Stifel's Q3 revenue misses expectations, hurt by investment banking decline
SF•Stifel reported Q3 revenue of $1.43 billion, below the $1.49 billion analyst consensus, and adjusted EPS of $1.46, below expectations of $1.50. Revenue was flat year over year, and the company repurchased $124 million of its shares during the quarter.
1. Q3 results
Stifel's Q3 revenue was $1.43 billion, missing the $1.49 billion analyst consensus, while adjusted EPS of $1.46 fell short of the $1.50 consensus. Net income was $224.82 million, adjusted net income was $234.1 million and return on common equity was 17.4%.
2. Revenue drivers
Asset management revenue rose 14% year over year, driven by higher asset values and net new asset growth. Net interest income increased 9%, primarily due to balance sheet growth, partly offset by lower interest rates. Institutional group revenue fell as lower trading gains, decreased volumes and market volatility affected equity and fixed income transactional revenues.
3. Company outlook
Stifel said it is on track for another record year in 2026 and repurchased $124 million of its shares during the quarter.
