Cash flow generation remains erratic, evidenced by a $882.2 million working capital outflow in 2026Q1 that significantly impacted liquidity compared to net income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 924.06M | 1.26B | 490.44M | 499.33M | 1.16B | 872.09M | 1.66B | 626.86M | 529.53M | 679.92M | -441.41M | -261.81M | 250.27M | 702.22M | -264.27M | 45.89M | 142.23M | -347.25M | 350.29M | 72.75M | -54.68M | -205.6M | 96.52M | -30.2M | 2.22M | 32.22M | 44.86M | -59.6M | 29.9M | 49.2M | -44.1M |
| Operating CF Margin % | - | 20.07% | 8.33% | 9.79% | 25.52% | 18.46% | 44.18% | 18.06% | 16.79% | 23.03% | -16.99% | -11.21% | 11.31% | 35.42% | -16.54% | 3.29% | 10.39% | -31.49% | 39.41% | 9.17% | -16.43% | -76.14% | 38.42% | -13.63% | 1.14% | 16.99% | 22.64% | -39.42% | 21.76% | 36.15% | -40.16% |
| Operating CF Growth % | 485.64% | 157.67% | -1.78% | -56.86% | 32.72% | -47.52% | 165.1% | 18.38% | -22.12% | 254.03% | -68.6% | -204.61% | -64.36% | 365.72% | -675.9% | -67.74% | 140.96% | -199.13% | 381.48% | 233.06% | 73.41% | -313.02% | 419.6% | -1459.14% | -93.1% | -28.19% | 175.27% | -299.33% | -39.23% | 211.56% | -108.02% |
| Net Income | 882.21M | 683.78M | 731.38M | 522.54M | 662.15M | 824.86M | 503.47M | 449.99M | 393.97M | 182.87M | 81.52M | 92.34M | 176.07M | 162.01M | 138.57M | 84.13M | 1.91M | 75.8M | 55.5M | 32.17M | 15.43M | 19.64M | 23.15M | 15.01M | 2.78M | 2.01M | 9.2M | 7.2M | 5.2M | 5.8M | 3.4M |
| Depreciation & Amortization | 154.01M | 68.06M | 85.97M | 81.46M | 70.21M | 63.76M | 60.48M | 54.38M | 40.45M | 44.63M | 57.57M | 47.14M | 41.65M | 46.12M | 34.96M | 33.58M | 29.36M | 25.98M | 17.03M | 32.24M | 7.26M | 12.91M | 16.71M | 15.62M | 12.17M | 11.55M | 8.13M | 5.7M | 4.4M | 2.9M | 2.9M |
| Stock-Based Compensation | 434.3M | 164M | 153.76M | 140.26M | 135.5M | 119.38M | 108.22M | 102.19M | 100.79M | 140.46M | 186.3M | 165.64M | 94.01M | 137.45M | 40.75M | 24.86M | 190.73M | 47.96M | 54.36M | 56.38M | 0 | 8.79M | 4.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -41.11M | -21.1M | -30.64M | 15.97M | 12.69M | 32.1M | -39.07M | -6.86M | 14.25M | 118.13M | 46.06M | -5.73M | 5.26M | -26.39M | 45.52M | 25.76M | -54.21M | -10.27M | -6.17M | -22.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | -900K | 200K |
| Other Non-Cash Items | 611.46M | 176.52M | 161.12M | 61.53M | 215.35M | 465.82M | 42.68M | 27.16M | 146.34M | 128.03M | -86.17M | 11.17M | 31.18M | 101.37M | -71.2M | 50.83M | 40.28M | 37.99M | 6.01M | -15.04M | 32.01M | -464K | -6.04M | 489K | 1.43M | 937K | 3.17M | -1M | 600K | 500K | 1.6M |
| Working Capital Changes | -1.22B | 192.42M | -611.15M | -322.43M | 61.5M | -633.84M | 986.03M | 0 | -166.28M | 65.79M | -726.7M | -572.36M | -97.89M | 281.66M | -452.87M | -173.28M | -65.84M | -524.71M | 223.57M | -10.93M | -109.38M | -246.47M | 58.66M | -61.31M | -14.16M | 17.72M | 24.36M | -71.5M | 18.3M | 40.9M | -52.2M |
| Change in Receivables | -1.07B | -326.6M | -127.19M | 88.22M | 384.66M | -222.53M | 493.58M | 0 | 126.15M | 598.29M | 0 | 0 | 58.92M | 0 | 48.63M | 0 | 0 | 0 | 285.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 690.93M | -22.27M | -266.05M | 7.54M | -201.59M | -92.02M | 323.49M | 0 | 0 | -93.71M | -220.51M | 0 | 0 | 23.43M | 48.13M | 0 | 0 | 0 | 0 | 49.59M | -10.88M | 12.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.64B | -1.76B | -2.31B | 1.04B | -4.32B | -6.97B | -1.69B | -350.33M | -989.24M | -2.65B | -5.25B | -1.97B | -392.94M | -1.11B | -1.23B | -715.61M | -567.3M | -850.81M | -86.46M | -150.71M | -10.99M | -26.84M | -4M | -5.05M | -2.31M | -6.9M | -8.4M | -5.7M | -15.6M | -3.9M | 1.5M |
| Capital Expenditures | -47.85M | 0 | -73.79M | -51.98M | -82.33M | -188.18M | -73.36M | -157.9M | -108.21M | -28.22M | -28.21M | -69.82M | -26.63M | -32.28M | -18.84M | -59.73M | -27.74M | -27.89M | -21.65M | -25.61M | -7.57M | -4.8M | 0 | 0 | -3.18M | -4.51M | 0 | -4M | -4M | -1M | -400K |
