3Q 2026
Filed Oct 21, 2026Stifel reported third-quarter GAAP net revenues of $1,426,211 (000s), GAAP diluted EPS available to common shareholders of $1.40, and non-GAAP diluted EPS available to common shareholders of $1.46.
Global Wealth Management produced record net revenues and higher profitability, while Institutional Group revenue and pre-tax income declined. Consolidated GAAP net revenues were down 0.2% year over year, but GAAP net income available to common shareholders rose 11.3% and non-GAAP EPS available to common shareholders rose to $1.46 from $1.30.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| 3Q 2026 GAAP net revenuesGAAP | $1.43B | (1.7)% | (0.2)% |
| 3Q 2026 GAAP total revenuesGAAP | $1.64B | (0.2)% | 0.0% |
| 3Q 2026 GAAP operating revenuesGAAP | $1.12B | (3.3)% | (2.5)% |
| 3Q 2026 GAAP commissionsGAAP | $200.8M | (9.3)% | (2.6)% |
| 3Q 2026 GAAP principal transactionsGAAP | $117.1M | (16.4)% | (34.2)% |
| 3Q 2026 GAAP investment banking revenueGAAP | $306.2M | (7.8)% | (5.3)% |
| 3Q 2026 GAAP asset management revenueGAAP | $492.2M | 7.8% | 14.1% |
| 3Q 2026 GAAP other incomeGAAP | $8.30M | (33.9)% | (41.7)% |
| 3Q 2026 GAAP interest revenueGAAP | $510.6M | 7.3% | 6.0% |
| 3Q 2026 GAAP interest expenseGAAP | $209.0M | 11.2% | 1.8% |
| 3Q 2026 GAAP compensation and benefitsGAAP | $813.5M | (2.3)% | (3.1)% |
| 3Q 2026 GAAP compensation ratioGAAP | 57.0% | – | – |
| 3Q 2026 GAAP non-compensation operating expensesGAAP | $303.1M | (4.8)% | (0.1)% |
| 3Q 2026 GAAP non-compensation ratioGAAP | 21.3% | – | – |
| 3Q 2026 GAAP total non-interest expensesGAAP | $1.12B | (3.0)% | (2.3)% |
| 3Q 2026 GAAP income before income taxesGAAP | $309.6M | 3.4% | 8.2% |
| 3Q 2026 GAAP pre-tax marginGAAP | 21.7% | – | – |
| 3Q 2026 GAAP provision for income taxesGAAP | $75.48M | 3.5% | 1.1% |
| 3Q 2026 GAAP net incomeGAAP | $234.1M | 3.4% | 10.8% |
| 3Q 2026 GAAP net income available to common shareholdersGAAP | $224.8M | 3.5% | 11.3% |
| 3Q 2026 GAAP basic EPSGAAP | $1.48 | 5.0% | 13.0% |
| 3Q 2026 GAAP diluted EPS available to common shareholdersGAAP | $1.40 | 4.5% | 14.8% |
| 3Q 2026 GAAP cash dividends declared per common shareGAAP | $0.34 | 0.0% | 9.7% |
| 3Q 2026 non-GAAP net revenuesnon-GAAP | $1.43B | – | – |
| 3Q 2026 non-GAAP net income available to common shareholdersnon-GAAP | $234.1M | – | – |
| 3Q 2026 non-GAAP diluted EPS available to common shareholdersnon-GAAP | $1.46 | – | – |
| 3Q 2026 non-GAAP compensation rationon-GAAP | 56.6% | – | – |
| 3Q 2026 non-GAAP non-compensation rationon-GAAP | 20.9% | – | – |
| 3Q 2026 non-GAAP pre-tax marginnon-GAAP | 22.5% | – | – |
| 3Q 2026 non-GAAP ROCEnon-GAAP | 17.4% | – | – |
| 3Q 2026 non-GAAP ROTCEnon-GAAP | 23.9% | – | – |
| 9m 2026 GAAP net revenuesGAAP | $4.36B | – | 9.7% |
| 9m 2026 GAAP net income available to common shareholdersGAAP | $684.1M | – | 74.8% |
| 9m 2026 GAAP diluted EPS available to common shareholdersGAAP | $4.23 | – | 78.5% |
| 9m 2026 non-GAAP net revenuesnon-GAAP | $4.32B | – | – |
| 9m 2026 non-GAAP net income available to common shareholdersnon-GAAP | $700.9M | – | – |
| 9m 2026 non-GAAP diluted EPS available to common shareholdersnon-GAAP | $4.33 | – | – |
| Tangible book value per common sharenon-GAAP | $26.05 | – | up 12% from prior year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Global Wealth ManagementAsset management revenues increased 14% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth. Net interest income increased 11% primarily driven by balance sheet growth, partially offset by lower interest rates. | $980.3M | – | 8% |
| Institutional GroupInvestment banking revenues decreased 6%, fixed income transactional revenues decreased 34%, and equity transactional revenues decreased 29% from a year ago. | $430.3M | – | – |
| Institutional Group EquityEquity transactional revenues were impacted by lower realized trading gains, a decline in trading volumes, and the restructuring of the European Equities business. | $282.6M | – | – |
| Institutional Group Fixed IncomeFixed income transactional revenues were impacted by widening credit spreads, increased market volatility, and lower realized trading gains during the quarter. | $147.7M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Company repurchased $124.0 million, or 1.6 million shares, of its outstanding common stock during the third quarter at an average price of $76.95.
