Raymond James Financial, Inc. (RJF) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 27, 2027 — estimated from last year’s reporting date.

Consensus is $3.35 EPS for Dec 2026 across 5 estimates, ranging $3.13 to $3.49.

RJF Sep 2026

Reported Oct 28, 2026 · after the close

: 9.45%
: +2.46%

: $3.28
: $3.59
: —
: —

Highlights

Earnings beat: Adjusted diluted EPS was $3.59, 9.45% above the $3.28 consensus; GAAP diluted EPS was $3.40, up 15% year over year and 13% sequentially.
Record quarterly results: Net revenues reached $4.27 billion, up 15% year over year and 9% from the prior quarter; net income available to common shareholders was $666 million, up 10% and 12%, respectively.
Sixth annual record: Fiscal 2026 net revenues were $15.79 billion, up 12%, and diluted EPS was $11.91, up 16%; adjusted diluted EPS rose 16% to $12.41.
Private Client growth: Domestic PCG net new assets were $22.8 billion in Q4 and a record $98.3 billion for the year, up 88%; PCG fee-based assets reached $1.16 trillion, up 15% year over year.
Fee-driven expansion: Asset management and related administrative fees rose 23% year over year to $2.31 billion, the main driver of quarterly revenue growth.
Investment banking recovery: Capital Markets investment banking revenue increased 17% year over year to $361 million and 27% sequentially; segment pretax income rose 121% sequentially to $106 million.
Bank growth, narrower margin: Net bank loans rose 11% year over year to $57.5 billion, while bank net interest margin declined 11 basis points year over year and sequentially to 2.60%.
Returns and capital: Q4 adjusted pretax margin was 21.3% and adjusted return on tangible common equity was 26.6%; the firm returned about $1.7 billion through buybacks and dividends in FY2026.

Analysis

Raymond James closed fiscal 2026 with a record quarter and its sixth consecutive year of record annual results. Adjusted diluted EPS of $3.59 exceeded the $3.28 consensus by 9.45%; GAAP diluted EPS was $3.40. Net revenues of $4.27 billion increased 15% from the year-ago quarter’s $3.73 billion and 9% from the preceding quarter’s $3.93 billion. Common net income of $666 million was up 10% year over year and 12% sequentially. For the year, net revenues rose 12% to $15.79 billion and diluted EPS climbed 16% to $11.91.

The print was led by fee-based wealth growth: asset management and related administrative fees advanced 23% to $2.31 billion, supported by market appreciation and inflows, while domestic PCG net new assets reached $98.3 billion for the year, up 88%. Capital Markets also improved, with investment banking revenue up 17% year over year and 27% sequentially, though fixed-income brokerage remained pressured. The Bank expanded lending, particularly securities-based loans, but its 2.60% net interest margin was down 11 basis points from both comparison periods. Profitability remained strong, with a 21.3% adjusted pretax margin and 26.6% adjusted quarterly return on tangible common equity. Management expects fiscal 2027 noncompensation expenses, excluding specified items, to rise about 8%, and guided to roughly 1% sequential growth in both asset-management fees and combined net interest income plus third-party sweep fees in Q1.

Quarterly and annual results

Quarter: Net revenues of $4.269 billion were up 15% year over year and 9% sequentially. Pretax income increased 18% year over year and 15% sequentially to $862 million; GAAP net income available to common shareholders was $666 million.
Adjusted earnings: Excluding $37 million of after-tax acquisition-related expenses, adjusted net income was $703 million and adjusted diluted EPS was $3.59, versus GAAP diluted EPS of $3.40.
Fiscal year: Net revenues of $15.791 billion rose 12%, common net income grew 11% to $2.365 billion, and diluted EPS increased 16% to $11.91. Adjusted diluted EPS was $12.41, also up 16%.
Profitability: Q4 GAAP pretax margin was 20.2%, versus 19.6% a year earlier and 19.1% in Q3; adjusted pretax margin was 21.3%, compared with 20.7% and 19.9%, respectively.

