STIFEL FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
SF$73.12-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash Flows From Operating Activities: | |||
| Net income | $683,779 | $731,379 | $522,536 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 61,088 | 62,398 | 60,533 |
| Amortization of loans and advances to financial advisors and other employees | 147,882 | 154,182 | 145,227 |
| Amortization of premium on investment portfolio | 6,974 | 8,732 | 9,871 |
| Provision for credit losses | 38,404 | 25,402 | 24,999 |
| Amortization of intangible assets | 34,067 | 23,568 | 20,929 |
| Deferred income taxes | (21,099) | (30,638) | 15,968 |
| Stock-based compensation | 164,003 | 153,762 | 140,263 |
| Unrealized gains on investments | (4,726) | (88) | (460) |
| Gain on sale of leased aircraft engines | (40,628) | (46,484) | (4,146) |
| Other, net | 1,525 | (12,238) | 6,718 |
| Decrease/(increase) in operating assets, net of assets acquired: | |||
| Receivables: | |||
| Brokerage clients, net | (241,397) | (55,856) | 82,878 |
| Brokers, dealers, and clearing organizations | (85,198) | (71,336) | 5,341 |
| Securities purchased under agreements to resell | (35,186) | (179,127) | (1,687) |
| Financial instruments owned | (258,827) | (216,060) | (131,576) |
| Loans originated as held for sale | (2,171,105) | (2,083,024) | (995,084) |
| Proceeds from loans held for sale | 2,631,486 | 2,114,640 | 864,996 |
| Loans and advances to financial advisors and other employees, net | (206,251) | (158,082) | (181,583) |
| Other assets | 60,814 | 3,431 | (107,859) |
| Increase/(decrease) in operating liabilities, net of liabilities assumed: | |||
| Payables: | |||
| Brokerage clients | (37,190) | (266,048) | (35,515) |
| Brokers, dealers, and clearing organizations | 14,920 | (59,721) | 43,060 |
| Drafts | 16,146 | 9,082 | 15,476 |
| Financial instruments sold, but not yet purchased | 147,355 | 114,323 | 12,582 |
| Other liabilities and accrued expenses | 210,193 | 268,240 | (14,139) |
| Net cash provided by operating activities | $1,117,029 | $490,437 | $499,328 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash Flows From Investing Activities: | |||
| Proceeds from: | |||
| Principal paydowns, calls, and maturities of available-for-sale securities | $376,273 | $273,800 | $138,216 |
| Calls and principal paydowns of held-to-maturity securities | 2,082,199 | 2,190,885 | 101,240 |
| Sale or maturity of investments | 45 | 4,438 | 15,694 |
| Sale of leased aircraft engines | 116,990 | 69,916 | — |
| Decrease/(increase) in loans held for investment, net | (1,612,789) | (1,617,763) | 1,002,320 |
| Payments for: | |||
| Purchase of available-for-sale securities | (327,072) | (309,329) | (19,635) |
| Purchase of held-to-maturity securities | (2,106,354) | (2,827,324) | — |
| Purchase of investments | (6,254) | (12,532) | (29,257) |
| Purchase of fixed assets | (62,088) | (73,788) | (51,976) |
| Acquisitions, net of cash received | (74,878) | (8,465) | (111,958) |
| Net cash provided by/(used in) investing activities | (1,613,928) | (2,310,162) | 1,044,644 |
| Cash Flows From Financing Activities: | |||
| Increase in securities sold under agreements to repurchase | 71,066 | 162,526 | 205,633 |
| Increase in bank deposits, net | 649,836 | 1,767,648 | 217,468 |
| Increase in securities loaned | 73,209 | 43,234 | 67,588 |
| Tax payments related to shares withheld for stock-based compensation plans | (122,692) | (120,962) | (94,387) |
| Repayment of short-term debt | (86,877) | — | — |
| Repayment of senior notes | — | (500,000) | — |
| Repurchase of common stock | (244,991) | (144,097) | (443,876) |
| Cash dividends on preferred stock | (37,281) | (37,281) | (37,281) |
| Cash dividends paid to common stock and equity-award holders | (206,268) | (190,002) | (162,984) |
| Payment of contingent consideration | (312) | (962) | (6,740) |
| Extinguishment of Stifel Financial Capital Trust | (4,444) | — | — |
| Net cash provided by/(used in) financing activities | 91,246 | 980,104 | (254,579) |
| Effect of exchange rate changes on cash | 10,257 | (6,025) | 5,454 |
| Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes | (395,396) | (845,646) | 1,294,847 |
| Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of year | 2,678,203 | 3,523,849 | 2,229,002 |
| Cash, cash equivalents, and cash segregated for regulatory purposes at end of year | $2,282,807 | $2,678,203 | $3,523,849 |
| Cash and cash equivalents | $2,253,789 | $2,648,308 | $3,361,801 |
|---|---|---|---|
| Cash segregated for regulatory purposes | 29,018 | 29,895 | 162,048 |
| Total cash, cash equivalents, and cash segregated for regulatory purposes | $2,282,807 | $2,678,203 | $3,523,849 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $833,545 | $995,530 | $821,741 |
| Cash paid for income taxes, net of refunds | $200,323 | $232,948 | $183,815 |
| Noncash investing and financing activities: | |||
| Transfer of loans held for investment to held for sale | $693,515 | $164,093 | $131,381 |
| Transfer of loans held for sale to held for investment | $314,660 | $— | $— |
| Unit grants, net of forfeitures | $243,896 | $166,595 | $188,641 |
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