# EDGAR Filing Document

**Accession Number:** 0000720672
**File Stem:** 0001193125-26-168288
**Filing Date:** 2026-4
**Character Count:** 108205
**Document Hash:** 9f5e2d4e7e6aac36858f64bdb28d0cfb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-168288.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001193125-26-168288

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STIFEL FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000720672
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 431273600
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09305
- **FILM NUMBER:** 26881265

**BUSINESS ADDRESS:**
- **STREET 1:** ATTN: JAMES G. LASCHOBER
- **STREET 2:** 501 N. BROADWAY
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63102-2102
- **BUSINESS PHONE:** 314-342-2000

**MAIL ADDRESS:**
- **STREET 1:** ATTN: JAMES G. LASCHOBER
- **STREET 2:** 501 N. BROADWAY
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63102-2102

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): April 22, 2026

## STIFEL FINANCIAL CORP.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-09305** | **43-1273600** |
| **(State of<br>incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

#### 501 N. Broadway, St. Louis, Missouri 63102-2188

#### (Address of principal executive offices and zip code)
(314) 342-2000

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading<br>Symbol(s)** | **Name of Each Exchange<br>on Which Registered** |
| Common Stock, $0.15 par value per share | SF | New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B | SF-PB | New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C | SF-PC | New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D | SF-PD | New York Stock Exchange |
| 5.20% Senior Notes due 2047 | SFB | New York Stock Exchange |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Item 2.02 Results of Operations and Financial Condition.
On April 22, 2026, Stifel Financial Corp. (the "Company") reported its financial results for the quarter ended March 31, 2026. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company's Financial Supplement for the quarter ended March 31, 2026, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, April 22, 2026, at 9:30 a.m. Eastern time, the Company will hold a conference call to discuss its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | [Press release dated April 22, 2026.](d113868dex991.htm) |
| 99.2 | [Financial Supplement for the quarter ended March 31, 2026.](d113868dex992.htm) |
| 99.3 | [Financial Results Presentation dated April 22, 2026.](d113868dex993.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | STIFEL FINANCIAL CORP.<br> (Registrant) |
| Date: April 22, 2026 | By: | /s/ James M. Marischen |
|  | Name: | James M. Marischen |
|  | Title: | *Chief Financial Officer* |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g113868dsp4.jpg)

**Stifel Reports First Quarter 2026 Results** 

**ST. LOUIS, MO, April 22, 2026** – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.48 billion for the three months ended March 31, 2026, compared with $1.26 billion a year ago. Net income available to common shareholders was $242.1 million, or $1.48 per diluted common share, compared with $43.7 million, or $0.26 per diluted common share <sup>(1)</sup> for the first quarter of 2025. Non-GAAP net income available to common shareholders was $237.5 million, or $1.45 per diluted common share for the first quarter of 2026.

**Ronald J. Kruszewski**, *Chairman and Chief Executive Officer, said "Stifel delivered record first quarter results with approximately $1.5 billion in revenue and earnings per share of $1.48. Even amid heightened volatility driven by geopolitical events, we achieved our strongest ever first quarter performance across both operating segments, underscoring the durability and diversification of our model. Looking ahead, client engagement remains high across wealth management and institutional, and our investment banking pipelines are among the strongest we have seen. Assuming market risks remain within current expectations, we are well positioned for a strong 2026."*

**<u>Highlights</u>** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | The Company reported net revenues of $1.48 billion, the second best in its history, driven by higher investment banking revenues, asset management revenues, transactional revenues, net interest income, and the recognition of a gain on the sale of Stifel Independent Advisors, LLC, which closed on February 2, 2026.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Non-GAAP net income available to common shareholders of $1.45 per diluted common share. The first quarter of 2025 was negatively impacted by elevated provisions for legal matters.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Investment banking revenues increased 44% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Advisory revenues increased 59% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Capital raising revenues increased 22% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Record asset management revenues, up 12% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Client assets of $538.7 billion, up 11% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Non-GAAP pre-tax margin of 22.2%.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Annualized return on tangible common equity (ROTCE) <sup>(6)</sup> of 24.8%.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Tangible book value per common share <sup>(9)</sup> of $24.89, up 12% from prior year.  |

---

---

| | | |
|:---|:---|:---|
| Financial Summary (Unaudited) | Financial Summary (Unaudited) | Financial Summary (Unaudited) |
| &nbsp;&nbsp;&nbsp;&nbsp;*(000s)* | **1Q 2026** | **1Q 2025** |
| &nbsp;&nbsp; **GAAP Financial Highlights:** | &nbsp;&nbsp; **GAAP Financial Highlights:** | &nbsp;&nbsp; **GAAP Financial Highlights:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $1478161 | $1255469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income <sup>(2)</sup> | $242099 | $43672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS <sup>(1) (2)</sup> | $1.48 | $0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comp. ratio | 57.4% | 58.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. ratio | 20.5% | 36.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax margin | 22.1% | 5.0% |
| &nbsp;&nbsp; **Non-GAAP Financial Highlights:** | &nbsp;&nbsp; **Non-GAAP Financial Highlights:** | &nbsp;&nbsp; **Non-GAAP Financial Highlights:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $1441522 | $1255455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income <sup>(2) (3)</sup> | $237477 | $54236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS <sup>(1) (2) (3)</sup> | $1.45 | $0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comp. ratio <sup>(3)</sup> | 57.5% | 58.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. ratio <sup>(3)</sup> | 20.3% | 35.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax margin <sup>(4)</sup> | 22.2% | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCE <sup>(5)</sup>  | 17.9% | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; ROTCE <sup>(6)</sup> | 24.8% | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** | &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $932123 | $850559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax net income | $330715 | $126405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total client assets <sup>(7)</sup> | $538717 | $485860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee-based client assets <sup>(7)</sup> | $219863 | $189693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loans <sup>(8)</sup> | $22185 | $21241 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** | &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** | &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $495258 | $384929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | $332339 | $236192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $162919 | $148737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax net income | $97910 | $27431 |

---

Media Contact: Neil Shapiro (212) 271-3447 \| Investor Contact: Joel Jeffrey (212) 271- 3610 \| www.stifel.com/investor-relations

------

![LOGO](g113868dsp6a.jpg)

**Global Wealth Management** 

Global Wealth Management reported net revenues of $932.1 million for the three months ended March 31, 2026, compared with $850.6 million during the first quarter of 2025. Pre-tax net income was $330.7 million compared with $126.4 million in the first quarter of 2025.

**<u>Highlights</u>** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Over the last twelve months, recruited trailing twelve-month production totaled approximately $80 million.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Client assets of $538.7 billion, up 11% over the year-ago quarter, which included $9.0 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Fee-based client assets of $219.9 billion, up 16% over the year-ago quarter, which included $4.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.  |

---

**Net revenues increased 10% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Transactional revenues increased 9% over the year-ago quarter, reflecting an increase in client activity.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Asset management revenues increased 12% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Net interest income increased 8% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.  |

---

**Total Expenses:** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Compensation expense as a percentage of net revenues increased to 50.7% primarily attributable to higher variable and deferred compensation costs.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Provision for credit losses decreased from the year-ago quarter as a result of a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Non-compensation operating expenses as a percentage of net revenues decreased to 13.8% primarily attributable to lower litigation-related expenses and provision for credit losses.  |

---

---

| | | |
|:---|:---|:---|
| Summary Results of Operations | Summary Results of Operations | Summary Results of Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;*(000s)* | **1Q 2026** | **1Q 2025** |
| &nbsp;&nbsp; **Net revenues** | **$932123** | **$850559** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transactional revenues | 202658 | 186395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management | 459426 | 409506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 264368 | 245534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking | 6072 | 5908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | (401) | 3216 |
| &nbsp;&nbsp; **Total expenses** | **$601408** | **$724154** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation expense | 472460 | 422293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 6535 | 12020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. operating expenses | 122413 | 289841 |
| &nbsp;&nbsp; **Pre-tax net income** | **$330715** | **$126405** |
| &nbsp;&nbsp; Compensation ratio | 50.7% | 49.6% |
| &nbsp;&nbsp; Non-compensation ratio | 13.8% | 35.5% |
| &nbsp;&nbsp; **Pre-tax margin** | **35.5%** | **14.9%** |

---

Stifel Financial Corp. \| Page 2

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![LOGO](g113868dsp6a.jpg)

**Institutional Group** 

Institutional Group reported net revenues of $495.3 million for the three months ended March 31, 2026, compared with $384.9 million during the first quarter of 2025. Pre-tax net income was $97.9 million compared with $27.4 million in the first quarter of 2025.

**<u>Highlights</u>** 

**Investment banking revenues increased 45% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Advisory revenues increased 59% over the year-ago quarter, driven by higher levels of completed advisory transactions.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Equity capital raising revenues increased 37% over the year-ago quarter, driven by higher volumes and larger deal sizes.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Fixed income capital raising revenues increased 9% from the year-ago quarter primarily driven by driven by higher bond issuances reflecting a more favorable financing environment.  |

---

**Fixed income transactional revenues increased 12% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Fixed income transactional revenues increased from the year-ago quarter driven by increased client activity due to the continued normalization of the yield curve.  |

---

**Equity transactional revenues decreased 7% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Equity transactional revenues were impacted by the restructuring of our European Equities business. Those actions resulted in a $9 million reduction in equity transactional revenues year over year.  |

---

**Total Expenses:** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Compensation expense as a percentage of net revenues decreased to 59.7% primarily attributable to revenue growth, partially offset by higher revenue-related compensation.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Non-compensation operating expenses as a percentage of net revenues decreased to 20.5% primarily attributable to revenue growth.  |

---

---

| | | |
|:---|:---|:---|
|  Summary Results of Operations | Summary Results of Operations | Summary Results of Operations |
| *(000s)* | **1Q 2026** | **1Q 2025** |
|  **Net revenues** | **$495258** | **$384929** |
| &nbsp;&nbsp; Investment banking | 335340 | 232034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | 218438 | 137470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity capital raising | 67293 | 49005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed income capital raising | 49609 | 45559 |
| &nbsp;&nbsp; Fixed income transactional | 100038 | 89345 |
| &nbsp;&nbsp; Equity transactional | 55359 | 59590 |
| &nbsp;&nbsp; Other | 4521 | 3960 |
|  **Total expenses** | **$397348** | **$357498** |
| &nbsp;&nbsp; Compensation expense | 295870 | 252585 |
| &nbsp;&nbsp; Non-comp. operating expenses | 101478 | 104913 |
|  **Pre-tax net income** | **$97910** | **$27431** |
|  Compensation ratio | 59.7% | 65.6% |
|  Non-compensation ratio | 20.5% | 27.3% |
|  **Pre-tax margin** | **19.8%** | **7.1%** |

---

Stifel Financial Corp. \| Page 3

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![LOGO](g113868dsp6a.jpg)

**Other Matters** 

**<u>Highlights</u>** 

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Total assets increased $2.5 billion, or 6%, over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | On January 26, 2026, the Board of Directors declared a three-for-two stock split, effective February 26, 2026, to shareholders of record at the close of business on February 12, 2026.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | The Company repurchased $224.4 million, or 2.8 million shares, of its outstanding common stock during the first quarter at an average price of $80.32, including $128.0 million in connection with net-share settlements under its equity compensation plan.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | Weighted average diluted shares outstanding decreased primarily due to share repurchases, partially offset by the increase in the Company's share price.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | The Board of Directors declared a $0.34 quarterly dividend per share, payable on March 16, 2026, to common shareholders of record on March 2, 2026.  |

---

---

| | |
|:---|:---|
| ![LOGO](g113868dsp4bb.jpg) | The Board of Directors declared a quarterly dividend on the outstanding shares of the Company's preferred stock, payable on March 16, 2026, to shareholders of record on March 2, 2026.  |

---

---

| | | |
|:---|:---|:---|
| | **1Q 2026** | **1Q 2025** |
| &nbsp;&nbsp; **Common stock repurchases <sup>(1)</sup>** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases (000s) | $224360 | $210934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Number of shares (000s) | 2793 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average price | $80.32 | $69.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Period end shares (000s) | 153817 | 154617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average diluted shares outstanding (000s) | 163444 | 165953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **22.9%** | 16.4% |
| &nbsp;&nbsp; **Stifel Financial Corp. <sup>(10)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 common capital ratio | 15.8% | 14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk-based capital ratio | 18.7% | 17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | 11.4% | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital (MM) | $4530 | $4163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk weighted assets (MM) | $24288 | $23661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average assets (MM) | $39724 | $38397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quarter end assets (MM) | $42893 | $40384 |
| &nbsp;&nbsp; **Agency** | **Rating** | **Outlook** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fitch Ratings | BBB+ | Stable |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global Ratings | BBB | Stable |

---

Stifel Financial Corp. \| Page 4

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Conference Call Information

***Stifel Financial Corp. will host its first quarter 2026 financial results conference call on Wednesday, April***  ***22, 2026, at 9:30 a.m. Eastern Time****.* The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel's Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 330-6710 and referencing conference ID 2892702. A live audio webcast of the call, as well as a presentation highlighting the Company's results, will be available through the Company's web site, <u>www.stifel.com</u>. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

**Stifel Financial Corp. (NYSE: SF)** is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. To learn more about Stifel, please visit the Company's website at <u>www.stifel.com</u>. For global disclosures, please visit <u>www.stifel.com/investor-relations/press-releases</u>.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at <u>www.stifel.com/investor-relations</u>.

The information provided herein and in the financial supplement, including information provided on the Company's earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at <u>www.stifel.com/investor-relations.</u>

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies' operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. 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, Item 1A 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.

