October 28, 2026 FOR IMMEDIATE RELEASE
• Record annual net revenues of $15.79 billion, record net income available to common shareholders of $2.37 billion, and record earnings per diluted share of $11.91 for fiscal 2026
• Record quarter-end client assets under administration of $1.94 trillion and record quarter-end Private Client Group (PCG) assets in fee-based accounts of $1.16 trillion, up 12% and 15%, respectively, over September 2025
• Returned approximately $1.7 billion of capital to shareholders through the combination of common share repurchases and dividends paid in fiscal 2026
• Record quarterly net revenues of $4.27 billion, up 15% over the prior year’s fiscal fourth quarter and 9% over the preceding quarter
• Record quarterly net income available to common shareholders of $666 million and record diluted earnings per share of $3.40, up 15% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter; record quarterly adjusted net income available to common shareholders of $703 million (1)
(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets (2) of $98.3 billion, or growth from beginning of the year assets of 6.4%
• Quarterly combined net interest income and Raymond James Bank Deposit Program (RJBDP) third-party bank fees of $674 million, up 3% over the prior year’s fiscal fourth quarter and 2% over the preceding quarter
• Annualized return on common equity and annualized adjusted return on tangible common equity of 20.6% and 26.6% (1) , respectively, for the fiscal fourth quarter; Return on common equity of 18.7% and adjusted return on tangible common equity of 23.0% (1)
ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $4.27 billion and net income available to common shareholders of $666 million, or $3.40 per diluted share, for the fiscal fourth quarter ended September 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $37 million of acquisition-related expenses, net of tax, was $703 million (1) , or $3.59 per diluted share (1) .
“We delivered our sixth consecutive year of record annual revenues and earnings, a testament to our resilient, diversified businesses anchored by our Private Client Group," said CEO Paul Shoukry. “We ended the fiscal year with record Private Client Group assets in fee-based accounts, up 15% year-over-year, and domestic Private Client Group net new assets of $98 billion, up 88% over fiscal 2025, reflecting solid financial advisor retention and record recruiting results. We generated an adjusted return on tangible common equity of 23% (1) for the year while investing in long-term growth and maintaining very strong capital levels. These results reflect our advisor- and client-focused values coupled with our robust capabilities and resources. As we enter fiscal 2027, while there are several geopolitical and macroeconomic uncertainties, we are well positioned with record client asset levels, a strong investment banking pipeline, and attractive growth opportunities across our businesses." Please refer to the footnotes at the end of this press release for additional information.
1 Record quarterly net revenues increased 15% over the prior year’s fiscal fourth quarter, largely driven by robust growth in asset management and related administrative fees, which grew 23% to $2.31 billion. Compared to the preceding quarter, quarterly net revenues grew 9%, primarily driven by higher asset management and related administrative fees, as well as increases in investment banking revenues and affordable housing investments business revenues. Record quarterly pre-tax income increased 15% over the preceding quarter and record net income available to common shareholders increased 12%. For the fiscal fourth quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 20.6% and 26.6% (1) , respectively.
For the fiscal year, record net revenues of $15.79 billion increased 12% and record earnings per diluted share of $11.91 and record adjusted earnings per diluted share of $12.41 (1) each increased 16% over fiscal 2025. The Private Client Group and the Asset Management segments generated record net revenues, and the Asset Management and Bank segments generated record pre-tax income in fiscal 2026. Return on common equity was 18.7% and adjusted return on tangible common equity was 23.0% (1) for fiscal 2026.
• Record quarterly net revenues of $3.06 billion, up 15% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
• Quarterly pre-tax income of $458 million, up 10% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets (2) of $98.3 billion, up 88% compared to fiscal 2025, reflecting growth from beginning of the year assets of 6.4%
• Record quarter-end Private Client Group assets in fee-based accounts of $1.16 trillion, up 15% over September 2025 and 1% over June 2026
• Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.0 billion, up 3% over September 2025 and down 1% compared to June 2026
• Record annual net revenues of $11.48 billion and annual pre-tax income of $1.74 billion, up 13% and 1%, respectively, compared to fiscal 2025
Record quarterly net revenues rose 15% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 21% to $1.92 billion mainly due to market appreciation and net inflows into fee-based accounts. Quarterly pre-tax income increased 10% year-over-year, as growth in asset management fee revenue was partially offset by higher financial advisor commissions tied to strong compensable revenue growth and increased expenses supporting record recruiting results.
• Quarterly net revenues of $549 million, up 7% over the prior year’s fiscal fourth quarter and 15% over the preceding quarter
• Quarterly investment banking revenues of $361 million, up 17% over the prior year’s fiscal fourth quarter and 27% over the preceding quarter
• Quarterly pre-tax income of $106 million, up 18% over the prior year’s fiscal fourth quarter and 121% over the preceding quarter
• Annual net revenues of $1.87 billion and annual pre-tax income of $214 million, up 6% and 47%, respectively, over fiscal 2025
Quarterly net revenues increased 7% over the prior-year period, driven by higher M&A and advisory revenues which were partially offset by lower fixed income brokerage revenues. Sequentially, quarterly net revenues grew 15%, largely due to higher M&A and advisory revenues, affordable housing investments business revenues and debt underwriting revenues, partially offset by lower fixed income brokerage revenues. Please refer to the footnotes at the end of this press release for additional information.
• Record quarterly net revenues of $409 million, up 30% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter
• Record quarterly pre-tax income of $170 million, up 29% over the prior year’s fiscal fourth quarter and 19% over the preceding quarter
• Financial assets under management of $342.9 billion, up 25% over September 2025 and down 1% compared to June 2026.
• Record annual net revenues of $1.42 billion and record annual pre-tax income of $593 million, up 20% and 18%, respectively, over fiscal 2025
Record quarterly net revenues increased 30% year-over-year, primarily driven by higher financial assets under management resulting from market appreciation and net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital (3) during our fiscal third quarter of 2026.
Quarterly net revenues of $483 million, up 5% over the prior year’s fiscal fourth quarter and down 1% compared to the preceding quarter
• Quarterly pre-tax income of $180 million, up 35% over the prior year’s fiscal fourth quarter and down 13% compared to the preceding quarter
• Record net bank loans of $57.5 billion, up 11% over September 2025 and 2% over June 2026
• Securities-based loans of $26.2 billion, up $6.4 billion, or 32%, over September 2025
• Annual net revenues of $1.94 billion and record annual pre-tax income of $725 million, up 9% and 48%, respectively, over fiscal 2025
Record net bank loans grew 11% over the prior-year quarter, driven by continued growth in securities-based loans and residential mortgage loans, which rose by 32% and 12%, respectively. Net interest margin of 2.60% for the quarter was down 11 basis points compared to both the prior year’s fiscal fourth quarter and the preceding quarter. The credit quality of the loan portfolio remains strong.
During the fiscal year, the firm repurchased $1.25 billion of common stock at an average price of $156 per share, including $50 million of common stock repurchased in the fiscal fourth quarter. As of September 30, 2026, $1.05 billion remained available under the Board of Directors’ approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.2% (4) and the tier 1 leverage ratio was 12.1% (4) , both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, October 28, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly- earnings. An audio replay of the call will be available at the same location for 30 days. To access the conference call by telephone, dial
. Please refer to the footnotes at the end of this press release for additional information.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.94 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward- looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Selected Financial Highlights Fiscal Fourth Quarter of 2026 (Unaudited)
Please refer to the footnotes at the end of this press release for additional information.
Please refer to the footnotes at the end of this press release for additional information.
