B. Riley Securities Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
B. Riley Securities (NASDAQ: RILY) reported fourth-quarter and full-year 2025 results. FY25 total revenue was $260.2 million with net income of $69.9 million; 4Q25 revenue was $92.1 million with net income of $41.8 million. The firm executed >200 client transactions raising $42 billion in debt and equity during 2025, held $223.0 million cash and securities at year-end, and declared a $0.18 per-share dividend (~$3.25 million aggregate).
Adjusted FY25 metrics: adjusted net revenue $191.0 million and adjusted net income $24.2 million. Results are on a standalone B. Riley Securities basis and may be reported on a consolidated basis if integration proceeds.
AI-generated analysis. Not financial advice.
Positive
- FY25 revenue of $260.2 million
- FY25 net income of $69.9 million
- Over 200 transactions raising $42 billion in 2025
- Year-end cash and securities of $223.0 million
- Dividend declared of $0.18 per share (~$3.25M aggregate)
Negative
- Adjusted net income of $24.2 million below GAAP net income
- Revenue and income variability tied to transaction timing
- Future reporting may shift to consolidated BRCGH results
News Market Reaction – RILY
On the day this news was published, RILY declined 1.31%, reflecting a mild negative market reaction. Argus tracked a peak move of +8.0% during that session. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $4M from the company's valuation, bringing the market cap to $303.35M at that time. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
RILY was down 1.23% while peers were mixed: TREE up 4.01%, RILYL up 0.59%, RILYP down 1.75%, FRHC down 1.36%, VOYA down 1.13%, suggesting a stock-specific response rather than a unified sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Full-year 2025 results | Positive | -6.2% | Strong FY2025 profitability and deleveraging alongside improved investment performance. |
| Mar 17 | Earnings call notice | Neutral | -5.0% | Scheduling of Q4 and full-year 2025 results call with management Q&A. |
| Jan 14 | Q3 2025 results | Positive | +26.0% | Return to profitability in Q3 2025 and reduced net debt with stronger revenues. |
| Dec 15 | Q2 2025 results | Positive | +53.8% | Q2 2025 net income, large gains on asset sales and note exchanges, higher revenues. |
| Nov 18 | Q1 2025 filing | Positive | -15.1% | Timely 10-Q filing, Nasdaq compliance focus, and auditor transition disclosure. |
Earnings-related headlines for RILY have produced large moves (average about 10.71%), with a mix of sharp rallies on strong turnaround results and notable selloffs even on seemingly positive or routine updates.
Recent history for RILY shows pronounced volatility around earnings and financial reporting. Strong 2025 results and balance sheet improvement on Mar 31, 2026 coincided with a -6.15% move, while a major Q3 2025 turnaround on Jan 14, 2026 saw shares gain 25.99%. Earlier in 2025, earnings and compliance-related updates drove both large gains (up to 53.76%) and double‑digit declines. Today’s B. Riley Securities standalone results fit into this broader pattern of sizeable reactions to financial disclosures.
Historical Comparison
Past earnings-related headlines for RILY have triggered sizable moves, averaging about 10.71%, underscoring how financial updates often acted as key catalysts.
Earnings events trace RILY’s path from early 2025 filings and compliance, through Q2–Q3 profitability and deleveraging, to full-year 2025 results with stronger balance sheet metrics.
Market Pulse Summary
This announcement highlights that B. Riley Securities delivered FY2025 revenues of $260.2 million, net income of $69.9 million, and year‑end cash and securities of $223.0 million on a debt‑free balance sheet. Management also declared a $0.18 per‑share dividend and emphasized over $42 billion in capital raised across more than 200 transactions. Investors may track how planned integration with affiliated platforms, non‑GAAP adjustments, and evolving deal volumes influence future consolidated results.
Key Terms
ipo financial
follow-on financial
non-gaap financial
AI-generated analysis. Not financial advice.
Strategic & Financial Highlights
- Executed over 200 client transactions raising
$42 billion - Recruited 10 senior producers to fortify core segments and diversify offerings during FY25
- Generated FY25 Revenues of
$260.2 million $69.9 million - Delivered 4Q25 Revenues of
$92.1 million $41.8 million - Generated strong cash flow and preserved a debt-free balance sheet with
$223.0 million - Declared dividend of
$0.18 $3.25 million
Management Commentary
"2025 successfully demonstrated our platform's durability – a testament to our team's perseverance and clients valuing our proprietary product," said Andy Moore, Chief Executive Officer, B. Riley Securities. "Following the strategic initiatives announced by BRC Group Holdings to integrate our affiliated banking, capital markets, and B. Riley Wealth platforms, our mandate is clear: we are officially on offense, and I am energized to guide our next chapter."
