STIFEL FINANCIAL CORP
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 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-Q
Period ended 2026-03-31; filed 2026-05-04.
0001193125-26-202795
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-333953
Item 2. 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 220 previous paragraphs and 228 current paragraphs.
122 unchanged; 70 reworded; 31 added; 21 removed; 7 previous and 5 current paragraphs rearranged.
Tables are not compared: 11 previous and 15 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 (31)
Current report
For the six months ended June 30, 2026, net revenues increased 15.3% to $2.9 billion compared to $2.5 billion during the comparable period in 2025. Net income available to common shareholders increased 142.5% to $459.3 million, or $2.83 per diluted common share for the six months ended June 30, 2026, compared to $189.4 million, or $1.15 per diluted common share during the comparable period in 2025.
Current report
For the three months ended June 30, 2026, principal transactions revenues decreased 18.8% to $140.1 million from $172.6 million in the comparable period in 2025. For the six months ended June 30, 2026, principal transactions revenues decreased 7.6% to $290.3 million from $314.3 million in the comparable period in 2025. The decrease is primarily attributable to lower realized trading gains in our aircraft business over the comparable periods in 2025. Principal transactions for the three months ended June 30, 2025 benefited from a roughly $30 million gain in our aircraft business.
Current report
For the three months ended June 30, 2026, investment banking revenues increased 42.2% to $332.0 million from $233.5 million in the comparable period in 2025.
Current report
Capital-raising revenues increased 64.3% to $174.5 million for the three months ended June 30, 2026 from $106.2 million in the comparable period in 2025. For the three months ended June 30, 2026, equity capital-raising revenues increased 120.1% to $107.2 million from $48.7 million in the comparable period in 2025 driven by higher volumes and larger deal sizes during the quarter. For the three months ended June 30, 2026, fixed income capital-raising revenues increased 17.1% to $67.3 million from $57.5 million in the comparable period in 2025 driven by higher bond issuances during the quarter.
Current report
Advisory revenues increased 23.7% to $157.5 million for the three months ended June 30, 2026 from $127.3 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions during the quarter.
Current report
For the six months ended June 30, 2026, investment banking revenues increased 42.8% to $673.4 million from $471.4 million in the comparable period in 2025.
Current report
Capital-raising revenues increased 43.9% to $297.4 million for the six months ended June 30, 2026 from $206.6 million in the comparable period in 2025. For the six months ended June 30, 2026, equity capital-raising revenues increased 76.7% to $177.4 million from $100.4 million in the comparable period in 2025 driven by higher volumes and larger deal sizes. For the six months ended June 30, 2026, fixed income capital-raising revenues increased 13.0% to $120.0 million from $106.2 million in the comparable period in 2025 driven by higher bond issuances.
Current report
Advisory revenues increased 42.0% to $375.9 million for the six months ended June 30, 2026 from $264.8 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions.
Current report
For the six months ended June 30, 2026, other income increased 378.1% to $68.2 million from $14.3 million during the comparable period in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA during the first quarter of 2026 and higher loan origination fees from the comparable period in 2025.
Current report
For the six months ended June 30, 2026, interest revenue decreased 2.7% to $927.1 million from $952.7 million in the comparable period in 2025, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $32.4 billion during the six months ended June 30, 2026 compared to $31.1 billion during the comparable period in 2025 at average interest rates of 5.19% and 5.62%, respectively.
Current report
For the six months ended June 30, 2026, interest expense decreased 10.7% to $375.5 million from $420.4 million in the comparable period in 2025. 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 $29.9 billion during the six months ended June 30, 2026 compared to $28.7 billion during the comparable period in 2025 at average interest rates of 2.13% and 2.68%, respectively.
Current report
For the three months ended June 30, 2026, other operating expenses increased 13.7% to $143.9 million from $126.5 million during the comparable period in 2025. The increase is primarily attributable to higher travel-related expenses, investment banking expenses, advertising, amortization of identifiable intangible assets, bank service charges, insurance expenses, and subscriptions, partially offset by lower legal-related expenses, conference-related expenses, professional fees, and licensing fees.
Current report
Other income – For the three months ended June 30, 2026, other income increased to $9.2 million from a loss of $1.0 million in the comparable period in 2025. The increase is primarily attributable to higher investment gains and an increase in loan origination fees. For the six months ended June 30, 2026, other income increased 295.7% to $8.8 million from $2.2 million during the comparable period in 2025. The increase is primarily attributable to lower investment losses and an increase in loan origination fees.
Current report
For the three months ended June 30, 2026, Global Wealth Management non-interest expenses increased 10.2% to $594.7 million from $539.6 million for the comparable period in 2025. For the six months ended June 30, 2026, Global Wealth Management non-interest expenses decreased 5.4% to $1.2 billion from $1.3 billion for the comparable period in 2025.
