EX-99.2

Exhibit 99.2

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Third Quarter 2026 Earnings Results

Quarterly Financial Supplement		Page



Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Condensed 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 Non-GAAP Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Non-GAAP Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights ⁽¹⁾
	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change			9/30/2026		9/30/2025		% Change
Net revenues	$	1,426,211	$	1,429,396		(0.2	%)	$	1,450,804		(1.7	%)	$	4,355,176	$	3,969,151		9.7	%
Net income	$	234,143	$	211,371		10.8	%	$	226,477		3.4	%	$	712,039	$	419,418		69.8	%
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	224,823	$	202,051		11.3	%	$	217,156		3.5	%	$	684,078	$	391,457		74.8	%
Earnings per diluted common share	$	1.46	$	1.28		14.1	%	$	1.40		4.3	%	$	4.41	$	2.53		73.9	%
Earnings per diluted common share available to common shareholders	$	1.40	$	1.22		14.8	%	$	1.34		4.5	%	$	4.23	$	2.37		78.5	%
Non-GAAP financial summary (2):
Net revenues	$	1,429,077	$	1,429,398		(0.0	%)	$	1,453,304		(1.7	%)	$	4,323,903	$	3,969,231		8.9	%
Net income	$	243,416	$	223,739		8.8	%	$	238,620		2.0	%	$	728,833	$	482,242		51.1	%
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	234,096		214,419		9.2	%		229,299		2.1	%	$	700,872	$	454,281		54.3	%
Earnings per diluted common share	$	1.52	$	1.36		11.8	%	$	1.48		2.7	%	$	4.51	$	2.92		54.5	%
Earnings per diluted common share available to common shareholders	$	1.46	$	1.30		12.3	%	$	1.42		2.8	%	$	4.33	$	2.76		56.9	%

Weighted average number of common shares outstanding:
Basic		151,956		154,679		(1.8	%)		154,234		(1.5	%)		153,889		155,603		(1.1	%)
Diluted		160,145		165,087		(3.0	%)		161,631		(0.9	%)		161,744		164,877		(1.9	%)
Period end common shares outstanding		150,061		152,922		(1.9	%)		151,589		(1.0	%)		150,061		152,922		(1.9	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	1.02	$	0.93		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations ⁽¹⁾
	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change			9/30/2026		9/30/2025		% Change
Revenues:
Commissions	$	200,756	$	206,075		(2.6	%)	$	221,462		(9.3	%)	$	630,052	$	600,414		4.9	%
Principal transactions		117,124		177,876		(34.2	%)		140,091		(16.4	%)		407,436		492,139		(17.2	%)

Transactional revenues		317,880		383,951		(17.2	%)		361,553		(12.1	%)		1,037,488		1,092,553		(5.0	%)
Capital raising		132,875		144,213		(7.9	%)		174,456		(23.8	%)		430,305		350,840		22.6	%
Advisory		173,328		179,270		(3.3	%)		157,498		10.1	%		549,264		444,045		23.7	%

Investment banking		306,203		323,483		(5.3	%)		331,954		(7.8	%)		979,569		794,885		23.2	%
Asset management		492,163		431,399		14.1	%		456,630		7.8	%		1,408,250		1,244,548		13.2	%
Other income		8,299		14,228		(41.7	%)		12,549		(33.9	%)		76,527		28,499		168.5	%

Operating revenues		1,124,545		1,153,061		(2.5	%)		1,162,686		(3.3	%)		3,501,834		3,160,485		10.8	%
Interest revenue		510,624		481,504		6.0	%		476,093		7.3	%		1,437,766		1,434,192		0.2	%

Total revenues		1,635,169		1,634,565		0.0	%		1,638,779		(0.2	%)		4,939,600		4,594,677		7.5	%
Interest expense		208,958		205,169		1.8	%		187,975		11.2	%		584,424		625,526		(6.6	%)

Net revenues		1,426,211		1,429,396		(0.2	%)		1,450,804		(1.7	%)		4,355,176		3,969,151		9.7	%

