Raymond James Financial — Fiscal 2026 Q4 Earnings Summary

Financial Performance:

• Fiscal 2026 net revenues reached a record $15.79 billion, a 12% increase year-over-year; fiscal 2026 net income available to common shareholders was a record $2.37 billion, with diluted earnings per share (EPS) of $11.91, up 16% from fiscal 2025.
• Fiscal Q4 2026 net revenues were a record $4.27 billion, up 15% year-over-year and 9% sequentially; net income available to common shareholders was $666 million, with diluted EPS of $3.40, up 15% year-over-year and 13% sequentially.
• Adjusted net income available to common shareholders for Q4 2026 was $703 million ($3.59 diluted EPS), excluding $37 million of acquisition-related expenses; adjusted diluted EPS for fiscal 2026 was $12.41.
• Annualized return on common equity for Q4 2026 was 20.6% (18.7% for fiscal 2026); adjusted return on tangible common equity was 26.6% for Q4 2026 (23.0% for fiscal 2026).
• Total compensation ratio was 65.0% for Q4 2026 (65.5% for fiscal 2026); adjusted total compensation ratio was 64.6% for Q4 2026 (65.3% for fiscal 2026).
• Effective tax rate was 22.7% for Q4 2026 and 23.0% for fiscal 2026.
• Total assets were $94.4 billion as of September 30, 2026, up 7% from September 30, 2025.
• Total common equity attributable to Raymond James Financial, Inc. was $13.1 billion as of September 30, 2026.
• Book value per share was $68.38 as of September 30, 2026, up 9% from September 30, 2025.
• Net interest margin was 2.60% for Q4 2026, down 11 basis points from both the prior year quarter and the preceding quarter.
• Combined net interest income and Raymond James Bank Deposit Program (RJBDP) third-party bank fees were $674 million for Q4 2026, up 3% year-over-year.

Guidance and Future Outlook:

• Management stated the firm is well-positioned for fiscal 2027 with record client asset levels, a strong investment banking pipeline, and attractive growth opportunities, despite geopolitical and macroeconomic uncertainties.
• CEO Paul Shoukry highlighted the firm's resilience, diversified businesses, and strong capital levels as foundations for future growth.

Business Segments and Product Lines:

• Private Client Group (PCG): Generated record quarterly net revenues of $3.06 billion (up 15% YoY) and record annual net revenues of $11.48 billion (up 13% YoY). Domestic PCG net new assets were $22.8 billion for Q4 (5.3% annualized growth) and $98.3 billion for the fiscal year (up 88% from fiscal 2025). Fee-based account assets reached a record $1.16 trillion at quarter-end, up 15% YoY.
• Capital Markets: Quarterly net revenues were $549 million (up 7% YoY), driven by higher M&A and advisory revenues. Investment banking revenues were $361 million, up 17% YoY. Annual net revenues were $1.87 billion (up 6% YoY).
• Asset Management: Quarterly net revenues were a record $409 million (up 30% YoY), driven by market appreciation, net inflows, and the addition of Clark Capital. Financial assets under management were $342.9 billion, up 25% YoY. Annual net revenues were $1.42 billion (up 20% YoY).
• Bank: Quarterly net revenues were $483 million (up 5% YoY). Record net bank loans were $57.5 billion, up 11% YoY, driven by a 32% increase in securities-based loans. Annual pre-tax income was a record $725 million, up 48% YoY.
• Other: Reported a quarterly loss of $4 million and an annual loss of $13 million.

Market and Competitive Landscape:

• Total client assets under administration reached a record $1.94 trillion at quarter-end, up 12% from September 2025.
• PCG assets in fee-based accounts grew 15% year-over-year, reflecting solid financial advisor retention and record recruiting results.
• The firm reported a strong pipeline in investment banking and growth opportunities across businesses.

Risks and Challenges:

• Management noted geopolitical and macroeconomic uncertainties as potential risks for fiscal 2027.
• The press release includes standard forward-looking statement disclaimers regarding risks, uncertainties, and assumptions, including changes in interest rates, inflation, and regulatory developments.

Management Commentary and Tone:

• CEO Paul Shoukry expressed confidence, citing the sixth consecutive year of record annual revenues and earnings.
• Management emphasized the firm's advisor- and client-focused values, robust capabilities, and strong capital levels.
• The tone was positive, highlighting record recruiting results and significant growth in net new assets.

Other Key Points:

• The firm returned approximately $1.7 billion of capital to shareholders in fiscal 2026 through common share repurchases and dividends.
• During fiscal 2026, the firm repurchased $1.25 billion of common stock at an average price of $156 per share; $1.05 billion remained available under the Board's authorization as of September 30, 2026.
• The firm acquired Clark Capital during fiscal Q3 2026, contributing to Asset Management growth.
• Capital ratios as of September 30, 2026, included a total capital ratio of 24.2% and a Tier 1 leverage ratio of 12.1%, both well above regulatory requirements.
• A conference call to discuss results was held on October 28, 2026, at 5:00 p.m. ET.