Current report
Compensation and benefits – For the three months ended June 30, 2026, compensation and benefits expense increased 9.6% to $460.6 million from $420.2 million during the comparable period in 2025. For the six months ended June 30, 2026, compensation and benefits expense increased 10.7% to $933.0 million from $842.5 million during the comparable period in 2025. The increase is primarily attributable to increased variable compensation over the comparable periods in 2025.
Current report
Compensation and benefits expense as a percentage of net revenues was 48.2% and 49.4% for the three and six months ended June 30, 2026, respectively, compared to 49.7% and 49.7% for the comparable periods in 2025. The decrease is primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
Current report
Other operating expenses – For the three months ended June 30, 2026, other operating expenses increased 16.4% to $48.5 million from $41.7 million during the comparable period in 2025. The increase is primarily attributable to higher legal-related expenses, travel-related expenses, bank service charges, insurance expense, and subscription costs, partially offset by decreases in conference-related expenses, professional fees, and advertising.
Current report
For the three months ended June 30, 2026, income before income taxes increased 18.2% to $361.8 million from $306.1 million during the comparable period in 2025. For the six months ended June 30, 2026, income before income taxes increased 60.1% to $692.6 million from $432.5 million during the comparable period in 2025.
Current report
Transactional revenues – For the three months ended June 30, 2026, transactional revenues decreased 19.1% to $154.2 million from $190.6 million in the comparable period in 2025. For the six months ended June 30, 2026, transactional revenues decreased 8.8% to $309.6 million from $339.5 million in the comparable period in 2025.
Current report
For the three months ended June 30, 2026, fixed income transactional revenues decreased 26.4% to $95.0 million from $129.1 million in the comparable period in 2025. For the six months ended June 30, 2026, fixed income transactional revenues decreased 10.7% to $195.1 million from $218.5 million in the comparable period in 2025. The decrease was primarily attributable to lower realized trading gains in our aircraft business over the comparable periods in 2025. The three months ended June 30, 2025 benefited from a roughly $30 million gain in our aircraft business.
Current report
For the three months ended June 30, 2026, capital-raising revenues increased 66.0% to $165.9 million from $99.9 million in the comparable period in 2025. For the six months ended June 30, 2026, capital-raising revenues increased 45.4% to $282.8 million from $194.5 million in the comparable period in 2025.
Current report
For the three months ended June 30, 2026, equity capital-raising revenues increased 121.4% to $102.3 million from $46.2 million during the comparable period in 2025. For the six months ended June 30, 2026, equity capital-raising revenues increased 78.1% to $169.6 million from $95.2 million during the comparable period in 2025. The increase is primarily attributable to higher volumes and larger deal sizes over the comparable periods in 2025.
Current report
Interest – For the three months ended June 30, 2026, interest increased 2.4% to $11.3 million from $11.0 million in the comparable period in 2025. For the six months ended June 30, 2026, interest increased 8.3% to $21.7 million from $20.1 million in the comparable period in 2025. The increase is primarily attributable to an increase in inventory levels.
Current report
For the three months ended June 30, 2026, Institutional Group non-interest expenses increased 8.3% to $388.5 million from $358.7 million for the comparable period in 2025. For the six months ended June 30, 2026, Institutional Group non-interest expenses increased 9.7% to $785.9 million from $716.2 million during the comparable period in 2025.
Current report
Compensation and benefits expense as a percentage of net revenues was 59.4% and 59.6% for the three and six months ended June 30, 2026, respectively, compared to 61.4% and 63.4% for the comparable periods in 2025. The decrease is primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
Current report
Occupancy and equipment rental – For the three months ended June 30, 2026, occupancy and equipment rental expense decreased 13.4% to $18.8 million from $21.7 million during the comparable period in 2025. For the six months ended June 30, 2026, occupancy and equipment rental expense decreased 6.9% to $39.6 million from $42.5 million during the comparable period in 2025. The decrease is primarily attributable to lower occupancy costs and furniture and equipment costs, partially offset by higher data processing expenses.
Current report
Other operating expenses – For the three months ended June 30, 2026, other operating expenses increased 21.0% to $52.7 million from $43.6 million during the comparable period in 2025. The increase is primarily attributable to higher investment banking expenses, litigation-related expenses, travel-related expenses, and subscription costs, partially offset by lower professional fees and licensing costs.
Current report
For the six months ended June 30, 2026, other operating expenses increased 8.9% to $99.1 million from $91.1 million during the comparable period in 2025. The increase is primarily attributable to higher investment banking expenses, travel-related expenses, litigation-related expenses, professional fees, and subscription costs, partially offset by lower licensing costs and conference-related expenses.
Current report
For the three months ended June 30, 2026, income before income taxes increased 51.0% to $92.2 million from $61.0 million during the comparable period in 2025. For the six months ended June 30, 2026, income before income taxes increased 114.9% to $190.1 million from $88.5 million during the comparable period in 2025.
