Raymond James Financials
This page shows Raymond James (RJF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Raymond James's revenue grew 9.7% year-over-year to $14.1B, a solid pace of expansion. This earns a growth score of 56/100.
Raymond James has elevated debt relative to equity (D/E of 6.06), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Raymond James converts 16.0% of revenue into free cash flow ($2.2B). This strong cash generation earns a score of 80/100.
Raymond James earns a strong 17.1% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 68/100. This is down from 17.7% the prior year.
Raymond James passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Raymond James generates $1.14 in operating cash flow ($2.4B OCF vs $2.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Raymond James generated $14.1B in revenue in fiscal year 2025. This represents an increase of 9.7% from the prior year.
Raymond James generated $2.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.2% from the prior year.
Raymond James reported $2.1B in net income in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Raymond James earned $10.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.2% from the prior year.
Raymond James held $11.4B in cash against $0 in long-term debt as of fiscal year 2025.
Raymond James paid $2.00 per share in dividends in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Raymond James had 198M shares outstanding in fiscal year 2025. This represents a decrease of 2.5% from the prior year.
Raymond James's net profit margin was 15.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.
Raymond James's ROE was 17.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Raymond James invested $188.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 8.3% from the prior year.
RJF Income Statement
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B+9.9% | $3.4B-0.1% | $3.4B-3.8% | $3.5B+9.6% | $3.2B+3.5% | $3.1B+3.5% | $3.0B+3.6% | $2.9B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $441.0M-0.7% | $444.0M+0.5% | $442.0M-11.2% | $498.0M-6.7% | $534.0M+2.7% | $520.0M+2.6% | $507.0M+31.3% | $386.0M |
| Income Tax | $165.0M+29.9% | $127.0M-27.8% | $176.0M+18.1% | $149.0M-2.0% | $152.0M+14.3% | $133.0M+0.8% | $132.0M+12.8% | $117.0M |
| Net Income | $563.0M+29.1% | $436.0M-11.9% | $495.0M-17.5% | $600.0M+22.0% | $492.0M+3.4% | $476.0M-4.4% | $498.0M+35.0% | $369.0M |
| EPS (Diluted) | $2.79+31.6% | $2.12-10.2% | $2.36-17.5% | $2.86+23.8% | $2.31+4.1% | $2.22-4.3% | $2.32+35.7% | $1.71 |
RJF Balance Sheet
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $88.8B+4.7% | $84.8B+2.0% | $83.1B+1.0% | $82.3B-0.9% | $83.0B+2.2% | $81.2B+1.4% | $80.1B+2.3% | $78.4B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $9.9B+7.6% | $9.2B-4.8% | $9.7B-3.8% | $10.0B-8.6% | $11.0B+10.0% | $10.0B-2.0% | $10.2B+9.6% | $9.3B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $1.5B-0.3% | $1.5B+0.8% | $1.4B+0.3% | $1.4B-0.8% | $1.5B+0.6% | $1.4B-0.1% | $1.4B+0.5% | $1.4B |
| Total Liabilities | $76.2B+5.0% | $72.6B+2.3% | $70.9B+0.8% | $70.4B-1.4% | $71.3B+1.5% | $70.3B+1.3% | $69.3B+1.7% | $68.2B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $12.6B+2.5% | $12.3B+0.4% | $12.2B+2.4% | $11.9B+2.1% | $11.7B+6.3% | $11.0B+1.8% | $10.8B+5.6% | $10.2B |
| Retained Earnings | $14.1B+7.2% | $13.1B+2.6% | $12.8B+3.2% | $12.4B+4.1% | $11.9B+8.2% | $11.0B+3.6% | $10.6B+3.9% | $10.2B |
RJF Cash Flow Statement
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.0M-101.4% | $691.0M+490.6% | $117.0M-85.9% | $830.0M+62.7% | $510.0M+30.4% | $391.0M-28.0% | $543.0M+25.1% | $434.0M |
| Capital Expenditures | $46.0M-19.3% | $57.0M+23.9% | $46.0M+12.2% | $41.0M-18.0% | $50.0M+2.0% | $49.0M-2.0% | $50.0M-2.0% | $51.0M |
| Free Cash Flow | -$56.0M-108.8% | $634.0M+793.0% | $71.0M-91.0% | $789.0M+71.5% | $460.0M+34.5% | $342.0M-30.6% | $493.0M+28.7% | $383.0M |
| Investing Cash Flow | -$1.9B-43.2% | -$1.3B-97.6% | -$659.0M+29.7% | -$937.0M-344.1% | -$211.0M-414.9% | $67.0M+138.1% | -$176.0M+48.5% | -$342.0M |
| Financing Cash Flow | $629.0M+115.4% | $292.0M+1925.0% | -$16.0M+96.4% | -$447.0M-137.4% | $1.2B+286.3% | -$641.0M-170.7% | $907.0M+159.9% | $349.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $92.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $302.0M |
RJF Financial Ratios
| Metric | Q1'25 | Q3'25 | Q2'25 | Q1'24 | Q3'24 | Q2'24 | Q1'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 15.1%+2.2pp | 12.8%-1.7pp | 14.5%-2.4pp | 17.0%+1.7pp | 15.2%-0.0pp | 15.3%-1.3pp | 16.5%+3.8pp | 12.7% |
| Return on Equity | 4.5%+0.9pp | 3.6%-0.5pp | 4.0%-1.0pp | 5.0%+0.6pp | 4.4%+0.1pp | 4.3%-0.3pp | 4.6%+0.9pp | 3.7% |
| Return on Assets | 0.6%+0.1pp | 0.5%-0.1pp | 0.6%-0.1pp | 0.7%+0.1pp | 0.6%+0.0pp | 0.6%-0.0pp | 0.6%+0.1pp | 0.5% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 6.06+0.1 | 5.92+0.1 | 5.81-0.1 | 5.90-0.2 | 6.11-0.3 | 6.40-0.0 | 6.43-0.2 | 6.67 |
| FCF Margin | -1.5%-20.2pp | 18.7%+16.6pp | 2.1%-20.2pp | 22.3%+2.0pp | 20.3%+9.3pp | 11.0%-5.4pp | 16.4%+24.6pp | -8.3% |
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Frequently Asked Questions
What is Raymond James's annual revenue?
Raymond James (RJF) reported $14.1B in total revenue for fiscal year 2025. This represents a 9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Raymond James's revenue growing?
Raymond James (RJF) revenue grew by 9.7% year-over-year, from $12.8B to $14.1B in fiscal year 2025.
Is Raymond James profitable?
Yes, Raymond James (RJF) reported a net income of $2.1B in fiscal year 2025, with a net profit margin of 15.2%.
What is Raymond James's earnings per share (EPS)?
Raymond James (RJF) reported diluted earnings per share of $10.30 for fiscal year 2025. This represents a 6.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Raymond James's net profit margin?
Raymond James (RJF) had a net profit margin of 15.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Raymond James pay dividends?
Yes, Raymond James (RJF) paid $2.00 per share in dividends during fiscal year 2025.
What is Raymond James's return on equity (ROE)?
Raymond James (RJF) has a return on equity of 17.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Raymond James's free cash flow?
Raymond James (RJF) generated $2.2B in free cash flow during fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Raymond James's operating cash flow?
Raymond James (RJF) generated $2.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Raymond James's total assets?
Raymond James (RJF) had $88.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Raymond James's capital expenditures?
Raymond James (RJF) invested $188.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Raymond James have outstanding?
Raymond James (RJF) had 198M shares outstanding as of fiscal year 2025.
What is Raymond James's debt-to-equity ratio?
Raymond James (RJF) had a debt-to-equity ratio of 6.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Raymond James's return on assets (ROA)?
Raymond James (RJF) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Raymond James's Piotroski F-Score?
Raymond James (RJF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Raymond James's earnings high quality?
Raymond James (RJF) has an earnings quality ratio of 1.14x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Raymond James?
Raymond James (RJF) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.