Stifel Financial Corp. \| Page 5

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**Summary Results of Operations (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| *(000s, except per share amounts)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
| &nbsp;&nbsp; **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp; Commissions | **$207834** | $193670 | 7.3 | $213204 | (2.5) |
| &nbsp;&nbsp; Principal transactions | **150221** | 141660 | 6.0 | 153198 | (1.9) |
| &nbsp;&nbsp; Investment banking | **341412** | 237942 | 43.5 | 455856 | (25.1) |
| &nbsp;&nbsp; Asset management | **459457** | 409541 | 12.2 | 455797 | 0.8 |
| &nbsp;&nbsp; Other income | **55679** | 10581 | 426.2 | 5424 | 926.5 |
| &nbsp;&nbsp; **Operating revenues** | **1214603** | 993394 | 22.3 | 1283479 | (5.4) |
| &nbsp;&nbsp; Interest revenue | **451049** | 475632 | (5.2) | 469377 | (3.9) |
| &nbsp;&nbsp; **Total revenues** | **1665652** | 1469026 | 13.4 | 1752856 | (5.0) |
| &nbsp;&nbsp; Interest expense | **187491** | 213557 | (12.2) | 192277 | (2.5) |
| &nbsp;&nbsp; **Net revenues** | **1478161** | 1255469 | 17.7 | 1560579 | (5.3) |
| &nbsp;&nbsp; **Non-interest expenses:** |  |  |  |  |  |
| &nbsp;&nbsp; Compensation and benefits | **848334** | 732220 | 15.9 | 925154 | (8.3) |
| &nbsp;&nbsp; Non-compensation operating expenses | **303755** | 459885 | (33.9) | 327516 | (7.3) |
| &nbsp;&nbsp; **Total non-interest expenses** | **1152089** | 1192105 | (3.4) | 1252670 | (8.0) |
| &nbsp;&nbsp; Income before income taxes | **326072** | 63364 | 414.6 | 307909 | 5.9 |
| &nbsp;&nbsp; Provision for income taxes | **74653** | 10372 | 619.8 | 43548 | 71.4 |
| &nbsp;&nbsp; **Net income** | **251419** | 52992 | 374.4 | 264361 | (4.9) |
| &nbsp;&nbsp; Preferred dividends | **9320** | 9320 | 0.0 | 9320 | 0.0 |
| &nbsp;&nbsp; **Net income available to common shareholders** | **$242099** | $43672 | 454.4 | $255041 | (5.1) |
| &nbsp;&nbsp; **Earnings per common share: <sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp; Basic | **$1.56** | $0.28 | 457.1 | $1.65 | (5.5) |
| &nbsp;&nbsp; Diluted | **$1.48** | $0.26 | 469.2 | $1.54 | (3.9) |
| &nbsp;&nbsp; **Cash dividends declared per common share <sup>(1)</sup>** | **$0.34** | $0.31 | 9.7 | $0.31 | 9.7 |
| &nbsp;&nbsp; **Weighted average number of common shares outstanding: <sup>(1)</sup>** | &nbsp;&nbsp; **Weighted average number of common shares outstanding: <sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp; Basic | **155508** | 157146 | (1.0) | 154181 | 0.9 |
| &nbsp;&nbsp; Diluted | **163444** | 165953 | (1.5) | 165516 | (1.3) |

---

Stifel Financial Corp. \| Page 6

------

**Non-GAAP Financial Measures <sup>(11)</sup>** 

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended**  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended**  |
| *(000s, except per share amounts)* | **3/31/2026** | 3/31/2025 |
| &nbsp;&nbsp; **GAAP net income** | **$251419** | $52992 |
| &nbsp;&nbsp; Preferred dividend | **9320** | 9320 |
| &nbsp;&nbsp; **Net income available to common shareholders** | **242099** | 43672 |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |
| &nbsp;&nbsp; Net revenue adjustments <sup>(12) (13)</sup> | **(36639)** | (14) |
| &nbsp;&nbsp; Merger-related <sup>(14)</sup> | **28815** | 12675 |
| &nbsp;&nbsp; Restructuring and severance <sup>(15)</sup> | **1831** |  |
| &nbsp;&nbsp; Provision for income taxes <sup>(16)</sup> | **1371** | (2097) |
| &nbsp;&nbsp; Total non-GAAP adjustments | **(4622)** | 10564 |
| &nbsp;&nbsp; **Non-GAAP net income available to common shareholders** | **$237477** | $54236 |
| &nbsp;&nbsp; Weighted average diluted shares outstanding <sup>(1)</sup> | **163444** | 165953 |
| &nbsp;&nbsp; GAAP earnings per diluted common share <sup>(1)</sup> | **$1.54** | $0.31 |
| &nbsp;&nbsp; Non-GAAP adjustments <sup>(1)</sup> | **(0.03)** | 0.07 |
| &nbsp;&nbsp; Non-GAAP earnings per diluted common share <sup>(1)</sup> | **$1.51** | $0.38 |
| &nbsp;&nbsp; GAAP earnings per diluted common share available to common shareholders <sup>(1)</sup> | **$1.48** | $0.26 |
| &nbsp;&nbsp; Non-GAAP adjustments <sup>(1)</sup> | **(0.03)** | 0.07 |
| &nbsp;&nbsp; Non-GAAP earnings per diluted common share available to common shareholders <sup>(1)</sup> | **$1.45** | $0.33 |

---

Stifel Financial Corp. \| Page 7

------

**GAAP to Non-GAAP Reconciliation <sup>(11)</sup>** 

---

| | | |
|:---|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended**  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended**  |
| *(000s)* | **3/31/2026** | 3/31/2025 |
| &nbsp;&nbsp; GAAP net revenues | $1478161 | $1255469 |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |
| &nbsp;&nbsp; Gain on sale of business <sup>(12)</sup> | (49784) |  |
| &nbsp;&nbsp; Litigation-related and other <sup>(13)</sup> | 13145 | (14) |
| &nbsp;&nbsp; Total non-GAAP adjustments | (36639) | (14) |
| &nbsp;&nbsp; Non-GAAP net revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1441522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1255455 |
| &nbsp;&nbsp; GAAP compensation and benefits | $848334 | $732220 |
| &nbsp;&nbsp; As a percentage of net revenues | 57.4% | 58.3% |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |
| &nbsp;&nbsp; Merger-related <sup>(14)</sup> | (17628) | (4056) |
| &nbsp;&nbsp; Restructuring and severance <sup>(15)</sup> | (1831) |  |
| &nbsp;&nbsp; Total non-GAAP adjustments | (19459) | (4056) |
| &nbsp;&nbsp; Non-GAAP compensation and benefits | $828875 | $728164 |
| &nbsp;&nbsp; As a percentage of non-GAAP net revenues | **57.5%** | 58.0% |
| &nbsp;&nbsp; GAAP non-compensation expenses | $303755 | $459885 |
| &nbsp;&nbsp; As a percentage of net revenues | 20.5% | 36.7% |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |
| &nbsp;&nbsp; Merger-related <sup>(14)</sup> | (11187) | (8619) |
| &nbsp;&nbsp; Non-GAAP non-compensation expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$292568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$451266 |
| &nbsp;&nbsp; As a percentage of non-GAAP net revenues | 20.3% | 35.9% |
| &nbsp;&nbsp; **Total adjustments before income taxes** | **($5993)** | **$12661** |

---

Stifel Financial Corp. \| Page 8

------

**Footnotes** 

<sup>(1)</sup> All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.

<sup>(2)</sup> Represents available to common shareholders.

<sup>(3)</sup> Reconciliations of the Company's GAAP results to these non-GAAP measures are discussed within and under "Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliation."

<sup>(4)</sup> Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See "Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliation." 

<sup>(5)</sup> 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.

<sup>(6)</sup> 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. 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 were $92.5 million and $82.5 million as of March 31, 2026, and 2025, respectively. 

<sup>(7)</sup> Total client assets and fee-based client assets as of March 31, 2025, include $9.0 billion and $4.2 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026. 

<sup>(8)</sup> Includes loans held for sale.

<sup>(9)</sup> Tangible book value per common share, a non-GAAP financial measure, represents shareholders' equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders' equity equals total common shareholders' equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. 

<sup>(10)</sup> Capital ratios are estimates at the time of the Company's earnings release, April 22, 2026.

<sup>(11)</sup> 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" during 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. 

<sup>(12)</sup> Gain recognized on the sale of Stifel Independent Advisors, LLC during the first quarter of 2026.

<sup>(13)</sup> Primarily related to prejudgment interest recognized on legal matters.

<sup>(14)</sup> 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. 

