Stifel Reports $4.355 Billion in Revenue for 9 Months, Up 9.7% Year Over Year
Key Facts
Stifel Financial reported results on October 21 for the nine months ended September 30, 2026, posting GAAP net revenue of $4.355 billion, up 9.7% year over year, according to its earnings release. The CEO said revenue for the period was $4.3 billion, up 9%, and adjusted earnings per share increased 22%. The figures reflect mixed quarterly performance across wealth management and the Institutional Group, alongside continued growth in bank loans. In the third quarter, net income available to common shareholders was $224.8 million, compared with $202.1 million a year earlier. GAAP diluted earnings per share rose to $1.40 from $1.22.
Net revenue in the third quarter was $1.426 billion, compared with $1.429 billion in the same period a year earlier, according to the company’s statement. The release described the result as the second-best third-quarter revenue in Stifel’s history, attributing it to higher asset management revenue and net interest income. Asset management revenue rose 14% year over year, while net interest income increased 9%. The company said its investments continued to support operating efficiency, and linked the growth in net interest income partly to balance-sheet expansion despite the effect of lower interest rates. For the nine months, GAAP diluted earnings per share were $4.23, compared with $2.37 in the year-earlier period, while adjusted earnings per share were $4.33.
The contrast between the two businesses was evident in third-quarter results: the Global Wealth Management Group posted record revenue of $980.3 million, up from $907.4 million a year earlier. Its pretax income rose to $374.4 million from $342.7 million. By contrast, the Institutional Group’s revenue fell to $430.3 million from $500.4 million in the third quarter of 2025. Stifel said fixed-income transaction revenue declined 34%, citing wider credit spreads, market volatility and lower realized trading gains. The results show that growth in total revenue over the nine months was not evenly reflected across the company’s segments in the latest quarter.
Client assets were $576.5 billion in the third quarter, up 6% year over year, while fee-based assets rose to $239.7 billion, an increase of 9%. On lending, bank loans totaled $26.065 billion in the third quarter, compared with $21.635 billion a year earlier, a 21% annual increase. The earnings presentation showed loans increased by $1.3 billion during the quarter alone. The company had reported bank loans of $24.805 billion in the second quarter of 2026, compared with $21.448 billion in the second quarter of 2025. In a July update, Stifel said it continued to target $4 billion in loan growth for the year, and that total loans had increased by more than 3% that month, driven by strong lending to REITs and residential mortgages.
At the end of September, the portfolio included $9.821 billion in residential real estate loans and $6.719 billion in fund banking loans, its two largest categories. Total loans held for investment were $25.866 billion. The company also repurchased 1.6 million shares in the third quarter for $124 million, at an average price of $76.95 per share. In trading, SF closed at $67.85 on October 22, then at $66.88 on October 28. The CEO said the company’s investments supported operating efficiency and described its model as diversified, with recurring revenue and disciplined capital management, adding: "I am optimistic about our prospects."