Filing Flows › Stifel Financial (SF) › Q2 2026 › vs Q1 2026
Stifel Financial (SF) Q2 2026 vs Q1 2026 (quarter over quarter)
Stifel Financial's revenue fell $26.9M (-2%) from $1.7B in Q1 2026 to $1.6B in Q2 2026. The biggest changes: Other revenues −$28.5M (-4%); Commissions +$13.6M (+7%); Investment Banking −$9.5M (-3%). Operating margin 18.3% against 19.6% (-1.3 pts).
Stifel Financial, Q2 2026: revenue $1.6B (+10% year over year), operating margin 18.3%, net earnings $226M, operating cash flow $76.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 19.6% | -1.3 pts |
| Net margin | 13.8% | 15.1% | -1.3 pts |
| Free cash flow margin | 3.7% | -23.4% | +27.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Asset Management1 | $457M | $459M | −$2.8M | -0.6% |
| Investment Banking | $332M | $341M | −$9.5M | -3% |
| Commissions | $221M | $208M | $13.6M | +7% |
| Product and Service Other | $1.9M | $1.7M | $235K | +14% |
| Other revenues | $627M | $655M | −$28.5M | -4% |
| Revenue | $1.6B | $1.7B | −$26.9M | -2% |
| Operating profit | $299M | $326M | −$26.6M | -8% |
| Costs & expenses | $1.3B | $1.3B | −$239K | 0% |
| Pre-tax earnings | $299M | $326M | −$26.6M | -8% |
| Net earnings | $226M | $251M | −$24.9M | -10% |
| Income tax | $73.0M | $74.7M | −$1.7M | -2% |
| Depreciation & amortization | $15.7M | $15.3M | $400K | +3% |
| Share-based compensation | $46.2M | $65.7M | −$19.5M | -30% |
| Working capital & other | $212M | $675M | −$463M | -69% |
| Operating cash flow | $76.1M | −$343M | $419M | — |
| Free cash flow (OCF − capex) | $61.3M | −$390M | $452M | — |
| Capital expenditures | $14.8M | $47.8M | −$33.1M | -69% |
Questions
How much did Stifel Financial's revenue grow quarter over quarter in Q2 2026?
Stifel Financial's revenue fell $26.9M (-2%) from $1.7B in Q1 2026 to $1.6B in Q2 2026.
What drove Stifel Financial's revenue change in Q2 2026?
Other revenues −$28.5M (-4%); Commissions +$13.6M (+7%); Investment Banking −$9.5M (-3%).