STIFEL FINANCIAL CORP Leases Disclosure
NOTE 20 – Operating Leases
Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 14 years. At December 31, 2025 and 2024, operating lease right-of-use assets were $788.5 million and $809.2 million, respectively, and lease liabilities were $855.9 million and $867.4 million, respectively.
The table below summarizes our net lease cost for the years ended December 31, 2025 and 2024 (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Operating lease cost |
|
$ |
114,979 |
|
|
$ |
111,099 |
|
Short-term lease cost |
|
|
1,864 |
|
|
|
2,721 |
|
Variable lease cost |
|
|
29,503 |
|
|
|
28,517 |
|
Sublease income |
|
|
(809 |
) |
|
|
(1,150 |
) |
Net lease cost |
|
$ |
145,537 |
|
|
$ |
141,187 |
|
Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations.
The table below summarizes other information related to our operating leases as of and for the year ended December 31, 2025 (in thousands):
Operating lease cash flows |
|
$ |
109,583 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
$ |
77,631 |
|
Weighted average remaining lease term (years) |
|
|
12.0 |
|
Weighted average discount rate |
|
|
5.08 |
% |
The weighted-average discount rate represents our company’s incremental borrowing rate at the lease inception date.
The table below presents information about operating lease liabilities as of December 31, 2025, (in thousands, except percentages):
2026 |
|
$ |
110,982 |
|
2027 |
|
|
111,095 |
|
2028 |
|
|
108,711 |
|
2029 |
|
|
106,441 |
|
2030 |
|
|
101,973 |
|
Thereafter |
|
|
644,938 |
|
Total undiscounted lease payments |
|
|
1,184,140 |
|
Imputed interest |
|
|
(328,241 |
) |
Present value of operating lease liabilities |
|
$ |
855,899 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 19, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.