit Loss Provision & IB Gross Up $25 $18 39% 55% 5% Non-compensation $298 $279 7% 53% 0% 3Q24 4Q24 1Q25 2Q25 3Q25 Pre-tax Income $303 $236 28% Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 3Q25 $700 $600 GAAP Net Income $211,371 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $202,051 $100 $0 Non-GAAP After Tax Adjustments $12,368 2020 2021 2022 2023 2024 2025* Non-GAAP Net Income Available to Common $214,419 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2025 earnings release. *2025 annual GAAP to non-GAAP results based on annualized results through 9/30/2025 Quarterly Earnings Report 8 millions Compensation Ratio Non-compensation Ratio

Capital Utilization HIGHLIGHTS FIRM-WIDE ASSETS & CAPITAL RATIOS $45,000 22.0% $41,687 ■ Repurchased 275,000 shares in 3Q25 $40,384 $39,860 20.0% $39,896 $38,935 $40,000 ■ Bank Funding Accelerating as Treasury 18.0% 18.2% 17.5% 17.9% $35,000 17.6% Deposit Growth Continues 17.6% 16.0% 14.0% $30,000 ■ Additional Investments Made in Venture 12.0% Banking $25,000 11.4% 11.3% 10.0% 11.1% 10.8% 10.8% $20,000 8.0% 3Q24 4Q24 1Q25 2Q25 3Q25 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,200,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $70,000 $1,000,000 $60,000 $800,000 $50,000 s $600,000 $40,000 n o i l l i $30,000 $400,000 m $20,000 $200,000 $10,000 $0 $0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 ($200,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Bank Deposits Available Funding Acquisitions *2025 based on results through 9/30/2025 Quarterly Earnings Report 9 (000s) millions

Concluding Remarks Quarterly Earnings Report

Third Quarter 2025 Financial Results Presentation October 22, 2025 Quarterly Earnings Report

Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Use of Non-GAAP Financial Measures The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. Quarterly Earnings Report 12

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