EX-99.2

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Exhibit 99.2

Second Quarter 2025 Earnings Results


Quarterly Financial Supplement		Page

Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights
	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2025		6/30/2024		% Change			3/31/2025		% Change			6/30/2025		6/30/2024		% Change
Net revenues	$	1,284,286	$	1,217,932		5.4	%	$	1,255,469		2.3	%	$	2,539,755	$	2,380,970		6.7	%
Net income	$	155,055	$	165,294		(6.2	%)	$	52,992		192.6	%	$	208,047	$	328,869		(36.7	%)
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	145,734	$	155,973		(6.6	%)	$	43,672		233.7	%	$	189,406	$	310,228		(38.9	%)
Earnings per diluted common share	$	1.42	$	1.50		(5.3	%)	$	0.47		202.1	%	$	1.90	$	2.98		(36.2	%)
Earnings per diluted common share available to common shareholders	$	1.34	$	1.41		(5.0	%)	$	0.39		243.6	%	$	1.73	$	2.82		(38.7	%)
Non-GAAP financial summary (1):
Net revenues	$	1,284,378	$	1,217,941		5.5	%	$	1,255,455		2.3	%	$	2,539,833	$	2,380,979		6.7	%
Net income	$	194,947	$	185,891		4.9	%	$	63,556		206.7	%	$	258,503	$	358,557		(27.9	%)
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	185,626		176,570		5.1	%		54,236		242.3	%		239,862		339,916		(29.4	%)
Earnings per diluted common share	$	1.79	$	1.69		5.9	%	$	0.57		214.0	%	$	2.35	$	3.25		(27.7	%)
Earnings per diluted common share available to common shareholders	$	1.71	$	1.60		6.9	%	$	0.49		249.0	%	$	2.18	$	3.09		(29.4	%)
Weighted average number of common shares outstanding:
Basic		103,349		104,150		(0.8	%)		104,764		(1.4	%)		104,049		104,217		(0.2	%)
Diluted		108,847		110,285		(1.3	%)		110,635		(1.6	%)		109,791		110,156		(0.3	%)
Period end common shares outstanding		102,190		102,518		(0.3	%)		103,078		(0.9	%)		102,190		102,518		(0.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	0.92	$	0.84		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations



	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2025		6/30/2024		% Change			3/31/2025		% Change			6/30/2025		6/30/2024		% Change
Revenues:
Commissions	$	200,669	$	183,317		9.5	%	$	193,670		3.6	%	$	394,339	$	368,793		6.9	%
Principal transactions		172,603		153,574		12.4	%		141,660		21.8	%		314,263		292,588		7.4	%

Transactional revenues		*373,272*		336,891		10.8	%		335,330		11.3	%		*708,602*		661,381		7.1	%
Capital raising		106,155		101,870		4.2	%		100,472		5.7	%		206,627		196,567		5.1	%
Advisory		127,305		131,411		(3.1	%)		137,470		(7.4	%)		264,775		250,663		5.6	%

Investment banking		*233,460*		233,281		0.1	%		237,942		(1.9	%)		*471,402*		447,230		5.4	%
Asset management		403,608		380,757		6.0	%		409,541		(1.4	%)		813,149		748,233		8.7	%
Other income		3,690		16,180		(77.2	%)		10,581		(65.1	%)		14,271		21,130		(32.5	%)

Operating revenues		1,014,030		967,109		4.9	%		993,394		2.1	%		2,007,424		1,877,974		6.9	%
Interest revenue		477,056		498,152		(4.2	%)		475,632		0.3	%		952,688		1,004,980		(5.2	%)

Total revenues		1,491,086		1,465,261		1.8	%		1,469,026		1.5	%		2,960,112		2,882,954		2.7	%
Interest expense		206,800		247,329		(16.4	%)		213,557		(3.2	%)		420,357		501,984		(16.3	%)

Net revenues		1,284,286		1,217,932		5.4	%		1,255,469		2.3	%		2,539,755		2,380,970		6.7	%

Non-interest expenses:
Compensation and benefits		774,936		722,719		7.2	%		732,220		5.8	%		1,507,156		1,402,414		7.5	%
Occupancy and equipment rental		95,678		89,852		6.5	%		90,766		5.4	%		186,444		178,564		4.4	%
Communication and office supplies		47,847		48,181		(0.7	%)		49,513		(3.4	%)		97,360		95,548		1.9	%
Commissions and floor brokerage		17,146		14,383		19.2	%		16,806		2.0	%		33,952		30,150		12.6	%
Provision for credit losses		8,328		2,954		181.9	%		12,020		(30.7	%)		20,348		8,222		147.5	%
Investment banking expenses		8,989		9,253		(2.9	%)		8,547		5.2	%		17,536		16,982		3.3	%
Other operating expenses		117,542		103,696		13.4	%		282,233		(58.4	%)		399,775		203,505		96.4	%

