Raymond James Financial : Earnings Presentation (RJF20260422 2Q Presentation)

Published: 2026-04-22 16:44:49 ET RJF

Published on 04/22/2026 at 04:44 pm EDT

Fiscal 2Q26 Results

April 22, 2026

Strategic Overview

2Q26 highlights

Earnings

$3.9B

Net revenues

19.0%

Pre-tax margin

19.7%

Adjusted pre-tax margin(1)

$2.72

Diluted EPS

$2.83

Adjusted diluted EPS(1)

17.3%

Return on common equity

20.9%

Adjusted ROTCE(1)

Capital & Liquidity

$400M

Common share repurchases

$107M

Common stock dividends

12.4%

Tier 1 leverage ratio(3)

$3.0B

RJF corporate cash(4)

Key Performance Metrics

$1.76T

Client assets under administration

$1.04T

PCG assets in fee-based accounts

$23.0B | 5.8% growth rate

Domestic PCG net new assets(2)

$57.8B

Clients' domestic cash sweep and ESP balances

$54.8B

Bank loans, net

Note: As of and for the three months ended March 31, 2026. (1)These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (2)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less

4 domestic PCG client outflows, including commissions, advisory fees and other fees. The domestic PCG net new asset annualized growth rate is based on the beginning domestic PCG assets under administration balance for the indicated period. (3)Estimated. (4)This amount includes cash and cash equivalents held directly at the parent company, as well as cash loaned by the parent company to

Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

Financial Review

Financial summary

Summary results of operations

($)

vs.

($)

vs.

$ in millions, except per share amounts

2Q26

2Q25

1Q26

FYTD 2026

Net revenues

3,859

13%

7,594

Pre-tax income

735

10%

1,463

Adjusted pre-tax income*

762

10%

1,510

Net income available to common shareholders

542

10%

(4)%

1,104

Adjusted net income available to common shareholders*

564

11%

(2)%

1,141

Earnings per common share - diluted

2.72

15%

(3)%

5.51

Adjusted earnings per common share - diluted*

2.83

17%

(1)%

5.69

Other selected financial highlights:

2Q26

2Q25

1Q26

FYTD 2026

Pre-tax margin

19.0%

19.7%

19.5%

19.3%

20.5%

Adjusted pre-tax margin*

19.7%

20.3%

20.0%

19.9%

21.0%

Return on common equity - annualized

17.3%

16.4%

18.0%

17.7%

18.4%

Adjusted return on common equity - annualized*

18.0%

16.9%

18.5%

18.2%

18.9%

Adjusted return on tangible common equity - annualized*

20.9%

19.7%

21.4%

21.2%

22.1%

Record

result

*These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.

Segment results

($)

vs.

FYTD ($)

FYTD (%)

$ in millions

2Q26

2Q25

1Q26

2026

Net revenues:

Private Client Group

2,810

13%

5,578

11%

Capital Markets

464

17%

22%

844

(4)%

Asset Management

327

13%

653

12%

Bank

486

12%

973

13%

Consolidated net revenues

3,859

13%

7,594

Pre-tax income:

Private Client Group

416

(3)%

(5)%

855

(4)%

Capital Markets

42%

467%

(45)%

Asset Management

137

13%

(4)%

280

14%

Bank

166

42%

(4)%

339

44%

Consolidated pre-tax income

735

10%

1,463

Record Result

Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown.

Consolidated net revenues

$ in millions

2Q26

vs. 2Q25

vs. 1Q26

Asset management and related administrative fees

$ 2,016

17%

Brokerage revenues

643

11%

Account and service fees

311

(3)%

Investment banking

279

29%

34%

Interest income

960

(5)%

Other

33%

26%

Total revenues

4,262

11%

Interest expense

(403)

(9)%

Net revenues

$ 3,859

13%

Domestic cash sweep and ESP balances

CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP) BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA)

Cash Sweep & ESP Balances as a % of Domestic PCG AUA

Clients' Domestic Cash Sweep & ESP Balances ($B)

4.2%

3.8%

3.7%

1.7

16.8

25.8

13.5

1.6

13.9

26.6

13.0

1.6

14.8

26.6

13.5

1.8

13.6

29.8

12.5

12.4

16.0

27.8

1.8

2Q25 3Q25 4Q25 1Q26 2Q26

Year-over-year change: -% Sequential change: (1)%

Note: May not total due to rounding. *We earn fees from the Raymond James Bank Deposit Program (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. **Our Enhanced Savings Program is a deposit offering

