Stifel Reports First Quarter 2025 Results
Stifel Financial Corp. (NYSE: SF) reported record first-quarter net revenues of $1.26 billion for Q1 2025, up from $1.16 billion in Q1 2024. However, net income decreased to $43.7 million ($0.39 per diluted share) from $154.3 million ($1.40 per diluted share) year-over-year.
The company saw growth across all revenue lines, with notable increases in asset management revenues (+11%), advisory revenues (+15%), and capital raising revenues (+6%). Client assets reached $485.9 billion, up 4% from the previous year. The quarter was marked by successful recruitment of 52 financial advisors.
Performance was significantly impacted by elevated provisions for legal matters, affecting non-GAAP earnings by $1.16 per diluted share (after-tax). The pre-tax margin declined to 6% from 19.8% in Q1 2024, while ROTCE decreased to 6.2% from 20.9%.
Stifel Financial Corp. (NYSE: SF) ha riportato ricavi netti record nel primo trimestre 2025 pari a 1,26 miliardi di dollari, in aumento rispetto a 1,16 miliardi nel primo trimestre 2024. Tuttavia, l'utile netto è sceso a 43,7 milioni di dollari (0,39 dollari per azione diluita) rispetto a 154,3 milioni di dollari (1,40 dollari per azione diluita) anno su anno.
L'azienda ha registrato una crescita in tutte le linee di ricavo, con incrementi significativi nei ricavi da gestione patrimoniale (+11%), consulenza (+15%) e raccolta di capitale (+6%). Gli asset dei clienti hanno raggiunto 485,9 miliardi di dollari, in aumento del 4% rispetto all'anno precedente. Il trimestre è stato caratterizzato dal successo nel reclutamento di 52 consulenti finanziari.
La performance è stata fortemente influenzata da accantonamenti elevati per questioni legali, che hanno inciso sugli utili non-GAAP per 1,16 dollari per azione diluita (al netto delle imposte). Il margine ante imposte è sceso al 6% dal 19,8% del primo trimestre 2024, mentre il ROTCE è diminuito al 6,2% dal 20,9%.
Stifel Financial Corp. (NYSE: SF) reportó ingresos netos récord en el primer trimestre de 2025 por 1,26 mil millones de dólares, frente a 1,16 mil millones en el primer trimestre de 2024. Sin embargo, el ingreso neto disminuyó a 43,7 millones de dólares (0,39 dólares por acción diluida) desde 154,3 millones de dólares (1,40 dólares por acción diluida) interanual.
La compañía experimentó crecimiento en todas las líneas de ingresos, con aumentos destacados en ingresos por gestión de activos (+11%), asesoría (+15%) y captación de capital (+6%). Los activos de los clientes alcanzaron los 485,9 mil millones de dólares, un 4 % más que el año anterior. El trimestre se caracterizó por la exitosa incorporación de 52 asesores financieros.
El desempeño se vio significativamente afectado por provisiones elevadas para asuntos legales, impactando las ganancias no-GAAP en 1,16 dólares por acción diluida (después de impuestos). El margen antes de impuestos cayó al 6 % desde el 19,8 % del primer trimestre de 2024, mientras que el ROTCE disminuyó al 6,2 % desde el 20,9 %.
Stifel Financial Corp. (NYSE: SF)는 2025년 1분기 순매출액으로 12억 6천만 달러를 기록하며 2024년 1분기의 11억 6천만 달러에서 증가했습니다. 그러나 순이익은 4,370만 달러(희석 주당 0.39달러)로 전년 동기 1억 5,430만 달러(희석 주당 1.40달러)에서 감소했습니다.
회사는 자산 관리 수익(+11%), 자문 수익(+15%), 자본 조달 수익(+6%) 등 모든 수익 부문에서 성장을 보였습니다. 고객 자산은 전년 대비 4% 증가한 4,859억 달러에 달했습니다. 이번 분기는 52명의 금융 자문가 성공적 채용으로 특징지어졌습니다.
법적 문제에 대한 높은 충당금으로 인해 성과에 큰 영향을 받았으며, 이로 인해 세후 비-GAAP 주당순이익이 1.16달러 감소했습니다. 세전 마진은 2024년 1분기 19.8%에서 6%로 하락했고, ROTCE는 20.9%에서 6.2%로 감소했습니다.
