Raymond James Financial (RJF) Research

Forward Estimates

EPS Estimates

Current Qtr

$2.91

$2.80$3.05

vs $2.18+33.3%

11 analysts

Next Qtr

$3.23

$2.93$3.47

vs $3.11+3.8%

11 analysts

Current Yr

$11.86

$11.52$12.40

vs $10.66+11.3%

13 analysts

Next Yr

$13.37

$12.06$14.15

vs $11.86+12.7%

13 analysts

Revenue Estimates

Current Qtr

$3.88B

$3.83B$3.97B

vs $3.40B+14.1%

7 analysts

Next Qtr

$4.08B

$3.95B$4.19B

vs $3.73B+9.5%

7 analysts

Current Yr

$15.56B

$15.38B$15.75B

vs $14.06B+10.6%

10 analysts

Next Yr

$16.73B

$16.20B$17.20B

vs $15.56B+7.5%

9 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for RJF on EDGAR.

RJF filing events and research context
Filed	Item	Context
May 6, 2026	mda_quarterly	Raymond James Financial (RJF) reported strong fiscal second-quarter 2026 results, with net revenues of $3.86 billion, a 13% increase year-over-year, and diluted earnings per share of $2.72, up 15%. Growth was primarily driven by the Private Client Group (PCG), where asset management and administrative fees rose 17% due to market appreciation and net new assets from advisor recruiting. While PCG net revenues grew 13%, pre-tax income declined 3% as higher compensable revenues and growth-related investments increased the total compensation ratio to 65.8%. The Capital Markets segment saw a 17% revenue increase, bolstered by a 31% rise in investment banking, particularly in debt and equity underwriting, and the acquisition of GreensLedge. Conversely, the Bank segment benefited from a 13% rise in net interest income, supported by growth in securities-based and residential mortgage loans and a favorable shift toward loan assets. Despite a 125-basis-point decline in the Fed funds target rate since fiscal 2025, the firm maintains strong liquidity, with $3.0 billion in corporate cash and a 12.4% tier 1 leverage ratio. Key risks include ongoing regulatory inquiries regarding cash sweep programs and potential credit losses in the commercial real estate portfolio, though current nonperforming assets remain low.
Feb 6, 2026	mda_quarterly	Raymond James Financial reported net revenues of $3.74 billion for the fiscal first quarter of 2026, a 6% increase year-over-year, though pre-tax income declined 3% to $728 million. The revenue growth was driven by a 15% rise in asset management and administrative fees, fueled by record client assets in fee-based accounts and successful advisor recruiting. Conversely, investment banking revenues fell 36% due to a slowdown in merger and acquisition activity compared to the prior-year period. The firm’s net interest income and related fees were pressured by a 125-basis-point decline in the federal funds target rate since the start of fiscal 2025, resulting in a 1% decline in combined net interest income and RJBDP fees. While the Bank segment saw a 14% increase in net interest income due to growth in securities-based and residential mortgage loans, this was offset by lower yields on cash sweep balances. Raymond James maintains a robust capital position, with a tier 1 leverage ratio of 12.7% and $3.3 billion in corporate cash. The firm continues to prioritize growth through acquisitions, including the pending purchases of GreensLedge and Clark Capital, while returning capital to shareholders via an 8% dividend increase and $400 million in share repurchases during the quarter.
Nov 25, 2025	business	Raymond James Financial operates through four primary segments: Private Client Group (PCG), Capital Markets, Asset Management, and Bank. PCG is a core revenue driver, focusing on asset management and administrative fees, with fee-based accounts comprising 60.5% of its $1.67 trillion in assets under administration (AUA). Capital Markets provides M&A advisory, underwriting, and institutional sales and trading, while the Asset Management segment manages proprietary mutual funds and managed programs. The Bank segment generates net interest income through securities-based loans (SBL), commercial and industrial (C&I), and commercial real estate (CRE) loans. A critical trend is the client shift from transaction-based to fee-based accounts, which increases revenue sensitivity to market volatility. Key financial risks include interest rate fluctuations impacting net interest margins and cash sweep (RJBDP) yields. Credit risk is concentrated in C&I and CRE portfolios, with residential mortgage exposure primarily in California, Florida, Texas, and New York. The firm is expanding its structured credit and securitization capabilities through the acquisition of GreensLedge Holdings. Regulatory and legal risks include SEC inquiries and class action lawsuits concerning fiduciary duties and the interest rates paid to clients within its cash sweep programs.

