Filing Flows › Stifel Financial (SF) › Q3 2025
Stifel Financial (SF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Stifel Financial (SF) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +10% from the quarter before. Operating margin was 17.5%, net earnings $211M (12.9% of revenue).
Stifel Financial, Q3 2025: revenue $1.6B (+11% year over year), operating margin 17.5%, net earnings $211M, operating cash flow $338M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +10% | +11% |
| Operating profit | $286M | +34% | +32% |
| Net earnings | $211M | +36% | +33% |
| Operating cash flow | $338M | -44% | +70% |
| Free cash flow | $321M | -46% | +72% |
What changed
Revenue was $1.6B in Q3 2025, up 11% year over year and up 10% from the previous quarter. Asset Management1 was the largest line at 26% of revenue. Investment Banking added $0.08B year over year (up 33%), 51% of the total change.
Operating profit was $0.29B, a 17.5% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 44% reached operating profit, above the 15% margin then. Total costs grew 7% against revenue growth of 11%. Net earnings were $0.21B, up 33% year over year. The effective tax rate was 26.1%.
Operating cash flow was $0.34B (up 70% year over year), 160% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.02B left free cash flow of $0.32B.
Questions
What was Stifel Financial's revenue in the third quarter 2025?
Stifel Financial (SF) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +10% from the quarter before.
Was Stifel Financial profitable in the third quarter 2025?
Operating profit was $286M (17.5% of revenue) and net earnings $211M.
Source: Stifel Financial 10-Q on SEC EDGAR.