in Consolida… millions, Statements except per Twelve September September of Income share months 30, 30, (Unaudite… amounts ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Revenues: Asset management and $ 8,397 $ 7,078 19% related administr… fees Brokerage revenues: Securities 2,003 1,775 13% commissio… Principal 495 529 (6)% transacti… Total brokerage 2,498 2,304 8% revenues Account and 1,268 1,262 —% service fees Investment 1,148 1,069 7% banking Interest 3,995 3,994 —% income Other 233 205 14% Total 17,539 15,912 10% revenues Interest -1,748 -1,847 (5)% expense Net 15,791 14,065 12% revenues Non-inter… expenses: Compensat… commissio… 10,344 9,072 14% and benefits Non-compe… expenses: Communica… and 811 752 8% informati… processing Occupancy and 332 308 8% equipment Business 346 291 19% developme… Investment sub-advis… 259 223 16% fees Professio… 192 163 18% fees Bank loan provision… -32 37 NM for credit losses Other(9) 464 505 (8)% Total non-compe… 2,372 2,279 4% expenses Total non-inter… 12,716 11,351 12% expenses Pre-tax 3,075 2,714 13% income Provision for income 707 579 22% taxes Net income 2,368 2,135 11% Preferred stock 3 5 (40)% dividends Net income available $ 2,365 $ 2,130 11% to common sharehold… Earnings per common $ 12.13 $ 10.53 15% share – basic(5) Earnings per common $ 11.91 $ 10.30 16% share – diluted(5) Weighted-… common shares 194.8 202.0 (4)% outstandi… – basic Weighted-… common and common equivalent 198.3 206.6 (4)% shares outstandi… – diluted
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest Fiscal Fourth Quarter of 2026 -Unaudited
The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Private Twelve September September Client $ in months 30, 30, Group millions ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Revenues: Asset management and $ 7,057 $ 5,980 18% related administr… fees Brokerage revenues: Mutual and other fund 681 605 13% products Insurance and 563 511 10% annuity products Equities, ETFs and fixed 697 621 12% income products Total brokerage 1,941 1,737 12% revenues Account and service fees: Mutual fund and other 598 518 15% investment products RJBDP fees:(11) Bank 738 754 (2)% segment Third-par… 402 486 (17)% banks Client account 301 275 9% and other fees Total account and 2,039 2,033 —% service fees Investment 33 35 (6)% banking Interest 454 468 (3)% income All other 29 29 —% Total 11,553 10,282 12% revenues Interest -78 -100 (22)% expense Net 11,475 10,182 13% revenues Non-inter… expenses: Financial advisor compensat… Commissio… benefits 6,351 5,398 18% and other compensat… Recruiting and 460 372 24% retention… compensat… Total financial 6,811 5,770 18% advisor compensat… Administr… compensat… 1,777 1,614 10% and benefits Total compensat… commissio… 8,588 7,384 16% and benefits Non-compe… 1,151 1,078 7% expenses Total non-inter… 9,739 8,462 15% expenses Pre-tax $ 1,736 $ 1,720 1% income
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Twelve September September $ in months 30, 30, millions ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Revenues: Asset management and related administr… fees: Managed $ 909 $ 769 18% programs Administr… 472 374 26% and other Total asset management and 1,381 1,143 21% related administr… fees Account and 26 23 13% service fees All other 17 22 (23)% Net 1,424 1,188 20% revenues Non-inter… expenses: Compensat… commissio… 282 229 23% and benefits Non-compe… 549 456 20% expenses Total non-inter… 831 685 21% expenses Pre-tax $ 593 $ 503 18% income
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Segment Results Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures Fiscal Fourth Quarter of 2026 -Unaudited
Reconciliation of non-GAAP financial measures to GAAP financial measures We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures Fiscal Fourth Quarter of 2026 -Unaudited
$ in millions, except per September September Book value share 30, 30, June 30, per share amounts As of 2026 2025 2026 ────────────────────────────────────────────────────────────────────────────── Total common equity attributa… to $ 13,128 $ 12,424 $ 12,699 Raymond James Financial, Inc. Less non-GAAP adjustmen… Goodwill and identifia… 2,618 1,847 2,608 intangible assets, net Deferred tax liabiliti… related to goodwill -235 -144 -232 and identifia… intangible assets, net Tangible common equity attributa… to $ 10,745 $ 10,721 $ 10,323 Raymond James Financial, Inc.(1) Common shares 192.0 198.1 192.1 outstandi… Book value per $ 68.38 $ 62.72 $ 66.11 share(10) Tangible book value per $ 55.96 $ 54.12 $ 53.74 share(1) (10)
Please refer to the footnotes at the end of this press release for additional information.
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures Fiscal Fourth Quarter of 2026 -Unaudited
Please refer to the footnotes at the end of this press release for additional information.
These are non-GAAP financial measures. See the schedules on the (1) previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, (2) including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated (3) into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion. (4) Estimated. Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common (5) shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, and $3 million for each of the twelve months ended September 30, 2026 and 2025. Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common (6) shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. Pre-tax margin is computed by dividing pre-tax income by net (7) revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective (8) period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. Results for the twelve months ended September 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer (9) sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the twelve months ended September 30, 2025. Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of (10) common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included in money (11) market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond (12) James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release. Average yield on RJBDP - third-party banks is computed by dividing (13) annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. Loans are presented net of unamortized purchase discounts or (14) premiums, unearned income, deferred origination fees and costs, and charge-offs. Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value (15) of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. The average rate on tax-exempt loans is presented on a (16) taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period. The average balance, interest expense, and average rate for “Total (17) bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.”
The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain (18) other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with (19) recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 21). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (20) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction (21) with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. Amortization of identifiable intangible assets, which was included (22) in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated (23) period to the beginning of year total, and dividing by five, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.
Full text with the tables
October 28, 2026 FOR IMMEDIATE RELEASE
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Media Contact: Steve Hollister, 727.567.2824
Investor Contact: Kristina Waugh, 727.567.7654
raymondjames.com/news-and-media/press-releases
RAYMOND JAMES FINANCIAL REPORTS FOURTH QUARTER AND FISCAL
2026 RESULTS
• Record annual net revenues of $15.79 billion, record net income available to
common shareholders of $2.37 billion, and record earnings per diluted share of
$11.91 for fiscal 2026
• Record quarter-end client assets under administration of $1.94 trillion and
record quarter-end Private Client Group (PCG) assets in fee-based accounts of
$1.16 trillion, up 12% and 15%, respectively, over September 2025
• Returned approximately $1.7 billion of capital to shareholders through the
combination of common share repurchases and dividends paid in fiscal 2026
• Record quarterly net revenues of $4.27 billion, up 15% over the prior year’s
fiscal fourth quarter and 9% over the preceding quarter
• Record quarterly net income available to common shareholders of $666 million
and record diluted earnings per share of $3.40, up 15% over the prior year’s
fiscal fourth quarter and 13% over the preceding quarter; record quarterly
adjusted net income available to common shareholders of $703 million (1)
, or a record $3.59 per diluted share
(1)
•
Domestic PCG net new assets
(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from
beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets
(2) of $98.3 billion, or growth from beginning of the year assets of 6.4%
• Quarterly combined net interest income and Raymond James Bank Deposit Program
(RJBDP) third-party bank fees of $674 million, up 3% over the prior year’s
fiscal fourth quarter and 2% over the preceding quarter
• Annualized return on common equity and annualized adjusted return on tangible
common equity of 20.6% and 26.6% (1) , respectively, for the fiscal fourth
quarter; Return on common equity of 18.7% and adjusted return on tangible common
equity of 23.0% (1)
for fiscal 2026
ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported
net revenues of $4.27 billion and net income available to common shareholders of
$666 million, or $3.40 per diluted share, for the fiscal fourth quarter ended
September 30, 2026. Quarterly adjusted net income available to common
shareholders, which excluded $37 million of acquisition-related expenses, net of
tax, was $703 million (1) , or $3.59 per diluted share (1) .
“We delivered our sixth consecutive year of record annual revenues and earnings,
a testament to our resilient, diversified businesses anchored by our Private
Client Group," said CEO Paul Shoukry. “We ended the fiscal year with record
Private Client Group assets in fee-based accounts, up 15% year-over-year, and
domestic Private Client Group net new assets of $98 billion, up 88% over fiscal
2025, reflecting solid financial advisor retention and record recruiting
results. We generated an adjusted return on tangible common equity of 23% (1)
for the year while investing in long-term growth and maintaining very strong
capital levels. These results reflect our advisor- and client-focused values
coupled with our robust capabilities and resources. As we enter fiscal 2027,
while there are several geopolitical and macroeconomic uncertainties, we are
well positioned with record client asset levels, a strong investment banking
pipeline, and attractive growth opportunities across our businesses."
Please refer to the footnotes at the end of this press release for additional
information.
1
Record quarterly net revenues increased 15% over the prior year’s fiscal fourth
quarter, largely driven by robust growth in asset management and related
administrative fees, which grew 23% to $2.31 billion. Compared to the preceding
quarter, quarterly net revenues grew 9%, primarily driven by higher asset
management and related administrative fees, as well as increases in investment
banking revenues and affordable housing investments business revenues. Record
quarterly pre-tax income increased 15% over the preceding quarter and record net
income available to common shareholders increased 12%. For the fiscal fourth
quarter, annualized return on common equity and annualized adjusted return on
tangible common equity were 20.6% and 26.6% (1) , respectively.
For the fiscal year, record net revenues of $15.79 billion increased 12% and
record earnings per diluted share of $11.91 and record adjusted earnings per
diluted share of $12.41 (1) each increased 16% over fiscal 2025. The Private
Client Group and the Asset Management segments generated record net revenues,
and the Asset Management and Bank segments generated record pre-tax income in
fiscal 2026. Return on common equity was 18.7% and adjusted return on tangible
common equity was 23.0% (1) for fiscal 2026.
Segment Results
Private Client Group
• Record quarterly net revenues of $3.06 billion, up 15% over the prior year’s
fiscal fourth quarter and 8% over the preceding quarter
• Quarterly pre-tax income of $458 million, up 10% over the prior year’s fiscal
fourth quarter and 8% over the preceding quarter
•
Domestic PCG net new assets
(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from
beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets
(2) of $98.3 billion, up 88% compared to fiscal 2025, reflecting growth from
beginning of the year assets of 6.4%
• Record quarter-end Private Client Group assets in fee-based accounts of $1.16
trillion, up 15% over September 2025 and 1% over June 2026
• Total clients’ domestic cash sweep and Enhanced Savings Program balances of
$58.0 billion, up 3% over September 2025 and down 1% compared to June 2026
• Record annual net revenues of $11.48 billion and annual pre-tax income of
$1.74 billion, up 13% and 1%, respectively, compared to fiscal 2025
Record quarterly net revenues rose 15% year-over-year, primarily driven by
higher asset management and related administrative fees, which grew 21% to $1.92
billion mainly due to market appreciation and net inflows into fee-based
accounts. Quarterly pre-tax income increased 10% year-over-year, as growth in
asset management fee revenue was partially offset by higher financial advisor
commissions tied to strong compensable revenue growth and increased expenses
supporting record recruiting results.
