Raymond James Financial : Q2 2026 Earnings Release
RJF
Published on 04/22/2026 at 04:09 pm EDT
April 22, 2026 FOR IMMEDIATE RELEASE
Media Contact: Steve Hollister, 727.567.2824 Investor Contact: Kristina Waugh, 727.567.7654 raymondjames.com/news-and-media/press-releases
ST. PETERSBURG, Fla. - Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of
$3.86 billion and net income available to common shareholders of $542 million, or $2.72 per diluted share, for the fiscal second quarter ended March 31, 2026. Quarterly adjusted net income available to common shareholders, which excluded $22 million of acquisition-related expenses, net of tax, was $564 million(1), or $2.83 per diluted share(1).
"We generated record results for the first half of the fiscal year by leveraging the firm's expertise and resources to support advisors and their clients during this period of market uncertainty. Our ongoing focus and disciplined execution have led to record PCG fee-based assets and annualized net new asset growth of 7% for the first half of the fiscal year," said CEO Paul Shoukry. "We continue to develop industry-leading technology solutions, including increasing AI integration, to improve efficiency and provide our financial professionals with more time to serve their clients. Looking ahead, financial advisor recruiting activity across all our affiliation options remains robust, and the investment banking pipeline continues to be strong."
Record quarterly net revenues increased 13% over the prior year's fiscal second quarter, largely driven by continued growth in asset management and related administrative fees which increased 17% to over $2.0 billion. Compared to the preceding quarter, net revenues reflect strong growth in investment banking revenues and higher brokerage revenues. Quarterly pre-tax income increased 1% over the preceding quarter while net income available to common shareholders decreased 4% due to a higher effective tax rate. For the fiscal second quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 17.3% and 20.9%(1), respectively.
For the first six months of the fiscal year, record net revenues of $7.59 billion increased 9%, record earnings per diluted share of $5.51 increased 6%, and record adjusted earnings per diluted share of $5.69(1) increased 6% over the first six months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first six months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 17.7% and annualized adjusted return on tangible common equity was 21.2%(1).
Private Client Group
Quarterly net revenues rose 13% year-over-year primarily driven by higher asset management and related administrative fees which grew 17% to $1.71 billion, mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the impact of lower interest-related revenues and certain costs associated with our continued investments in growth.
Capital Markets
Quarterly net revenues increased 17% over the prior year period, driven predominantly by higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 22% largely due to higher debt and equity underwriting revenues, M&A and advisory revenues and fixed income brokerage revenues. During the quarter, we completed the acquisition of GreensLedge Holdings LLC.
Asset Management
Record quarterly net revenues increased 13% year-over-year largely driven by higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.
Bank
Net bank loans grew 14% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 31% and 10%, respectively. Bank segment net interest income increased 13% over the prior year quarter due to loan growth, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in assets. NIM remained stable with the preceding quarter at 2.81%. The credit quality of the loan portfolio remains strong.
Other Matters
The effective tax rate for the quarter was 26.0%, which includes the unfavorable impact of nondeductible losses in the corporate-owned life insurance portfolio in the quarter.
During the fiscal second quarter, the firm repurchased $400 million of common stock at an average price of $155 per share, and paid $81 million to redeem preferred stock. As of March 31, 2026, $1.5 billion remained available under the Board's approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.0%(3) and the tier 1 leverage ratio was 12.4%(3), both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, April 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at https://www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial:
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 $1.76 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at https://www.raymondjames.com.
Certain statements made in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees,
and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the "SEC") from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Report on Form 10-Q and Current Reports on Form 8-K, which are available at https://www.raymondjames.com and the SEC's website at https://www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
Summary results of operations
$ in millions, except per share amounts
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Net revenues
$ 3,859