<sup>(15)</sup> The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

<sup>(16)</sup> Primarily represents the Company's effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. \| Page 9

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g113868dsp13a.jpg)

First 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 Core Reconciliation | 17 |
|  Footnotes | 18 |
|  Disclaimer and Legal Notice | 19 |

---

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

------

![LOGO](g113868dsp13a.jpg)

Consolidated Financial Highlights <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s, except per share information)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  Net revenues | $**1478161** | $1255469 | 17.7% | $1560579 | (5.3%) |
|  Net income | $**251419** | $52992 | 374.4% | $264361 | (4.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9320** | 9320 | 0.0% | 9320 | 0.0% |
|  Net income available to common shareholders | $**242099** | $43672 | 454.4% | $255041 | (5.1%) |
|  Earnings per diluted common share | $**1.54** | $0.31 | 396.8% | $1.59 | (3.1%) |
|  Earnings per diluted common share available to common shareholders | $**1.48** | $0.26 | 469.2% | $1.54 | (3.9%) |
|  **Non-GAAP financial summary <sup>(2)</sup>:** |  |  |  |  |  |
|  Net revenues | $**1441522** | $1255455 | 14.8% | $1560593 | (7.6%) |
|  Net income | $**246797** | $63556 | 288.3% | $299332 | (17.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9320** | 9320 | 0.0% | 9320 | 0.0% |
|  Net income available to common shareholders | $**237477** | 54236 | 337.9% | 290012 | (18.1%) |
|  Earnings per diluted common share | $**1.51** | $0.38 | 297.4% | $1.81 | (16.6%) |
|  Earnings per diluted common share available to common shareholders | $**1.45** | $0.33 | 339.4% | $1.75 | (17.1%) |
|  **Weighted average number of common shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | **155508** | 157146 | (1.0%) | 154181 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | **163444** | 165953 | (1.5%) | 165516 | (1.3%) |
|  Period end common shares outstanding | **153817** | 154617 | (0.5%) | 152496 | 0.9% |
|  Cash dividends declared per common share | $**0.34** | $0.31 | 9.7% | $0.31 | 9.7% |

---

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

------

![LOGO](g113868dsp13a.jpg)

GAAP Consolidated Results of Operations <sup>(1)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s, except per share information)* | **3/31/2026** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **Revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**207834** |  | $193670 |  | 7.3% | $213204 |  | (2.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **150221** |  | 141660 |  | 6.0% | 153198 |  | (1.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | ***358055*** | **** | *335330* | | *6.8 %* | *366402* | | *(2.3 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital raising | **122974** |  | 100472 |  | 22.4% | 177868 |  | (30.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | **218438** |  | 137470 |  | 58.9% | 277988 |  | (21.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Investment banking* | ***341412*** | **** | *237942* | | *43.5 %* | *455856* | | *(25.1 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management | **459457** |  | 409541 |  | 12.2% | 455797 |  | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | **55679** |  | 10581 |  | 426.2% | 5424 |  | 926.5% |
|  **Operating revenues** | **1214603** |  | 993394 |  | 22.3% | 1283479 |  | (5.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest revenue | **451049** |  | 475632 |  | (5.2%) | 469377 |  | (3.9%) |
|  **Total revenues** | **1665652** |  | 1469026 |  | 13.4% | 1752856 |  | (5.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | **187491** |  | 213557 |  | (12.2%) | 192277 |  | (2.5%) |
|  **Net revenues** | **1478161** |  | 1255469 |  | 17.7% | 1560579 |  | (5.3%) |
|  **Non-interest expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **848334** |  | 732220 |  | 15.9% | 925154 |  | (8.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and equipment rental | **99695** |  | 90766 |  | 9.8% | 100242 |  | (0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication and office supplies | **51021** |  | 49513 |  | 3.0% | 50061 |  | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | **15041** |  | 16806 |  | (10.5%) | 16417 |  | (8.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | **6535** |  | 12020 |  | (45.6%) | 9740 |  | (32.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking expenses | **8546** |  | 8547 |  | (0.0%) | 18685 |  | (54.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | **122917** |  | 282233 |  | (56.4%) | 132371 |  | (7.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | **1152089** |  | 1192105 |  | (3.4%) | 1252670 |  | (8.0%) |
|  Income before income taxes | **326072** |  | 63364 |  | 414.6% | 307909 |  | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | **74653** |  | 10372 |  | 619.8% | 43548 |  | 71.4% |
|  **Net income** | **251419** |  | 52992 |  | 374.4% | 264361 |  | (4.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9320** |  | 9320 |  | 0.0% | 9320 |  | 0.0% |
|  **Net income available to common shareholders** | $**242099** |  | $43672 |  | 454.4% | $255041 |  | (5.1%) |
|  **Earnings per common share:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $**1.56** |  | $0.28 |  | 457.1% | $1.65 |  | (5.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $**1.48** |  | $0.26 |  | 469.2% | $1.54 |  | (3.9%) |
|  **Weighted average number of common shares outstanding:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **155508** |  | 157146 |  | (1.0%) | 154181 |  | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **163444** |  | 165953 |  | (1.5%) | 165516 |  | (1.3%) |
|  Cash dividends declared per common share | $**0.34** |  | $0.31 |  | 9.7% | $0.31 |  | 9.7% |

---

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

------

![LOGO](g113868dsp13a.jpg)

Non-GAAP Condensed Consolidated Results of Operations <sup>(1)</sup> <sup>(2)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s, except per share information)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **Non-GAAP net revenues** | $**1441522** | $1255455 | 14.8% | $1560593 | (7.6%) |
|  **Non-GAAP non-interest expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP compensation and benefits | **828875** | 728164 | 13.8% | 905144 | (8.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP non-compensation operating expenses | **292568** | 451266 | (35.2%) | 306808 | (4.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-GAAP non-interest expenses | **1121443** | 1179430 | (4.9%) | 1211952 | (7.5%) |
|  Non-GAAP income before income taxes | **320079** | 76025 | 321.0% | 348641 | (8.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP provision for income taxes | **73282** | 12469 | 487.7% | 49309 | 48.6% |
|  **Non-GAAP net income** | **246797** | 63556 | 288.3% | 299332 | (17.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9320** | 9320 | 0.0% | 9320 | 0.0% |
|  **Non-GAAP net income available to common shareholders** | $**237477** | $54236 | 337.9% | $290012 | (18.1%) |
|  **Non-GAAP earnings per common share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $**1.53** | $0.35 | 337.1% | $1.88 | (18.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $**1.45** | $0.33 | 339.4% | $1.75 | (17.1%) |
|  **Weighted average number of common shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **155508** | 157146 | (1.0%) | 154181 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **163444** | 165953 | (1.5%) | 165516 | (1.3%) |
|  Cash dividends declared per common share | $**0.34** | $0.31 | 9.7% | $0.31 | 9.7% |

---

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

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![LOGO](g113868dsp13a.jpg)

Consolidated Financial Summary

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **Net revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Wealth Management | $**932123** | $850559 | 9.6% | $933150 | (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Group | **495258** | 384929 | 28.7% | 609703 | (18.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | **50780** | 19981 | 154.1% | 17726 | 186.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenues | $**1478161** | $1255469 | 17.7% | $1560579 | (5.3%) |
|  **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Wealth Management | $**601408** | $724154 | (17.0%) | $603077 | (0.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Group | **397348** | 357498 | 11.1% | 458026 | (13.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | **153333** | 110453 | 38.8% | 191567 | (20.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | $**1152089** | $1192105 | (3.4%) | $1252670 | (8.0%) |
|  **Operating contribution:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Wealth Management | $**330715** | $126405 | 161.6% | $330073 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Group | **97910** | 27431 | 256.9% | 151677 | (35.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | **(102553)** | (90472) | 13.4% | (173841) | (41.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | $**326072** | $63364 | 414.6% | $307909 | 5.9% |
|  **Financial ratios (change in bps):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **57.4%** | 58.3% | (90) | 59.3% | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **20.5%** | 36.7% | (1620) | 21.0% | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **22.1%** | 5.0% | 1710 | 19.7% | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **22.9%** | 16.4% | 650 | 14.1% | 880 |

---

Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release Page 5 of 19

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![LOGO](g113868dsp13a.jpg)

Consolidated Financial Information and Metrics

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, 000s, except per share data)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **Financial Information:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $**42893152** | $40383727 | 6.2% | $41270782 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Stifel Financial Corp. shareholders' equity | $**5981482** | $5538186 | 8.0% | $5977317 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total common equity | $**5296482** | $4853186 | 9.1% | $5292317 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill and intangible assets | $**(1561298)** | $(1503358) | 3.9% | $(1571903) | (0.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTL on goodwill and intangible assets | $**92780** | $83367 | 11.3% | $92224 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tangible common equity | $**3827964** | $3433195 | 11.5% | $3812638 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred equity | $**685000** | $685000 | 0.0% | $685000 | 0.0% |
|  **Financial Metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Book value per common share (1)(3) | $**34.43** | $31.39 | 9.7% | $34.71 | (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tangible book value per common share (1)(3) | $**24.89** | $22.21 | 12.1% | $25.00 | (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on common equity (4) | **18.3%** | 3.5% |  | 19.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP return on common equity (2)(4) | **17.9%** | 4.4% |  | 22.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on tangible common equity (5) | **25.3%** | 5.0% |  | 27.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP return on tangible common equity (2)(5) | **24.8%** | 6.2% |  | 31.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax margin on net revenues | **22.1%** | 5.0% |  | 19.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP pre-tax margin on net revenues (2) | **22.2%** | 6.1% |  | 22.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **22.9%** | 16.4% |  | 14.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP effective tax rate (2) | **22.9%** | 16.4% |  | 14.1% |  |

---

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

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![LOGO](g113868dsp13a.jpg)

Regulatory Capital <sup>(6)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, 000s)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **SF Regulatory Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $**3845174** | $3478476 | 10.5% | $3818450 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | $**4530429** | $4163476 | 8.8% | $4503450 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets | $**24288031** | $23661099 | 2.6% | $24602985 | (1.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | **15.8%** | 14.7% |  | 15.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | **18.7%** | 17.6% |  | 18.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | **11.4%** | 10.8% |  | 11.4% |  |
|  **Stifel Bank & Trust Regulatory Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $**1350799** | $1373088 | (1.6%) | $1328266 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | $**1351054** | $1373088 | (1.6%) | $1328266 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets | $**11819433** | $12374082 | (4.5%) | $11876471 | (0.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | **11.4%** | 11.1% |  | 11.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | **11.4%** | 11.1% |  | 11.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | **7.0%** | 7.1% |  | 7.0% |  |
|  **Stifel Bank Regulatory Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $**839275** | $780209 | 7.6% | $854826 | (1.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | $**839275** | $780209 | 7.6% | $854826 | (1.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets | $**7178238** | $5963456 | 20.4% | $7221333 | (0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | **11.7%** | 13.1% |  | 11.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | **11.7%** | 13.1% |  | 11.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | **7.0%** | 7.1% |  | 7.1% |  |
|  **Stifel Net Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net capital | $**643200** | $294100 | 118.7% | $559500 | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess net capital | $**609600** | $271200 | 124.8% | $529800 | 15.1% |

---

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

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![LOGO](g113868dsp13a.jpg)

Global Wealth Management - Summary Results of Operations

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**140064** | $125826 |  |  | 11.3% | $142757 |  |  | (1.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **62594** | 60569 |  |  | 3.3% | 63897 |  |  | (2.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | ***202658*** | *186395* | | | *8.7 %* | *206654* | | | *(1.9 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management | **459426** | 409506 |  |  | 12.2% | 455766 |  |  | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest | **264368** | 245534 |  |  | 7.7% | 261624 |  |  | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking (7) | **6072** | 5908 |  |  | 2.8% | 8334 |  |  | (27.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | **(401** | 3216 |  |  | (112.5%) | 772 |  |  | (151.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net revenues** | **932123** | 850559 |  |  | 9.6% | 933150 |  |  | (0.1%) |
|  **Non-interest expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **472460** | 422293 |  |  | 11.9% | 468040 |  |  | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **128948** | 301861 |  |  | (57.3%) | 135037 |  |  | (4.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-interest expenses** | **601408** | 724154 |  |  | (17.0%) | 603077 |  |  | (0.3%) |
|  **Income before income taxes** | $**330715** | $126405 |  |  | 161.6% | $330073 |  |  | 0.2% |
|  **As a percentage of net revenues (change in bps):** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **50.7** | 49.6 | % |  | 110 | 50.2 | % |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **13.8** | 35.5 | % |  | (2170) | 14.4 | % |  | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **35.5** | 14.9 | % |  | 2060 | 35.4 | % |  | 10 |

---

Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release Page 8 of 19

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![LOGO](g113868dsp13a.jpg)

Global Wealth Management - Statistical Information

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, 000s)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | % Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | % Change |
| &nbsp;&nbsp;&nbsp;&nbsp; Total client assets (8) | $**538717000** | $485860000 | 10.9% | $551863000 | (2.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee-based client assets (8) | $**219863000** | $189693000 | 15.9% | $224488000 | (2.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transactional assets | $**318854000** | $296167000 | 7.7% | $327375000 | (2.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Secured client lending (9) | $**3841000** | $3239000 | 18.6% | $3702000 | 3.8% |
|  **Asset Management Revenue (000s):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Client Group (10) | $**394695** | $345357 | 14.3% | $394031 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | **41811** | 38520 | 8.5% | 41415 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program | **3780** | 11783 | (67.9%) | 4278 | (11.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (11) | **19171** | 13881 | 38.1% | 16073 | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total asset management revenues | $**459457** | $409541 | 12.2% | $455797 | 0.8% |
|  **Fee-based Assets (millions):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Client Group (10) | $**191708** | $166035 | 15.5% | $196718 | (2.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | **46981** | 41136 | 14.2% | 46708 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Elimination (12) | **(18826)** | (17478) | 7.7% | (18938) | (0.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fee-based assets | $**219863** | $189693 | 15.9% | $224488 | (2.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program | $**475** | $828 | (42.6%) | $524 | (9.4%) |
|  **ROA (bps) (13):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Client Group (10) | **80.3** | 82.1 |  | 82.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | **35.6** | 37.4 |  | 35.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program | **358.9** | 400 |  | 383.7 |  |

---

Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release Page 9 of 19

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![LOGO](g113868dsp13a.jpg)

Global Wealth Management - Statistical Information (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, millions)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | % Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | % Change |
|  **Stifel Bancorp Deposits:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smart Rate Deposits | $**14288** | $16424 | (13.0%) | $14654 | (2.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweep Deposits | **11529** | 10043 | 14.8% | 10969 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Wealth Management Deposits at Stifel Bancorp | **227** | 387 | (41.3%) | 66 | 243.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Stifel Bancorp Wealth Management Deposits | **26044** | 26854 | (3.0%) | 25689 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Bank Deposits | **4753** | 2785 | 70.7% | 4063 | 17.0% |
|  **Total Stifel Bancorp Deposits** | $**30797** | $29639 | 3.9% | $29752 | 3.5% |
|  **Short-term Treasuries (14)** | $**6330** | $7218 | (12.3%) | $6741 | (6.1%) |
|  **Third-party Commercial Treasury Deposits (15)** | $**5675** | $2900 | 95.7% | $5199 | 9.2% |
|  **Wealth Management Cash:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Bancorp Wealth Management Deposits | $**26044** | $26854 | (3.0%) | $25689 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program (15) | **475** | 828 | (42.6%) | 524 | (9.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Third-party Treasury (15) | **—** |  | 0.0% | 199 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Sweep Cash | **648** | 149 | 334.9% | 486 | 33.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Mutual Funds | **17173** | 13698 | 25.4% | 16984 | 1.1% |
|  **Total Wealth Management Cash** | $**44340** | $41529 | 6.8% | $43882 | 1.0% |
|  **Client money market and insured product (16)** | $**26940** | $27444 | (1.8%) | $26633 | 1.2% |
|  **Third-party Deposits Available to Stifel Bancorp (15)** | $**6150** | $3728 | 65.0% | $5922 | 3.9% |

---

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

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![LOGO](g113868dsp13a.jpg)

Institutional Group - Summary Results of Operations

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s)* | **3/31/2026** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
|  **Revenues:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**67770** |  | $67844 |  |  | (0.1%) | $70447 |  |  | (3.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **87627** |  | 81091 |  |  | 8.1% | 89301 |  |  | (1.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | ***155397*** | **** | *148935* | | | *4.3 %* | *159748* | | | *(2.7 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital raising | **116902** |  | 94564 |  |  | 23.6% | 170915 |  |  | (31.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | **218438** |  | 137470 |  |  | 58.9% | 276607 |  |  | (21.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Investment banking* | ***335340*** | **** | *232034* | | | *44.5 %* | *447522* | | | *(25.1 %)* |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income (17) | **4521** |  | 3960 |  |  | (14.2%) | 2433 |  |  | 85.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net revenues** | **495258** |  | 384929 |  |  | 28.7% | 609703 |  |  | (18.8%) |
|  **Non-interest expenses:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **295870** |  | 252585 |  |  | 17.1% | 346507 |  |  | (14.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **101478** |  | 104913 |  |  | (3.3%) | 111519 |  |  | (9.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-interest expenses** | **397348** |  | 357498 |  |  | 11.1% | 458026 |  |  | (13.2%) |
|  **Income before income taxes** | $**97910** |  | $27431 |  |  | 256.9% | $151677 |  |  | (35.4%) |
|  **As a percentage of net revenues (change in bps):** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **59.7** | **%** | 65.6 | % |  | (590) | 56.8 | % |  | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **20.5** | **%** | 27.3 | % |  | (680) | 18.3 | % |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **19.8** | **%** | 7.1 | % |  | 1270 | 24.9 | % |  | (510) |

---

Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release Page 11 of 19

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![LOGO](g113868dsp13a.jpg)

Stifel Bancorp - Financial Information and Credit Metrics

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited, 000s)* | **3/31/2026** | 3/31/2025 | % Change | 12/31/2025 | % Change |
|  **Stifel Bancorp Financial Information:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33303655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100614 | 3.7% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32253991 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shareholder's equity | $2248327 | $2183596 | 3.0% | $2244781 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total loans, net (includes loans held for sale)** | $**22185318** | $**21241400** | **4.4%** | $**22427456** | **(1.1** **%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | 9363547 | 8699229 | 7.6% | 9254939 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | 4170090 | 3678411 | 13.4% | 4135091 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund banking | 3737366 | 3659294 | 2.1% | 4096649 | (8.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | 2749987 | 2404960 | 14.3% | 2672431 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction and land | 1229903 | 1206876 | 1.9% | 1214450 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 440993 | 472550 | (6.7%) | 423474 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 271574 | 250948 | 8.2% | 269729 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | 348331 | 1016127 | (65.7%) | 502199 | (30.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment securities** | $**8449776** | $**8329552** | **1.4%** | $**8142395** | **3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities, at fair value | 1588549 | 1613304 | (1.5%) | 1593390 | (0.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Held-to-maturity securities, at amortized cost | 6861227 | 6716248 | 2.2% | 6549005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized losses on available-for-sale securities | (113790) | (141910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.8%) | (105199) | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total deposits** | $**30797336** | $**29639272** | **3.9%** | $**29752063** | **3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits (interest-bearing) | 30350046 | 29180478 | 4.0% | 28931314 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits (non-interest-bearing) | 47418 | 432368 | (89.0%) | 339494 | (86.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of deposit | 399872 | 26426 | nm | 481255 | (16.9%) |
|  **Credit Metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses | $142692 | $170266 | (16.2%) | $160911 | (11.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance as a percentage of retained loans | 0.65% | 0.83% |  | 0.73% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs as a percentage of average loans | 0.11% | 0.05% |  | 0.06% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total nonperforming assets | $105993 | $160891 | (34.1%) | $125159 | (15.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets as a percentage of total assets | 0.32% | 0.50% |  | 0.39% |  |

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

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![LOGO](g113868dsp13a.jpg)

Stifel Bancorp - Loan and Investment Portfolio

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited, millions)* | **3/31/2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Total <br>Portfolio |  |  |  |
|  **Loan Portfolio** |  |  | **Commercial Portfolio by Major Sector** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | $9364 | 34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | 2750 | 10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 876 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home equity lines of credit and other | 272 | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 600 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total consumer | 12386 | 45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 314 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | 4170 | 15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 265 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund banking | 3737 | 13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REITs | 254 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction and land | 1230 | 4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel, leisure, restaurants | 251 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 441 | 2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 245 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial | 9578 | 34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 222 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loan portfolio | 21964 | 79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 108 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | 5850 | 21% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $27814 | 100% |  |  |  |
|  |  |  | **CLO by Major Sector** |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High tech industries | $716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |
|  **Investment Portfolio** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking, finance, insurance, & real estate | 703 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLO | $6819 | 80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services: business | 676 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency MBS | 1241 | 14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare & pharmaceuticals | 649 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 361 | 4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel, gaming, & leisure | 346 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA | 73 | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & building | 282 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student loan ARS | 66 | 1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverage, food, & tobacco | 255 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMBS | 3 | 0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital equipment | 245 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 | 0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services: consumer | 231 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $8564 | 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals, plastics, & rubber | 226 | 3% |

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

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![LOGO](g113868dsp13a.jpg)

Loans and Lending Commitments - Allowance for Credit Losses

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |  | |
| *(Unaudited, 000s)* | **Loans and Lending<br>Commitments** | **ACL** | **ACL %** | **Q1 Provision** |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9363547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988 | 0.12% | $(276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | 4170090 | 76781 | 1.84% | 8924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund banking | 3737366 | 7475 | 0.20% | (718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | 2749987 | 3300 | 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction and land | 1229903 | 10295 | 0.84% | (272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 440993 | 5651 | 1.28% | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 271574 | 688 | 0.25% | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for investment, gross | 21963460 | 115178 | 0.52% | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | 348331 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans, gross | 22311791 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lending-related commitments (unfunded) | 5849911 | 27514 | 0.47% | (1152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and lending-related commitments | $28161702 | $142692 |  | $6535 |

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Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release Page 14 of 19

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![LOGO](g113868dsp13a.jpg)

