Stifel Reports Record Q3 Revenue, $1.95 EPS

Stifel Financial reported record net revenue and client assets for Q3 2025, with consolidated revenue around $1.43 billion (another measure showed $1.63 billion) and adjusted EPS of $1.95, beating estimates. Wealth-management net revenue was $907 million and client assets reached $544 billion (fee-based assets $219 billion). Growth was driven by asset-management revenue rising 13% to $431 million and a 34% increase in institutional revenue, and management pointed to an expanding investment-banking pipeline. On a GAAP basis, reported EPS was $1.84; profitability improved with pretax margins near 38% even as total expenses rose to $565 million (compensation up 9.5%). Advisor recruiting slowed (33 additions in Q3 versus 134 in the first half) with new hires' trailing-12-month production about $18.9 million, and analysts said future stock momentum will hinge on management's forward commentary and revisions to estimates.