STIFEL FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
SF$71.35-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0000950170-25-027702
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-24.
0001193125-26-067130
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 325 previous paragraphs and 301 current paragraphs.
139 unchanged; 96 reworded; 62 added; 87 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 23 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (62)
Current report
On April 7, 2025, the Company acquired a portion of B. Riley Financial, Inc.’s traditional wealth management business, a deal that added 36 advisors with approximately $4 billion in assets under management. Consideration for this transaction consisted of cash from operations.
Current report
On January 26, 2026, our Board declared a 50% stock dividend, in the form of a three-for-two stock split, of our common stock payable on February 26, 2026, to shareholders of record as of February 12, 2026. Trading will begin on a split-adjusted basis on February 27, 2026. On January 30, 2026, the Company had approximately 103.2 million shares outstanding. After the split, the Company will have approximately 154.8 million shares outstanding.
Current report
On February 2, 2026, the Company sold Stifel Independent Advisors, LLC, a wholly owned subsidiary and independent contractor broker-dealer, to an affiliate of Equitable, a financial services organization and principal franchise of Equitable Holdings, Inc.
Current report
New Tax Legislation
Current report
On July 4, 2025, the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was signed into law in the U.S., which includes a broad range of tax reform provisions. Beginning in 2025, the OBBBA provides an elective deduction for domestic research and development expenses, a reinstatement of elective 100% first-year bonus depreciation, and repeal of non-U.S. corporations’ fiscal year-end. Some impacts of the OBBBA will not be realized until 2026 and forward, such as revisions to the international tax framework.
Current report
The Company elected to expense its domestic research and development expenditures and take 100% bonus depreciation for qualified assets for U.S. tax purposes. We will continue to monitor the impact of the OBBBA and the range of potential outcomes, which will depend on our facts in each year and anticipated guidance from the U.S. Department of the Treasury.
Current report
Interest Rate Environment
Current report
During the fourth quarter of 2025, the Federal Reserve announced a 25-basis-point reduction in the federal funds rate target range to 3.50% to 3.75%, as the labor market shows signs of softening while acknowledging inflation and economic outlook uncertainty remain somewhat elevated. In addition, the Federal Reserve ended the balance sheet reduction program, which began in 2022, effective December 1, 2025.
Current report
During the January meeting, the Federal Reserve voted to hold the target range for the federal funds rate at 3.50% to 3.75%. The Federal Reserve noted that it will continue to monitor economic data and adjust its stance on monetary policy if risks emerge that could negatively impact the attainment of its goal of maximum employment and inflation at 2% over the long term.
Current report
Potential decreases to the federal funds rate may impact our interest-based revenues. While decreases in interest rates will lower fees the Company earns from FDIC-insured deposits of clients through a program offered by the Company, such decreases may be offset to a degree if the cash sweep balances increase as clients find fewer higher-yielding alternatives to deploy these balances. Future rate decreases will also reduce the rates the Company charges on customer margin loans, which will have a negative impact on our earnings.
Current report
For the year ended December 31, 2025, net revenues increased 11.3% to a record $5.53 billion from $4.97 billion in 2024. The increase was primarily attributable to higher investment banking, asset management, transactional revenues, and net interest income.
Current report
For the year ended December 31, 2025, commission revenues increased 7.6% to $813.6 million from $756.0 million in 2024. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable period in 2024.
Current report
For the year ended December 31, 2025, principal transactions revenues increased 6.7% to $645.3 million from $604.6 million in 2024. The increase is primarily attributable to higher realized trading gains and increased client activity over the comparable period in 2024.
Current report
For the year ended December 31, 2025, investment banking revenues increased 25.7% to $1.3 billion from $994.8 million in 2024.
Current report
For the year ended December 31, 2025, capital-raising revenues increased 26.7% to $528.7 million from $417.4 million in 2024. For the year ended December 31, 2025, equity capital-raising revenues increased 41.4% to $280.7 million from $198.5 million in 2024 driven by higher volumes during 2025. For the year ended December 31, 2025, fixed income capital-raising revenues increased 13.3% to $248.0 million from $218.9 million in 2024 driven by higher bond issuances reflecting a more favorable financing environment during 2025.
Current report
Other income – For the year ended December 31, 2025, other income decreased 21.3% to $33.9 million from $43.1 million during 2024. The decrease is primarily attributable to reduced lease income generated from our aircraft engine leasing business due to the sale of engines, lower investment gains, and a decrease in mortgage loan origination fees from the comparable period in 2024.
Current report
For the year ended December 31, 2025, interest expense decreased 16.7% to $817.8 million from $981.4 million in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $28.8 billion during the year ended December 31, 2025, compared to $27.7 billion in 2024 at average interest rates of 2.59% and 3.23%, respectively.
Current report
As of December 31, 2025 and 2024, we estimate that approximately $4.9 billion and $5.4 billion, respectively, of our deposit portfolio was uninsured. The uninsured amounts are estimates based on methodologies and assumptions used by our company in accordance with regulatory reporting requirements. At December 31, 2025, there were no time deposits that exceeded the FDIC-insured limit.
