Stifel achieved a significant gross margin expansion to 99.1% in 2025Q4, though profitability remains sensitive to market cycles with net margins fluctuating between 3.6% and 15.4% over the observed ten-quarter period.
| Metric | 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 5.35B | 4.91B | 4.29B | 4.31B | 4.66B | 3.7B | 3.33B | 3.03B | 2.94B | 2.52B | 557.45M | 434.27M | 314.61M | 371.07M | 266.58M | 109.21M | 210.81M | 169.19M | 193.94M | 109.75M | 77.84M | 76.42M |
| Gross Margin % | 84.33% | 82.56% | 83.24% | 94.01% | 97.33% | 96.58% | 94.49% | 94.85% | 98.1% | 97.88% | 23.91% | 19.3% | 16% | 22.54% | 18.49% | 7.83% | 19.11% | 19.03% | 24.45% | 23.28% | 28.83% | 30.42% |
| Gross Profit Growth % | 9.02% | 14.33% | -0.27% | -7.61% | 26.12% | 11.03% | 9.7% | 3.25% | - | 352.24% | 28.36% | 38.03% | -15.21% | 39.19% | 144.1% | -48.19% | 24.6% | -12.76% | 76.71% | 41% | 1.87% | - |
| Operating Expenses | 4.28B | 3.82B | 3.44B | 3.3B | 3.49B | 2.93B | 2.58B | 2.35B | 2.44B | 311.89M | 267.83M | 296.41M | 195.64M | -145.19M | -127.98M | -109.44M | -90.39M | -77.42M | -140.1M | -83.39M | -45.12M | 0 |
| OpEx % of Revenue | 67.51% | 64.2% | 66.66% | 72.02% | 72.82% | 76.65% | 73.22% | 73.44% | 81.44% | 12.11% | 11.49% | 13.18% | 9.95% | -8.82% | -8.88% | -7.84% | -8.2% | -8.71% | -17.66% | -17.69% | -16.71% | - |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9B | 1.75B | 1.55B | 1.44B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 73.72% | 75.16% | 69.12% | 73.2% | - | - | - | - | - | - | - | - | - |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.07B | 1.09B | 855.38M | 1.01B | 1.17B | 762.7M | 749.1M | 685.12M | 499.17M | 57.57M | 579.07M | 653.45M | 526.83M | 225.87M | 138.61M | 12.98M | 120.41M | 91.77M | 53.85M | 26.37M | 32.72M | 36.62M |
| Operating Margin % | 16.83% | 18.36% | 16.58% | 21.98% | 24.51% | 19.93% | 21.26% | 21.42% | 16.66% | 2.24% | 24.84% | 29.05% | 26.8% | 13.72% | 9.61% | 0.93% | 10.92% | 10.32% | 6.79% | 5.59% | 12.12% | 14.58% |
| Operating Income Growth % | -2.2% | 27.68% | -15.05% | -14.21% | 53.89% | 1.82% | 9.34% | 37.25% | - | -90.06% | -11.38% | 24.04% | 133.24% | 62.96% | 967.69% | -89.22% | 31.21% | 70.43% | 104.2% | -19.42% | -10.64% | - |
| EBITDA | 1.16B | 1.18B | 936.84M | 1.08B | 1.24B | 823.18M | 803.49M | 725.57M | 543.8M | 115.15M | 413.7M | 695.1M | 172.91M | 260.83M | 197.53M | 42.34M | 146.39M | 108.8M | 69.51M | 33.63M | 38.16M | 40.77M |
| EBITDA Margin % | 18.33% | 19.81% | 18.16% | 23.51% | 25.84% | 21.51% | 22.81% | 22.68% | 18.15% | 4.47% | 17.74% | 30.9% | 8.8% | 15.85% | 13.7% | 3.03% | 13.27% | 12.24% | 8.76% | 7.13% | 14.13% | 16.23% |
| EBITDA Growth % | -1.26% | 25.76% | -13.02% | -12.96% | 50.33% | 2.45% | 10.74% | 33.43% | - | -72.17% | -40.48% | 302.01% | -33.71% | 32.05% | 366.51% | -71.08% | 34.56% | 56.52% | 106.71% | -11.88% | -6.4% | - |
| D&A (Non-Cash Add-back) | 95.16M | 85.97M | 81.46M | 70.21M | 63.76M | 60.48M | 54.38M | 40.45M | 44.63M | 57.57M | -165.37M | 41.65M | 0 | 34.96M | 0 | 0 | 25.98M | 17.03M | 15.66M | 7.26M | 5.44M | 4.15M |
| EBIT | 950.63M | 1.09B | 855.38M | 1.01B | 1.17B | 762.7M | 749.1M | 685.12M | 499.17M | 330.31M | 299.17M | 290.79M | 195.03M | 271.37M | 163.96M | 12.98M | 132.65M | 110.28M | 83.87M | 80.19M | 35.02M | 36.62M |