Total non-interest expenses		1,070,466		991,038		8.0	%		1,192,105		(10.2	%)		2,262,571		1,935,385		16.9	%
Income before income taxes		213,820		226,894		(5.8	%)		63,364		237.4	%		277,184		445,585		(37.8	%)
Provision for income taxes		58,765		61,600		(4.6	%)		10,372		466.6	%		69,137		116,716		(40.8	%)

Net income		155,055		165,294		(6.2	%)		52,992		192.6	%		208,047		328,869		(36.7	%)
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	145,734	$	155,973		(6.6	%)	$	43,672		233.7	%	$	189,406	$	310,228		(38.9	%)

Earnings per common share:
Basic	$	1.41	$	1.50		(6.0	%)	$	0.42		235.7	%	$	1.82	$	2.98		(38.9	%)
Diluted	$	1.34	$	1.41		(5.0	%)	$	0.39		243.6	%	$	1.73	$	2.82		(38.7	%)
Weighted average number of common shares outstanding:
Basic		103,349		104,150		(0.8	%)		104,764		(1.4	%)		104,049		104,217		(0.2	%)
Diluted		108,847		110,285		(1.3	%)		110,635		(1.6	%)		109,791		110,156		(0.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	0.92	$	0.84		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 3 of 19

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Non-GAAP Consolidated Results of Operations ⁽¹⁾



	Three Months Ended										Six Months Ended
(Unaudited, 000s, except per share information)		6/30/2025		6/30/2024	% Change			3/31/2025	% Change			6/30/2025		6/30/2024	% Change

Revenues:
Commissions	$	200,669	$	183,317	9.5	%	$	193,670	3.6	%	$	394,339	$	368,793	6.9	%
Principal transactions		172,603		153,583	12.4	%		141,660	21.8	%		314,263		292,597	7.4	%

Transactional revenues		373,272		336,900	10.8	%		335,330	11.3	%		708,602		661,390	7.1	%
Capital raising		106,155		101,870	4.2	%		100,472	5.7	%		206,627		196,567	5.1	%
Advisory		127,305		131,411	(3.1	%)		137,470	(7.4	%)		264,775		250,663	5.6	%

Investment banking		*233,460*		233,281	0.1	%		237,942	(1.9	%)		*471,402*		447,230	5.4	%
Asset management		403,608		380,757	6.0	%		409,541	(1.4	%)		813,149		748,233	8.7	%
Other income		3,657		16,180	(77.4	%)		10,567	(65.4	%)		14,224		21,130	(32.7	%)

Operating revenues		1,013,997		967,118	4.8	%		993,380	2.1	%		2,007,377		1,877,983	6.9	%
Interest revenue		477,181		498,152	(4.2	%)		475,632	0.3	%		952,813		1,004,980	(5.2	%)

Total revenues		1,491,178		1,465,270	1.8	%		1,469,012	1.5	%		2,960,190		2,882,963	2.7	%
Interest expense		206,800		247,329	(16.4	%)		213,557	(3.2	%)		420,357		501,984	(16.3	%)

Net revenues		1,284,378		1,217,941	5.5	%		1,255,455	2.3	%		2,539,833		2,380,979	6.7	%

Non-interest expenses:
Compensation and benefits		744,949		706,994	5.4	%		728,164	2.3	%		1,473,113		1,381,156	6.7	%
Occupancy and equipment rental		94,910		89,727	5.8	%		90,535	4.8	%		185,445		178,392	4.0	%
Communication and office supplies		47,749		48,148	(0.8	%)		49,336	(3.2	%)		97,085		95,512	1.6	%
Commissions and floor brokerage		17,146		14,383	19.2	%		16,806	2.0	%		33,952		30,150	12.6	%
Provision for credit losses		8,328		2,954	181.9	%		12,020	(30.7	%)		20,348		8,222	147.5	%
Investment banking expenses		8,989		9,253	(2.9	%)		8,547	5.2	%		17,536		16,982	3.3	%
Other operating expenses		101,070		95,806	5.5	%		274,022	(63.1	%)		375,092		189,044	98.4	%