Non-interest expenses:
Compensation and benefits		813,494		839,820		(3.1	%)		833,018		(2.3	%)		2,494,846		2,346,976		6.3	%
Occupancy and equipment rental		102,787		95,601		7.5	%		100,555		2.2	%		303,037		282,045		7.4	%
Communication and office supplies		48,846		48,893		(0.1	%)		46,341		5.4	%		146,208		146,253		(0.0	%)
Commissions and floor brokerage		13,547		15,807		(14.3	%)		15,039		(9.9	%)		43,627		49,759		(12.3	%)
Provision for credit losses		7,926		8,316		(4.7	%)		12,538		(36.8	%)		26,999		28,664		(5.8	%)
Investment banking expenses		13,079		17,088		(23.5	%)		12,495		4.7	%		34,120		34,624		(1.5	%)
Other operating expenses		116,907		117,825		(0.8	%)		131,380		(11.0	%)		371,204		517,600		(28.3	%)

Total non-interest expenses		1,116,586		1,143,350		(2.3	%)		1,151,366		(3.0	%)		3,420,041		3,405,921		0.4	%
Income before income taxes		309,625		286,046		8.2	%		299,438		3.4	%		935,135		563,230		66.0	%
Provision for income taxes		75,482		74,675		1.1	%		72,961		3.5	%		223,096		143,812		55.1	%

Net income		234,143		211,371		10.8	%		226,477		3.4	%		712,039		419,418		69.8	%
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	224,823	$	202,051		11.3	%	$	217,156		3.5	%	$	684,078	$	391,457		74.8	%

Earnings per common share:
Basic	$	1.48	$	1.31		13.0	%	$	1.41		5.0	%	$	4.45	$	2.52		76.6	%
Diluted	$	1.40	$	1.22		14.8	%	$	1.34		4.5	%	$	4.23	$	2.37		78.5	%
Weighted average number of common shares outstanding:
Basic		151,956		154,679		(1.8	%)		154,234		(1.5	%)		153,889		155,603		(1.1	%)
Diluted		160,145		165,087		(3.0	%)		161,631		(0.9	%)		161,744		164,877		(1.9	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	1.02	$	0.93		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 3 of 19

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Non-GAAP Condensed Consolidated Results of Operations ^{(1) (2)}
	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change			9/30/2026		9/30/2025		% Change

Non-GAAP net revenues	$	1,429,077	$	1,429,398		(0.0	%)	$	1,453,304		(1.7	%)	$	4,323,903	$	3,969,231		8.9	%
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		808,857		829,051		(2.4	%)		828,384		(2.4	%)		2,466,116		2,302,164		7.1	%
Non-GAAP non-compensation operating expenses		298,336		297,558		0.3	%		309,427		(3.6	%)		900,331		1,027,016		(12.3	%)

Total non-GAAP non-interest expenses		1,107,193		1,126,609		(1.7	%)		1,137,811		(2.7	%)		3,366,447		3,329,180		1.1	%
Non-GAAP income before income taxes		321,884		302,789		6.3	%		315,493		2.0	%		957,456		640,051		49.6	%
Non-GAAP provision for income taxes		78,468		79,050		(0.7	%)		76,873		2.1	%		228,623		157,809		44.9	%

Non-GAAP net income		243,416		223,739		8.8	%		238,620		2.0	%		728,833		482,242		51.1	%
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Non-GAAP net income available to common shareholders	$	234,096	$	214,419		9.2	%	$	229,299		2.1	%	$	700,872	$	454,281		54.3	%

Non-GAAP earnings per common share:
Basic	$	1.55	$	1.39		11.5	%	$	1.49		4.0	%	$	4.59	$	2.92		57.2	%
Diluted	$	1.46	$	1.30		12.3	%	$	1.42		2.8	%	$	4.33	$	2.76		56.9	%
Weighted average number of common shares outstanding:
Basic		151,956		154,679		(1.8	%)		154,234		(1.5	%)		153,889		155,603		(1.1	%)
Diluted		160,145		165,087		(3.0	%)		161,631		(0.9	%)		161,744		164,877		(1.9	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	1.02	$	0.93		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 4 of 19

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Consolidated Financial Summary
	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change			9/30/2026			9/30/2025			% Change
Net revenues:
Global Wealth Management	$	980,293		$	907,440			8.0	%	$	956,534			2.5	%	$	2,868,950		$	2,603,630			10.2	%
Institutional Group		430,281			500,435			(14.0	%)		480,694			(10.5	%)		1,406,233			1,305,143			7.7	%
Other		15,637			21,521			(27.3	%)		13,576			15.2	%		79,993			60,378			32.5	%

