Raymond James (NYSE: RJF) hits $1.8T client assets, cash balances dip

Rhea-AI Filing Summary

Raymond James Financial reported strong January 2026 operating trends, highlighted by record client assets under administration of $1.80 trillion, up 13% from January 2025 and 2% from December 2025, driven mainly by higher equity markets and net asset inflows.

Private Client Group assets under administration reached $1.74 trillion, up 14% year-over-year and 2% sequentially, while fee-based PCG assets rose 18% year-over-year to $1.06 trillion. Financial assets under management increased 14% to $286.4 billion and bank loans grew 13% to $53.8 billion. Clients’ domestic cash sweep and Enhanced Savings Program balances declined to $55.0 billion, down 4% year-over-year and 5% from December, reflecting seasonal fee collections and client reinvestment. The company noted that this limited operating data should not be assumed to correlate consistently with earnings.

Insights

Sell-side financials analyst

January data show solid asset growth, with lower cash balances and strong pipelines.

Raymond James Financial reported record client assets under administration of $1.80 trillion, up 13% year-over-year and 2% month-over-month. Fee-based Private Client Group assets rose 18% year-over-year to $1.06 trillion, supporting higher recurring revenue potential.

Financial assets under management increased to $286.4 billion, up 14% from January 2025, and bank loans grew 13% to $53.8 billion. These trends suggest expanding balance-sheet and fee-based businesses, though actual profitability will depend on spreads, pricing, and market performance.

Clients’ domestic cash sweep and Enhanced Savings Program balances fell to $55.0 billion, down 5% from December 2025, as quarterly fee billings and reinvestment reduced deposits. Management also highlighted strong advisor recruiting and investment banking pipelines, while explicitly cautioning that monthly operating data do not consistently correlate with earnings for the period ended January 31, 2026.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 18, 2026

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida

1-9109

59-1517485

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

880 Carillon Parkway

St. Petersburg

Florida

33716

(Address of principal executive offices)

(Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $.01 par value			RJF			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 7.01 Regulation FD Disclosure

On February 18, 2026, Raymond James Financial, Inc. (the “Company”) issued a press release to disclose its operating data for January 2026. A copy of this press release is attached to this Current Report as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report, including any exhibits hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following are filed as exhibits to this report:

Exhibit No.

99.1 Press release, dated February 18, 2026, issued by Raymond James Financial, Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			RAYMOND JAMES FINANCIAL, INC.
Date: February 18, 2026			By:			/s/ Jonathan W. Oorlog, Jr.
						Jonathan W. Oorlog, Jr.
						Chief Financial Officer

February 18, 2026						FOR IMMEDIATE RELEASE
						Media Contact: Steve Hollister, 727.567.2824
						Investor Contact: Kristina Waugh, 727.567.7654
						raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS JANUARY 2026 OPERATING DATA

ST. PETERSBURG, Fla. - Raymond James Financial, Inc. (NYSE: RJF) today reported selected operating data for January 2026, in an effort to provide timely information to investors about monthly developments in certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

“Record client assets under administration of $1.80 trillion grew 13% year-over-year and 2% over the preceding month primarily driven by higher equity markets and net asset inflows,” said CEO Paul Shoukry. “The advisor recruiting pipeline remains robust as advisors are drawn to our client-first culture and leading technology platform. As anticipated, clients’ domestic cash sweep and Enhanced Savings Program balances of $55.0 billion decreased 5% sequentially, reflecting client quarterly fee billings collected in January and continued client reinvestment activity after the seasonal build-up of program balances in the preceding month. The investment banking pipelines remain strong.”

Operating Data

						As of																		% change from
$ in billions						January 31, 2026						January 31, 2025						December 31, 2025						January 31, 2025						December 31, 2025
Client assets under administration						$	1,803.8					$	1,590.0					$	1,773.1					13%						2%
Private Client Group assets under administration						$	1,739.6					$	1,524.7					$	1,708.5					14%						2%
Private Client Group assets in fee-based accounts						$	1,062.4					$	898.4					$	1,040.1					18%						2%
Financial assets under management						$	286.4					$	250.9					$	280.8					14%						2%
Bank loans, net						$	53.8					$	47.5					$	53.4					13%						1%
Clients’ domestic cash sweep and Enhanced Savings Program balances						$	55.0					$	57.3					$	58.1					(4)%						(5)%

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 $1.80 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.

FAQ

How did Raymond James Financial (RJF) client assets perform in January 2026?

Client assets under administration reached a record $1.80 trillion in January 2026, up 13% from January 2025 and 2% from December 2025. Growth was mainly driven by higher equity markets and net asset inflows across Raymond James Financial’s businesses.

What were Raymond James Financial’s Private Client Group asset levels in January 2026?

Private Client Group assets under administration were $1.74 trillion in January 2026, rising 14% year-over-year and 2% sequentially. Fee-based PCG assets reached $1.06 trillion, an 18% year-over-year increase, supporting a larger base of recurring, asset-based revenues for Raymond James Financial.

How did Raymond James Financial’s cash sweep and Enhanced Savings balances change in January 2026?

Clients’ domestic cash sweep and Enhanced Savings Program balances totaled $55.0 billion in January 2026, down 4% from January 2025 and 5% from December 2025. The decline reflected quarterly advisory fee billings collected in January and continued client reinvestment activity after a seasonal build-up.

What were Raymond James Financial’s assets under management and bank loans in January 2026?

Financial assets under management were $286.4 billion in January 2026, up 14% year-over-year and 2% from December 2025. Bank loans, net, were $53.8 billion, a 13% year-over-year increase and 1% sequential rise, indicating continued growth in Raymond James Financial’s lending portfolio.

Does Raymond James Financial expect January 2026 operating data to correlate with earnings?

Raymond James Financial explicitly states that, due to the limited nature of the January 2026 operating data, a consistent correlation to earnings should not be assumed. The metrics are provided mainly to give investors timely insight into key monthly business trends.

What did Raymond James Financial say about advisor recruiting and investment banking pipelines?

Raymond James Financial reported a robust advisor recruiting pipeline, with interest driven by its client-first culture and technology platform. Management also noted that investment banking pipelines remain strong, suggesting ongoing transaction opportunities even though specific deal volumes or fees were not disclosed.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 PRESS RELEASE DATED FEBRUARY 18, 2026 25.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB