8-K

Exhibit 99.1

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Stifel Reports Second Quarter 2025 Results

ST. LOUIS, MO, July 30, 2025 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.3 billion for the three months ended June 30, 2025, compared with $1.2 billion a year ago. Net income available to common shareholders was $145.7 million, or $1.34 per diluted common share, compared with $156.0 million, or $1.41 per diluted common share for the second quarter of 2024. Non-GAAP net income available to common shareholders was $185.6 million, or $1.71 per diluted common share for the second quarter of 2025.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “We achieved the best second quarter in our history, generating over $1.28 billion in net revenue and $1.71 in core EPS despite a challenging April. These results reflect the strength of our diversified, advice-driven model and the consistency of our performance across market cycles. With our strongest financial advisor recruiting quarter in 10 years, growing momentum in our Institutional business, and continued progress in key growth areas, we are confident about the second half of the year and beyond.”

Highlights

The Company reported net revenues of $1.28 billion, the third best quarter in its history, driven by higher transactional revenues, asset management revenues, net interest income, and capital raising revenues.

Non-GAAP net income available to common shareholders of $1.71 per diluted common share.

Transactional revenues increased 11% over the year-ago quarter.

Asset management revenues increased 6% over the year-ago quarter.

Capital raising revenues increased 4% over the year-ago quarter.

Record client assets of $516.5 billion, up 9% over the year-ago quarter.

Added 82 financial advisors during the quarter, including 20 experienced employee advisors and 1 experienced independent advisor and 36 experienced advisors from B. Riley.

Non-GAAP pre-tax margin of 20.3%.

Annualized return on tangible common equity (ROTCE)⁽⁵⁾ of 21.7%.

Tangible book value per common share ⁽⁷⁾ of $33.30, up 4% from prior year.



Financial Summary (Unaudited)
(000s)	2Q 2025		2Q 2024		6m 2025		6m 2024

GAAP Financial Highlights:

Net revenues		$1,284,286		$1,217,932		$2,539,755		$2,380,970

Net income ⁽¹⁾		$145,734		$155,973		$189,406		$310,228

Diluted EPS ⁽¹⁾		$1.34		$1.41		$1.73		$2.82

Comp. ratio		60.3%		59.3%		59.3%		58.9%

Non-comp. ratio		23.1%		22.1%		29.8%		22.4%

Pre-tax margin		16.6%		18.6%		10.9%		18.7%

Non-GAAP Financial Highlights:

Net revenues		$1,284,378		$1,217,941		$2,539,833		$2,380,979

Net income ⁽¹⁾ ⁽²⁾		$185,626		$176,570		$239,862		$339,916

Diluted EPS ^(1) (2)		$1.71		$1.60		$2.18		$3.09

Comp. ratio ⁽²⁾		58.0%		58.0%		58.0%		58.0%

Non-comp. ratio ⁽²⁾		21.7%		21.4%		28.7%		21.8%

Pre-tax margin ⁽³⁾		20.3%		20.6%		13.3%		20.2%

ROCE ⁽⁴⁾		15.2%		15.1%		9.8%		14.7%

ROTCE ⁽⁵⁾		21.7%		21.9%		13.8%		21.4%

*Global Wealth Management (assets and loans in millions***)

Net revenues		$845,631		$801,135		$1,696,190		$1,591,635

Pre-tax net income		$306,056		$299,173		$432,461		$589,921

Total client assets		$516,532		$474,137

Fee-based client assets		$206,319		$179,749

Bank loans ⁽⁶⁾		$21,448		$19,820

Institutional Group

Net revenues		$419,779		$390,721		$804,708		$742,097

Equity		$220,168		$217,694		$456,360		$424,111

Fixed Income		$199,611		$173,027		$348,348		$317,986

Pre-tax net income		$61,040		$48,813		$88,471		$85,922

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

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Global Wealth Management

Global Wealth Management reported net revenues of $845.6 million for the three months ended June 30, 2025 compared with $801.1 million during the second quarter of 2024. Pre-tax net income was $306.1 million compared with $299.2 million in the second quarter of 2024.

Highlights

Ranked No. 1 in Overall Employee Advisor Satisfaction for the third straight year.

Added 82 financial advisors during the quarter, including 20 experienced employee advisors, and 1 experienced independent advisor, and 36 experienced financial advisors from B. Riley, with a combined total trailing 12 month production of $50.6 million.

Record client assets of $516.5 billion, up 9% over the year-ago quarter.

Fee-based client assets of $206.3 billion, up 15% over the year-ago quarter.

Net revenues increased 6% from a year ago:

Transactional revenues increased 3% over the year-ago quarter reflecting an increase in client activity.

Asset management revenues increased 6% over the year-ago quarter reflecting higher asset values and net new asset growth.

Net interest income increased 8% 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 increased to 49.7% primarily as a result of higher compensable revenues.

Provision for credit losses was primarily impacted by specific reserves on individual credits and overall loan growth in the retained portfolio.

Non-compensation operating expenses as a percentage of net revenues increased to 14.1% primarily as a result of an increase in the provision for credit losses, partially offset by revenue growth over the year-ago quarter.



Summary Results of Operations

(000s)	2Q 2025		2Q 2024

Net revenues	$845,631		$801,135

Transactional revenues	182,666		177,308

Asset management	403,574		380,737

Net interest income	254,148		236,281

Investment banking	6,224		5,780

Other income	(981	)	1,029

Total expenses	$539,575		$501,962

Compensation expense	420,240		392,941

Provision for credit losses	8,328		2,954

Non-comp. opex	111,007		106,067

Pre-tax net income	$306,056		$299,173

Compensation ratio	49.7%		49.0%

Non-compensation ratio	14.1%		13.7%

Pre-tax margin	36.2%		37.3%

Stifel Financial Corp. | Page 2

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Institutional Group

Institutional Group reported net revenues of $419.8 million for the three months ended June 30, 2025 compared with $390.7 million during the second quarter of 2024. Institutional Group reported pre-tax net income of $61.0 million for the three months ended June 30, 2025 compared $48.8 million in the second quarter of 2024.

Highlights

Investment banking revenues remained consistent with a year ago:

Advisory revenues decreased 3% from the year-ago quarter driven by lower levels of completed advisory transactions.

