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.

Raymond James Financials

RJF

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE September

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).

Rhea AI RJF FY2025 2026-05-06

RJF’s core mechanic is stable profitability riding on a large balance sheet, while cash generation moves with funding flows.

Between FY2022 and FY2025, net income rose from $1.5B to $2.1B, showing the earnings engine kept compounding even as balance-sheet conditions changed. At the same time, operating cash flow moved from $72M to $2.4B after turning negative in the interim, which implies cash generation here is heavily driven by funding and working-balance movements rather than mirroring accounting profit year by year.

With $75.7B of liabilities against $12.5B of equity in FY2025, the balance sheet does most of the work: modest return on assets can still produce healthy returns to shareholders because a large asset base is funded by non-equity capital. That is why a roughly 2.4% return on assets can coexist with a 17.1% return on equity without requiring unusually high operating margins. Cash reserves of $11.4B add a cushion, so the leverage here is paired with meaningful liquidity rather than heavy long-term borrowing alone.

Capital spending was only $188M against $2.4B of operating cash flow in FY2025, so this is not a business where physical reinvestment absorbs most of the cash it produces. The more important constraint is funding mix stability, not factories or inventory, which helps explain why free cash flow can rebound quickly once balance-sheet flows normalize.

Financial Health Signals

Financial health score pending refresh

We are recalculating Raymond James's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

5/6

Raymond James passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.14x

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

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Earnings & Revenue

Revenue

$14.1B

YoY+9.7%

5Y CAGR+12.0%

10Y CAGR+10.5%

Raymond James generated $14.1B in revenue in fiscal year 2025. This represents an increase of 9.7% from the prior year.

EBITDA

N/A

Net Income

$2.1B

YoY+3.2%

5Y CAGR+21.2%

10Y CAGR+15.6%

Raymond James reported $2.1B in net income in fiscal year 2025. This represents an increase of 3.2% from the prior year.

EPS (Diluted)

$10.30

YoY+6.2%

5Y CAGR+21.6%

10Y CAGR+11.6%

Raymond James earned $10.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.2B

YoY+15.2%

5Y CAGR-10.7%

10Y CAGR+10.5%

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.

Cash & Debt

$11.4B

YoY+3.6%

5Y CAGR+16.1%

10Y CAGR+15.9%

Raymond James held $11.4B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.00

YoY+11.1%

5Y CAGR+15.1%

10Y CAGR+10.8%

Raymond James paid $2.00 per share in dividends in fiscal year 2025. This represents an increase of 11.1% from the prior year.

Shares Outstanding

198M

YoY-2.5%

5Y CAGR-0.7%

10Y CAGR+3.3%

Raymond James had 198M shares outstanding in fiscal year 2025. This represents a decrease of 2.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

15.2%

YoY-1.0pp

5Y CAGR+4.9pp

10Y CAGR+5.5pp

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.

Return on Equity

17.1%

YoY-0.6pp

5Y CAGR+5.6pp

10Y CAGR+6.0pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$188.0M

YoY-8.3%

5Y CAGR+8.7%

10Y CAGR+9.8%

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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$14.1B+9.7%	$12.8B+10.3%	$11.6B+5.6%	$11.0B+12.7%	$9.8B+22.2%	$8.0B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$9.1B+10.5%	$8.2B+12.5%	$7.3B-0.4%	$7.3B+11.3%	$6.6B+20.5%	$5.5B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.8B-12.1%	$2.1B+53.1%	$1.4B+350.2%	$305.0M+103.3%	$150.0M-15.7%	$178.0M
Income Tax	$579.0M+0.7%	$575.0M+6.3%	$541.0M+5.5%	$513.0M+32.2%	$388.0M+65.8%	$234.0M
Net Income	$2.1B+3.2%	$2.1B+18.9%	$1.7B+15.2%	$1.5B+7.6%	$1.4B+71.5%	$818.0M
EPS (Diluted)	$10.30+6.2%	$9.70+21.7%	$7.97+14.2%	$6.98+5.3%	$6.63+70.9%	$3.88

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$3.9B+3.3%	$3.7B+0.2%	$3.7B+9.7%	$3.4B-0.1%	$3.4B-3.8%	$3.5B+2.2%	$3.5B+7.2%	$3.2B
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	$2.5B+3.7%	$2.5B+2.3%	$2.4B+8.7%	$2.2B-0.1%	$2.2B-3.0%	$2.3B+5.2%	$2.2B+3.3%	$2.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$403.0M-8.6%	$441.0M-4.8%	$463.0M+4.3%	$444.0M+0.5%	$442.0M-11.2%	$498.0M-7.9%	$541.0M+1.3%	$534.0M
Income Tax	$191.0M+15.8%	$165.0M+29.9%	$127.0M0.0%	$127.0M-27.8%	$176.0M+18.1%	$149.0M-5.7%	$158.0M+3.9%	$152.0M
Net Income	$544.0M-3.4%	$563.0M-6.8%	$604.0M+38.5%	$436.0M-11.9%	$495.0M-17.5%	$600.0M-0.3%	$602.0M+22.4%	$492.0M
EPS (Diluted)	$2.72-2.5%	$2.79	N/A	$2.12-10.2%	$2.36-17.5%	$2.86	N/A	$2.31

RJF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$88.2B+6.3%	$83.0B+5.9%	$78.4B-3.2%	$81.0B+30.8%	$61.9B+30.3%	$47.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$11.4B+3.6%	$11.0B+18.1%	$9.3B+50.7%	$6.2B-14.2%	$7.2B+33.6%	$5.4B
Inventory	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
Goodwill	$1.5B0.0%	$1.5B+1.0%	$1.4B+1.1%	$1.4B+115.5%	$660.0M+41.6%	$466.0M
Total Liabilities	$75.7B+6.2%	$71.3B+4.6%	$68.2B-4.7%	$71.5B+33.5%	$53.6B+33.0%	$40.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$1.0M-87.5%	$8.0M	N/A
Total Equity	$12.5B+7.1%	$11.7B+14.3%	$10.2B+8.0%	$9.5B+14.7%	$8.2B+15.9%	$7.1B
Retained Earnings	$13.6B+14.4%	$11.9B+16.5%	$10.2B+15.5%	$8.8B+15.9%	$7.6B+17.7%	$6.5B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$91.9B+3.6%	$88.8B+0.6%	$88.2B+4.0%	$84.8B+2.0%	$83.1B+1.0%	$82.3B-0.9%	$83.0B+2.9%	$80.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$11.2B+13.4%	$9.9B-13.2%	$11.4B+23.9%	$9.2B-4.8%	$9.7B-3.8%	$10.0B-8.6%	$11.0B+20.9%	$9.1B
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	$129.0M	N/A	$1.5B-0.3%	$1.5B+0.8%	$1.4B+0.3%	$1.4B-0.8%	$1.5B+0.6%	$1.4B
Total Liabilities	$79.3B+4.1%	$76.2B+0.6%	$75.7B+4.4%	$72.6B+2.3%	$70.9B+0.8%	$70.4B-1.4%	$71.3B+2.7%	$69.4B
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	$12.6B0.0%	$12.6B+0.5%	$12.5B+2.0%	$12.3B+0.4%	$12.2B+2.4%	$11.9B+2.1%	$11.7B+4.3%	$11.2B
Retained Earnings	$14.5B+3.1%	$14.1B+3.3%	$13.6B+3.8%	$13.1B+2.6%	$12.8B+3.2%	$12.4B+4.1%	$11.9B+4.5%	$11.4B