Consolidated Non-GAAP Net Interest Income <sup>(2)</sup>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | March 31, 2025 | March 31, 2025 | March 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| *(Unaudited, millions)* | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** |
|  **Interest-earning assets:** |  |  |  |  |  |  |  |  |  |
|  Cash and federal funds sold | $**2310.3** | $**20.3** | **3.52%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341.6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% |
|  Financial instruments owned | **1516.9** | **8.4** | **2.21%** | 1242.5 | 6.5 | 2.11% | 1435.4 | 8.8 | 2.46% |
|  Margin balances | **1022.9** | **15.4** | **6.02%** | 835.8 | 13.9 | 6.64% | 943.1 | 15.6 | 6.61% |
|  Investments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | **6556.6** | **87.5** | **5.33%** | 6617.4 | 101.4 | 6.13% | 6580.0 | 95.3 | 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities | **1182.8** | **10.3** | **3.48%** | 1117.2 | 8.7 | 3.09% | 1223.5 | 10.6 | 3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate fixed income securities | **373.5** | **2.4** | **2.57%** | 496.3 | 3.4 | 2.75% | 406.7 | 2.8 | 2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | **4.8** | **—** | **2.55%** | 4.8 |  | 2.62% | 4.8 |  | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | **8117.7** | **100.2** | **4.94%** | 8235.7 | 113.5 | 5.51% | 8215.0 | 108.7 | 5.29% |
|  Loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | **9299.5** | **95.4** | **4.10%** | 8633.5 | 81.0 | 3.75% | 9158.9 | 92.8 | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | **4171.8** | **62.7** | **6.02%** | 4113.5 | 75.5 | 7.34% | 4005.6 | 66.2 | 6.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund banking | **3862.0** | **59.4** | **6.15%** | 3798.2 | 66.4 | 7.00% | 3899.8 | 64.4 | 6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | **2676.7** | **36.6** | **5.46%** | 2387.8 | 36.5 | 6.12% | 2620.4 | 38.4 | 5.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | **437.1** | **7.4** | **6.76%** | 498.4 | 8.2 | 6.54% | 423.5 | 8.3 | 7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction and land | **1251.4** | **20.4** | **6.54%** | 1216.6 | 21.8 | 7.16% | 1209.0 | 21.7 | 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | **472.8** | **10.3** | **8.69%** | 589.0 | 11.2 | 7.62% | 416.4 | 7.4 | 7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | **271.3** | **4.1** | **6.09%** | 248.8 | 4.4 | 6.97% | 261.0 | 4.4 | 6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans | **22442.6** | **296.3** | **5.28%** | 21485.8 | 305.0 | 5.68% | 21994.6 | 303.6 | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing assets | **1071.3** | **10.4** | **3.88%** | 996.8 | 10.4 | 4.17% | 1154.3 | 9.7 | 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing assets/ interest income | **36481.7** | **451.0** | **4.95%** | 35263.7 | 475.6 | 5.40% | 36084.0 | 469.4 | 5.20% |
|  **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior notes | **617.5** | **7.1** | **4.62%** | 616.7 | 7.1 | 4.63% | 617.3 | 7.1 | 4.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits | **29154.1** | **150.9** | **2.07%** | 28622.8 | 193.1 | 2.70% | 29007.5 | 169.7 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing<br>liabilities <sup>(19)</sup> | **1726.9** | **16.3** | **3.78%** | 1453.6 | 13.4 | 3.66% | 1702.4 | 15.5 | 3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing liabilities/ interest expense | $**31498.5** | **174.3** | **2.21%** | $30693.1 | 213.6 | 2.78% | $31327.2 | 192.3 | 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income/margin |  | $**276.7** | **3.03%** |  | $262.0 | 2.97% |  | $277.1 | 3.07% |

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

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![LOGO](g113868dsp13a.jpg)

Stifel Bancorp Net Interest Income

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | March 31, 2025 | March 31, 2025 | March 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| *(Unaudited, millions)* | **Average<br>balance** | **Interest<br>income/expense** | **Average <br>interest<br>rate** | Average<br>balance | Interest<br>income/expense | Average<br>interest<br>rate | Average<br>balance | Interest<br>income/expense | Average<br>interest<br>rate |
|  **Interest-earning assets:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and federal funds sold | $**1176.9** | $**11.5** | **3.92%** | $1512.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | **8117.7** | **100.2** | **4.94%** | 8235.7 | 113.5 | 5.51% | 8215.0 | 108.7 | 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | **22442.6** | **296.3** | **5.28%** | 21485.8 | 305.0 | 5.68% | 21994.6 | 303.6 | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing assets | **66.4** | **0.9** | **5.14%** | 66.7 | 0.8 | 5.15% | 66.4 | 0.8 | 4.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing assets/ interest income | $**31803.6** | $**408.9** | **5.14%** | $31301.0 | $436.7 | 5.58% | $31569.5 | $426.8 | 5.41% |
|  **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits | $**29154.1** | $**150.9** | **2.07%** | $28622.8 | $193.1 | 2.70% | $29007.5 | $169.7 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing liabilities | **144.9** | **1.8** | **5.09%** | 92.6 | 1.4 | 5.83% | 139.9 | 1.9 | 5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing liabilities/ interest expense | $**29299.0** | **152.7** | **2.09%** | $28715.4 | 194.5 | 2.71% | $29147.4 | 171.6 | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income/margin |  | $**256.2** | **3.22%** |  | $242.2 | 3.10% |  | $255.2 | 3.23% |

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

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![LOGO](g113868dsp13a.jpg)

GAAP to Core Reconciliation

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Unaudited, 000s)* | **3/31/2026** | 3/31/2025 | Change | 12/31/2025 | Change |
|  GAAP net revenues | $**1478161** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255469 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of business (18) | **(49784)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation-related and other (19) | **13145** | (14) |  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-GAAP adjustments | **(36639)** | (14) |  | 14 |  |
|  Non-GAAP net revenues | **1441522** | 1255455 |  | 1560593 |  |
|  GAAP compensation and benefits expense | **848334** | 732220 |  | 925154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger-related and other (20) | **(17628)** | (4056) |  | (3485) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring and severance (21) | **(1831)** |  |  | (16525) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total non-GAAP adjustments | **(19459)** | (4056) |  | (20010) |  |
|  Non-GAAP compensation and benefits expense | **828875** | 728164 |  | 905144 |  |
|  GAAP non-compensation operating expenses | **303755** | 459885 |  | 327516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger-related (20) | **(11187)** | (8619) |  | (20708) |  |
|  Non-GAAP non-compensation operating expenses | **292568** | 451266 |  | 306808 |  |
|  **Total adjustments** | **5993** | (12661) |  | (40732) |  |
|  GAAP provision for income taxes | **74653** | 10372 |  | 43548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger-related and other (22) | **(1371)** | 2097 |  | 5761 |  |
|  Non-GAAP provision for income taxes | **73282** | 12469 |  | 49309 |  |
|  **Financial ratios (change in bps):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **57.5%** | 58.0% | (50) | 58.0% | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **20.3%** | 35.9% | (1560) | 19.7% | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **22.2%** | 6.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | 22.3% | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **22.9%** | 16.4% | 650 | 14.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |

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Stifel Financial Corp. Quarterly Financial Supplement \| First 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 Core 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 $92.5 million, $82.5 million, and $90.7 million, as of March 31, 2026 and 2025, and December 31, 2025, respectively.

(6) Regulatory capital amounts and ratios are estimates as of the date of the Company's earnings release, April 22, 2026.

(7) Includes capital raising and advisory revenues.

(8) Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include
$4.2 billion and $4.9 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 \| First Quarter 2026 Earnings Release Page 18 of 19

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![LOGO](g113868dsp13a.jpg)

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 first quarter earnings release issued April 22, 2026.

