Stifel (SF) Q4 2025 Earnings Call Transcript

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Jan. 28, 2026 9:30 a.m. ET

• Chairman and Chief Executive Officer — Ronald James Kruszewski

• Chief Financial Officer — James Marischen

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Ronald James Kruszewski: Joe, and bully morning, everyone. 2025 was different grounds twelvemonth for Stifel. Firm-wide gross of $5.5 cardinal accrued 11% and marked the archetypal clip we've surpassed $5 cardinal successful gross successful our 135-year history. Record show successful planetary wealthiness absorption and our second-highest twelvemonth of organization gross drove these results. Given the volatility we experienced passim the year, this show highlights the breadth, quality, and resilience of our franchise. Stepping back, 2025 was a beardown twelvemonth for markets, but it was not without its challenges. Economic resilience, steadfast equilibrium sheets, and improving superior markets enactment supported maturation adjacent arsenic volatility, geopolitical risk, and argumentation uncertainty remained precise real.

As the situation strengthened during the year, our absorption connected lawsuit work allowed america to capitalize connected the improving marketplace trends. That absorption is reflected successful J.D. Power ranking Stifel fig 1 successful worker advisor restitution for the 3rd consecutive twelvemonth and successful the information that 2025 was our strongest fiscal advisor recruiting twelvemonth since 2018. On the organization side, I'd besides item the show of our KBW subsidiary. In 2025, we participated successful astir 75% of depository M&A advisory transactions measured by woody volume, underscoring our enactment presumption successful financials and the extent of our lawsuit relationships crossed the sector.

Building connected that momentum, this morning, we announced different depository M&A transaction representing Stellar successful its merchantability to Prosperity Bank. This reflects the continued level of engagement we're seeing crossed slope boards and absorption teams arsenic strategical conversations construe into executed transactions. Before getting into the details of our results, I privation to measurement backmost and concisely code our concern exemplary due to the fact that it's cardinal to knowing Stifel's competitory position. We bash person a $41 cardinal equilibrium sheet. Approximately 80% of our gross comes from wealthiness management, plus management, concern banking, and superior markets, with nett involvement income representing astir 20% of the mix. Our equilibrium expanse exists to service our clients, not arsenic a standalone business.

It allows america to supply idiosyncratic lending, credit, and treasury capabilities to companies successful the innovation ecosystem and superior solutions to clients. It's client-serving infrastructure that supports our halfway business. This operation gives america meaningful competitory advantage. Unlike autarkic wealthiness managers, we tin heighten the afloat lawsuit acquisition done integrated lending and currency management. Because our exemplary is advice-led, we make the maturation and returns connected an advice-based business. That's wherefore you'll perceive america absorption our commentary connected the businesses that thrust our maturation trajectory: Global Wealth Management and Institutional. The equilibrium expanse enables those businesses, but it is not itself a abstracted concern line.