Current report
For the year ended December 31, 2025, compensation and benefits expense increased 12.2% to $3.27 billion from $2.92 billion in 2024. Compensation and benefits expense as a percentage of net revenues was 59.2% for the year ended December 31, 2025, compared to 58.7% for the year ended December 31, 2024. The increase is primarily attributable to higher variable compensation costs during 2025.
Current report
Occupancy and equipment rental – For the year ended December 31, 2025, occupancy and equipment rental expense increased 5.5% to $382.3 million from $362.4 million in 2024. The increase is primarily attributable to higher data processing and occupancy costs associated with the continued investments made in our business.
Current report
Commissions and floor brokerage – For the year ended December 31, 2025, commissions and floor brokerage expense increased 5.3% to $66.2 million from $62.8 million in 2024. The increase is primarily attributable to higher electronic communication network (“ECN”) trading costs, processing expenses, and trading and clearing costs.
Current report
Provision for credit losses – For the year ended December 31, 2025, provision for credit losses increased 51.2% to $38.4 million from $25.4 million in 2024. Provision for credit losses was primarily impacted by overall loan growth in the loan portfolio and specific reserves on individual credits.
Current report
For the year ended December 31, 2025, other operating expenses increased 46.3% to $703.3 million from $480.6 million in 2024. The increase is primarily attributable to higher legal-related expenses, investment banking expenses, amortization of identifiable intangible assets, advertising, travel and conference-related expenses, professional fees, subscriptions, insurance expenses, and licensing fees. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal and regulatory matters.
Current report
Commissions – For the year ended December 31, 2025, commission revenues increased 5.9% to $538.7 million from $508.7 million in 2024. The increase is primarily attributable to higher volumes due to increased market volatility over 2024.
Current report
Principal transactions – For the year ended December 31, 2025, principal transactions revenues decreased 1.4% to $240.1 million from $243.6 million in 2024. The decrease is primarily attributable to lower realized trading gains and decreased client activity over 2024.
Current report
Other income – For the year ended December 31, 2025, other income increased 98.4% to $12.2 million from $6.1 million in 2024. The increase is primarily attributable to an increase in investment gains over 2024, partially offset by a decrease in mortgage loan origination fees.
Current report
Compensation and benefits – For the year ended December 31, 2025, compensation and benefits expense increased 9.2% to $1.75 billion from $1.61 billion in 2024. Compensation and benefits expense as a percentage of net revenues was 49.5% for the year ended December 31, 2025, compared to 48.9% in 2024. The increase is primarily attributable to increased variable compensation costs over 2024.
Current report
Commissions and floor brokerage – For the year ended December 31, 2025, commissions and floor brokerage expense increased 8.8% to $29.6 million from $27.2 million in 2024. The increase is primarily attributable to higher processing fees and clearing expenses.
Current report
Provision for credit losses– For the year ended December 31, 2025, provision for credit losses increased 53.0% to $38.4 million from $25.1 million in 2024. Provision for credit losses was primarily impacted by overall loan growth in the loan portfolio and specific reserves on individual credits.
Current report
Other operating expenses – For the year ended December 31, 2025, other operating expenses increased 103.0% to $361.1 million from $177.8 million in 2024. The increase is primarily attributable to increases in litigation-related expense, subscription expense, travel and conference-related expenses, bank service charges, and insurance expense. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current report
For the year ended December 31, 2025, income before income taxes decreased 8.5% to $1.11 billion from $1.21 billion in 2024. Profit margins (income before income taxes as a percent of net revenues) have decreased to 31.2% for the year ended December 31, 2025, from 36.8% in 2024. The profit margin was negatively impacted by elevated reserves for legal matters and higher provisions for credit losses.
Current report
Transactional revenues– For the year ended December 31, 2025, transactional revenues increased 11.8% to $680.2 million from $608.2 million in 2024.
Current report
Investment banking – For the year ended December 31, 2025, investment banking revenues increased 25.7% to $1.2 billion from $973.4 million in 2024.
Current report
For the year ended December 31, 2025, capital-raising revenues increased 27.1% to $503.1 million from $395.9 million in 2024.
Current report
For the year ended December 31, 2025, equity capital-raising revenues increased 44.1% to $269.3 million from $186.9 million in 2024. The increase is primarily attributable to higher volumes as clients actively engaged in capital-raising opportunities in a more constructive market environment.
Current report
For the year ended December 31, 2025, fixed income capital-raising revenues increased 11.9% to $233.8 million from $209.0 million in 2024. The increase is primarily attributable to higher bond issuances reflecting a more favorable financing environment.
Current report
For the year ended December 31, 2025, advisory revenues increased 24.8% to $720.7 million from $577.4 million in 2024. The increase is primarily attributable to higher levels of completed advisory transactions with continued growth in depository advisory transactions.
Current report
Interest income – For the year ended December 31, 2025, interest income increased 22.0% to $42.4 million from $34.8 million in 2024.
