Stifel Wealth Sets Record as Institutional Revenues Fall

The Tip Desk · October 21, 2026 · 3 min read

Global Wealth Management posted record net revenues of $980.3 million as non-GAAP earnings reached $1.46 a share, the best third quarter in company history.

Stifel Financial Corp. (SF) reported net revenues of $1.43 billion for the three months ended September 30, 2026, essentially unchanged from a year earlier, as Global Wealth Management more than offset a decline in the Institutional Group.

Net income available to common shareholders was $224.8 million, or $1.40 a share, up 11.3% from $202.1 million, or $1.22 a share, a year earlier. Non-GAAP net income available to common shareholders was $234.1 million, or $1.46 a share, which the company said was the best third quarter in its history.

Chairman and Chief Executive Officer Ronald J. Kruszewski said Stifel is on track for another record year, citing 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%. He said the company delivered its highest ever third quarter earnings per share of $1.46, up 12% versus the prior year, on net revenue of $1.43 billion.

Global Wealth Management reported record net revenues of $980.3 million, up 8% from $907.4 million a year earlier. Pre-tax net income was $374.4 million. Asset management revenues were $492.1 million, up 14% from $431.4 million a year earlier. The company said the increase reflected higher asset values due to improved market conditions and net new asset growth. Net interest income was $284.6 million, up 11% from $257.3 million a year earlier, primarily driven by balance sheet growth, partially offset by lower interest rates. Transactional revenues were $196.2 million, down 3% from $203.1 million a year earlier, reflecting a decrease in client activity.

Client assets were $576.5 billion, up 6% from $544.0 billion a year earlier. Fee-based client assets were $239.7 billion. Bank loans were $26.1 billion, up 21% from $21.6 billion a year earlier. Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.

Institutional Group net revenues were $430.3 million, down from $500.4 million a year earlier. Pre-tax net income was $76.3 million. Investment banking revenues were $299.5 million, down 6% from $317.0 million a year earlier. Advisory revenues were $173.0 million, down 4% from $179.3 million a year earlier, driven by lower levels of completed advisory transactions. Equity capital raising revenues were $68.6 million, down 13% from $78.8 million a year earlier, driven by lower volumes and smaller deal sizes. Fixed income capital raising revenues were $57.9 million, down 2% from $58.9 million a year earlier.

Fixed income transactional revenues were $80.5 million, down 34% from $122.6 million a year earlier. The company said the decline was impacted by widening credit spreads, increased market volatility, and lower realized trading gains. Equity transactional revenues were $41.2 million, down 29% from $58.3 million a year earlier, impacted by lower realized trading gains, a decline in trading volumes, and the restructuring of the European Equities business, which resulted in a $7 million reduction in equity transactional revenues year over year.

Non-GAAP pre-tax margin was 22.5%. Annualized return on tangible common equity was 23.9%. Tangible book value per common share was $26.05, up 12% from the prior year.

The company repurchased $124.0 million, or 1.6 million shares, of common stock in the third quarter at an average price of $76.95. Over the last twelve months, it repurchased $564.4 million, or 7.3 million shares, at an average price of $77.05. The board declared a $0.34 quarterly dividend per share. Stifel also announced a strategic investment in Meow Technologies.