Raymond James Financial Reports Fourth Quarter and Fiscal 2026 Results

All four business segments increased annual revenue and pre-tax income compared with fiscal 2025.

Rhea-AI Summary

Raymond James Financial (RJF) reported record fiscal fourth-quarter net revenues of $4.27 billion for the period ended September 30, 2026. Revenue rose 15% year over year and 9% sequentially. Net income available to common shareholders was $666 million, or $3.40 per diluted share. Adjusted net income was $703 million, excluding $37 million of acquisition-related expenses, net of tax.

Fiscal 2026 revenue reached $15.79 billion, up 12%, while diluted earnings per share rose 16% to $11.91. Annual net income available to common shareholders was $2.37 billion. Quarter-end client assets under administration reached $1.94 trillion, up 12% from September 2025. Domestic Private Client Group net new assets totaled $98.3 billion for the year, up 88%. Approximately $1.7 billion was returned through repurchases and dividends. Bank net interest margin fell 11 basis points both year over year and sequentially to 2.60%.

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Positive

• Moderate pointFiscal 2026 revenue rose 12% to $15.79 billion; net income available to common shareholders reached $2.37 billion.
• Moderate pointQuarterly revenue increased 15% year over year and 9% sequentially to $4.27 billion.
• Moderate pointQuarterly net income available to common shareholders reached $666 million, or $3.40 per diluted share.
• Moderate pointClient assets under administration reached $1.94 trillion, up 12% from September 2025.
• Moderate pointDomestic Private Client Group annual net new assets rose 88% to $98.3 billion, representing 6.4% beginning-of-year asset growth.
• Moderate pointFiscal 2026 capital returns totaled approximately $1.7 billion through common share repurchases and dividends.

32 minor points

• Minor pointAnnual diluted EPS rose 16% to $11.91; adjusted diluted EPS increased 16% to $12.41.
• Minor pointQuarterly adjusted net income reached $703 million, or $3.59 per diluted share.
• Minor pointQuarterly asset management and related administrative fees grew 23% year over year to $2.31 billion.
• Minor pointQuarterly pre-tax income increased 15% over the preceding quarter.
• Minor pointDomestic Private Client Group quarterly net new assets totaled $22.8 billion, representing 5.3% annualized beginning-of-quarter asset growth.
• Minor pointPrivate Client Group fee-based assets reached $1.16 trillion, up 15% year over year and 1% sequentially.
• Minor pointPrivate Client Group quarterly revenue rose 15% year over year and 8% sequentially to $3.06 billion.
• Minor pointPrivate Client Group quarterly pre-tax income rose 10% year over year and 8% sequentially to $458 million.
• Minor pointPrivate Client Group annual revenue increased 13% to $11.48 billion.
• Minor pointPrivate Client Group annual pre-tax income increased 1% to $1.74 billion.
• Minor pointPrivate Client Group quarterly asset management and related administrative fees rose 21% year over year to $1.92 billion.
• Minor pointCapital Markets quarterly revenue rose 7% year over year and 15% sequentially to $549 million.
• Minor pointQuarterly investment banking revenue rose 17% year over year and 27% sequentially to $361 million.
• Minor pointCapital Markets quarterly pre-tax income rose 18% year over year and 121% sequentially to $106 million.
• Minor pointCapital Markets annual revenue increased 6% to $1.87 billion.
• Minor pointCapital Markets annual pre-tax income increased 47% to $214 million.
• Minor pointAsset Management quarterly revenue rose 30% year over year and 13% sequentially to $409 million.
• Minor pointAsset Management quarterly pre-tax income rose 29% year over year and 19% sequentially to $170 million.
• Minor pointAsset Management annual revenue increased 20% to $1.42 billion.
• Minor pointAsset Management annual pre-tax income increased 18% to $593 million.
• Minor pointFinancial assets under management reached $342.9 billion, up 25% year over year but down 1% sequentially.
• Minor pointBank annual revenue increased 9% to $1.94 billion.
• Minor pointBank annual pre-tax income increased 48% to $725 million.
• Minor pointBank quarterly revenue reached $483 million, up 5% year over year but down 1% sequentially.
• Minor pointBank quarterly pre-tax income reached $180 million, up 35% year over year but down 13% sequentially.
• Minor pointQuarterly bank loan benefit for credit losses totaled $8 million.
• Minor pointNet bank loans rose 11% year over year and 2% sequentially to $57.5 billion.
• Minor pointSecurities-based loans increased $6.4 billion, or 32%, from September 2025 to $26.2 billion.
• Minor pointResidential mortgage loans increased 12% over the prior-year quarter.
• Minor pointQuarterly combined net interest income and third-party bank deposit program fees rose 3% year over year and 2% sequentially to $674 million.
• Minor pointRemaining share repurchase authorization totaled $1.05 billion as of September 30, 2026.
• Minor pointQuarter-end capital ratios were above regulatory requirements: total capital 24.2% and tier 1 leverage 12.1%.

