RAYMOND JAMES FINANCIAL REPORTS FOURTH QUARTER AND FISCAL 2026 RESULTS
RAYMOND JAMES FINANCIAL INC (RJF) filed an SEC Form 8-K — Results of Operations and Financial Condition. October 28, 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 FOURTH QUARTER AND FISCAL 2026 RESULTS • Record annual net revenues of
How this was made
The 30-second read
Why it matters
Record earnings and asset inflows are likely to drive short‑term buying pressure, while the company's guidance for FY2027 will be closely watched.
Market read
First‑report earnings release for a large‑cap financial firm with material beat; high relevance for traders.
What to watch
Potential headwinds from macro‑economic uncertainty could temper the upside despite the beat.
Record fiscal 2026 net revenues of $15.79 billion and record fiscal fourth-quarter net revenues of $4.27 billion, with fourth-quarter diluted earnings per share of $3.40.
Fiscal fourth-quarter net revenues rose 15% year-over-year and 9% sequentially, while diluted EPS rose 15% year-over-year and 13% sequentially. Growth was broad across Private Client Group, Capital Markets and Asset Management, with record client assets and substantial fiscal-year capital returns.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, three months ended September 30, 2026GAAP | $4.27B | 9% | 15% |
| Total revenues, three months ended September 30, 2026GAAP | $4.74B | 9% | 13% |
| Asset management and related administrative fees, three months ended September 30, 2026GAAP | $2.31B | 11% | 23% |
| Total brokerage revenues, three months ended September 30, 2026GAAP | $614M | (2)%“ | 1% |
| Investment banking revenue, three months ended September 30, 2026GAAP | $370M | 27% | 17% |
| Interest income, three months ended September 30, 2026GAAP | $1.03B | 4% | 2% |
| Interest expense, three months ended September 30, 2026GAAP | −$470M | 8% | 2% |
| Compensation, commissions and benefits expense, three months ended September 30, 2026GAAP | $2.77B | 8% | 16% |
| Total non-interest expenses, three months ended September 30, 2026GAAP | $3.41B | 7% | 14% |
| Pre-tax income, three months ended September 30, 2026GAAP | $862M | 15% | 18% |
| Net income available to common shareholders, three months ended September 30, 2026GAAP | $666M | 12% | 10% |
| Diluted earnings per common share, three months ended September 30, 2026GAAP | $3.40 | 13% | 15% |
| Adjusted pre-tax income, three months ended September 30, 2026non-GAAP | $909M | 16% | 18% |
| Adjusted net income available to common shareholders, three months ended September 30, 2026non-GAAP | $703M | 13% | 11% |
| Adjusted diluted earnings per common share, three months ended September 30, 2026non-GAAP | $3.59 | 14% | 15% |
| Pre-tax margin, three months ended September 30, 2026GAAP | 20.2% | – | – |
| Adjusted pre-tax margin, three months ended September 30, 2026non-GAAP | 21.3% | – | – |
| Total compensation ratio, three months ended September 30, 2026GAAP | 65.0% | – | – |
| Effective tax rate, three months ended September 30, 2026GAAP | 22.7% | – | – |
| Return on common equity, three months ended September 30, 2026GAAP | 20.6% | – | – |
| Adjusted return on tangible common equity, three months ended September 30, 2026non-GAAP | 26.6% | – | – |
| Net revenues, twelve months ended September 30, 2026GAAP | $15.79B | – | 12% |
| Pre-tax income, twelve months ended September 30, 2026GAAP | $3.08B | – | 13% |
| Net income available to common shareholders, twelve months ended September 30, 2026GAAP | $2.37B | – | 11% |
| Diluted earnings per common share, twelve months ended September 30, 2026GAAP | $11.91 | – | 16% |
| Adjusted net income available to common shareholders, twelve months ended September 30, 2026non-GAAP | $2.46B | – | 12% |
| Adjusted diluted earnings per common share, twelve months ended September 30, 2026non-GAAP | $12.41 | – | 16% |
| Net interest income and RJBDP fees (third-party banks), three months ended September 30, 2026other | $674M | 2% | 3% |
| Firmwide net interest income, three months ended September 30, 2026GAAP | $564M | – | – |
| Firmwide net interest margin, three months ended September 30, 2026other | 2.60% | – | – |
| Total assets, as of September 30, 2026GAAP | $94.4B | —% | 7% |
| Total common equity attributable to Raymond James Financial, Inc., as of September 30, 2026GAAP | $13.1B | 3% | 6% |
| Client assets under administration, as of September 30, 2026other | $1.94T | 1% | 12% |
| Private Client Group assets in fee-based accounts, as of September 30, 2026other | $1.16T | 1% | 15% |
