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RJF

Raymond James Financial, Inc.

RJF

Raymond James Financial, Inc. • NYSE
$156.54 ▲ 0.51% (+0.79)
Market Cap $31.21 B
52w High $177.66
52w Low $117.57
Dividend Yield 2.00%
P/E 15.2
Volume 464.00K
Outstanding Shares 199.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $4.353B ▲ $1.306B ▼ $604M ▲ 13.875% ▲ $3.02 ▲ $2.63B ▲
Q3-2025 $3.786B ▼ $2.764B ▲ $436M ▼ 11.516% ▼ $2.16 ▼ $612M ▼
Q2-2025 $3.791B ▼ $2.662B ▼ $495M ▼ 13.057% ▼ $2.41 ▼ $718M ▼
Q1-2025 $3.982B ▲ $2.735B ▲ $600M ▼ 15.068% ▼ $2.94 ▲ $796M ▼
Q4-2024 $3.953B $2.63B $602M 15.229% $2.93 $807M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $18.277B ▲ $88.23B ▲ $75.726B ▲ $12.503B ▲
Q3-2025 $16.349B ▼ $84.815B ▲ $72.554B ▲ $12.259B ▲
Q2-2025 $17.09B ▼ $83.132B ▲ $70.905B ▲ $12.212B ▲
Q1-2025 $17.764B ▼ $82.282B ▼ $70.353B ▼ $11.923B ▲
Q4-2024 $19.247B $82.992B $71.325B $11.673B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $604M ▲ $796M ▲ $-1.423B ▼ $2.532B ▲ $1.822B ▲ $752M ▲
Q3-2025 $436M ▼ $691M ▲ $-1.302B ▼ $292M ▲ $-122M ▲ $634M ▲
Q2-2025 $495M ▼ $117M ▼ $-659M ▲ $-16M ▲ $-493M ▲ $71M ▼
Q1-2025 $600M ▼ $830M ▲ $-937M ▼ $-447M ▼ $-768M ▼ $789M ▲
Q4-2024 $602M $510M $-211M $1.194B $1.612B $460M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Asset Management Segment
Asset Management Segment
 $290.00M ▲$290.00M ▲$290.00M ▲$310.00M ▲
Capital Markets
Capital Markets
 $510.00M ▲$420.00M ▼$410.00M ▼$540.00M ▲
Private Client Group
Private Client Group
 $2.58Bn ▲$2.51Bn ▼$2.51Bn ▲$2.69Bn ▲
RJ Bank
RJ Bank
 $860.00M ▲$820.00M ▼$840.00M ▲$860.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Raymond James shows a clear pattern of growth over the last several years. Revenue has steadily climbed, and profitability has generally improved alongside it. Operating profits have expanded faster than revenue, suggesting better efficiency and good cost control, not just growth for growth’s sake. Net income and earnings per share have grown at a healthy pace, though not quite as fast as operating profit, which is normal given taxes and other below-the-line items. Overall, the income statement points to a maturing, scaled wealth and capital markets franchise that is converting higher activity and assets into stronger earnings power.

Balance Sheet

Balance Sheet The balance sheet looks solid and gradually stronger. Total assets have grown, reflecting a larger business footprint, while cash levels have increased, providing flexibility and a cushion against market shocks. Debt has risen, but at a measured pace and appears manageable relative to the firm’s size and equity base. Shareholders’ equity has trended upward, which signals retained profitability and a thicker capital buffer. In simple terms, the company appears reasonably well-capitalized, with a balance sheet that supports growth without looking stretched.

Cash Flow

Cash Flow Cash flow has been more volatile than earnings, which is common in financial firms where client balances, trading activity, and short-term funding can move significantly from year to year. There have been years of very strong cash generation and at least one year with sizable outflows tied mainly to working capital and balance sheet movements rather than underlying weakness. Capital spending remains modest, so free cash flow is not heavily burdened by physical investment needs. The key takeaway is that while cash flows can swing, the business model is not capital intensive, and unusual years should be viewed in the context of the broader trend and industry norms.

Competitive Edge

Competitive Edge Raymond James holds a solid, if not dominant, position in wealth management and capital markets with a clear advisor-centric identity. Its main edge comes from strong relationships with financial advisors, multiple affiliation models that let advisors choose how they operate, and a culture that consistently emphasizes client-first, long-term advice. This creates meaningful switching costs for advisors and clients, forming a defensible but not unassailable moat. Diversification across wealth management, investment banking, and asset management adds resilience and cross-selling opportunities. The firm competes against very large players but differentiates through flexibility, culture, and service rather than sheer scale.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology as a strategic pillar, committing substantial annual spending on systems, data, and cybersecurity. It is not just upgrading infrastructure; it is actively embedding artificial intelligence and automation into advisor workflows to save time, improve insights, and strengthen compliance. Initiatives like the “Connected Advisor” platform, AI-supported tools, and the FNZ partnership for a next-generation platform show a focus on integration and user experience rather than isolated tools. Planned expansion into ETFs and private markets further modernizes the product set. Execution risk is real—large tech rollouts can be complex—but if done well, these investments can deepen the moat around its advisor network and client relationships.

Summary

Overall, Raymond James appears to be a steadily growing financial services firm with improving profitability, a sound and strengthening balance sheet, and a business model anchored in advisor relationships and diversified revenue streams. Earnings trends are favorable, capital levels look adequate, and the company is actively investing to make its platform more competitive and more efficient. Key watch points include how well it manages cash flow volatility inherent to the sector, how effectively it converts heavy technology spending into tangible productivity and growth, and how it navigates market cycles and regulatory changes. The combination of cultural strengths, advisor loyalty, and technology-focused modernization positions the firm for continued relevance, but the payoff from its large innovation agenda will need to be monitored over the next several years.

NEWS

October 31, 2025 · 6:00 PM UTC

Ghalib Kanji Joins Lisa Detanna & the Global Wealth Solutions Group of Raymond James

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October 30, 2025 · 3:40 PM UTC

Raymond James Welcomes Virginia Advisor Managing Over $280 Million

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October 22, 2025 · 4:36 PM UTC

Raymond James Financial Reports Fiscal Fourth Quarter and Fiscal 2025 Results

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October 15, 2025 · 1:00 PM UTC

EQ and Raymond James Partner to Offer Clients a Comprehensive Equity Stock Plan Solution

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October 14, 2025 · 9:15 AM UTC

Raymond James Acquires GreensLedge to Strengthen Capital Markets and Advisory Platform

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