RAYMOND JAMES FINANCIAL INC
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
RJF$162.81-1.2%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements (Unaudited)
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
| $ in millions, except per share amounts | June 30, 2024 | September 30, 2023 |
|---|---|---|
| Assets: | ||
| Cash and cash equivalents | $9,095 | $9,313 |
| Assets segregated for regulatory purposes and restricted cash | 3,641 | 3,235 |
| Collateralized agreements | 570 | 418 |
| Financial instruments, at fair value: | ||
| Trading assets ($1,200 and $1,062 pledged as collateral) | 1,472 | 1,187 |
| Available-for-sale securities ($11 and $22 pledged as collateral) | 8,530 | 9,181 |
| Derivative assets | 85 | 265 |
| Other investments ($6 and $7 pledged as collateral) | 333 | 306 |
| Brokerage client receivables, net | 2,798 | 2,525 |
| Other receivables, net | 1,933 | 1,608 |
| Bank loans, net | 45,149 | 43,775 |
| Loans to financial advisors, net | 1,258 | 1,136 |
| Deferred income taxes, net | 658 | 711 |
| Goodwill and identifiable intangible assets, net | 1,884 | 1,907 |
| Other assets | 3,222 | 2,793 |
| Total assets | $80,628 | $78,360 |
| Liabilities and shareholders’ equity: | ||
| Bank deposits | $54,401 | $54,199 |
| Collateralized financings | 1,154 | 337 |
| Financial instrument liabilities, at fair value: | ||
| Trading liabilities | 891 | 716 |
| Derivative liabilities | 354 | 490 |
| Brokerage client payables | 5,489 | 5,447 |
| Accrued compensation, commissions and benefits | 1,977 | 1,914 |
| Other payables | 2,084 | 1,931 |
| Other borrowings | 1,049 | 1,100 |
| Senior notes payable | 2,039 | 2,039 |
| Total liabilities | 69,438 | 68,173 |
| Commitments and contingencies (see Note 16) | ||
| Shareholders’ equity | ||
| Preferred stock | 79 | 79 |
| Common stock; $.01 par value; 650,000,000 shares authorized; 249,886,619 shares issued and 205,573,733 shares outstanding as of June 30, 2024; 248,728,805 shares issued and 208,769,095 shares outstanding as of September 30, 2023 | 2 | 2 |
| Additional paid-in capital | 3,221 | 3,143 |
| Retained earnings | 11,385 | 10,213 |
| Treasury stock, at cost; 44,312,886 and 39,959,710 common shares as of June 30, 2024 and September 30, 2023, respectively | (2,773) | (2,252) |
| Accumulated other comprehensive loss | (717) | (971) |
| Total equity attributable to Raymond James Financial, Inc. | 11,197 | 10,214 |
| Noncontrolling interests | (7) | (27) |
| Total shareholders’ equity | 11,190 | 10,187 |
| Total liabilities and shareholders’ equity | $80,628 | $78,360 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Three months ended June 30, | Nine months ended June 30, | |||
|---|---|---|---|---|
| in millions, except per share amounts | 2024 | 2023 | 2024 | 2023 |
| Revenues: | ||||
| Asset management and related administrative fees | $1,611 | $1,373 | $4,534 | $3,917 |
| Brokerage revenues: | ||||
| Securities commissions | 416 | 356 | 1,213 | 1,077 |
| Principal transactions | 116 | 105 | 369 | 364 |
| Total brokerage revenues | 532 | 461 | 1,582 | 1,441 |
| Account and service fees | 328 | 264 | 982 | 811 |
| Investment banking | 183 | 151 | 543 | 446 |
| Interest income | 1,057 | 987 | 3,159 | 2,729 |
| Other | 51 | 57 | 120 | 133 |
| Total revenues | 3,762 | 3,293 | 10,920 | 9,477 |
| Interest expense | (534) | (386) | (1,561) | (911) |
| Net revenues | 3,228 | 2,907 | 9,359 | 8,566 |
| Non-interest expenses: | ||||
| Compensation, commissions and benefits | 2,090 | 1,851 | 6,054 | 5,407 |
| Non-compensation expenses: | ||||
| Communications and information processing | 166 | 149 | 481 | 441 |