- Over the last twelve months, the Company repurchased $564.4 million, or 7.3 million shares, of its outstanding common stock at an average price of $77.05.
- The Board of Directors declared a $0.34 quarterly dividend per share, payable on September 15, 2026, to common shareholders of record on September 1, 2026.
- The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on September 15, 2026, to shareholders of record on September 1, 2026.
What drove it
- Asset management revenue increased 14.1% year over year to $492,163 (000s) in the consolidated GAAP results.
- Interest revenue increased 6.0% year over year to $510,624 (000s), while interest expense increased 1.8% to $208,958 (000s).
- Global Wealth Management pre-tax net income was $374.4 million, compared with $342.7 million in the third quarter of 2025.
- Global Wealth Management non-compensation operating expenses as a percentage of net revenues decreased to 13.0%, primarily attributable to lower litigation-related expenses, a decrease in the provision for credit losses, and revenue growth.
- Compensation and benefits declined 3.1% year over year to $813,494 (000s), and the GAAP compensation ratio decreased to 57.0% from 58.8%.
- The Company announced a strategic investment in Meow Technologies.
Concerns
- Institutional Group net revenues were $430.3 million, compared with $500.4 million during the third quarter of 2025, and pre-tax net income was $76.3 million compared with $89.3 million.
- Principal transactions declined 34.2% year over year to $117,124 (000s).
- Investment banking revenue declined 5.3% year over year to $306,203 (000s).
- Global Wealth Management transactional revenues decreased 3% over the year-ago quarter, reflecting a decrease in client activity.
- Equity transactional revenues included a $7 million year-over-year reduction resulting from the restructuring of the European Equities business.
- Non-GAAP ROTCE was 23.9%, compared with 24.3% in 3Q 2025.
What to watch
- Asset management revenue, client asset levels, fee-based client assets, and net new asset growth.
- Net interest income as balance sheet growth is partially offset by lower interest rates.
- Institutional Group advisory, capital-raising, fixed-income transactional, and equity transactional activity.
- The effect of widening credit spreads, market volatility, trading volumes, and realized trading gains on Institutional Group results.
- Continued share repurchases, dividends, and capital ratios.
Balance sheet and cash flow
- Total client assets were $576.5 billion, up 6% over the year-ago quarter.
- Fee-based client assets were $239.7 billion, up 9% over the year-ago quarter.
- Bank loans were $26.1 billion, up 21% over the year-ago quarter.
- Quarter end assets were $45,282 (MM), compared with $41,687 (MM) in 3Q 2025.
- Tier 1 common capital ratio was 14.5%, Tier 1 risk-based capital ratio was 17.0%, and Tier 1 leverage capital ratio was 10.8%.
- Operating cash flow and free cash flow were not reported.
Analysis
Stifel's third-quarter results showed flat consolidated revenue alongside improved earnings. GAAP net revenues were $1,426,211 (000s), down 0.2% from $1,429,396 (000s), while GAAP net income available to common shareholders increased 11.3% to $224,823 (000s). GAAP diluted EPS available to common shareholders rose to $1.40 from $1.22, and non-GAAP diluted EPS available to common shareholders was $1.46 versus $1.30.
Revenue mix favored wealth and asset management. Consolidated asset management revenue increased 14.1% to $492,163 (000s), and interest revenue increased 6.0% to $510,624 (000s). Global Wealth Management delivered record net revenues of $980.3 million and pre-tax net income of $374.4 million. The segment cited improved market conditions, net new asset growth, and balance sheet growth, while also reporting lower transactional revenue due to decreased client activity.
Institutional Group was the principal offset. Its net revenues were $430.3 million compared with $500.4 million in the third quarter of 2025, and pre-tax net income was $76.3 million versus $89.3 million. The release identified lower completed advisory transactions, lower volumes and smaller equity capital-raising deal sizes, lower bond issuance, widening credit spreads, increased market volatility, lower realized trading gains, and lower trading volumes as pressures. The European Equities restructuring also reduced equity transactional revenue by $7 million year over year.
Expense discipline supported profitability despite the revenue decline. GAAP compensation and benefits fell 3.1% to $813,494 (000s), lowering the GAAP compensation ratio to 57.0% from 58.8%. GAAP total non-interest expenses declined 2.3% to $1,116,586 (000s), while GAAP income before income taxes increased 8.2% to $309,625 (000s). The GAAP pre-tax margin improved to 21.7% from 20.0%, and the non-GAAP pre-tax margin improved to 22.5% from 21.2%.
Capital deployment remained active. The Company repurchased $124.0 million, or 1.6 million shares, at an average price of $76.95 during the quarter and declared a $0.34 quarterly common dividend. Client assets were $576.5 billion and bank loans were $26.1 billion. The release provided no forward financial guidance, leaving future performance tied to asset values, client activity, interest rates, and the recovery of institutional transaction and capital-markets activity.
Management, verbatim
Stifel is on track for another record year, with year-to-date revenue of $4.3 billion up 9%, core earnings per share of $4.33 up 22%, and return on tangible common equity of 24.1%.
Ronald J. Kruszewski, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Prior-period guidance was not provided.
- Gross margin was not reported.
- Operating income was not reported.
- Cash balance was not reported.
- Debt balance was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- 3Q 2026 Global Wealth Management and Institutional Group revenue sequential comparisons were not reported.
- 3Q 2026 segment revenue percentage changes for Institutional Group Equity and Fixed Income were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.