Filing Flows › Stifel Financial (SF) › Q2 2026 › vs Q2 2025
Stifel Financial (SF) Q2 2026 vs Q2 2025 (year over year)
Stifel Financial's revenue rose $148M (+10%) from $1.5B in Q2 2025 to $1.6B in Q2 2026. The biggest changes: Investment Banking +$98.5M (+42%); Asset Management1 +$53.0M (+13%); Other revenues −$25.3M (-4%). Operating margin 18.3% against 14.3% (+3.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 14.3% | +3.9 pts |
| Net margin | 13.8% | 10.4% | +3.4 pts |
| Free cash flow margin | 3.7% | 39.7% | -36.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Asset Management1 | $457M | $404M | $53.0M | +13% |
| Investment Banking | $332M | $233M | $98.5M | +42% |
| Commissions | $221M | $201M | $20.8M | +10% |
| Product and Service Other | $1.9M | $1.2M | $710K | +60% |
| Other revenues | $627M | $652M | −$25.3M | -4% |
| Revenue | $1.6B | $1.5B | $148M | +10% |
| Operating profit | $299M | $214M | $85.6M | +40% |
| Costs & expenses | $1.3B | $1.3B | $62.1M | +5% |
| Pre-tax earnings | $299M | $214M | $85.6M | +40% |
| Net earnings | $226M | $155M | $71.4M | +46% |
| Income tax | $73.0M | $58.8M | $14.2M | +24% |
| Depreciation & amortization | $15.7M | $15.3M | $434K | +3% |
| Share-based compensation | $46.2M | $35.8M | $10.3M | +29% |
| Working capital & other | $212M | −$401M | $614M | — |
| Operating cash flow | $76.1M | $607M | −$531M | -87% |
| Free cash flow (OCF − capex) | $61.3M | $593M | −$531M | -90% |
| Capital expenditures | $14.8M | $14.8M | −$41K | -0.3% |
Questions
How much did Stifel Financial's revenue grow year over year in Q2 2026?
Stifel Financial's revenue rose $148M (+10%) from $1.5B in Q2 2025 to $1.6B in Q2 2026.
What drove Stifel Financial's revenue change in Q2 2026?
Investment Banking +$98.5M (+42%); Asset Management1 +$53.0M (+13%); Other revenues −$25.3M (-4%).