Total net revenues	$	1,426,211		$	1,429,396			(0.2	%)	$	1,450,804			(1.7	%)	$	4,355,176		$	3,969,151			9.7	%
Operating expenses:
Global Wealth Management	$	605,885		$	564,790			7.3	%	$	594,687			1.9	%	$	1,801,980		$	1,828,519			(1.5	%)
Institutional Group		354,020			411,144			(13.9	%)		388,517			(8.9	%)		1,139,885			1,127,381			1.1	%
Other		156,681			167,416			(6.4	%)		168,162			(6.8	%)		478,176			450,021			6.3	%

Total operating expenses	$	1,116,586		$	1,143,350			(2.3	%)	$	1,151,366			(3.0	%)	$	3,420,041		$	3,405,921			0.4	%
Operating contribution:
Global Wealth Management	$	374,408		$	342,650			9.3	%	$	361,847			3.5	%	$	1,066,970		$	775,111			37.7	%
Institutional Group		76,261			89,291			(14.6	%)		92,177			(17.3	%)		266,348			177,762			49.8	%
Other		(141,044	)		(145,895	)		(3.3	%)		(154,586	)		(8.8	%)		(398,183	)		(389,643	)		2.2	%

Income before income taxes	$	309,625		$	286,046			8.2	%	$	299,438			3.4	%	$	935,135		$	563,230			66.0	%
Financial ratios (change in bps):
Compensation and benefits		57.0	%		58.8	%		(180	)		57.4	%		(40	)		57.3	%		59.1	%		(180	)
Non-compensation operating expenses		21.3	%		21.2	%		10			22.0	%		(70	)		21.2	%		26.7	%		(550	)
Income before income taxes		21.7	%		20.0	%		170			20.6	%		110			21.5	%		14.2	%		730
Effective tax rate		24.4	%		26.1	%		(170	)		24.4	%		0			23.9	%		25.5	%		(160	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 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)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
Financial Information:
Total assets	$	45,281,836		$	41,687,360			8.6	%	$	44,907,609			0.8	%
Total shareholders’ equity	$	6,046,148		$	5,756,135			5.0	%	$	6,013,241			0,5	%
Total common equity	$	5,361,148		$	5,071,135			5.7	%	$	5,328,241			0.6	%
Goodwill and intangible assets	$	(1,548,636	)	$	(1,592,723	)		(2.8	%)	$	(1,552,657	)		(0.3	%)
DTL on goodwill and intangible assets	$	96,536		$	89,186			8.2	%	$	93,488			3.3	%

Tangible common equity	$	3,909,068		$	3,567,598			9.6	%	$	3,869,072			1.0	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%

Financial Metrics:
Book value per common share (1)(3)	$	35.73		$	33.16			7.8	%	$	35.15			1.7	%
Tangible book value per common share (1)(3)	$	26.05		$	23.33			11.7	%	$	25.52			2.1	%
Return on common equity (4)		16.7	%		16.1	%					16.2	%
Non-GAAP return on common equity (2)(4)		17.4	%		17.0	%					17.1	%
Return on tangible common equity (5)		23.0	%		22.9	%					22.3	%
Non-GAAP return on tangible common equity (2)(5)		23.9	%		24.3	%					23.6	%
Pre-tax margin on net revenues		21.7	%		20.0	%					20.6	%
Non-GAAP pre-tax margin on net revenues (2)		22.5	%		21.2	%					21.7	%
Effective tax rate		24.4	%		26.1	%					24.4	%
Non-GAAP effective tax rate (2)		24.4	%		26.1	%					24.4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁶⁾

(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,980,152		$	3,582,042			11.1	%	$	3,890,357			2.3	%
Tier 1 capital	$	4,665,152		$	4,267,042			9.3	%	$	4,575,357			2.0	%
Risk-weighted assets	$	27,450,352		$	24,235,466			13.3	%	$	26,405,428			4.0	%
Common equity tier 1 capital ratio		14.5	%		14.8	%					14.7	%
Tier 1 risk based capital ratio		17.0	%		17.6	%					17.3	%
Tier 1 leverage capital ratio		10.8	%		11.1	%					11.2	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,349,294		$	1,323,323			2.0	%	$	1,336,645			0.9	%
Tier 1 capital	$	1,349,294		$	1,323,323			2.0	%	$	1,336,645			0.9	%
Risk-weighted assets	$	12,321,004		$	11,938,637			3.2	%	$	12,180,861			1.2	%
Common equity tier 1 capital ratio		11.0	%		11.1	%					11.0	%
Tier 1 risk based capital ratio		11.0	%		11.1	%					11.0	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	1,088,652		$	827,457			31.6	%	$	958,490			13.6	%
Tier 1 capital	$	1,088,652		$	827,457			31.6	%	$	958,490			13.6	%
Risk-weighted assets	$	9,773,740		$	6,761,301			44.6	%	$	9,003,643			8.6	%
Common equity tier 1 capital ratio		11.1	%		12.2	%					10.6	%
Tier 1 risk based capital ratio		11.1	%		12.2	%					10.6	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	810,900		$	515,800			57.2	%	$	776,500			4.4	%
Excess net capital	$	779,300		$	485,100			60.6	%	$	735,300			6.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change			9/30/2026			9/30/2025			% Change
Revenues:
Commissions	$	136,513		$	141,864			(3.8	%)	$	147,157			(7.2	%)	$	423,734		$	395,893			7.0	%
Principal transactions		59,700			61,214			(2.5	%)		60,240			(0.9	%)		182,534			176,246			3.6	%

Transactional revenues		196,213			203,078			(3.4	%)		207,397			(5.4	%)		606,268			572,139			6.0	%
Asset management		492,123			431,363			14.1	%		456,596			7.8	%		1,408,145			1,244,443			13.2	%
Net interest		284,583			257,327			10.6	%		274,602			3.6	%		823,553			757,009			8.8	%
Investment banking (7)		6,731			6,529			3.1	%		8,693			(22.6	%)		21,496			18,661			15.2	%
Other income		643			9,143			(93.0	%)		9,246			(93.0	%)		9,488			11,378			(16.6	%)

Net revenues		980,293			907,440			8.0	%		956,534			2.5	%		2,868,950			2,603,630			10.2	%%
Non-interest expenses:
Compensation and benefits		478,877			441,626			8.4	%		460,582			4.0	%		1,411,919			1,284,159			9.9	%
Non-compensation operating expenses		127,008			123,164			3.1	%		134,105			(5.3	%)		390,061			544,360			(28.3	%)

Total non-interest expenses		605,885			564,790			7.3	%		594,687			1.9	%		1,801,980			1,828,519			(1.5	%)

Income before income taxes	$	374,408		$	342,650			9.3	%	$	361,847			3.4	%	$	1,066,970		$	775,111			37.7	%


As a percentage of net revenues (change in bps):
Compensation and benefits		48.8	%		48.7	%		10			48.2	%		60			49.2	%		49.3	%		(10	)
Non-compensation operating expenses		13.0	%		13.5	%		(50	)		14.0	%		(100	)		13.6	%		20.9	%		(730	)
Income before income taxes		38.2	%		37.8	%		40			37.8	%		40			37.2	%		29.8	%		740


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 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)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
Total client assets (8)	$	576,482,000		$	544,010,000			6.0	%	$	580,077,000			(0.6	%)
Fee-based client assets (8)	$	239,661,000		$	219,178,000			9.3	%	$	239,777,000			(0.0	%)
Transactional assets	$	336,821,000		$	324,832,000			3.7	%	$	340,300,000			(1.0	%)
Secured client lending (9)	$	3,858,000		$	3,459,000			11.5	%	$	4,144,000			(6.9	%)
Asset Management Revenue:
Private Client Group (10)	$	426,248		$	371,414			14.8	%	$	390,046			9.3	%
Asset Management		45,057			40,762			10.5	%		44,068			2.2	%
Third-party Bank Sweep Program		2,631			4,608			(42.9	%)		3,186			(17.4	%)
Other (11)		18,227			14,615			24.7	%		19,330			(5.7	%)

Total asset management revenues	$	492,163		$	431,399			14.1	%	$	456,630			7.8	%
Fee-based Assets (millions):
Private Client Group (10)	$	209,744		$	191,688			9.4	%	$	210,049			(0.1	%)
Asset Management		49,293			46,413			6.2	%		49,652			(0.7	%)
Elimination (12)		(19,376	)		(18,923	)		2.4	%		(19,924	)		(2.8	%)

Total fee-based assets	$	239,661		$	219,178			9.3	%	$	239,777			(0.0	%)
Third-party Bank Sweep Program	$	334		$	526			(36.5	%)	$	392			(14.8	%)
ROA (bps) (13):
Private Client Group (10)		81.2			82.5						81.4
Asset Management		36.6			35.1						35.5
Third-party Bank Sweep Program		365.0			384.3						358.3