| CapEx % of Revenue | 0.73% | 0.99% | 1.25% | 1.02% | 1.82% | 3.98% | 1.95% | 4.55% | 3.43% | 0.96% | 1.09% | 2.99% | 1.2% | 1.63% | 1.18% | 4.29% | 2.03% | 2.53% | 2.44% | 3.23% | 2.27% | 1.78% | - | - | 1.64% | 2.38% | 2.1% | 2.65% | 2.91% | 0.73% | 0.36% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 33.11B | 32.96B | 31.36B | 28.88B | 29.73B | 26.23B | 19.31B | 17.7B | 17.76B | 16.28B | 13.49B | 8.15B | 6.07B | 5.79B | 3.78B | 2.58B | 1.9B | 1.31B | 454.17M | 356.66M | 405M | 261.83M | 79.3M | 73.74M | 81.47M | 78.26M | 57.24M | 28.7M | 38.6M | 19.2M | 18.9M |
| Other Investing | 362.89M | -1.73B | -1.55B | 1B | -3.82B | -5.46B | -1.44B | -1.2B | -1.06B | -1.37B | -2.46B | -517.49M | -668.22M | -202.69M | -179.89M | -242.66M | -53.12M | -3.86M | -61.64M | -22.99M | 0 | -21.3M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 200K | -100K |
| Cash from Financing | 882.3M | 91.25M | 980.1M | -254.58M | 3.19B | 5.79B | 1.2B | -1.08B | 1.75B | 1.76B | 5.66B | 2.42B | 123.2M | 715.02M | 1.73B | 585.14M | 515.78M | 1.12B | -72.07M | 104.94M | 74.12M | 223.82M | -83.61M | 33.6M | -2.34M | -23.59M | -38.73M | 69.3M | -16.8M | -37.8M | 44.2M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -248.23M | -244.99M | -144.1M | -443.88M | -105.83M | -31.85M | 159.73M | -60.44M | -170.2M | -13M | 31.59M | -117.75M | 317K | -13.67M | -11.38M | -48.51M | -85.86M | 140M | 55.53M | -1.48M | 10.78M | -12.52M | -444K | 558K | -4.55M | 840K | 58K | -3.6M | -200K | -3.2M | 100K |
| Dividends Paid | -250.86M | -243.55M | -227.28M | -200.26M | -171.03M | -101.92M | -73.76M | -59.27M | -44.01M | -23.06M | -3.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -463K | -908K | -922K | -900K | -800K | -600K | -600K |
| Share Repurchases | -248.23M | -244.99M | -144.1M | -443.88M | -105.83M | -172.74M | -58.26M | -215.43M | -170.2M | -13M | -113.46M | -117.75M | 0 | -13.67M | -11.38M | -48.51M | -91.77M | 0 | -12.14M | 0 | -17.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.47B | -127.45M | 1.85B | -101.13M | -113.86M | -95.36M | 1.27B | -604.35M | 2.39B | 1.45B | 4.94B | 2.33B | -113.61M | 1.04B | 1.26B | 545.13M | 609.68M | 896.07M | 115.37M | 68.31M | 9.52M | 61.01M | -82.87M | 71.9M | 36.87M | 0 | -1.5M | 0 | 100K | 100K | 0 |
| Net Change in Cash | 174.51M | -395.4M | -845.65M | 1.29B | 79.34M | -302.55M | 1.18B | -795.4M | 1.28B | -199.08M | -51.92M | 121.24M | -26.78M | 312.62M | 236.27M | -85.86M | 91.71M | -77.91M | 191.76M | 26.98M | 8.45M | -8.62M | 8.91M | -1.65M | -2.43M | 1.73M | -2.27M | 4.1M | -2.5M | 7.5M | 1.6M |
| Free Cash Flow | 830.69M | 1.2B | 416.65M | 447.35M | 1.08B | 683.92M | 1.59B | 468.96M | 421.32M | 651.7M | -469.62M | -331.63M | 223.64M | 669.94M | -283.1M | -14.32M | 114.5M | -375.14M | 329.41M | 48.28M | -62.25M | -210.4M | 96.52M | -30.2M | -961K | 27.7M | 40.7M | -63.6M | 25.9M | 48.2M | -44.5M |
| FCF Margin % | 12.76% | 19.08% | 7.08% | 8.77% | 23.71% | 14.48% | 42.23% | 13.51% | 13.36% | 22.07% | -18.08% | -14.21% | 10.11% | 33.79% | -17.72% | -1.03% | 8.36% | -34.02% | 37.06% | 6.09% | -18.7% | -77.92% | 38.42% | -13.63% | -0.5% | 14.61% | 20.54% | -42.06% | 18.85% | 35.42% | -40.53% |
| FCF Growth % | 2.78% | 188.4% | -6.86% | -58.39% | 57.2% | -56.94% | 238.72% | 11.31% | -35.35% | 238.77% | -41.61% | -248.29% | -66.62% | 336.64% | -1877.54% | -112.5% | 130.52% | -213.88% | 582.32% | 177.56% | 70.41% | -317.99% | 419.6% | -3042.56% | -103.47% | -31.93% | 163.99% | -345.56% | -46.27% | 208.31% | -98.66% |
| FCF per Share | 7.53 | 10.89 | 3.75 | 3.94 | 9.15 | 5.77 | 13.86 | 3.98 | 3.45 | 5.36 | -4.04 | -2.81 | 1.95 | 6.08 | -3.00 | -0.15 | 1.32 | -5.16 | 5.22 | 0.83 | -1.33 | -4.95 | 2.32 | -0.82 | -0.03 | 0.77 | 1.18 | -2.02 | 0.81 | 1.62 | -1.72 |
| FCF Conversion (FCF/Net Income) | 0.94x | 1.85x | 0.67x | 0.96x | 1.75x | 1.06x | 3.30x | 1.40x | 1.34x | 3.72x | -5.41x | -2.84x | 1.42x | 4.33x | -1.91x | 0.55x | 74.58x | -4.58x | 6.31x | 2.26x | -3.54x | -10.47x | 4.17x | -2.01x | 0.80x | 16.03x | 4.87x | -8.28x | 5.75x | 8.48x | -12.97x |
| Interest Paid | 806.38M | 833.54M | 995.53M | 821.74M | 220.85M | 62.51M | 84.82M | 183.01M | 169.72M | 69.78M | 62.15M | 41.8M | 40.47M | 46.36M | 29.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 198.28M | 200.32M | 232.95M | 183.81M | 217.13M | 288.95M | 160.01M | 161.93M | 67.38M | 21.52M | 22.95M | 59.36M | 107.01M | 5.8M | 4.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
According to recent financial disclosures, Stifel's operating cash flow to net income ratio has exhibited extreme volatility, swinging from a negative 3.99 in 2025Q1 to a positive 3.92 in 2025Q2, highlighting a disconnect between reported accounting profits and the actual cash generated by core business activities.
The wide variance in the OCF/NI ratio suggests that Stifel's reported earnings are heavily influenced by non-cash accruals and timing differences inherent in brokerage operations. Investors should monitor whether this instability reflects genuine operational friction or merely the accounting treatment of client-related cash movements.
As reported in quarterly filings, Stifel's free cash flow trajectory remains highly erratic, with margins fluctuating between a negative 44.2% in 2024Q1 and a positive 43.0% in 2024Q4, underscoring the firm's sensitivity to the cyclical nature of institutional capital markets and advisory fee timing.
The lack of a consistent FCF trend suggests that the firm's cash generation is not yet decoupled from the volatility of its institutional segment. This inconsistency complicates valuation efforts, as the firm's ability to fund dividends and buybacks appears tethered to short-term market conditions rather than steady-state cash production.
Based on the provided cash flow statements, working capital changes have been the primary driver of liquidity fluctuations, evidenced by a massive $882.2 million outflow in 2026Q1, which significantly outweighed the firm's net income and highlights the impact of brokerage-related balance sheet movements on cash.
These large working capital swings appear to be a structural feature of the firm's clearing and settlement activities rather than operational inefficiency. However, the magnitude of these shifts warrants further investigation to determine if they represent temporary timing mismatches or a more permanent drag on available liquidity.
As indicated by historical data, Stifel has maintained consistent dividend payments despite significant cash flow volatility, with quarterly outflows ranging from $47.5 million to $79.5 million, suggesting a management commitment to shareholder returns that persists even during periods of negative free cash flow generation.
The firm's willingness to continue share repurchases and dividends during quarters of negative FCF suggests a high degree of confidence in the balance sheet's liquidity. Nevertheless, investors should monitor whether this capital allocation strategy remains sustainable if institutional revenue cycles remain depressed for an extended duration.
Quick answers to the most common questions about buying SF stock.
Stifel Financial Corp. (SF) generated $1.26B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stifel Financial Corp. (SF) generated $1.20B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Stifel Financial Corp. (SF) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Stifel Financial Corp. (SF) returned $243.5M to shareholders via cash dividends and spent $245.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.