Stifel posts record third-quarter adjusted EPS of $1.46 as wealth revenue hits new high

Stifel Financial reported the best third-quarter earnings per share in its history as gains in wealth management offset a slower quarter for its institutional business.

Non-GAAP earnings were $1.46 a diluted share, up from $1.30 a year earlier, according to its earnings release filed with an 8-K on Wednesday. GAAP net income available to common shareholders was $224.8 million, or $1.40 a share, compared with $202.1 million, or $1.22.

Net revenue was $1.43 billion, essentially unchanged from a year ago.

Wealth up, institutional down

Global Wealth Management posted record net revenue of $980.3 million, up 8%. Asset management revenue rose 14% and net interest income rose 11%, while transactional revenue fell 3%. Client assets grew 6% to $576.5 billion.

Institutional Group net revenue dropped to $430.3 million from $500.4 million. Fixed income revenue fell to $147.7 million from $203.8 million, and equity revenue slipped to $282.6 million from $296.7 million.

Chief Executive Ronald Kruszewski said Stifel is "on track for another record year," with year-to-date revenue of $4.3 billion, up 9%.

Capital

Stifel repurchased 1.6 million shares for $124.0 million at an average price of $76.95. Bank loans rose 21% from a year earlier, and tangible book value per share increased 12% to $26.05.

By the numbers

• Net revenue: $1.43 billion, flat
• Non-GAAP diluted EPS: $1.46, vs. $1.30
• GAAP diluted EPS: $1.40, vs. $1.22
• Wealth management revenue: $980.3 million, a record
• Client assets: $576.5 billion, up 6%

Sources

1. Stifel Financial Corp., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release, filed Oct. 21, 2026, accession 0001193125-26-427189

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