RJF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.4B+12.9%	$2.2B+161.3%	-$3.5B-4980.6%	$72.0M-98.9%	$6.6B+63.2%	$4.1B
Capital Expenditures	$188.0M-8.3%	$205.0M+18.5%	$173.0M+90.1%	$91.0M+23.0%	$74.0M-40.3%	$124.0M
Free Cash Flow	$2.2B+15.2%	$1.9B+152.9%	-$3.7B-19305.3%	-$19.0M-100.3%	$6.6B+66.4%	$3.9B
Investing Cash Flow	-$4.3B-346.4%	-$968.0M-253.3%	-$274.0M+96.2%	-$7.2B-39.1%	-$5.1B-3.1%	-$5.0B
Financing Cash Flow	$2.4B+439.0%	$438.0M-69.5%	$1.4B-75.5%	$5.9B+12.4%	$5.2B+14.4%	$4.6B
Dividends Paid	N/A	N/A	N/A	N/A	$218.0M+6.3%	$205.0M
Share Buybacks	N/A	N/A	N/A	N/A	$128.0M-52.9%	$272.0M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$1.1B+11090.0%	-$10.0M-101.3%	$796.0M+15.2%	$691.0M+490.6%	$117.0M-85.9%	$830.0M+62.7%	$510.0M-28.3%	$711.0M
Capital Expenditures	$45.0M-2.2%	$46.0M+4.5%	$44.0M-22.8%	$57.0M+23.9%	$46.0M+12.2%	$41.0M-18.0%	$50.0M-10.7%	$56.0M
Free Cash Flow	$1.1B+1982.1%	-$56.0M-107.4%	$752.0M+18.6%	$634.0M+793.0%	$71.0M-91.0%	$789.0M+71.5%	$460.0M-29.8%	$655.0M
Investing Cash Flow	-$1.3B+28.3%	-$1.9B-31.1%	-$1.4B-9.3%	-$1.3B-97.6%	-$659.0M+29.7%	-$937.0M-344.1%	-$211.0M+67.4%	-$648.0M
Financing Cash Flow	$1.7B+168.7%	$629.0M-75.2%	$2.5B+767.1%	$292.0M+1925.0%	-$16.0M+96.4%	-$447.0M-137.4%	$1.2B+216.8%	-$1.0B
Dividends Paid	$108.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RJF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	15.2%-1.0pp	16.1%+1.2pp	15.0%+1.3pp	13.7%-0.7pp	14.4%+4.1pp	10.2%
Return on Equity	17.1%-0.6pp	17.7%+0.7pp	17.0%+1.1pp	16.0%-1.1pp	17.0%+5.5pp	11.5%
Return on Assets	2.4%-0.1pp	2.5%+0.3pp	2.2%+0.4pp	1.9%-0.4pp	2.3%+0.6pp	1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.06-0.1	6.11-0.6	6.67+6.7	0.000.0	0.00-5.7	5.67
FCF Margin	16.0%+0.8pp	15.2%+46.9pp	-31.7%-31.6pp	-0.2%-67.5pp	67.3%+17.9pp	49.4%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	14.1%-1.0pp	15.1%-1.1pp	16.2%+3.4pp	12.8%-1.7pp	14.5%-2.4pp	17.0%-0.4pp	17.4%+2.1pp	15.2%
Return on Equity	4.3%-0.2pp	4.5%-0.4pp	4.8%+1.3pp	3.6%-0.5pp	4.0%-1.0pp	5.0%-0.1pp	5.2%+0.8pp	4.4%
Return on Assets	0.6%-0.0pp	0.6%-0.0pp	0.7%+0.2pp	0.5%-0.1pp	0.6%-0.1pp	0.7%0.0pp	0.7%+0.1pp	0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.31+0.3	6.060.0	6.06+0.1	5.92+0.1	5.81-0.1	5.90-0.2	6.11-0.1	6.20
FCF Margin	27.3%+28.8pp	-1.5%-21.7pp	20.2%+1.5pp	18.7%+16.6pp	2.1%-20.2pp	22.3%+9.0pp	13.3%-7.0pp	20.3%

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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 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.