Fixed income capital raising revenues increased 12% over the year-ago quarter primarily driven by higher bond issuances.

Equity capital raising revenues decreased 4% from the year-ago quarter driven by lower volumes.

Fixed income transactional revenues increased 21% from a year ago:

Fixed income transactional revenues increased from the year-ago quarter driven by higher client activity in a more volatile market environment and realized trading gains.

Equity transactional revenues increased 16% 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 increased to 61.4% primarily driven by higher variable compensation expense as a result of an improving operating environment.

Non-compensation operating expenses as a percentage of net revenues decreased to 24.1% primarily as a result of higher revenues.



Summary Results of Operations

(000s)	2Q 2025	2Q 2024

Net revenues	$419,779	$390,721

Investment banking	227,236	227,501

Advisory	127,305	131,411

Fixed income capital raising	53,744	48,143

Equity capital raising	46,187	47,947

Fixed income transactional	129,117	106,685

Equity transactional	61,489	52,907

Other	1,937	3,628

Total expenses	$358,739	$341,908

Compensation expense	257,697	239,036

Non-comp. opex.	101,042	102,872

Pre-tax net income	$61,040	$48,813

Compensation ratio	61.4%	61.2%

Non-compensation ratio	24.1%	26.3%

Pre-tax margin	14.5%	12.5%

Stifel Financial Corp. | Page 3

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Other Matters

Highlights

The Company repurchased $83.0 million of its outstanding common stock during the second 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 June 16, 2025 to common shareholders of record on June 2, 2025.

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


	2Q 2025		2Q 2024

Common stock repurchases

Repurchases (000s)		$83,039		$17,597

Number of shares (000s)		970		229

Average price		$85.62		$76.97

Period end shares (000s)		102,190		102,518

Weighted average diluted shares outstanding (000s)		108,847		110,285

Effective tax rate		27.5%		27.1%

Stifel Financial Corp. ⁽⁸⁾

Tier 1 common capital ratio		14.5%		14.8%

Tier 1 risk based capital ratio		17.5%		17.8%

Tier 1 leverage capital ratio		10.8%		11.1%

Tier 1 capital (MM)		$4,116		$4,044

Risk weighted assets (MM)		$23,588		$22,734

Average assets (MM)		$38,013		$36,275

Quarter end assets (MM)		$39,860		$37,809

Agency		Rating		Outlook

Fitch Ratings		BBB+		Stable

S&P Global Ratings		BBB		Stable

Conference Call Information

Stifel Financial Corp. | Page 4

Stifel Financial Corp. will host its second quarter 2025 financial results conference call on Wednesday, July 30, 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						Six Months Ended

(000s, except per share amounts)		6/30/2025	6/30/2024	% Change	3/31/2025	% Change		6/30/2025	6/30/2024	% Change


Revenues:

Commissions		$ 200,669	$ 183,317	9.5	$ 193,670	3.6		$ 394,339	$ 368,793	6.9

Principal transactions		172,603	153,574	12.4	141,660	21.8		314,263	292,588	7.4

Investment banking		233,460	233,281	0.1	237,942	(1.9)		471,402	447,230	5.4

Asset management		403,608	380,757	6.0	409,541	(1.4)		813,149	748,233	8.7

Other income		3,690	16,180	(77.2)	10,581	(65.1)		14,271	21,130	(32.5)


Operating revenues		1,014,030	967,109	4.9	993,394	2.1		2,007,424	1,877,974	6.9

Interest revenue		477,056	498,152	(4.2)	475,632	0.3		952,688	1,004,980	(5.2)


Total revenues		1,491,086	1,465,261	1.8	1,469,026	1.5		2,960,112	2,882,954	2.7

Interest expense		206,800	247,329	(16.4)	213,557	(3.2)		420,357	501,984	(16.3)


Net revenues		1,284,286	1,217,932	5.4	1,255,469	2.3		2,539,755	2,380,970	6.7

Non-interest expenses:

Compensation and benefits		774,936	722,719	7.2	732,220	5.8		1,507,156	1,402,414	7.5

Non-compensation operating expenses		295,530	268,319	10.1	459,885	(35.7)		755,415	532,971	41.7


Total non-interest expenses		1,070,466	991,038	8.0	1,192,105	(10.2)		2,262,571	1,935,385	16.9


Income before income taxes		213,820	226,894	(5.8)	63,364	237.4		277,184	445,585	(37.8)

Provision for income taxes		58,765	61,600	(4.6)	10,372	466.6		69,137	116,716	(40.8)


Net income		155,055	165,294	(6.2)	52,992	192.6		208,047	328,869	(36.7)

Preferred dividends		9,321	9,321	0.0	9,320	0.0		18,641	18,641	0.0


Net income available to common shareholders		$145,734	$155,973	(6.6)	$43,672	233.7		$189,406	$310,228	(38.9)


Earnings per common share:

Basic		$1.41	$1.50	(6.0)	$0.42	235.7		$1.82	$2.98	(38.9)

Diluted		$1.34	$1.41	(5.0)	$0.39	243.6		$1.73	$2.82	(38.7)

Cash dividends declared per common share		$0.46	$0.42	9.5	$0.46	0.0		$0.92	$0.84	9.5

Weighted average number of common shares outstanding:

Basic		103,349	104,150	(0.8)	104,764	(1.4)		104,049	104,217	(0.2)

Diluted		108,847	110,285	(1.3)	110,635	(1.6)		109,791	110,156	(0.3)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾

Three Months Ended

Six Months Ended

(000s, except per share amounts)

6/30/2025

6/30/2024

6/30/2025

6/30/2024

GAAP net income

$155,055

$165,294

$208,047

$328,869

Preferred dividend

9,321

9,321

18,641

18,641

Net income available to common shareholders

145,734

155,973

189,406

310,228

Non-GAAP adjustments:

Merger-related ⁽¹⁰⁾

20,376

13,821

33,037

25,975

Restructuring and severance ⁽¹¹⁾

27,041

9,961

27,041

9,961

Provision for income taxes ⁽¹²⁾

(7,525)

(3,185)

(9,622)

(6,248)