Capital Markets
• Quarterly net revenues of $549 million, up 7% over the prior year’s fiscal
fourth quarter and 15% over the preceding quarter
• Quarterly investment banking revenues of $361 million, up 17% over the prior
year’s fiscal fourth quarter and 27% over the preceding quarter
• Quarterly pre-tax income of $106 million, up 18% over the prior year’s fiscal
fourth quarter and 121% over the preceding quarter
• Annual net revenues of $1.87 billion and annual pre-tax income of $214
million, up 6% and 47%, respectively, over fiscal 2025
Quarterly net revenues increased 7% over the prior-year period, driven by higher
M&A and advisory revenues which were partially offset by lower fixed income
brokerage revenues. Sequentially, quarterly net revenues grew 15%, largely due
to higher M&A and advisory revenues, affordable housing investments business
revenues and debt underwriting revenues, partially offset by lower fixed income
brokerage revenues.
Please refer to the footnotes at the end of this press release for additional
information.
2
Asset Management
• Record quarterly net revenues of $409 million, up 30% over the prior year’s
fiscal fourth quarter and 13% over the preceding quarter
• Record quarterly pre-tax income of $170 million, up 29% over the prior year’s
fiscal fourth quarter and 19% over the preceding quarter
• Financial assets under management of $342.9 billion, up 25% over September
2025 and down 1% compared to June 2026.
• Record annual net revenues of $1.42 billion and record annual pre-tax income
of $593 million, up 20% and 18%, respectively, over fiscal 2025
Record quarterly net revenues increased 30% year-over-year, primarily driven by
higher financial assets under management resulting from market appreciation and
net inflows into Private Client Group fee-based accounts, and the addition of
Clark Capital (3) during our fiscal third quarter of 2026.
Bank
•
Quarterly net revenues of $483 million, up 5% over the prior year’s fiscal
fourth quarter and down 1% compared to the preceding quarter
• Quarterly pre-tax income of $180 million, up 35% over the prior year’s fiscal
fourth quarter and down 13% compared to the preceding quarter
• Quarterly bank loan benefit for credit losses of $8 million
• Record net bank loans of $57.5 billion, up 11% over September 2025 and 2% over
June 2026
• Securities-based loans of $26.2 billion, up $6.4 billion, or 32%, over
September 2025
• Annual net revenues of $1.94 billion and record annual pre-tax income of $725
million, up 9% and 48%, respectively, over fiscal 2025
Record net bank loans grew 11% over the prior-year quarter, driven by continued
growth in securities-based loans and residential mortgage loans, which rose by
32% and 12%, respectively. Net interest margin of 2.60% for the quarter was down
11 basis points compared to both the prior year’s fiscal fourth quarter and the
preceding quarter. The credit quality of the loan portfolio remains strong.
Other Matters
During the fiscal year, the firm repurchased $1.25 billion of common stock at an
average price of $156 per share, including $50 million of common stock
repurchased in the fiscal fourth quarter. As of September 30, 2026, $1.05
billion remained available under the Board of Directors’ approved common stock
repurchase authorization. At the end of the quarter, the total capital ratio was
24.2% (4) and the tier 1 leverage ratio was 12.1% (4) , both well above
regulatory requirements.
A conference call to discuss the results will take place today, Wednesday,
October 28, at 5:00 p.m. ET. The live audio webcast, and the presentation which
management will review on the call, will be available at
www.raymondjames.com/investor-relations/financial-information/quarterly-
earnings. An audio replay of the call will be available at the same location for
30 days. To access the conference call by telephone, dial
1.833.461.5787 (toll-free)
or
1.585.542.9983 (international/U.S. toll)
and reference
conference ID 737 557 641
.
Please refer to the footnotes at the end of this press release for additional
information.
3
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial
services company providing private client group, capital markets, asset
management, banking and other services to individuals, corporations and
municipalities. Total client assets are $1.94 trillion. Public since 1983, the
firm is listed on the New York Stock Exchange under the symbol RJF. Additional
information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking
statements” under the Private Securities Litigation Reform Act of 1995. Forward-
looking statements include information concerning future strategic objectives,
business prospects, anticipated savings, financial results (including expenses,
earnings, liquidity, cash flow and capital expenditures), industry or market
conditions (including changes in interest rates and inflation), demand for and
pricing of our products (including cash sweep and deposit offerings),
anticipated timing and benefits of our acquisitions, and our level of success
integrating acquired businesses, anticipated results of litigation, regulatory
developments, and general economic conditions. In addition, future or
conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well
as any other statement that necessarily depends on future events, are intended
to identify forward-looking statements. Forward-looking statements are not
guarantees, and they involve risks, uncertainties and assumptions. Although we
make such statements based on assumptions that we believe to be reasonable,
there can be no assurance that actual results will not differ materially from
those expressed in the forward-looking statements. We caution investors not to
rely unduly on any forward-looking statements and urge you to carefully consider
the risks described in our filings with the Securities and Exchange Commission
(the “SEC”) from time to time, including our most recent Annual Report on Form
10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form
8-K, which are available at www.raymondjames.com and the SEC’s website at
www.sec.gov. We expressly disclaim any obligation to update any forward-looking
statement in the event it later turns out to be inaccurate, whether as a result
of new information, future events, or otherwise.
Please refer to the footnotes at the end of this press release for additional
information.
4
RAYMOND JAMES FINANCIAL, INC. Selected Financial Highlights
Fiscal Fourth Quarter of 2026 (Unaudited)
Summary results of operations
$ in Three %
mill… months change
exce… ended from
per Septe… Septe… June Septe… June
share 30, 30, 30, 30, 30,
amou… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Net $ 4,269 $ 3,727 $ 3,928 15% 9%
reve…
Pre-… $ 862 $ 731 $ 750 18% 15%
inco…
Net
inco…
avai… $ 666 $ 603 $ 595 10% 12%
to
comm…
shar…
Earn…
per
comm…
shar…
Basic $ 3.46 $ 3.03 $ 3.06 14% 13%
Dilu… $ 3.40 $ 2.95 $ 3.01 15% 13%
Non-…
meas…
Adju…
pre-… $ 909 $ 770 $ 782 18% 16%
inco…
Adju…
net
inco…
avai… $ 703 $ 635 $ 620 11% 13%
to
comm…
shar…
Adju…
earn…
per
comm… $ 3.65 $ 3.19 $ 3.19 14% 14%
share
–
basi…
Adju…
earn…
per
comm… $ 3.59 $ 3.11 $ 3.14 15% 14%
share
–
dilu…
$ in
millions,
except per September September
share Twelve 30, 30,
amounts months ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 15,791 $ 14,065 12%
revenues
Pre-tax $ 3,075 $ 2,714 13%
income
Net income
available $ 2,365 $ 2,130 11%
to common
sharehold…
Earnings
per common
share:(5)
Basic $ 12.13 $ 10.53 15%
Diluted $ 11.91 $ 10.30 16%
Non-GAAP
measures:…
Adjusted
pre-tax $ 3,201 $ 2,811 14%
income
Adjusted
net income
available $ 2,464 $ 2,205 12%
to common
sharehold…
Adjusted
earnings
per common $ 12.63 $ 10.90 16%
share –
basic(5)
Adjusted
earnings
per common $ 12.41 $ 10.66 16%
share –
diluted(5)
Oth…
sel… Th… Sep… Se… June Tw… Sep… Se…
fin… mo… 30, 30, 30, mo… 30, 30,
hig… en… 2026 20… 2026 en… 2026 20…
──────────────────────────────────────────────────────────────────────────────
Re…
on 20.6 % 19… % 18.8 % 18.7 % 17… %
co…
eq…
Ad…
re…
on 21.7 % 20… % 19.6 % 19.4 % 18… %
co…
eq…
(6)
Ad…
re…
on
ta… 26.6 % 23… % 23.5 % 23.0 % 21… %
co…
eq…
(6)
Pr… 20.2 % 19… % 19.1 % 19.5 % 19… %
ma…
Ad…
pr… 21.3 % 20… % 19.9 % 20.3 % 20… %
ma…
(7)
To…
co… 65.0 % 64… % 65.7 % 65.5 % 64… %
ra…
Ad…
to…
co… 64.6 % 64… % 65.5 % 65.3 % 64… %
ra…
(8)
Ef…
tax 22.7 % 17… % 20.7 % 23.0 % 21… %
ra…
Please refer to the footnotes at the end of this press release for additional
information.
5
RAYMOND JAMES FINANCIAL, INC.
