Stifel increased third-quarter earnings despite broadly unchanged net revenue, as its wealth-management and institutional businesses delivered different results. Reported net revenue was $1.426 billion for the three months ended 30 September 2026, down 0.2% from a year earlier.
Net income available to common shareholders increased to $224.8 million from $202.1 million. Reported diluted EPS on that same common-shareholder basis was $1.40, compared with $1.22, according to the issuer’s 21 October release.
Reported and non-GAAP results
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| GAAP net revenue | $1,426.211 million | $1,429.396 million |
| GAAP net income available to common shareholders | $224.823 million | $202.051 million |
| GAAP diluted EPS available to common shareholders | $1.40 | $1.22 |
| Non-GAAP diluted EPS available to common shareholders | $1.46 | $1.30 |
Different businesses, different directions
Global Wealth Management net revenue increased to $980.3 million from $907.4 million. Institutional Group net revenue declined to $430.3 million from $500.4 million. The consolidated result therefore should not be presented as uniformly strong growth across every business.
The EPS comparison also reflects fewer weighted-average diluted shares. A per-share figure depends on both the amount of earnings available to shareholders and the share count; growth in EPS need not match growth in total income. Neither measure alone establishes an investment return.
Why the $1.46 figure needs its label
Stifel’s non-GAAP calculation adjusts net revenue and specified merger, restructuring, severance and tax items. The $1.46 figure is diluted EPS available to common shareholders after those adjustments. It should be compared with the prior-year non-GAAP $1.30, not substituted for reported $1.40 or compared with the reported $1.22 without explanation.
The release also contains EPS figures before the effect of preferred dividends. Those have a different earnings numerator and are not the common-shareholder headline used here. For another financial-services result, see CapKet’s Goldman Sachs earnings report; the companies’ business mixes and adjustments remain separate.
Official source and verification scope
The issuer’s financial summary, segment tables and non-GAAP reconciliation were observed at 2026-10-22T06:17:03.586Z. This AI-assisted primary-document review does not establish independent human editorial approval or a verified stock-price reaction.
Additional official record: Issuer financial-results presentation, observed at 2026-10-22T06:22:59Z. These records come from the same issuer; alternate formats are not independent corroboration.
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