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Mar 31, 2025
Stifel Q1 2025 Earnings Report
Stifel reported its Q1 2025 results with record first-quarter revenue but significantly lower net income due to elevated legal provisions.
Key Takeaways
Stifel Financial Corp. delivered its highest-ever Q1 revenue at $1.26 billion, supported by strong asset management and investment banking results. However, net income dropped significantly compared to last year due to elevated legal expenses.
Revenue reached a Q1 record of $1.26 billion, up from $1.16 billion a year ago.
Net income plunged to $43.7 million from $154.3 million last year due to legal provisions.
Non-GAAP EPS was $0.49, with adjustments mainly due to legal and merger-related charges.
Global Wealth Management and Institutional Group both showed revenue growth year-over-year.
Revenue by Segment
Forward Guidance
Stifel remains optimistic about long-term growth potential but recognizes short-term headwinds due to legal costs and market volatility.
Positive Outlook
- Record Q1 revenue driven by diversified income streams.
- Growth across all major revenue lines including asset management and advisory.
- 52 financial advisors recruited, adding to future growth capacity.
- Strong balance sheet with total assets reaching $40.4 billion.
- Tangible book value per share increased 9% year-over-year.
Challenges Ahead
- Net income declined sharply due to significant legal provisions.
- GAAP pre-tax margin fell to 5.0% from 18.8% a year ago.
- Global Wealth Management pre-tax income dropped over 50% YoY.
- Institutional Group margins declined due to increased fixed costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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