"As traditional middle-market funding sources retreat, this proposed integration creates one of the few platforms uniting investment banking, broad distribution, and balance sheet capabilities – uniquely positioning us to step into the void to solve our clients' critical capital mandates and capture market share. We approach the current market from a fortified position, having executed over 200 transactions representing
Mr. Moore continued, "Our differentiated focus on underserved markets continues to draw top-tier talent, and we are strategically expanding our platform to build on the 10 senior producers recruited last year. We compound this expansion with rigorous operational discipline, embedding enterprise-wide AI as a force multiplier to accelerate execution. As we advance to our previously announced proposed integration with B. Riley Wealth and return to full BRCGH ownership, we anticipate future financial results will be reported on a consolidated basis by BRCGH, transitioning away from standalone BRS earnings releases. We look forward to discussing our expanded vision with clients and partners at our 26th Annual Institutional Investor Conference next month."
Summary of Financial Results
Fourth Quarter 2025
For the three-month period ended December 31, 2025, total revenues were
Full Year 2025
For the full year 2025, total revenues were
Revenue and net income may vary from period to period based on the number, size, and timing of completed transactions, among other factors. Accordingly, these results may not be indicative of broader business momentum or longer-term performance.
The adjusted results presented above, including Adjusted Net Revenue and Adjusted Net Income, are non-GAAP metrics that BRS believes offer a clearer view of the firm's underlying operating performance. See "Note Regarding Use of Non-GAAP Financial Measures" below and reconciliation provided in the Appendix of this press release.
Operational & Strategic Updates
Debt-Free Balance Sheet: As of December 31, 2025, cash and securities totaled
Capital Allocation: The BRS Board has approved the payment of a common stock dividend of
The financial results provided only relate to the performance, balance sheet, debt and operating results of B. Riley Securities Holdings, Inc. on a stand-alone basis and should not be considered to reflect the complete financial performance, balance sheet, debt or operating results of BRC Group Holdings, Inc. and its consolidated subsidiaries, of which B. Riley Securities Holdings, Inc. is only a part.
About B. Riley Securities
BRS provides a full suite of investment banking and capital markets services to corporations, financial sponsors, and institutional investors across all industry verticals. Services include initial and follow-on offerings, debt and equity-linked solutions, institutional private placements, merger and acquisition (M&A) advisory, corporate restructuring, and liability management. Widely recognized for its thematic proprietary equity research, clients benefit from BRS' extensive network, industry expertise, and proven execution capabilities through its end-to-end platform. For more information, visit www.brileysecurities.com and follow us on LinkedIn.
Note Regarding Use of Non-GAAP Financial Measures
Certain information set forth herein, including adjusted net revenue and adjusted net income (loss), may be considered non-GAAP financial measures. B. Riley Securities believes this information is useful to investors because it provides a basis for measuring the operating performance of the Company's business and its revenues and cash flow, (i) excluding in the case of adjusted net revenue, trading gains (losses) and fair value adjustments on loans on legacy investment positions (net of "regular way" fixed income trading revenue), and including Securities Lending interest expense and (ii) excluding in the case of adjusted net income, fair value adjustments, stock-based compensation, trading gains (losses) and fair value adjustments on loans on legacy investment positions (net of certain related non-controlling interest and investment-related expense adjustments and "regular way" fixed income trading revenue), and including the estimated related tax expense or benefit on the aforementioned adjustments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and BRCGH's stock price could be materially negatively affected. Our forward-looking statements include, without limitation, the anticipated merger between BRS and BRW, and the expectation that these actions will maximize revenue and opportunities for clients. The proposed merger of BRS and BRW is subject to approval by FINRA pursuant to Rule 1017 and other applicable regulatory requirements, and there can be no assurance that such approval will be obtained, that it will not be subject to conditions that materially affect the structure or timing of the proposed merger, or that the merger will be completed on the terms described herein or at all. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. BRC Group Holdings, Inc. and B. Riley Securities Holdings, Inc. assume no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risk that the Company may not be able to expand its business and clients, regulatory delays, general economic conditions and the risks described from time to time in BRC Group Holdings, Inc.'s periodic filings with the SEC, including, without limitation, the risks described in the BRCGH 2025 Annual Report on Form 10-K/A under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.