| Net Interest Income | 1.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 817.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.87M | 41.26M | 41.26M | 46.37M | 33.38M | 25.35M | 13.21M | 12.23M | 18.51M | 30.02M | 19.58M | 6.28M | 4.37M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 871.14M | 928.44M | 706.69M | 885.12M | 1.07B | 651.16M | 599.14M | 534.36M | 269.54M | 435.18M | 141.57M | 290.79M | 185.23M | 225.87M | 138.61M | -229K | 120.41M | 91.77M | 53.85M | 26.37M | 32.72M | 36.62M |
| Pretax Margin % | 13.72% | 15.61% | 13.7% | 19.32% | 22.28% | 17.02% | 17.01% | 16.7% | 9% | 16.9% | 6.07% | 12.93% | 9.42% | 13.72% | 9.61% | -0.02% | 10.92% | 10.32% | 6.79% | 5.59% | 12.12% | 14.58% |
| Income Tax | 187.36M | 197.06M | 184.16M | 222.96M | 242.22M | 147.69M | 149.15M | 140.39M | 86.67M | 377.6M | 49.23M | 111.66M | 12.32M | 87.3M | 54.47M | -2.14M | 44.62M | 36.27M | 21.68M | 10.94M | 13.08M | 13.47M |
| Effective Tax Rate % | 21.51% | 21.23% | 26.06% | 25.19% | 22.7% | 22.68% | 24.89% | 26.27% | 32.15% | 86.77% | 34.78% | 38.4% | 6.65% | 38.65% | 39.3% | 932.75% | 37.05% | 39.52% | 40.26% | 41.48% | 39.97% | 36.78% |
| Net Income | 683.78M | 731.38M | 522.54M | 662.15M | 824.86M | 503.47M | 448.4M | 393.97M | 182.87M | 142.58M | 92.34M | 176.07M | 162.01M | 138.57M | 84.13M | 1.91M | 75.8M | 55.5M | 32.17M | 15.43M | 19.64M | 23.15M |
| Net Margin % | 10.77% | 12.3% | 10.13% | 14.45% | 17.22% | 13.16% | 12.73% | 12.32% | 6.1% | 5.54% | 3.96% | 7.83% | 8.24% | 8.42% | 5.83% | 0.14% | 6.87% | 6.24% | 4.06% | 3.27% | 7.28% | 9.22% |
| Net Income Growth % | -6.51% | 39.97% | -21.09% | -19.73% | 63.83% | 12.28% | 13.82% | 115.43% | - | 54.42% | -47.56% | 8.67% | 16.92% | 64.71% | 4311.85% | -97.48% | 36.57% | 72.53% | 108.48% | -21.45% | -15.14% | - |
| Net Income (Continuing) | 683.78M | 731.38M | 522.54M | 662.15M | 824.86M | 503.47M | 449.99M | 393.97M | 182.87M | 142.58M | 92.34M | 179.13M | 172.91M | 138.57M | 84.13M | 1.91M | 75.8M | 55.5M | 32.17M | 15.43M | 19.64M | 23.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 208.45M | 0 | 55M | 262.65M | 1.53B | 1.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.87 | 6.25 | 4.28 | 5.32 | 6.66 | 4.16 | 3.66 | 3.15 | 1.43 | 1.19 | 0.78 | 1.56 | 1.43 | 2.20 | 1.33 | 0.05 | 2.35 | 1.98 | 1.40 | 1.06 | 1.49 | 1.87 |
| EPS Growth % | -6.15% | 46.23% | -19.55% | -20.16% | 60.21% | 13.66% | 15.99% | 120.99% | - | 52.56% | -50% | 9.09% | -35% | 65.41% | 2581.45% | -97.89% | 18.69% | 41.43% | 32.08% | -28.86% | -20.32% | - |
| EPS (Basic) | 6.25 | 6.67 | 4.55 | 5.74 | 7.34 | 4.49 | 3.99 | 3.57 | 1.69 | 1.19 | 0.79 | 1.57 | 1.43 | 2.59 | 1.61 | 0.06 | 2.68 | 2.31 | 1.65 | 1.25 | 1.81 | 2.36 |
| Diluted Shares Outstanding | 110.05M | 110.97M | 113.45M | 117.54M | 118.53M | 114.57M | 117.88M | 121.98M | 121.55M | 120.18M | 117.83M | 114.56M | 113.39M | 62.94M | 63.06M | 38.45M | 32.29M | 28.07M | 22.98M | 14.62M | 13.2M | 12.39M |
| Basic Shares Outstanding | 103.5M | 104.07M | 106.66M | 108.85M | 107.54M | 106.17M | 108M | 107.68M | 102.84M | 119.99M | 117.37M | 112.38M | 113.38M | 53.56M | 52.42M | 32.48M | 28.3M | 24.07M | 19.5M | 12.35M | 10.88M | 9.8M |
| Dividend Payout Ratio | - | 31.08% | 38.33% | 25.83% | 12.36% | 14.65% | 13.22% | 11.17% | 12.61% | 2.74% | - | - | - | - | - | - | - | - | - | - | - | - |
Mid-market M&A cyclicality