Total non-GAAP adjustments

39,892

20,597

50,456

29,688

Non-GAAP net income available to common shareholders

$185,626

$176,570

$239,862

$339,916

Weighted average diluted shares outstanding

108,847

110,285

109,791

110,156

GAAP earnings per diluted common share

$1.42

$1.50

$1.90

$2.98

Non-GAAP adjustments

0.37

0.19

0.45

0.27

Non-GAAP earnings per diluted common share

$1.79

$1.69

$2.35

$3.25

GAAP earnings per diluted common share available to common shareholders

$1.34

$1.41

$1.73

$2.82

Non-GAAP adjustments

0.37

0.19

0.45

0.27

Non-GAAP earnings per diluted common share available to common shareholders

$1.71

$1.60

$2.18

$3.09

Stifel Financial Corp. | Page 7

GAAP to Non-GAAP Reconciliation ⁽⁹⁾



	Three Months Ended			Six Months Ended


(000s)		6/30/2025	6/30/2024		6/30/2025	6/30/2024


GAAP compensation and benefits		$774,936	$722,719		$1,507,156	$1,402,414

As a percentage of net revenues		60.3%	59.3%		59.3%	58.9%

Non-GAAP adjustments:

Merger-related ⁽¹⁰⁾		(2,946)	(5,764)		(7,002)	(11,297)

Restructuring and severance ⁽¹¹⁾		(27,041)	(9,961)		(27,041)	(9,961)


Total non-GAAP adjustments		(29,987)	(15,725)		(34,043)	(21,258)


Non-GAAP compensation and benefits		$744,949	$706,994		$1,473,113	$1,381,156


As a percentage of non-GAAP net revenues		58.0%	58.0%		58.0%	58.0%



GAAP non-compensation expenses		$295,530	$268,319		$755,415	$532,971

As a percentage of net revenues		23.1%	22.1%		29.8%	22.4%

Non-GAAP adjustments:

Merger-related ⁽¹⁰⁾		(17,338)	(8,048)		(25,957)	(14,669)


Non-GAAP non-compensation expenses		$278,192	$260,271		$729,458	$518,302


As a percentage of non-GAAP net revenues		21.7%	21.4%		28.7%	21.8%

Total adjustments		$47,417	$23,782		$60,078	$35,936

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 $84.3 million and $75.8 million as of June 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, July 30, 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

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Exhibit 99.2

Second Quarter 2025 Earnings Results


Quarterly Financial Supplement		Page

Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP 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 \| Second Quarter 2025 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights
	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2025		6/30/2024		% Change			3/31/2025		% Change			6/30/2025		6/30/2024		% Change
Net revenues	$	1,284,286	$	1,217,932		5.4	%	$	1,255,469		2.3	%	$	2,539,755	$	2,380,970		6.7	%
Net income	$	155,055	$	165,294		(6.2	%)	$	52,992		192.6	%	$	208,047	$	328,869		(36.7	%)
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	145,734	$	155,973		(6.6	%)	$	43,672		233.7	%	$	189,406	$	310,228		(38.9	%)
Earnings per diluted common share	$	1.42	$	1.50		(5.3	%)	$	0.47		202.1	%	$	1.90	$	2.98		(36.2	%)
Earnings per diluted common share available to common shareholders	$	1.34	$	1.41		(5.0	%)	$	0.39		243.6	%	$	1.73	$	2.82		(38.7	%)
Non-GAAP financial summary (1):
Net revenues	$	1,284,378	$	1,217,941		5.5	%	$	1,255,455		2.3	%	$	2,539,833	$	2,380,979		6.7	%
Net income	$	194,947	$	185,891		4.9	%	$	63,556		206.7	%	$	258,503	$	358,557		(27.9	%)
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	185,626		176,570		5.1	%		54,236		242.3	%		239,862		339,916		(29.4	%)
Earnings per diluted common share	$	1.79	$	1.69		5.9	%	$	0.57		214.0	%	$	2.35	$	3.25		(27.7	%)
Earnings per diluted common share available to common shareholders	$	1.71	$	1.60		6.9	%	$	0.49		249.0	%	$	2.18	$	3.09		(29.4	%)
Weighted average number of common shares outstanding:
Basic		103,349		104,150		(0.8	%)		104,764		(1.4	%)		104,049		104,217		(0.2	%)
Diluted		108,847		110,285		(1.3	%)		110,635		(1.6	%)		109,791		110,156		(0.3	%)
Period end common shares outstanding		102,190		102,518		(0.3	%)		103,078		(0.9	%)		102,190		102,518		(0.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	0.92	$	0.84		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations



	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2025		6/30/2024		% Change			3/31/2025		% Change			6/30/2025		6/30/2024		% Change
Revenues:
Commissions	$	200,669	$	183,317		9.5	%	$	193,670		3.6	%	$	394,339	$	368,793		6.9	%
Principal transactions		172,603		153,574		12.4	%		141,660		21.8	%		314,263		292,588		7.4	%

Transactional revenues		*373,272*		336,891		10.8	%		335,330		11.3	%		*708,602*		661,381		7.1	%
Capital raising		106,155		101,870		4.2	%		100,472		5.7	%		206,627		196,567		5.1	%
Advisory		127,305		131,411		(3.1	%)		137,470		(7.4	%)		264,775		250,663		5.6	%

Investment banking		*233,460*		233,281		0.1	%		237,942		(1.9	%)		*471,402*		447,230		5.4	%
Asset management		403,608		380,757		6.0	%		409,541		(1.4	%)		813,149		748,233		8.7	%
Other income		3,690		16,180		(77.2	%)		10,581		(65.1	%)		14,271		21,130		(32.5	%)

Operating revenues		1,014,030		967,109		4.9	%		993,394		2.1	%		2,007,424		1,877,974		6.9	%
Interest revenue		477,056		498,152		(4.2	%)		475,632		0.3	%		952,688		1,004,980		(5.2	%)

Total revenues		1,491,086		1,465,261		1.8	%		1,469,026		1.5	%		2,960,112		2,882,954		2.7	%
Interest expense		206,800		247,329		(16.4	%)		213,557		(3.2	%)		420,357		501,984		(16.3	%)

Net revenues		1,284,286		1,217,932		5.4	%		1,255,469		2.3	%		2,539,755		2,380,970		6.7	%

