Raymond James Financial

Raymond James Financial is a diversified financial services company with its head office in St. Petersburg, Florida. It reports four main segments.

The Private Client Group, its largest, serves individual clients through financial advisors who are employees or independent contractors, and it earns mostly fees on assets in fee-based accounts. Capital Markets does investment banking (mergers and acquisitions advice and underwriting) and trades fixed income and equities. Asset Management manages money for clients, with $342.9 billion of financial assets under management at September 30, 2026.

The Bank segment, through Raymond James Bank and TriState Capital Bank, makes securities-based loans, mortgages and corporate loans, funded largely with client cash. Client assets under administration were $1.94 trillion at September 30, 2026, a record for a quarter end. Its fiscal year ends on September 30.

The market prices Raymond James for the risk that the income it earns on client cash falls, through rate changes or pressure to pay clients more, and for the risk that earnings fall when markets fall. In fiscal 2026, Private Client Group revenue rose 13%, but its pre-tax income rose only 1%, because of lower interest rates and the cost of recruiting advisors. The net interest margin of the Bank segment fell to 2.60% in the fiscal fourth quarter from 2.71% in the quarter before. A large part of revenue is fees that move with asset values.

Lawsuits about the rates paid on client cash sweep balances also remain open, and the SEC asked for information on these programs in 2024. For the gap to close, three things must be true. Domestic Private Client Group net new assets must keep growing at about 5% or more a year. Client cash balances must stay near $58 billion or grow, so that interest income holds up.

Investment banking revenue must keep its recovery, as the firm says its pipelines are strong. The fiscal fourth quarter report on October 28, 2026 passed the first test. The fiscal first quarter 2027 report, expected in late January 2027, and the next quarterly reports through 2027 give more evidence. If these checks pass, the gap can close over the next three to five quarters.

The main reason it may not close is a fall in equity markets, which lowers fee-based assets and fees.

1. Oct 28, 2026Passed

   Fiscal Q4 2026 results: net new assets and cashDomestic Private Client Group net new asset growth of about 5% or more annualized, stable client cash balances and continued investment banking growth pass; outflows or a large fall in client cash fail.Outcome: Domestic Private Client Group net new assets grew at an annualized 5.3%, client cash balances were $58.0 billion, up 3% from a year earlier, and investment banking revenues rose 17%.
2. Jan 28, 2027 · est.Pending

   Fiscal Q1 2027 results: marginsA stable Private Client Group pre-tax margin and bank net interest margin pass; a large fall in either fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Raymond James reported fiscal fourth quarter 2026 results. Net revenues were a record $4.27 billion, up 15%. Net income available to common shareholders was a record $666 million, or $3.40 per diluted share, and adjusted EPS was $3.59. Domestic Private Client Group net new assets were $22.8 billion, an annualized growth of 5.3%. Client cash sweep and Enhanced Savings Program balances were $58.0 billion, up 3%. Investment banking revenues rose 17% to $361 million. For fiscal 2026, net revenues were a record $15.79 billion and diluted EPS was a record $11.91.
• September 23, 2026Raymond James reported August 2026 operating data. Client assets under administration were a record $1.97 trillion, up 16% from a year earlier. Client cash sweep and Enhanced Savings Program balances were $57.4 billion, up 6%. Net bank loans were $56.4 billion.
• August 27, 2026The board appointed William W. Weatherford, managing partner of Weatherford Capital and a former Speaker of the Florida House of Representatives, as a director from December 15, 2026.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 23, 2026 · rjf-20260923
• 8-KChange of directors or officers and Investor disclosureFiled September 1, 2026 · rjf-20260826
• 8-KInvestor disclosureFiled August 19, 2026 · rjf-20260819
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · rjf-20260630
• 8-KEarnings releaseFiled July 22, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 24, 2026 · rjf-20260624
• 8-KInvestor disclosureFiled May 27, 2026 · rjf-20260527
• 8-KInvestor disclosureFiled May 20, 2026 · rjf-20260520
• 8-KInvestor disclosureFiled May 19, 2026 · rjf-20260513

Every filing on SEC EDGAR (CIK 720005)

• Lower short-term interest rates, or higher rates paid to clients, lower the fees that Raymond James earns on client cash placed at third-party banks and the net interest margin of its banks. The Bank segment's net interest margin was 2.60% in the fiscal fourth quarter of 2026, 11 basis points lower than a year earlier and than the quarter before.
• Asset management and related administrative fees, $2.31 billion in the fiscal fourth quarter of 2026, move with the value of client assets. A large fall in equity markets lowers fees quickly.
• Class action lawsuits and an SEC inquiry concern the rates paid to clients on cash sweep balances. An adverse result can bring payments and force higher rates to clients, which lowers interest income.
• The firm competes for financial advisors with other brokerages and independent platforms. Higher recruiting costs or the loss of advisors can slow asset growth and lower margins.

Raymond James funds its banks mostly with client cash deposits and holds high capital. At September 30, 2026, total assets were $94.4 billion and net bank loans were a record $57.5 billion, of which $26.2 billion were securities-based loans. Read more

Yield at the current rate

1.3% (current annual rate, at today’s price)

Dividend yield

1.3% (last 12 months, at today’s price of $167.13)

Paid per share

$2.16 in the last 12 months (4 payments)

Current annual rate

$2.16 ($0.54 × 4 a year)

Payout ratio

15% of the last fiscal year’s earnings (the year that ended September 30, 2025)

Latest ex-dividend date

October 1, 2026, $0.54 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 22.0% a year. From 2015 to 2025, the dividend grew by about 15.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.