Current report
For the three months ended June 30, 2026, net revenues decreased 28.1% to $13.6 million from $18.9 million during the comparable period in 2025. The decrease is primarily attributable to higher interest expense over the comparable period in 2025. For the six months ended June 30, 2026, increased 65.6% to $64.4 million from $38.9 million during the comparable period in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA during the first quarter of 2026.
Current report
For the three months ended June 30, 2026, non-interest expenses decreased 2.3% to $168.2 million from $172.2 million during the comparable period in 2025. The decrease is primarily attributable to lower fixed compensation expenses due to workforce reductions in certain of our foreign subsidiaries during 2025. For the six months ended June 30, 2026, non-interest expenses increased 13.8% to $321.5 million from $282.6 from the comparable period in 2025. The increase is primarily attributable to an increase in variable compensation.
Removed paragraphs (21)
Previous report
For the three months ended March 31, 2026, principal transactions revenues increased 6.0% to $150.2 million from $141.7 million in the comparable period in 2025. The increase is primarily attributable to increased client activity.
Previous report
For the three months ended March 31, 2026, investment banking revenues increased 43.5% to $341.4 million from $237.9 million in the comparable period in 2025.
Previous report
Capital-raising revenues increased 22.4% to $123.0 million for the three months ended March 31, 2026 from $100.5 million in the comparable period in 2025. For the three months ended March 31, 2026, equity capital-raising revenues increased 35.9% to $70.2 million from $51.7 million in the comparable period in 2025 driven by higher volumes. For the three months ended March 31, 2026, fixed income capital-raising revenues increased 8.1% to $52.8 million from $48.8 million in the comparable period in 2025 driven by higher bond issuances during the first quarter of 2026.
Previous report
Advisory revenues increased 58.9% to $218.4 million for the three months ended March 31, 2026 from $137.5 million in the comparable period in 2025. The increase is primarily attributable to higher completed advisory transactions.
Previous report
credits.
Previous report
Other income – For the three months ended March 31, 2026, other income decreased 112.5% to a loss of $0.4 million from $3.2 million in the comparable period in 2025. The decrease is primarily attributable to investment losses during the quarter, partially offset by higher loan origination fees.
Previous report
For the three months ended March 31, 2026, Global Wealth Management non-interest expenses decreased 17.0% to $601.4 million from $724.2 million for the comparable period in 2025.
Previous report
Compensation and benefits – For the three months ended March 31, 2026, compensation and benefits expense increased 11.9% to $472.5 million from $422.3 million during the comparable period in 2025. Compensation and benefits expense as a percentage of net revenues was 50.7% for the three months ended March 31, 2026, compared to 49.6% for the comparable period in 2025. The increase is primarily attributable to higher variable compensation expense and deferred compensation costs during the quarter.
Previous report
credits.
Previous report
For the three months ended March 31, 2026, income before income taxes increased 161.6% to $330.7 million from $126.4 million during the comparable period in 2025.
Previous report
Transactional revenues –For the three months ended March 31, 2026, institutional transactional revenues increased 4.3% to $155.4 million from $148.9 million in the comparable period in 2025.
Previous report
For the three months ended March 31, 2026, fixed income institutional transactional revenues increased 12.0% to $100.0 million from $89.3 million in the comparable period in 2025. The increase was primarily attributable to increased client activity due to the continued normalization of the yield curve.
Previous report
For the three months ended March 31, 2026, capital-raising revenues increased 23.6% to $116.9 million from $94.6 million in the comparable period in 2025.
Previous report
For the three months ended March 31, 2026, equity capital-raising revenues increased 37.3% to $67.3 million from $49.0 million during the comparable period in 2025 driven by higher volumes and larger deal sizes.
Previous report
Interest – For the three months ended March 31, 2026, interest increased 15.5% to $10.5 million from $9.1 million in the comparable period in 2025.
Previous report
For the three months ended March 31, 2026, Institutional Group non-interest expenses increased 11.1% to $397.3 million from $357.5 million for the comparable period in 2025.
Previous report
Compensation and benefits expense as a percentage of net revenues was 59.7% for the three months ended March 31, 2026, compared to 65.6% for the comparable period in 2025. The decrease is primarily attributable to revenue growth, partially offset by higher revenue-related compensation.
Previous report
Other operating expenses – For the three months ended March 31, 2026, other operating expenses decreased 2.2% to $46.5 million from $47.5 million during the comparable period in 2025. The decrease is primarily attributable to lower litigation-related expenses, licensing costs, and conference-related expenses, partially offset by higher professional fees, dues and assessment expenses, subscription costs, bank service charges, and advertising.
Previous report
For the three months ended March 31, 2026, income before income taxes for the Institutional Group segment increased 256.9% to $97.9 million from $27.4 million during the comparable period in 2025.