Current report
Other income – For the year ended December 31, 2025, other income decreased 38.4% to $19.5 million from $31.7 million in 2024. The decrease is primarily attributable to reduced lease income generated from our aircraft engine leasing business due to the sale of engines.
Current report
Interest expense– For the year ended December 31, 2025, interest expense decreased 7.6% to $51.0 million from $55.2 million in 2024. The decrease is primarily attributable to lower interest rates.
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Removed paragraphs (87)
Previous report
On July 18, 2024, the Company’s 4.25% Senior Notes matured, resulting in the Company's decision to retire the $500.0 million outstanding balance given its significant liquidity position.
Previous report
On August 1, 2024, the Company acquired Finance 500, Inc. (“Finance 500”) and CB Resource, Inc. (“CBR”), which operate as strategic partners under common ownership. Finance 500 is a brokerage and investment services provider focused on underwriting FDIC-insured Certificates of Deposit and fixed income securities trading. CBR integrates ERM, strategic and capital plan solutions, and industry analytics through its fully integrated tech-enabled platform. Consideration for this acquisition consisted of cash from operations.
Previous report
Transactional revenues – For the year ended December 31, 2024, transactional revenues increased 16.9% to $1.36 billion from $1.16 billion in 2023 as a result of an increase in client activity.
Previous report
For the year ended December 31, 2023, net revenues decreased 1.0% to $4.35 billion from $4.4 billion in 2022. The decrease was primarily attributable to lower advisory and transactional revenues, partially offset by higher net interest income, asset management, and capital-raising revenues.
Previous report
Commissions – For the year ended December 31, 2023, commission revenues decreased 5.2% to $673.6 million from $710.6 million in 2022.
Previous report
Principal transactions – For the year ended December 31, 2023, principal transactions revenues decreased 7.3% to $490.4 million from $529.0 million in 2022.
Previous report
Transactional revenues – For the year ended December 31, 2023, transactional revenues decreased 6.1% to $1.16 billion from $1.24 billion in 2022 as a result of a decrease in client activity. Broad macroeconomic and geopolitical concerns led to volatility in global equity prices.
Previous report
Investment banking – For the year ended December 31, 2023, investment banking revenues decreased 24.7% to $731.3 million from $971.5 million in 2022.
Previous report
Capital-raising revenues increased 3.4% to $265.7 million for the year ended December 31, 2023, from $256.9 million in 2022. For the year ended December 31, 2023, equity capital-raising revenues increased 1.6% to $114.6 million from $112.7 million in 2022 driven by higher volumes during 2023. For the year ended December 31, 2023, fixed income capital-raising revenues increased 4.8% to $151.1 million from $144.2 million in 2022 driven by an increase in our corporate debt issuance business.
Previous report
Other income – For the year ended December 31, 2023, other income decreased 55.6% to $8.7 million from $19.7 million in 2022. The decrease is primarily attributable to losses on the sale of investments in the first quarter of 2023 and a decrease in loan origination fees.
Previous report
Please refer to the Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential table included in “Results of Operations – Global Wealth Management” for additional information on Stifel Bancorp’s average balances and interest income and expense.
Previous report
Net interest income – For the year ended December 31, 2023, net interest income increased 27.6% to $1.1 billion from $897.7 million in 2022.
Previous report
For the year ended December 31, 2023, interest expense increased 302.4% to $810.3 million from $201.4 million in 2022. The increase is primarily attributable to higher interest rates and higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $27.3 billion during the year ended December 31, 2023, compared to $25.4 billion in 2022 at average interest rates of 2.66% and 0.59%, respectively.
Previous report
Compensation and benefits – For the year ended December 31, 2023, compensation and benefits expense decreased 1.2% to $2.55 billion from $2.59 billion in 2022. The decrease in compensation and benefits expenses is primarily attributable to lower variable compensation expense.
Previous report
Compensation and benefits expense as a percentage of net revenues was 58.7% for the year ended December 31, 2023, compared to 58.9% for the year ended December 31, 2022. The compensation ratio benefited from higher net interest income, which is a relatively low compensatory revenue source.
Previous report
Occupancy and equipment rental – For the year ended December 31, 2023, occupancy and equipment rental expense increased 8.3% to $339.3 million from $313.2 million in 2022. The increase is primarily attributable to higher occupancy, data processing, and furniture and equipment costs associated with the continued investments made in our business.
Previous report
Communications and office supplies – For the year ended December 31, 2023, communications and office supplies expense increased 5.4% to $184.7 million from $175.1 million in 2022. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued investments made in our business.
Previous report
Commissions and floor brokerage – For the year ended December 31, 2023, commissions and floor brokerage expense increased 1.0% to $58.3 million from $57.8 million in 2022. The increase is primarily attributable to higher ECN trading costs and processing expenses, partially offset by lower clearing expenses.
Previous report
Provision for credit losses – For the year ended December 31, 2023, provision for credit losses decreased 25.4% to $25.0 million from $33.5 million in 2022. Provision for credit losses was primarily impacted by a slightly better macroeconomic forecast, partially offset by a deterioration in certain asset classes.