Non-interest expenses:
Compensation and benefits		774,936		722,719		7.2	%		732,220		5.8	%		1,507,156		1,402,414		7.5	%
Occupancy and equipment rental		95,678		89,852		6.5	%		90,766		5.4	%		186,444		178,564		4.4	%
Communication and office supplies		47,847		48,181		(0.7	%)		49,513		(3.4	%)		97,360		95,548		1.9	%
Commissions and floor brokerage		17,146		14,383		19.2	%		16,806		2.0	%		33,952		30,150		12.6	%
Provision for credit losses		8,328		2,954		181.9	%		12,020		(30.7	%)		20,348		8,222		147.5	%
Investment banking expenses		8,989		9,253		(2.9	%)		8,547		5.2	%		17,536		16,982		3.3	%
Other operating expenses		117,542		103,696		13.4	%		282,233		(58.4	%)		399,775		203,505		96.4	%

Total non-interest expenses		1,070,466		991,038		8.0	%		1,192,105		(10.2	%)		2,262,571		1,935,385		16.9	%
Income before income taxes		213,820		226,894		(5.8	%)		63,364		237.4	%		277,184		445,585		(37.8	%)
Provision for income taxes		58,765		61,600		(4.6	%)		10,372		466.6	%		69,137		116,716		(40.8	%)

Net income		155,055		165,294		(6.2	%)		52,992		192.6	%		208,047		328,869		(36.7	%)
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	145,734	$	155,973		(6.6	%)	$	43,672		233.7	%	$	189,406	$	310,228		(38.9	%)

Earnings per common share:
Basic	$	1.41	$	1.50		(6.0	%)	$	0.42		235.7	%	$	1.82	$	2.98		(38.9	%)
Diluted	$	1.34	$	1.41		(5.0	%)	$	0.39		243.6	%	$	1.73	$	2.82		(38.7	%)
Weighted average number of common shares outstanding:
Basic		103,349		104,150		(0.8	%)		104,764		(1.4	%)		104,049		104,217		(0.2	%)
Diluted		108,847		110,285		(1.3	%)		110,635		(1.6	%)		109,791		110,156		(0.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	0.92	$	0.84		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 3 of 19

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Non-GAAP Consolidated Results of Operations ⁽¹⁾



	Three Months Ended										Six Months Ended
(Unaudited, 000s, except per share information)		6/30/2025		6/30/2024	% Change			3/31/2025	% Change			6/30/2025		6/30/2024	% Change

Revenues:
Commissions	$	200,669	$	183,317	9.5	%	$	193,670	3.6	%	$	394,339	$	368,793	6.9	%
Principal transactions		172,603		153,583	12.4	%		141,660	21.8	%		314,263		292,597	7.4	%

Transactional revenues		373,272		336,900	10.8	%		335,330	11.3	%		708,602		661,390	7.1	%
Capital raising		106,155		101,870	4.2	%		100,472	5.7	%		206,627		196,567	5.1	%
Advisory		127,305		131,411	(3.1	%)		137,470	(7.4	%)		264,775		250,663	5.6	%

Investment banking		*233,460*		233,281	0.1	%		237,942	(1.9	%)		*471,402*		447,230	5.4	%
Asset management		403,608		380,757	6.0	%		409,541	(1.4	%)		813,149		748,233	8.7	%
Other income		3,657		16,180	(77.4	%)		10,567	(65.4	%)		14,224		21,130	(32.7	%)

Operating revenues		1,013,997		967,118	4.8	%		993,380	2.1	%		2,007,377		1,877,983	6.9	%
Interest revenue		477,181		498,152	(4.2	%)		475,632	0.3	%		952,813		1,004,980	(5.2	%)

Total revenues		1,491,178		1,465,270	1.8	%		1,469,012	1.5	%		2,960,190		2,882,963	2.7	%
Interest expense		206,800		247,329	(16.4	%)		213,557	(3.2	%)		420,357		501,984	(16.3	%)

Net revenues		1,284,378		1,217,941	5.5	%		1,255,455	2.3	%		2,539,833		2,380,979	6.7	%

Non-interest expenses:
Compensation and benefits		744,949		706,994	5.4	%		728,164	2.3	%		1,473,113		1,381,156	6.7	%
Occupancy and equipment rental		94,910		89,727	5.8	%		90,535	4.8	%		185,445		178,392	4.0	%
Communication and office supplies		47,749		48,148	(0.8	%)		49,336	(3.2	%)		97,085		95,512	1.6	%
Commissions and floor brokerage		17,146		14,383	19.2	%		16,806	2.0	%		33,952		30,150	12.6	%
Provision for credit losses		8,328		2,954	181.9	%		12,020	(30.7	%)		20,348		8,222	147.5	%
Investment banking expenses		8,989		9,253	(2.9	%)		8,547	5.2	%		17,536		16,982	3.3	%
Other operating expenses		101,070		95,806	5.5	%		274,022	(63.1	%)		375,092		189,044	98.4	%

Total non-interest expenses		1,023,141		967,265	5.8	%		1,179,430	(13.3	%)		2,202,571		1,899,458	16.0	%
Income before income taxes		261,237		250,676	4.2	%		76,025	243.6	%		337,262		481,521	(30.0	%)
Provision for income taxes		66,290		64,785	2.3	%		12,469	431.6	%		78,759		122,964	(35.9	%)

Net income		194,947		185,891	4.9	%		63,556	206.7	%		258,503		358,557	(27.9	%)
Preferred dividends		9,321		9,321	0.0	%		9,320	0.0	%		18,641		18,641	0.0	%

Net income available to common shareholders	$	185,626	$	176,570	5.1	%	$	54,236	242.3	%	$	239,862	$	339,916	(29.4	%)

Earnings per common share:
Basic	$	1.80	$	1.70	5.9	%	$	0.52	246.2	%	$	2.31	$	3.26	(29.1	%)
Diluted	$	1.71	$	1.60	6.9	%	$	0.49	249.0	%	$	2.18	$	3.09	(29.4	%)
Weighted average number of common shares outstanding:
Basic		103,349		104,150	(0.8	%)		104,764	(1.4	%)		104,049		104,217	(0.2	%)
Diluted		108,847		110,285	(1.3	%)		110,635	(1.6	%)		109,791		110,156	(0.3	%)
Cash dividends declared per common share	$	0.46	$	0.42	9.5	%	$	0.46	0.0	%	$	0.92	$	0.84	9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 4 of 19

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Consolidated Financial Summary