Negative

• Moderate pointBank net interest margin fell 11 basis points both year over year and sequentially to 2.60%.
• Minor pointAcquisition-related expenses totaled $37 million, net of tax, in the fiscal fourth quarter.
• Minor pointDomestic client cash sweep and Enhanced Savings Program balances were $58.0 billion, down 1% sequentially despite 3% annual growth.
• Minor pointFixed income brokerage revenue declined both year over year and sequentially.
• Minor pointHigher financial advisor commissions and recruiting-support expenses partially offset Private Client Group fee revenue growth.

News Explained

In fiscal 2026, Raymond James Financial repurchased $1.25 billion of common stock; as of September 30, 2026, $1.05 billion remained available under its board-approved authorization, an amount available for future repurchases rather than repurchases already made.

Key Figures

Fiscal-year net revenues: $15.79 billion Fiscal-year diluted EPS: $11.91 per diluted share Quarterly net revenues: $4.27 billion +5 more

Fiscal-year net revenues

$15.79 billion

Fiscal 2026; up 12% over fiscal 2025

Fiscal-year diluted EPS

$11.91 per diluted share

Fiscal 2026; up 16% over fiscal 2025

Quarterly net revenues

$4.27 billion

Fiscal Q4 2026; up 15% year over year

Quarterly net income

$666 million

Fiscal Q4 2026; available to common shareholders

Quarterly diluted EPS

$3.40 per diluted share

Fiscal Q4 2026

Adjusted quarterly net income

$703 million

Fiscal Q4 2026; excluded $37 million of acquisition-related expenses, net of tax

Net interest margin

2.60%

Fiscal Q4 2026; down 11 basis points year over year and sequentially

Common stock repurchases

$1.25 billion

Fiscal 2026

Historical Context

1 past event · Latest: Jul 22

1 event

1. Jul 22

   Fiscal Q3 earnings

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   Reported record Q3 revenue and diluted EPS; the recorded 24-hour price reaction was negative.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net interest margin, tier 1 leverage ratio

2 terms

net interest margin financial

"Net interest margin of 2.60% for the quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

tier 1 leverage ratio regulatory

"the tier 1 leverage ratio was 12.1%"

Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.

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ST. PETERSBURG, Fla., Oct. 28, 2026 (GLOBE NEWSWIRE) --

• Record annual net revenues of $15.79 billion, record net income available to common shareholders of $2.37 billion, and record earnings per diluted share of $11.91 for fiscal 2026
• Record quarter-end client assets under administration of $1.94 trillion and record quarter-end Private Client Group (PCG) assets in fee-based accounts of $1.16 trillion, up 12% and 15%, respectively, over September 2025
• Returned approximately $1.7 billion of capital to shareholders through the combination of common share repurchases and dividends paid in fiscal 2026
• Record quarterly net revenues of $4.27 billion, up 15% over the prior year’s fiscal fourth quarter and 9% over the preceding quarter
• Record quarterly net income available to common shareholders of $666 million and record diluted earnings per share of $3.40, up 15% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter; record quarterly adjusted net income available to common shareholders of $703 million(1), or a record $3.59 per diluted share(1)
• Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, or growth from beginning of the year assets of 6.4%
• Quarterly combined net interest income and Raymond James Bank Deposit Program (RJBDP) third-party bank fees of $674 million, up 3% over the prior year’s fiscal fourth quarter and 2% over the preceding quarter
• Annualized return on common equity and annualized adjusted return on tangible common equity of 20.6% and 26.6%(1), respectively, for the fiscal fourth quarter; Return on common equity of 18.7% and adjusted return on tangible common equity of 23.0%(1) for fiscal 2026

Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $4.27 billion and net income available to common shareholders of $666 million, or $3.40 per diluted share, for the fiscal fourth quarter ended September 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $37 million of acquisition-related expenses, net of tax, was $703 million(1), or $3.59 per diluted share(1).

“We delivered our sixth consecutive year of record annual revenues and earnings, a testament to our resilient, diversified businesses anchored by our Private Client Group," said CEO Paul Shoukry. “We ended the fiscal year with record Private Client Group assets in fee-based accounts, up 15% year-over-year, and domestic Private Client Group net new assets of $98 billion, up 88% over fiscal 2025, reflecting solid financial advisor retention and record recruiting results. We generated an adjusted return on tangible common equity of 23%(1) for the year while investing in long-term growth and maintaining very strong capital levels. These results reflect our advisor- and client-focused values coupled with our robust capabilities and resources. As we enter fiscal 2027, while there are several geopolitical and macroeconomic uncertainties, we are well positioned with record client asset levels, a strong investment banking pipeline, and attractive growth opportunities across our businesses."  

Record quarterly net revenues increased 15% over the prior year’s fiscal fourth quarter, largely driven by robust growth in asset management and related administrative fees, which grew 23% to $2.31 billion. Compared to the preceding quarter, quarterly net revenues grew 9%, primarily driven by higher asset management and related administrative fees, as well as increases in investment banking revenues and affordable housing investments business revenues. Record quarterly pre-tax income increased 15% over the preceding quarter and record net income available to common shareholders increased 12%. For the fiscal fourth quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 20.6% and 26.6%(1), respectively.   

For the fiscal year, record net revenues of $15.79 billion increased 12% and record earnings per diluted share of $11.91 and record adjusted earnings per diluted share of $12.41(1) each increased 16% over fiscal 2025. The Private Client Group and the Asset Management segments generated record net revenues, and the Asset Management and Bank segments generated record pre-tax income in fiscal 2026. Return on common equity was 18.7% and adjusted return on tangible common equity was 23.0%(1) for fiscal 2026.   

Segment Results

Private Client Group

• Record quarterly net revenues of $3.06 billion, up 15% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
• Quarterly pre-tax income of $458 million, up 10% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
• Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, up 88% compared to fiscal 2025, reflecting growth from beginning of the year assets of 6.4%
• Record quarter-end Private Client Group assets in fee-based accounts of $1.16 trillion, up 15% over September 2025 and 1% over June 2026
• Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.0 billion, up 3% over September 2025 and down 1% compared to June 2026 
• Record annual net revenues of $11.48 billion and annual pre-tax income of $1.74 billion, up 13% and 1%, respectively, compared to fiscal 2025    

Record quarterly net revenues rose 15% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 21% to $1.92 billion mainly due to market appreciation and net inflows into fee-based accounts. Quarterly pre-tax income increased 10% year-over-year, as growth in asset management fee revenue was partially offset by higher financial advisor commissions tied to strong compensable revenue growth and increased expenses supporting record recruiting results.  

