Stifel Financial Posts Record Q1 with $1.48B Revenue and $1.48 EPS
Stifel Financial reported record Q1 net revenues of $1.48 billion, up 18% year-over-year, with GAAP net income soaring to $242.1 million, or $1.48 per diluted share, versus $43.7 million a year ago. Investment banking revenues rose 44%, advisory 59% and client assets climbed 11% to $538.7 billion.
1. Overall Q1 Financial Performance
Stifel delivered record Q1 net revenues of $1.48 billion, up 18% from $1.26 billion a year ago, and GAAP net income available to common shareholders rose to $242.1 million, or $1.48 per diluted share. Non-GAAP net income was $237.5 million, or $1.45 per diluted share, aided by a gain on the sale of Stifel Independent Advisors.
2. Global Wealth Management Growth
Global Wealth Management net revenues rose 10% to $932.1 million, with pre-tax net income climbing to $330.7 million from $126.4 million. Total client assets increased 11% to $538.7 billion, including $219.9 billion in fee-based assets, driven by higher asset values, net new asset growth and an 8% increase in net interest income.
3. Institutional Group Strength
The Institutional Group reported net revenues of $495.3 million, up 29% year-over-year, and pre-tax net income of $97.9 million versus $27.4 million. Investment banking revenues surged 44%, with advisory up 59%, equity capital raising up 37%, fixed income capital raising up 9% and fixed income transactional revenues up 12%.
4. Key Profitability Metrics and Outlook
Stifel achieved a non-GAAP pre-tax margin of 22.2%, an annualized ROTCE of 24.8% and tangible book value per share of $24.89, up 12% year-over-year. Management highlighted a robust investment banking pipeline and strong client engagement, positioning the firm for continued balance sheet and revenue growth in 2026.