$ 3,403
$ 3,735
13%
3%
Pre-tax income
$ 735
$ 671
$ 728
10%
1%
Net income available to common shareholders
$ 542
$ 493
$ 562
10%
(4)%
Earnings per common share: (4)
Basic
$ 2.76
$ 2.41
$ 2.85
15%
(3)%
Diluted
$ 2.72
$ 2.36
$ 2.79
15%
(3)%
Non-GAAP measures: (1)
Adjusted pre-tax income
$ 762
$ 690
$ 748
10%
2%
Adjusted net income available to common shareholders
$ 564
$ 507
$ 577
11%
(2)%
Adjusted earnings per common share - basic (4)
$ 2.88
$ 2.48
$ 2.92
16%
(1)%
Adjusted earnings per common share - diluted (4)
$ 2.83
$ 2.42
$ 2.86
17%
(1)%
Six months ended
$ in millions, except per share amounts
March 31,
2026
March 31,
2025
% change
Net revenues
$ 7,594
$ 6,940
9%
Pre-tax income
$ 1,463
$ 1,420
3%
Net income available to common shareholders
$ 1,104
$ 1,092
1%
Earnings per common share: (4)
Basic
$ 5.61
$ 5.34
5%
Diluted
$ 5.51
$ 5.22
6%
Non-GAAP measures: (1)
Adjusted pre-tax income
$ 1,510
$ 1,459
3%
Adjusted net income available to common shareholders
$ 1,141
$ 1,121
2%
Adjusted earnings per common share - basic (4)
$ 5.80
$ 5.49
6%
Adjusted earnings per common share - diluted (4)
$ 5.69
$ 5.36
6%
Three months ended
Six months ended
March 31,
March 31,
December 31,
March 31,
March 31,
Other selected financial highlights
2026
2025
2025
2026
2025
Return on common equity (5)
17.3 %
16.4 %
18.0 %
17.7 %
18.4 %
Adjusted return on common equity (1) (5)
18.0 %
16.9 %
18.5 %
18.2 %
18.9 %
Adjusted return on tangible common equity (1) (5)
20.9 %
19.7 %
21.4 %
21.2 %
22.1 %
Pre-tax margin (6)
19.0 %
19.7 %
19.5 %
19.3 %
20.5 %
Adjusted pre-tax margin (1) (6)
19.7 %
20.3 %
20.0 %
19.9 %
21.0 %
Total compensation ratio (7)
65.8 %
64.8 %
65.6 %
65.7 %
64.5 %
Adjusted total compensation ratio (1) (7)
65.7 %
64.5 %
65.4 %
65.5 %
64.3 %
Effective tax rate
26.0 %
26.2 %
22.7 %
24.3 %
22.9 %
T
hree months ende
d
% change from
March 31,
March 31,
December 31,
March 31, December 31,
in millions, except per share amounts
2026
2025
2025
2025 2025
Revenues:
Asset management and related administrative fees $ 2,016
$ 1,725
$ 1,999
17%
1%
Brokerage revenues:
Securities commissions
507
431
486
18%
4%
Principal transactions
136
149
126
(9)%
8%
Total brokerage revenues
643
580
612
11%
5%
Account and service fees
311
321
308
(3)%
1%
Investment banking
279
216
208
29%
34%
Interest income
960
963
1,007
-%
(5)%
Other
53
40
42
33%
26%
Total revenues
4,262
3,845
4,176
11%
2%
Interest expense
(403
(442)
(441)
(9)%
(9)%
Net revenues
3,859
3,403
3,735
13%
3%
Non-interest expenses:
Compensation, commissions and benefits 2,541
2,204
2,450
15%
4%
Non-compensation expenses:
Communications and information processing
206
184
194
12%
6%
Occupancy and equipment
80
74
80
8%
-%
Business development
75
64
81
17%
(7)%
Investment sub-advisory fees
63
54
63
17%
-%
Professional fees
36
34
37
6%
(3)%
Bank loan provision/(benefit) for credit losses
5
16
(3)
(69)%
NM
Other
118
102
105
16%
12%
Total non-compensation expenses
583
528
557
10%
5%
Total non-interest expenses
3,124
2,732
3,007
14%
4%
Pre-tax income
735
671
728
10%
1%
Provision for income taxes
191
176
165
9%
16%
Net income
544
495
563
10%
(3)%
Preferred stock dividends
2
2
1
-%
100%
Net income available to common shareholders
$ 542
$ 493
$ 562
10%
(4)%
Earnings per common share - basic (4)
$ 2.76
$ 2.41
$ 2.85
15%
(3)%
Earnings per common share - diluted (4)
$ 2.72
$ 2.36
$ 2.79
15%
(3)%
Weighted-average common shares outstanding -basic
196.1
204.3
197.1
(4)%
(1)%
Weighted-average common and common equivalent shares outstanding - diluted
199.2
208.7
201.4
(5)%
(1)%
Six months ended
in millions, except per share amounts
March 31,
2026
March 31,
2025
% change
Revenues:
Asset management and related administrative fees
$ 4,015
$ 3,468
16%
Brokerage revenues:
Securities commissions
993
871
14%
Principal transactions
262
268
(2)%
Total brokerage revenues
1,255
1,139
10%
Account and service fees
619
663
(7)%
Investment banking
487
541
(10)%
Interest income
1,967
1,990
(1)%
Other
95
79
20%
Total revenues
8,438
7,880
7%
Interest expense
(844)
(940)
(10)%
Net revenues
7,594
6,940
9%
Non-interest expenses:
Compensation, commissions and benefits
4,991
4,476
12%
Non-compensation expenses:
Communications and information processing
400
362
10%
Occupancy and equipment
160
147
9%
Business development
156
132
18%
Investment sub-advisory fees
126
107
18%
Professional fees
73
68
7%
Bank loan provision for credit losses
2
16
(88)%
Other
223
212
5%
Total non-compensation expenses
1,140
1,044
9%
Total non-interest expenses
6,131
5,520
11%
Pre-tax income
1,463
1,420
3%
Provision for income taxes
356
325
10%
Net income
1,107
1,095
1%
Preferred stock dividends
3
3
-%
Net income available to common shareholders
$ 1,104
$ 1,092
1%
Earnings per common share - basic (4)
$ 5.61
$ 5.34
5%
Earnings per common share - diluted (4)
$ 5.51
$ 5.22
6%
Weighted-average common shares outstanding - basic
196.6
204.0
(4)%
Weighted-average common and common equivalent shares outstanding - diluted
200.3
208.9
(4)%
March 31,
March 31,
December 31,
March 31,
December 31,
$ in billions, except per share amounts
2026
2025
2025
2025
2025
Total assets
$ 91.9
$ 83.1
$ 88.8
11%
3%
Total common equity attributable to Raymond James Financial, Inc.
$ 12.6
$ 12.1
$ 12.5
4%
1%
Book value per share (8)
$ 64.58
$ 59.74
$ 63.41
8%
2%
Tangible book value per share (1) (8)
$ 55.14
$ 51.29
$ 54.82
8%
1%
Capital ratios:
Tier 1 leverage
12.4 % (3)
13.3 %
12.7 %
Tier 1 capital
22.9 % (3)
23.5 %
23.2 %
Common equity tier 1
22.9 % (3)
23.3 %
23.0 %
Total capital
24.0 % (3)
24.8 %
24.3 %
As of % change from
March 31,
March 31,
December 31,
March 31,
December 31,
Client asset metrics ($ in billions)
2026
2025
2025
2025
2025
Client assets under administration
$ 1,762.9
$ 1,535.9
$ 1,773.1
15%
(1)%
Private Client Group assets under administration
$ 1,699.0
$ 1,475.5
$ 1,708.5
15%
(1)%
Private Client Group assets in fee-based accounts
$ 1,043.2
$ 872.8
$ 1,040.1
20%
-%
Financial assets under management
$ 282.4
$ 245.0
$ 280.8
15%
1%
30,828
$
December 31,
2025
March 31,
2025
8,830
Net new assets metrics ($ in millions)
Domestic Private Client Group net new assets (2)
Domestic Private Client Group net new assets growth
- annualized (2)
Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions)
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Raymond James Bank Deposit Program ("RJBDP"): (9)
Bank segment
$ 29,829
$ 25,783
$ 27,819
16%
7%
Third-party banks
13,597
16,813
15,996
(19)%
(15)%
Subtotal RJBDP
43,426
42,596
43,815
2%
(1)%
Client Interest Program
1,843
1,656
1,815
11%
2%
Total clients' domestic cash sweep balances
45,269
44,252
45,630
2%
(1)%
Enhanced Savings Program ("ESP") (10)
12,493
13,507
12,448
(8)%
-%
Total clients' domestic cash sweep and ESP balances
$
57,762
$
57,759
$
58,078
-%
(1)%
RJBDP fees
($ in millions)
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
March 31,
2026
March 31,
2025
%
change
Net interest income and RJBDP fees (third-party banks)
$ 650
$ 651
$ 667
-%
(3)%
$ 1,317
$ 1,324
(1)%
Average yield on RJBDP - third-party banks (11)
2.70 %
3.00 %
2.76 %
2.73 %
3.06 %
Net interest income and
The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.
Three months ended
$ in millions
March 31, 2026 March 31, 2025 December 31, 2025
Annualized Annualized Annualized Average average Average average Average average balance Interest rate balance Interest rate balance Interest rate
INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents
$ 5,376
$ 47
3.57 %
$ 5,823
$ 62
4.26 %
$ 5,321
$ 52
3.85 %
Available-for-sale securities
6,956
39
2.28 %
8,352
48
2.26 %
7,276
42
2.29 %
Loans held for sale and investment: (12)
Loans held for investment:
Securities-based loans ("SBL") (13)
22,199
295
5.31 %
17,110
260
6.08 %
20,626
296
5.62 %
Commercial and industrial ("C&I") loans
10,587
157
5.90 %
10,371
168
6.50 %
10,701
168
6.16 %
Commercial real estate ("CRE") loans
7,810
115
5.88 %
7,599
124
6.52 %
7,718
121
6.13 %
Real estate investment trust ("REIT") loans
1,725
26
6.02 %
1,713
30
7.02 %
1,718
29
6.59 %
Residential mortgage loans
10,684
110
4.12 %
9,732
96
3.91 %
10,467
107
4.10 %
Tax-exempt loans (14)
1,132
7
3.37 %
1,277
8
3.37 %
1,148
8
3.41 %
Loans held for sale
220
3
5.75 %
231
4
6.67 %
304
5
6.69 %
Total loans held for sale and investment
54,357
713
5.26 %
48,033
690
5.76 %
52,682
734
5.49 %
All other interest-earning assets
245
3
4.62 %
234
2
5.09 %
241
3
4.85 %
Interest-earning assets - Bank segment
$ 66,934
$
802
4.81 %
$ 62,442
$
802
5.15 %
$ 65,520
$
831
5.00 %
All other segments
Cash and cash equivalents
$ 4,601
$ 39
3.47 %
$ 4,004
$ 42
4.27 %
$ 5,109
$ 49
3.81 %
Assets segregated for regulatory purposes and
3,747
31
3.38 %
3,425
36
4.23 %
3,897
35
3.56 %
restricted cash
Trading assets - debt securities
1,399
19
5.60 %
1,433
19
5.28 %
1,570
22
5.47 %
Brokerage client receivables
2,688
41
6.12 %
2,371
41
7.11 %
2,617
43
6.56 %
All other interest-earning assets
3,043
28
3.65 %
2,477
23
3.81 %
2,928
27
3.53 %
Interest-earning assets - all other
segments
$ 15,478
$ 158
4.14 %
$ 13,710
$ 161
4.77 %
$ 16,121
$ 176
4.31 %
Total interest-earning assets
$ 82,412
$ 960
4.68 %
$ 76,152
$ 963
5.08 %
$ 81,641
$ 1,007
4.86 %
INTEREST-BEARING LIABILITIES
$ 36,315
$ 119
1.33 %
$ 32,905
$ 144
1.78 %
$ 35,027
$ 131
1.49 %
21,831
183
3.42 %
20,872
208
4.04 %
22,144
204
3.66 %
2,226
22
3.96 %
2,064
24
4.59 %
1,961
20
4.13 %
60,372
324
2.18 %
55,841
376
2.73 %
59,132
355
2.39 %
753
6
2.95 %
1,064
7
2.69 %
751
6
2.85 %
$ 61,125
$ 330
2.19 %
$ 56,905
$ 383
2.73 %
$ 59,883
$ 361
2.40 %
$ 817
$ 12
5.99 %
$ 824
$ 10
5.10 %
$ 932
$ 12
5.25 %
5,337
10
0.77 %
4,683
17
1.45 %
5,042
14
1.09 %
3,521
43
4.91 %
2,040
23
4.50 %
3,521
43
4.91 %
1,087
8
2.90 %
1,146
9
3.60 %
1,272
11
3.19 %
$ 10,762
$ 73
2.74 %
$ 8,693
$ 59
2.80 %
$ 10,767
$ 80
2.95 %
$ 71,887
$ 403
2.27 %
$ 65,598
$ 442
2.74 %
$ 70,650
$ 441
2.48 %
$ 557
$ 521
$ 566
2.81 %
2.67 %
2.81 %
2.74 %
2.77 %
2.75 %
Bank Segment
Bank deposits:
Money market and savings accounts (9) Interest-bearing demand deposits (10) Certificates of deposit
Total bank deposits (15)
Federal Home Loan Bank ("FHLB") advances and all other interest-bearing liabilities
Interest-bearing liabilities - Bank segment
All other segments
Trading liabilities - debt securities Brokerage client payables
Senior notes payable
All other interest-bearing liabilities (15)
Interest-bearing liabilities - all other segments
Total interest-bearing liabilities Firmwide net interest income
Net interest margin (net yield on interest-earning assets)
Bank segment Firmwide
Six months ended
$ in millions
March 31, 2026 March 31, 2025
Annualized Annualized
Average average Average average
balance Interest rate balance Interest rate
INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents
$ 5,348
$ 99
3.71 %
$ 6,141
$ 138
4.47 %
Available-for-sale securities
Loans held for sale and investment: (12)
7,117
81
2.28 %
8,555
97
2.26 %
Loans held for investment:
SBL (13)
21,404
591
5.46 %
16,794
530
6.24 %
C&I loans
10,645
325
6.03 %
10,248
346
6.69 %
CRE loans
7,763
236
6.01 %
7,620
259
6.72 %
REIT loans
1,721
55
6.31 %
1,683
61
7.18 %
Residential mortgage loans
10,575
217
4.11 %
9,633
187
3.87 %
Tax-exempt loans (14)
1,140
15
3.39 %
1,291
17
3.37 %
Loans held for sale
262
8
6.30 %
221
8
6.95 %
Total loans held for sale and investment
53,510
1,447
5.37 %
47,490
1,408
5.89 %
All other interest-earning assets
243
6
4.73 %
239
6
5.45 %
Interest-earning assets - Bank segment
$ 66,218
$ 1,633
4.90 %
$ 62,425
$ 1,649
5.25 %
All other segments
Cash and cash equivalents
$ 4,855
$ 88
3.65 %
$ 4,056
$ 90
4.47 %
Assets segregated for regulatory purposes and restricted cash
3,820
66
3.48 %
3,539
78
4.39 %
Trading assets - debt securities
1,476
41
5.57 %
1,414
38
5.35 %
Brokerage client receivables
2,652
84
6.34 %
2,389
86
7.23 %
All other interest-earning assets
2,986
55
3.59 %
2,529
49
3.86 %
Interest-earning assets - all other segments
$ 15,789
$ 334
4.23 %
$ 13,927
$ 341
4.90 %
Total interest-earning assets
$ 82,007
$ 1,967
4.77 %
$ 76,352
$ 1,990
5.19 %
INTEREST-BEARING LIABILITIES
$ 35,664
$ 250
1.41 %
$ 32,725
$ 312
1.92 %
21,989
387
3.54 %
20,897
437
4.19 %
2,092
42
4.04 %
2,260
52
4.59 %
59,745
679
2.29 %
55,882
801
2.88 %
752
12
2.90 %
1,078
15
2.69 %
$ 60,497
$ 691
2.30 %
$ 56,960
$ 816
2.88 %
$ 869
$ 24
5.64 %
$ 842
$ 21
5.08 %
5,189
24
0.93 %
4,732
37
1.55 %
3,521
86
4.91 %
2,040
46
4.50 %
1,181
19
3.05 %
1,141
20
3.68 %
$ 10,760
$ 153
2.85 %
$ 8,755
$ 124
2.85 %
$ 71,257
$ 844
2.38 %
$ 65,715
$ 940
2.88 %
$ 1,123
$ 1,050
2.81 %
2.63 %
2.75 %
2.76 %
Bank Segment
Bank deposits:
Money market and savings accounts (9) Interest-bearing demand deposits (10) Certificates of deposit
Total bank deposits (15)
FHLB advances and all other interest-bearing liabilities
Interest-bearing liabilities - Bank segment All other segments
Trading liabilities - debt securities Brokerage client payables
Senior notes payable
All other interest-bearing liabilities (15)
Interest-bearing liabilities - all other segments Total interest-bearing liabilities
Firmwide net interest income
Net interest margin (net yield on interest-earning assets) Bank segment
Firmwide
$ in millions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Net revenues:
Private Client Group
$ 2,810
$ 2,486
$ 2,768
13%
2%
Capital Markets
464
396
380
17%
22%
Asset Management
327
289
326
13%
-%
Bank
486
434
487
12%
-%
Other (16)
(1)
13
(1)
NM
-%
Intersegment eliminations
(227)
(215)
(225)
6%
1%
Total net revenues
$ 3,859
$ 3,403
$ 3,735
13%
3%
Pre-tax income/(loss):
Private Client Group
$ 416
$ 431
$ 439
(3)%
(5)%
Capital Markets
51
36
9
42%
467%
Asset Management
137
121
143
13%
(4)%
Bank
166
117
173
42%
(4)%
Other (16)
(35)
(34)
(36)
(3)%
3%
Pre-tax income
$ 735
$ 671
$ 728
10%
1%
Six months ended
$ in millions
March 31,
2026
March 31,
2025
% change
Net revenues:
Private Client Group
$ 5,578
$ 5,034
11%
Capital Markets
844
876
(4)%
Asset Management
653
583
12%
Bank
973
859
13%
Other (16)
(2)
25
NM
Intersegment eliminations
(452)
(437)
3%
Total net revenues
$ 7,594
$ 6,940
9%
Pre-tax income/(loss):
Private Client Group
$ 855
$ 893
(4)%
Capital Markets
60
110
(45)%
Asset Management
280
246
14%
Bank
339
235
44%
Other (16)
(71)
(64)
(11)%
Pre-tax income
$ 1,463
$ 1,420
3%
T
hree months ende
d
% change from
March 31,
March 31,
December 31,
March 31, December 31,
$ in millions
2026
2025
2025
2025 2025
Revenues:
Asset management and related administrative fees $ 1,711
$ 1,457
$ 1,693
17%
1%
Brokerage revenues:
Mutual and other fund products
176
152
164
16%
7%
Insurance and annuity products
132
117
132
13%
-%
Equities, exchange-traded funds ("ETFs") and fixed income products
180
150
174
20%
3%
Total brokerage revenues
488
419
470
16%
4%
Account and service fees:
Mutual fund and other investment products
152
130
142
17%
7%
RJBDP fees: (9)
Bank segment
187
183
188
2%
(1)%
Third-party banks
93
130
101
(28)%
(8)%
Client account and other fees
74
66
71
12%
4%
Total account and service fees
506
509
502
(1)%
1%
Investment banking
7
9
8
(22)%
(13)%
Interest income
107
110
114
(3)%
(6)%
All other
8
6
4
33%
100%
Total revenues
2,827
2,510
2,791
13%
1%
Interest expense
(17
(24)
(23)
(29)%
(26)%
Net revenues
2,810
2,486
2,768
13%
2%
Private Client Group
Financial advisor compensation:
Commissions, benefits and other compensation
1,554
1,322
1,512
18%
3%
Recruiting and retention-related compensation (17)
111
89
107
25%
4%
Total financial advisor compensation
1,665
1,411
1,619
18%
3%
Administrative compensation and benefits
443
388
432
14%
3%
Total compensation, commissions and benefits
2,108
1,799
2,051
17%
3%
Non-compensation expenses
286
256
278
12%
3%
Total non-interest expenses
2,394
2,055
2,329
16%
3%
Pre-tax income
$ 416
$ 431
$ 439
(3)%
(5)%
Private Client Group
Six months ended
$ in millions
March 31,
2026
March 31,
2025
% change
Revenues:
Asset management and related administrative fees
$ 3,404
$ 2,933
16%
Brokerage revenues:
Mutual and other fund products
340
304
12%
Insurance and annuity products
264
235
12%
Equities, ETFs and fixed income products
354
313
13%
Total brokerage revenues
958
852
12%
Account and service fees:
Mutual fund and other investment products
294
256
15%
RJBDP fees: (9)
Bank segment
375
370
1%
Third-party banks
194
274
(29)%
Client account and other fees
145
136
7%
Total account and service fees
1,008
1,036
(3)%
Investment banking
15
17
(12)%
Interest income
221
236
(6)%
All other
12
11
9%
Total revenues
5,618
5,085
10%
Interest expense
(40)
(51)
(22)%
Net revenues
5,578
5,034
11%
Financial advisor compensation:
Commissions, benefits and other compensation
3,066
2,647
16%
Recruiting and retention-related compensation (17)
218
177
23%
Total financial advisor compensation
3,284
2,824
16%
Administrative compensation and benefits
875
806
9%
Total compensation, commissions and benefits
4,159
3,630
15%
Non-compensation expenses
564
511
10%
Total non-interest expenses
4,723
4,141
14%
Pre-tax income
$ 855
$ 893
(4)%
Capital Markets
$ in millions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Revenues:
Brokerage revenues:
Fixed income
$ 104
$ 116
$ 91
(10)%
14%
Equity
52
45
50
16%
4%
Total brokerage revenues
156
161
141
(3)%
11%
Investment banking:
Merger & acquisition and advisory
139
129
119
8%
17%
Equity underwriting
56
31
31
81%
81%
Debt underwriting
77
47
50
64%
54%
Total investment banking
272
207
200
31%
36%
Interest income
27
28
28
(4)%
(4)%
Affordable housing investments business revenues
28
20
31
40%
(10)%
All other
6
4
4
50%
50%
Total revenues
489
420
404
16%
21%
Interest expense
(25)
(24)
(24)
4%
4%
Net revenues
464
396
380
17%
22%
Non-interest expenses:
Compensation, commissions and benefits
293
262
261
12%
12%
Non-compensation expenses
120
98
110
22%
9%
Total non-interest expenses
413
360
371
15%
11%
Pre-tax income
$ 51
$ 36
$ 9
42%
467%
March 31,
$ in millions
Revenues:
2026
2025
% change
Brokerage revenues:
Fixed income
$ 195
$ 201
(3)%
Equity
102
86
19%
Total brokerage revenues
297
287
3%
Investment banking:
Merger & acquisition and advisory
258
355
(27)%
Equity underwriting
87
66
32%
Debt underwriting
127
103
23%
Total investment banking
472
524
(10)%
Interest income
55
57
(4)%
Affordable housing investments business revenues
59
49
20%
All other
10
9
11%
Total revenues
893
926
(4)%
Interest expense
(49)
(50)
(2)%
Net revenues
Non-interest expenses:
844
876
(4)%
Compensation, commissions and benefits
554
563
(2)%
Non-compensation expenses
230
203
13%
Total non-interest expenses
784
766
2%
Pre-tax income
$ 60
$ 110
(45)%