Stifel Financial Corp. (NYSE : SF) a annoncé des revenus nets record au premier trimestre 2025 de 1,26 milliard de dollars, en hausse par rapport à 1,16 milliard au premier trimestre 2024. Toutefois, le bénéfice net a diminué à 43,7 millions de dollars (0,39 dollar par action diluée) contre 154,3 millions de dollars (1,40 dollar par action diluée) sur un an.
L'entreprise a connu une croissance dans toutes les sources de revenus, avec des augmentations notables des revenus de gestion d'actifs (+11 %), de conseil (+15 %) et de levée de capitaux (+6 %). Les actifs clients ont atteint 485,9 milliards de dollars, en hausse de 4 % par rapport à l'année précédente. Le trimestre a été marqué par le recrutement réussi de 52 conseillers financiers.
La performance a été fortement impactée par des provisions élevées pour des litiges, affectant les résultats non-GAAP de 1,16 dollar par action diluée (après impôts). La marge avant impôts a chuté à 6 % contre 19,8 % au premier trimestre 2024, tandis que le ROTCE est passé de 20,9 % à 6,2 %.
Stifel Financial Corp. (NYSE: SF) meldete für das erste Quartal 2025 einen Rekord bei den Nettoumsätzen von 1,26 Milliarden US-Dollar, gegenüber 1,16 Milliarden US-Dollar im ersten Quartal 2024. Der Nettogewinn sank jedoch auf 43,7 Millionen US-Dollar (0,39 US-Dollar pro verwässerter Aktie) von 154,3 Millionen US-Dollar (1,40 US-Dollar pro verwässerter Aktie) im Vorjahresvergleich.
Das Unternehmen verzeichnete Wachstum in allen Umsatzbereichen, mit bemerkenswerten Steigerungen bei den Einnahmen aus Vermögensverwaltung (+11 %), Beratung (+15 %) und Kapitalbeschaffung (+6 %). Die Kundenvermögen erreichten 485,9 Milliarden US-Dollar, ein Anstieg von 4 % gegenüber dem Vorjahr. Das Quartal war geprägt von der erfolgreichen Rekrutierung von 52 Finanzberatern.
Die Performance wurde durch erhöhte Rückstellungen für Rechtsangelegenheiten erheblich beeinträchtigt, was die Non-GAAP-Gewinne um 1,16 US-Dollar pro verwässerter Aktie (nach Steuern) belastete. Die Vorsteuer-Marge sank von 19,8 % im ersten Quartal 2024 auf 6 %, während die ROTCE von 20,9 % auf 6,2 % zurückging.
- Record Q1 revenue of $1.26 billion, up 7.9% year-over-year
- Asset management revenues increased 11% year-over-year
- Advisory revenues grew 15% compared to Q1 2024
- Client assets increased 4% to $485.9 billion
- Successfully recruited 52 financial advisors
- Tangible book value per share up 9% from prior year
- Net income dropped 71.7% to $43.7 million from $154.3 million year-over-year
- EPS decreased to $0.39 from $1.40 in Q1 2024
- Pre-tax margin declined to 5% from 18.8% year-over-year
- Significant legal charges impacting earnings by $1.16 per share
- ROTCE decreased to 6.2% from 20.9% year-over-year
Insights
Stifel reported record Q1 revenue but saw 72% earnings decline due to significant legal provisions, creating mixed investor implications.
Stifel delivered record first-quarter revenue of
The firm's pre-tax margin collapsed from
Looking at divisional performance, Global Wealth Management grew revenues
Operationally, client assets grew
The firm's capital position remains strong with a Tier 1 common capital ratio of
ST. LOUIS, April 23, 2025 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our net revenue of
Highlights
- The Company reported net revenues of
$1.26 billion , the third best quarter in its history, driven by higher asset management revenues, investment banking revenues, transactional revenues, and net interest income. - Non-GAAP net income available to common shareholders of
$0.49 per diluted common share was negatively impacted by elevated provisions for legal matters of$1.16 per diluted common share (after-tax). - Record asset management revenues, up
11% over the year-ago quarter. - Advisory revenues increased
15% over the year-ago quarter. - Capital raising revenues increased
6% over the year-ago quarter. - Client assets of
$485.9 billion , up4% over the year-ago quarter. - Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors.