	Three Months Ended													Six Months Ended
(Unaudited, 000s)		6/30/2025			6/30/2024		% Change			3/31/2025		% Change			6/30/2025			6/30/2024		% Change

Net revenues:
Global Wealth Management	$	845,631		$	801,135		5.6	%	$	850,559		(0.6	%)	$	1,696,190		$	1,591,635		6.6	%
Institutional Group		419,779			390,721		7.4	%		384,929		9.1	%		804,708			742,097		8.4	%
Other		18,876			26,076		(27.6	%)		19,981		(5.5	%)		38,857			47,238		(17.7	%)

Total net revenues	$	1,284,286		$	1,217,932		5.4	%	$	1,255,469		2.3	%	$	2,539,755		$	2,380,970		6.7	%
Operating expenses:
Global Wealth Management	$	539,575		$	501,962		7.5	%	$	724,154		(25.5	%)	$	1,263,729		$	1,001,714		26.2	%
Institutional Group		358,739			341,908		4.9	%		357,498		0.3	%		716,237			656,175		9.2	%
Other		172,152			147,168		17.0	%		110,453		55.9	%		282,605			277,496		1.8	%

Total operating expenses	$	1,070,466		$	991,038		8.0	%	$	1,192,105		(10.2	%)	$	2,262,571		$	1,935,385		16.9	%
Operating contribution:
Global Wealth Management	$	306,056		$	299,173		2.3	%	$	126,405		142.1	%	$	432,461		$	589,921		(26.7	%)
Institutional Group		61,040			48,813		25.0	%		27,431		122.5	%		88,471			85,922		3.0	%
Other		(153,276	)		(121,092	)	26.6	%		(90,472	)	69.4	%		(243,748	)		(230,258	)	5.9	%

Income before income taxes	$	213,820		$	226,894		(5.8	%)	$	63,364		237.4	%	$	277,184		$	445,585		(37.8	%)
Financial ratios:
Compensation and benefits		60.3	%		59.3	%	100			58.3	%	200			59.3	%		58.9	%	40
Non-compensation operating expenses		23.1	%		22.1	%	100			36.7	%	(1,360	)		29.8	%		22.4	%	740
Income before income taxes		16.6	%		18.6	%	(200	)		5.0	%	1,160			10.9	%		18.7	%	(780	)
Effective tax rate		27.5	%		27.1	%	40			16.4	%	1,110			24.9	%		26.2	%	(130	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
Financial Information:
Total assets	$	39,859,653		$	37,809,278			5.4	%	$	40,383,727			(1.3	%)
Total shareholders’ equity	$	5,596,985		$	5,398,207			3.7	%	$	5,538,186			1.1	%
Total common equity	$	4,911,985		$	4,713,207			4.2	%	$	4,853,186			1.2	%
Goodwill and intangible assets	$	(1,594,342	)	$	(1,509,642	)		5.6	%	$	(1,503,358	)		6.1	%
DTL on goodwill and intangible assets	$	85,241		$	76,805			11.0	%	$	83,367			2.2	%

Tangible common equity	$	3,402,884		$	3,280,370			3.7	%	$	3,433,195			(0.9	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	48.07		$	45.97			4.6	%	$	47.08			2.1	%
Tangible book value per common share (2)	$	33.30		$	32.00			4.1	%	$	33.31			(0.0	%)
Return on common equity (3)		11.9	%		13.4	%					3.5	%
Non-GAAP return on common equity (1)(3)		15.2	%		15.1	%					4.4	%
Return on tangible common equity (4)		17.0	%		19.3	%					5.0	%
Non-GAAP return on tangible common equity (1)(4)		21.7	%		21.9	%					6.2	%
Pre-tax margin on net revenues		16.6	%		18.6	%					5.0	%
Non-GAAP pre-tax margin on net revenues (1)		20.3	%		20.6	%					6.1	%
Effective tax rate		27.5	%		27.1	%					16.4	%
Non-GAAP effective tax rate (1)		25.4	%		25.8	%					16.4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁵⁾


(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,431,336		$	3,359,436			2.1	%	$	3,478,476			(1.4	%)
Tier 1 capital	$	4,116,336		$	4,044,436			1.8	%	$	4,163,476			(1.1	%)
Risk-weighted assets	$	23,588,069		$	22,734,081			3.8	%	$	23,661,099			(0.3	%)
Common equity tier 1 capital ratio		14.5	%		14.8	%					14.7	%
Tier 1 risk based capital ratio		17.5	%		17.8	%					17.6	%
Tier 1 leverage capital ratio		10.8	%		11.1	%					10.8	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,337,013		$	1,268,458			5.4	%	$	1,373,088			(2.6	%)
Tier 1 capital	$	1,337,013		$	1,268,458			5.4	%	$	1,373,088			(2.6	%)
Risk-weighted assets	$	11,644,303		$	11,619,733			0.2	%	$	12,374,082			(5.9	%)
Common equity tier 1 capital ratio		11.5	%		10.9	%					11.1	%
Tier 1 risk based capital ratio		11.5	%		10.9	%					11.1	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	810,648		$	742,135			9.2	%	$	780,209			3.9	%
Tier 1 capital	$	810,648		$	742,135			9.2	%	$	780,209			3.9	%
Risk-weighted assets	$	6,643,960		$	5,662,622			17.3	%	$	5,963,456			11.4	%
Common equity tier 1 capital ratio		12.2	%		13.1	%					13.1	%
Tier 1 risk based capital ratio		12.2	%		13.1	%					13.1	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	381,900		$	456,500			(16.3	%)	$	294,100			29.9	%
Excess net capital	$	356,600		$	433,700			(17.8	%)	$	271,200			31.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change			6/30/2025			6/30/2024			% Change
Revenues:
Commissions	$	128,203		$	121,465			5.5	%	$	125,826			1.9	%	$	254,029		$	242,682			4.7	%
Principal transactions		54,463			55,843			(2.5	%)		60,569			(10.1	%)		115,032			116,379			(1.2	%)

Transactional revenues		182,666			177,308			3.0	%		186,395			(2.0	%)		369,061			359,061			2.8	%
Asset management		403,574			380,737			6.0	%		409,506			(1.4	%)		813,080			748,187			8.7	%
Net interest		254,148			236,281			7.6	%		245,534			3.5	%		499,682			472,550			5.7	%
Investment banking (6)		6,224			5,780			7.7	%		5,908			5.3	%		12,132			10,060			20.6	%
Other income		(981	)		1,029			(195.3	%)		3,216			(130.5	%)		2,235			1,777			25.8	%