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 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)	9/30/2026		9/30/2025		% Change			6/30/2026		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	12,867	$	14,907		(13.7	%)	$	13,354		(3.6	%)
Sweep Deposits		9,678		10,529		(8.1	%)		10,939		(11.5	%)
Direct Wealth Management Deposits at Stifel Bancorp		193		428		(54.9	%)		190		1.6	%

Total Stifel Bancorp Wealth Management Deposits		22,738		25,864		(12.1	%)		24,483		(7.1	%)
Other Bank Deposits		10,069		4,274		135.6	%		7,781		29.4	%

Total Stifel Bancorp Deposits	$	32,807	$	30,138		8.9	%	$	32,264		1.7	%

Short-term Treasuries (14)	$	6,996	$	7,148		(2.1	%)	$	6,742		3.8	%
Third-party Commercial Treasury Deposits (15)	$	2,600	$	3,513		(26.0	%)	$	3,058		(15.0	%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	22,738	$	25,864		(12.1	%)	$	24,483		(7.1	%)
Third-party Bank Sweep Program (15)		334		526		(36.5	%)		392		(14.8	%)
Third-party Treasury (15)		—		—		0.0	%		—		0.0	%
Other Sweep Cash		664		415		60.0	%		713		(6.9	%)
Money Market Mutual Funds		17,695		15,538		13.9	%		17,330		2.1	%

Total Wealth Management Cash	$	41,431	$	42,343		(2.2	%)	$	42,918		(3.5	%)

Client money market and insured product (16)	$	23,543	$	26,377		(10.7	%)	$	25,398		(7.3	%)
Third-party Deposits Available to Stifel Bancorp (15)	$	2,934	$	4,039		(27.4	%)	$	3,450		(15.0	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change			9/30/2026			9/30/2025			% Change
Revenues:
Commissions	$	64,243		$	64,211			0.0	%	$	74,305			(13.5	%)	$	206,318		$	204,521			0.9	%
Principal transactions		57,424			116,662			(50.8	%)		79,851			(28.1	%)		224,902			315,893			(28.8	%)

Transactional revenues		121,667			180,873			(32.7	%)		154,156			(21.1	%)		431,220			520,414			(17.1	%)
Capital raising		126,455			137,684			(8.2	%)		165,898			(23.8	%)		409,255			332,179			23.2	%
Advisory		173,017			179,270			(3.5	%)		157,363			9.9	%		548,818			444,045			23.6	%

Investment banking		299,472			316,954			(5.5	%)		323,261			(7.4	%)		958,073			776,224			23.4	%
Other income (17)		9,142			2,608			250.5	%		3,277			179.0	%		16,940			8,505			99.2	%

Net revenues		430,281			500,435			(14.0	%)		480,694			(10.5	%)		1,406,233			1,305,143			7.7	%
Non-interest expenses:
Compensation and benefits		252,656			297,106			(15.0	%)		285,504			(11.5	%)		834,030			807,388			3.3	%
Non-compensation operating expenses		101,364			114,038			(11.1	%)		103,013			(1.6	%)		305,855			319,993			(4.4	%)

Total non-interest expenses		354,020			411,144			(13.9	%)		388,517			(8.9	%)		1,139,885			1,127,381			1.1	%

Income before income taxes	$	76,261		$	89,291			(14.6	%)	$	92,177			(17.3	%)	$	266,348		$	177,762			49.8	%

As a percentage of net revenues (change in bps):
Compensation and benefits		58.7	%		59.4	%		(70	)		59.4	%		(70	)		59.3	%		61.9	%		(260	)
Non-compensation operating expenses		23.6	%		22.8	%		80			21.4	%		220			21.8	%		24.5	%		(270	)
Income before income taxes		17.7	%		17.8	%		(10	)		19.2	%		(150	)		18.9	%		13.6	%		530