As reported in recent financial statements, Stifel achieved a notable gross margin expansion to 99.1% in 2025Q4, reflecting the firm's ability to leverage its service-oriented model despite the inherent revenue lumpiness associated with its institutional banking and brokerage activities across the observed ten-quarter period.
The jump in gross margin suggests a potential shift in revenue mix toward higher-margin advisory services or a temporary reduction in direct transaction costs. Investors should monitor whether this level of efficiency is sustainable or if it represents a cyclical peak in high-margin deal flow that may revert as market conditions normalize.
Based on the provided income statement data, Stifel demonstrated significant operating leverage in 2025Q4, as operating income surged to $540.9 million, indicating that the firm successfully managed its cost base while capturing the benefits of increased top-line activity during the most recent reporting period.
The expansion of the operating margin to 30.9% in 2025Q4, compared to the more typical 17-19% range seen in previous quarters, suggests that the firm's fixed cost structure is well-positioned to benefit from revenue spikes. This performance implies that management has maintained disciplined control over overhead, though the sustainability of such high operating margins warrants further investigation into the underlying revenue drivers.
According to the firm's quarterly filings, the presence of $57.6 million in stock-based compensation during 2025Q1 significantly pressured net income, highlighting how periodic equity-based incentives can create temporary earnings volatility that obscures the underlying operational performance of the firm's core wealth management and institutional segments.
The absence of stock-based compensation in other quarters suggests that these charges are lumpy and potentially tied to specific recruitment or retention cycles. Analysts should adjust for these non-cash expenses to better understand the normalized earnings power of the business, as the current reported figures may understate the firm's true profitability in periods of heavy advisor hiring.
Data from the last ten quarters indicates that Stifel's profitability remains highly sensitive to market cycles, with net margins fluctuating between 3.6% and 15.4%, which suggests that the firm's reliance on institutional deal flow may pose a risk to margin stability during periods of reduced capital markets activity.
The sharp contraction in net margin during 2025Q1 serves as a reminder that the firm's earnings are not immune to broader economic headwinds. Investors should be cautious about extrapolating recent margin highs, as the firm's business model remains tethered to the health of the mid-cap IPO and M&A windows, which are notoriously prone to sudden, sharp declines.
Quick answers to the most common questions about buying SFB stock.
Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) is profitable, generating $683.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) reported an operating income of $1.07B, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) generated $5.35B in gross profit for the year, representing a gross profit margin of 84.3%. This demonstrates the company's core pricing power and production efficiency.