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Stifel Financial (SF) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Stifel Financial (SF) Q3 2026 earnings results →

Q3 2026 Revenue up 0% year over year to $1.6B · 14¢ of every $1 of revenue kept as net profit · operating margin 18.9%

Stifel Financial made $1.6B in Q3 2026 (0% Y/Y): Other revenues $636M, Asset Management1 $492M, Investment Banking $306M. Operating margin 18.9%, net earnings $234M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$1.6B
Year over year0%
Operating margin18.9%
Net earnings$234M
Operating cash flow$801M

Drawing the Sankey…

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Stifel Financial Q3 2026 revenue breakdown: Sankey diagram of revenue (Other revenues, Asset Management1, Investment Banking, Commissions), costs, profit and cash flow
Stifel Financial Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.6B in Q3 2026, roughly flat year over year and roughly flat from the previous quarter. Asset Management1 was the largest line at 30% of revenue. Asset Management1 added $0.06B year over year (up 14%), 10060% of the total change. Investment Banking declined 5%.

Operating profit was $0.31B, a 18.9% margin (up 1.4 points year over year). Of the extra revenue versus Q3 2025, 3904% reached operating profit, above the 17% margin then. Total costs fell 2% while revenue was flat. Net earnings were $0.23B, up 11% year over year. The effective tax rate was 24.4%.

Operating cash flow was $0.80B (up 137% year over year), 342% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.51B. Capital expenditures of $0.05B left free cash flow of $0.75B.

Quarterly history

Stifel Financial revenue by quarterStifel Financial revenue by quarter$1.5BQ1 2025$1.5BQ2 2025$1.6BQ3 2025$1.8BQ4 2025$1.7BQ1 2026$1.6BQ2 2026$1.6BQ3 2026
Stifel Financial net earnings by quarterStifel Financial net earnings by quarter$53.0MQ1 2025$155MQ2 2025$211MQ3 2025$264MQ4 2025$251MQ1 2026$226MQ2 2026$234MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$1.6B0%18.9%$234M$801M
Q2 202610-QAug 5, 2026$1.6B+10%18.3%$226M$76.1M
Q1 202610-QMay 4, 2026$1.7B+13%19.6%$251M−$343M
Q4 202510-KFeb 24, 2026$1.8B+10%17.6%$264M$382M
Q3 202510-QNov 5, 2025$1.6B+11%17.5%$211M$338M
Q2 202510-QAug 6, 2025$1.5B+2%14.3%$155M$607M
Q1 202510-QMay 7, 2025$1.5B+4%4.3%$53.0M−$211M

Charts

Stifel Financial: revenue growth, year over year and quarter over quarterStifel Financial: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q1 2025+2%+2%Q2 2025+11%+10%Q3 2025+10%+7%Q4 2025+13%-5%Q1 2026+10%-2%Q2 2026+0%0%Q3 2026
Latest (Q3 2026): Y/Y +0%, Q/Q 0%.
Stifel Financial: where the cash came from (+) and went (−), TTM to Q3 2026Stifel Financial: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$4.4BOther financing$2.7BCash drawn (+) / kept (−)$1.6BOperating cash flow$917MBuybacks−$428MTaxes on employees’ shares−$134MCapital spending−$124MExchange rates−$2.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Stifel Financial: profit against cash, quarter by quarterStifel Financial: profit against cash, quarter by quarterNet incomeOperating cash flow$244M$424MQ4 2024$53.0M−$211MQ1 2025$155M$607MQ2 2025$211M$338MQ3 2025$264M$382MQ4 2025$251M−$343MQ1 2026$226M$76.1MQ2 2026$234M$801MQ3 2026
Latest (Q3 2026): Net income $234M, Operating cash flow $801M.
Stifel Financial: diluted shares by fiscal yearStifel Financial: diluted shares by fiscal year115MFY2020119MFY2021118MFY2022113MFY2023111MFY2024110MFY2025
-3.9% since FY2020: buybacks shrank the count.
Stifel Financial in its industry: growth against margin (24 companies, SIC 6211)Stifel Financial in its industry: growth against margin (24 companies, SIC 6211)revenue growth, year over year →↑ operating marginmedian +13%median 18%MSGSGLXYBLKSCHWJones Financial Companies LllpRJFJEFIBKRHOODVIRTFRHCSEICPIPROPYMIAXNAVINavient CorpMKTXWTCOHNSIEBDOMHSF (+0%, 19%)
Security Brokers, Dealers & Flotation Companies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Stifel Financial

Stifel Financial Corp. (the “Company”), through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. We have organized our operations into three reportable segments: Global Wealth Management, Institutional Group, and Other. See Note 22 for additional information on segment reporting.

In its own words, from its 10-Q, filed Aug 5, 2026.

Stifel Financial against its Security Brokers, Dealers & Flotation Companies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 0% against the peers' median +13%. Operating margin: 18.9% against the peers' median 18.9%.

CompanyQuarterRevenueY/YOp. margin
SF Stifel FinancialQ3 2026$1.6B0%18.9%
MS Morgan StanleyQ3 2026$20.3B+12%31.9%
GS Goldman Sachs GroupQ3 2026$18.7B+23%37.5%
GLXY Galaxy DigitalQ3 2026$8.1B-72%4.3%
BLK BlackRockQ3 2026$7.8B+19%30.0%
SCHW Schwab CharlesQ3 2026$7.2B+17%52.7%
Jones Financial Companies LllpQ3 2026$5.2B+13%0.0%
RJF Raymond James FinancialQ4 FY26$4.7B+13%18.2%
JEF Jefferies Financial GroupQ3 FY26$3.2B+11%10.9%

Source: Stifel Financial 10-Q on SEC EDGAR · CIK 720672 · Security Brokers, Dealers & Flotation Companies

Guidance and outlook

Stifel Financial: what its forward-looking statements are about (10-Q filed 2026-11-04)Stifel Financial: what its forward-looking statements are about (10-Q filed 2026-11-04)Other4Financing3Demand2Costs2Supply chain2Legal & regulation1Margins1Buybacks & dividends1
16 statements; tone +0.44 (−1 all cautious, +1 all confident); 3 hedged.
Stifel Financial: outlook statements against the filing beforeStifel Financial: outlook statements against the filing beforeConfident7

13F: who owns SF and who is buying

Largest holders of SF (13F)Largest holders of SF (13F)Vanguard Group$1.2BBlackRock$1.0BFMR LLC$595MVanguard Portfolio Management LLC$500MVanguard Capital Management LLC$465MAQR Capital Management LLC$419MState Street$340MBoston Partners$307MStifel Financial$271MEarnest Partners LLC$252M
Funds' net buying of SF by quarter (13F)Funds' net buying of SF by quarter (13F)$73.7M2024-09$109M2024-12$207M2025-03$86.0M2025-06−$83.8M2025-09$49.4M2025-12$171M2026-03−$25.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SF

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Stifel Financial（SF）财报

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