Operating cash flow swung from -$342.6M in 2026Q1 to $745.3M in 2026Q3 and buybacks reached $268.5M in the latest quarter, indicating timing-driven cash generation that investors should monitor against steadily rising dividends of $79.5M.
Stifel Financial Corp (SF) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 911.04M | 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 Growth % | -57.54% | 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 | 976.4M | 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 | 155.98M | 95.16M | 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 |
| Deferred Taxes | -31.05M | -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 | -521.04M | 149.43M | 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 | -238.5M | 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 |
| Cash from Investing | -4.55B | -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 |
| Purchase of Investments | -2.4B | -35.19M | -3.15B | -48.89M | -873.2M | -3.51B | -1.27B | -520.86M | -1.91B | -2.62B | -3.41B | -1.84B | -473.64M | -1.4B | -1.56B | -1.14B | -915.22M | -674.18M | -101.31M | -133.98M | -68.62M | -15.39M | -7.62M | -7.73M | -35K | -2.49M | -7.71M | -6.5M | -11.8M | -3.2M | -1.8M |
| Sale/Maturity of Investments | 526.24M | 0 | 2.47B | 255.15M | 465.54M | 2.33B | 1.06B | 1.72B | 2.1B | 1.38B | 695.57M | 1.06B | 855.94M | 619.79M | 650.66M | 740.67M | 415.35M | 106.77M | 108.72M | 64.06M | 74.44M | 14.65M | 3.62M | 2.68M | 905K | 100K | 543K | 4.8M | 100K | 100K | 3.8M |
| Net Investment Activity | -1.87B | -35.19M | -680.06M | 206.26M | -407.65M | -1.17B | -211.37M | 1.2B | 185.21M | -1.24B | -2.71B | -781.3M | 382.3M | -782.71M | -906.95M | -394.4M | -499.88M | -567.41M | 7.41M | -69.92M | 5.82M | -739K | -4M | -5.05M | 870K | -2.39M | -7.17M | -1.7M | -11.7M | -3.1M | 2M |
| Acquisitions | 59.06M | 0 | -8.46M | -111.96M | -11.9M | -144.47M | 36.72M | -193.1M | -8.39M | -7.22M | -72.38M | -604.66M | -80.38M | -88.59M | -120.18M | -18.82M | -483K | -251.65M | -10.59M | -33.33M | -9.24M | 0 | 0 | 0 | 0 | 0 | 2.93M | 0 | 0 | 0 | 0 |
| Other Investing | -2.68B | -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 | 2.09B | 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 |
| Dividends Paid | -269.07M | -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 | -428.01M | -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 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.6M | 3.98M | 5.91M | 140M | 67.68M | 0 | 27.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -428.01M | -244.99M | -144.1M | -443.88M | -105.83M | -172.74M | -58.26M | -215.43M | -170.2M | -13M | -113.46M | -117.75M | 0 | -13.67M | 223K | -44.52M | -85.86M | 140M | 55.53M | 0 | 10.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K |
| Other Financing | 1.69B | -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 | -1.55B | -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 |
| Exchange Rate Effect | -2.32M | 10.26M | -6.03M | 5.45M | 55.05M | -3.54M | 6.86M | 4.93M | -5.69M | 7.89M | -12.6M | -3.6M | -7.31M | 1.65M | 1.06M | -807K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Cash at Beginning | 2.22B | 2.68B | 3.52B | 2.23B | 2.15B | 2.45B | 1.27B | 2.07B | 787.09M | 986.17M | 1.04B | 689.78M | 716.56M | 403.94M | 167.67M | 253.53M | 161.82M | 239.72M | 47.96M | 20.98M | 12.53M | 21.14M | 12.24M | 13.88M | 16.31M | 14.59M | 16.86M | 12.8M | 15.4M | 8M | 6.3M |
| Cash at End | 1.66B | 2.28B | 2.68B | 3.52B | 2.23B | 2.15B | 2.45B | 1.27B | 2.07B | 787.09M | 986.17M | 811.02M | 689.78M | 716.56M | 403.94M | 167.67M | 253.53M | 161.82M | 239.72M | 47.96M | 20.98M | 12.53M | 21.14M | 12.24M | 13.88M | 16.31M | 14.59M | 16.9M | 12.9M | 15.5M | 7.9M |
| Interest Paid | 785.98M | 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 |
| Income Taxes Paid | 276.55M | 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 |
| Free Cash Flow | 849.49M | 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 Growth % | -37.68% | 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% |
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.
