8-K

STIFEL FINANCIAL CORP.

(Registrant)

Date: October 22, 2025

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer

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

incorporation)

(Commission

File Number)

(IRS Employer

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 Symbol(s)	Name of Each Exchange 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)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 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).

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.

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 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

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 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%

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 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	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.

Weighted average diluted shares outstanding decreased primarily as a result of share repurchases, partially offset by the increase in the Company’s share price.

The Board of Directors declared a $0.46 quarterly dividend per share payable on September 16, 2025 to common shareholders of record on September 2, 2025.

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on September 16, 2025 to shareholders of record on September 2, 2025.


	3Q 2025		3Q 2024

Common stock 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 (000s)		110,058		110,994

Effective tax rate		26.1%		26.8%

Stifel Financial 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 Ratings		BBB		Stable

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its third quarter 2025 financial results conference call on Wednesday, October 22, 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-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)

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 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)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾

Three Months Ended

Nine 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 common shareholders

$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 diluted common share available to common shareholders

$1.95

$1.50

$4.13

$4.58

Stifel Financial Corp. | Page 7

GAAP to Non-GAAP Reconciliation ⁽⁹⁾



	Three Months Ended			Nine 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 ⁽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 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 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

Stifel Financial Corp. | Page 8

Footnotes

⁽¹⁾

Represents available to common shareholders.

⁽²⁾

Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

⁽³⁾

Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

⁽⁴⁾

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 non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

⁽⁵⁾

Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income 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 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 goodwill and intangible assets were $87.2 million and $77.9 million as of September 30, 2025 and 2024, respectively.

⁽⁶⁾

Includes loans held for sale.

⁽⁷⁾

Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by 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.

⁽⁸⁾

Capital ratios are estimates at the time of the Company’s earnings release, October 22, 2025.

⁽⁹⁾

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.

⁽¹⁰⁾

Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of 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 certain businesses and are not representative of the costs of running the Company’s on-going business.

⁽¹¹⁾

The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

⁽¹²⁾

Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 9

Exhibit 99.2

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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 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 share information)	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 share information)	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 share information)	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-GAAP non-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 non-compensation operating expenses		297,558		278,779		6.7	%		278,192		7.0	%		1,027,016		797,081		28.8	%

Total non-GAAP 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 common shareholders	$	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	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2025 Earnings Release				Page 5 of 19

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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 (1)(4)		24.3	%		19.5	%					21.7	%
Pre-tax margin on net revenues		20.0	%		17.7	%					16.6	%
Non-GAAP 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	%


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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	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2025 Earnings Release				Page 8 of 19

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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 securities, at fair value		1,688,636			1,618,289			4.3	%		1,546,392			9.2	%
Held-to-maturity securities, at amortized cost		6,457,803			6,612,951			(2.3	%)		6,584,578			(1.9	%)
Unrealized losses on 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	%


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Stifel Bancorp - Loan and Investment Portfolio

(Unaudited, millions)	9/30/2025		% of Total 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 Lending Commitments		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


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Consolidated Net Interest Income

	Three Months Ended
	September 30, 2025							September 30, 2024							June 30, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
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 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 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	%


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Stifel Bancorp Net Interest Income

	Three Months Ended
	September 30, 2025							September 30, 2024							June 30, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
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	%


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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 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

LOGO


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 (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 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 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 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 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 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

LOGO

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

Legal Notice

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

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