Stephens received a bachelor's degree in business and economics from Hendrix College. He has three children.
Stephens worked for his father's company, Stephens Inc. from 1973-1983 in banking. In 1987, Stephens founded ExOxEmis (EOE), a biotechnology firm. Stephens is the Chairman of EOE.
Stephens sits on the board of directors of the Club for Growth, serving as chairman of the board as of 2015. Stephens has donated hundreds of thousands of dollars to the Club for Growth, and has also supported Ted Cruz, Richard Mourdock, Thomas Massie, and other conservative groups and candidates. Stephens founded Common Sense in America LLC, and serves as the Chairman of the Arkansas Policy Foundation, a conservative think tank. Stephens was a major critic of former Arkansas Governor Mike Huckabee, and considered running against him for governor.