Previous report
For the three months ended March 31, 2026, net revenues increased 154.1% to $50.8 million from $20.0 million in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA during the quarter.
Previous report
For the three months ended March 31, 2026, non-interest expenses increased 38.8% to $153.3 million from $110.5 million in 2025. The increase is primarily attributable to an increase in variable compensation.
Reworded paragraphs (70)
Previous wording
On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), 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. We recognized a gain on the sale of $49.8 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.
Current wording
On February 2, 2026, the Company sold Stifel Independent Advisors, LLC (“SIA”), 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. We recognized a gain on the sale of $47.3 million that is included in other income in the accompanying consolidated statements of operations. The results of operations of SIA have been included in our results up to the date of disposition.
Previous wording
Results for the three months ended March 31, 2026
Current wording
Results for the three and six months ended June 30, 2026
Previous wording
For the three months ended March 31, 2026, net revenues increased 17.7% to $1.5 billion from $1.3 billion during the comparable period in 2025. Net income available to common shareholders increased 454.4% to $242.1 million, or $1.48 per diluted common share for the three months ended March 31, 2026, compared to $43.7 million, or $0.26 per diluted common share during the comparable period in 2025. Net income available to common shareholders for the three months ended March 31, 2025 was negatively impacted by elevated provisions for legal matters.
Current wording
For the three months ended June 30, 2026, net revenues increased 13.0% to $1.5 billion from $1.3 billion during the comparable period in 2025. Net income available to common shareholders increased 49.0% to $217.2 million, or $1.34 per diluted common share for the three months ended June 30, 2026, compared to $145.7 million, or $0.89 per diluted common share during the comparable period in 2025.
Previous wording
Our revenue growth was primarily attributable to higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of SIA during the quarter.
Current wording
Our revenue growth was primarily attributable to higher investment banking revenues, asset management revenues, commission revenues, net interest income, and the recognition of a gain on the sale of SIA during the first quarter.
Previous wording
For the three months ended March 31, 2026, commission revenues increased 7.3% to $207.8 million from $193.7 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility.
Current wording
For the three months ended June 30, 2026, commission revenues increased 10.4% to $221.5 million from $200.7 million in the comparable period in 2025. For the six months ended June 30, 2026, commission revenues increased 8.9% to $429.3 million from $394.3 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2025.
Previous wording
For the three months ended March 31, 2026, asset management revenues increased 12.2% to a record $459.5 million from $409.5 million in the comparable period in 2025. 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 three months ended June 30, 2026, asset management revenues increased 13.1% to $456.6 million from $403.6 million in the comparable period in 2025. For the six months ended June 30, 2026, asset management revenues increased 12.7% to $916.1 million from $813.1 million in the comparable period in 2025. 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 – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended March 31, 2026, other income increased 426.2% to $55.7 million from $10.6 million during the comparable period in 2025. The increase is primarily attributable to the recognition of a gain on the sale of SIA and higher loan origination fees during the quarter.
Current wording
Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended June 30, 2026, other income increased 240.1% to $12.5 million from $3.7 million during the comparable period in 2025. The increase is primarily attributable to increases in investment gains from the comparable period in 2025.
Previous wording
The following table presents average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):
Current wording
The following tables present average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):
Previous wording
The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three months ended March 31, 2026 compared to the three months ended March 31, 2025(in thousands):
Current wording
The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three and six month periods ended June 30, 2026 compared to the three and six month periods ended June 30, 2025(in thousands):
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 three months ended March 31, 2026, net interest income increased 0.6% to $263.6 million from $262.1 million during the comparable period in 2025.
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 three months ended June 30, 2026, net interest income increased 6.6% to $288.1 million from $270.3 million during the comparable period in 2025. For the six months ended June 30, 2026, net interest income increased 3.6% to $551.7 million from $532.3 million during the comparable period in 2025.
Previous wording
For the three months ended March 31, 2026, interest revenue decreased 5.2% to $451.0 million from $475.6 million in the comparable period in 2025, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.8 billion during the three months ended March 31, 2026 compared to $31.3 billion during the comparable period in 2025 at average interest rates of 5.14% and 5.58%, respectively.
Current wording
For the three months ended June 30, 2026, interest revenue decreased 0.2% to $476.1 million from $477.1 million in the comparable period in 2025, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $33.0 billion during the three months ended June 30, 2026 compared to $31.0 billion during the comparable period in 2025 at average interest rates of 5.24% and 5.66%, respectively.
Previous wording
For the three months ended March 31, 2026, interest expense decreased 12.2% to $187.5 million from $213.6 million during the comparable period in 2025. 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 $29.3 billion during the three months ended March 31, 2026 compared to $28.7 billion during the comparable period in 2025 at average interest rates of 2.09% and 2.71%, respectively.
Current wording
For the three months ended June 30, 2026, interest expense decreased 9.1% to $188.0 million from $206.8 million during the comparable period in 2025. 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 $30.5 billion during the three months ended June 30, 2026 compared to $28.6 billion during the comparable period in 2025 at average interest rates of 2.17% and 2.65%, respectively.
Previous wording
For the three months ended March 31, 2026, compensation and benefits expense increased 15.9% to $848.3 million from $732.2 million during the comparable period in 2025. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation costs.
Current wording
For the three months ended June 30, 2026, compensation and benefits expense increased 7.5% to $833.0 million from $774.9 million during the comparable period in 2025. For the six months ended June 30, 2026, compensation and benefits expense increased 11.6% to $1.7 billion from $1.5 billion during the comparable period in 2025. The increase in compensation and benefits expenses is primarily attributable to higher variable compensation costs over the comparable periods in 2025.
Previous wording
Compensation and benefits expense as a percentage of net revenues was 57.4% for the three months ended March 31, 2026, compared to 58.3% for the three months ended March 31, 2025. The decrease is primarily attributable to to revenue growth,
Current wording
Compensation and benefits expense as a percentage of net revenues was 57.4% and 57.4% for the three and six months ended June 30, 2026, respectively, compared to 60.3% and 59.3% for the three and six months ended June 30, 2025, respectively. The decrease is primarily attributable to to revenue growth, partially offset by higher revenue-related compensation over the comparable period in 2025.
Previous wording
Occupancy and equipment rental – For the three months ended March 31, 2026, occupancy and equipment rental expense increased 7.4% to $47.8 million from $44.5 million during the comparable period in 2025. The increase is primarily attributable to higher occupancy costs, furniture and equipment expenses, and data processing expense associated with an increase in business activity.
Current wording
Occupancy and equipment rental – For the three months ended June 30, 2026, occupancy and equipment rental expense increased 5.1% to $100.6 million from $95.7 million during the comparable period in 2025. For the six months ended June 30, 2026, occupancy and equipment rental expense increased 7.4% to $200.3 million from $186.4 million during the comparable period in 2025. The increase is primarily attributable to higher data processing expense and furniture and equipment costs associated with an increase in business activity over the comparable periods in 2025.
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 three months ended March 31, 2026, communications and office supplies expense increased 3.0% to $51.0 million from $49.5 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses associated with the continued growth of 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 three months ended June 30, 2026, communications and office supplies expense decreased 3.1% to $46.3 million from $47.8 million during the comparable period in 2025. The decrease is primarily attributable to lower communication and quote equipment expenses, office supplies expenses, and telecommunication expenses, partially offset by higher postage and shipping expenses over the comparable period in 2025. For the six months ended June 30, 2026, communications and office supplies expense of $97.4 million was consistent with the comparable period in 2025.
Previous wording
Commissions and floor brokerage – For the three months ended March 31, 2026, commissions and floor brokerage expense decreased 20.2% to $7.7 million from $9.6 million during the comparable period in 2025. The decrease is primarily attributable to lower clearing expenses, processing expenses, and transaction fees.
Current wording
Commissions and floor brokerage – For the three months ended June 30, 2026, commissions and floor brokerage expense decreased 12.3% to $15.0 million from $17.1 million during the comparable period in 2025. For the six months ended June 30, 2026, commissions and floor brokerage expense decreased 11.4% to $30.1 million from $34.0 million during the comparable period in 2025. The decrease is primarily attributable to lower clearing expenses, electronic communication network (“ECN”) trading costs, processing expenses, and transaction fees.
Previous wording
Provision for credit losses –For the three months ended March 31, 2026, provision for credit losses decreased 45.6% to $6.5 million from $12.0 million during the comparable period in 2025. The decrease is primarily attributable to a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual
Current wording
Provision for credit losses –For the three months ended June 30, 2026, provision for credit losses increased 50.6% to $12.5 million from $8.3 million during the comparable period in 2025. The increase is primarily attributable to overall loan growth in the retained portfolio and specific reserves on individual credits. For the six months ended June 30, 2026, provision for credit losses decreased 6.3% to $19.1 million from $20.3 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.
Previous wording
For the three months ended March 31, 2026, other operating expenses decreased 54.8% to $131.5 million from $290.8 million during the comparable period in 2025. The decrease is primarily attributable to decreases in legal-related expenses and dues and assessments during the quarter, partially offset by higher amortization of identifiable intangible assets, professional fees, bank service charges, advertising, travel and conference-related expenses, and subscriptions. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current wording
For the six months ended June 30, 2026, other operating expenses decreased 34.0% to $275.3 million from $417.3 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, and licensing fees, partially offset by higher amortization of identifiable intangible assets, travel-related expenses, advertising, professional fees, investment banking expenses, insurance expenses, and subscriptions. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Previous wording
Provision for income taxes – For the three months ended March 31, 2026, our provision for income taxes was $74.7 million, representing an effective tax rate of 22.9%, compared to $10.4 million for the comparable period in 2025, representing an effective tax rate of 16.4%. The tax rate was primarily impacted by the excess tax benefit related to stock-based compensation.