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Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)	9/30/2026			9/30/2025			% Change			6/30/2026			% Change
Stifel Bancorp Financial Information:
Total assets	$	35,486,860		$	32,615,017			8.8	%	$	35,278,437			0.6	%
Total shareholder’s equity	$	2,429,171		$	2,210,850			9.9	%	$	2,334,646			4.0	%
Total loans, net (includes loans held for sale)	$	26,064,729		$	21,634,690			20.5	%	$	24,805,104			5.1	%
Residential real estate		9,821,336			9,085,945			8.1	%		9,619,618			2.1	%
Fund banking		6,719,233			3,881,895			73.1	%		5,767,990			16.5	%
Commercial and industrial		4,720,505			3,760,005			25.5	%		4,529,422			4.2	%
Securities-based loans		2,992,962			2,565,897			16.6	%		2,977,657			0.5	%
Construction and land		926,412			1,166,895			(20.6	%)		977,377			(5.2	%)
Commercial real estate		372,212			437,570			(14.9	%)		412,809			(9.8	%)
Other		313,373			278,934			12.3	%		289,812			8.1	%
Loans held for sale		328,900			595,517			(44.8	%)		373,591			(12.0	%)
Investment securities	$	8,024,768		$	8,146,439			(1.5	%)	$	8,410,858			(4.6	%)
Available-for-sale securities, at fair value		1,512,748			1,688,636			(10.4	%)		1,529,505			(1.1	%)
Held-to-maturity securities, at amortized cost		6,512,020			6,457,803			0.8	%		6,881,353			(5.4	%)
Unrealized losses on available-for-sale securities		(178,012	)		(113,421	)		56.9	%		(115,080	)		54.7	%
Total deposits	$	32,807,264		$	30,137,748			8.9	%	$	32,264,006			1.7	%
Demand deposits (interest-bearing)		32,052,478			29,277,379			9.5	%		31,476,634			1.8	%
Demand deposits (non-interest-bearing)		561,463			456,021			23.1	%		498,688			12.6	%
Certificates of deposit		193,323			404,348			(52.2	%)		288,684			(33.0	%)

Credit Metrics:
Allowance for credit losses	$	143,165		$	164,206			(12.8	%)	$	150,093			(4.6	%)
Allowance as a percentage of retained loans		0.55	%		0.78	%					0.61	%
Net charge-offs as a percentage of average loans		0.06	%		0.05	%					0.03	%
Total nonperforming assets	$	125,507		$	159,073			(21.1	%)	$	125,615			(0.1	%)
Nonperforming assets as a percentage of total assets		0.35	%		0.49	%					0.36	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio
(Unaudited, millions)	9/30/2026		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,821		30	%	Financials	$	1,288	27	%
Securities-based loans		2,993		9	%	Industrials		883	19	%
Home equity lines of credit and other		313		1	%	Information technology		756	16	%

Total consumer		13,127		40	%	Consumer discretionary		302	6	%

Fund banking		6,719		20	%	Healthcare		297	6	%
Commercial and industrial		4,721		14	%	Communication services		297	6	%
Construction and land		926		3	%	Materials		288	6	%
Commercial real estate		372		1	%	Hotel, leisure, restaurants		253	5	%

Total commercial		12,738		38	%	REITs		202	4	%

Total loan portfolio		25,865		78	%	Consumer staples		134	3	%

Unfunded commitments		7,245		22	%

Total	$	33,110		100	%

						CLO by Major Sector
						Banking, finance, insurance, & real estate	$	705	11	%
Investment Portfolio						High tech industries		654	10	%
CLO	$	6,504		79	%	Healthcare & pharmaceuticals		640	10	%
Agency MBS		1,350		16	%	Services: business		618	10	%
Corporate bonds		275		3	%	Hotel, gaming, & leisure		363	6	%
SBA		62		1	%	Construction & building		271	4	%
Student loan ARS		8		0	%	Beverage, food, & tobacco		260	4	%
CMBS		1		0	%	Capital equipment		234	4	%
Other		3		0	%	Services: consumer		222	3	%

Total Portfolio	$	8,203		100	%	Chemicals, plastics, & rubber		217	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses
	September 30, 2026
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q3 Provision
Residential real estate	$	9,821,336	$	10,294		0.1	%	$	(2,095	)
Fund banking		6,719,233		9,985		0.1	%		1,176
Commercial and industrial		4,720,505		76,467		1.6	%		12,268
Securities-based loans		2,992,962		3,139		0.1	%		(370	)
Construction and land		926,412		6,550		0.7	%		(4,137	)
Commercial real estate		372,212		5,775		1.6	%		855
Other		313,373		937		0.3	%		(382	)

Loans held for investment, gross		25,866,033		113,147		0.4	%		7,315
Loans held for sale		328.900

Total loans, gross		26,194,934
Lending-related commitments (unfunded)		7,244,780		30,018		0,4	%		611

