Stifel Financial Corp. (NYSE: SF) reported higher revenue in the fourth quarter of 2025, supported by investment banking and asset management activity, while full-year net income declined from the prior year.
For the three months ended Dec. 31, 2025, the firm reported net revenues of $1.56 billion, compared with $1.36 billion a year earlier. Net income available to common shareholders rose to $255.0 million, from $234.7 million in the fourth quarter of 2024. Diluted earnings per share increased to $2.31, from $2.09.
For the full year ended Dec. 31, 2025, net revenues rose to $5.53 billion, compared with $4.97 billion in 2024. Net income available to common shareholders declined to $646.5 million, from $694.1 million a year earlier. Full-year diluted earnings per share were $5.87, compared with $6.25 in 2024.
Wealth management and institutional businesses
In Global Wealth Management, fourth-quarter net revenues increased to $933.2 million, from $865.2 million a year earlier. Pre-tax net income rose to $330.1 million, compared with $316.3 million in the year-ago quarter. Client assets totaled $551.9 billion at quarter-end, up 10% year on year, while fee-based client assets rose 16% to $224.5 billion.
For the full year, Global Wealth Management reported record net revenues of $3.54 billion, compared with $3.28 billion in 2024. Pre-tax net income declined to $1.11 billion, from $1.21 billion a year earlier.
In the Institutional Group, fourth-quarter net revenues rose to $609.7 million, from $478.3 million in the prior-year period. Pre-tax net income increased to $151.7 million, compared with $95.7 million a year earlier. Investment banking revenues increased 50% year on year in the quarter.
For the full year, Institutional Group net revenues rose to $1.91 billion, from $1.59 billion in 2024. Pre-tax net income increased to $329.4 million, compared with $223.4 million in the prior year.
Capital actions and balance sheet
The company’s board approved an 11% increase in the quarterly common stock dividend, effective in the first quarter of 2026. The board also declared a three-for-two common stock split, effective Feb. 26, 2026. During the fourth quarter, Stifel repurchased $39.0 million of its common stock, bringing total repurchases in 2025 to $370.6 million.
At year-end, Stifel reported total assets of $41.3 billion, compared with $39.9 billion a year earlier. The firm reported a Tier 1 leverage ratio of 11.4% at Dec. 31, 2025.
Summary
Despite a minor dip in annual profit due to non-recurring legal charges, Stifel enters 2026 at peak operational strength, backed by a record-breaking $5.53 billion in revenue and a 50% surge in quarterly investment banking activity. The board’s decision to implement a three-for-two stock split and an 11% dividend hike signals robust confidence in the firm’s trajectory toward its long-term goal of $1 trillion in client assets. With 2026 revenue guidance projected as high as $6.35 billion, Stifel has effectively pivoted from a year of consolidation to a clear path of aggressive, shareholder-focused growth.