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

## Exhibit 99.3

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Exhibit 99.3 First Quarter 2026 Financial Results Presentation April 22, 2026 Quarterly Earnings Report

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First Quarter Snapshot 1Q26 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 1Q26: GAAP $1,478 & NON-GAAP $1,442 1Q26: GAAP $1.48 & NON-GAAP $1.45 1Q26: GAAP $242 & NON-GAAP $237 BOOK VALUE PER SHARE ANNUALIZED ROTCE\* ANNUALIZED ROCE TBV $24.89 BV $34.43 1Q26:GAAP 18.3% & NON-GAAP 17.9% 1Q26:GAAP 25.3% & NON-GAAP 24.8% \* Please see our definition of ROTCE in our first quarter 2026 earnings release HIGHLIGHTS Record First Quarter Record First Quarter Net Revenue Investment Banking Revenue Record First Quarter Net Revenue Completed Sale of Global Wealth Management Stifel Independent Advisors Repurchased 2.8 million Record Asset Common Shares Management Revenue Quarterly Earnings Report 1

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Strategic Objectives & Market Landscape Artificial Intelligence Private Credit Software Loans Legislation & Market Structure Quarterly Earnings Report 2

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Variance to Consensus Estimates COMMENTRY ON VARIANCE TO ANALYST First Quarter Results Variance to Consensus Estimates ESTIMATES (in Millions, except diluted EPS and share data) 1Q26 1Q26 Mean % ∆ 1Q26 vs. 1Q25 Revenues Operating\* Analyst Results Commissions + Principal transactions $358 $363 (1%) 7% ■ Commissions & Principal Transactions: Investment banking $341 $334 2% 44% ■ Stronger Global Wealth Management & Fixed Asset management and service fees $459 $457 0% 12% Net interest $277 $280 (1%) 6% Income Revenue Net revenues $1,442 $1,442 0% 15% Non-interest expenses ■ Lower Equity Revenue on European Compensation and benefits 829 830 (0%) 14% Restructuring Compensation Ratio 57.5% 57.6% -1 bps -5 bps Non-compensation expenses 293 299 (2%) (35%) ■ Investment Banking: Total non-interest expenses 1,121 1,129 (1%) (5%) Income before income taxes 320 312 3% 321% ■ Stronger Advisory Revenue Provision for income taxes 73 75 2% 494% ■ Lower Equity & Fixed Income Underwriting Tax Rate 22.9% 24.0% -110 bps 650 bps Net Income $247 $237 4% 288% Revenue Diluted Operating EPS $1.45 $1.38 5% 339% ■ Net Interest Income \*Non-GAAP ■ Lower Non-Bank NII \* Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted ■ Non-compensation Expense: average share count. ■ Lower Provision Expense & Investment Banking Gross Up ■ Tax Rate: ■ Improved Foreign Profitability Quarterly Earnings Report 3

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Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 1Q26 Y/Y Change ■ Record First Quarter Net Revenue Change Transactional $203 9% -2% ■ Record Asset Management Revenue Asset Management 459 12% 1% ■ Record First Quarter Transactional Revenue Net Interest 264 8% 1% ■ Completed Sale of Stifel Independent Advisors Investment Banking 6 3% -27% Other (0) nm nm Total Global Wealth Management Net $932 10% 0% Revenue Comp. Ratio 50.7% 110 bps 50 bps Non-Comp. Ratio 13.8% -2170 bps -60 bps Provision for credit loss $7 -46% -33% CLIENT CASH BALANCES Pre-tax Margin 35.5% 2060 bps 10 bps $1,599 $1,474 $1,446 Pre-tax Pre-provision Margin 36.1% 1980 bps -30 bps $1,167 $1,092 $1,114 $1,066 $760 $673 $505 $508 $240 $189 CLIENT ASSET METRICS Sequential ($54) millions 1Q26 Y/Y ($108) ($253) Change ($366) Total Client Assets $538,717 11% -2% ($691) ($894) Fee-based Client Assets $219,863 16% -2% ($1,409) Private Client Fee-based Client Assets $191,708 15% -3% 1Q25 2Q25 3Q25 4Q25 1Q26 Client Asset Metrics Include the impact of assets associated with the sale of Stifel Ticked MMF Smart Rate Sweep\* Non-Wealth Deposits Independent Advisors. Total Client Assets from SIA were $10.5 bil. and $9.0 bil. on December 31, 2025 and March 31, 2025, respectively. Fee-based Client Assets from SIA \* Sweep balances include Sweep Deposits, Third-party Bank Sweep Program, & Other Sweep Cash were $4.9 bil. and $4.2 bil. on December 31, 2025 and March 31, 2025, respectively Quarterly Earnings Report 4 millions

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Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS millions 1Q26 Y/Y Change ■ Institutional Revenue up 29% Year-on-Year Advisory $218 59% Capital Raising $117 24% ■ Positive Pre-Tax Margins from International Business Equity $67 37% Fixed Income $50 9% ■ Record First Quarter Investment Banking Revenue Transactional $155 4% ■ Record First Quarter Advisory Revenue Equity $55 -7% Fixed Income $100 12% ■ Second Highest First Quarter Capital Raising Total Institutional Revenue\* $495 29% Revenue Comp. Ratio 59.7% -590 bps Non-Comp. Ratio 20.5% -680 bps ■ Ranked #1 in Senior Managed New Issue Negotiated Pre-tax Margin 19.8% 1270 bps Municipal Issuance with 14.6% Market Share \* Includes net interest, asset management, and other income IMPROVED FIRST QUARTER PRE-TAX MARGIN INSTITUTIONAL GROUP NET REVENUE 25.0% $600 19.8% 20.0% $500 $400 15.0% $300 10.6% 10.1% $200 10.0% 7.1% $100 5.0% $0 1Q25 2Q25 3Q25 4Q25 1Q26 0.0% Advisory Fees Capital Raising Brokerage Other 1Q23 1Q24 1Q25 1Q26 \* 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 5 millions

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Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% millions 1Q26 1Q25 Y/Y Change 63% 30% 61% Compensation $829 $728 14% 25% 59% 20% Non-compensation Expense, $277 $431 -36% 15% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0% 57.5% 10% Credit Loss Provision & IB Gross Up $15 $21 -27% 55% 5% 53% 0% Non-compensation $293 $451 -35% 1Q25 2Q25 3Q25 4Q25 1Q26 Pre-tax Income $320 $76 321% Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $1,200 $1,000 (000s) 1Q26 Bar chart header numbers $800 GAAP Net Income $251,419 are a graphic $600 $400 Preferred Dividend $9,320 $200 Net Income available to common Shareholders $242,099 $0 2021 2022 2023 2024 2025 2026\* -$200 Non-GAAP After Tax Adjustments ($4,622) Non-GAAP Net Income Available to Common $237,477 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments \* For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2026 earnings release. \*2026 annual GAAP to non-GAAP results based on annualized results through 3/31/2026 Quarterly Earnings Report 6 millions Compensation Ratio Non-compensation Ratio

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Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $45,000 22.0% $42,893 ■ Repurchased 1.25 million Shares in Open Market $41,687 $41,271 $40,384 20.0% $39,860 $40,000 ■ Net Settled 1.5 million Shares tied to Equity-based 18.0% 18.3% 18.7% Compensation $35,000 17.5% 17.6% 17.6% 16.0% ■ 10.2 million Shares in Total Authorization 14.0% $30,000 12.0% ■ Total Assets Increased $1.6 billion $25,000 11.4% 11.4% 11.1% 10.0% 10.8% 10.8% ■ Bank Funding Increased at CAGR of 11% Since 2021 $20,000 8.0% 1Q25 2Q25 3Q25 4Q25 1Q26 Assets Tier 1 Leverage Tier 1 Risk Based Capital $900,000 DEPLOYING EXCESS CAPITAL A TRACK RECORD of FUNDING GROWTH $800,000 $80,000 $700,000 $70,000 $600,000 $60,000 $50,000 $500,000 $40,000 $400,000 $30,000 $300,000 $20,000 $200,000 $10,000 $100,000 $0 $0 2021 2022 2023 2024 2025 2026\* 2022 2023 2024 2025 2026 ($100,000) Capital Generated Bank Growth Bank Deposits Available Funding Common Stock Repurchases Dividends (Common & Preferred) Acquisitions \*2026 based on results through 3/31/2026 Quarterly Earnings Report 7 (000s) millions millions

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Concluding Remarks Quarterly Earnings Report

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![](g113868ex99_3p10g1.jpg)

First Quarter 2026 Financial Results Presentation April 22, 2026 Quarterly Earnings Report

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Disclaimer 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. Quarterly Earnings Report 10