Net revenues		845,631			801,135			5.6	%		850,559			(0.6	%)		1,696,190			1,591,635			6.6	%
Non-interest expenses:
Compensation and benefits		420,240			392,941			6.9	%		422,293			(0.5	%)		842,533			782,477			7.7	%
Non-compensation operating expenses		119,335			109,021			9.5	%		301,861			(60.5	%)		421,196			219,237			92.1	%

Total non-interest expenses		539,575			501,962			7.5	%		724,154			(25.5	%)		1,263,729			1,001,714			26.2	%

Income before income taxes	$	306,056		$	299,173			2.3	%	$	126,405			142.1	%	$	432,461		$	589,921			(26.7	%)


As a percentage of net revenues:
Compensation and benefits		49.7	%		49.0	%		70			49.6	%		10			49.7	%		49.2	%		50
Non-compensation operating expenses		14.1	%		13.7	%		40			35.5	%		(2,140	)		24.8	%		13.7	%		1,110
Income before income taxes		36.2	%		37.3	%		(110	)		14.9	%		2,130			25.5	%		37.1	%		(1,160	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
Total client assets	$	516,532,000		$	474,137,000			8.9	%	$	485,860,000			6.3	%
Fee-based client assets	$	206,319,000		$	179,749,000			14.8	%	$	189,693,000			8.8	%
Transactional assets	$	310,213,000		$	294,388,000			5.4	%	$	296,167,000			4.7	%
Secured client lending (7)	$	3,367,000		$	2,943,000			14.4	%	$	3,239,000			4.0	%
Asset Management Revenue:
Private Client Group (8)	$	344,899		$	317,616			8.6	%	$	345,357			(0.1	%)
Asset Management		39,206			37,556			4.4	%		38,520			1.8	%
Third-party Bank Sweep Program		5,721			11,319			(49.5	%)		11,783			(51.4	%)
Other (9)		13,782			14,266			(3.4	%)		13,881			(0.7	%)

Total asset management revenues	$	403,608		$	380,757			6.0	%	$	409,541			(1.4	%)
Fee-based Assets (millions):
Private Client Group (8)	$	180,066		$	157,124			14.6	%	$	166,035			8.5	%
Asset Management		44,822			39,714			12.9	%		41,136			9.0	%
Elimination (10)		(18,569	)		(17,089	)		8.7	%		(17,478	)		6.2	%

Total fee-based assets	$	206,319		$	179,749			14.8	%	$	189,693			8.8	%
Third-party Bank Sweep Program	$	568		$	820			(30.7	%)	$	828			(31.4	%)
ROA (bps) (11):
Private Client Group (8)		83.1			81.9						82.1
Asset Management		35.0			37.8						37.4
Third-party Bank Sweep Program		389.3			487.3						400.0


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2025		6/30/2024		% Change			3/31/2025		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	15,015	$	15,819		(5.1	%)	$	16,424		(8.6	%)
Sweep Deposits		9,847		9,148		7.6	%		10,043		(2.0	%)
Direct Wealth Management Deposits at Stifel Bancorp		102		225		(54.7	%)		387		(73.6	%)

Total Stifel Bancorp Wealth Management Deposits		24,964		25,192		(0.9	%)		26,854		(7.0	%)
Other Bank Deposits		3,709		1,948		90.4	%		2,785		33.2	%

Total Stifel Bancorp Deposits	$	28,673	$	27,140		5.6	%	$	29,639		(3.3	%)

Short-term Treasuries (12)	$	6,418	$	8,136		(21.1	%)	$	7,218		(11.1	%)
Third-party Commercial Treasury Deposits (13)	$	3,318	$	1,539		115.6	%	$	2,900		14.4	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	24,964	$	25,192		(0.9	%)	$	26,854		(7.0	%)
Third-party Bank Sweep Program (13)		568		820		(30.7	%)		828		(31.4	%)
Third-party Treasury (13)		217		153		41.8	%		—		nm
Other Sweep Cash		551		417		32.1	%		149		269.8	%
Money Market Mutual Funds		15,297		10,530		45.3	%		13,698		11.7	%

Total Wealth Management Cash	$	41,597	$	37,112		12.1	%	$	41,529		0.2	%

Client money market and insured product (14)	$	25,981	$	26,204		(0.9	%)	$	27,444		(5.3	%)
Third-party Deposits Available to Stifel Bancorp (13)	$	4,103	$	2,512		63.3	%	$	3,728		10.1	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change			6/30/2025			6/30/2024			% Change
Revenues:
Commissions	$	72,466		$	61,852			17.2	%	$	67,844			6.8	%	$	140,310		$	126,111			11.3	%
Principal transactions		118,140			97,740			20.9	%		81,091			45.7	%		199,231			176,218			13.1	%

Transactional revenues		190,606			159,592			19.4	%		148,935			28.0	%		339,541			302,329			12.3	%
Capital raising		99,931			96,090			4.0	%		94,564			5.7	%		194,495			186,507			4.3	%
Advisory		127,305			131,411			(3.1	%)		137,470			(7.4	%)		264,775			250,663			5.6	%

Investment banking		227,236			227,501			(0.1	%)		232,034			(2.1	%)		459,270			437,170			5.1	%
Other income (15)		1,937			3,628			(46.6	%)		3,960			(51.1	%)		5,897			2,598			127.0	%

Net revenues		419,779			390,721			7.4	%		384,929			9.1	%		804,708			742,097			8.4	%
Non-interest expenses:
Compensation and benefits		257,697			239,036			7.8	%		252,585			2.0	%		510,282			454,785			12.2	%
Non-compensation operating expenses		101,042			102,872			(1.8	%)		104,913			(3.7	%)		205,955			201,390			2.3	%

Total non-interest expenses		358,739			341,908			4.9	%		357,498			0.3	%		716,237			656,175			9.2	%

Income before income taxes	$	61,040		$	48,813			25.0	%	$	27,431			122.5	%	$	88,471		$	85,922			3.0	%


As a percentage of net revenues:
Compensation and benefits		61.4	%		61.2	%		20			65.6	%		(420	)		63.4	%		61.3	%		210
Non-compensation operating expenses		24.1	%		26.3	%		(220	)		27.3	%		(320	)		25.6	%		27.1	%		(150	)
Income before income taxes		14.5	%		12.5	%		200			7.1	%		740			11.0	%		11.6	%		(60	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 11 of 19

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
Stifel Bancorp Financial Information:
Total assets	$	31,115,875		$	29,325,680			6.1	%	$	32,100,614			(3.1	%)
Total shareholder’s equity	$	2,191,619		$	1,996,585			9.8	%	$	2,183,596			0.4	%
Total loans, net (includes loans held for sale)	$	21,447,860		$	19,819,771			8.2	%	$	21,241,400			1.0	%
Residential real estate		8,906,739			8,253,851			7.9	%		8,699,229			2.4	%
Fund banking		3,910,070			3,346,785			16.8	%		3,659,294			6.9	%
Commercial and industrial		3,536,227			3,689,379			(4.2	%)		3,678,411			(3.9	%)
Securities-based loans		2,568,050			2,253,045			14.0	%		2,404,960			6.8	%
Construction and land		1,217,561			1,198,395			1.6	%		1,206,876			0.9	%
Commercial real estate		429,243			608,911			(29.5	%)		472,550			(9.2	%)
Other		254,395			204,392			24.5	%		250,948			1.4	%
Loans held for sale		800,766			472,804			69.4	%		1,016,127			(21.2	%)
Investment securities	$	8,130,970		$	7,641,586			6.4	%	$	8,329,552			(2.4	%)
Available-for-sale securities, at fair value		1,546,392			1,583,477			(2.3	%)		1,613,304			(4.1	%)
Held-to-maturity securities, at amortized cost		6,584,578			6,058,109			8.7	%		6,716,248			(2.0	%)
Unrealized losses on available-for-sale securities		(129,654	)		(187,259	)		(30.8	%)		(141,910	)		(8.6	%)
Total deposits	$	28,673,063		$	27,139,753			5.6	%	$	29,639,272			(3.3	%)
Demand deposits (interest-bearing)		28,171,862			26,754,212			5.3	%		29,180,478			(3.5	%)
Demand deposits (non-interest-bearing)		373,823			304,795			22.6	%		432,368			(13.5	%)
Certificates of deposit		127,378			80,746			57.8	%		26,426			382.0	%

Credit Metrics:
Allowance for credit losses	$	166,410		$	164,959			0.9	%	$	170,266			(2.3	%)
Allowance as a percentage of retained loans		0.80	%		0.84	%					0.83	%
Net charge-offs as a percentage of average loans		0.06	%		0.01	%					0.05	%
Total nonperforming assets	$	157,348		$	85,247			84.6	%	$	160,891			(2.2	%)
Nonperforming assets as a percentage of total assets		0.51	%		0.29	%					0.50	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	6/30/2025		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,907		33	%	Financials	$	913	26	%
Securities-based loans		2,568		10	%	Industrials		828	23	%
Home equity lines of credit and other		254		1	%	Information technology		618	17	%

Total consumer		11,729		44	%	Consumer discretionary		253	7	%

Fund banking		3,910		15	%	REITs		227	6	%
Commercial and industrial		3,536		13	%	Materials		183	5	%
Construction and land		1,218		5	%	Communication services		144	4	%
Commercial real estate		429		1	%	Hotel, leisure, restaurants		137	4	%

Total commercial		9,093		34	%	Healthcare		130	4	%

Total loan portfolio		20,822		78	%	Consumer staples		79	2	%

Unfunded commitments		5,806		22	%

Total	$	26,628		100	%

						CLO by Major Sector
						High tech industries	$	687	10	%
Investment Portfolio						Banking, finance, insurance, & real estate		680	10	%
CLO	$	6,548		78	%	Services: business		631	10	%
Agency MBS		1,049		13	%	Healthcare & pharmaceuticals		594	9	%
Corporate bonds		465		6	%	Hotel, gaming, & leisure		325	5	%
SBA		86		1	%	Construction & building		310	5	%
Student loan ARS		68		1	%	Chemicals, plastics, & rubber		244	4	%
CMBS		42		1	%	Services: consumer		239	4	%
Other		3		0	%	Capital equipment		238	4	%

Total Portfolio	$	8,261		100	%	Telecommunications		215	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses


	June 30, 2025
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL %			Q2 Provision
Residential real estate	$	8,906,739	$	13,767		0.2	%	$	2,595
Fund banking		3,910,070		10,948		0.3	%		702
Commercial and industrial		3,536,227		84,981		2.4	%		4,872
Securities-based loans		2,568,050		3,128		0.1	%		200
Construction and land		1,217,561		12,854		1.1	%		(397	)
Commercial real estate		429,243		8,795		2.0	%		(571	)
Other		254,395		1,261		0.5	%		456

Loans held for investment, gross		20,822,285		135,734		0.7	%		7,857
Loans held for sale		800,766

Total loans, gross		21,623,051
Lending commitments		5,806,493		30,676		0.5	%		471
Loans and lending commitments	$	27,429,544	$	166,410				$	8,328


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 14 of 19

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Consolidated Net Interest Income


	Three Months Ended
	June 30, 2025						June 30, 2024							March 31, 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	$	1,924.5	$	20.8		4.32%	$	2,833.7	$	37.8		5.34	%	$	2,467.1	$	26.3		4.27	%
Financial instruments owned		1,367.1		9.3		2.73%		1,165.7		6.3		2.18	%		1,242.5		6.5		2.11	%
Margin balances		830.2		14.4		6.92%		694.3		14.0		8.04	%		835.8		13.9		6.64	%
Investments:
Asset-backed securities		6,735.2		101.8		6.05%		5,982.6		108.1		7.23	%		6,617.4		101.4		6.13	%
Mortgage-backed securities		1,133.3		9.0		3.16%		929.8		5.6		2.41	%		1,117.2		8.7		3.09	%
Corporate fixed income securities		464.8		3.1		2.69%		589.8		4.1		2.77	%		496.3		3.4		2.75	%
Other		4.8		—		2.55%		4.8		—		2.55	%		4.8		—		2.62	%

Total investments		8,338.1		113.9		5.47%		7,507.0		117.8		6.28	%		8,235.7		113.5		5.51	%
Loans:
Residential real estate		8,798.4		85.0		3.86%		8,182.5		71.0		3.47	%		8,633.5		81.0		3.75	%
Commercial and industrial		4,005.4		73.2		7.31%		3,643.7		79.9		8.77	%		4,113.5		75.5		7.34	%
Fund banking		3,773.9		67.0		7.10%		3,299.5		67.0		8.13	%		3,798.2		66.4		7.00	%
Securities-based loans		2,503.3		38.7		6.19%		2,292.4		41.6		7.26	%		2,387.8		36.5		6.12	%
Commercial real estate		449.3		9.6		8.58%		637.6		11.5		7.20	%		498.4		8.2		6.54	%
Construction and land		1,214.4		21.8		7.19%		1,181.5		24.9		8.42	%		1,216.6		21.8		7.16	%
Loans held for sale		496.9		10.8		8.71%		462.7		11.2		9.68	%		589.0		11.2		7.62	%
Other		250.5		4.5		7.13%		206.2		4.0		7.77	%		248.8		4.4		6.96	%

Total loans		21,492.1		310.6		5.78%		19,906.1		311.1		6.25	%		21,485.8		305.0		5.68	%
Other interest-bearing assets		928.0		8.1		3.45%		860.4		11.1		5.16	%		996.8		10.4		4.17	%

Total interest-bearing assets/ interest income		34,880.0		477.1		5.47%		32,967.2		498.1		6.04	%		35,263.7		475.6		5.40	%
Interest-bearing liabilities:
Senior notes		616.9		7.1		4.62%		1,116.0		12.5		4.48	%		616.7		7.1		4.63	%
Deposits		28,463.0		187.5		2.64%		26,758.7		220.3		3.29	%		28,622.8		193.1		2.70	%
Other interest-bearing liabilities		1,563.3		12.2		3.11%		1,461.1		14.5		3.98	%		1,453.6		13.4		3.66	%
Total interest-bearing liabilities/ interest expense	$	30,643.2		206.8		2.70%	$	29,335.8		247.3		3.37	%	$	30,693.1		213.6		2.78	%

Net interest income/margin			$	270.3		3.10%			$	250.8		3.04	%			$	262.0		2.97	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 15 of 19

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Stifel Bancorp Net Interest Income


	Three Months Ended
	June 30, 2025							June 30, 2024							March 31, 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	$	1,098.1	$	13.1		4.77	%	$	1,765.4	$	25.0		5.67	%	$	1,512.8	$	17.4		4.60	%
Investments		8,338.1		113.9		5.47	%		7,507.0		117.8		6.28	%		8,235.7		113.5		5.51	%
Loans		21,492.1		310.6		5.78	%		19,906.1		311.1		6.25	%		21,485.8		305.0		5.68	%
Other interest-bearing assets		66.0		1.0		5.59	%		66.7		1.0		5.71	%		66.7		0.8		5.15	%

Total interest-bearing assets/ interest income	$	30,994.3	$	438.6		5.66	%	$	29,245.2	$	454.9		6.22	%	$	31,301.0	$	436.7		5.58	%
Interest-bearing liabilities:
Deposits	$	28,463.0	$	187.5		2.64	%	$	26,758.7	$	220.3		3.29	%	$	28,622.8	$	193.1		2.70	%
Other interest-bearing liabilities		143.4		2.0		5.44	%		90.1		1.7		7.44	%		92.6		1.4		5.83	%

Total interest-bearing liabilities/ interest expense	$	28,606.4		189.5		2.65	%	$	26,848.8		222.0		3.31	%	$	28,715.4		194.5		2.71	%

Net interest income/margin			$	249.1		3.22	%			$	232.9		3.19	%			$	242.2		3.10	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 16 of 19

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GAAP to Core Reconciliation


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			Change			3/31/2025			Change			6/30/2025			6/30/2024			Change
GAAP net revenues	$	1,284,286		$	1,217,932					$	1,255,469					$	2,539,755		$	2,380,970
Non-GAAP adjustments		92			9						(14	)					78			9
Non-GAAP net revenues		1,284,378			1,217,941						1,255,455						2,539,833			2,380,979

GAAP compensation and benefits expense		774,936			722,719						732,220						1,507,156			1,402,414
Merger-related and other (16)		(2,946	)		(5,764	)					(4,056	)					(7,002	)		(11,297	)
Restructuring and severance (17)		(27,041	)		(9,961	)					—						(27,041	)		(9,961	)

Total non-GAAP adjustments		(29,987	)		(15,725	)					(4,056	)					(34,043	)		(21,258	)

Non-GAAP compensation and benefits expense		744,949			706,994						728,164						1,473,113			1,381,156

GAAP non-compensation operating expenses		295,530			268,319						459,885						755,415			532,971
Merger-related (16)		(17,338	)		(8,048	)					(8,619	)					(25,957	)		(14,669	)

Non-GAAP non-compensation operating expenses		278,192			260,271						451,266						729,458			518,302

Total adjustments		(47,417	)		(23,782	)					(12,661	)					(60,078	)		(35,936	)


GAAP provision for income taxes		58,765			61,600						10,372						69,137			116,716
Merger-related and other (18)		7,525			3,185						2,097						9,622			6,248

Non-GAAP provision for income taxes		66,290			64,785						12,469						78,759			122,964

Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		21.7	%		21.4	%		30			35.9	%		(1,420	)		28.7	%		21.8	%		690
Income before income taxes		20.3	%		20.6	%		(30	)		6.1	%		1,420			13.3	%		20.2	%		(690	)
Effective tax rate		25.4	%		25.8	%		(40	)		16.4	%		900			23.4	%		25.5	%		(210	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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 (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 $84.3 million, $75.8 million, and $82.5 million, as of June 30, 2025 and 2024, and March 31, 2025, respectively.
(5)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 30, 2025.

(6)		Includes capital raising and advisory fee 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 \| Second 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 second quarter earnings release issued July 30, 2025.


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


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


Exhibit Number		Description

99.1		Press release dated July 30, 2025.
99.2		Financial Supplement for the quarter ended June 30, 2025.
99.3		Financial Results Presentation dated July 30, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


		STIFEL FINANCIAL CORP. (Registrant)

Date: July 30, 2025	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer