v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

NOTE 22 – Segment Reporting

We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment. Our chief operating decision maker (“CODM”) is our Chairman and Chief Executive Officer. Our CODM regularly reviews segment net revenues, compensation and benefits expense, non-compensation operating expenses, and income before income taxes. Amounts included in non-compensation operating expenses include “Occupancy and equipment rental,” “Communications and office supplies,” “Commissions and floor brokerage,” “Provision for credit losses,” and “Other operating expenses.”

Global Wealth Management

The Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and, from the period January 1, 2026 through February 2, 2026, independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our private client group and to the general public.

The success of our Global Wealth Management segment is dependent upon the quality of our products, services, financial advisors, and support personnel, including our ability to attract, retain, and motivate a sufficient number of these associates. We face competition for qualified associates from major financial services companies, including other brokerage firms, insurance companies, banking institutions, and discount brokerage firms. Segment revenue growth and operating income are used to evaluate and measure segment performance by our CODM in assessing performance and deciding how to allocate resources.

Institutional Group

The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services.

The success of our Institutional Group segment is dependent upon the quality of our personnel, the quality and selection of our investment products and services, pricing (such as execution pricing and fee levels), and reputation. Segment revenue growth and operating income are used to evaluate and measure segment performance by our CODM in assessing performance and deciding how to allocate resources.

Other

The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges.

Information on reportable segments and reconciliation to consolidated net income available to common shareholders for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Global Wealth Management

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

956,534

 

 

$

845,631

 

 

$

1,888,657

 

 

$

1,696,190

 

Compensation and benefits

 

 

460,582

 

 

 

420,240

 

 

 

933,042

 

 

 

842,533

 

Non-compensation operating expenses

 

 

134,105

 

 

 

119,335

 

 

 

263,053

 

 

 

421,196

 

Income before income taxes

 

$

361,847

 

 

$

306,056

 

 

$

692,562

 

 

$

432,461

 

Institutional Group

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

480,694

 

 

 

419,779

 

 

 

975,952

 

 

 

804,708

 

Compensation and benefits

 

 

285,504

 

 

 

257,697

 

 

 

581,374

 

 

 

510,282

 

Non-compensation operating expenses

 

 

103,013

 

 

 

101,042

 

 

 

204,491

 

 

 

205,955

 

Income before income taxes

 

$

92,177

 

 

$

61,040

 

 

$

190,087

 

 

$

88,471

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

13,576

 

 

 

18,876

 

 

 

64,356

 

 

 

38,857

 

Compensation and benefits

 

 

86,932

 

 

 

96,999

 

 

 

166,936

 

 

 

154,341

 

Non-compensation operating expenses

 

 

81,230

 

 

 

75,153

 

 

 

154,559

 

 

 

128,264

 

Loss before income taxes

 

$

(154,586

)

 

$

(153,276

)

 

$

(257,139

)

 

$

(243,748

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues (1)

 

$

1,450,804

 

 

$

1,284,286

 

 

$

2,928,965

 

 

$

2,539,755

 

Compensation and benefits

 

 

833,018

 

 

 

774,936

 

 

 

1,681,352

 

 

 

1,507,156

 

Non-compensation operating expenses

 

 

318,348

 

 

 

295,530

 

 

 

622,103

 

 

 

755,415

 

Income from operations before income tax expense

 

$

299,438

 

 

$

213,820

 

 

$

625,510

 

 

$

277,184

 

(1)
No individual client accounted for more than 10 percent of total net revenues for the three and six months ended June 30, 2026 and 2025.

The following table presents our company’s total assets on a segment basis at June 30, 2026 and December 31, 2025 (in thousands):

 

 

June 30,
2026

 

 

December 31,
2025

 

Global Wealth Management

 

$

39,269,073

 

 

$

36,086,157

 

Institutional Group

 

 

5,470,432

 

 

 

4,996,613

 

Other

 

 

168,104

 

 

 

188,012

 

Total assets

 

$

44,907,609

 

 

$

41,270,782

 

We have operations in the United States, United Kingdom, Europe, and Canada. The Company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SNC. Substantially all long-lived assets are located in the United States.

Net revenues, classified by the major geographic areas in which they were earned for the three and six months ended June 30, 2026 and 2025, were as follows (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

1,383,314

 

 

$

1,224,193

 

 

$

2,760,749

 

 

$

2,405,653

 

United Kingdom

 

 

34,676

 

 

 

41,336

 

 

 

93,710

 

 

 

89,580

 

Canada

 

 

17,700

 

 

 

9,091

 

 

 

41,049

 

 

 

25,570

 

Other

 

 

15,114

 

 

 

9,666

 

 

 

33,457

 

 

 

18,952

 

Total net revenues

 

$

1,450,804

 

 

$

1,284,286

 

 

$

2,928,965

 

 

$

2,539,755