Loans and lending-related commitments	$	33,439,714	$	143,165				$	7,926


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Consolidated Non-GAAP Net Interest Income ⁽²⁾


	Three Months Ended
	September 30, 2026						September 30, 2025							June 30, 2026
(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	$	1,764.7	$	16.6		3.76%	$	2,236.3	$	24.1		4.31	%	$	2,000.1	$	17.8		3.56	%
Financial instruments owned		1,640.0		9.0		2.20%		1,345.1		8.3		2.47	%		1,489.0		9.0		2.43	%
Margin balances		976.5		17.9		7.34%		856.8		15.5		7.24	%		1,114.6		16.9		6.07	%
Investments:
Asset-backed securities		6,613.8		89.2		5.40%		6,433.7		98.8		6.14	%		6,795.3		90.6		5.33	%
Mortgage-backed securities		1,241.1		11.4		3.66%		1,089.4		8.9		3.26	%		1,222.7		10.9		3.55	%
Corporate fixed income securities		292.5		1.8		2.40%		446.8		3.0		2.68	%		361.1		2.2		2.45	%
Other		4.8		—		2.51%		4.7		—		2.55	%		4.8		—		2.55	%

Total investments		8,152.2		102.4		5.02%		7,974.6		110.7		5.55	%		8,383.9		103.7		4.95	%
Loans:
Residential real estate		9,723.9		107.5		4.42%		8,988.7		88.5		3.94	%		9,465.8		98.6		4.17	%
Commercial and industrial		4,521.5		71.5		6.32%		3,786.8		71.4		7.55	%		4,393.8		68.7		6.25	%
Fund banking		6,355.7		98.2		6.18%		3,967.0		70.0		7.06	%		4,736.2		73.2		6.18	%
Securities-based loans		2,977.7		41.4		5.57%		2,538.5		39.5		6.23	%		2,875.2		39.4		5.49	%
Commercial real estate		384.7		6.0		6.19%		436.4		8.8		8.10	%		421.1		6.5		6.15	%
Construction and land		957.9		14.4		5.99%		1,195.2		23.1		7.74	%		1,105.9		18.2		6.58	%
Loans held for sale		420.4		8.3		7.89%		488.8		10.5		8.56	%		348.2		6.8		7.77	%
Other		299.9		4.9		6.50%		258.2		4.7		7.20	%		276.7		4.6		6.73	%

Total loans		25,641.7		352.2		5.49%		21,659.6		316.5		5.85	%		23,622.9		316.0		5.35	%
Other interest-bearing assets		1,291.9		12.6		3.89%		908.0		6.4		2.80	%		1,155.6		12.7		4.40	%

Total interest-bearing assets/ interest income		39,467.0		510.7		5.18%		34,980.4		481.5		5.51	%		37,766.1		476.1		5.04	%
Interest-bearing liabilities:
Senior notes		617.9		7.1		4.62%		617.1		7.1		4.62	%		617.7		7.1		4.62	%
Deposits		31,525.0		180.6		2.29%		28,445.5		188.0		2.64	%		30,348.1		163.5		2.16	%
Other interest-bearing liabilities		2,182.3		21.3		3.89%		1,620.2		10.1		2.48	%		1,931.0		17.4		3.59	%

Total interest-bearing liabilities/ interest expense	$	34,325.2		209.0		2.44%	$	30,682.8		205.2		2.67	%	$	32,896.8		188.0		2.29	%

Net interest income/margin			$	301.7		3.06%			$	276.3		3.16	%			$	288.1		3.05	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 15 of 19

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Stifel Bancorp Net Interest Income


	Three Months Ended
	September 30, 2026							September 30, 2025							June 30, 2026
(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	$	684.1		7.3		4.27	%	$	1,302.5	$	15.4		4.72	%	$	954.5	$	11.8		4.93	%
Investments		8,152.2		102.4		5.02	%		7,974.6		110.7		5.55	%		8,383.9		103.7		4.95	%
Loans		25,641.7		352.2		5.49	%		21,659.6		316.5		5.85	%		23,622.9		316.0		5.35	%
Other interest-bearing assets		82.1		1.3		6.35	%		66.3		0.9		5.20	%		68.5		0.9		5.69	%

Total interest-bearing assets/ interest income	$	34,560.1	$	463.2		5.36	%	$	31,003.0	$	443.5		5.72	%	$	33,029.8	$	432.4		5.24	%
Interest-bearing liabilities:
Deposits	$	31,525.0	$	180.6		2.29	%	$	28,445.5	$	188.0		2.64	%	$	30,348.1	$	163.5		2.16	%
Other interest-bearing liabilities		145.1		1.9		5.11	%		142.1		1.9		5.37	%		177.4		2.1		4.66	%

Total interest-bearing liabilities/ interest expense	$	31,670.1		182.5		2.32	%	$	28,587.6		189.9		2.66	%	$	30,525.5		165.6		2.17	%

Net interest income/margin			$	280.7		3.21	%			$	253.6		3.27	%			$	266.8		3.23	%


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 16 of 19

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GAAP to Non-GAAP Reconciliation


	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2026			9/30/2025			Change			6/30/2026			Change			9/30/2026			9/30/2025			Change
GAAP net revenues	$	1,426,211		$	1,429,396					$	1,450,804					$	4,355,176		$	3,969,151
Gain on sale of business (18)		2,866			—						2,500						(44,418)			—
Litigation-related and other (19)		—			2						—						13,145			80

Total non-GAAP adjustments		2,866			2						2,500						(31,273)			80

Non-GAAP net revenues		1,429,077			1,429,398						1,453,304						4,323,903			3,969,231

GAAP compensation and benefits expense		813,494			839,820						833,018						2,494,846			2,346,976
Merger-related and other (20)		(3,463)			(6,704	)					(4,135	)					(25,226)			(13,706	)
Restructuring and severance (21)		(1,174)			(4,065	)					(499	)					(3,504)			(31,106	)

Total non-GAAP adjustments		(4,637)			(10,769	)					(4,634	)					(28,730)			(44,812	)

Non-GAAP compensation and benefits expense		808,857			829,051						828,384						2,466,116			2,302,164

GAAP non-compensation operating expenses		303,092			303,530						318,348						925,195			1,058,945
Merger-related (20)		(4,756)			(5,972	)					(8,921	)					(24,864)			(31,929	)

Non-GAAP non-compensation operating expenses		298,336			297,558						309,427						900,331			1,027,016

Total adjustments		(12,259)			(16,743	)					(16,055	)					(22,321)			(76,821	)


GAAP provision for income taxes		75,482			74,675						72,961						223,096			143,812
Merger-related and other (22)		2,986			4,375						3,912						5,527			13,997

Non-GAAP provision for income taxes		78,468			79,050						76,873						228,623			157,809

Financial ratios (change in bps):
Compensation and benefits		56.6	%		58.0	%		(140	)		57.0	%		(40	)		57.0	%		58.0	%		(100	)
Non-compensation operating expenses		20.9	%		20.8	%		10			21.3	%		(40	)		20.9	%		25.9	%		(500	)
Income before income taxes		22.5	%		21.2	%		130			21.7	%		80			22.1	%		16.1	%		600
Effective tax rate		24.4	%		26.1	%		(170	)		24.4	%		—			23.9	%		24.7	%		(80	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 17 of 19

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Footnotes


(1)		All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.
(2)		Please refer to the GAAP to Non-GAAP Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
(3)		Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per common share, a non-GAAP financial measure, represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
(4)		Return on average common equity (“ROCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of adjusted ROCE, calculated by dividing full year or annualized non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
(5)		Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average tangible common equity or, in the case of adjusted ROTCE, calculated by dividing full year or annualized 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 $95.0 million, $87.2 million, and $93.1 million, as of September 30, 2026 and 2025, and June 30, 2026, respectively.
(6)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 21, 2026.
(7)		Includes capital raising and advisory revenues.
(8)		Total client assets and fee-based client assets as of September 30, 2025, include $10.2 billion and $4.8 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
(9)		Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
(10)		Includes Private Client Group and Trust Business.
(11)		Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(12)		Asset management assets managed in Private Client Group or Trust accounts.
(13)		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.
(14)		Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(15)		The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.
(16)		Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(17)		Includes net interest, asset management, and other income.
(18)		Gain recognized on the sale of Stifel Independent Advisors during the first quarter of 2026.
(19)		Primarily related to prejudgment interest recognized on legal matters.
(20)		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.
(21)		The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(22)		Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 18 of 19

LOGO

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, 2025. 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 third quarter earnings release issued October 21, 2026.


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2026 Earnings Release		Page 19 of 19