Current wording
Provision for income taxes – For the three and six months ended June 30, 2026, our provision for income taxes was $73.0 million and $147.6 million, representing an effective tax rate of 24.4% and 23.6%, respectively, compared to $58.8 million and $69.1 million for the comparable periods in 2025, representing an effective tax rate of 27.5% and 24.9%, respectively.
Previous wording
For the three months ended March 31, 2026, Global Wealth Management net revenues increased 9.6% to $932.1 million from $850.6 million for the comparable period in 2025. The increase in net revenues over the comparable period in 2025 is primarily attributable to higher asset management revenues, net interest income, and transactional revenues.
Current wording
For the three months ended June 30, 2026, Global Wealth Management net revenues increased 13.1% to a record $956.5 million from $845.6 million for the comparable period in 2025. For the six months ended June 30, 2026, Global Wealth Management net revenues increased 11.3% to a record $1.9 billion from $1.7 billion for the comparable period in 2025. The increase in net revenues over the comparable periods in 2025 is primarily attributable to higher asset management revenues, transactional revenues, net interest income, and investment banking revenues.
Previous wording
Commissions – For the three months ended March 31, 2026, commission revenues increased 11.3% to $140.1 million from $125.8 million in the comparable period in 2025. The increase is primarily attributable to higher volumes over the comparable period in 2025.
Current wording
Commissions – For the three months ended June 30, 2026, commission revenues increased 14.8% to $147.2 million from $128.2 million in the comparable period in 2025. For the six months ended June 30, 2026, commission revenues increased 13.1% to $287.2 million from $254.0 million in the comparable period in 2025. The increase is primarily attributable to higher volumes due to increased market volatility over the comparable periods in 2025.
Previous wording
Principal transactions – For the three months ended March 31, 2026, principal transactions revenues increased 3.3% to $62.6 million from $60.6 million in the comparable period in 2025. The increase is primarily attributable to an increase in client activity.
Current wording
Principal transactions – For the three months ended June 30, 2026, principal transactions revenues increased 10.6% to $60.2 million from $54.5 million in the comparable period in 2025. For the six months ended June 30, 2026, principal transactions revenues increased 6.8% to $122.8 million from $115.0 million in the comparable period in 2025. The increase is primarily attributable to an increase in client activity and higher realized trading gains over the comparable periods in 2025.
Previous wording
Asset management – For the three months ended March 31, 2026, asset management revenues increased 12.2% to $459.4 million from $409.5 million in the comparable period in 2025. The increase is primarily attributable to higher asset values and net new asset growth. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.
Current wording
Asset management – For the three months ended June 30, 2026, asset management revenues increased 13.1% to $456.6 million from $403.6 million in the comparable period in 2025. For the six months ended June 30, 2026, asset management revenues increased 12.7% to $916.0 million from $813.1 million in the comparable period in 2025. The increase is primarily attributable to higher asset values 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
(1) Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include $4.2 billion and $4.9 billion, respectively, of client assets from the SIA business that was sold on February 2, 2026.
Current wording
(1) Total client assets as of June 30, 2025, include $9.7 billion, and fee-based client assets include $4.6 billion, of client assets from the SIA business that was sold on February 2, 2026.
Previous wording
The increase in the value of our client assets and fee-based assets was primarily attributable to improved market conditions and asset growth resulting from our recruiting efforts, partially offset by the sale of the SIA business during the quarter.
Current wording
The increase in the value of our client assets and fee-based assets was primarily attributable to improved market conditions and asset growth resulting from our recruiting efforts, partially offset by the sale of the SIA business during the first quarter of 2026.
Previous wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 2.8% to $6.1 million for the three months ended March 31, 2026 from $5.9 million during the comparable period in 2025. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Current wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 39.7% to $8.7 million for the three months ended June 30, 2026 from $6.2 million during the comparable period in 2025. For the six months ended June 30, 2026, investment banking revenues increased 21.7% to $14.8 million from $12.1 million during the comparable period in 2025. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Previous wording
Interest revenue – For the three months ended March 31, 2026, interest revenue decreased 4.9% to $429.2 million from $451.5 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets.
Current wording
Interest revenue – For the three months ended June 30, 2026, interest revenue decreased 0.7% to $453.0 million from $456.4 million in the comparable period in 2025. For the six months ended June 30, 2026, interest revenue decreased 2.8% to $882.2 million from $907.9 million during the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets.
Previous wording
Interest expense – For the three months ended March 31, 2026, interest expense decreased 20.0% to $164.9 million from $206.0 million in the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities.