Key Metrics
Top Statement Risk
Volatile operating cash flow swings
Metrics are mathematically derived from official filings.
Earnings Retention Masked by Volatile Operating Flows
Based on Stifel's reported figures, operating cash flow ranged from negative $342.6M to positive $745.3M across the ten quarters, while net income stayed in a narrower $53.0M to $264.4M band, indicating that timing effects dominate quarterly cash generation.
The swings in operating cash flow appear driven by changes in trading assets and loan originations rather than by underlying earnings power, which is consistent with how bank cash flow statements behave. Quarterly OCF to net income ratios ranging from negative 3.99 to 3.92 suggest the cash flow statement is poorly suited to judging organic capital generation. Investors should monitor retained earnings and regulatory capital ratios from the balance sheet rather than relying on quarterly operating cash flow.
Securities Portfolio Churn Dominates Investing Flows
Reported purchases of investments reached $1.5B in 2024Q3 and $1.1B in 2025Q3, while sales and maturities of similar magnitude appear in alternating quarters, suggesting active portfolio repositioning rather than a stable reinvestment pattern.
The alternation between heavy purchases and heavy sales or maturities points to a securities book that is being actively managed against rate and liquidity conditions. Net investing flows change sign repeatedly, which may indicate the bank is using its investment portfolio as a liquidity buffer alongside its brokerage-related cash needs. This pattern warrants further investigation into duration and unrealized losses in the securities book, which the cash flow data alone cannot reveal.
Dividends Steady Against Variable Buybacks
As reported in financial statements, dividends paid rose steadily from $47.5M in 2024Q2 to $79.5M in 2026Q1, while buybacks fluctuated between $17.6M and $268.5M, with the largest repurchase occurring in the most recent quarter.
The steady upward path of dividend payments suggests management is treating the dividend as a committed, growing obligation funded from ongoing earnings. The lumpy buyback pattern, including the $268.5M repurchase in 2026Q3, appears opportunistic and may reflect excess capital being returned after a strong quarter. Whether that level of repurchase is sustainable depends on whether it preserves the regulatory capital buffer needed for the bank subsidiary, which should be checked against reported capital ratios.
Credit Costs Spike Then Ease Sharply
Based on Stifel's reported figures, loan loss provisions climbed from $3.0M in 2024Q2 to $126.2M in 2026Q2 before easing to $85.9M in 2026Q3, a pattern that suggests management revised its credit outlook materially during the period.
The jump in provisions during 2026Q2 is substantial relative to the sub-$15M quarterly levels seen earlier, and the partial reversal in the following quarter may indicate a reassessment of expected losses under the CECL framework rather than realized charge-offs. Because provisions reflect management's forward-looking estimates, the timing and magnitude involve judgment. Investors should monitor reserve coverage and charge-off trends to determine whether the elevated provisioning was precautionary or signals emerging credit deterioration.
Cash Flow Statement Understates Structural Earnings Quality
Per Stifel's reported figures, the 2026Q3 net income decline of 23.9% year over year, alongside advisor-economics sensitivity, suggests the cash flow statement may not capture forgivable loan amortization or merger-related charges that affect true distributable cash.
Forgivable loans to recruited advisors are capitalized and amortized, and their non-cash amortization can flatter or distort operating cash flow relative to economic earnings. Non-GAAP adjustments for acquisition integration costs may also obscure the cash cost of the serial acquisition strategy. These items may not be fully visible in the reported cash flow lines, so the cash flow analysis should be read alongside, not instead of, the income statement and capital disclosures.