| Domestic Private Client Group net new assets, three months ended September 30, 2026other | $22.84B | – | – |
| Domestic Private Client Group net new assets, twelve months ended September 30, 2026other | $98.31B | – | 88% |
| Bank loans, net, as of September 30, 2026GAAP | $57.5B | 2% | 11% |
| Bank deposits, as of September 30, 2026GAAP | $63.3B | —% | 7% |
| Total capital ratio, as of September 30, 2026other | 24.2% | – | – |
| Tier 1 leverage ratio, as of September 30, 2026other | 12.1% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Private Client Group, three months ended September 30, 2026Higher 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. | $3.06B | 8% | 15% |
| Capital Markets, three months ended September 30, 2026Higher M&A and advisory revenues, with sequential growth also driven by affordable housing investments business revenues and debt underwriting revenues. | $549M | 15% | 7% |
| Asset Management, three months ended September 30, 2026Higher financial assets under management from market appreciation and net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital during fiscal third quarter 2026. | $409M | 13% | 30% |
| Bank, three months ended September 30, 2026Net bank loans grew 11% over the prior-year quarter, driven by continued growth in securities-based loans and residential mortgage loans. | $483M | (1)% | 5% |
| Other, three months ended September 30, 2026The Other segment includes corporate cash interest income, private equity investments, corporate investing activity, corporate overhead costs, public-debt interest costs, legal and regulatory provisions, and certain acquisition-related expenses. | −$4M | 43% | NM |
| Private Client Group, twelve months ended September 30, 2026Record annual net revenues were supported by asset management and related administrative fees of $7,057 million. | $11.47B | – | 13% |
| Capital Markets, twelve months ended September 30, 2026Annual investment banking revenue was $1,118 million, up 8%. | $1.87B | – | 6% |
| Asset Management, twelve months ended September 30, 2026Annual asset management and related administrative fees were $1,381 million, up 21%. | $1.42B | – | 20% |
| Bank, twelve months ended September 30, 2026Annual net interest income was $1,881 million, up 10%. | $1.94B | – | 9% |
| Other, twelve months ended September 30, 2026Other segment revenue reflected corporate cash interest income, investing activity and corporate costs. | −$13M | – | NM |
Capital returns
- Repurchased $1.25 billion of common stock at an average price of $156 per share during fiscal 2026.
- Repurchased $50 million of common stock in the fiscal fourth quarter.
- Returned approximately $1.7 billion of capital to shareholders through common share repurchases and dividends paid in fiscal 2026.
- $1.05 billion remained available under the Board of Directors’ approved common stock repurchase authorization as of September 30, 2026.
What drove it
- Quarterly asset management and related administrative fees increased 23% to $2.31 billion.
- PCG asset management and related administrative fees increased 21% to $1.92 billion, mainly from market appreciation and net inflows into fee-based accounts.
- Domestic PCG net new assets were $22.8 billion in the quarter and $98.3 billion for fiscal 2026.
- Capital Markets investment banking revenues increased 17% year-over-year and 27% sequentially to $361 million.
- Asset Management quarterly revenue increased 30%, aided by higher financial assets under management and the Clark Capital acquisition.
- Securities-based loans were $26.2 billion, up $6.4 billion, or 32%, over September 2025.
Concerns
- Bank net interest margin was 2.60%, down 11 basis points compared to both the prior-year fiscal fourth quarter and the preceding quarter.
- Capital Markets fixed income brokerage revenue was $71 million, down 28% year-over-year and 28% sequentially.
- PCG financial advisor compensation increased 20% year-over-year to $1,844 million, while PCG pre-tax income increased 10%.
- The effective tax rate was 22.7%, compared with 17.4% in the prior-year quarter.
- Bank pre-tax income was $180 million, down 13% sequentially despite 35% year-over-year growth.
What to watch
- Growth in PCG net new assets and fee-based account assets.
- The trajectory of bank net interest margin and RJBDP balances.
- Investment banking, particularly M&A and advisory and debt underwriting revenues.
- Financial advisor recruiting and retention-related compensation, which was $125 million in the quarter.
- Integration and contribution of Clark Capital, acquired on April 30, 2026.
- Use of the remaining $1.05 billion repurchase authorization.
Balance sheet and cash flow
- Total assets were $94.4 billion as of September 30, 2026.
- Total common equity attributable to Raymond James Financial, Inc. was $13.1 billion as of September 30, 2026.
- Bank loans, net were $57.5 billion and bank deposits were $63.3 billion as of September 30, 2026.
- Bank loan allowance for credit losses was $384 million, total nonperforming assets were $155 million, and total criticized loans were $634 million as of September 30, 2026.
- The filing did not report operating cash flow, free cash flow, cash and cash equivalents at period end, or total debt at period end.
Analysis
Raymond James closed fiscal 2026 with record fourth-quarter and full-year results. Fourth-quarter net revenues were $4,269 million, up 15% year-over-year and 9% sequentially, while pre-tax income rose 18% year-over-year to $862 million. Net income available to common shareholders was $666 million and diluted EPS was $3.40. Adjusted diluted EPS was $3.59 after excluding acquisition-related expenses. For the full year, net revenues increased 12% to $15,791 million and diluted EPS increased 16% to $11.91.
The revenue mix favored asset-based businesses. Asset management and related administrative fees increased 23% in the quarter to $2,307 million, including 21% growth in PCG fee revenue to $1,919 million. Client assets under administration reached $1,935.3 billion and PCG assets in fee-based accounts reached $1,163.0 billion. Domestic PCG net new assets were $22,841 million in the quarter and $98,315 million for the year. Asset Management revenue increased 30% to $409 million, supported by market appreciation, net inflows and the Clark Capital acquisition.
Capital Markets also improved, with quarterly revenue up 7% year-over-year and 15% sequentially to $549 million. Investment banking revenue increased 17% year-over-year to $361 million as M&A and advisory revenue rose 34%. The offset was fixed income brokerage revenue, which declined 28% both year-over-year and sequentially to $71 million. The Bank segment delivered 5% year-over-year revenue growth and 35% pre-tax-income growth, aided by a $8 million benefit for credit losses, but quarterly revenue and pre-tax income declined sequentially.
Margins and returns strengthened despite compensation pressure. Quarterly pre-tax margin was 20.2%, compared with 19.6% a year earlier, and adjusted pre-tax margin was 21.3%. The total compensation ratio was 65.0%, up from 64.2% a year earlier. Return on common equity was 20.6% and adjusted return on tangible common equity was 26.6%. The principal pressure point was bank net interest margin, which was 2.60%, down 11 basis points from both the prior-year quarter and the preceding quarter.
Capital generation supported substantial shareholder returns. The company repurchased $1.25 billion of stock during fiscal 2026 at an average price of $156 per share and reported approximately $1.7 billion returned through repurchases and dividends. The balance sheet ended the year with $13.1 billion of common equity, a 24.2% total capital ratio and a 12.1% tier 1 leverage ratio. Management provided no numerical fiscal 2027 outlook, instead citing record client assets, a strong investment banking pipeline and geopolitical and macroeconomic uncertainties.
Management, verbatim
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.
Paul Shoukry, CEO
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.
Paul Shoukry, CEO
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.
Paul Shoukry, CEO
Not in the filing
stated, not guessed- Forward numerical guidance was not provided.
- Previous-release outlook was not provided.
- Gross margin was not reported.
- Operating income was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Cash and cash equivalents at period end was not reported.
- Total debt at period end was not reported.
- Dividend per share and aggregate dividends paid were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K Item 2.02, the first public disclosure of Raymond James' FY2026 financial performance.
Ticker impact
Raymond James Financial reported record Q4 and full-year 2026 results with revenue and earnings beating prior year expectations.
likely upside as investors price in the earnings beat and strong asset inflows
Record revenues, net income and asset growth are material and newly disclosed, prompting buying interest.
Market effects
Positive earnings may lift the financial services sector and asset management peers.
U.S. markets may see a modest boost in brokerage and wealth management stocks.
Limited to U.S. financial sector; no immediate global macro impact.
Counterpoint
If the market had already priced in strong growth, the earnings may be a sell‑off on valuation concerns.
Key entities
- CompanyRaymond James Financial Inc.
U.S. diversified financial services firm reporting FY2026 results.
- ExecutivePaul Shoukry
CEO of Raymond James Financial, quoted in the release.