RAYMOND JAMES FINANCIAL INC

For the period ended Mar 31, 2026. Filed May 6, 2026.

About 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.

Mar 31, 2026 · Filed May 6, 2026

RJF$162.81-1.2%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements (Unaudited)

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

$ in millions, except per share amounts	March 31, 2026	September 30, 2025
Assets:
Cash and cash equivalents	$11,219	$11,389
Assets segregated for regulatory purposes and restricted cash	3,745	3,398
Collateralized agreements	608	698
Financial instruments, at fair value:
Trading assets ($1,353 and $1,248 pledged as collateral)	1,434	1,538
Available-for-sale securities ($8 and $9 pledged as collateral)	6,402	6,888
Derivative assets	71	68
Other investments ($20 and $8 pledged as collateral)	399	390
Brokerage client receivables, net	3,300	2,821
Other receivables, net	1,812	1,814
Bank loans, net	54,833	51,567
Loans to financial advisors, net	1,894	1,626
Deferred income taxes, net	549	671
Goodwill and identifiable intangible assets, net	1,983	1,847
Other assets	3,695	3,515
Total assets	$91,944	$88,230
Liabilities and shareholders’ equity:
Bank deposits	$62,423	$58,897
Collateralized financings	1,142	1,111
Financial instrument liabilities, at fair value:
Trading liabilities	726	891
Derivative liabilities	198	190
Brokerage client payables	6,607	5,853
Accrued compensation, commissions and benefits	2,110	2,603
Other payables	1,907	1,961
Other borrowings	700	700
Senior notes payable	3,521	3,520
Total liabilities	79,334	75,726
Commitments and contingencies (see Note 17)
Shareholders’ equity
Preferred stock	—	79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 194,643,210 shares outstanding as of March 31, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025	3	3
Additional paid-in capital	3,156	3,235
Retained earnings	14,487	13,604
Treasury stock, at cost; 55,440,958 and 51,944,574 common shares as of March 31, 2026 and September 30, 2025, respectively	(4,711)	(4,022)
Accumulated other comprehensive loss	(368)	(396)
Total equity attributable to Raymond James Financial, Inc.	12,567	12,503
Noncontrolling interests	43	1
Total shareholders’ equity	12,610	12,504
Total liabilities and shareholders’ equity	$91,944	$88,230

Index

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Three months ended March 31,		Six months ended March 31,
in millions, except per share amounts	2026	2025	2026	2025
Revenues:
Asset management and related administrative fees	$2,016	$1,725	$4,015	$3,468
Brokerage revenues:
Securities commissions	507	431	993	871
Principal transactions	136	149	262	268
Total brokerage revenues	643	580	1,255	1,139
Account and service fees	311	321	619	663
Investment banking	279	216	487	541
Interest income	960	963	1,967	1,990
Other	53	40	95	79
Total revenues	4,262	3,845	8,438	7,880
Interest expense	(403)	(442)	(844)	(940)
Net revenues	3,859	3,403	7,594	6,940
Non-interest expenses:
Compensation, commissions and benefits	2,541	2,204	4,991	4,476
Non-compensation expenses:
Communications and information processing	206	184	400	362
Occupancy and equipment	80	74	160	147
Business development	75	64	156	132
Investment sub-advisory fees	63	54	126	107
Professional fees	36	34	73	68
Bank loan provision for credit losses	5	16	2	16
Other	118	102	223	212
Total non-compensation expenses	583	528	1,140	1,044
Total non-interest expenses	3,124	2,732	6,131	5,520
Pre-tax income	735	671	1,463	1,420
Provision for income taxes	191	176	356	325
Net income	544	495	1,107	1,095
Preferred stock dividends	2	2	3	3
Net income available to common shareholders	$542	$493	$1,104	$1,092
Earnings per common share – basic	$2.76	$2.41	$5.61	$5.34
Earnings per common share – diluted	$2.72	$2.36	$5.51	$5.22
Weighted-average common shares outstanding – basic	196.1	204.3	196.6	204.0
Weighted-average common and common equivalent shares outstanding – diluted	199.2	208.7	200.3	208.9
Net income	$544	$495	$1,107	$1,095
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	(10)	95	33	(11)
Currency translations, net of the impact of net investment hedges	(10)	19	(3)	(34)
Cash flow hedges	—	(5)	(2)	1
Total other comprehensive income/(loss), net of tax	(20)	109	28	(44)
Total comprehensive income	$524	$604	$1,135	$1,051

Index

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Three months ended March 31,		Six months ended March 31,
$ in millions, except per share amounts	2026	2025	2026	2025
Preferred stock:
Balance beginning of period	$79	$79	$79	$79
Redemption of preferred stock	(79)	—	(79)	—
Balance end of period	—	79	—	79
Common stock, par value $.01 per share:
Balance beginning of period	3	3	3	2
Share issuances	—	—	—	1
Balance end of period	3	3	3	3
Additional paid-in capital:
Balance beginning of period	3,106	3,125	3,235	3,251
Share-based compensation amortization	52	53	129	145
Net activity under employee stock plans	(2)	(27)	(208)	(245)
Balance end of period	3,156	3,151	3,156	3,151
Retained earnings:
Balance beginning of period	14,051	12,378	13,604	11,894
Net income attributable to Raymond James Financial, Inc.	544	495	1,107	1,095
Common and preferred stock cash dividends declared (see Note 18)	(108)	(104)	(224)	(220)
Balance end of period	14,487	12,769	14,487	12,769
Treasury stock:
Balance beginning of period	(4,321)	(3,007)	(4,022)	(3,051)
Purchases	(406)	(253)	(821)	(314)
Reissuances under employee stock plans	16	16	132	121
Balance end of period	(4,711)	(3,244)	(4,711)	(3,244)
Accumulated other comprehensive income/(loss):
Balance beginning of period	(348)	(655)	(396)	(502)
Other comprehensive income/(loss), net of tax	(20)	109	28	(44)
Balance end of period	(368)	(546)	(368)	(546)
Total equity attributable to Raymond James Financial, Inc.	$12,567	$12,212	$12,567	$12,212
Noncontrolling interests:
Balance beginning of period	4	6	1	(6)
Increase from acquisition of majority interest in GreensLedge Holdings LLC	40	—	40	—
All other net changes in noncontrolling interests	(1)	9	2	21
Balance end of period	43	15	43	15
Total shareholders’ equity	$12,610	$12,227	$12,610	$12,227

Index

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six months ended March 31,
$ in millions	2026	2025
Cash flows from operating activities:
Net income	$1,107	$1,095
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	99	94
Deferred income taxes, net	112	46
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	(3)	(1)
Provisions for credit losses and legal and regulatory matters, net	21	24
Share-based compensation expense	133	147
Unrealized gains on corporate-owned life insurance policies, net of expenses	10	31
Other	27	21
Net change in:
Collateralized agreements, net of collateralized financings	121	45
Loans (provided to) financial advisors, net of repayments	(286)	(102)
Brokerage client receivables and other receivables, net	(479)	(140)
Trading instruments, net	(62)	(69)
Derivative instruments, net	10	116
Other assets	(44)	23
Brokerage client payables and other payables	621	38
Accrued compensation, commissions and benefits	(493)	(407)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	195	(14)
Net cash provided by operating activities	1,089	947
Cash flows from investing activities:
Increase in bank loans, net	(3,572)	(2,334)
Proceeds from sales of loans held for investment	116	83
Purchases of available-for-sale securities	(409)	(300)
Available-for-sale securities maturations, repayments and redemptions	935	1,009
Proceeds from sales of available-for-sale securities	—	78
Cash paid for acquisition, net of cash acquired	(92)	—
Additions to property and equipment	(91)	(87)
Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock	—	9
Other investing activities, net	(89)	(54)
Net cash used in investing activities	(3,202)	(1,596)
Cash flows from financing activities:
Increase in bank deposits	3,526	393
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(918)	(459)
Dividends on common and preferred stock	(221)	(211)
Employee stock purchases and exercise of stock options	23	19
Redemption of preferred stock	(81)	—
Proceeds from Federal Home Loan Bank (“FHLB”) advances	300	450
Repayments of FHLB advances	(300)	(650)
Other financing, net	(10)	(5)
Net cash provided by/(used in) financing activities	2,319	(463)

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
	Six months ended March 31,
$ in millions	2026	2025
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	(29)	(149)
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	177	(1,261)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	14,787	14,348
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$14,964	$13,087
Cash and cash equivalents	$11,219	$9,662
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,745	3,425
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$14,964	$13,087
Supplemental disclosures of cash flow information:
Cash paid for interest	$845	$948
Cash paid for income taxes, net	$275	$373
Cash outflows for lease liabilities	$67	$66
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases	$52	$54

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