Stifel Financial Corp. reported record net revenue of $2.9 billion for the first half of 2026, a 15% increase from the previous record, alongside a 28% increase in earnings per share. The company achieved these results driven by strong performance in Global Wealth Management and a 42% year-over-year increase in investment banking revenue. Stifel's return on tangible common equity stood at approximately 24% for both the quarter and the first half, reflecting disciplined capital allocation and operational efficiency.

Financial Performance

Second quarter net revenue reached $1.45 billion, a 13% increase from the prior year, while non-GAAP earnings per share rose 25% to $1.42. The company's tangible book value per share increased 15% over the prior year. Expenses were well controlled, with a compensation ratio of 57%, 60 basis points below consensus estimates. The effective tax rate was 24.4%, slightly below consensus but within guidance.

Segment Results

Global Wealth Management generated record net revenue of $957 million, up 13% year on year, supported by transactional revenue, net interest income, and asset management revenue. The segment ended the quarter with record total client assets of $580 billion and fee-based assets of $240 billion. The Institutional Group posted its second-strongest second quarter, with revenue of $481 million, up 15% year over year, driven by a 43% increase in investment banking revenue during the first half.

Balance Sheet and Capital

Stifel increased its loan book by $2.6 billion during the quarter, keeping it on pace to achieve its full-year guidance of up to $4 billion in balance sheet growth. Net interest income came in at the higher end of guidance, driven by higher interest-earning assets. The Tier 1 leverage ratio was 11.2%, and the Tier 1 risk-based capital ratio was 17.3%. The company deployed over $500 million in capital through reinvestment, share repurchases, and dividends.

Strategic Outlook

Management remains optimistic about future growth, citing robust investment banking pipelines and strong capital positions. Stifel was ranked number one in Employee Advisor satisfaction by J.D. Power for the fourth consecutive year. The company continues to focus on organic growth, disciplined capital allocation, and the strategic use of AI to enhance productivity and client service.

Stifel Financial Corp. secured the top position in employee advisor satisfaction among wealth management firms in the JD Power 2026 U.S. Financial Advisor Satisfaction Study. This marks the fourth consecutive year the firm has earned the No. 1 ranking, reflecting a score of 812 out of 1,000, which is 180 points higher than the employee segment average. The firm serves clients from more than 400 offices across the U.S. with approximately $580 billion in client assets as of May 31, 2026.

Key Performance Metrics

Stifel outperformed the industry average significantly in the latest study. The firm's consistent performance highlights its focus on advisor support and culture.

Category Leadership

In addition to the overall ranking, Stifel achieved the top position in three specific categories within the study. These areas underscore the firm's operational strengths and commitment to its workforce.

• Leadership and culture
• Operational support
• Products and marketing

Executive Commentary

Ron Kruszewski, Chairman and CEO of Stifel, emphasized the importance of the milestone. "Earning the No. 1 ranking from JD Power for the fourth consecutive year is a meaningful milestone for our firm," he said. "Our advisors are the foundation of our success, and this recognition reflects the strength of our culture and our unwavering commitment to supporting their independence, growth, and ability to serve clients."

Kruszewski also highlighted the role of technology in the firm's strategy. "We believe AI presents an extraordinary opportunity to enhance – not replace – the advisor by reducing friction, improving insights, and giving advisors more time to do what they do best: build trusted relationships and help clients achieve their financial goals."

Jim Zemlyak, President of Stifel and Head of Global Wealth Management, attributed the success to continuous investment. "Consistency at this level doesn’t happen by accident. It comes from continuous investment in our advisors and a deep understanding of what they need to succeed," Zemlyak stated.