Filing Flows › Stifel Financial (SF) › Q4 2025
Stifel Financial (SF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Stifel Financial (SF) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +7% from the quarter before. Operating margin was 17.6%, net earnings $264M (15.1% of revenue).
Stifel Financial, Q4 2025: revenue $1.8B (+10% year over year), operating margin 17.6%, net earnings $264M, operating cash flow $382M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +7% | +10% |
| Operating profit | $308M | +8% | +16% |
| Net earnings | $264M | +25% | +8% |
| Operating cash flow | $382M | +13% | -10% |
| Free cash flow | $369M | +15% | -9% |
What changed
Revenue was $1.8B in Q4 2025, up 10% year over year and up 7% from the previous quarter. Investment Banking was the largest line at 26% of revenue.
Operating profit was $0.31B, a 17.6% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, above the 17% margin then. Total costs grew 9% against revenue growth of 10%. Net earnings were $0.26B, up 8% year over year. The effective tax rate was 14.1%.
Operating cash flow was $0.38B (down 10% year over year), 145% 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 $0.06B. Capital expenditures of $0.01B left free cash flow of $0.37B.
Questions
What was Stifel Financial's revenue in the fourth quarter 2025?
Stifel Financial (SF) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +7% from the quarter before.
Was Stifel Financial profitable in the fourth quarter 2025?
Operating profit was $308M (17.6% of revenue) and net earnings $264M.
Source: Stifel Financial 10-K on SEC EDGAR.