Private Client Group

Quarterly performance: PCG net revenues were a record $3.056 billion, up 15% year over year and 8% sequentially. Pretax income rose 10% year over year and 8% sequentially to $458 million.
Asset growth: PCG assets under administration reached $1.871 trillion, up 12% year over year. Fee-based assets were $1.163 trillion, up 15% year over year and 1% sequentially.
Net new assets: Domestic PCG generated $22.8 billion in Q4, equivalent to 5.3% annualized growth from beginning-of-quarter assets. FY2026 net new assets were $98.3 billion, or 6.4% growth, compared with $52.4 billion in FY2025.
Revenue and investment trade-off: PCG asset-management fees rose 21% year over year to $1.919 billion, driven by appreciation and fee-account inflows. Pretax income grew more slowly than revenue as advisor commissions and recruiting-related costs increased; management emphasized continued investment in advisor recruitment and long-term growth.

Capital Markets and asset management

Capital Markets: Net revenues were $549 million, up 7% year over year and 15% sequentially; pretax income was $106 million, up 18% and 121%, respectively. Investment banking revenue of $361 million increased 17% year over year, led by M&A and advisory revenue of $218 million, up 34%.
Trading pressure and seasonal support: Fixed-income brokerage revenue declined 28% year over year to $71 million amid volatility, particularly in municipal securities. Affordable housing investment revenue was $63 million, up 80% sequentially and 9% year over year, helping support the quarter.
Asset Management: Record net revenues of $409 million and pretax income of $170 million rose 30% and 29% year over year. Financial assets under management were $342.9 billion, up 25% year over year and down 1% sequentially; growth reflected markets, PCG inflows and the addition of Clark Capital.

Bank and interest income

Loan growth: Net bank loans reached a record $57.5 billion, up 11% year over year and 2% sequentially. Securities-based loans were $26.2 billion, up 32% year over year; residential mortgage loans increased 12%.
Segment results: Bank net revenues were $483 million, up 5% year over year and down 1% sequentially. Pretax income rose 35% year over year to $180 million but fell 13% sequentially, in part reflecting a smaller credit-loss benefit than in Q3.
Margin and credit: Bank net interest margin fell to 2.60%, 11 basis points lower than both the year-ago and prior quarters. The quarter included an $8 million loan-loss benefit; management cited strong credit measures and a portfolio mix increasingly weighted toward securities-based loans and residential mortgages.
Near-term outlook: Combined net interest income and third-party RJBDP fees were $674 million, up 3% year over year and 2% sequentially. Management expected this combined measure to rise about 1% in Q1 FY2027, assuming unchanged quarter-end balances and incorporating the September rate increase.

Expenses, capital and outlook

Expense discipline: Q4 total compensation ratio was 65.0%, or 64.6% adjusted for acquisition-related costs. Adjusted pretax margin of 21.3% exceeded management’s approximately 20% reference level. Noncompensation expenses were $633 million, up 5% year over year.
FY2027 expense guide: Management expects noncompensation expenses of about $2.5 billion, excluding the bank loan provision, specified non-GAAP adjustments, and unexpected legal or regulatory items—approximately 8% above FY2026. Acquisitions account for about 100 basis points of the anticipated increase.
Capital returns and liquidity: Fiscal-year buybacks were $1.25 billion at an average price of $156 per share; combined buybacks and dividends returned about $1.7 billion. Q4 repurchases were $50 million. After pausing repurchases while assessing an M&A opportunity that is not expected to proceed, management said it planned to resume buybacks at about $400 million per quarter, without a catch-up.
Capital position: The estimated total capital ratio was 24.2% and Tier 1 leverage was 12.1% at quarter-end. Management cited $2.9 billion of parent-company cash, $1.7 billion above its $1.2 billion target, and about $1.9 billion of excess capital capacity before reaching its 10% Tier 1 leverage target.

Raymond James Financial, Inc.

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