8-K - SF - Equibles

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): December 18, 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<br> <br>Identification No.)

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

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

Emerging growth company ☐

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

Item 7.01 Regulation FD Disclosure.

On December 18, 2025, Stifel Financial Corp. (the “Company”) issued a press release to disclose selected operating results for November 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K, and is incorporated by reference.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br>Number	Description
99.1	Press release dated December 18, 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.

		STIFEL FINANCIAL CORP.<br> <br>(Registrant)
Date: December 18, 2025	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

EX-99.1

LOGO

Stifel Reports November 2025 Operating Data

ST. LOUIS, MO, December 18, 2025 – Stifel Financial Corp. (NYSE: SF) today reported selected operating results for November 30, 2025, to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Total client assets and fee-based client assets reached record highs in November, up8% and 14% year-over-year, driven by strong recruiting and market gains. Client money market and insured product balances increased 1% from October as growth in Sweep balances more than offset a decline in Smart Rate. Additionally, the impressivegrowth in Treasury deposits accelerated in November as balances increased 9% from the prior month and nearly doubled from a year ago. In our Institutional Group, client activity levels remain elevated, and despite the impact of the governmentshutdown, we anticipate a strong fourth quarter.”

Selected Operating Data (Unaudited)
	As of
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(millions)	11/30/2025						10/31/2025
Total client assets	****	553,606	513,931	549,984	8	%		1	%
Fee-based client assets	****	224,662	197,333	222,818	14	%		1	%
Private Client Group fee-based client<br>assets	****	196,548	172,527	194,728	14	%		1	%
Bank loans, net (includes loans held for sale)	****	21,963	20,727	21,796	6	%		1	%
Client money market and insured product<br>^(1)^	****	25,738	28,558	25,505	(10)	%		1	%
Treasury deposits<br>^(2)^	****	8,734	4,451	8,006	96	%		9	%

All values are in US Dollars.

(1)	Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.
(2)	Includes Other Bank deposits and Third-party Commercial Treasury deposits, which represent Venture, Fund, and Commercial<br>deposits at Stifel Bancorp and third-party banks.
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