Current wording
Interest expense – For the three months ended June 30, 2026, interest expense decreased 11.8% to $178.4 million from $202.3 million in the comparable period in 2025. For the six months ended June 30, 2026, interest expense decreased 15.9% to $343.3 million from $408.2 million during the comparable period in 2025. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities.
Previous wording
Occupancy and equipment rental – For the three months ended March 31, 2026, occupancy and equipment rental expense increased 9.8% to $99.7 million from $90.8 million during the comparable period in 2025. The increase is primarily attributable to higher data processing expense and occupancy costs associated with an increase in business activity.
Current wording
Occupancy and equipment rental – For the three months ended June 30, 2026, occupancy and equipment rental expense increased 6.5% to $49.1 million from $46.1 million during the comparable period in 2025. For the six months ended June 30, 2026, occupancy and equipment rental expense increased 6.9% to $96.9 million from $90.6 million during the comparable period in 2025. The increase is primarily attributable to higher occupancy costs, furniture and equipment expenses, and data processing expense over the comparable periods in 2025 associated with an increase in business activity.
Previous wording
Communications and office supplies – For the three months ended March 31, 2026, communications and office supplies expense increased 11.4% to $18.2 million from $16.4 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, postage and shipping expenses, and office supplies expenses associated with the continued growth of our business, partially offset by lower telecommunication expenses.
Current wording
Communications and office supplies – For the three months ended June 30, 2026, communications and office supplies expense increased 0.7% to $16.1 million from $16.0 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, partially offset by lower telecommunication expenses, postage and shipping, and office supplies expenses over the comparable period in 2025. For the six months ended June 30, 2026, communications and office supplies expense increased 6.1% to $34.3 million from $32.3 million during the comparable period in 2025. The increase is primarily attributable to higher communication and quote expenses, postage and shipping, and office supplies expenses with the continued growth of our business, partially offset by lower telecommunication expenses.
Previous wording
Commissions and floor brokerage – For the three months ended March 31, 2026, commissions and floor brokerage expense increased 2.4% to $7.4 million from $7.2 million during the comparable period in 2025. The increase is primarily attributable to higher clearing expenses.
Current wording
Commissions and floor brokerage – For the three months ended June 30, 2026, commissions and floor brokerage expense increased 8.4% to $7.9 million from $7.3 million during the comparable period in 2025. For the six months ended June 30, 2026, commissions and floor brokerage expense increased 5.5% to $15.3 million from $14.5 million during the comparable period in 2025. The increase is primarily attributable to higher clearing expenses, processing fees, and transaction fees over the comparable periods in 2025.
Previous wording
Other operating expenses – For the three months ended March 31, 2026, other operating expenses decreased 77.9% to $49.0 million from $221.7 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses and dues and assessments, partially offset by higher travel-related expenses, bank service charges, insurance expenses, subscription costs, professional fees, advertising, and conference-related expenses. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current wording
For the six months ended June 30, 2026, other operating expenses decreased 63.0% to $97.5 million from $263.4 million during the comparable period in 2025. The decrease is primarily attributable to lower legal-related expenses, conference-related expenses, dues and assessments, professional fees, and advertising, partially offset by higher travel-related expenses, bank service charges, insurance expenses, subscription costs, and licensing costs. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Previous wording
Profit margins (income before income taxes as a percent of net revenues) have increased to 35.5% for the three months ended March 31, 2026, from 14.9% during the comparable period in 2025, primarily due to higher revenues. The profit margin for the three months ended March 31, 2025 was negatively impacted by elevated reserves for legal matters.
Current wording
Profit margins (income before income taxes as a percent of net revenues) have increased to 37.8% and 36.7% for the three and six months ended June 30, 2026, respectively, from 36.2% and 25.5% during the comparable periods in 2025. The profit margin for the six months ended June 30, 2025 was negatively impacted by elevated reserves for legal matters in the first quarter of 2025.
Previous wording
For the three months ended March 31, 2026, Institutional Group net revenues increased 28.7% to $495.3 million from $384.9 million for the comparable period in 2025. The increase in net revenues was primarily attributable to higher advisory, capital-raising, and principal transactions revenues.
Current wording
For the three months ended June 30, 2026, Institutional Group net revenues increased 14.5% to $480.7 million from $419.8 million for the comparable period in 2025. For the six months ended June 30, 2026, Institutional Group net revenues increased 21.3% to $976.0 million from $804.7 million during the comparable period in 2025. The increase in net revenues is primarily attributable to higher advisory revenues, capital-raising revenues, and commissions revenues, partially offset by lower principal transactions revenues over the comparable periods in 2025.
Previous wording
For the three months ended March 31, 2026, equity institutional transactional revenues decreased 7.1% to $55.4 million from $59.6 million during the comparable period in 2025. The decrease was primarily attributable to the restructuring of our European Equities business.