Previous report
Other operating expenses – For the year ended December 31, 2023, other operating expenses increased 41.1% to $480.4 million from $340.5 million in 2022. Elevated provisions for legal and regulatory matters during the third quarter of 2023 accounted for approximately $67 million of the increase, with the remainder primarily resulting from higher travel and entertainment expenses, FDIC-insurance expense, professional fees, advertising, conference-related expenses, and subscriptions, partially offset by lower investment banking transaction expenses.
Previous report
Transactional revenues – For the year ended December 31, 2024, transactional revenues increased 15.0% to $752.4 million from $654.2 million in 2023 as a result of a increase in client activity.
Previous report
Commissions – For the year ended December 31, 2023, commission revenues decreased 6.1% to $444.9 million from $473.6 million in 2022. The decrease is primarily attributable to a decrease in equities trading and mutual funds revenue.
Previous report
Principal transactions – For the year ended December 31, 2023, principal transactions revenues increased 7.2% to $209.3 million from $195.3 million in 2022.
Previous report
Transactional revenues – For the year ended December 31, 2023, transactional revenues decreased 2.2% to $654.2 million from $668.9 million in 2023 as a result of a decrease in client activity amid uncertainty in the markets, partially offset by an increase in fixed income revenue as our rates business began to rebound in the fourth quarter from the weakness tied to the bank failures, higher rates, and an inverted yield curve.
Previous report
Other income – For the year ended December 31, 2023, other income decreased 33.9% to a loss of $6.9 million from a loss of $5.2 million in 2022. The decrease is primarily attributable to losses on the sale of investments in the first quarter of 2023 and a decrease in loan origination fees.
Previous report
Compensation and benefits expense as a percentage of net revenues was 46.4% for the year ended December 31, 2023, compared to 48.4% in 2022. The decrease is primarily as a result of higher net interest income, which is a relatively low compensatory revenue source.
Previous report
Commissions and floor brokerage – For the year ended December 31, 2023, commissions and floor brokerage expense decreased 2.0% to $25.5 million from $26.0 million in 2023. The decrease is primarily attributable to lower clearing expenses.
Previous report
Provision for credit losses– For the year ended December 31, 2023, provision for credit losses decreased 32.3% to $22.7 million from $33.5 million in 2022. Provision for credit losses was primarily impacted by a slightly better macroeconomic forecast, partially offset by a deterioration in certain asset classes.
Previous report
Other operating expenses – For the year ended December 31, 2023, other operating expenses increased 21.7% to $141.7 million from $116.4 million in 2022. The increase is primarily attributable to increases in FDIC-insurance expense, travel and conference-related expenses, legal costs, and subscription expense, partially offset by lower advertising expense and professional fees.
Previous report
For the year ended December 31, 2023, income before income taxes increased 13.9% to $1.2 billion from $1.1 billion in 2022. Profit margins (income before income taxes as a percent of net revenues) increased to 39.9% for the year ended December 31, 2023, from 37.8% in 2022. The improved profit margin is a result of strong revenue growth and our continued expense discipline, as well as a change in the composition of revenue (higher net interest income).
Previous report
Due to immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
Previous report
Loans on nonaccrual status are included in average balances.
Previous report
Please refer to the Net Interest Income table included in “Results of Operations” for additional information on our company’s average balances and operating interest and expenses.
Previous report
Due to immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
Previous report
Loans on nonaccrual status are included in average balances.
Previous report
Please refer to the Net Interest Income table included in “Results of Operations” for additional information on our company’s average balances and operating interest and expenses.
Previous report
For the year ended December 31, 2024, interest revenue for Stifel Bancorp of $1.9 billion was generated from weighted-average interest-earning assets of $30.1 billion at a weighted-average interest rate of 6.14%. For the year ended December 31, 2023, interest revenue for Stifel Bancorp of $1.8 billion was generated from weighted-average interest-earning assets of $29.9 billion at a weighted-average interest rate of 6.01%. For the year ended December 31, 2022, interest revenue for Stifel Bancorp of $1.0 billion was generated from weighted-average interest-earning assets of $27.8 billion at a weighted-average interest rate of 3.66%. Interest-earning assets principally consist of residential, commercial and industrial, fund banking, and securities-based loans, investment securities, and interest-bearing cash and federal funds sold.
Previous report
For the year ended December 31, 2024, interest expense for Stifel Bancorp of $894.3 million was incurred from weighted-average interest-bearing liabilities of $27.7 billion at a weighted-average interest rate of 3.23%. For the year ended December 31, 2023, interest expense for Stifel Bancorp of $726.7 million was incurred from weighted-average interest-bearing liabilities of $27.3 billion at a weighted-average interest rate of 2.66%. For the year ended December 31, 2022, interest expense for Stifel Bancorp of $150.9 million was incurred from weighted-average interest-bearing liabilities of $25.4 billion at a weighted-average interest rate of 0.59%. Interest expense represents interest on customer money market accounts, time deposits, Federal Home Loan Bank advances, and other borrowings.
