Press Release: Raymond James Financial Reports Fourth Quarter and Fiscal 2026 Results

ST. PETERSBURG, Fla., Oct. 28, 2026 (GLOBE NEWSWIRE) --

   -- Record annual net revenues of $15.79 billion, record net income available 
      to common shareholders of $2.37 billion, and record earnings per diluted 
      share of $11.91 for fiscal 2026 
 
   -- Record quarter-end client assets under administration of $1.94 trillion 
      and record quarter-end Private Client Group $(PCG)$ assets in fee-based 
      accounts of $1.16 trillion, up 12% and 15%, respectively, over September 
      2025 
 
   -- Returned approximately $1.7 billion of capital to shareholders through 
      the combination of common share repurchases and dividends paid in fiscal 
      2026 
 
   -- Record quarterly net revenues of $4.27 billion, up 15% over the prior 
      year's fiscal fourth quarter and 9% over the preceding quarter 
 
   -- Record quarterly net income available to common shareholders of $666 
      million and record diluted earnings per share of $3.40, up 15% over the 
      prior year's fiscal fourth quarter and 13% over the preceding quarter; 
      record quarterly adjusted net income available to common shareholders of 
      $703 million(1), or a record $3.59 per diluted share(1) 
 
   -- Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth 
      quarter, or annualized growth from beginning of the quarter assets of 
      5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, or 
      growth from beginning of the year assets of 6.4% 
 
   -- Quarterly combined net interest income and Raymond James Bank Deposit 
      Program (RJBDP) third-party bank fees of $674 million, up 3% over the 
      prior year's fiscal fourth quarter and 2% over the preceding quarter 
 
   -- Annualized return on common equity and annualized adjusted return on 
      tangible common equity of 20.6% and 26.6%(1), respectively, for the 
      fiscal fourth quarter; Return on common equity of 18.7% and adjusted 
      return on tangible common equity of 23.0%(1) for fiscal 2026 

Raymond James Financial, Inc. $(RJF)$ today reported net revenues of $4.27 billion and net income available to common shareholders of $666 million, or $3.40 per diluted share, for the fiscal fourth quarter ended September 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $37 million of acquisition-related expenses, net of tax, was $703 million(1), or $3.59 per diluted share(1).

"We delivered our sixth consecutive year of record annual revenues and earnings, a testament to our resilient, diversified businesses anchored by our Private Client Group," said CEO Paul Shoukry. "We ended the fiscal year with record Private Client Group assets in fee-based accounts, up 15% year-over-year, and domestic Private Client Group net new assets of $98 billion, up 88% over fiscal 2025, reflecting solid financial advisor retention and record recruiting results. We generated an adjusted return on tangible common equity of 23%(1) for the year while investing in long-term growth and maintaining very strong capital levels. These results reflect our advisor- and client-focused values coupled with our robust capabilities and resources. As we enter fiscal 2027, while there are several geopolitical and macroeconomic uncertainties, we are well positioned with record client asset levels, a strong investment banking pipeline, and attractive growth opportunities across our businesses."

Record quarterly net revenues increased 15% over the prior year's fiscal fourth quarter, largely driven by robust growth in asset management and related administrative fees, which grew 23% to $2.31 billion. Compared to the preceding quarter, quarterly net revenues grew 9%, primarily driven by higher asset management and related administrative fees, as well as increases in investment banking revenues and affordable housing investments business revenues. Record quarterly pre-tax income increased 15% over the preceding quarter and record net income available to common shareholders increased 12%. For the fiscal fourth quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 20.6% and 26.6%(1), respectively.

For the fiscal year, record net revenues of $15.79 billion increased 12% and record earnings per diluted share of $11.91 and record adjusted earnings per diluted share of $12.41(1) each increased 16% over fiscal 2025. The Private Client Group and the Asset Management segments generated record net revenues, and the Asset Management and Bank segments generated record pre-tax income in fiscal 2026. Return on common equity was 18.7% and adjusted return on tangible common equity was 23.0%(1) for fiscal 2026.

Segment Results

Private Client Group

   -- Record quarterly net revenues of $3.06 billion, up 15% over the prior 
      year's fiscal fourth quarter and 8% over the preceding quarter 
 
   -- Quarterly pre-tax income of $458 million, up 10% over the prior year's 
      fiscal fourth quarter and 8% over the preceding quarter 
 
   -- Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth 
      quarter, or annualized growth from beginning of the quarter assets of 
      5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, up 88% 
      compared to fiscal 2025, reflecting growth from beginning of the year 
      assets of 6.4% 
 
   -- Record quarter-end Private Client Group assets in fee-based accounts of 
      $1.16 trillion, up 15% over September 2025 and 1% over June 2026 
 
   -- Total clients' domestic cash sweep and Enhanced Savings Program balances 
      of $58.0 billion, up 3% over September 2025 and down 1% compared to June 
      2026 
 
   -- Record annual net revenues of $11.48 billion and annual pre-tax income of 
      $1.74 billion, up 13% and 1%, respectively, compared to fiscal 2025 

Record quarterly net revenues rose 15% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 21% to $1.92 billion mainly due to market appreciation and net inflows into fee-based accounts. Quarterly pre-tax income increased 10% year-over-year, as growth in asset management fee revenue was partially offset by higher financial advisor commissions tied to strong compensable revenue growth and increased expenses supporting record recruiting results.

Capital Markets

   -- Quarterly net revenues of $549 million, up 7% over the prior year's 
      fiscal fourth quarter and 15% over the preceding quarter 
 
   -- Quarterly investment banking revenues of $361 million, up 17% over the 
      prior year's fiscal fourth quarter and 27% over the preceding quarter 
 
   -- Quarterly pre-tax income of $106 million, up 18% over the prior year's 
      fiscal fourth quarter and 121% over the preceding quarter 
 
   -- Annual net revenues of $1.87 billion and annual pre-tax income of $214 
      million, up 6% and 47%, respectively, over fiscal 2025 

Quarterly net revenues increased 7% over the prior-year period, driven by higher M&A and advisory revenues which were partially offset by lower fixed income brokerage revenues. Sequentially, quarterly net revenues grew 15%, largely due to higher M&A and advisory revenues, affordable housing investments business revenues and debt underwriting revenues, partially offset by lower fixed income brokerage revenues.

Asset Management

   -- Record quarterly net revenues of $409 million, up 30% over the prior 
      year's fiscal fourth quarter and 13% over the preceding quarter 
 
   -- Record quarterly pre-tax income of $170 million, up 29% over the prior 
      year's fiscal fourth quarter and 19% over the preceding quarter 
 
   -- Financial assets under management of $342.9 billion, up 25% over 
      September 2025 and down 1% compared to June 2026. 
 
   -- Record annual net revenues of $1.42 billion and record annual pre-tax 
      income of $593 million, up 20% and 18%, respectively, over fiscal 2025 
 

Record quarterly net revenues increased 30% year-over-year, primarily driven by higher financial assets under management resulting from market appreciation and net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3) during our fiscal third quarter of 2026.

Bank

   -- Quarterly net revenues of $483 million, up 5% over the prior year's 
      fiscal fourth quarter and down 1% compared to the preceding quarter 
 
   -- Quarterly pre-tax income of $180 million, up 35% over the prior year's 
      fiscal fourth quarter and down 13% compared to the preceding quarter 
 
   -- Quarterly bank loan benefit for credit losses of $8 million 
 
   -- Record net bank loans of $57.5 billion, up 11% over September 2025 and 2% 
      over June 2026 
 
   -- Securities-based loans of $26.2 billion, up $6.4 billion, or 32%, over 
      September 2025 
 
   -- Annual net revenues of $1.94 billion and record annual pre-tax income of 
      $725 million, up 9% and 48%, respectively, over fiscal 2025 

Record net bank loans grew 11% over the prior-year quarter, driven by continued growth in securities-based loans and residential mortgage loans, which rose by 32% and 12%, respectively. Net interest margin of 2.60% for the quarter was down 11 basis points compared to both the prior year's fiscal fourth quarter and the preceding quarter. The credit quality of the loan portfolio remains strong.

Other Matters

During the fiscal year, the firm repurchased $1.25 billion of common stock at an average price of $156 per share, including $50 million of common stock repurchased in the fiscal fourth quarter. As of September 30, 2026, $1.05 billion remained available under the Board of Directors' approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.2%(4) and the tier 1 leverage ratio was 12.1%(4), both well above regulatory requirements.