RJFRaymond James Financial

Financials · Brokers & Investment Banks · NYSE

Raymond James Financial, Inc. (“RJF” or the “firm”) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities. 10-K, Item 1

Employees: 19,500
Headquarters: St Petersburg, FL
Next results: around Jan 27, 2027

Compare with peers → Embed

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	11.47	Sales (ttm)	17.0B	Net income (ttm)	2.3B	Sales growth	+6.6%	EPS growth	+6.2%	Sales Q/Q	+13.5%
Free cash flow	1.4B	Gross margin	-	Oper. margin	-	Net margin	13.6%	FCF margin	8.5%	ROE	18.2%
ROA	2.4%	R&D / sales	-	Dividend	2.00	Debt/Eq	0.07	Curr. ratio	-	Cash	10.0B
Op. cash flow (ttm)	1.6B	Net debt	-9.0B	Payout ratio	19.4%	Tax rate	22.2%	Stock pay / sales	1.6%	Shares out.	192.4M
Shares Y/Y	-2.7%	Book / share	66.02	Cash / share	51.87	Sales / share	88.32	Asset turnover	0.18	Sales 3Y CAGR	+12.1%
Sales 5Y CAGR	+14.3%	EPS 3Y CAGR	+13.8%	EPS 5Y CAGR	+21.6%	Employees	19,500	Sales / employee	871K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth slowed to +6.6%+14.9% → +6.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

RJF against Financials peers

Ten years, side by side → · All 76 →

RJFPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+6.6%44th of 76 · median +7.2%

Net margin

13.6%58th of 76 · median 20.4%

Return on equity

18.2%30th of 74 · median 16.7%

Free cash flow margin

8.5%44th of 49 · median 21.5%

Debt / equity (less is better)

0.074th of 62 · median 0.70

RJF and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
RJF Raymond James Financial	$17.0B	+6.6%	-	13.6%	18.2%	8.5%	0.07
AON Aon plc	$17.7B	+9.4%	-	22.2%	38.9%	18.5%	2.78
PFG Principal Financial Group	$16.6B	-3.1%	-	11.9%	16.7%	-	0.38
AFL Aflac	$16.6B	-9.3%	-	21.2%	12.0%	-	-
AJG Arthur J. Gallagher & Co.	$16.4B	+20.7%	-	10.4%	7.1%	-	0.53
SPGI S&P Global	$16.3B	+7.9%	71.0%	30.6%	25.3%	35.8%	0.79

Profitability

2 of 3

!
Net margin below the peer median13.6% vs 20.4%
✓
Return on equity above 15%18.2%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 9.6% → 13.4%

Cash and shareholders

2 of 2

✓
Share count down over 5 years−1.8%
✓
Dividend per share up over 5 years$0.99 → $2.00

Free cash flow, FY2016 to FY2025: -695.1M → 2.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 15.9B Net income 2.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

RJF's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue15.9B

Net income2.1B

Free cash flow2.2B

EPS (diluted)10.30

Dividend per share2.00

Diluted shares206.6M

The segments changed

10-K filed 2025-11-25

Compared with the 10-K of Nov 26, 2024: no longer reported: All Other Segments.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Sep 30, 2025

	Revenue	Share	vs year before
Private Client Group	10.3B	64.6%	+7.4%
Rj Bank	3.4B	21.2%	-5.0%
Capital Markets	1.9B	11.7%	+18.7%
Bank	1.8B	11.2%	+3.5%
Asset Management	1.2B	7.5%	+15.7%

10-K 0000720005-25-000093, segment and revenue notes (XBRL).

Revenue by product or service

year to Sep 30, 2025

	Revenue	Share	vs year before
Asset management and related administrative fees	7.1B	44.5%	+14.2%
Securities commissions	1.8B	11.2%	+7.5%
Total account and service fees	1.3B	7.9%	-4.0%
Total investment banking	1.1B	6.7%	+24.6%
Equities, ETFs and fixed income products	650.0M	4.1%	+16.7%
Merger & acquisition and advisory	623.0M	3.9%	+19.6%
Mutual and other fund products	614.0M	3.9%	+6.8%
Mutual fund and other investment products	530.0M	3.3%	+12.8%
Insurance and annuity products	511.0M	3.2%	-1.5%
RJBDP fees	486.0M	3.1%	-19.9%
Debt underwriting	261.0M	1.6%	+55.4%
Client account and other fees	246.0M	1.5%	+3.8%
Total other	205.0M	1.3%	+13.9%
Equity underwriting	185.0M	1.2%	+9.5%
Affordable housing investments business revenues	140.0M	0.9%	+18.6%

10-K 0000720005-25-000093, segment and revenue notes (XBRL).

