Stifel reports record Q2 2026 results: revenue up 13% to $1.45B, EPS $1.34

Stifel Financial disclosed its financial results for the second quarter ended June 30, 2026. The 8-K itself does not contain specific financial metrics; those are provided in the attached press release (Exhibit 99.1) and financial supplement (Exhibit 99.2).

The company scheduled a conference call for July 22, 2026 at 9:30 a.m. Eastern time to discuss the quarterly results and related matters. A presentation for the call is attached as Exhibit 99.3.

Stifel reported net revenues of $1.45 billion for Q2 2026, up 13% from $1.28 billion in Q2 2025. Net income available to common shareholders was $217.2 million, or $1.34 per diluted share, compared with $145.7 million, or $0.89 per diluted share, in the prior-year quarter. On a non-GAAP basis, EPS was $1.42. The company described this as the best second quarter in its history.

Stifel repurchased $177.0 million of common stock (2.4 million shares) at an average price of $73.20 during Q2 2026, more than double the $87.5 million repurchased in Q2 2025. The Board declared a $0.34 quarterly dividend per share. Tangible book value per share increased 15.0% year-over-year to $25.52, and annualized return on tangible common equity was 23.6%.

The company recognized a gain on the sale of Stifel Independent Advisors, LLC during Q1 2026. The business, which was sold on February 2, 2026, had $9.7 billion in total client assets and $4.6 billion in fee-based client assets at the time of sale. The gain contributed to the record first-half results, though the specific dollar amount of the gain is disclosed in the reconciliation tables as a $47.3 million adjustment for the six-month period.

Stifel Financial reported Q2 2026 net revenues of $1.45 billion, up 13.0% year-over-year from $1.28 billion in Q2 2025. Net income available to common shareholders was $217.2 million, up 49.0% from $145.7 million in the prior year quarter. Diluted EPS available to common shareholders was $1.34, up 50.6% from $0.89 in Q2 2025. The strong performance was driven by investment banking revenues of $332.0 million (up 42.2% YoY) and asset management revenues of $456.6 million (up 13.1% YoY).

Investment banking revenues reached $332.0 million in Q2 2026, up 42.2% from $233.5 million in Q2 2025. Capital raising revenues surged 64.3% to $174.5 million, while advisory revenues increased 23.7% to $157.5 million. This strong performance reflects robust deal activity and market conditions favorable to Stifel's institutional franchise.

Total assets grew 12.7% year-over-year to $44.9 billion, while total shareholders' equity increased 7.4% to $6.0 billion. Tangible book value per common share rose 15.0% to $25.52 from $22.20 in the prior year, reflecting capital accumulation and profitable growth. The balance sheet expansion supports the firm's wealth management and lending businesses.

Total client assets in Global Wealth Management reached $580.1 billion, up 12.3% year-over-year from $516.5 billion. Fee-based client assets grew 16.2% to $239.8 billion from $206.3 billion, reflecting market appreciation and net new asset flows. The shift toward fee-based assets supports more stable recurring revenue.

Stifel declared a quarterly common dividend of $0.34 per share, up 9.7% from $0.31 in the prior year quarter. The increase reflects the company's strong earnings and capital position, returning capital to shareholders while maintaining flexibility for growth investments.

Stifel Financial reported second quarter 2026 net revenue of $1,453 million (non-GAAP), net earnings of $229 million (non-GAAP), and diluted earnings per share of $1.42 (non-GAAP). The company described this as record net revenue and record second quarter net income. Year-to-date results showed net revenue of $2,895 million (non-GAAP) and EPS of $2.87 (non-GAAP).

The Global Wealth Management segment achieved record quarterly net revenue of $957 million, up 13% year-over-year and 3% sequentially. Total client assets reached $580.1 billion (up 12% sequentially, 8% year-over-year) and fee-based client assets reached $239.8 billion (up 16% sequentially, 9% year-over-year). The segment also reported record quarterly pre-tax income with a pre-tax margin of 37.8%.

The Institutional Group reported net revenue of $481 million for Q2 2026, up 15% year-over-year but down 3% sequentially. Year-to-date institutional revenue of $976 million was up 21% versus 2025. Capital raising revenue of $166 million increased 66% year-over-year, with equity capital raising up 121%. Advisory revenue of $157 million increased 24% year-over-year. The pre-tax margin improved to 19.5% year-to-date, up 850 basis points.

Stifel repurchased 2.4 million common shares during the second quarter of 2026. The company has a total authorization of 7.8 million shares remaining for repurchase, indicating continued capital return to shareholders.

The company reported loan growth of $2.6 billion during the quarter. Bank funding has grown at a compound annual growth rate of 11% since 2021, supporting the firm's lending activities. Total assets increased by $2 billion to $44.9 billion.