Previous report
Commissions – For the year ended December 31, 2024, commission revenues increased 8.2% to $247.3 million from $228.6 million in 2023.
Previous report
Principal transactions – For the year ended December 31, 2024, principal transactions revenues increased 28.4% to $360.9 million from $281.2 million in 2023.
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Reworded paragraphs (96)
Previous wording
We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of the consolidation among middle-market firms, whereby allowing us to increase market share in our private client and institutional group businesses.
Current wording
We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of consolidation, whereby allowing us to increase market share in our private client and institutional group businesses.
Previous wording
Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, and Canada, with a growing presence in Europe. Our principal customers are individual investors, corporations, municipalities, and institutions.
Current wording
Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our principal customers are individual investors, corporations, municipalities, and institutions.
Previous wording
On January 6, 2025, the Company announced it signed a definitive agreement to acquire Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. The transaction is expected to close in the first half of 2025.
Current wording
On June 2, 2025, the Company acquired Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. Consideration for this transaction consisted of cash from operations.
Previous wording
For the year ended December 31, 2024, net revenues increased 14.3% to a record $4.97 billion compared to $4.35 billion during the comparable period in 2023. Net income available to common shareholders for the year ended December 31, 2024, increased 43.0% to $694.1 million, or $6.25 per diluted common share, compared to $485.3 million, or $4.28 per diluted common share, in 2023. For the year ended December 31, 2024, our Global Wealth Management segment posted record net revenues.
Current wording
For the year ended December 31, 2025, net revenues increased 11.3% to a record $5.53 billion compared to $4.97 billion during the comparable period in 2024. Net income available to common shareholders for the year ended December 31, 2025, decreased 6.9% to $646.5 million, or $5.87 per diluted common share, compared to $694.1 million, or $6.25 per diluted common share, in 2024. Net income available to common shareholders for the year ended December 31, 2025, was negatively impacted by elevated provisions for legal matters of $1.16 per diluted common share (after-tax) related to a FINRA Arbitration Panel decision in the first quarter.
Previous wording
Our revenue growth for the year ended December 31, 2024, was primarily attributable to higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
Current wording
Our revenue growth for the year ended December 31, 2025, was primarily attributable to higher investment banking revenues, asset management revenues, transactional revenues, and net interest income. For the year ended December 31, 2025, our Global Wealth Management segment posted record net revenues, with our Institutional Group segment posting its second highest net revenues.
Previous wording
We remain well-positioned entering fiscal 2025, with nearly $501 billion of client assets under administration, strong activity levels for financial advisory recruiting, a significant interest rate-sensitive asset base at our bank subsidiaries, and a strong investment banking pipeline. We expect wealth management revenues to grow as investors continue to redeploy cash into the markets and client assets grow through recruiting and market appreciation. Institutional revenues are expected to benefit from increased investment banking activity as well as continued growth in transactional revenues, particularly in the fixed income business.
Current wording
We remain well-positioned entering fiscal 2026, with nearly $552 billion of client assets under administration, strong activity levels for financial advisory recruiting, a significant interest rate-sensitive asset base at our bank subsidiaries, and a strong investment banking pipeline. We expect wealth management revenues to grow as investors continue to redeploy cash into the markets and client assets grow through recruiting and market appreciation. Institutional revenues are expected to benefit from increased investment banking activity as well as continued growth in transactional revenues, particularly in the fixed income business.
Previous wording
We currently operate in a challenging and uncertain economic environment. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.
Current wording
Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.
Previous wording
For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Item 1A – Risk Factors” of this Form 10-K.
Current wording
Overall, 2026 is expected to be a year of continued economic growth, stable interest rates, and opportunities in credit markets. The U.S. economy is expected to continue its robust growth trajectory, potentially accelerating above 3% supported by tax cuts, AI spending, and deregulation. Risks to inflation are seen as more on the upside than the downside, with the Federal Reserve likely to maintain a ‘hold’ stance on interest rates after the December 2025 rate cut. Longer-dated bond yields are expected to trade in a range, reflecting what are considered normal levels of interest rates. Global credit markets are expected to continue outperforming, driven by a focus on carry (yield) rather than capital gains. Corporate bonds are likely to outperform government bonds and cash. For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Item 1A – Risk Factors” of this Form 10-K.
Previous wording
Advisory revenue decreased 34.8% to $465.6 million for the year ended December 31, 2023, from $714.6 million in 2022. The decrease is primarily attributable to lower levels of completed advisory transactions during 2023.
Current wording
For the year ended December 31, 2025, advisory revenues increased 25.0% to $722.0 million from $577.4 million in 2024. The increase is primarily attributable to higher levels of completed advisory transactions during 2025 with continued growth in depository advisory transactions.
