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Raymond James Financial Reports Fiscal First Quarter of 2026 Results

RJF
  • Raymond James Financial reported record quarterly net revenues of $3.74 billion, a 6% increase over the prior year's fiscal first quarter.
  • Quarterly net income available to common shareholders totaled $562 million, or $2.79 per diluted share.
  • Adjusted quarterly net income available to common shareholders was $577 million, or $2.86 per diluted share, excluding $15 million of acquisition-related expenses.
  • Record client assets under administration reached $1.77 trillion, while Private Client Group fee-based accounts hit $1.04 trillion, up 14% and 19% respectively from December 2024.
  • Domestic Private Client Group net new assets were $30.8 billion, representing an annualized growth rate of 8.0%.
  • Securities-based loans grew 28% year-over-year to $21.7 billion.
  • Annualized return on common equity was 18.0%, while adjusted return on tangible common equity was 21.4%.
  • The Private Client Group segment generated record revenues of $2.77 billion, driven by a 15% increase in asset management fees to $1.69 billion.
  • Capital Markets segment revenues fell 21% to $380 million, primarily due to lower M&A, advisory, debt underwriting, and affordable housing investment revenues.
  • Asset Management segment achieved record revenues of $326 million, up 11% year-over-year, with financial assets under management reaching $280.8 billion.
  • The Bank segment posted revenues of $487 million, up 15% year-over-year, with net interest margin expanding to 2.81%.
  • Net bank loans grew 13% to a record $53.4 billion, fueled by increases in securities-based loans (up 28%) and residential mortgage loans (up 10%).
  • The firm acquired Clark Capital Management Group, an asset manager with over $46 billion in assets, which will join the multi-boutique offering.
  • The Board increased the quarterly cash dividend by 8% to $0.54 per share.
  • The firm repurchased $400 million of common stock during the quarter at an average price of $162 per share.
  • The effective tax rate for the quarter was 22.7%, reflecting a seasonal benefit from share-based compensation settlements.
  • As of December 31, 2025, $1.9 billion remained available under the authorized common stock repurchase program.
  • The total capital ratio was 24.3% and the tier 1 leverage ratio was 12.7%, both well above regulatory requirements.