Highlights

  • FY2025 net revenues total USD 14.07B; net income reaches USD 2.13B.
  • Q4 net revenues rose to USD 3.73B with a quarterly net income of USD 603M.
  • Private Client Group and Asset Management achieve record assets and growth in fee-based revenue.

Raymond James Financial, Inc. (NYSE:RJF) reported net revenues of USD 3.73B and net income available to common shareholders of USD 603M, or USD 2.95 per diluted share, for the fiscal fourth quarter ended September 30, 2025. Excluding USD 39M in acquisition-related expenses, adjusted net income was USD 635M, or USD 3.11 per diluted share.

CEO Paul Shoukry commented:
“The dedication of our financial advisors, bankers, and associates to consistently putting clients first helped us achieve record net revenues and net income for both the fourth quarter and fiscal year 2025. This marks the fifth straight year of record annual results achieved across varying market conditions, reflecting our commitment to sustainable long-term growth built on strong client relationships and a diversified business model. Our record advisor recruiting results in fiscal 2025 underscore our service-first culture, extensive capabilities, and strong balance sheet.”

Fiscal 2025 Annual Results
For the full fiscal year, Raymond James reported record net revenues of USD 14.07B, net income of USD 2.13B, and earnings per diluted share of USD 10.30. Adjusted earnings per diluted share reached USD 10.66. Total client assets under administration stood at USD 1.73T, while assets in fee-based accounts within the Private Client Group totaled USD 1.01T, marking year-over-year increases of 10% and 15% respectively. Combined dividends and share repurchase exceeded USD 1.5B.

Segment Performance

Private Client Group (PCG)
Q4 net revenues were USD 2.66B, up 7% from the prior year, with pre-tax income of USD 416M. For the year, net revenues were USD 10.18B, and pre-tax income reached USD 1.72B. Assets under administration totaled USD 1.67T, including USD 1.01T in fee-based accounts. Domestic net new assets for the quarter were USD 17.9B, reflecting 5.0% annualized growth.

Capital Markets
The segment reported Q4 net revenues of USD 513M, up 6% year-over-year, with pre-tax income of USD 90M. Investment banking revenues totaled USD 309M. For fiscal 2025, net revenues were USD 1.77B and pre-tax income was USD 146M, supported by strength in debt underwriting and affordable housing investments.

Asset Management
Quarterly net revenues totaled USD 314M, generating pre-tax income of USD 132M. On a full-year basis, net revenues reached USD 1.19B, and pre-tax income amounted to USD 503M. Financial assets under management increased to USD 274.9B.

Banking
The Banking segment recorded Q4 net revenues of USD 459M and pre-tax income of USD 133M. For fiscal 2025, net revenues were USD 1.78B and pre-tax income totaled USD 491M. Net loans grew 12% year-over-year to USD 51.6B, while the net interest margin stood at 2.71%.

Capital and Liquidity
During the quarter, the firm repurchased USD 350M in common stock and redeemed USD 98M in subordinated floating-rate notes. The total capital ratio was 24.1%, and the tier 1 leverage ratio was 13.1%, both comfortably above regulatory requirements.