Fiscal Fourth Quarter of 2026
Cons…
Stat…
of
Inco…
(Una…
in Three %
mill… months change
exce… ended from
per Septe… Septe… June Septe… June
share 30, 30, 30, 30, 30,
amou… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Reve…
Asset
mana…
and $ 2,307 $ 1,877 $ 2,075 23% 11%
rela…
admi…
fees
Brok…
reve…
Secu… 507 473 503 7% 1%
comm…
Prin… 107 133 126 (20)% (15)%
tran…
Total
brok… 614 606 629 1% (2)%
reve…
Acco…
and 333 297 316 12% 5%
serv…
fees
Inve… 370 316 291 17% 27%
bank…
Inte… 1,034 1,014 994 2% 4%
inco…
Other 81 80 57 1% 42%
Total 4,739 4,190 4,362 13% 9%
reve…
Inte… -470 -463 -434 2% 8%
expe…
Net 4,269 3,727 3,928 15% 9%
reve…
Non-…
expe…
Comp…
comm… 2,774 2,394 2,579 16% 8%
and
bene…
Non-…
expe…
Comm…
and 208 199 203 5% 2%
info…
proc…
Occu…
and 87 84 85 4% 2%
equi…
Busi… 95 82 95 16% —%
deve…
Inve…
sub-… 70 60 63 17% 11%
fees
Prof… 56 53 63 6% (11)%
fees
Bank
loan
prov… -8 6 -26 NM 69%
for
cred…
loss…
Other 125 118 116 6% 8%
Total
non-… 633 602 599 5% 6%
expe…
Total
non-… 3,407 2,996 3,178 14% 7%
expe…
Pre-… 862 731 750 18% 15%
inco…
Prov…
for 196 127 155 54% 26%
inco…
taxes
Net 666 604 595 10% 12%
inco…
Pref…
stock — 1 — (100)% —%
divi…
Net
inco…
avai… $ 666 $ 603 $ 595 10% 12%
to
comm…
shar…
Earn…
per
comm… $ 3.46 $ 3.03 $ 3.06 14% 13%
share
–
basi…
Earn…
per
comm… $ 3.40 $ 2.95 $ 3.01 15% 13%
share
–
dilu…
Weig…
comm…
shar… 192.1 199.0 194.0 (3)% (1)%
outs…
–
basic
Weig…
comm…
and
comm…
equi… 195.6 203.8 197.2 (4)% (1)%
shar…
outs…
–
dilu…
Please refer to the footnotes at the end of this press release for additional
information.
6
RAYMOND JAMES FINANCIAL, INC.
Fiscal Fourth Quarter of 2026
in
Consolida… millions,
Statements except per Twelve September September
of Income share months 30, 30,
(Unaudite… amounts ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues:
Asset
management
and $ 8,397 $ 7,078 19%
related
administr…
fees
Brokerage
revenues:
Securities 2,003 1,775 13%
commissio…
Principal 495 529 (6)%
transacti…
Total
brokerage 2,498 2,304 8%
revenues
Account
and 1,268 1,262 —%
service
fees
Investment 1,148 1,069 7%
banking
Interest 3,995 3,994 —%
income
Other 233 205 14%
Total 17,539 15,912 10%
revenues
Interest -1,748 -1,847 (5)%
expense
Net 15,791 14,065 12%
revenues
Non-inter…
expenses:
Compensat…
commissio… 10,344 9,072 14%
and
benefits
Non-compe…
expenses:
Communica…
and 811 752 8%
informati…
processing
Occupancy
and 332 308 8%
equipment
Business 346 291 19%
developme…
Investment
sub-advis… 259 223 16%
fees
Professio… 192 163 18%
fees
Bank loan
provision… -32 37 NM
for credit
losses
Other(9) 464 505 (8)%
Total
non-compe… 2,372 2,279 4%
expenses
Total
non-inter… 12,716 11,351 12%
expenses
Pre-tax 3,075 2,714 13%
income
Provision
for income 707 579 22%
taxes
Net income 2,368 2,135 11%
Preferred
stock 3 5 (40)%
dividends
Net income
available $ 2,365 $ 2,130 11%
to common
sharehold…
Earnings
per common $ 12.13 $ 10.53 15%
share –
basic(5)
Earnings
per common $ 11.91 $ 10.30 16%
share –
diluted(5)
Weighted-…
common
shares 194.8 202.0 (4)%
outstandi…
– basic
Weighted-…
common and
common
equivalent 198.3 206.6 (4)%
shares
outstandi…
– diluted
Please refer to the footnotes at the end of this press release for additional
information.
7
RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics
Fiscal Fourth Quarter of 2026 -Unaudited
$
in %
bi… As chan…
ex… of from
per Sep… Sep… June Sept… June
sh… 30, 30, 30, 30, 30,
am… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
To… $ 94.4 $ 88.2 $ 94.2 7% —%
as…
To…
co…
eq…
at…
to $ 13.1 $ 12.4 $ 12.7 6% 3%
Ra…
Ja…
Fi…
In…
Bo…
va… $ 68.… $ 62.… $ 66.… 9% 3%
per
sh…
Ta…
bo…
va… $ 55.… $ 54.… $ 53.… 3% 4%
per
sh…
(1…
Ca…
ra…
Ti…
1 12.1 % -4 13.1 % 11.7 %
le…
Ti…
1 23.2 % -4 23.0 % 21.5 %
ca…
Co…
eq… 23.2 % -4 22.9 % 21.5 %
ti…
1
To… 24.2 % -4 24.1 % 22.5 %
ca…
%
Clie… chan…
asset As of from
metr… Septe… Sept… June Sept… June
in 30, 30, 30, 30, 30,
bill… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Clie…
asse… $ 1,935… $ 1,730… $ 1,922… 12% 1%
under
admi…
Priv…
Clie…
Group $ 1,870… $ 1,666… $ 1,856… 12% 1%
asse…
under
admi…
Priv…
Clie…
Group
asse… $ 1,163… $ 1,008… $ 1,153… 15% 1%
in
fee-…
acco…
Fina…
asse… $ 342.9 $ 274.9 $ 345.0 25% (1)%
under
mana…
Net
new
as…
me… Th… Se… Se… June Tw… Sep… Se…
in mo… 30, 30, 30, mo… 30, 30,
mi… en… 20… 20… 2026 en… 2026 20…
──────────────────────────────────────────────────────────────────────────────
D…
P…
C…
G… $ 22… $ 17… $ 21,… $ 98,… $ 52…
n…
n…
a…
D…
P…
C…
G…
n… 5.3 % 5.0 % 5.5 % 6.4 % 3.8 %
n…
a…
g…
—
a…
Clie…
dome…
cash
sweep
and
Enha… %
Savi… change
Prog… As of from
bala… Septe… Septe… June Septe… June
in 30, 30, 30, 30, 30,
mill… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Raym…
James
Bank
Depo…
Prog…
(“RJ…
Bank $ 24,711 $ 26,5… $ 26,0… (7)% (5)%
segm…
Thir… 16,437 14,7… 16,2… 11% 1%
banks
Subt… 41,148 41,3… 42,2… —% (3)%
RJBDP
Clie…
Inte… 1,771 1,572 1,677 13% 6%
Prog…
Total
clie…
dome… 42,919 42,8… 43,9… —% (2)%
cash
sweep
bala…
Enha…
Savi… 15,039 13,4… 14,9… 12% 1%
Prog…
(“ES…
Total
clie…
dome…
cash $ 57,958 $ 56,3… $ 58,8… 3% (1)%
sweep
and
ESP
bala…
…
… %
… …
──────────────────────────────────────────────────────────────────────────────
…
…
Please refer to the footnotes at the end of this press release for additional
information.
8
RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest
Fiscal Fourth Quarter of 2026 -Unaudited
The following tables present our consolidated average interest-earning asset and
interest-bearing liability balances, interest income and expense and the related
rates.
…
…
…
… …
… …
… …
──────────────────────────────────────────────────────────────────────────────
… … … …
… … … … … …
… …
…
…
$ … $ … … % $ … $ … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
… 8 … % … 9 % … 8 …
… 1 … % … 4 % … 4 …
… … … % … … % … … …
… 3 … % … 3 % … 2 …
$ … $ … … % $ … $ … % … … …
$ … $ … … % $ … $ … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
$ … $ … … % $ … $ … % … … …
$ … $ … … % $ … $ … % … … …
…
…
$ … $ … … % $ … $ … % … … …
… … … % … … % … … …
… … … % … … % … … …
… … … % … … % … … …
… 6 … % … … % … 5 …
$ … $ … … % $ … $ … % … … …
$ … $ … … % $ … $ … % … … …
… … … % … … % … … …
… … … % … … % … … …
… 6 … % … 9 % … 8 …
$ … $ … … % $ … $ … % … … …
$ … $ … … % $ … $ … % … … …
$ … $ … …
… % % …
… % % …
Please refer to the footnotes at the end of this press release for additional
information.