- Non-GAAP pre-tax margin of
6% was negatively impacted by elevated provisions for legal matters. - Annualized return on tangible common equity (ROTCE) (5) of
6% . - Tangible book value per common share (7) of
$33.31 , up9% from prior year.
| Financial Summary (Unaudited) | ||||||
| (000s) | 1Q 2025 | 1Q 2024 | ||||
| GAAP Financial Highlights: | ||||||
| Net revenues | ||||||
| Net income (1) | ||||||
| Diluted EPS (1) | ||||||
| Comp. ratio | ||||||
| Non-comp. ratio | ||||||
| Pre-tax margin | ||||||
| Non-GAAP Financial Highlights: | ||||||
| Net revenues | ||||||
| Net income (1) (2) | ||||||
| Diluted EPS (1) (2) | ||||||
| Comp. ratio (2) | ||||||
| Non-comp. ratio (2) | ||||||
| Pre-tax margin (3) | ||||||
| ROCE (4) | ||||||
| ROTCE (5) | ||||||
| Global Wealth Management (assets and loans in millions) | ||||||
| Net revenues | ||||||
| Pre-tax net income | ||||||
| Total client assets | ||||||
| Fee-based client assets | ||||||
| Bank loans (6) | ||||||
| Institutional Group | ||||||
| Net revenues | ||||||
| Equity | ||||||
| Fixed Income | ||||||
| Pre-tax net income | ||||||
Global Wealth Management
Global Wealth Management reported net revenues of
Highlights
- Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors, with total trailing 12 month production of
$11.7 million . - Client assets of
$485.9 billion , up4% over the year-ago quarter. - Fee-based client assets of
$189.7 billion , up7% over the year-ago quarter.
Net revenues increased
- Transactional revenues increased
3% over the year-ago quarter reflecting an increase in client activity. - Asset management revenues increased
11% over the year-ago quarter reflecting higher asset values and net new asset growth. - Net interest income increased
4% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.
Total Expenses:
- Compensation expense as a percentage of net revenues increased to
49.6% primarily as a result of higher compensable revenues. - Provision for credit losses was primarily impacted by an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
- Non-compensation operating expenses as a percentage of net revenues increased to
35.5% primarily as a result of higher litigation-related expenses.
| Summary Results of Operations | ||||||
| (000s) | 1Q 2025 | 1Q 2024 | ||||
| Net revenues | $850,559 | $790,500 | ||||
| Transactional revenues | 186,395 | 181,753 | ||||
| Asset management | 409,506 | 367,450 | ||||
| Net interest income | 245,534 | 236,269 | ||||
| Investment banking | 5,908 | 4,280 | ||||
| Other income | 3,216 | 748 | ||||
| Total expenses | $724,154 | $499,752 | ||||
| Compensation expense | 422,293 | 389,536 | ||||
| Provision for credit losses | 12,020 | 4,968 | ||||
| Non-comp. opex | 289,841 | 105,248 | ||||
| Pre-tax net income | $126,405 | $290,748 | ||||
| Compensation ratio | ||||||
| Non-compensation ratio | ||||||
| Pre-tax margin | 14.9% | 36.8% | ||||
Institutional Group
Institutional Group reported net revenues of
Highlights
Investment banking revenues increased
- Advisory revenues increased
15% from the year-ago quarter driven by higher levels of completed advisory transactions. - Fixed income capital raising revenues decreased
9% from the year-ago quarter primarily driven by lower bond issuances. - Equity capital raising revenues increased
22% over the year-ago quarter driven by higher volumes.
Fixed income transactional revenues increased
- Fixed income transactional revenues were impacted by increased activity in securitized products, partially offset by lower levels of activity in credit products.
Equity transactional revenues increased
- Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity amid a more volatile trading environment.
