Raymond James Financial Reports Fiscal Fourth Quarter and Fiscal 2025 Results

Rhea-AI Summary

Raymond James Financial (NYSE: RJF) reported record fiscal 2025 results: net revenues $14.07 billion, net income available to common shareholders $2.13 billion, and earnings per diluted share $10.30. Record client assets under administration totaled $1.73 trillion and Private Client Group fee-based assets reached $1.01 trillion (up 15% vs. Sept 2024). Fiscal fourth-quarter net revenues were $3.73 billion and net income available to common shareholders was $603 million ($2.95 per diluted share); adjusted Q4 EPS was $3.11 excluding $39 million of acquisition expenses. The firm returned >$1.5 billion of capital to shareholders in fiscal 2025 and ended Q4 with strong capital ratios and $399 million remaining on its repurchase authorization.

Positive

• Record fiscal 2025 net revenues of $14.07B
• Record fiscal 2025 net income available to common shareholders of $2.13B
• Record fiscal 2025 EPS of $10.30 (adjusted EPS $10.66)
• Client assets under administration of $1.73T and PCG fee-based assets of $1.01T
• Returned >$1.5B to shareholders in fiscal 2025 (repurchases + dividends)
• Domestic PCG net new assets of $17.9B in Q4; $52.4B for fiscal 2025

Negative

• Private Client Group annual pre-tax income down 4% year-over-year
• Private Client Group quarterly pre-tax income down 10% year-over-year
• Capital Markets quarterly pre-tax income down 5% year-over-year
• $39M of acquisition-related expenses reduced reported Q4 adjusted net income

Insights

Equity Analyst

Raymond James delivered record fiscal 2025 revenue, net income, EPS, and asset growth, with strong capital returns and high capital ratios.

The firm reported record annual net revenues of $14.07 billion, record net income available to common shareholders of $2.13 billion, and record diluted EPS of $10.30 for fiscal 2025. Client assets under administration reached $1.73 trillion, and Private Client Group fee‑based assets hit $1.01 trillion, up 10% and 15% versus September 2024, respectively. The company returned over $1.5 billion to shareholders in fiscal 2025 and repurchased $350 million in the quarter while retaining $399 million of repurchase capacity.

Key dependencies and risks are explicit: performance relies on continued asset appreciation and net inflows, investment banking pipeline execution, and interest rate effects noted in Private Client Group pre‑tax income and bank NIM. Capital metrics are strong with a total capital ratio of 24.1% and tier 1 leverage ratio of 13.1%, which reduces near‑term regulatory risk. Watch the announced acquisition of GreensLedge Holdings LLC expected to close later in fiscal 2026, the firm's conference call on October 22, 2025, quarterly adjusted EPS of $3.11 (ex‑acquisition costs), and domestic PCG net new assets of $17.9 billion for indications of sustained growth over the next 1–4 quarters.

St. Petersburg, Fla., Oct. 22, 2025 (GLOBE NEWSWIRE) --

• Record annual net revenues of $14.07 billion, record net income available to common shareholders of $2.13 billion, and record earnings per diluted share of $10.30 for fiscal 2025

• Record client assets under administration of $1.73 trillion and record Private Client Group assets in fee-based accounts of $1.01 trillion, up 10% and 15%, respectively, over September 2024

• Returned over $1.5 billion of capital to shareholders through the combination of common share repurchases and dividends in fiscal 2025

• Record quarterly net revenues of $3.73 billion, up 8% over the prior year’s fiscal fourth quarter and 10% over the preceding quarter

• Record quarterly net income available to common shareholders of $603 million, or $2.95 per diluted share; quarterly adjusted net income available to common shareholders of $635 million(1), or $3.11 per diluted share(1)

• Domestic Private Client Group net new assets(2) of $17.9 billion for the fiscal fourth quarter, or annualized growth from beginning of quarter assets of 5.0%

• Annualized return on common equity and annualized adjusted return on tangible common equity were 19.6% and 23.9%(1), respectively, for the fiscal fourth quarter.

Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.73 billion and net income available to common shareholders of $603 million, or $2.95 per diluted share, for the fiscal fourth quarter ended September 30, 2025. Excluding $39 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $635 million(1), or $3.11 per diluted share(1).