Current wording
For the three months ended June 30, 2026, equity transactional revenues decreased 3.9% to $59.1 million from $61.5 million in the comparable period in 2025. For the six months ended June 30, 2026, equity transactional revenues decreased 5.5% to $114.5 million from $121.1 million during the comparable period in 2025. The decrease was primarily attributable to the restructuring of our European Equities business.
Previous wording
Investment banking– For the three months ended March 31, 2026, investment banking revenues increased 44.5% to $335.3 million from $232.0 million during the comparable period in 2025.
Current wording
Investment banking– For the three months ended June 30, 2026, investment banking revenues increased 42.3% to $323.3 million from $227.2 million during the comparable period in 2025. For the six months ended June 30, 2026, investment banking revenues increased 43.4% to $658.6 million from $459.3 million during the comparable period in 2025.
Previous wording
For the three months ended March 31, 2026, fixed income capital-raising revenues increased 8.9% to $49.6 million from $45.6 million during the comparable period in 2025. The increase is primarily attributable to higher bond issuances reflecting a more favorable financing environment.
Current wording
For the three months ended June 30, 2026, fixed income capital-raising revenues increased 18.4% to $63.6 million from $53.7 million during the comparable period in 2025. For the six months ended June 30, 2026, fixed income capital-raising revenues increased 14.0% to $113.2 million from $99.3 million during the comparable period in 2025. The increase is primarily attributable to higher bond issuances reflecting a more favorable financing environment over the comparable periods in 2025.
Previous wording
For the three months ended March 31, 2026, advisory revenues increased 58.9% to $218.4 million from $137.5 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable period in 2025.
Current wording
For the three months ended June 30, 2026, advisory revenues increased 23.6% to $157.4 million from $127.3 million in the comparable period in 2025. For the six months ended June 30, 2026, advisory revenues increased 41.9% to $375.8 million from $264.8 million in the comparable period in 2025. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable periods in 2025.
Previous wording
Other income – For the three months ended March 31, 2026, other income decreased 27.9% to $5.5 million from $7.6 million in the comparable period in 2025. The decrease is primarily attributable to reduced lease income generated from our aircraft engine leasing business due to the sale of engines.
Current wording
Other income – For the three months ended June 30, 2026, other income decreased 6.6% to $4.0 million from $4.3 million in the comparable period in 2025. For the six months ended June 30, 2026, other income decreased 20.1% to $9.5 million from $11.9 million during the comparable period in 2025. The decrease is primarily attributable to reduced rental income generated from our aircraft engine leasing business due to the sale of engines.
Showing the first 40 of 70 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Our revenue growth was primarily attributable to higher investment banking revenues, asset management revenues, commission revenues, and net interest income.
Current report — wording carried from elsewhere
The following table presents consolidated financial information for the periods indicated(in thousands, except percentages):
Current report — wording carried from elsewhere
The following table presents consolidated financial information for the Global Wealth Management segment for the periods indicated(in thousands, except percentages):
Current report — wording carried from elsewhere
Provision for credit losses –For the three months ended June 30, 2026, provision for credit losses increased 50.6% to $12.5 million from $8.3 million during the comparable period in 2025. The increase is primarily attributable to overall loan growth in the retained portfolio and specific reserves on individual credits. For the six months ended June 30, 2026, provision for credit losses decreased 6.3% to $19.1 million from $20.3 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.
Current report — wording carried from elsewhere
The following table presents consolidated financial information for the Institutional Group segment for the periods indicated(in thousands, except percentages):
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
partially offset by higher revenue-related compensation over the comparable period in 2025.
Previous report — wording carried elsewhere
Provision for credit losses –For the three months ended March 31, 2026, provision for credit losses decreased 45.6% to $6.5 million from $12.0 million during the comparable period in 2025. The decrease is primarily attributable to modest improvement in
Previous report — wording carried elsewhere
macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual
Previous report — wording carried elsewhere
Occupancy and equipment rental – For the three months ended March 31, 2026, occupancy and equipment rental expense of $20.8 million was consistent with the comparable period in 2025.
Previous report — wording carried elsewhere
We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets, while at the same time meeting our regulatory capital requirements, and conservative internal management targets.
Previous report — wording carried elsewhere
Note 16 of the Notes to Consolidated Financial Statements for more information on the capital restrictions placed on our broker-dealer subsidiaries.
Previous report — wording carried elsewhere
December 31, 2025. Our core deposits are primarily comprised of money market deposit accounts, non-interest-bearing deposits, and CDs. Total estimated uninsured deposits were $5.6 billion and $4.9 billion at March 31, 2026 and December 31, 2025, respectively. The weighted-average interest rate on deposits was 2.07% and 2.58% at March 31, 2026 and December 31, 2025, respectively.