Filed

Item

Context

May 6, 2026

mda_quarterly

Raymond James Financial (RJF) reported strong fiscal second-quarter 2026 results, with net revenues of $3.86 billion, a 13% increase year-over-year, and diluted earnings per share of $2.72, up 15%. Growth was primarily driven by the Private Client Group (PCG), where asset management and administrative fees rose 17% due to market appreciation and net new assets from advisor recruiting. While PCG net revenues grew 13%, pre-tax income declined 3% as higher compensable revenues and growth-related investments increased the total compensation ratio to 65.8%. The Capital Markets segment saw a 17% revenue increase, bolstered by a 31% rise in investment banking, particularly in debt and equity underwriting, and the acquisition of GreensLedge. Conversely, the Bank segment benefited from a 13% rise in net interest income, supported by growth in securities-based and residential mortgage loans and a favorable shift toward loan assets. Despite a 125-basis-point decline in the Fed funds target rate since fiscal 2025, the firm maintains strong liquidity, with $3.0 billion in corporate cash and a 12.4% tier 1 leverage ratio. Key risks include ongoing regulatory inquiries regarding cash sweep programs and potential credit losses in the commercial real estate portfolio, though current nonperforming assets remain low.

Feb 6, 2026

mda_quarterly

Raymond James Financial reported net revenues of $3.74 billion for the fiscal first quarter of 2026, a 6% increase year-over-year, though pre-tax income declined 3% to $728 million. The revenue growth was driven by a 15% rise in asset management and administrative fees, fueled by record client assets in fee-based accounts and successful advisor recruiting. Conversely, investment banking revenues fell 36% due to a slowdown in merger and acquisition activity compared to the prior-year period. The firm’s net interest income and related fees were pressured by a 125-basis-point decline in the federal funds target rate since the start of fiscal 2025, resulting in a 1% decline in combined net interest income and RJBDP fees. While the Bank segment saw a 14% increase in net interest income due to growth in securities-based and residential mortgage loans, this was offset by lower yields on cash sweep balances. Raymond James maintains a robust capital position, with a tier 1 leverage ratio of 12.7% and $3.3 billion in corporate cash. The firm continues to prioritize growth through acquisitions, including the pending purchases of GreensLedge and Clark Capital, while returning capital to shareholders via an 8% dividend increase and $400 million in share repurchases during the quarter.

Nov 25, 2025

business

Raymond James Financial operates through four primary segments: Private Client Group (PCG), Capital Markets, Asset Management, and Bank. PCG is a core revenue driver, focusing on asset management and administrative fees, with fee-based accounts comprising 60.5% of its $1.67 trillion in assets under administration (AUA). Capital Markets provides M&A advisory, underwriting, and institutional sales and trading, while the Asset Management segment manages proprietary mutual funds and managed programs. The Bank segment generates net interest income through securities-based loans (SBL), commercial and industrial (C&I), and commercial real estate (CRE) loans. A critical trend is the client shift from transaction-based to fee-based accounts, which increases revenue sensitivity to market volatility. Key financial risks include interest rate fluctuations impacting net interest margins and cash sweep (RJBDP) yields. Credit risk is concentrated in C&I and CRE portfolios, with residential mortgage exposure primarily in California, Florida, Texas, and New York. The firm is expanding its structured credit and securitization capabilities through the acquisition of GreensLedge Holdings. Regulatory and legal risks include SEC inquiries and class action lawsuits concerning fiduciary duties and the interest rates paid to clients within its cash sweep programs.

Forward Estimates

RJF filing events and research context

Keep researching RJF

Related tickers

Related explainers

Forward Estimates