“The unwavering commitment of our financial advisors, bankers and associates on always putting clients first helped us achieve record net revenues and record net income for the fourth quarter and fiscal year 2025,” said CEO Paul Shoukry. “This marks our fifth consecutive year of record annual results in very different market environments, demonstrating our consistent focus on generating sustainable growth over the long term through deep personal relationships across our diverse and complementary businesses. The record financial advisor recruiting results in fiscal 2025 are a testament to our unique service-first culture, comprehensive capabilities and strong balance sheet.”

Shoukry continued, “Throughout the fiscal year, we made significant investments of approximately $1 billion in technology including AI to enhance service and deliver data-driven advisor and client insights on secure and resilient infrastructure, while creating the new positions of Chief AI Officer and Head of AI Strategy to lead our ongoing development and implementation. We recently earned the highest ranking for investor satisfaction among those working with a dedicated financial advisor or team of advisors and were recognized as the most trusted company among advised investors in wealth management in the J.D. Power 2025 U.S. Investor Satisfaction Study. As we enter fiscal 2026, we are well positioned with record client asset levels, a strong investment banking pipeline, robust growth opportunities across the business and ample capital and liquidity to support sustainable growth.”

Record quarterly net revenues increased 8% over the prior year’s fiscal fourth quarter, with continued growth in asset management and related administrative fees which increased to $1.88 billion. Compared to the preceding quarter, quarterly net revenues grew 10%, primarily driven by higher asset management and related administrative fees and investment banking revenues. Record quarterly net income available to common shareholders increased 39% over the preceding quarter largely due to higher net revenues, a lower provision for legal matters and a lower effective tax rate. For the fiscal fourth quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 19.6% and 23.9%(1), respectively.

For the fiscal year, record net revenues of $14.07 billion increased 10% and record earnings per diluted share of $10.30 and record adjusted earnings per diluted share of $10.66(1) each increased 6% over fiscal 2024. The Private Client Group generated record net revenues and the Asset Management segment generated both record net revenues and pre-tax income in fiscal 2025. Return on common equity was 17.7% and adjusted return on tangible common equity was 21.3%(1) for fiscal 2025.

Segment Results

Private Client Group

• Record quarterly net revenues of $2.66 billion, up 7% over both the prior year’s fiscal fourth quarter and the preceding quarter

• Quarterly pre-tax income of $416 million, down 10% compared to the prior year’s fiscal fourth quarter and up 1% over the preceding quarter

• Record annual net revenues of $10.18 billion and annual pre-tax income of $1.72 billion, up 8% and down 4%, respectively, compared to fiscal 2024

• Record Private Client Group assets under administration of $1.67 trillion, up 11% over September 2024 and 6% over June 2025

• Record Private Client Group assets in fee-based accounts of $1.01 trillion, up 15% over September 2024 and 7% over June 2025

• Domestic Private Client Group net new assets(2) of $17.9 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.0%; Fiscal year 2025, domestic Private Client Group net new assets of $52.4 billion, or 3.8% growth from the beginning of fiscal year assets

• Total clients’ domestic cash sweep and Enhanced Savings Program balances of $56.4 billion, down 3% compared to the prior year’s fiscal fourth quarter and up 2% over the preceding quarter

Quarterly net revenues rose 7% year-over-year mainly driven by higher asset management and related administrative fees which were partially offset by the impacts of lower short-term interest rates. Asset management and administrative fees rose 13% from last year's fourth quarter to $1.59 billion, mainly due to market appreciation and net asset inflows in PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the impact of lower interest rates along with continued investments in growth.

Capital Markets

• Quarterly net revenues of $513 million, up 6% over the prior year’s fiscal fourth quarter and 35% over the preceding quarter

• Quarterly investment banking revenues of $309 million, up 1% over the prior year’s fiscal fourth quarter and 52% over the preceding quarter

• Quarterly pre-tax income of $90 million, down 5% compared to the prior year’s fiscal fourth quarter and up substantially over the preceding quarter

• Annual net revenues of $1.77 billion and annual pre-tax income of $146 million, up 20% and 118%, respectively, over fiscal 2024

Quarterly net revenues increased 6% over the prior year period, driven mainly by higher debt underwriting and affordable housing investments business revenues, partially offset by lower M&A and advisory revenues. Sequentially, quarterly net revenues increased 35% largely due to higher M&A and advisory, debt underwriting and affordable housing investments business revenues. The investment banking pipeline remains strong and while we are increasingly optimistic regarding improvement in macroeconomic conditions, the current environment remains uncertain. The recently announced acquisition of GreensLedge Holdings LLC, expected to close later in fiscal 2026, provides specialized expertise with structured products that will complement our existing capital markets business platform, as we continue to strategically invest in growth.