9
RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest
Fiscal Fourth Quarter of 2026 -Unaudited
Tw…
mo…
en…
Se… S…
30, 3…
20… 2…
──────────────────────────────────────────────────────────────────────────────
$ Av… A… A… A…
in ba… In… r… b… I… r…
m…
IN…
AS…
B…
s…
C…
a… $ 5,… $ 205 3.… % $ 5,… $ 257 4.… %
c…
e…
A… 7,… 171 2.… % 8,… 185 2.… %
s…
L…
h…
f…
s…
a…
i…
L…
h…
f…
i…
S… 23… 1,… 5.… % 17… 1,… 6.… %
R…
m… 10… 455 4.… % 9,… 388 3.… %
l…
C… 10… 620 5.… % 10… 692 6.… %
l…
C… 7,… 463 5.… % 7,… 512 6.… %
l…
R… 1,… 103 6.… % 1,… 122 7.… %
l…
T… 1,… 31 3.… % 1,… 35 3.… %
l…
L…
h… 213 13 6.… % 232 16 6.… %
f…
s…
T…
l…
h…
f… 54… 2,… 5.… % 48… 2,… 5.… %
s…
a…
i…
A…
o… 237 11 4.… % 237 13 5.… %
i…
a…
I…
a…
— $ 67… $ 3,… 4.… % $ 63… $ 3,… 5.… %
B…
s…
A…
o…
s…
C…
a… $ 4,… $ 168 3.… % $ 4,… $ 182 4.… %
c…
e…
A…
s…
f…
r… 3,… 125 3.… % 3,… 149 4.… %
p…
a…
r…
c…
T…
a…
— 1,… 80 5.… % 1,… 75 5.… %
d…
s…
B…
c… 2,… 175 6.… % 2,… 171 7.… %
r…
A…
o… 3,… 119 3.… % 2,… 102 3.… %
i…
a…
I…
a…
— $ 15… $ 667 4.… % $ 14… $ 679 4.… %
a…
o…
s…
T…
i… $ 83… $ 3,… 4.… % $ 77… $ 3,… 5.… %
a…
IN…
LI…
B…
S…
B…
d…
M…
m…
a… $ 35… $ 492 1.… % $ 33… $ 601 1.… %
s…
a…
I…
d… 23… 829 3.… % 21… 877 4.… %
d…
C…
of 2,… 103 3.… % 2,… 91 4.… %
d…
T…
b… 61… 1,… 2.… % 56… 1,… 2.… %
d…
F…
a…
a…
a… 779 23 2.… % 955 31 2.… %
o…
i…
l…
I…
l…
— $ 62… $ 1,… 2.… % $ 57… $ 1,… 2.… %
B…
s…
A…
o…
s…
T…
l…
— $ 804 $ 46 5.… % $ 846 $ 44 5.… %
d…
s…
B…
c… 5,… 50 0.… % 4,… 66 1.… %
p…
S…
n… 3,… 172 4.… % 2,… 96 4.… %
p…
A…
o… 1,… 33 2.… % 1,… 41 3.… %
i…
l…
I…
l…
— $ 10… $ 301 2.… % $ 8,… $ 247 2.… %
a…
o…
s…
T…
i… $ 72… $ 1,… 2.… % $ 66… $ 1,… 2.… %
l…
F…
n… $ 2,… $ 2,…
i…
i…
N…
i…
m…
(…
y…
on
i…
a…
B… 2.… % 2.… %
s…
F… 2.… % 2.… %
Please refer to the footnotes at the end of this press release for additional
information.
10
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Three %
months change
ended from
Septe… Septe… June Septe… June
$ in 30, 30, 30, 30, 30,
mill… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Net
reve…
Priv…
Clie… $ 3,056 $ 2,660 $ 2,841 15% 8%
Group
Capi… 549 513 477 7% 15%
Mark…
Asset 409 314 362 30% 13%
Mana…
Bank 483 459 488 5% (1)%
Othe… -4 12 -7 NM 43%
Inte… -224 -231 -233 (3)% (4)%
elim…
Total
net $ 4,269 $ 3,727 $ 3,928 15% 9%
reve…
Pre-…
inco…
Priv…
Clie… $ 458 $ 416 $ 423 10% 8%
Group
Capi… 106 90 48 18% 121%
Mark…
Asset 170 132 143 29% 19%
Mana…
Bank 180 133 206 35% (13)%
Othe… -52 -40 -70 (30)% 26%
Pre-… $ 862 $ 731 $ 750 18% 15%
inco…
Twelve September September
$ in months 30, 30,
millions ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
revenues:
Private
Client $ 11,475 $ 10,182 13%
Group
Capital 1,870 1,770 6%
Markets
Asset 1,424 1,188 20%
Management
Bank 1,944 1,776 9%
Other(18) -13 46 NM
Intersegm… -909 -897 1%
eliminati…
Total net $ 15,791 $ 14,065 12%
revenues
Pre-tax
income/(l…
Private
Client $ 1,736 $ 1,720 1%
Group
Capital 214 146 47%
Markets(9)
Asset 593 503 18%
Management
Bank 725 491 48%
Other(18) -193 -146 (32)%
Pre-tax $ 3,075 $ 2,714 13%
income
Please refer to the footnotes at the end of this press release for additional
information.
11
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Three %
Priv… months change
Clie… ended from
Group Septe… Septe… June Septe… June
$ in 30, 30, 30, 30, 30,
mill… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Reve…
Asset
mana…
and $ 1,919 $ 1,585 $ 1,734 21% 11%
rela…
admi…
fees
Brok…
reve…
Mutu…
and
other 171 155 170 10% 1%
fund
prod…
Insu…
and 157 147 142 7% 11%
annu…
prod…
Equi…
exch…
funds
(“ET… 170 163 173 4% (2)%
and
fixed
inco…
prod…
Total
brok… 498 465 485 7% 3%
reve…
Acco…
and
serv…
fees:
Mutu…
fund
and 155 136 149 14% 4%
other
inve…
prod…
RJBDP
fees…
Bank 178 191 185 (7)% (4)%
segm…
Thir… 110 102 98 8% 12%
banks
Clie…
acco…
and 78 67 78 16% —%
other
fees
Total
acco…
and 521 496 510 5% 2%
serv…
fees
Inve… 9 9 9 —% —%
bank…
Inte… 118 118 115 —% 3%
inco…
All 9 13 8 (31)% 13%
other
Total 3,074 2,686 2,861 14% 7%
reve…
Inte… -18 -26 -20 (31)% (10)%
expe…
Net 3,056 2,660 2,841 15% 8%
reve…
Non-…
expe…
Fina…
advi…
comp…
Comm…
bene…
and 1,719 1,434 1,566 20% 10%
other
comp…
Recr…
and 125 98 117 28% 7%
rete…
comp…
Total
fina… 1,844 1,532 1,683 20% 10%
advi…
comp…
Admi…
comp… 461 419 441 10% 5%
and
bene…
Total
comp…
comm… 2,305 1,951 2,124 18% 9%
and
bene…
Non-… 293 293 294 —% —%
expe…
Total
non-… 2,598 2,244 2,418 16% 7%
expe…
Pre-… $ 458 $ 416 $ 423 10% 8%
inco…
Please refer to the footnotes at the end of this press release for additional
information.
12
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Private Twelve September September
Client $ in months 30, 30,
Group millions ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues:
Asset
management
and $ 7,057 $ 5,980 18%
related
administr…
fees
Brokerage
revenues:
Mutual and
other fund 681 605 13%
products
Insurance
and 563 511 10%
annuity
products
Equities,
ETFs and
fixed 697 621 12%
income
products
Total
brokerage 1,941 1,737 12%
revenues
Account
and
service
fees:
Mutual
fund and
other 598 518 15%
investment
products
RJBDP
fees:(11)
Bank 738 754 (2)%
segment
Third-par… 402 486 (17)%
banks
Client
account 301 275 9%
and other
fees
Total
account
and 2,039 2,033 —%
service
fees
Investment 33 35 (6)%
banking
Interest 454 468 (3)%
income
All other 29 29 —%
Total 11,553 10,282 12%
revenues
Interest -78 -100 (22)%
expense
Net 11,475 10,182 13%
revenues
Non-inter…
expenses:
Financial
advisor
compensat…
Commissio…
benefits 6,351 5,398 18%
and other
compensat…
Recruiting
and 460 372 24%
retention…
compensat…
Total
financial 6,811 5,770 18%
advisor
compensat…
Administr…
compensat… 1,777 1,614 10%
and
benefits
Total
compensat…
commissio… 8,588 7,384 16%
and
benefits
Non-compe… 1,151 1,078 7%
expenses
Total
non-inter… 9,739 8,462 15%
expenses
Pre-tax $ 1,736 $ 1,720 1%
income
Please refer to the footnotes at the end of this press release for additional
information.
13
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Three %
months change
Capit… ended from
Marke… Septem… Septem… June Septem… June
$ in 30, 30, 30, 30, 30,
milli… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Reven…
Broke…
reven…
Fixed $ 71 $ 99 $ 99 (28)% (28)%
income
Equity 47 41 50 15% (6)%
Total
broke… 118 140 149 (16)% (21)%
reven…
Inves…
banki…
Merger
&
acqui… 218 163 150 34% 45%
and
advis…
Equity 41 46 50 (11)% (18)%
under…
Debt 102 100 85 2% 20%
under…
Total
inves… 361 309 285 17% 27%
banki…
Inter… 27 27 25 —% 8%
income
Affor…
housi…
inves… 63 58 35 9% 80%
busin…
reven…
All 5 4 6 25% (17)%
other
Total 574 538 500 7% 15%
reven…
Inter… -25 -25 -23 —% 9%
expen…
Net 549 513 477 7% 15%
reven…
Non-i…
expen…
Compe…
commi… 310 303 300 2% 3%
and
benef…
Non-c… 133 120 129 11% 3%
expen…
Total
non-i… 443 423 429 5% 3%
expen…
Pre-t… $ 106 $ 90 $ 48 18% 121%
income
Twelve September September
$ in months 30, 30,
millions ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues:
Brokerage
revenues:
Fixed $ 365 $ 397 (8)%
income
Equity 199 168 18%
Total
brokerage 564 565 —%
revenues
Investment
banking:
Merger &
acquisiti… 626 623 —%
and
advisory
Equity 178 150 19%
underwrit…
Debt 314 263 19%
underwrit…
Total
investment 1,118 1,036 8%
banking
Interest 107 111 (4)%
income
Affordable
housing
investmen… 157 140 12%
business
revenues
All other 21 17 24%
Total 1,967 1,869 5%
revenues
Interest -97 -99 (2)%
expense
Net 1,870 1,770 6%
revenues
Non-inter…
expenses:
Compensat…
commissio… 1,164 1,128 3%
and
benefits
Non-compe… 492 496 (1)%
expenses(…
Total
non-inter… 1,656 1,624 2%
expenses
Pre-tax $ 214 $ 146 47%
income
Please refer to the footnotes at the end of this press release for additional
information.
