# Raymond James Financial Inc. (RJF) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RJF/thesis · /stocks/RJF/memo

## Financial Snapshot

---
ticker: RJF
step: 04
generated: 2026-05-13
source: quick-research
---

### Raymond James Financial, Inc. (RJF) — Financial Snapshot

*Note: Raymond James' fiscal year ends September 30.*

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Net Revenues | ~$11.3B | ~$11.8B | $12.82B | +8–9% |
| Operating Margin | ~17% | ~16% | ~16% | stable |
| GAAP Net Income | ~$1.5B | $1.733B | $2.063B | +19% |
| GAAP Diluted EPS | ~$6.95 | $7.97 | $9.70 | +21.7% |

*FY2025 (ended Sep 30, 2025): Record net revenues $14.07B (+9.7%); net income $2.13B; EPS $10.30 (+6%). PCG net revenues $10.18B; Capital Markets $1.77B (+20%); Asset Management $1.19B (+19%). Client assets $1.65T. Recruited $60B+ in net new assets FY2025. $42.9B in sweep cash at positive spread. Q4 FY2025: net income $561M (below Q4 FY2024's $602M — margin compression flagged). FY2026 consensus EPS: ~$11.70; bull estimate $12.55.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Net Income | $2.063B |
| Return on Equity | ~15–17% |
| Raymond James Bank Assets | ~$50–55B |
| Sweep Cash Balances | $42.9B |
| Total Equity | ~$11–12B |
| Dividends + Buybacks | moderate (less aggressive than Ameriprise) |

*Raymond James Bank holds $42.9B in client sweep deposits earning net interest spread — a significant earnings contributor that is interest-rate sensitive. Unlike Ameriprise, Raymond James runs a larger balance sheet through its bank subsidiary, generating more NII but also carrying more interest rate risk. Share repurchases are moderate; the company prefers reinvesting in advisor recruitment and organic growth.*

#### Key Ratios (approximate)
- P/E: ~14–15x (trailing FY2025 EPS $10.30) | P/Net Revenues: ~1.7x
- EPS Growth: +21.7% (FY2024), +6% (FY2025) — slowing | Net margin: ~15%

#### Growth Profile
Raymond James has grown net revenues from ~$11.3B (FY2022) to $14.07B (FY2025) — 1.25x in 3 years — with EPS growing faster at 15%+ CAGR as operating leverage and buybacks amplify per-share growth. The FY2025 EPS growth slowdown to 6% (vs. 21.7% in FY2024) reflects the plateau in interest rate tailwinds (NII benefits moderating as rates cut). The investment banking recovery (+20% in FY2025) is a new growth engine. $60B+/year in recruited net new assets is the structural flywheel that ensures AUM-based fee growth regardless of market direction.

#### Forward Estimates
- FY2026: Net revenues ~$15–15.5B; EPS ~$11.70 (consensus) to $12.55 (bull)
- Client assets: tracking toward $1.8–2.0T
- Investment banking: recovering mid-market M&A cycle
- Analyst avg PT: ~$183 (range $173–$196; 11 analysts; Hold consensus)
- Current ~$143–145/share; 27% implied upside to avg PT

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RJF/fundamental

## Navigation

- Overview: /stocks/RJF
- Financials (this page): /stocks/RJF/financials
- Thesis: /stocks/RJF/thesis
- Investment Memo: /stocks/RJF/memo
- Coverage universe: /stocks