RAYMOND JAMES FINANCIAL INC
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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, 2026 · Filed Aug 5, 2026
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, 2026 | September 30, 2025 |
|---|---|---|
| Assets: | ||
| Cash and cash equivalents | $9,977 | $11,389 |
| Assets segregated for regulatory purposes and restricted cash | 3,277 | 3,398 |
| Collateralized agreements | 1,165 | 698 |
| Financial instruments, at fair value: | ||
| Trading assets ($1,410 and $1,248 pledged as collateral) | 1,627 | 1,538 |
| Available-for-sale securities ($8 and $9 pledged as collateral) | 6,496 | 6,888 |
| Derivative assets | 32 | 68 |
| Other investments ($20 and $8 pledged as collateral) | 383 | 390 |
| Brokerage client receivables, net | 3,331 | 2,821 |
| Other receivables, net | 2,465 | 1,814 |
| Bank loans, net | 56,227 | 51,567 |
| Loans to financial advisors, net | 2,069 | 1,626 |
| Deferred income taxes, net | 465 | 671 |
| Goodwill and identifiable intangible assets, net | 2,608 | 1,847 |
| Other assets | 4,115 | 3,515 |
| Total assets | $94,237 | $88,230 |
| Liabilities and shareholders’ equity: | ||
| Bank deposits | $63,319 | $58,897 |
| Collateralized financings | 829 | 1,111 |
| Financial instrument liabilities, at fair value: | ||
| Trading liabilities | 891 | 891 |
| Derivative liabilities | 215 | 190 |
| Brokerage client payables | 6,882 | 5,853 |
| Accrued compensation, commissions and benefits | 2,555 | 2,603 |
| Other payables | 2,291 | 1,961 |
| Other borrowings | 950 | 700 |
| Senior notes payable | 3,522 | 3,520 |
| Total liabilities | 81,454 | 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 192,124,666 shares outstanding as of June 30, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025 | 3 | 3 |
| Additional paid-in capital | 3,204 | 3,235 |
| Retained earnings | 14,977 | 13,604 |
| Treasury stock, at cost; 57,959,502 and 51,944,574 common shares as of June 30, 2026 and September 30, 2025, respectively | (5,104) | (4,022) |
| Accumulated other comprehensive loss | (381) | (396) |
| Total equity attributable to Raymond James Financial, Inc. | 12,699 | 12,503 |
| Noncontrolling interests | 84 | 1 |
| Total shareholders’ equity | 12,783 | 12,504 |
| Total liabilities and shareholders’ equity | $94,237 | $88,230 |
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 | 2026 | 2025 | 2026 | 2025 |
| Revenues: | ||||
| Asset management and related administrative fees | $2,075 | $1,733 | $6,090 | $5,201 |
| Brokerage revenues: | ||||
| Securities commissions | 503 | 431 | 1,496 | 1,302 |
| Principal transactions | 126 | 128 | 388 | 396 |
| Total brokerage revenues | 629 | 559 | 1,884 | 1,698 |
| Account and service fees | 316 | 302 | 935 | 965 |
| Investment banking | 291 | 212 | 778 | 753 |
| Interest income | 994 | 990 | 2,961 | 2,980 |
| Other | 57 | 46 | 152 | 125 |
| Total revenues | 4,362 | 3,842 | 12,800 | 11,722 |
| Interest expense | (434) | (444) | (1,278) | (1,384) |
| Net revenues | 3,928 | 3,398 | 11,522 | 10,338 |
| Non-interest expenses: | ||||
| Compensation, commissions and benefits | 2,579 | 2,202 | 7,570 | 6,678 |
| Non-compensation expenses: | ||||
| Communications and information processing | 203 | 191 | 603 | 553 |
| Occupancy and equipment | 85 | 77 | 245 | 224 |
| Business development | 95 | 77 | 251 | 209 |
| Investment sub-advisory fees | 63 | 56 | 189 | 163 |
| Professional fees | 63 | 42 | 136 | 110 |
| Bank loan provision/(benefit) for credit losses | (26) | 15 | (24) | 31 |
| Other | 116 | 175 | 339 | 387 |
| Total non-compensation expenses | 599 | 633 | 1,739 | 1,677 |
| Total non-interest expenses | 3,178 | 2,835 | 9,309 | 8,355 |
| Pre-tax income | 750 | 563 | 2,213 | 1,983 |
| Provision for income taxes | 155 | 127 | 511 | 452 |
| Net income | 595 | 436 | 1,702 | 1,531 |
| Preferred stock dividends | — | 1 | 3 | 4 |
| Net income available to common shareholders | $595 | $435 | $1,699 | $1,527 |
| Earnings per common share – basic | $3.06 | $2.16 | $8.67 | $7.51 |
| Earnings per common share – diluted | $3.01 | $2.12 | $8.52 | $7.35 |
| Weighted-average common shares outstanding – basic | 194.0 | 201.2 | 195.7 | 203.0 |
| Weighted-average common and common equivalent shares outstanding – diluted | 197.2 | 205.5 | 199.1 | 207.6 |
| Net income | $595 | $436 | $1,702 | $1,531 |
| Other comprehensive income/(loss), net of tax: | ||||
| Available-for-sale securities | (10) | 53 | 23 | 42 |
| Currency translations, net of the impact of net investment hedges | (2) | 58 | (5) | 24 |
| Cash flow hedges | (1) | (3) | (3) | (2) |
| Total other comprehensive income/(loss), net of tax | (13) | 108 | 15 | 64 |
| Total comprehensive income | $582 | $544 | $1,717 | $1,595 |
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 | 2026 | 2025 | 2026 | 2025 |
| Preferred stock: | ||||
| Balance beginning of period | $— | $79 | $79 | $79 |
| Redemption of preferred stock | — | — | (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 | 3,156 | 3,151 | 3,235 | 3,251 |
| Share-based compensation amortization | 48 | 50 | 177 | 195 |
| Net activity under employee stock plans | — | 1 | (208) | (244) |
| Balance end of period | 3,204 | 3,202 | 3,204 | 3,202 |
| Retained earnings: | ||||
| Balance beginning of period | 14,487 | 12,769 | 13,604 | 11,894 |
| Net income attributable to Raymond James Financial, Inc. | 595 | 436 | 1,702 | 1,531 |
| Common and preferred stock cash dividends declared (see Note 18) | (105) | (101) | (329) | (321) |
| Balance end of period | 14,977 | 13,104 | 14,977 | 13,104 |
| Treasury stock: | ||||
| Balance beginning of period | (4,711) | (3,244) | (4,022) | (3,051) |
| Purchases | (403) | (452) | (1,224) | (766) |
| Reissuances under employee stock plans | 10 | 5 | 142 | 126 |
| Balance end of period | (5,104) | (3,691) | (5,104) | (3,691) |
| Accumulated other comprehensive income/(loss): | ||||
| Balance beginning of period | (368) | (546) | (396) | (502) |
| Other comprehensive income/(loss), net of tax | (13) | 108 | 15 | 64 |
| Balance end of period | (381) | (438) | (381) | (438) |
| Total equity attributable to Raymond James Financial, Inc. | $12,699 | $12,259 | $12,699 | $12,259 |
| Noncontrolling interests: | ||||
| Balance beginning of period | 43 | 15 | 1 | (6) |
| Increase from acquisition of majority interest in GreensLedge Holdings LLC | — | — | 40 | — |
| All other net changes in noncontrolling interests | 41 | (13) | 43 | 8 |
| Balance end of period | 84 | 2 | 84 | 2 |
| Total shareholders’ equity | $12,783 | $12,261 | $12,783 | $12,261 |
Index
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months ended June 30, | ||
|---|---|---|
| $ in millions | 2026 | 2025 |
| Cash flows from operating activities: | ||
| Net income | $1,702 | $1,531 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 154 | 143 |
| Deferred income taxes, net | 129 | (4) |
| Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments | (8) | (19) |
| Provisions for credit losses and legal and regulatory matters, net | (3) | 107 |
| Share-based compensation expense | 183 | 199 |
| Unrealized gains on corporate-owned life insurance policies, net of expenses | (152) | (68) |
| Other | 34 | 23 |
| Net change in: | ||
| Collateralized agreements, net of collateralized financings | (750) | (247) |
| Loans provided to financial advisors, net of repayments | (471) | (194) |
| Brokerage client receivables and other receivables, net | (1,139) | (170) |
| Trading instruments, net | (21) | 77 |
| Derivative instruments, net | 93 | 31 |
| Other assets | 68 | 78 |
| Brokerage client payables and other payables | 909 | 331 |
| Accrued compensation, commissions and benefits | (86) | (109) |
| Proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans held for sale | 201 | (71) |
| Net cash provided by operating activities | 843 | 1,638 |
| Cash flows from investing activities: | ||
| Increase in bank loans, net | (5,509) | (4,044) |
| Proceeds from sales of loans held for investment | 615 | 218 |
| Purchases of available-for-sale securities | (947) | (480) |
| Available-for-sale securities maturations, repayments and redemptions | 1,324 | 1,531 |
| Proceeds from sales of available-for-sale securities | 40 | 78 |
| Cash paid for acquisitions, net of cash acquired | (484) | — |
| Additions to property and equipment | (153) | (144) |
| Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock | — | 8 |
| Equity method investments, net of distributions received | (86) | (24) |
| Other investing activities, net | (94) | (41) |
| Net cash used in investing activities | (5,294) | (2,898) |
| Cash flows from financing activities: | ||
| Increase in bank deposits | 4,422 | 1,239 |
| Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements | (1,319) | (914) |
| Dividends on common and preferred stock | (326) | (314) |
| Employee stock purchases and exercise of stock options | 33 | 26 |
| Redemption of preferred stock | (81) | — |
| Proceeds from FHLB advances | 400 | 750 |
| Repayments of FHLB advances | (400) | (950) |
| Proceeds from short-term borrowings | 250 | — |
| Other financing, net | (11) | (8) |
| Net cash provided by/(used in) financing activities | 2,968 | (171) |
Index
| RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) | ||
|---|---|---|
| Nine months ended June 30, | ||
| $ in millions | 2026 | 2025 |
| Currency adjustment: | ||
| Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes | (50) | 48 |
| Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash | (1,533) | (1,383) |
| 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 | $13,254 | $12,965 |
| Cash and cash equivalents | $9,977 | $9,195 |
| Cash and cash equivalents segregated for regulatory purposes and restricted cash | 3,277 | 3,770 |
| Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period | $13,254 | $12,965 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $1,259 | $1,394 |
| Cash paid for income taxes, net | $362 | $510 |
| Cash outflows for lease liabilities | $101 | $99 |
| Non-cash right-of-use (“ROU”) assets recorded for new and modified leases | $91 | $78 |
| Non-cash acquisition-related contingent consideration | $177 | $— |
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