Previous wording
Asset management – For the year ended December 31, 2023, asset management revenues increased 2.9% to $1.30 billion from $1.26 billion in 2022. The increase is primarily attributable to higher asset values and strong recruiting. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Current wording
For the year ended December 31, 2025, asset management revenues increased 10.7% to a record $1.70 billion from $1.54 billion in 2024. The increase is primarily attributable to market appreciation leading to higher asset values due to improved market conditions and net new asset growth. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Previous wording
For the year ended December 31, 2024, net revenues increased 14.3% to a record $4.97 billion from $4.35 billion in 2023. The increase was primarily attributable to higher investment banking, asset management, and transactional revenues, partially offset by lower net interest income.
Current wording
For the year ended December 31, 2024, net revenues increased 14.3% to $4.97 billion from $4.35 billion in 2023. The increase was primarily attributable to higher investment banking, asset management, and transactional revenues, partially offset by lower net interest income.
Previous wording
For the year ended December 31, 2024, commission revenues increased 12.2% to $756.0 million from $673.6 million in 2023.
Current wording
Commissions – For the year ended December 31, 2024, commission revenues increased 12.2% to $756.0 million from $673.6 million in 2023.
Previous wording
For the year ended December 31, 2024, principal transactions revenues increased 23.3% to $604.6 million from $490.4 million in 2023.
Current wording
Principal transactions – For the year ended December 31, 2024, principal transactions revenues increased 23.3% to $604.6 million from $490.4 million in 2023.
Previous wording
For the year ended December 31, 2024, investment banking revenues increased 36.0% to $994.8 million from $731.3 million in 2023.
Current wording
Investment banking – For the year ended December 31, 2024, investment banking revenues increased 36.0% to $994.8 million from $731.3 million in 2023.
Previous wording
Capital-raising revenues increased 57.1% to $417.4 million for the year ended December 31, 2024, from $265.7 million in 2023. For the year ended December 31, 2024, equity capital-raising revenues increased 73.2% to $198.5 million from $114.6 million in 2023 driven by higher volumes during 2024. For the year ended December 31, 2024, fixed income capital-raising revenues increased 44.9% to $218.9 million from $151.1 million in 2023 driven by higher bond issuances during 2024.
Current wording
For the year ended December 31, 2024, capital-raising revenues increased 57.1% to $417.4 million from $265.7 million in 2023. For the year ended December 31, 2024, equity capital-raising revenues increased 73.2% to $198.5 million from $114.6 million in 2023 driven by higher volumes during 2024. For the year ended December 31, 2024, fixed income capital-raising revenues increased 44.9% to $218.9 million from $151.1 million in 2023 driven by higher bond issuances during 2024.
Previous wording
Advisory revenues increased 24.0% to $577.4 million for the year ended December 31, 2024, from $465.6 million in 2023. The increase is primarily attributable to higher levels of completed advisory transactions during 2024.
Current wording
For the year ended December 31, 2024, advisory revenues increased 24.0% to $577.4 million from $465.6 million in 2023. The increase is primarily attributable to higher levels of completed advisory transactions during 2024.
Previous wording
For the year ended December 31, 2024, asset management revenues increased 18.3% to a record $1.54 billion from $1.30 billion in 2023. The increase is primarily attributable to market appreciation leading to higher asset values and net cash inflows primarily as a result of our recruiting efforts. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Current wording
Asset management – For the year ended December 31, 2024, asset management revenues increased 18.3% to $1.54 billion from $1.30 billion in 2023. The increase is primarily attributable to market appreciation leading to higher asset values and net cash inflows primarily as a result of our recruiting efforts. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Previous wording
Other income – For the year ended December 31, 2024, other income increased 393.1% to $43.1 million from $8.7 million during 2023. The increase is primarily attributable to higher investment gains over the comparable period in 2023.
Current wording
Other income – For the year ended December 31, 2024, other income increased 393.1% to $43.1 million from $8.7 million in 2023. The increase is primarily attributable to higher investment gains over the comparable period in 2023.
Previous wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the year ended December 31, 2024, net interest income decreased 9.6% to $1.0 billion from $1.1 billion in 2023.
Current wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the year ended December 31, 2025, net interest income increased 4.9% to $1.09 billion from $1.04 billion in 2024.
Previous wording
For the year ended December 31, 2023, interest revenue increased 77.9% to $2.0 billion from $1.1 billion in 2022, principally as a result of higher interest rates and an increase in interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $29.9 billion during the year ended December 31, 2023, compared to $27.8 billion in 2022 at average interest rates of 6.01% and 3.66%, respectively.
Current wording
For the year ended December 31, 2025, interest revenue decreased 5.6% to $1.90 billion from $2.02 billion in 2024, principally as a result of lower interest rates, partially offset by an increase in interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.2 billion during the year ended December 31, 2025, compared to $30.1 billion in 2024 at average interest rates of 5.59% and 6.14%, respectively.
Previous wording
Allocation of the Allowance for Loan Losses
Current wording
Allocation of the Allowance for Credit Losses
Previous wording
The following is a breakdown of the allowance for loan losses by each major loan category at December 31, 2024 and 2023(in thousands, except rates):
Current wording
The following is a breakdown of the allowance for credit losses by each major loan category at December 31, 2025 and 2024(in thousands, except rates):
Previous wording
A loan is determined to be impaired usually when principal or interest becomes 90 days past due or when collection becomes uncertain. At the time a loan is determined to be impaired, the accrual of interest and amortization of deferred loan origination fees is discontinued (“nonaccrual status”) and any accrued and unpaid interest income is reversed.
