Raymond James Financial Stock Earnings Reports

Raymond James reported a strong start to fiscal 2026 with record net revenues of $3.7 billion, net income available to common shareholders of $562 million (EPS $2.79) and adjusted EPS of $2.86. Key operational highlights included robust adviser recruiting (trailing-12-month production nearly $460 million, ~ $63B of client assets at prior firms and total recruited assets > $69B across platforms), quarterly net new assets annualized growth of 8% (about $31B net new assets in the quarter), record Private Client Group fee-based assets of $1.04T (up 19% YoY), and record bank loans of $53.4B driven by strong growth in securities-based lending. Capital deployment remained active: $400M of share repurchases in the quarter, continued quarterly repurchase target (~$400M), and announced acquisitions (Clark Capital, Greens Labs) consistent with a disciplined M&A strategy. Segment dynamics: Private Client Group produced strong recurring revenue but pretax income down modestly due to lower interest rates; Capital Markets revenues declined sequentially (tough comparables), though management cites a robust pipeline; Asset Management delivered record pretax income and Revenues; Bank NII benefited from loan growth and lower funding costs despite rate cuts. Expense focus: compensation ratio ~65.4% (driven by mix and recruiting/retention costs), non-comp expenses rising due to technology and strategic investments (guidance ~8% growth YoY excluding certain items). Capital & liquidity remain strong (Tier 1 leverage 12.7%, total capital ratio 24.3%, ~$2.4B excess capital capacity vs target), with continued emphasis on long-term, advisor-centric culture, AI and technology investments, and quality over quantity recruiting.