Total non-interest expenses		1,023,141		967,265	5.8	%		1,179,430	(13.3	%)		2,202,571		1,899,458	16.0	%
Income before income taxes		261,237		250,676	4.2	%		76,025	243.6	%		337,262		481,521	(30.0	%)
Provision for income taxes		66,290		64,785	2.3	%		12,469	431.6	%		78,759		122,964	(35.9	%)

Net income		194,947		185,891	4.9	%		63,556	206.7	%		258,503		358,557	(27.9	%)
Preferred dividends		9,321		9,321	0.0	%		9,320	0.0	%		18,641		18,641	0.0	%

Net income available to common shareholders	$	185,626	$	176,570	5.1	%	$	54,236	242.3	%	$	239,862	$	339,916	(29.4	%)

Earnings per common share:
Basic	$	1.80	$	1.70	5.9	%	$	0.52	246.2	%	$	2.31	$	3.26	(29.1	%)
Diluted	$	1.71	$	1.60	6.9	%	$	0.49	249.0	%	$	2.18	$	3.09	(29.4	%)
Weighted average number of common shares outstanding:
Basic		103,349		104,150	(0.8	%)		104,764	(1.4	%)		104,049		104,217	(0.2	%)
Diluted		108,847		110,285	(1.3	%)		110,635	(1.6	%)		109,791		110,156	(0.3	%)
Cash dividends declared per common share	$	0.46	$	0.42	9.5	%	$	0.46	0.0	%	$	0.92	$	0.84	9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 4 of 19

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Consolidated Financial Summary


	Three Months Ended													Six Months Ended
(Unaudited, 000s)		6/30/2025			6/30/2024		% Change			3/31/2025		% Change			6/30/2025			6/30/2024		% Change

Net revenues:
Global Wealth Management	$	845,631		$	801,135		5.6	%	$	850,559		(0.6	%)	$	1,696,190		$	1,591,635		6.6	%
Institutional Group		419,779			390,721		7.4	%		384,929		9.1	%		804,708			742,097		8.4	%
Other		18,876			26,076		(27.6	%)		19,981		(5.5	%)		38,857			47,238		(17.7	%)

Total net revenues	$	1,284,286		$	1,217,932		5.4	%	$	1,255,469		2.3	%	$	2,539,755		$	2,380,970		6.7	%
Operating expenses:
Global Wealth Management	$	539,575		$	501,962		7.5	%	$	724,154		(25.5	%)	$	1,263,729		$	1,001,714		26.2	%
Institutional Group		358,739			341,908		4.9	%		357,498		0.3	%		716,237			656,175		9.2	%
Other		172,152			147,168		17.0	%		110,453		55.9	%		282,605			277,496		1.8	%

Total operating expenses	$	1,070,466		$	991,038		8.0	%	$	1,192,105		(10.2	%)	$	2,262,571		$	1,935,385		16.9	%
Operating contribution:
Global Wealth Management	$	306,056		$	299,173		2.3	%	$	126,405		142.1	%	$	432,461		$	589,921		(26.7	%)
Institutional Group		61,040			48,813		25.0	%		27,431		122.5	%		88,471			85,922		3.0	%
Other		(153,276	)		(121,092	)	26.6	%		(90,472	)	69.4	%		(243,748	)		(230,258	)	5.9	%

Income before income taxes	$	213,820		$	226,894		(5.8	%)	$	63,364		237.4	%	$	277,184		$	445,585		(37.8	%)
Financial ratios:
Compensation and benefits		60.3	%		59.3	%	100			58.3	%	200			59.3	%		58.9	%	40
Non-compensation operating expenses		23.1	%		22.1	%	100			36.7	%	(1,360	)		29.8	%		22.4	%	740
Income before income taxes		16.6	%		18.6	%	(200	)		5.0	%	1,160			10.9	%		18.7	%	(780	)
Effective tax rate		27.5	%		27.1	%	40			16.4	%	1,110			24.9	%		26.2	%	(130	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 5 of 19

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Consolidated Financial Information and Metrics



	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
Financial Information:
Total assets	$	39,859,653		$	37,809,278			5.4	%	$	40,383,727			(1.3	%)
Total shareholders’ equity	$	5,596,985		$	5,398,207			3.7	%	$	5,538,186			1.1	%
Total common equity	$	4,911,985		$	4,713,207			4.2	%	$	4,853,186			1.2	%
Goodwill and intangible assets	$	(1,594,342	)	$	(1,509,642	)		5.6	%	$	(1,503,358	)		6.1	%
DTL on goodwill and intangible assets	$	85,241		$	76,805			11.0	%	$	83,367			2.2	%

Tangible common equity	$	3,402,884		$	3,280,370			3.7	%	$	3,433,195			(0.9	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	48.07		$	45.97			4.6	%	$	47.08			2.1	%
Tangible book value per common share (2)	$	33.30		$	32.00			4.1	%	$	33.31			(0.0	%)
Return on common equity (3)		11.9	%		13.4	%					3.5	%
Non-GAAP return on common equity (1)(3)		15.2	%		15.1	%					4.4	%
Return on tangible common equity (4)		17.0	%		19.3	%					5.0	%
Non-GAAP return on tangible common equity (1)(4)		21.7	%		21.9	%					6.2	%
Pre-tax margin on net revenues		16.6	%		18.6	%					5.0	%
Non-GAAP pre-tax margin on net revenues (1)		20.3	%		20.6	%					6.1	%
Effective tax rate		27.5	%		27.1	%					16.4	%
Non-GAAP effective tax rate (1)		25.4	%		25.8	%					16.4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁵⁾


(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,431,336		$	3,359,436			2.1	%	$	3,478,476			(1.4	%)
Tier 1 capital	$	4,116,336		$	4,044,436			1.8	%	$	4,163,476			(1.1	%)
Risk-weighted assets	$	23,588,069		$	22,734,081			3.8	%	$	23,661,099			(0.3	%)
Common equity tier 1 capital ratio		14.5	%		14.8	%					14.7	%
Tier 1 risk based capital ratio		17.5	%		17.8	%					17.6	%
Tier 1 leverage capital ratio		10.8	%		11.1	%					10.8	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,337,013		$	1,268,458			5.4	%	$	1,373,088			(2.6	%)
Tier 1 capital	$	1,337,013		$	1,268,458			5.4	%	$	1,373,088			(2.6	%)
Risk-weighted assets	$	11,644,303		$	11,619,733			0.2	%	$	12,374,082			(5.9	%)
Common equity tier 1 capital ratio		11.5	%		10.9	%					11.1	%
Tier 1 risk based capital ratio		11.5	%		10.9	%					11.1	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	810,648		$	742,135			9.2	%	$	780,209			3.9	%
Tier 1 capital	$	810,648		$	742,135			9.2	%	$	780,209			3.9	%
Risk-weighted assets	$	6,643,960		$	5,662,622			17.3	%	$	5,963,456			11.4	%
Common equity tier 1 capital ratio		12.2	%		13.1	%					13.1	%
Tier 1 risk based capital ratio		12.2	%		13.1	%					13.1	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	381,900		$	456,500			(16.3	%)	$	294,100			29.9	%
Excess net capital	$	356,600		$	433,700			(17.8	%)	$	271,200			31.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change			6/30/2025			6/30/2024			% Change
Revenues:
Commissions	$	128,203		$	121,465			5.5	%	$	125,826			1.9	%	$	254,029		$	242,682			4.7	%
Principal transactions		54,463			55,843			(2.5	%)		60,569			(10.1	%)		115,032			116,379			(1.2	%)

Transactional revenues		182,666			177,308			3.0	%		186,395			(2.0	%)		369,061			359,061			2.8	%
Asset management		403,574			380,737			6.0	%		409,506			(1.4	%)		813,080			748,187			8.7	%
Net interest		254,148			236,281			7.6	%		245,534			3.5	%		499,682			472,550			5.7	%
Investment banking (6)		6,224			5,780			7.7	%		5,908			5.3	%		12,132			10,060			20.6	%
Other income		(981	)		1,029			(195.3	%)		3,216			(130.5	%)		2,235			1,777			25.8	%

Net revenues		845,631			801,135			5.6	%		850,559			(0.6	%)		1,696,190			1,591,635			6.6	%
Non-interest expenses:
Compensation and benefits		420,240			392,941			6.9	%		422,293			(0.5	%)		842,533			782,477			7.7	%
Non-compensation operating expenses		119,335			109,021			9.5	%		301,861			(60.5	%)		421,196			219,237			92.1	%

Total non-interest expenses		539,575			501,962			7.5	%		724,154			(25.5	%)		1,263,729			1,001,714			26.2	%

Income before income taxes	$	306,056		$	299,173			2.3	%	$	126,405			142.1	%	$	432,461		$	589,921			(26.7	%)


As a percentage of net revenues:
Compensation and benefits		49.7	%		49.0	%		70			49.6	%		10			49.7	%		49.2	%		50
Non-compensation operating expenses		14.1	%		13.7	%		40			35.5	%		(2,140	)		24.8	%		13.7	%		1,110
Income before income taxes		36.2	%		37.3	%		(110	)		14.9	%		2,130			25.5	%		37.1	%		(1,160	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 8 of 19

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Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
Total client assets	$	516,532,000		$	474,137,000			8.9	%	$	485,860,000			6.3	%
Fee-based client assets	$	206,319,000		$	179,749,000			14.8	%	$	189,693,000			8.8	%
Transactional assets	$	310,213,000		$	294,388,000			5.4	%	$	296,167,000			4.7	%
Secured client lending (7)	$	3,367,000		$	2,943,000			14.4	%	$	3,239,000			4.0	%
Asset Management Revenue:
Private Client Group (8)	$	344,899		$	317,616			8.6	%	$	345,357			(0.1	%)
Asset Management		39,206			37,556			4.4	%		38,520			1.8	%
Third-party Bank Sweep Program		5,721			11,319			(49.5	%)		11,783			(51.4	%)
Other (9)		13,782			14,266			(3.4	%)		13,881			(0.7	%)

Total asset management revenues	$	403,608		$	380,757			6.0	%	$	409,541			(1.4	%)
Fee-based Assets (millions):
Private Client Group (8)	$	180,066		$	157,124			14.6	%	$	166,035			8.5	%
Asset Management		44,822			39,714			12.9	%		41,136			9.0	%
Elimination (10)		(18,569	)		(17,089	)		8.7	%		(17,478	)		6.2	%

Total fee-based assets	$	206,319		$	179,749			14.8	%	$	189,693			8.8	%
Third-party Bank Sweep Program	$	568		$	820			(30.7	%)	$	828			(31.4	%)
ROA (bps) (11):
Private Client Group (8)		83.1			81.9						82.1
Asset Management		35.0			37.8						37.4
Third-party Bank Sweep Program		389.3			487.3						400.0


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 9 of 19

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Global Wealth Management - Statistical Information (Cont.)


	As of and for the Three Months Ended
(Unaudited, millions)	6/30/2025		6/30/2024		% Change			3/31/2025		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	15,015	$	15,819		(5.1	%)	$	16,424		(8.6	%)
Sweep Deposits		9,847		9,148		7.6	%		10,043		(2.0	%)
Direct Wealth Management Deposits at Stifel Bancorp		102		225		(54.7	%)		387		(73.6	%)

Total Stifel Bancorp Wealth Management Deposits		24,964		25,192		(0.9	%)		26,854		(7.0	%)
Other Bank Deposits		3,709		1,948		90.4	%		2,785		33.2	%

Total Stifel Bancorp Deposits	$	28,673	$	27,140		5.6	%	$	29,639		(3.3	%)

Short-term Treasuries (12)	$	6,418	$	8,136		(21.1	%)	$	7,218		(11.1	%)
Third-party Commercial Treasury Deposits (13)	$	3,318	$	1,539		115.6	%	$	2,900		14.4	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	24,964	$	25,192		(0.9	%)	$	26,854		(7.0	%)
Third-party Bank Sweep Program (13)		568		820		(30.7	%)		828		(31.4	%)
Third-party Treasury (13)		217		153		41.8	%		—		nm
Other Sweep Cash		551		417		32.1	%		149		269.8	%
Money Market Mutual Funds		15,297		10,530		45.3	%		13,698		11.7	%

Total Wealth Management Cash	$	41,597	$	37,112		12.1	%	$	41,529		0.2	%

Client money market and insured product (14)	$	25,981	$	26,204		(0.9	%)	$	27,444		(5.3	%)
Third-party Deposits Available to Stifel Bancorp (13)	$	4,103	$	2,512		63.3	%	$	3,728		10.1	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change			6/30/2025			6/30/2024			% Change
Revenues:
Commissions	$	72,466		$	61,852			17.2	%	$	67,844			6.8	%	$	140,310		$	126,111			11.3	%
Principal transactions		118,140			97,740			20.9	%		81,091			45.7	%		199,231			176,218			13.1	%

Transactional revenues		190,606			159,592			19.4	%		148,935			28.0	%		339,541			302,329			12.3	%
Capital raising		99,931			96,090			4.0	%		94,564			5.7	%		194,495			186,507			4.3	%
Advisory		127,305			131,411			(3.1	%)		137,470			(7.4	%)		264,775			250,663			5.6	%

Investment banking		227,236			227,501			(0.1	%)		232,034			(2.1	%)		459,270			437,170			5.1	%
Other income (15)		1,937			3,628			(46.6	%)		3,960			(51.1	%)		5,897			2,598			127.0	%

Net revenues		419,779			390,721			7.4	%		384,929			9.1	%		804,708			742,097			8.4	%
Non-interest expenses:
Compensation and benefits		257,697			239,036			7.8	%		252,585			2.0	%		510,282			454,785			12.2	%
Non-compensation operating expenses		101,042			102,872			(1.8	%)		104,913			(3.7	%)		205,955			201,390			2.3	%

Total non-interest expenses		358,739			341,908			4.9	%		357,498			0.3	%		716,237			656,175			9.2	%

Income before income taxes	$	61,040		$	48,813			25.0	%	$	27,431			122.5	%	$	88,471		$	85,922			3.0	%


As a percentage of net revenues:
Compensation and benefits		61.4	%		61.2	%		20			65.6	%		(420	)		63.4	%		61.3	%		210
Non-compensation operating expenses		24.1	%		26.3	%		(220	)		27.3	%		(320	)		25.6	%		27.1	%		(150	)
Income before income taxes		14.5	%		12.5	%		200			7.1	%		740			11.0	%		11.6	%		(60	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 11 of 19

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	6/30/2025			6/30/2024			% Change			3/31/2025			% Change
Stifel Bancorp Financial Information:
Total assets	$	31,115,875		$	29,325,680			6.1	%	$	32,100,614			(3.1	%)
Total shareholder’s equity	$	2,191,619		$	1,996,585			9.8	%	$	2,183,596			0.4	%
Total loans, net (includes loans held for sale)	$	21,447,860		$	19,819,771			8.2	%	$	21,241,400			1.0	%
Residential real estate		8,906,739			8,253,851			7.9	%		8,699,229			2.4	%
Fund banking		3,910,070			3,346,785			16.8	%		3,659,294			6.9	%
Commercial and industrial		3,536,227			3,689,379			(4.2	%)		3,678,411			(3.9	%)
Securities-based loans		2,568,050			2,253,045			14.0	%		2,404,960			6.8	%
Construction and land		1,217,561			1,198,395			1.6	%		1,206,876			0.9	%
Commercial real estate		429,243			608,911			(29.5	%)		472,550			(9.2	%)
Other		254,395			204,392			24.5	%		250,948			1.4	%
Loans held for sale		800,766			472,804			69.4	%		1,016,127			(21.2	%)
Investment securities	$	8,130,970		$	7,641,586			6.4	%	$	8,329,552			(2.4	%)
Available-for-sale securities, at fair value		1,546,392			1,583,477			(2.3	%)		1,613,304			(4.1	%)
Held-to-maturity securities, at amortized cost		6,584,578			6,058,109			8.7	%		6,716,248			(2.0	%)
Unrealized losses on available-for-sale securities		(129,654	)		(187,259	)		(30.8	%)		(141,910	)		(8.6	%)
Total deposits	$	28,673,063		$	27,139,753			5.6	%	$	29,639,272			(3.3	%)
Demand deposits (interest-bearing)		28,171,862			26,754,212			5.3	%		29,180,478			(3.5	%)
Demand deposits (non-interest-bearing)		373,823			304,795			22.6	%		432,368			(13.5	%)
Certificates of deposit		127,378			80,746			57.8	%		26,426			382.0	%

Credit Metrics:
Allowance for credit losses	$	166,410		$	164,959			0.9	%	$	170,266			(2.3	%)
Allowance as a percentage of retained loans		0.80	%		0.84	%					0.83	%
Net charge-offs as a percentage of average loans		0.06	%		0.01	%					0.05	%
Total nonperforming assets	$	157,348		$	85,247			84.6	%	$	160,891			(2.2	%)
Nonperforming assets as a percentage of total assets		0.51	%		0.29	%					0.50	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	6/30/2025		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,907		33	%	Financials	$	913	26	%
Securities-based loans		2,568		10	%	Industrials		828	23	%
Home equity lines of credit and other		254		1	%	Information technology		618	17	%

Total consumer		11,729		44	%	Consumer discretionary		253	7	%

Fund banking		3,910		15	%	REITs		227	6	%
Commercial and industrial		3,536		13	%	Materials		183	5	%
Construction and land		1,218		5	%	Communication services		144	4	%
Commercial real estate		429		1	%	Hotel, leisure, restaurants		137	4	%

Total commercial		9,093		34	%	Healthcare		130	4	%

Total loan portfolio		20,822		78	%	Consumer staples		79	2	%

Unfunded commitments		5,806		22	%

Total	$	26,628		100	%

						CLO by Major Sector
						High tech industries	$	687	10	%
Investment Portfolio						Banking, finance, insurance, & real estate		680	10	%
CLO	$	6,548		78	%	Services: business		631	10	%
Agency MBS		1,049		13	%	Healthcare & pharmaceuticals		594	9	%
Corporate bonds		465		6	%	Hotel, gaming, & leisure		325	5	%
SBA		86		1	%	Construction & building		310	5	%
Student loan ARS		68		1	%	Chemicals, plastics, & rubber		244	4	%
CMBS		42		1	%	Services: consumer		239	4	%
Other		3		0	%	Capital equipment		238	4	%

Total Portfolio	$	8,261		100	%	Telecommunications		215	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses


	June 30, 2025
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL %			Q2 Provision
Residential real estate	$	8,906,739	$	13,767		0.2	%	$	2,595
Fund banking		3,910,070		10,948		0.3	%		702
Commercial and industrial		3,536,227		84,981		2.4	%		4,872
Securities-based loans		2,568,050		3,128		0.1	%		200
Construction and land		1,217,561		12,854		1.1	%		(397	)
Commercial real estate		429,243		8,795		2.0	%		(571	)
Other		254,395		1,261		0.5	%		456

Loans held for investment, gross		20,822,285		135,734		0.7	%		7,857
Loans held for sale		800,766

Total loans, gross		21,623,051
Lending commitments		5,806,493		30,676		0.5	%		471
Loans and lending commitments	$	27,429,544	$	166,410				$	8,328


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 14 of 19

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Consolidated Net Interest Income


	Three Months Ended
	June 30, 2025						June 30, 2024							March 31, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,924.5	$	20.8		4.32%	$	2,833.7	$	37.8		5.34	%	$	2,467.1	$	26.3		4.27	%
Financial instruments owned		1,367.1		9.3		2.73%		1,165.7		6.3		2.18	%		1,242.5		6.5		2.11	%
Margin balances		830.2		14.4		6.92%		694.3		14.0		8.04	%		835.8		13.9		6.64	%
Investments:
Asset-backed securities		6,735.2		101.8		6.05%		5,982.6		108.1		7.23	%		6,617.4		101.4		6.13	%
Mortgage-backed securities		1,133.3		9.0		3.16%		929.8		5.6		2.41	%		1,117.2		8.7		3.09	%
Corporate fixed income securities		464.8		3.1		2.69%		589.8		4.1		2.77	%		496.3		3.4		2.75	%
Other		4.8		—		2.55%		4.8		—		2.55	%		4.8		—		2.62	%

Total investments		8,338.1		113.9		5.47%		7,507.0		117.8		6.28	%		8,235.7		113.5		5.51	%
Loans:
Residential real estate		8,798.4		85.0		3.86%		8,182.5		71.0		3.47	%		8,633.5		81.0		3.75	%
Commercial and industrial		4,005.4		73.2		7.31%		3,643.7		79.9		8.77	%		4,113.5		75.5		7.34	%
Fund banking		3,773.9		67.0		7.10%		3,299.5		67.0		8.13	%		3,798.2		66.4		7.00	%
Securities-based loans		2,503.3		38.7		6.19%		2,292.4		41.6		7.26	%		2,387.8		36.5		6.12	%
Commercial real estate		449.3		9.6		8.58%		637.6		11.5		7.20	%		498.4		8.2		6.54	%
Construction and land		1,214.4		21.8		7.19%		1,181.5		24.9		8.42	%		1,216.6		21.8		7.16	%
Loans held for sale		496.9		10.8		8.71%		462.7		11.2		9.68	%		589.0		11.2		7.62	%
Other		250.5		4.5		7.13%		206.2		4.0		7.77	%		248.8		4.4		6.96	%

Total loans		21,492.1		310.6		5.78%		19,906.1		311.1		6.25	%		21,485.8		305.0		5.68	%
Other interest-bearing assets		928.0		8.1		3.45%		860.4		11.1		5.16	%		996.8		10.4		4.17	%

Total interest-bearing assets/ interest income		34,880.0		477.1		5.47%		32,967.2		498.1		6.04	%		35,263.7		475.6		5.40	%
Interest-bearing liabilities:
Senior notes		616.9		7.1		4.62%		1,116.0		12.5		4.48	%		616.7		7.1		4.63	%
Deposits		28,463.0		187.5		2.64%		26,758.7		220.3		3.29	%		28,622.8		193.1		2.70	%
Other interest-bearing liabilities		1,563.3		12.2		3.11%		1,461.1		14.5		3.98	%		1,453.6		13.4		3.66	%
Total interest-bearing liabilities/ interest expense	$	30,643.2		206.8		2.70%	$	29,335.8		247.3		3.37	%	$	30,693.1		213.6		2.78	%

Net interest income/margin			$	270.3		3.10%			$	250.8		3.04	%			$	262.0		2.97	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 15 of 19

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Stifel Bancorp Net Interest Income


	Three Months Ended
	June 30, 2025							June 30, 2024							March 31, 2025
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,098.1	$	13.1		4.77	%	$	1,765.4	$	25.0		5.67	%	$	1,512.8	$	17.4		4.60	%
Investments		8,338.1		113.9		5.47	%		7,507.0		117.8		6.28	%		8,235.7		113.5		5.51	%
Loans		21,492.1		310.6		5.78	%		19,906.1		311.1		6.25	%		21,485.8		305.0		5.68	%
Other interest-bearing assets		66.0		1.0		5.59	%		66.7		1.0		5.71	%		66.7		0.8		5.15	%

Total interest-bearing assets/ interest income	$	30,994.3	$	438.6		5.66	%	$	29,245.2	$	454.9		6.22	%	$	31,301.0	$	436.7		5.58	%
Interest-bearing liabilities:
Deposits	$	28,463.0	$	187.5		2.64	%	$	26,758.7	$	220.3		3.29	%	$	28,622.8	$	193.1		2.70	%
Other interest-bearing liabilities		143.4		2.0		5.44	%		90.1		1.7		7.44	%		92.6		1.4		5.83	%

Total interest-bearing liabilities/ interest expense	$	28,606.4		189.5		2.65	%	$	26,848.8		222.0		3.31	%	$	28,715.4		194.5		2.71	%

Net interest income/margin			$	249.1		3.22	%			$	232.9		3.19	%			$	242.2		3.10	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release		Page 16 of 19

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GAAP to Core Reconciliation


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2025			6/30/2024			Change			3/31/2025			Change			6/30/2025			6/30/2024			Change
GAAP net revenues	$	1,284,286		$	1,217,932					$	1,255,469					$	2,539,755		$	2,380,970
Non-GAAP adjustments		92			9						(14	)					78			9
Non-GAAP net revenues		1,284,378			1,217,941						1,255,455						2,539,833			2,380,979

GAAP compensation and benefits expense		774,936			722,719						732,220						1,507,156			1,402,414
Merger-related and other (16)		(2,946	)		(5,764	)					(4,056	)					(7,002	)		(11,297	)
Restructuring and severance (17)		(27,041	)		(9,961	)					—						(27,041	)		(9,961	)

Total non-GAAP adjustments		(29,987	)		(15,725	)					(4,056	)					(34,043	)		(21,258	)

Non-GAAP compensation and benefits expense		744,949			706,994						728,164						1,473,113			1,381,156

GAAP non-compensation operating expenses		295,530			268,319						459,885						755,415			532,971
Merger-related (16)		(17,338	)		(8,048	)					(8,619	)					(25,957	)		(14,669	)

Non-GAAP non-compensation operating expenses		278,192			260,271						451,266						729,458			518,302

Total adjustments		(47,417	)		(23,782	)					(12,661	)					(60,078	)		(35,936	)


GAAP provision for income taxes		58,765			61,600						10,372						69,137			116,716
Merger-related and other (18)		7,525			3,185						2,097						9,622			6,248

Non-GAAP provision for income taxes		66,290			64,785						12,469						78,759			122,964

Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		21.7	%		21.4	%		30			35.9	%		(1,420	)		28.7	%		21.8	%		690
Income before income taxes		20.3	%		20.6	%		(30	)		6.1	%		1,420			13.3	%		20.2	%		(690	)
Effective tax rate		25.4	%		25.8	%		(40	)		16.4	%		900			23.4	%		25.5	%		(210	)


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Footnotes


(1)		Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(2)		Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
(3)		Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

(4)		Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $84.3 million, $75.8 million, and $82.5 million, as of June 30, 2025 and 2024, and March 31, 2025, respectively.
(5)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 30, 2025.

(6)		Includes capital raising and advisory fee revenues.
(7)		Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(8)		Includes Private Client Group and Trust Business.
(9)		Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(10)		Asset management assets managed in Private Client Group or Trust accounts.
(11)		Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.

(12)		Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(13)		During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.

(14)		Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(15)		Includes net interest, asset management, and other income.

(16)		Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(17)		The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

(18)		Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


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Disclaimer and Legal Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s second quarter earnings release issued July 30, 2025.


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