14
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Three %
months change
Asset ended from
Manag… Septem… Septem… June Septem… June
$ in 30, 30, 30, 30, 30,
milli… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Reven…
Asset
manag…
and
relat…
admin…
fees:
Manag… $ 257 $ 204 $ 230 26% 12%
progr…
Admin…
and 141 99 122 42% 16%
other
Total
asset
manag…
and 398 303 352 31% 13%
relat…
admin…
fees
Accou…
and 7 6 6 17% 17%
servi…
fees
All 4 5 4 (20)% —%
other
Net 409 314 362 30% 13%
reven…
Non-i…
expen…
Compe…
commi… 82 60 76 37% 8%
and
benef…
Non-c… 157 122 143 29% 10%
expen…
Total
non-i… 239 182 219 31% 9%
expen…
Pre-t… $ 170 $ 132 $ 143 29% 19%
income
Twelve September September
$ in months 30, 30,
millions ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues:
Asset
management
and
related
administr…
fees:
Managed $ 909 $ 769 18%
programs
Administr… 472 374 26%
and other
Total
asset
management
and 1,381 1,143 21%
related
administr…
fees
Account
and 26 23 13%
service
fees
All other 17 22 (23)%
Net 1,424 1,188 20%
revenues
Non-inter…
expenses:
Compensat…
commissio… 282 229 23%
and
benefits
Non-compe… 549 456 20%
expenses
Total
non-inter… 831 685 21%
expenses
Pre-tax $ 593 $ 503 18%
income
Please refer to the footnotes at the end of this press release for additional
information.
15
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Three %
months change
ended from
Bank Septem… Septe… June Septe… June
$ in 30, 30, 30, 30, 30,
mill… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Reve…
Inte… $ 864 $ 843 $ 831 2% 4%
inco…
Inte… -397 -401 -359 (1)% 11%
expe…
Net
inte… 467 442 472 6% (1)%
inco…
All 16 17 16 (6)% —%
other
Net 483 459 488 5% (1)%
reve…
Non-…
expe…
Comp…
and 49 46 47 7% 4%
bene…
Non-…
expe…
Bank
loan
prov… -8 6 -26 NM 69%
for
cred…
loss…
RJBDP
fees
to 178 191 185 (7)% (4)%
Priv…
Clie…
Grou…
All 84 83 76 1% 11%
other
Total
non-… 254 280 235 (9)% 8%
expe…
Total
non-… 303 326 282 (7)% 7%
expe…
Pre-… $ 180 $ 133 $ 206 35% (13)%
inco…
Twelve September September
$ in months 30, 30,
millions ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues:
Interest $ 3,328 $ 3,315 —%
income
Interest -1,447 -1,600 (10)%
expense
Net
interest 1,881 1,715 10%
income
All other 63 61 3%
Net 1,944 1,776 9%
revenues
Non-inter…
expenses:
Compensat…
and 191 184 4%
benefits
Non-compe…
expenses:
Bank loan
provision… -32 37 NM
for credit
losses
RJBDP fees
to Private 738 754 (2)%
Client
Group(11)
All other 322 310 4%
Total
non-compe… 1,028 1,101 (7)%
expenses
Total
non-inter… 1,219 1,285 (5)%
expenses
Pre-tax $ 725 $ 491 48%
income
Please refer to the footnotes at the end of this press release for additional
information.
16
RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2026 -Unaudited
Three %
months change
ended from
Other… Septem… Septem… June Septem… June
$ in 30, 30, 30, 30, 30,
milli… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Reven…
Inter… $ 32 $ 37 $ 34 (14)% (6)%
income
All 4 — 4 NM —%
other
Total 36 37 38 (3)% (5)%
reven…
Inter… -40 -25 -45 60% (11)%
expen…
Net -4 12 -7 NM 43%
reven…
Non-i…
expen…
Compe…
and 29 35 30 (17)% (3)%
benef…
All 19 17 33 12% (42)%
other
Total
non-i… 48 52 63 (8)% (24)%
expen…
Pre-t… $ -52 $ -40 $ -70 (30)% 26%
loss
Twelve September September
$ in months 30, 30,
millions ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues:
Interest $ 142 $ 139 2%
income
All other 18 7 157%
Total 160 146 10%
revenues
Interest -173 -100 73%
expense
Net -13 46 NM
revenues
Non-inter…
expenses:
Compensat…
and 119 147 (19)%
benefits
All other 61 45 36%
Total
non-inter… 180 192 (6)%
expenses
Pre-tax $ -193 $ -146 (32)%
loss
Please refer to the footnotes at the end of this press release for additional
information.
17
RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics
Fiscal Fourth Quarter of 2026 -Unaudited
Bank Segment
%
change
As of from
Septem… Septe… June Septe… June
$ in 30, 30, 30, 30, 30,
bill… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Total $ 70.1 $ 65.3 $ 70.1 7% —%
asse…
Bank
loan… $ 57.5 $ 51.6 $ 56.2 11% 2%
net
Bank $ 63.3 $ 58.9 $ 63.3 7% —%
depo…
%
chan…
As of from
Sept… Sept… June Sept… June
$ in 30, 30, 30, 30, 30,
mil… 2026 2025 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Bank
loan
all… $ 384 $ 452 $ 398 (15)% (4)%
for
cre…
los…
Tot…
non… $ 155 $ 187 $ 152 (17)% 2%
ass…
Tot…
cri… $ 634 $ 660 $ 593 (4)% 7%
loa…
Bank
loan
all…
for
cre…
los…
as 0.66 % 0.88 % 0.70 %
a %
of
tot…
loa…
held
for
inv…
Bank
loan
all…
for
cre…
los…
on
cor… 1.67 % 1.88 % 1.69 %
loa…
as a
% of
cor…
loa…
held
for
inv…
Non…
ass…
as a 0.22 % 0.29 % 0.22 %
% of
tot…
ass…
Cri…
loa…
as a
% of
tot… 1.10 % 1.28 % 1.05 %
loa…
held
for
inv…
$ Th… Se… Se… June Tw… Sep… Se…
in mo… 30, 30, 30, mo… 30, 30,
mi… en… 20… 20… 2026 en… 2026 20…
──────────────────────────────────────────────────────────────────────────────
N…
i…
m…
(… 2.… % 2.… % 2.71 % 2.73 % 2.… %
y…
on
i…
a…
B…
l…
p… $ -8 $ 6 $ -26 $ -32 $ 37
f…
c…
l…
N… $ 6 $ 19 $ 15 $ 35 $ 41
c…
Please refer to the footnotes at the end of this press release for additional
information.
18
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026 -Unaudited
Reconciliation of non-GAAP financial measures to GAAP financial measures
We utilize certain non-GAAP financial measures as additional measures to aid in,
and enhance, the understanding of our financial results and related measures.
These non-GAAP financial measures have been separately identified in this
document. We believe certain of these non-GAAP financial measures provide useful
information to management and investors by excluding certain material items that
may not be indicative of our core operating results. We utilize these non-GAAP
financial measures in assessing the financial performance of the business, as
they facilitate a comparison of current- and prior-period results. We believe
that return on tangible common equity and tangible book value per share are
meaningful to investors as they facilitate comparisons of our results to the
results of other companies. In the following tables, the tax effect of non-GAAP
adjustments reflects the statutory rate associated with each non-GAAP item.
These non-GAAP financial measures should be considered in addition to, and not
as a substitute for, measures of financial performance prepared in accordance
with GAAP. In addition, our non-GAAP financial measures may not be comparable to
similarly titled non-GAAP financial measures of other companies. The following
tables provide a reconciliation of non-GAAP financial measures to the most
directly comparable GAAP measures.
Three Sept… Sept… June Twel… Sep… Sept…
$ in mont… 30, 30, 30, mont… 30, 30,
mill… ended 2026 2025 2026 ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
ava… $ 666 $ 603 $ 595 $ 2,3… $ 2,130
to
com…
sha…
Non…
adj…
Exp…
rel…
to
acq…
Com…
com…
and
ben…
Acq… 9 6 8 30 31
ret…
Oth…
acq… 6 4 — 7 4
com…
Tot…
“Co…
com… 15 10 8 37 35
and
ben…
exp…
Com…
and 3 2 2 9 2
inf…
pro…
Pro… 3 8 5 14 10
fees
Oth…
Amo…
of
ide… 16 10 14 50 41
int…
ass…
All
oth… 10 9 3 16 9
acq…
exp…
Tot…
“Ot… 26 19 17 66 50
exp…
Tot…
pre…
imp…
of
non… 47 39 32 126 97
adj…
rel…
to
acq…
Tax
eff…
of -10 -7 -7 -27 -22
non…
adj…
Tot…
non…
adj… 37 32 25 99 75
net
of
tax
Adj…
net
inc…
ava… $ 703 $ 635 $ 620 $ 2,4… $ 2,205
to
com…
sha…
Pre… $ 862 $ 731 $ 750 $ 3,0… $ 2,714
inc…
Pre…
imp…
of
non… 47 39 32 126 97
adj…
(as
det…
abo…
Adj…
pre… $ 909 $ 770 $ 782 $ 3,2… $ 2,811
inc…
Com…
com…
and $ 2,774 $ 2,394 $ 2,579 $ 10,… $ 9,072
ben…
exp…
Les…
Tot…
com…
acq… 15 10 8 37 35
exp…
(as
det…
abo…
Adj…
“Co…
com… $ 2,759 $ 2,384 $ 2,571 $ 10,… $ 9,037
and
ben…
exp…
Please refer to the footnotes at the end of this press release for additional
information.
19
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026 -Unaudited
R…
of
n…
f…
m…
to
G…
f…
m…
(…
f…
p…
p…
Th… Tw…
mo… mo…
en… en…
Se… Se… Ju… Se… S…
30, 30, 30, 30, 3…
20… 20… 20… 20… 2…
P… 20… % 19… % 19… % 19… % 19… %
m…
I…
of
n…
a…
on
p…
m…
E…
r…
to
a…
C…
c…
a…
b…
A… 0.2 % 0.1 % 0.2 % 0.2 % 0.2 %
r…
O…
a… 0.2 % 0.1 % — % — % — %
c…
T…
“…
c… 0.4 % 0.2 % 0.2 % 0.2 % 0.2 %
a…
b…
e…
C…
a… 0.1 % 0.1 % — % 0.1 % — %
i…
p…
P… 0.1 % 0.2 % 0.1 % 0.1 % 0.1 %
f…
O…
A…
of
i… 0.4 % 0.3 % 0.4 % 0.3 % 0.3 %
i…
a…
A…
o… 0.1 % 0.3 % 0.1 % 0.1 % 0.1 %
a…
e…
T…
“… 0.5 % 0.6 % 0.5 % 0.4 % 0.4 %
e…
T…
p…
i…
of
n… 1.1 % 1.1 % 0.8 % 0.8 % 0.7 %
a…
r…
to
a…
A…
p… 21… % 20… % 19… % 20… % 20… %
m…
T…
c… 65… % 64… % 65… % 65… % 64… %
r…
L…
t…
i…
of
n…
a…
on
c…
r…
A… 0.2 % 0.1 % 0.2 % 0.2 % 0.2 %
r…
O…
a… 0.2 % 0.1 % — % — % — %
c…
T…
“…
c…
a…
b… 0.4 % 0.2 % 0.2 % 0.2 % 0.2 %
e…
r…
to
a…
A…
t…
c… 64… % 64… % 65… % 65… % 64… %
r…
(…
Please refer to the footnotes at the end of this press release for additional
information.
20
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026 -Unaudited
Rec…
of
non…
fin…
mea…
to
GAAP
fin…
mea…
(Co… Earn…
from per Three Sept… Sept… June Twel… Sep… Sept…
pre… comm… mont… 30, 30, 30, mont… 30, 30,
pag… shar… ended 2026 2025 2026 ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Bas… $ 3.46 $ 3.03 $ 3.06 $ 12.… $ 10.53
Imp…
of
non…
adj…
on
bas…
ear…
per
com…
sha…
Exp…
rel…
to
acq…
Com…
com…
and
ben…
Acq… 0.05 0.03 0.04 0.15 0.15
ret…
Oth…
acq… 0.03 0.02 — 0.04 0.02
com…
Tot…
“Co…
com… 0.08 0.05 0.04 0.19 0.17
and
ben…
exp…
Com…
and 0.02 0.01 0.01 0.05 0.01
inf…
pro…
Pro… 0.02 0.04 0.03 0.07 0.05
fees
Oth…
Amo…
of
ide… 0.07 0.05 0.07 0.25 0.20
int…
ass…
All
oth… 0.05 0.05 0.02 0.08 0.05
acq…
exp…
Tot…
“Ot… 0.12 0.10 0.09 0.33 0.25
exp…
Tot…
pre…
imp…
of
non… 0.24 0.20 0.17 0.64 0.48
adj…
rel…
to
acq…
Tax
eff…
of -0.05 -0.04 -0.04 -0.… -0.11
non…
adj…
Tot…
non…
adj… 0.19 0.16 0.13 0.50 0.37
net
of
tax
Adj… $ 3.65 $ 3.19 $ 3.19 $ 12.… $ 10.90
bas…
Dil… $ 3.40 $ 2.95 $ 3.01 $ 11.… $ 10.30
Imp…
of
non…
adj…
on
dil…
ear…
per
com…
sha…
Exp…
rel…
to
acq…
Com…
com…
and
ben…
Acq… 0.05 0.03 0.04 0.15 0.15
ret…
Oth…
acq… 0.03 0.02 — 0.04 0.02
com…
Tot…
“Co…
com… 0.08 0.05 0.04 0.19 0.17
and
ben…
exp…
Com…
and 0.02 0.01 0.01 0.05 0.01
inf…
pro…
Pro… 0.02 0.04 0.03 0.07 0.05
fees
Oth…
Amo…
of
ide… 0.07 0.05 0.07 0.25 0.20
int…
ass…
All
oth… 0.05 0.04 0.02 0.08 0.04
acq…
exp…
Tot…
“Ot… 0.12 0.09 0.09 0.33 0.24
exp…
Tot…
pre…
imp…
of
non… 0.24 0.19 0.17 0.64 0.47
adj…
rel…
to
acq…
Tax
eff…
of -0.05 -0.03 -0.04 -0.… -0.11
non…
adj…
Tot…
non…
adj… 0.19 0.16 0.13 0.50 0.36
net
of
tax
Adj… $ 3.59 $ 3.11 $ 3.14 $ 12.… $ 10.66
dil…
Please refer to the footnotes at the end of this press release for additional
information.
21
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026 -Unaudited
Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
$ in
millions,
except per September September
Book value share 30, 30, June 30,
per share amounts As of 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Total
common
equity
attributa…
to $ 13,128 $ 12,424 $ 12,699
Raymond
James
Financial,
Inc.
Less
non-GAAP
adjustmen…
Goodwill
and
identifia… 2,618 1,847 2,608
intangible
assets,
net
Deferred
tax
liabiliti…
related to
goodwill -235 -144 -232
and
identifia…
intangible
assets,
net
Tangible
common
equity
attributa…
to $ 10,745 $ 10,721 $ 10,323
Raymond
James
Financial,
Inc.(1)
Common
shares 192.0 198.1 192.1
outstandi…
Book value
per $ 68.38 $ 62.72 $ 66.11
share(10)
Tangible
book value
per $ 55.96 $ 54.12 $ 53.74
share(1)
(10)
Ret…
on Three Sept… Sept… June Twel… Sep… Sept…
com… $ in mont… 30, 30, 30, mont… 30, 30,
equ… mill… ended 2026 2025 2026 ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Ave…
com… $ 12,9… $ 12,3… $ 12,6… $ 12,… $ 12,0…
equ…
Imp…
of
non…
adj…
on
ave…
com…
equ…
Exp…
rel…
to
acq…
Com…
com…
and
ben…
Acq… 5 3 4 14 16
ret…
Oth…
acq… 3 2 — 2 1
com…
Tot…
“Co…
com… 8 5 4 16 17
and
ben…
exp…
Com…
and 1 1 1 4 —
inf…
pro…
Pro… 2 4 3 7 3
fees
Oth…
Amo…
of
ide… 8 5 7 23 21
int…
ass…
All
oth… 5 5 2 5 1
acq…
exp…
Tot…
“Ot… 13 10 9 28 22
exp…
Tot…
pre…
imp…
of
non… 24 20 17 55 42
adj…
rel…
to
acq…
Tax
eff…
of -5 -4 -4 -12 -10
non…
adj…
Tot…
non…
adj… 19 16 13 43 32
net
of
tax
Adj…
ave…
com… $ 12,9… $ 12,3… $ 12,6… $ 12,… $ 12,0…
equ…
(23)
Please refer to the footnotes at the end of this press release for additional
information.
22
RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026 -Unaudited
R…
of
n…
f…
m…
to
G…
f…
m…
(…
f… $ Th… Se… Se… June Tw… Sep… Se…
p… in mo… 30, 30, 30, mo… 30, 30,
p… mi… en… 20… 20… 2026 en… 2026 20…
──────────────────────────────────────────────────────────────────────────────
A…
c… $ 12… $ 12… $ 12,… $ 12,… $ 12…
e…
L…
A…
g…
a…
i… 2,… 1,… 2,2… 2,1… 1,…
i…
a…
n…
A…
d…
t…
l…
r…
to -2… -1… -190 -181 -1…
g…
a…
i…
i…
a…
n…
A…
t…
c… $ 10… $ 10… $ 10,… $ 10,… $ 10…
e…
(…
I…
of
n…
a…
on
a…
t…
c…
e…
E…
r…
to
a…
C…
c…
a…
b…
A… 5 3 4 14 16
r…
O…
a… 3 2 — 2 1
c…
T…
“…
c… 8 5 4 16 17
a…
b…
e…
C…
a… 1 1 1 4 —
i…
p…
P… 2 4 3 7 3
f…
O…
A…
of
i… 8 5 7 23 21
i…
a…
A…
o… 5 5 2 5 1
a…
e…
T…
“… 13 10 9 28 22
e…
T…
p…
i…
of
n… 24 20 17 55 42
a…
r…
to
a…
T…
e…
of -5 -4 -4 -12 -10
n…
a…
T…
n…
a… 19 16 13 43 32
n…
of
t…
A…
a…
t… $ 10… $ 10… $ 10,… $ 10,… $ 10…
c…
e…
(…
R…
on 20… % 19… % 18.8 % 18.7 % 17… %
c…
e…
A…
r…
on 21… % 20… % 19.6 % 19.4 % 18… %
c…
e…
(…
R…
on
t… 25… % 22… % 22.6 % 22.2 % 20… %
c…
e…
(…
A…
r…
on 26… % 23… % 23.5 % 23.0 % 21… %
t…
c…
e…
Please refer to the footnotes at the end of this press release for additional
information.
23
RAYMOND JAMES FINANCIAL, INC.
Fiscal Fourth Quarter of 2026 Footnotes
These are non-GAAP financial measures. See the schedules on the
(1) previous pages for a reconciliation of non-GAAP financial measures
to the most directly comparable GAAP measures and for more
information on these measures.
Domestic Private Client Group net new assets represents domestic
Private Client Group client inflows, including dividends and
interest, less domestic Private Client Group client outflows,
(2) including commissions, advisory fees, and other fees. The domestic
Private Client Group net new asset growth — annualized percentage is
based on the beginning domestic Private Client Group assets under
administration balance for the indicated period.
On April 30, 2026, we completed our acquisition of Clark Capital
Management Group, Inc. (“Clark Capital”), which has been integrated
(3) into our Asset Management segment. As of the acquisition date, Clark
Capital contributed $36 billion of financial assets under management
and $11 billion of non-discretionary assets, representing total
client assets of $47 billion.
(4) Estimated.
Earnings per common share is computed by dividing net income
available to common shareholders (less allocation of earnings and
dividends to participating securities) by weighted-average common
shares outstanding (basic or diluted as applicable) for each
respective period or, in the case of adjusted earnings per common
share, computed by dividing adjusted net income available to common
(5) shareholders (less allocation of earnings and dividends to
participating securities) by weighted-average common shares
outstanding (basic or diluted as applicable) for each respective
period. The allocations of earnings and dividends to participating
securities were $1 million for each of the three months ended
September 30, 2026, June 30, 2026, and September 30, 2025, and $3
million for each of the twelve months ended September 30, 2026 and
2025.
Return on common equity is computed by dividing annualized net
income available to common shareholders by average common equity for
each respective period or, in the case of return on tangible common
equity, computed by dividing annualized net income available to
common shareholders by average tangible common equity for each
respective period. Adjusted return on common equity is computed by
dividing annualized adjusted net income available to common
(6) shareholders by adjusted average common equity for each respective
period, or in the case of adjusted return on tangible common equity,
computed by dividing annualized adjusted net income available to
common shareholders by adjusted average tangible common equity for
each respective period. Tangible common equity is defined as total
common equity attributable to Raymond James Financial, Inc. less
goodwill and identifiable intangible assets, net of related deferred
taxes.
Pre-tax margin is computed by dividing pre-tax income by net
(7) revenues for each respective period or, in the case of adjusted
pre-tax margin, computed by dividing adjusted pre-tax income by net
revenues for each respective period.
Total compensation ratio is computed by dividing compensation,
commissions and benefits expense by net revenues for each respective
(8) period or, in the case of adjusted total compensation ratio,
computed by dividing adjusted compensation, commissions and benefits
expense by net revenues for each respective period.
Results for the twelve months ended September 30, 2025 included a
$58 million reserve increase associated with the settlement of a
legal matter related to bond underwritings for a specific issuer
(9) sold to institutional investors between 2013 to 2015. The impact of
this settlement was an increase in “Other” expense in the Capital
Markets segment of $58 million for the twelve months ended September
30, 2025.
Book value per share is computed by dividing total common equity
attributable to Raymond James Financial, Inc. by the number of
(10) common shares outstanding at the end of each respective period or,
in the case of tangible book value per share, computed by dividing
tangible common equity by the number of common shares outstanding at
the end of each respective period.
We earn fees from the RJBDP, a multi-bank sweep program in which
clients’ cash deposits in their brokerage accounts are swept into
interest-bearing deposit accounts at our Bank segment, as well as
various third-party banks. RJBDP balances swept to our Bank segment
are reflected in Bank deposits on our Consolidated Statement of
Financial Condition and the vast majority are included in money
(11) market and other savings accounts in our net interest disclosures in
this release. RJBDP balances swept to third-party banks are not
included in our Bank deposits on our Consolidated Statement of
Financial Condition given those deposits are held by third-party
banks. Fees earned from the RJBDP are included in “Account and
service fees” on our Consolidated Statements of Income, and those
fees earned by the Private Client Group segment on deposits held by
our Bank segment are eliminated in consolidation.
Our Enhanced Savings Program is a deposit offering in which clients,
substantially all within our Private Client Group, deposit cash in a
high-yield Raymond James Bank account. ESP balances held at Raymond
(12) James Bank as of the respective period end are reflected in Bank
deposits on our Consolidated Statement of Financial Condition and
the vast majority are included within interest-bearing demand
deposits in our net interest disclosures in this release.
Average yield on RJBDP - third-party banks is computed by dividing
(13) annualized RJBDP fees - third-party banks, which are net of the
interest expense paid to clients by the third-party banks, by the
average daily RJBDP balances at third-party banks.
Loans are presented net of unamortized purchase discounts or
(14) premiums, unearned income, deferred origination fees and costs, and
charge-offs.
Securities-based loans included loans collateralized by the
borrower’s marketable securities at advance rates consistent with
industry standards and, to a lesser extent, the cash surrender value
(15) of life insurance policies. An insignificant portion of our
securities-based loans portfolio is collateralized by private
securities or other financial instruments with a limited trading
market.
The average rate on tax-exempt loans is presented on a
(16) taxable-equivalent basis utilizing the applicable federal statutory
rates for each respective period.
The average balance, interest expense, and average rate for “Total
(17) bank deposits” included amounts associated with affiliate deposits.
Such amounts are eliminated in consolidation and are offset in “All
other interest-bearing liabilities” under “All other segments.”
24
RAYMOND JAMES FINANCIAL, INC.
Fiscal Fourth Quarter of 2026 Footnotes
The Other segment includes interest income on certain corporate cash
balances, the results of our private equity investments, which
predominantly consist of investments in third-party funds, certain
(18) other corporate investing activity, and certain corporate overhead
costs of RJF that are not allocated to other segments including the
interest costs on our public debt, certain provisions for legal and
regulatory matters, and certain acquisition-related expenses.
PCG recruiting and retention-related compensation includes expenses
related to cash and equity awards issued in conjunction with
(19) recruiting activities, as retention for existing advisors, or in
conjunction with our acquisitions (as further described in footnote
21). Such awards are expensed over the requisite service period
(typically between 5 and 10 years).
(20) Corporate loans included commercial and industrial loans, commercial
real estate loans, and real estate investment trust loans.
Includes acquisition-related compensation expenses primarily arising
from equity and cash-based retention awards issued in conjunction
(21) with acquisitions. Such retention awards are generally contingent
upon the post-closing continuation of service of certain associates
who joined the firm as part of such acquisitions and are expensed
over the requisite service period.
Amortization of identifiable intangible assets, which was included
(22) in “Other” expense, includes amortization of identifiable intangible
assets arising from our acquisitions.
Average common equity for the quarter-to-date period is computed by
adding the total common equity attributable to Raymond James
Financial, Inc. as of the date indicated to the prior quarter-end
total, and dividing by two, or in the case of average tangible
common equity, computed by adding tangible common equity as of the
date indicated to the prior quarter-end total, and dividing by two.
For the year-to-date period, average common equity is computed by
adding the total common equity attributable to Raymond James
Financial, Inc. as of each quarter-end date during the indicated
(23) period to the beginning of year total, and dividing by five, or in
the case of average tangible common equity, computed by adding
tangible common equity as of each quarter-end date during the
indicated period to the beginning of year total, and dividing by
five. Adjusted average common equity is computed by adjusting for
the impact on average common equity of the non-GAAP adjustments, as
applicable for each respective period. Adjusted average tangible
common equity is computed by adjusting for the impact on average
tangible common equity of the non-GAAP adjustments, as applicable
for each respective period.
25