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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | NOTE 22 – Segment Reporting We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment. Our chief operating decision maker (“CODM”) is our Chairman and Chief Executive Officer. Our CODM regularly reviews segment net revenues, compensation and benefits expense, non-compensation operating expenses, and income before income taxes. Amounts included in non-compensation operating expenses include “Occupancy and equipment rental,” “Communications and office supplies,” “Commissions and floor brokerage,” “Provision for credit losses,” and “Other operating expenses.” Global Wealth Management The Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our private client group and to the general public. The success of our Global Wealth Management segment is dependent upon the quality of our products, services, financial advisors, and support personnel, including our ability to attract, retain, and motivate a sufficient number of these associates. We face competition for qualified associates from major financial services companies, including other brokerage firms, insurance companies, banking institutions, and discount brokerage firms. Segment revenue growth and operating income are used to evaluate and measure segment performance by our CODM in assessing performance and deciding how to allocate resources. Institutional Group The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services. The success of our Institutional Group segment is dependent upon the quality of our personnel, the quality and selection of our investment products and services, pricing (such as execution pricing and fee levels), and reputation. Segment revenue growth and operating income are used to evaluate and measure segment performance by our CODM in assessing performance and deciding how to allocate resources. Other The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges. Information on reportable segments and reconciliation to consolidated net income available to common shareholders for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Global Wealth Management |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 845,631 |  |  | $ | 801,135 |  |  | $ | 1,696,190 |  |  | $ | 1,591,635 |
Compensation and benefits |  |  | 420,240 |  |  |  | 392,941 |  |  |  | 842,533 |  |  |  | 782,477 |
Non-compensation operating expenses |  |  | 119,335 |  |  |  | 109,021 |  |  |  | 421,196 |  |  |  | 219,237 |
Income before income taxes |  | $ | 306,056 |  |  | $ | 299,173 |  |  | $ | 432,461 |  |  | $ | 589,921 |
Institutional Group |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  | 419,779 |  |  |  | 390,721 |  |  |  | 804,708 |  |  |  | 742,097 |
Compensation and benefits |  |  | 257,697 |  |  |  | 239,036 |  |  |  | 510,282 |  |  |  | 454,785 |
Non-compensation operating expenses |  |  | 101,042 |  |  |  | 102,872 |  |  |  | 205,955 |  |  |  | 201,390 |
Income before income taxes |  | $ | 61,040 |  |  | $ | 48,813 |  |  | $ | 88,471 |  |  | $ | 85,922 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  | 18,876 |  |  |  | 26,076 |  |  |  | 38,857 |  |  |  | 47,238 |
Compensation and benefits |  |  | 96,999 |  |  |  | 90,742 |  |  |  | 154,341 |  |  |  | 165,152 |
Non-compensation operating expenses |  |  | 75,153 |  |  |  | 56,426 |  |  |  | 128,264 |  |  |  | 112,344 |
Loss before income taxes |  | $ | (153,276 | ) |  | $ | (121,092 | ) |  | $ | (243,748 | ) |  | $ | (230,258 | )
Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Net revenues (1) |  | $ | 1,284,286 |  |  | $ | 1,217,932 |  |  | $ | 2,539,755 |  |  | $ | 2,380,970 |
Compensation and benefits |  |  | 774,936 |  |  |  | 722,719 |  |  |  | 1,507,156 |  |  |  | 1,402,414 |
Non-compensation operating expenses |  |  | 295,530 |  |  |  | 268,319 |  |  |  | 755,415 |  |  |  | 532,971 |
Income from operations before income tax expense |  | $ | 213,820 |  |  | $ | 226,894 |  |  | $ | 277,184 |  |  | $ | 445,585 |
(1) No individual client accounted for more than 10 percent of total net revenues for the three and six months ended June 30, 2025 and 2024. The following table presents our company’s total assets on a segment basis at June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Global Wealth Management |  | $ | 34,532,041 |  |  | $ | 34,894,973 |
Institutional Group |  |  | 5,127,202 |  |  |  | 4,788,640 |
Other |  |  | 200,410 |  |  |  | 211,927 |
|  | $ | 39,859,653 |  |  | $ | 39,895,540 |
We have operations in the United States, United Kingdom, Europe, and Canada. The Company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SNC. Substantially all long-lived assets are located in the United States. Net revenues, classified by the major geographic areas in which they were earned for the three and six months ended June 30, 2025 and 2024, were as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 1,224,193 |  |  | $ | 1,147,168 |  |  | $ | 2,405,653 |  |  | $ | 2,248,172 |
United Kingdom |  |  | 41,336 |  |  |  | 42,698 |  |  |  | 89,580 |  |  |  | 80,223 |
Canada |  |  | 9,091 |  |  |  | 10,610 |  |  |  | 25,570 |  |  |  | 22,230 |
Other |  |  | 9,666 |  |  |  | 17,456 |  |  |  | 18,952 |  |  |  | 30,345 |
|  | $ | 1,284,286 |  |  | $ | 1,217,932 |  |  | $ | 2,539,755 |  |  | $ | 2,380,970 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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