B. RILEY SECURITIES HOLDINGS, INC. AND SUBSIDIARIES | |||||
Condensed Consolidated Balance Sheet Statement | |||||
(in thousands) | |||||
Year Ended December 31, | |||||
2025 | 2024 | ||||
Assets | |||||
Cash and cash equivalents | $ 89,600 | $ 41,218 | |||
Accounts receivable, net of allowance | 6,496 | 9,940 | |||
Securities borrowed | 114,937 | 43,022 | |||
Financial instruments owned, at fair value | 133,432 | 77,983 | |||
Due from clearing brokers | 13,788 | 22,073 | |||
Operating lease right-of-use assets | 5,001 | 8,606 | |||
Goodwill and intangibles | 160,720 | 162,262 | |||
Property and equipment, net | 1,087 | 2,049 | |||
Deferred income taxes | 2,090 | - | |||
Prepaid expenses and other assets | 6,787 | 2,386 | |||
Total assets | $ 533,938 | $ 369,539 | |||
Liabilities | |||||
Securities loaned | $ 97,320 | $ 27,941 | |||
Financial instruments sold not yet purchased, at fair value | 9,767 | 5,675 | |||
Due to related parties and partners, net | 11,327 | - | |||
Accrued compensation and benefits | 28,739 | 26,822 | |||
Accounts payable and accrued expenses | 14,947 | 11,642 | |||
Note payable | - | 12,379 | |||
Income taxes payable | 31,945 | - | |||
Operating lease liabilities | 6,327 | 10,581 | |||
Total liabilities | $ 200,372 | $ 95,040 | |||
Equity | $ 333,566 | $ 274,499 | |||
Total liabilities & equity | $ 533,938 | $ 369,539 | |||
The financial information presented for the year ended December 31, 2024, as well as the pre-carve-out statements of income and cash flows for the 2025 |
B. RILEY SECURITIES HOLDINGS, INC. AND SUBSIDIARIES | |||||||||
Condensed Consolidated Statement of Operations | |||||||||
(in thousands) | |||||||||
Quarter Ended December 31, | Year Ended December 31, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Revenues | |||||||||
Investment banking | $ 27,446 | $ 41,596 | $ 130,679 | $ 146,887 | |||||
Institutional brokerage | 4,983 | 3,879 | 18,940 | 22,394 | |||||
Principal transactions | 57,487 | (1,881) | 103,140 | (41,773) | |||||
Interest income, net - securities lending | 492 | 339 | 1,833 | 4,923 | |||||
Interest | 583 | 964 | 1,971 | 7,380 | |||||
Other income | 1,078 | 1,485 | 3,588 | 4,247 | |||||
Total revenues | 92,069 | 46,382 | 260,151 | 144,058 | |||||
Expenses | |||||||||
Compensation and benefits | 25,694 | 30,726 | 115,453 | 117,745 | |||||
Other operating expenses | 12,983 | 12,706 | 55,246 | 50,214 | |||||
Total expenses | 38,677 | 43,432 | 170,699 | 167,959 | |||||
Operating net income (loss) | 53,392 | 2,950 | 89,452 | (23,901) | |||||
Other (income) expense | (577) | - | (544) | - | |||||
Net income (loss) before income taxes and non-controlling interest | 53,969 | 2,950 | 89,996 | (23,901) | |||||
Income tax (benefit) expense | 11,889 | 797 | 25,164 | (6,453) | |||||
Net income (loss) | 42,080 | 2,153 | 64,832 | (17,448) | |||||
Net income (loss) attributable to non-controlling interest | 315 | - | (5,053) | - | |||||
Net income (loss) attributable to BRS Holdings, Inc | $ 41,765 | $ 2,153 | $ 69,885 | $ (17,448) | |||||
The financial information presented for the year ended December 31, 2024, as well as the pre-carve-out statements of income and cash flows for the 2025 |
B. RILEY SECURITIES HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
Reconciliation of GAAP to Adjusted Results | ||||||||
(in thousands) | ||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
GAAP revenue | $ 92,069 | $ 46,382 | $ 260,151 | $ 144,058 | ||||
Adjustments: | ||||||||
Legacy positions losses (gains) | (52,474) | 5,449 | (69,476) | 59,801 | ||||
Committed equity facility gains | 402 | - | 374 | - | ||||
Total adjustments | (52,071) | 5,449 | (69,102) | 59,801 | ||||
Adjusted net revenue | $ 39,998 | $ 51,831 | $ 191,049 | $ 203,859 | ||||
Net income | $ 41,765 | $ 2,153 | $ 69,885 | $ (17,448) | ||||
Adjustments: | ||||||||
Legacy positions losses (gains) | (52,342) | 5,449 | (71,281) | 59,801 | ||||
Transaction costs | 1,038 | - | 2,613 | - | ||||
Share based compensation | 1,742 | 839 | 6,499 | 5,757 | ||||
FV Change - Contingent Consideration | - | - | - | (379) | ||||
Income tax-effect of above non-GAAP adjustments and certain discrete tax items | 10,983 | (1,698) | 16,459 | (17,598) | ||||
Adjusted net income | $ 3,186 | $ 6,743 | $ 24,175 | $ 30,133 | ||||
The financial information presented for the year ended December 31, 2024, as well as the pre-carve-out statements of income and cash flows for the 2025 |
Contact:
Jo Anne McCusker
B. Riley Securities
press@brileysecurities.com
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SOURCE B. Riley Securities