Capital Markets

• Quarterly net revenues of $549 million, up 7% over the prior year’s fiscal fourth quarter and 15% over the preceding quarter
• Quarterly investment banking revenues of $361 million, up 17% over the prior year’s fiscal fourth quarter and 27% over the preceding quarter 
• Quarterly pre-tax income of $106 million, up 18% over the prior year’s fiscal fourth quarter and 121% over the preceding quarter
• Annual net revenues of $1.87 billion and annual pre-tax income of $214 million, up 6% and 47%, respectively, over fiscal 2025  

Quarterly net revenues increased 7% over the prior-year period, driven by higher M&A and advisory revenues which were partially offset by lower fixed income brokerage revenues. Sequentially, quarterly net revenues grew 15%, largely due to higher M&A and advisory revenues, affordable housing investments business revenues and debt underwriting revenues, partially offset by lower fixed income brokerage revenues.   

Asset Management

• Record quarterly net revenues of $409 million, up 30% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter  
• Record quarterly pre-tax income of $170 million, up 29% over the prior year’s fiscal fourth quarter and 19% over the preceding quarter
• Financial assets under management of $342.9 billion, up 25% over September 2025 and down 1% compared to June 2026.
• Record annual net revenues of $1.42 billion and record annual pre-tax income of $593 million, up 20% and 18%, respectively, over fiscal 2025    

Record quarterly net revenues increased 30% year-over-year, primarily driven by higher financial assets under management resulting from market appreciation and net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3) during our fiscal third quarter of 2026.  

Bank

• Quarterly net revenues of $483 million, up 5% over the prior year’s fiscal fourth quarter and down 1% compared to the preceding quarter
• Quarterly pre-tax income of $180 million, up 35% over the prior year’s fiscal fourth quarter and down 13% compared to the preceding quarter
• Quarterly bank loan benefit for credit losses of $8 million
• Record net bank loans of $57.5 billion, up 11% over September 2025 and 2% over June 2026
• Securities-based loans of $26.2 billion, up $6.4 billion, or 32%, over September 2025
• Annual net revenues of $1.94 billion and record annual pre-tax income of $725 million, up 9% and 48%, respectively, over fiscal 2025    

Record net bank loans grew 11% over the prior-year quarter, driven by continued growth in securities-based loans and residential mortgage loans, which rose by 32% and 12%, respectively. Net interest margin of 2.60% for the quarter was down 11 basis points compared to both the prior year’s fiscal fourth quarter and the preceding quarter. The credit quality of the loan portfolio remains strong.    

Other Matters

During the fiscal year, the firm repurchased $1.25 billion of common stock at an average price of $156 per share, including $50 million of common stock repurchased in the fiscal fourth quarter. As of September 30, 2026, $1.05 billion remained available under the Board of Directors’ approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.2%(4) and the tier 1 leverage ratio was 12.1%(4), both well above regulatory requirements.    

A conference call to discuss the results will take place today, Wednesday, October 28, 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 for 30 days. To access the conference call by telephone, dial 1.833.461.5787 (toll-free) or 1.585.542.9983 (international/U.S. toll) and reference conference ID 737 557 641. 

Click here to view full earnings results, earnings supplement, and earnings presentation.

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 $1.94 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 and inflation), 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, 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Raymond James Financial's fiscal fourth-quarter 2026 earnings?

Raymond James reported net income available to common shareholders of $666 million, or $3.40 per diluted share, for the quarter ended September 30, 2026. Adjusted net income was $703 million, or $3.59 per diluted share, excluding $37 million of acquisition-related expenses, net of tax.

What were Raymond James Financial's fiscal 2026 revenue and earnings?

Fiscal 2026 net revenue was $15.79 billion, up 12%, and diluted earnings per share were $11.91, up 16% over fiscal 2025. Net income available to common shareholders totaled $2.37 billion.

How much stock did Raymond James repurchase in fiscal 2026?

Raymond James repurchased $1.25 billion of common stock at an average price of $156 per share during fiscal 2026, including $50 million in the fourth quarter. As of September 30, 2026, $1.05 billion remained available under the board-approved repurchase authorization.

What returns on equity did Raymond James report for fiscal 2026?

Fiscal 2026 return on common equity was 18.7%, and adjusted return on tangible common equity was 23.0%. For the fourth quarter, the annualized figures were 20.6% and 26.6%, respectively.