Asset Management
$ in millions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Revenues:
Asset management and related administrative fees:
Managed programs
$ 211
$ 187
$ 211
13%
-%
Administration and other
104
91
105
14%
(1)%
Total asset management and related administrative
fees
315
278
316
13%
-%
Account and service fees
7
6
6
17%
17%
All other
5
5
4
-%
25%
Net revenues
327
289
326
13%
-%
Non-interest expenses:
Compensation, commissions and benefits
65
57
59
14%
10%
Non-compensation expenses
125
111
124
13%
1%
Total non-interest expenses
190
168
183
13%
4%
Pre-tax income
$ 137
$ 121
$ 143
13%
(4)%
Six months ended
$ in millions
March 31,
2026
March 31,
2025
% change
Revenues:
Asset management and related administrative fees:
Managed programs
$ 422
$ 376
12%
Administration and other
209
184
14%
Total asset management and related administrative fees
631
560
13%
Account and service fees
13
12
8%
All other
9
11
(18)%
Net revenues
653
583
12%
Non-interest expenses:
Compensation, commissions and benefits
124
115
8%
Non-compensation expenses
249
222
12%
Total non-interest expenses
373
337
11%
Pre-tax income
$ 280
$ 246
14%
Bank
$ in millions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Revenues:
Interest income
$ 802
$ 802
$ 831
-%
(3)%
Interest expense
(330)
(383)
(361)
(14)%
(9)%
Net interest income
472
419
470
13%
-%
All other
14
15
17
(7)%
(18)%
Net revenues
486
434
487
12%
-%
Non-interest expenses:
Compensation and benefits
47
45
48
4%
(2)%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses
5
16
(3)
(69)%
NM
RJBDP fees to Private Client Group (9)
187
183
188
2%
(1)%
All other
81
73
81
11%
-%
Total non-compensation expenses
273
272
266
-%
3%
Total non-interest expenses
320
317
314
1%
2%
Pre-tax income
$ 166
$ 117
$ 173
42%
(4)%
Six months ended
$ in millions
March 31,
2026
March 31,
2025
% change
Revenues:
Interest income
$ 1,633
$ 1,649
(1)%
Interest expense
(691)
(816)
(15)%
Net interest income
942
833
13%
All other
31
26
19%
Net revenues
973
859
13%
Non-interest expenses:
Compensation and benefits
95
91
4%
Non-compensation expenses:
Bank loan provision for credit losses
2
16
(88)%
RJBDP fees to Private Client Group (9)
375
370
1%
All other
162
147
10%
Total non-compensation expenses
539
533
1%
Total non-interest expenses
634
624
2%
Pre-tax income
$ 339
$ 235
44%
Other (16)
$ in millions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Revenues:
Interest income
$ 34
$ 34
$ 42
-%
(19)%
All other
9
4
1
125%
800%
Total revenues
43
38
43
13%
-%
Interest expense
(44)
(25)
(44)
76%
-%
Net revenues
(1)
13
(1)
NM
-%
Non-interest expenses:
Compensation and benefits
29
40
31
(28)%
(6)%
All other
5
7
4
(29)%
25%
Total non-interest expenses
34
47
35
(28)%
(3)%
Pre-tax loss
$ (35)
$ (34)
$ (36)
(3)%
3%
March 31,
$ in millions
2026
2025
% change
Revenues:
Interest income
$ 76
$ 68
12%
All other
10
7
43%
Total revenues
86
75
15%
Interest expense
(88)
(50)
76%
Net revenues
(2)
25
NM
Non-interest expenses:
Compensation and benefits
60
76
(21)%
All other
9
13
(31)%
Total non-interest expenses
69
89
(22)%
Pre-tax loss
$ (71)
$ (64)
(11)%
Bank Segment
$ in billions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Total assets
$ 69.0
$ 62.7
$ 66.7
10%
3%
Bank loans, net
$ 54.8
$ 48.3
$ 53.4
14%
3%
Bank deposits
$ 62.4
$ 56.4
$ 60.2
11%
4%
$ in millions
March 31,
2026
March 31,
2025
December 31,
2025
March 31,
2025
December 31,
2025
Bank loan allowance for credit losses
$ 440
$ 452
$ 440
(3)%
-%
Total nonperforming assets
$ 183
$ 214
$ 208
(14)%
(12)%
Total criticized loans
$ 607
$ 551
$ 611
10%
(1)%
Bank loan allowance for credit losses as a % of total loans held for investment
0.80 %
0.93 %
0.82 %
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18)
1.83 %
1.94 %
1.82 %
Nonperforming assets as a % of total assets
0.27 %
0.34 %
0.31 %
Criticized loans as a % of total loans held for investment
1.10 %
1.14 %
1.14 %
Three months ended
Six months ended
March 31,
March 31,
December 31,
March 31,
March 31,
$ in millions
2026
2025
2025
2026
2025
Net interest margin (net yield on interest-earning assets)
2.81 %
2.67 %
2.81 %
2.81 %
2.63 %
Bank loan provision/(benefit) for credit losses
$ 5
$ 16
$ (3)
$ 2
$ 16
Net charge-offs
$ 5
$ 15
$ 9
$ 14
$ 19
We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of
non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
March 31,
March 31,
December 31,
March 31,
March 31,
$ in millions
2026
2025
2025
2026
2025
Net income available to common shareholders
$ 542
$ 493
$ 562
$ 1,104
$ 1,092
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (19)
6
8
7
13
16
Other acquisition-related compensation
1
-
-
1
-
Total "Compensation, commissions and
benefits" expense
7
8
7
14
16
Communications and information processing
3
-
1
4
-
Professional fees
4
1
2
6
2
Other:
Amortization of identifiable intangible assets (20)
10
10
10
20
21
All other acquisition-related expenses
3
-
-
3
-
Total "Other" expense
13
10
10
23
21
Total pre-tax impact of non-GAAP
adjustments related to acquisitions
27
19
20
47
39
Tax effect of non-GAAP adjustments
(5)
(5)
(5)
(10)
(10)
Total non-GAAP adjustments, net of tax
22
14
15
37
29
Adjusted net income available to common shareholders (1)
$ 564
$ 507
$ 577
$ 1,141
$ 1,121
Pre-tax income
$ 735
$ 671
$ 728
$ 1,463
$ 1,420
Pre-tax impact of non-GAAP adjustments (as detailed above)
27
19
20
47
39
Adjusted pre-tax income (1)
$ 762
$ 690
$ 748
$ 1,510
$ 1,459
Compensation, commissions and benefits expense
$ 2,541
$ 2,204
$ 2,450
$ 4,991
$ 4,476
Less: Total compensation-related acquisition expenses (as detailed above)
7
8
7
14
16
Adjusted "Compensation, commissions and benefits" expense (1)
$
2,534
$
2,196
$
2,443
$
4,977
$
4,460
March 31,
March 31,
December 31,
March 31,
March 31,
2026
2025
2025
2026
2025
Pre-tax margin (6)
19.0 %
19.7 %
19.5 %
19.3 %
20.5 %
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (19)
0.1 %
0.3 %
0.2 %
0.2 %
0.2 %
Other acquisition-related compensation
- %
- %
- %
- %
- %
Total "Compensation, commissions and
benefits" expense
0.1 %
0.3 %
0.2 %
0.2 %
0.2 %
Communications and information processing
0.1 %
- %
- %
- %
- %
Professional fees
0.1 %
- %
- %
0.1 %
- %
Other:
Amortization of identifiable intangible assets (20)
0.3 %
0.3 %
0.3 %
0.3 %
0.3 %
All other acquisition-related expenses
0.1 %
- %
- %
- %
- %
Total "Other" expense
0.4 %
0.3 %
0.3 %
0.3 %
0.3 %
Total pre-tax impact of non-GAAP
adjustments related to acquisitions
0.7 %
0.6 %
0.5 %
0.6 %
0.5 %
Adjusted pre-tax margin (1) (6)
19.7 %
20.3 %
20.0 %
19.9 %
21.0 %
Total compensation ratio (7)
65.8 %
64.8 %
65.6 %
65.7 %
64.5 %
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (19)
0.1 %
0.3 %
0.2 %
0.2 %
0.2 %
Other acquisition-related compensation
- %
- %
- %
- %
- %
Total "Compensation, commissions and
benefits" expenses related to acquisitions
0.1 %
0.3 %
0.2 %
0.2 %
0.2 %
Adjusted total compensation ratio (1) (7)
65.7 %
64.5 %
65.4 %
65.5 %
64.3 %
March 31,
March 31,
December 31,
March 31,
March 31,
Earnings per common share (4)
2026
2025
2025
2026
2025
Basic
$ 2.76
$ 2.41
$ 2.85
$ 5.61
$ 5.34
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (19)
0.03
0.04
0.04
0.07
0.08
Other acquisition-related compensation
0.01
-
-
-
-
Total "Compensation, commissions and
benefits" expense
0.04
0.04
0.04
0.07
0.08
Communications and information processing
0.02
-
-
0.02
-
Professional fees
0.02
-
0.01
0.03
0.01
Other:
Amortization of identifiable intangible assets (20)
0.05
0.05
0.05
0.10
0.10
All other acquisition-related expenses
0.02
-
-
0.02
-
Total "Other" expense
0.07
0.05
0.05
0.12
0.10
Total pre-tax impact of non-GAAP
adjustments related to acquisitions
0.15
0.09
0.10
0.24
0.19
Tax effect of non-GAAP adjustments
(0.03)
(0.02)
(0.03)
(0.05)
(0.04)
Total non-GAAP adjustments, net of tax
0.12
0.07
0.07
0.19
0.15
Adjusted basic (1)
$ 2.88
$ 2.48
$ 2.92
$ 5.80
$ 5.49
Diluted
$ 2.72
$ 2.36
$ 2.79
$ 5.51
$ 5.22
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (19)
0.03
0.04
0.03
0.06
0.08
Other acquisition-related compensation
Total "Compensation, commissions and
-
-
-
-
-
benefits" expense
0.03
0.04
0.03
0.06
0.08
Communications and information processing
0.02
-
-
0.02
-
Professional fees
0.02
-
0.01
0.03
0.01
Other:
Amortization of identifiable intangible assets (20)
0.05
0.05
0.05
0.10
0.10
All other acquisition-related expenses
0.02
-
-
0.02
-
Total "Other" expense
0.07
0.05
0.05
0.12
0.10
Total pre-tax impact of non-GAAP
adjustments related to acquisitions
0.14
0.09
0.09
0.23
0.19
Tax effect of non-GAAP adjustments
(0.03)
(0.03)
(0.02)
(0.05)
(0.05)
Total non-GAAP adjustments, net of tax
0.11
0.06
0.07
0.18
0.14
Adjusted diluted (1)
$ 2.83
$ 2.42
$ 2.86
$ 5.69
$ 5.36
Book value per share
As of
$ in millions, except per share amounts
March 31,
2026
March 31,
2025
December 31,
2025
Total common equity attributable to Raymond James Financial, Inc.
$ 12,567
$ 12,133
$ 12,491
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net
1,983
1,855
1,838
Deferred tax liabilities related to goodwill and identifiable intangible assets, net
(147)
(140)
(146)
Tangible common equity attributable to Raymond James Financial, Inc. (1)
$ 10,731
$ 10,418
$ 10,799
Common shares outstanding
194.6
203.1
197.0
Book value per share (8)
$ 64.58
$ 59.74
$ 63.41
Tangible book value per share (1) (8)
$ 55.14
$ 51.29
$ 54.82
March 31,
March 31,
December 31,
March 31,
March 31,
$ in millions
2026
2025
2025
2026
2025
Average common equity (21)
$ 12,529
$ 11,989
$ 12,458
$ 12,494
$ 11,857
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (19)
3
4
4
7
8
Other acquisition-related compensation
1
-
-
-
-
Total "Compensation, commissions and
benefits" expense
4
4
4
7
8
Communications and information processing
1
-
1
1
-
Professional fees
2
1
1
3
1
Other:
Amortization of identifiable intangible assets (20)
5
5
5
10
11
All other acquisition-related expenses
2
-
-
1
-
Total "Other" expense
7
5
5
11
11
Total pre-tax impact of non-GAAP
adjustments related to acquisitions
14
10
11
22
20
Tax effect of non-GAAP adjustments
(3)
(3)
(3)
(5)
(5)
Total non-GAAP adjustments, net of tax
11
7
8
17
15
Adjusted average common equity (1) (21)
$ 12,540
$ 11,996
$ 12,466
$ 12,511
$ 11,872
Reconciliation of non-GAAP financial measures to GAAP financial measures
March 31,
March 31,
December 31,
March 31,
March 31,
$ in millions
2026
2025
2025
2026
2025
Average common equity (21)
$ 12,529
$ 11,989
$ 12,458
$ 12,494
$ 11,857
Less:
Average goodwill and identifiable intangible assets, net
1,911
1,857
1,843
1,889
1,866
Average deferred tax liabilities related to goodwill and
identifiable intangible assets, net
(147)
(140)
(145)
(145)
(139)
Average tangible common equity (1) (21)
$ 10,765
$ 10,272
$ 10,760
$ 10,750
$ 10,130
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (19)
3
4
4
7
8
Other acquisition-related compensation
1
-
-
-
-
Total "Compensation, commissions and
benefits" expense
4
4
4
7
8
Communications and information processing
1
-
1
1
-
Professional fees
2
1
1
3
1
Other:
Amortization of identifiable intangible assets (20)
5
5
5
10
11
All other acquisition-related expenses
2
-
-
1
-
Total "Other" expense
7
5
5
11
11
Total pre-tax impact of non-GAAP
adjustments related to acquisitions
14
10
11
22
20
Tax effect of non-GAAP adjustments
(3)
(3)
(3)
(5)
(5)
Total non-GAAP adjustments, net of tax
11
7
8
17
15
Adjusted average tangible common equity (1) (21)
$ 10,776
$ 10,279
$ 10,768
$ 10,767
$ 10,145
Return on common equity (5)
17.3 %
16.4 %
18.0 %
17.7 %
18.4 %
Adjusted return on common equity (1) (5)
18.0 %
16.9 %
18.5 %
18.2 %
18.9 %
Return on tangible common equity (1) (5)
20.1 %
19.2 %
20.9 %
20.5 %
21.6 %
Adjusted return on tangible common equity (1) (5)
20.9 %
19.7 %
21.4 %
21.2 %
22.1 %
These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.
Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth - annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.
Estimated.
Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were an insignificant amount for the three months ended March 31, 2026, $1 million for each of the three months ended December 31 and March 31, 2025, and $1 million and $2 million for the six months ended March 31, 2026 and 2025, respectively.
Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.
Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pretax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.
Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.
Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period.
We earn fees from the RJBDP, a multi-bank sweep program in which clients' cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in "Account and service fees" on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.
Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release.
Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.
Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.
Securities-based loans included loans collateralized by the borrower's marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market.
The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.
The average balance, interest expense, and average rate for "Total bank deposits" included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in "All other interest-bearing liabilities" under "All other segments."
The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.
PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 19). Such awards are expensed over the requisite service period (typically between 5 and 10 years).
Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.
Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.
Amortization of identifiable intangible assets, which was included in "Other" expense, includes amortization of identifiable intangible assets arising from our acquisitions.
Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.
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Raymond James Financial Inc. published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 20:07 UTC.