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Jun 30, 2025
Stifel Q2 2025 Earnings Report
Stifel delivered strong Q2 2025 performance with record client assets and growing contributions from both Wealth Management and Institutional segments.
Key Takeaways
Stifel reported $1.28 billion in revenue and $145.7 million in GAAP net income for Q2 2025, supported by a 9% year-over-year increase in client assets. Non-GAAP EPS reached $1.71, boosted by strong recruiting and diversified revenue streams.
Net revenues rose to $1.28 billion, up 5.4% YoY
GAAP EPS was $1.34; non-GAAP EPS reached $1.71
Record client assets of $516.5 billion, up 9% YoY
Global Wealth Management revenue grew to $845.6 million
Revenue by Segment
Forward Guidance
Stifel remains confident in continued growth for the second half of 2025, supported by momentum in financial advisor recruiting and strength in Institutional activity.
Positive Outlook
- Record client assets support stable recurring revenue
- Strongest financial advisor recruiting quarter in a decade
- Institutional Group posted 7.4% YoY revenue growth
- Non-GAAP pre-tax margin held at 20.3%
- Capital raising and asset management revenues rose YoY
Challenges Ahead
- GAAP net income declined 6.6% YoY
- EPS fell from $1.41 to $1.34 YoY on a GAAP basis
- Non-compensation expense ratio increased YoY
- Equity capital raising slightly declined
- Effective tax rate rose to 27.5% from 27.1% YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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