Revenue by region

year to Sep 30, 2025

	Revenue	Share	vs year before
U.S.	12.9B	80.9%	+9.7%
Canada	645.0M	4.1%	+7.7%
Europe	549.0M	3.5%	+11.1%

10-K 0000720005-25-000093, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.5B	6.5B	7.5B	8.0B	8.2B	9.9B	11.3B	13.0B	14.9B	15.9B
Interest expense	116.1M	154.0M	202.0M	283.0M	178.0M	150.0M	305.0M	1.4B	2.1B	1.9B
Pretax income	800.6M	925.3M	1.3B	1.4B	1.1B	1.8B	2.0B	2.3B	2.5B	2.6B
Income tax	271.3M	289.0M	454.0M	341.0M	234.0M	388.0M	513.0M	541.0M	575.0M	579.0M
Net income	529.4M	636.0M	857.0M	1.0B	818.0M	1.4B	1.5B	1.7B	2.1B	2.1B
EPS (diluted)	3.65	4.33	5.75	4.78	3.88	6.63	6.98	7.97	9.70	10.30
Diluted shares	144.5M	146.6M	148.8M	216.0M	210.3M	211.2M	215.3M	216.9M	212.3M	206.6M
Depreciation & amortization	63.0M	71.0M	85.0M	97.0M	119.0M	134.0M	145.0M	165.0M	179.0M	195.0M
Net margin	9.6%	9.7%	11.5%	12.9%	10.0%	14.2%	13.3%	13.4%	13.9%	13.4%
Revenue growth	-	+18.2%	+14.6%	+7.3%	+1.8%	+21.3%	+14.1%	+14.9%	+14.9%	+6.6%
EPS growth	-	+18.6%	+32.8%	-16.9%	-18.8%	+70.9%	+5.3%	+14.2%	+21.7%	+6.2%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.7B	3.7B	3.5B	4.0B	5.4B	7.2B	6.2B	9.3B	11.0B	11.4B
Property & equipment	321.5M	437.4M	486.0M	527.0M	535.0M	499.0M	503.0M	561.0M	635.0M	670.0M
Goodwill	408.1M	411.0M	478.0M	464.0M	466.0M	660.0M	1.4B	1.4B	1.5B	1.5B
Total assets	31.5B	34.9B	37.4B	38.8B	47.5B	61.9B	81.0B	78.4B	83.0B	88.2B
Total debt	-	-	-	-	-	8.0M	1.0M	-	-	700.0M
Total liabilities	26.4B	29.2B	31.0B	32.2B	40.3B	53.6B	71.5B	68.2B	71.3B	75.7B
Shareholders' equity	4.9B	5.6B	6.4B	6.6B	7.1B	8.2B	9.5B	10.2B	11.7B	12.5B
Retained earnings	3.8B	4.3B	5.0B	5.9B	6.5B	7.6B	8.8B	10.2B	11.9B	13.6B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-573.3M	-125.0M	884.0M	577.0M	4.1B	6.6B	72.0M	-3.5B	2.2B	2.4B
Capital spending	121.7M	190.0M	134.0M	138.0M	124.0M	74.0M	91.0M	173.0M	205.0M	188.0M
Free cash flow	-695.1M	-315.0M	750.0M	439.0M	3.9B	6.6B	-19.0M	-3.7B	1.9B	2.2B
Stock-based pay (added back)	78.5M	109.0M	99.0M	112.0M	120.0M	132.0M	192.0M	237.0M	254.0M	254.0M
Dividends paid	113.4M	127.0M	151.0M	191.0M	205.0M	218.0M	-	-	-	-
Buybacks	162.5M	34.0M	62.0M	778.0M	272.0M	128.0M	-	-	-	-
Acquisitions	175.3M	0	159.0M	5.0M	5.0M	266.0M	-1.5B	0	0	-
Debt raised	792.2M	508.0M	0	0	-	-	-	0	0	1.5B
Debt repaid	4.4M	655.0M	855.0M	855.0M	0	844.0M	0	0	-	-
Investing cash flow	-2.9B	-3.4B	-3.5B	-1.9B	-5.0B	-5.1B	-7.2B	-274.0M	-968.0M	-4.3B
Financing cash flow	2.5B	4.1B	1.4B	1.4B	4.6B	5.2B	5.9B	1.4B	438.0M	2.4B
Dividend per share	0.80	0.88	1.10	0.91	0.99	1.04	1.36	1.68	1.80	2.00

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	78.5M	109.0M	99.0M	112.0M	120.0M	132.0M	192.0M	237.0M	254.0M	254.0M
Stock-based pay / revenue	1.4%	1.7%	1.3%	1.4%	1.5%	1.3%	1.7%	1.8%	1.7%	1.6%
Operating lease cost	-	-	-	-	98.0M	110.0M	118.0M	133.0M	142.0M	148.0M
Operating lease cash paid	-	-	-	-	101.0M	110.0M	111.0M	123.0M	121.0M	133.0M
Right-of-use assets	-	-	-	0	321.0M	446.0M	480.0M	560.0M	568.0M	583.0M
Operating lease liabilities	-	-	-	357.0M	345.0M	450.0M	482.0M	539.0M	533.0M	538.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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