Total Expenses:
- Compensation expense as a percentage of net revenues increased to
65.6% primarily as a result of higher fixed compensation expenses in our international operations. - Non-compensation operating expenses as a percentage of net revenues decreased to
27.3% from the year-ago quarter primarily as a result of higher revenues.
| Summary Results of Operations | ||||||
| (000s) | 1Q 2025 | 1Q 2024 | ||||
| Net revenues | $384,929 | $351,376 | ||||
| Investment banking | 232,034 | 209,669 | ||||
| Advisory | 137,470 | 119,252 | ||||
| Fixed income capital raising | 45,559 | 50,116 | ||||
| Equity capital raising | 49,005 | 40,301 | ||||
| Fixed income transactional | 89,345 | 88,654 | ||||
| Equity transactional | 59,590 | 54,083 | ||||
| Other | 3,960 | (1,030) | ||||
| Total expenses | $357,498 | $314,267 | ||||
| Compensation expense | 252,585 | 215,749 | ||||
| Non-comp. opex. | 104,913 | 98,518 | ||||
| Pre-tax net income | $27,431 | $37,109 | ||||
| Compensation ratio | ||||||
| Non-compensation ratio | | |||||
| Pre-tax margin | 7.1% | |||||
Other Matters
Highlights
- The Company repurchased
$210.9 million of its outstanding common stock during the first quarter, including$117.8 million in connection with net-share settlements under its equity compensation plan. - Weighted average diluted shares outstanding increased primarily as a result the increase in the Company’s share price, partially offset by an increase in share repurchases.
- The Board of Directors declared a
$0.46 quarterly dividend per share payable on March 17, 2025 to common shareholders of record on March 3, 2025. - The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 17, 2025 to shareholders of record on March 3, 2025.
| 1Q 2025 | 1Q 2024 | |||||
| Common stock repurchases | ||||||
| Repurchases (000s) | ||||||
| Number of shares (000s) | 2,029 | 2,254 | ||||
| Average price | ||||||
| Period end shares (000s) | 103,078 | 102,649 | ||||
| Weighted average diluted shares outstanding (000s) | 110,635 | 109,985 | ||||
| Effective tax rate | 16.4% | |||||
| Stifel Financial Corp. (8) | ||||||
| Tier 1 common capital ratio | ||||||
| Tier 1 risk based capital ratio | ||||||
| Tier 1 leverage capital ratio | ||||||
| Tier 1 capital (MM) | ||||||
| Risk weighted assets (MM) | ||||||
| Average assets (MM) | ||||||
| Quarter end assets (MM) | ||||||
| Agency | Rating | Outlook | ||||
| Fitch Ratings | BBB+ | Stable | ||||
| S&P Global Ratings | BBB | Stable | ||||
Conference Call Information
Stifel Financial Corp. will host its first quarter 2025 financial results conference call on Wednesday, April 23, 2025, 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 (866) 409-1555 and referencing conference ID 2769458. 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, www.stifel.com. 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 financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.
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 www.stifel.com/investor-relations.
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 www.stifel.com/investor-relations.
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, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
| Summary Results of Operations (Unaudited) | ||||||||||
| Three Months Ended | ||||||||||
| (000s, except per share amounts) | 3/31/2025 | 3/31/2024 | % Change | 12/31/2024 | % Change | |||||
| Revenues: | ||||||||||
| Commissions | $193,670 | 4.4 | (5.0) | |||||||
| Principal transactions | 141,660 | 139,014 | 1.9 | 174,887 | (19.0) | |||||
| Investment banking | 237,942 | 213,949 | 11.2 | 304,419 | (21.8) | |||||
| Asset management | 409,541 | 367,476 | 11.4 | 405,825 | 0.9 | |||||
| Other income | 10,581 | 4,950 | 113.8 | 3,294 | 221.2 | |||||
| Operating revenues | 993,394 | 910,865 | 9.1 | 1,092,211 | (9.0) | |||||
| Interest revenue | 475,632 | 506,828 | (6.2) | 500,661 | (5.0) | |||||
| Total revenues | 1,469,026 | 1,417,693 | 3.6 | 1,592,872 | (7.8) | |||||