Net interest income & RJBDP fees (third-party banks)

$ IN MILLIONS

521

130

557

566

110 102 101 93

546

551

2Q25 3Q25 4Q25 1Q26 2Q26

Year-over-year change: -% Sequential change: (3)%

2Q26

2.96%

2.91%

2.76%

2.70%

2.67%

2.74%

2.71%

2.81%

2Q26

3Q25

4Q25

1Q26

3.00%

Bank Segment NIM

2Q25

3Q25

4Q25

1Q26

2Q25

2.74%

2.75%

2.78%

2.83%

2.77%

AVERAGE YIELD ON RJBDP

(THIRD-PARTY BANKS)**

NET INTEREST MARGIN (NIM)

Firmwide NIM

*As reported in "Account and service fees" in the PCG segment.

**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

10 at third-party banks.

64.8%

65.6%

65.8%

64.2%

65.7%

64.5%

65.4%

64.0%

Consolidated expenses

583

2Q25

3Q25

4Q25

1Q26

2Q26

Total Compensation Ratio

Adjusted Total Compensation Ratio**

TOTAL NON-COMPENSATION EXPENSES

$ IN MILLIONS

633

602

557

TOTAL COMPENSATION RATIO*

2Q25

3Q25***

4Q25

1Q26

2Q26

Impact of Legal Matter***

575

528

$ in millions

2Q26

vs. 2Q25

vs. 1Q26

Compensation, commissions and benefits

$ 2,541

15%

Non-compensation expenses:

Communications and information processing

206

12%

Occupancy and equipment

Business development

17%

(7)%

Investment sub-advisory fees

17%

Professional fees

(3)%

Bank loan benefit for credit losses

(69)%

Other

118

16%

12%

Total non-compensation expenses

583

10%

Total non-interest expenses

$ 3,124

14%

*Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. **This is a non-GAAP financial measure. See the schedules in the Appendix

11 of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.***Results for 3Q25 reflected

the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment.

Consolidated pre-tax margin

19.7%

17.1%

19.6%

19.5%

19.0%

20.3%

20.7% 20.0% 19.7%

16.6%

2Q25 3Q25* 4Q25 1Q26 2Q26

Pre-Tax Margin Adjusted Pre-Tax Margin**

*Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense and reduced consolidated pre-tax margin by 1.7%. Absent this legal provision, pre-tax margin would have been 18.3% and adjusted pre-tax margin would have been 18.8%. **This is a non-GAAP

12 measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more

information on these measures.

Other financial information

$ in billions except per share amounts

2Q26

vs.

2Q25

vs.

1Q26

Total assets

$ 91.9

11%

RJF corporate cash*

$ 3.0

21%

(9)%

Bank loans, net

$ 54.8

14%

Total common equity attributable to RJF

$ 12.6

Book value per share

$ 64.58

Tangible book value per share**

$ 55.14

Weighted-average common and common equivalent shares

outstanding - diluted (shares in millions) 199.2

(5)%

(1)%

2Q25

1Q26

Tier 1 leverage ratio***

12.4%

13.3%

12.7%

Tier 1 capital ratio***

22.9%

23.5%

23.2%

Common equity tier 1 ratio***

22.9%

23.3%

23.0%

Total capital ratio***

24.0%

24.8%

24.3%

Effective tax rate

26.0%

26.2%

22.7%

*This amount includes cash and cash equivalents held directly at the parent company, as well as parent cash loaned by the parent company to RJ&A, which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP

13 measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated.

Capital management

DIVIDENDS PAID AND SHARE REPURCHASES

$ IN MILLIONS

451

102

$2.38B

of dividends paid and share repurchases over the past 5 quarters

250

104

354

350

101

451

511 507

$1.5B

remains under current common stock repurchase authorization***

Number of Shares Repurchased* (thousands)

Average Share Price of Shares Repurchased*

400

107

400

111

2Q25 3Q25 4Q25 1Q26 2Q26

1,716 3,286 2,107 2,473 2,574

$146 $137 $166 $162 $155

*Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates the amount remaining as of March 31, 2026 under the Board of Directors'

14 $2.0 billion common stock repurchase authorization approved on December 3, 2025.

Appendix

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

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 for those periods which include non-GAAP adjustments.

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

$ in millions

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

March 31,

2025

March 31,

2026

Net income available to common shareholders

Non-GAAP adjustments: Expenses related to acquisitions:

Compensation, commissions and benefits:

493

435

603

562

542

$ 1,092

$ 1,104

Acquisition-related retention (1)

Other acquisition-related compensation

Total "Compensation, commissions and benefits" expense

Communications and information processing

Professional fees

Other:

Amortization of identifiable intangible assets (2)

All other acquisition-related expenses

Total "Other" expense

acquisitions

Tax effect of non-GAAP adjustments

(5)

(7)

(5)

(10)

Total non-GAAP adjustments, net of tax

Adjusted net income available to common shareholders

507

449

635

577

564

$ 1,121

$ 1,141

Pre-tax income

671

563

731

728

735

$ 1,420

$ 1,463

Pre-tax impact of non-GAAP adjustments (as detailed above)

Adjusted pre-tax income

690

582

770

748

762

$ 1,459

$ 1,510

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

Pre-tax margin (3)

19.7 %

16.6 %

19.6 %

19.5 %

19.0 %

Impact of non-GAAP adjustments on pre-tax margin:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (1)

0.3 %

0.1 %

0.2 %

0.1 %

Other acquisition-related compensation

- %

0.1 %

- %

Total "Compensation, commissions and benefits" expense

0.3 %

0.2 %

0.1 %

Communications and information processing

- %

0.1 %

- %

0.1 %

Professional fees

- %

0.2 %

- %

0.1 %

Other:

Amortization of identifiable intangible assets (2)

0.3 %

0.2 %

0.3 %

All other acquisition-related expenses

- %

0.3 %

- %

0.1 %

Total "Other" expense

0.3 %

0.2 %

0.6 %

0.3 %

0.4 %

Total pre-tax impact of non-GAAP adjustments related to acquisitions

0.6 %

0.5 %

1.1 %

0.5 %

0.7 %

Adjusted pre-tax margin (3)

20.3 %

17.1 %

20.7 %

20.0 %

19.7 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

Three months ended

March 31,

June 30,

September 30,

December 31,

March 31,

$ in millions

2025

2026

Compensation, commissions and benefits expense

$ 2,204

$ 2,202

$ 2,394

$ 2,450

$ 2,541

Less: Total compensation-related acquisition expenses (1)

Adjusted compensation, commissions and benefits expense

$ 2,196

$ 2,193

$ 2,384

$ 2,443

$ 2,534

Total compensation ratio (4)

64.8 %

64.2 %

65.6 %

65.8 %

Less the impact of non-GAAP adjustments on compensation ratio:

Acquisition-related retention (1)

0.3 %

0.1 %

0.2 %

0.1 %

Other acquisition-related compensation

- %

0.1 %

- %

Total "Compensation, commissions and benefits" expenses related to acquisitions

0.3 %

0.2 %

0.1 %

Adjusted total compensation ratio (4)

64.5 %

64.0 %

65.4 %

65.7 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

Earnings per common share (5)

Basic

March 31,

2025

2.41

December 31,

2025

2.85

March 31,

2026

2.76

March 31,

2025

5.34

March 31,

2026

5.61

Impact of non-GAAP adjustments on basic earnings per common share:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (1)

0.04

0.03

0.08

0.07

Other acquisition-related compensation

0.01

Total "Compensation, commissions and benefits" expense

0.04

0.08

0.07

Communications and information processing

0.02

Professional fees

0.01

0.02

0.01

0.03

Other:

Amortization of identifiable intangible assets (2)

0.05

0.10

All other acquisition-related expenses

0.02

Total "Other" expense

0.05

0.07

0.10

0.12

Total pre-tax impact of non-GAAP adjustments related to acquisitions

0.09

0.10

0.15

0.19

0.24

Tax effect of non-GAAP adjustments

(0.02)

(0.03)

(0.04)

(0.05)

Total non-GAAP adjustments, net of tax

0.07

0.12

0.15

0.19

Adjusted basic

2.48

2.92

2.88

5.49

5.80

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

Earnings per common share (5)

Diluted

March 31,

2025

2.36

December 31,

2025

2.79

March 31,

2026

2.72

March 31,

2025

5.22

March 31,

2026

5.51

Impact of non-GAAP adjustments on diluted earnings per common share:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (1)

0.04

0.03

0.08

0.06

Other acquisition-related compensation

Total "Compensation, commissions and benefits" expense

0.04

0.03

0.08

0.06

Communications and information processing

0.02

Professional fees

0.01

0.02

0.01

0.03

Other:

Amortization of identifiable intangible assets (2)

0.05

0.10

All other acquisition-related expenses

0.02

Total "Other" expense

0.05

0.07

0.10

0.12

Total pre-tax impact of non-GAAP adjustments related to acquisitions

0.09

0.14

0.19

0.23

Tax effect of non-GAAP adjustments

(0.03)

(0.02)

(0.03)

(0.05)

Total non-GAAP adjustments, net of tax

0.06

0.07

0.11

0.14

0.18

Adjusted diluted

2.42

2.86

2.83

5.36

5.69

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

Book value per share

As of

$ in millions, except per share amounts

March 31,

2025

December 31,

2025

March 31,

2026

Total common equity attributable to Raymond James Financial, Inc.

12,133

12,491

12,567

Less non-GAAP adjustments:

Goodwill and identifiable intangible assets, net

1,855

1,838

1,983

Deferred tax liabilities related to goodwill and identifiable intangible assets, net

(140)

(146)

(147)

Tangible common equity attributable to Raymond James Financial, Inc.

10,418

10,799

10,731

Common shares outstanding

203.1

197.0

194.6

Book value per share (6)

$ 59.74

$ 63.41

$ 64.58

Tangible book value per share (6)

$ 51.29

$ 54.82

$ 55.14

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

March 31,

December 31,

March 31,

$ in millions

2025

2026

2025

2026

Average common equity (7)

Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions:

Compensation, commissions and benefits:

11,989

12,458

12,529

11,857

12,494

Acquisition-related retention (1)

Other acquisition-related compensation

Total "Compensation, commissions and benefits" expense

Communications and information processing

Professional fees

Other:

Amortization of identifiable intangible assets (2)

All other acquisition-related expenses

Total "Other" expense

Total pre-tax impact of non-GAAP adjustments related to acquisitions

Tax effect of non-GAAP adjustments

(3)

(5)

Total non-GAAP adjustments, net of tax

Adjusted average common equity (7)

11,996

12,466

12,540

11,872

12,511

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)

$ in millions

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2025

March 31,

2026

Average common equity (7)

11,989

12,458

12,529

11,857

12,494

Less:

Average goodwill and identifiable intangible assets, net

1,857

1,843

1,911

1,866

1,889

Average deferred tax liabilities related to goodwill and identifiable intangible assets, net

(140)

(145)

(147)

(139)

(145)

Average tangible common equity (7)

10,272

10,760

10,765

10,130

10,750

Impact of non-GAAP adjustments on average tangible common equity:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (1)

Other acquisition-related compensation

Total "Compensation, commissions and benefits" expense

Communications and information processing

Professional fees

Other:

Amortization of identifiable intangible assets (2)

All other acquisition-related expenses

Total "Other" expense

Total pre-tax impact of non-GAAP adjustments related to acquisitions

Tax effect of non-GAAP adjustments

(3)

(5)

Total non-GAAP adjustments, net of tax

Adjusted average tangible common equity (7)

10,279

10,768

10,776

10,145

10,767

Return on common equity (8)

16.4 %

18.0 %

17.3 %

18.4 %

17.7 %

Adjusted return on common equity (8)

16.9 %

18.5 %

18.0 %

18.9 %

18.2 %

Return on tangible common equity (ROTCE) (8)

19.2 %

20.9 %

20.1 %

21.6 %

20.5 %

Adjusted ROTCE (8)

19.7 %

21.4 %

20.9 %

22.1 %

21.2 %

Note: Please refer to the footnotes on slide 25 for additional information.

‌Footnotes

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.

Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax 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.

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.

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.

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.

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.

Disclaimer

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 20:42 UTC.