Current wording
When principal or interest becomes 90 days past due or when collection becomes uncertain, the accrual of interest and amortization of deferred loan origination fees is generally discontinued (“nonaccrual status”) and any accrued and unpaid interest income is reversed.
Previous wording
Please refer to the section entitled “Critical Accounting Policies and Estimates” herein regarding our policies for establishing loan loss reserves, including placing loans on nonaccrual status.
Current wording
Please refer to the section entitled “Critical Accounting Policies and Estimates” herein regarding our policies for establishing credit loss reserves, including placing loans on nonaccrual status.
Previous wording
Communications and office supplies – Communications expense includes costs for telecommunication and data transmission, primarily for obtaining third-party market data information. For the year ended December 31, 2024, communications and office supplies expense increased 5.3% to $194.4 million from $184.7 million in 2023. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued investments made in our business.
Current wording
Communications and office supplies – Communications expense includes costs for telecommunication and data transmission, primarily for obtaining third-party market data information. For the year ended December 31, 2025, communications and office supplies expense increased 1.0% to $196.3 million from $194.4 million in 2024. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued investments made in our business, partially offset by lower internet costs.
Previous wording
Provision for income taxes – For the year ended December 31, 2023, our provision for income taxes was $184.2 million, representing an effective tax rate of 26.1%, compared to $223.0 million in 2022, representing an effective tax rate of 25.2%. The effective tax rate in 2023 was impacted by the benefit related to the tax impact on stock-based compensation and the non-deductibility of the provision for legal and regulatory matters recorded during the third quarter of 2023.
Current wording
Provision for income taxes – For the year ended December 31, 2025, our provision for income taxes was $187.4 million, representing an effective tax rate of 21.5%, compared to $197.1 million in 2024, representing an effective tax rate of 21.2%. The effective tax rate in 2025 was impacted by the benefit related to the tax impact on stock-based compensation.
Previous wording
For the year ended December 31, 2024, compensation and benefits expense increased 14.2% to $2.92 billion from $2.55 billion in 2023. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation expense. Compensation and benefits expense as a percentage of net revenues of 58.7% for the year ended December 31, 2024, was consistent with the comparable period in 2023.
Current wording
Compensation and benefits – For the year ended December 31, 2024, compensation and benefits expense increased 14.2% to $2.92 billion from $2.55 billion in 2023. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation expense. Compensation and benefits expense as a percentage of net revenues of 58.7% for the year ended December 31, 2024, was consistent with the comparable period in 2023.
Previous wording
Commissions and floor brokerage – For the year ended December 31, 2024, commissions and floor brokerage expense increased 7.7% to $62.8 million from $58.3 million in 2023. The increase is primarily attributable to higher clearing expense and electronic communication network (“ECN”) trading costs and processing expenses.
Current wording
Commissions and floor brokerage – For the year ended December 31, 2024, commissions and floor brokerage expense increased 7.7% to $62.8 million from $58.3 million in 2023. The increase is primarily attributable to higher clearing expense and ECN trading costs and processing expenses.
Previous wording
For the year ended December 31, 2024, other operating expenses increased 0.1% to $480.6 million from $480.4 million in 2023. The increase is primarily attributable to higher investment banking transaction expense, professional fees, advertising, conference-related expenses, and subscriptions, partially offset by lower litigation-related expenses. During the year ended December 31, 2023, we recorded $67 million related to provisions for legal and regulatory matters.
Current wording
Other operating expenses – For the year ended December 31, 2024, other operating expenses increased 0.1% to $480.6 million from $480.4 million in 2023. The increase is primarily attributable to higher investment banking transaction expense, professional fees, advertising, conference-related expenses, and subscriptions, partially offset by lower litigation-related expenses. During the year ended December 31, 2023, we recorded $67 million related to provisions for legal and regulatory matters.
Previous wording
Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their private clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public.
Current wording
Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their private clients through Stifel Bancorp, which provides residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public.
Previous wording
For the year ended December 31, 2023, Global Wealth Management net revenues increased 7.9% to $3.0 billion from $2.8 billion in 2022. The increase in net revenues is primarily attributable to increases in net interest income, asset management revenues, and principal transaction revenues, partially offset by lower commission revenues and investment banking revenues.
Current wording
For the year ended December 31, 2025, Global Wealth Management net revenues increased 7.7% to a record $3.54 billion from $3.28 billion in 2024. The increase in net revenues is primarily attributable to higher asset management revenues, net interest income, commission revenues, and investment banking revenues, partially offset by lower principal transactions revenues.
Previous wording
Asset management – For the year ended December 31, 2023, asset management revenues increased 2.9% to $1.30 billion from $1.26 billion in 2022. The increase is primarily attributable to higher asset values and strong fee-based asset flows. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.