| Occupancy and equipment | 75 | 68 | 220 | 202 |
| Business development | 72 | 66 | 193 | 176 |
| Investment sub-advisory fees | 48 | 40 | 132 | 110 |
| Professional fees | 38 | 35 | 103 | 105 |
| Bank loan provision/(benefit) for credit losses | (10) | 54 | 23 | 96 |
| Other | 105 | 158 | 270 | 334 |
| Total non-compensation expenses | 494 | 570 | 1,422 | 1,464 |
| Total non-interest expenses | 2,584 | 2,421 | 7,476 | 6,871 |
| Pre-tax income | 644 | 486 | 1,883 | 1,695 |
| Provision for income taxes | 152 | 117 | 417 | 390 |
| Net income | 492 | 369 | 1,466 | 1,305 |
| Preferred stock dividends | 1 | — | 4 | 4 |
| Net income available to common shareholders | $491 | $369 | $1,462 | $1,301 |
| Earnings per common share – basic | $2.37 | $1.75 | $7.02 | $6.09 |
| Earnings per common share – diluted | $2.31 | $1.71 | $6.85 | $5.95 |
| Weighted-average common shares outstanding – basic | 206.8 | 210.1 | 207.9 | 213.0 |
| Weighted-average common and common equivalent shares outstanding – diluted | 212.3 | 214.8 | 213.1 | 218.0 |
| Net income | $492 | $369 | $1,466 | $1,305 |
| Other comprehensive income/(loss), net of tax: | ||||
| Available-for-sale securities | 11 | (76) | 255 | 68 |
| Currency translations, net of the impact of net investment hedges | (2) | 20 | 16 | 73 |
| Cash flow hedges | (2) | 12 | (17) | (1) |
| Total other comprehensive income/(loss), net of tax | 7 | (44) | 254 | 140 |
| Total comprehensive income | $499 | $325 | $1,720 | $1,445 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
| Three months ended June 30, | Nine months ended June 30, | |||
|---|---|---|---|---|
| $ in millions, except per share amounts | 2024 | 2023 | 2024 | 2023 |
| Preferred stock: | ||||
| Balance beginning of period | $79 | $120 | $79 | $120 |
| Redemption of preferred stock | — | (41) | — | (41) |
| Balance end of period | 79 | 79 | 79 | 79 |
| Common stock, par value $.01 per share: | ||||
| Balance beginning of period | 2 | 2 | 2 | 2 |
| Share issuances | — | — | — | — |
| Balance end of period | 2 | 2 | 2 | 2 |
| Additional paid-in capital: | ||||
| Balance beginning of period | 3,186 | 3,035 | 3,143 | 2,987 |
| Employee stock purchases | 10 | 13 | 32 | 35 |
| Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures | (27) | — | (150) | (110) |
| Share-based compensation amortization | 52 | 51 | 196 | 187 |
| Balance end of period | 3,221 | 3,099 | 3,221 | 3,099 |
| Retained earnings: | ||||
| Balance beginning of period | 10,988 | 9,590 | 10,213 | 8,843 |
| Net income attributable to Raymond James Financial, Inc. | 492 | 369 | 1,466 | 1,305 |
| Common and preferred stock cash dividends declared (see Note 17) | (95) | (89) | (294) | (278) |
| Balance end of period | 11,385 | 9,870 | 11,385 | 9,870 |
| Treasury stock: | ||||
| Balance beginning of period | (2,547) | (1,954) | (2,252) | (1,512) |
| Purchases | (246) | (305) | (618) | (810) |
| Reissuances due to vesting of restricted stock units and exercise of stock options | 20 | — | 97 | 63 |
| Balance end of period | (2,773) | (2,259) | (2,773) | (2,259) |
| Accumulated other comprehensive income/(loss): | ||||
| Balance beginning of period | (724) | (798) | (971) | (982) |
| Other comprehensive income/(loss), net of tax | 7 | (44) | 254 | 140 |
| Balance end of period | (717) | (842) | (717) | (842) |
| Total equity attributable to Raymond James Financial, Inc. | $11,197 | $9,949 | $11,197 | $9,949 |
| Noncontrolling interests: | ||||
| Balance beginning of period | $(5) | $(26) | $(27) | $(26) |
| Net loss attributable to noncontrolling interests | — | (1) | — | (1) |
| Other net changes in noncontrolling interests | (2) | — | 20 | — |
| Balance end of period | (7) | (27) | (7) | (27) |
| Total shareholders’ equity | $11,190 | $9,922 | $11,190 | $9,922 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months ended June 30, | ||
|---|---|---|
| $ in millions | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $1,466 | $1,305 |
| Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
| Depreciation and amortization | 132 | 123 |
| Deferred income taxes, net | (28) | (22) |
| Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments | (30) | (37) |
| Provisions for credit losses and legal and regulatory matters, net | — | 191 |
| Share-based compensation expense | 201 | 192 |
| Unrealized gain on company-owned life insurance policies, net of expenses | (174) | (125) |
| Other | 18 | (1) |
| Net change in: | ||
| Collateralized agreements, net of collateralized financings | 664 | 9 |
| Loans (provided to) financial advisors, net of repayments | (146) | 16 |
| Brokerage client receivables and other receivables, net | (509) | 456 |
| Trading instruments, net | (78) | 62 |
| Derivative instruments, net | 35 | (224) |
| Other assets | (18) | (43) |
| Brokerage client payables and other payables | 72 | (5,764) |
| Accrued compensation, commissions and benefits | 59 | (95) |
| Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale | (19) | 9 |
| Net cash provided by/(used in) operating activities | 1,645 | (3,948) |
| Cash flows from investing activities: | ||
| Increase in bank loans, net | (1,737) | (762) |
| Proceeds from sales of loans held for investment | 337 | 600 |
| Purchases of available-for-sale securities | (397) | (561) |
| Available-for-sale securities maturations, repayments and redemptions | 1,279 | 977 |
| Additions to property and equipment | (155) | (122) |
| Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, net | — | 3 |
| Investment in solar tax credit equity investment | (15) | — |
| Purchases of other investments, net | — | (6) |
| Other investing activities, net | (69) | (61) |
| Net cash provided by/(used in) investing activities | (757) | 68 |
| Cash flows from financing activities: | ||
| Increase in bank deposits | 202 | 2,411 |
| Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements | (655) | (860) |
| Dividends on common and preferred stock | (288) | (266) |
| Exercise of stock options and employee stock purchases | 37 | 37 |
| Redemption of preferred stock | — | (40) |
| Proceeds from FHLB advances | 1,300 | 2,550 |
| Repayments of FHLB advances and other borrowed funds | (1,350) | (2,741) |
| Other financing, net | (2) | (2) |
| Net cash provided by/(used in) financing activities | (756) | 1,089 |
Index
| RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) | ||
|---|---|---|
| Nine months ended June 30, | ||
| $ in millions | 2024 | 2023 |
| Currency adjustment: | ||
| Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes | 56 | 346 |
| Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | 188 | (2,445) |
| Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year | 12,548 | 14,659 |
| Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | $12,736 | $12,214 |
| Cash and cash equivalents | $9,095 | $8,375 |
| Cash and cash equivalents segregated for regulatory purposes and restricted cash | 3,641 | 3,839 |
| Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | $12,736 | $12,214 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $1,575 | $858 |
| Cash paid for income taxes, net | $548 | $536 |
| Cash outflows for lease liabilities | $91 | $92 |
| Non-cash right-of-use assets recorded for new and modified leases | $51 | $112 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.