| Interest expense | 213,557 | 254,655 | (16.1) | 228,190 | (6.4) | |||||
| Net revenues | 1,255,469 | 1,163,038 | 7.9 | 1,364,682 | (8.0) | |||||
| Non-interest expenses: | ||||||||||
| Compensation and benefits | 732,220 | 679,695 | 7.7 | 795,750 | (8.0) | |||||
| Non-compensation operating expenses | 459,885 | 264,652 | 73.8 | 302,731 | 51.9 | |||||
| Total non-interest expenses | 1,192,105 | 944,347 | 26.2 | 1,098,481 | 8.5 | |||||
| Income before income taxes | 63,364 | 218,691 | (71.0) | 266,201 | (76.2) | |||||
| Provision for income taxes | 10,372 | 55,116 | (81.2) | 22,196 | (53.3) | |||||
| Net income | 52,992 | 163,575 | (67.6) | 244,005 | (78.3) | |||||
| Preferred dividends | 9,320 | 9,320 | 0.0 | 9,320 | 0.0 | |||||
| Net income available to common shareholders | $43,672 | (71.7) | (81.4) | |||||||
| Earnings per common share: | ||||||||||
| Basic | $0.42 | (71.6) | (81.4) | |||||||
| Diluted | $0.39 | (72.1) | (81.3) | |||||||
| Cash dividends declared per common share | $0.46 | 9.5 | 9.5 | |||||||
| Weighted average number of common shares outstanding: | ||||||||||
| Basic | 104,764 | 104,275 | 0.5 | 103,856 | 0.9 | |||||
| Diluted | 110,635 | 109,985 | 0.6 | 112,089 | (1.3) | |||||
| Non-GAAP Financial Measures (9) | ||||||
| Three Months Ended | ||||||
| (000s, except per share amounts) | 3/31/2025 | 3/31/2024 | ||||
| GAAP net income | $52,992 | |||||
| Preferred dividend | 9,320 | 9,320 | ||||
| Net income available to common shareholders | 43,672 | 154,255 | ||||
| Non-GAAP adjustments: | ||||||
| Merger-related (10) | 12,661 | 12,154 | ||||
| Provision for income taxes (11) | (2,097) | (3,063) | ||||
| Total non-GAAP adjustments | 10,564 | 9,091 | ||||
| Non-GAAP net income available to common shareholders | $54,236 | |||||
| Weighted average diluted shares outstanding | 110,635 | 109,985 | ||||
| GAAP earnings per diluted common share | $0.47 | |||||
| Non-GAAP adjustments | 0.10 | 0.09 | ||||
| Non-GAAP earnings per diluted common share | $0.57 | |||||
| GAAP earnings per diluted common share available to common shareholders | $0.39 | |||||
| Non-GAAP adjustments | 0.10 | 0.09 | ||||
| Non-GAAP earnings per diluted common share available to common shareholders | $0.49 | |||||
| GAAP to Non-GAAP Reconciliation (9) | ||||||
| Three Months Ended | ||||||
| (000s) | 3/31/2025 | 3/31/2024 | ||||
| GAAP compensation and benefits | ||||||
| As a percentage of net revenues | ||||||
| Non-GAAP adjustments: | ||||||
| Merger-related (10) | (4,056) | (5,533) | ||||
| Non-GAAP compensation and benefits | ||||||
| As a percentage of non-GAAP net revenues | ||||||
| GAAP non-compensation expenses | ||||||
| As a percentage of net revenues | ||||||
| Non-GAAP adjustments: | ||||||
| Merger-related (10) | (8,619) | (6,621) | ||||
| Non-GAAP non-compensation expenses | ||||||
| As a percentage of non-GAAP net revenues | ||||||
| Total merger-related expenses | $12,675 | $12,154 | ||||
| Footnotes | ||
| (1) | Represents available to common shareholders. | |
| (2) | 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.” | |
| (3) | 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.” | |
| (4) | Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity. | |
| (5) | Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were | |
| (6) | Includes loans held for sale. | |
| (7) | Tangible book value per common share 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. | |
| (8) | Capital ratios are estimates at the time of the Company’s earnings release, April 23, 2025. | |
| (9) | 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. | |
| (10) | 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. | |
| (11) | Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments. | |
Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
FAQ
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What impacted Stifel's (SF) Q1 2025 profit margins?
How much did Stifel's (SF) client assets grow in Q1 2025?
What was Stifel's (SF) advisor recruitment in Q1 2025?