Current wording
Asset management – For the year ended December 31, 2025, asset management revenues increased 10.7% to a record $1.70 billion from $1.54 billion in 2024. The increase is primarily attributable to higher asset values due to improved market conditions and net new asset growth. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.
Previous wording
Client asset metrics as of the periods indicated(in thousands):
Current wording
Client asset metrics as of the periods indicated(in thousands, except for number of accounts):
Previous wording
Interest revenue– For the year ended December 31, 2023, interest revenue increased 75.2% to $1.9 billion from $1.1 billion in 2022. The increase is primarily attributable to higher interest-earning assets and higher interest rates. Please refer to the Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential table below for additional information on Stifel Bancorp’s average balances and interest income and expense.
Current wording
Interest revenue – For the year ended December 31, 2025, interest revenue decreased 5.0% to $1.81 billion from $1.91 billion in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets. Please refer to the Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential table for additional information on average balances and interest income.
Previous wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 28.7% to $21.5 million for the year ended December 31, 2024, from $16.7 million in 2023. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in investment banking revenues.
Current wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 25.7% to $27.0 million for the year ended December 31, 2025, from $21.5 million in 2024. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in investment banking revenues.
Previous wording
Interest expense – For the year ended December 31, 2023, interest expense increased 323.8% to $775.2 million from $182.9 million in 2022. The increase in interest expense is primarily attributable to higher interest rates and higher interest-bearing liabilities. Please refer to the Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential table below for additional information on Stifel Bancorp’s average balances and interest income and expense.
Current wording
Interest expense – For the year ended December 31, 2025, interest expense decreased 15.6% to $795.8 million from $942.8 million in 2024. The decrease in interest expense is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. Please refer to the Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential table for additional information on average balances and interest expense.
Previous wording
For the year ended December 31, 2023, Global Wealth Management non-interest expenses increased 4.3% to $1.83 billion from $1.76 billion in 2022.
Current wording
For the year ended December 31, 2025, Global Wealth Management non-interest expenses increased 17.1% to $2.43 billion from $2.08 billion in 2024.
Previous wording
Occupancy and equipment rental – For the year ended December 31, 2023, occupancy and equipment rental expense increased 8.3% to $165.8 million from $153.1 million in 2022. The increase is primarily attributable to higher occupancy and furniture and equipment costs and higher data processing costs associated with an increase in business activity.
Current wording
Occupancy and equipment rental – For the year ended December 31, 2025, occupancy and equipment rental expense increased 5.0% to $184.1 million from $175.4 million in 2024. The increase is primarily attributable to higher data processing, occupancy, and furniture and equipment costs associated with an increase in business activity.
Previous wording
Communications and office supplies – For the year ended December 31, 2023, communications and office supplies expense increased 4.2% to $63.3 million from $60.8 million in 2022. The increase is primarily attributable to higher postage and shipping expenses and communication and quote equipment expenses associated with the continued growth of our business.
Current wording
Communications and office supplies – For the year ended December 31, 2025, communications and office supplies expense increased 1.3% to $66.2 million from $65.4 million in 2024. The increase is primarily attributable to higher postage and shipping expenses and communication and quote equipment expenses associated with the continued growth of our business, partially offset by lower internet costs.
Previous wording
For the year ended December 31, 2024, Global Wealth Management net revenues increased 7.7% to a record $3.3 billion from $3.0 billion in 2023. The increase in net revenues is primarily attributable to increases in asset management revenues and transactional revenues, partially offset by lower net interest income.
Current wording
For the year ended December 31, 2024, Global Wealth Management net revenues increased 7.7% to $3.3 billion from $3.0 billion in 2023. The increase in net revenues is primarily attributable to increases in asset management revenues and transactional revenues, partially offset by lower net interest income.
Showing the first 40 of 96 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Net interest income – For the year ended December 31, 2024, net interest income decreased 9.6% to $1.0 billion from $1.1 billion in 2023.
Current report — wording carried from elsewhere
Communications and office supplies – For the year ended December 31, 2024, communications and office supplies expense increased 5.3% to $194.4 million from $184.7 million in 2023. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued investments made in our business.
Current report — wording carried from elsewhere
For the year ended December 31, 2025, fixed income transactional revenues increased 11.4% to $437.8 million from $393.0 million in 2024. The increase in fixed income transactional revenues is primarily attributable to increased activity as a result of market volatility and higher trading gains.
Current report — wording carried from elsewhere
On June 2, 2025, the Company completed the acquisition of Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. Consideration for this transaction consisted of cash from operations.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Compensation and benefits – For the year ended December 31, 2023, compensation and benefits expense increased 3.4% to $1.42 billion from $1.37 billion in 2023. The increase is primarily attributable to increased variable compensation from our continued recruiting efforts.
Previous report — wording carried elsewhere
The following tables present average balance data and operating interest revenue and expense data for Stifel Bancorp, as well as related interest yields for the periods indicated(in thousands, except rates):
Previous report — wording carried elsewhere
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies.