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Analysis

Raymond James Financial’s Fiscal First Quarter 2026 Results

About Raymond James Financial, Inc. Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.77 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under […]

January 28, 2026 4 min read

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.77 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF.

Key Results (Q1 FY 2026 vs. Q1 FY 2025)

Record client assets under administration of $1.77 trillion and record Private Client Group assets in fee-based accounts of $1.04 trillion, up 14% and 19%, respectively, over December 2024. Record quarterly net revenues of $3.74 billion, up 6% over the prior year’s fiscal first quarter and just above the preceding quarter. Quarterly net income available to common shareholders of $562 million, or $2.79 per diluted share; quarterly adjusted net income available to common shareholders of $577 million, or $2.86 per diluted share.

Domestic Private Client Group net new assets of $30.8 billion for the fiscal first quarter, or annualized growth from beginning of quarter assets of 8.0%. Securities-based loans of $21.7 billion, up 28% over the prior year’s fiscal first quarter and 10% above the preceding quarter. Annualized return on common equity and annualized adjusted return on tangible common equity were 18.0% and 21.4%, respectively, for the fiscal first quarter.

Business & Operational Highlights

Client assets under administration reached a record $1.77 trillion. Record Private Client Group fee-based assets of $1.04 trillion. Domestic Private Client Group net new assets were $30.8 billion, with 8% annualized growth. Securities-based loans grew 28% year-over-year.

Private Client Group

Record quarterly net revenues of $2.77 billion, up 9% over the prior year’s fiscal first quarter and 4% over the preceding quarter. Quarterly pre-tax income of $439 million, down 5% compared to the prior year’s fiscal first quarter and up 6% over the preceding quarter. Record Private Client Group assets under administration of $1.71 trillion, up 15% over December 2024 and 3% over September 2025.

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Record Private Client Group assets in fee-based accounts of $1.04 trillion, up 19% over December 2024 and 3% over September 2025. Domestic Private Client Group net new assets of $30.8 billion for the fiscal first quarter, or annualized growth from the beginning of the quarter assets of 8.0%. Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.1 billion, down 3% compared to the prior year’s fiscal first quarter and up 3% over the preceding quarter.

Capital Markets

Quarterly net revenues of $380 million, down 21% compared to the prior year’s fiscal first quarter and 26% compared to the preceding quarter. Quarterly investment banking revenues of $200 million, down 37% compared to the prior year’s fiscal first quarter and 35% compared to the preceding quarter. Quarterly pre-tax income of $9 million.

Asset Management

Record quarterly net revenues of $326 million, up 11% over the prior year’s fiscal first quarter and 4% over the preceding quarter. Record quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal first quarter and 8% over the preceding quarter. Record financial assets under management of $280.8 billion, up 15% over December 2024 and 2% over September 2025.

Bank

Quarterly net revenues of $487 million, up 15% over the prior year’s fiscal first quarter and 6% over the preceding quarter. Quarterly pre-tax income of $173 million, up 47% over the prior year’s fiscal first quarter and 30% over the preceding quarter.

Record net bank loans of $53.4 billion, up 13% over December 2024 and 4% over September 2025. Bank segment net interest margin (NIM) of 2.81% for the quarter, up 21 basis points over the prior year’s fiscal first quarter and 10 basis points over the preceding quarter.

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Other Highlights

The effective tax rate for the quarter was 22.7%, reflecting a seasonal tax benefit arising from share-based compensation that settled during the quarter. In December, the Board of Directors increased the quarterly cash dividend on common shares 8% to $0.54 per share and authorized common stock repurchases of up to $2 billion, replacing the previous authorization. During the fiscal first quarter, the firm repurchased $400 million of common stock at an average price of $162 per share.

As of December 31, 2025, $1.9 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.3% and the Tier 1 leverage ratio was 12.7%, both well above regulatory requirements.

Summary

Overall, Raymond James reported solid growth in client assets and revenue, with particular strength in wealth management and asset management activities, while some investment banking areas were softer sequentially.

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