v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025 is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Global Wealth Management

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

980,293

 

 

$

907,440

 

 

$

2,868,950

 

 

$

2,603,630

 

Compensation and benefits

 

 

478,877

 

 

 

441,626

 

 

 

1,411,919

 

 

 

1,284,159

 

Non-compensation operating expenses

 

 

127,008

 

 

 

123,164

 

 

 

390,061

 

 

 

544,360

 

Income before income taxes

 

$

374,408

 

 

$

342,650

 

 

$

1,066,970

 

 

$

775,111

 

Institutional Group

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

430,281

 

 

$

500,435

 

 

 

1,406,233

 

 

$

1,305,143

 

Compensation and benefits

 

 

252,656

 

 

 

297,106

 

 

 

834,030

 

 

 

807,388

 

Non-compensation operating expenses

 

 

101,364

 

 

 

114,038

 

 

 

305,855

 

 

 

319,993

 

Income before income taxes

 

$

76,261

 

 

$

89,291

 

 

$

266,348

 

 

$

177,762

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

15,637

 

 

$

21,521

 

 

$

79,993

 

 

$

60,378

 

Compensation and benefits

 

 

81,961

 

 

 

101,088

 

 

 

248,897

 

 

 

255,429

 

Non-compensation operating expenses

 

 

74,720

 

 

 

66,328

 

 

 

229,279

 

 

 

194,592

 

Loss before income taxes

 

$

(141,044

)

 

$

(145,895

)

 

$

(398,183

)

 

$

(389,643

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues (1)

 

$

1,426,211

 

 

$

1,429,396

 

 

$

4,355,176

 

 

$

3,969,151

 

Compensation and benefits

 

 

813,494

 

 

 

839,820

 

 

 

2,494,846

 

 

 

2,346,976

 

Non-compensation operating expenses

 

 

303,092

 

 

 

303,530

 

 

 

925,195

 

 

 

1,058,945

 

Income from operations before income tax expense

 

$

309,625

 

 

$

286,046

 

 

$

935,135

 

 

$

563,230

 

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

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

 

 

September 30,
2026

 

 

December 31,
2025

 

Global Wealth Management

 

$

39,640,085

 

 

$

36,086,157

 

Institutional Group

 

 

5,588,459

 

 

 

4,996,613

 

Other

 

 

53,292

 

 

 

188,012

 

Total assets

 

$

45,281,836

 

 

$

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 nine months ended September 30, 2026 and 2025, were as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

1,368,337

 

 

$

1,349,681

 

 

$

4,137,616

 

 

$

3,753,964

 

United Kingdom

 

 

29,925

 

 

 

48,260

 

 

 

123,635

 

 

 

138,838

 

Canada

 

 

12,505

 

 

 

15,079

 

 

 

53,554

 

 

 

40,649

 

Other

 

 

15,444

 

 

 

16,376

 

 

 

40,371

 

 

 

35,700

 

Total net revenues

 

$

1,426,211

 

 

$

1,429,396

 

 

$

4,355,176

 

 

$

3,969,151