Asset Management

• Record quarterly net revenues of $314 million, up 14% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter

• Record quarterly pre-tax income of $132 million, up 14% over the prior year’s fiscal fourth quarter and 6% over the preceding quarter

• Record annual net revenues of $1.19 billion and record annual pre-tax income of $503 million, up 16% and 19%, respectively, over fiscal 2024

• Record financial assets under management of $274.9 billion, up 12% over September 2024 and 4% over June 2025

The increase in quarterly net revenues and pre-tax income over both the prior-year and sequential quarters is largely attributable to higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.

Bank

• Quarterly net revenues of $459 million, up 6% over the prior year’s fiscal fourth quarter and up slightly over the preceding quarter
  
  
• Quarterly pre-tax income of $133 million, up 36% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter

• Annual net revenues of $1.78 billion and annual pre-tax income of $491 million, up 3% and 29%, respectively, over fiscal 2024

• Record net loans of $51.6 billion, up 12% over September 2024 and 3% over June 2025

• Bank segment net interest margin (“NIM”) of 2.71% for the quarter, up 9 basis points over the prior year’s fiscal fourth quarter and down 3 basis points compared to the preceding quarter

Net loans increased by 12% over the year-ago quarter, attributable mainly to ongoing growth in securities-based and residential mortgage loans, which rose by 22% and 9%, respectively, during the year. Bank segment NIM of 2.71% declined three basis points in the quarter.  The loan portfolio continues to reflect strong credit quality and healthy reserves.

Other

The effective tax rate for the quarter was 17.4%, reflecting the favorable impact of nontaxable corporate-owned life insurance gains in the quarter and the favorable resolution of certain historical tax matters.  

During the fiscal fourth quarter, the firm repurchased common stock of $350 million at an average price of $166 per share. As of September 30, 2025, $399 million remained available under the Board’s approved common stock repurchase authorization. Separately, the firm opportunistically redeemed all of its subordinated floating-rate notes with an aggregate principal amount of $98 million. At the end of the quarter, the total capital ratio was 24.1%(3) and the tier 1 leverage ratio was 13.1%(3), both well above regulatory requirements.  

A conference call to discuss the results will take place today, Wednesday, October 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 www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location until January 23, 2026. For a listen-only connection to the conference call, please dial: 888-596-4144 (conference code: 3778589).

About Raymond James Financial, Inc.

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 $1.73 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

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, inflation, and international trade policies), 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, words such as "expects," and 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 Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at 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.

Media Contact: Steve Hollister
Raymond James Financial
727.567.2824
mediarelations@raymondjames.com

Investor Contact: Kristina Waugh
Raymond James Financial
727.567.7654
investorrelations@raymondjames.com

FAQ

What were Raymond James (RJF) fiscal 2025 net revenues and EPS on Oct 22, 2025?

Fiscal 2025 net revenues were $14.07 billion and earnings per diluted share were $10.30.

How much client assets did Raymond James (RJF) report as of Sept 30, 2025?

Client assets under administration were reported at $1.73 trillion as of Sept 30, 2025.

How much capital did Raymond James (RJF) return to shareholders in fiscal 2025?

The firm returned over $1.5 billion to shareholders via common share repurchases and dividends in fiscal 2025.

What were Raymond James (RJF) domestic Private Client Group net new assets in Q4 2025?

Domestic Private Client Group net new assets were $17.9 billion for the fiscal fourth quarter (annualized growth 5.0%).

Did Raymond James (RJF) report any acquisition expenses impacting Q4 2025 results?

Yes. The company excluded $39 million of acquisition-related expenses when reporting adjusted Q4 net income and EPS.

What capital and liquidity metrics did Raymond James (RJF) report at the end of Q4 2025?

Total capital ratio was 24.1% and tier 1 leverage ratio was 13.1%; $399 million remained available under the stock repurchase authorization.