Filing Flows › Stifel Financial (SF) › Q3 2026 › vs Q2 2026
Stifel Financial (SF) Q3 2026 vs Q2 2026 (quarter over quarter)
Stifel Financial's revenue fell $3.6M (-0.2%) from $1.6B in Q2 2026 to $1.6B in Q3 2026. The biggest changes: Asset Management1 +$35.5M (+8%); Investment Banking −$25.8M (-8%); Commissions −$20.7M (-9%). Operating margin 18.9% against 18.3% (+0.7 pts).
Stifel Financial, Q3 2026: revenue $1.6B (0% year over year), operating margin 18.9%, net earnings $234M, operating cash flow $801M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 18.9% | 18.3% | +0.7 pts |
| Net margin | 14.3% | 13.8% | +0.5 pts |
| Free cash flow margin | 46.0% | 3.7% | +42.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Asset Management1 | $492M | $457M | $35.5M | +8% |
| Investment Banking | $306M | $332M | −$25.8M | -8% |
| Commissions | $201M | $221M | −$20.7M | -9% |
| Other revenues | $636M | $629M | $7.3M | +1% |
| Revenue | $1.6B | $1.6B | −$3.6M | -0.2% |
| Operating profit | $310M | $299M | $10.2M | +3% |
| Costs & expenses | $1.3B | $1.3B | −$13.8M | -1% |
| Pre-tax earnings | $310M | $299M | $10.2M | +3% |
| Net earnings | $234M | $226M | $7.7M | +3% |
| Income tax | $75.5M | $73.0M | $2.5M | +3% |
| Depreciation & amortization | $15.7M | $15.7M | −$50K | -0.3% |
| Share-based compensation | $44.4M | $46.2M | −$1.8M | -4% |
| Working capital & other | $507M | −$212M | $719M | — |
| Operating cash flow | $801M | $76.1M | $725M | +952% |
| Free cash flow (OCF − capex) | $753M | $61.3M | $692M | 12× |
| Capital expenditures | $48.1M | $14.8M | $33.3M | +225% |
Questions
How much did Stifel Financial's revenue grow quarter over quarter in Q3 2026?
Stifel Financial's revenue fell $3.6M (-0.2%) from $1.6B in Q2 2026 to $1.6B in Q3 2026.
What drove Stifel Financial's revenue change in Q3 2026?
Asset Management1 +$35.5M (+8%); Investment Banking −$25.8M (-8%); Commissions −$20.7M (-9%).