Company file · RJF
Raymond James Financial
Capital Markets was Raymond James Financial's fastest-growing segment in FY2025, up 18.7%
Revenue rose 6.6% to $15.9B in FY2025, from $14.9B in FY2024. Net income rose 3.2% to $2.1B. Private Client Group was the largest segment, at 62% of the segment total.
Key facts
In fiscal 2025, which ended Sep 30, 2025, Raymond James Financial (NYSE: RJF) took in $15.9B of revenue (up 6.6% on fiscal 2024); net income was $2.1B (up 3.2%). The most recent quarter, ended Jun 30, 2026, brought revenue of $4.4B, up 13.5% year over year, with net income of $595M. Private Client Group was the biggest single line by segment: 62% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Nov 25, 2025) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).
Source: 10-K FY2025, filed Nov 25, 2025
Source: 10-Q filed Feb 6, 2026 · 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Private Client Group$10.3B62%+7.4%
- RJ Bank$3.4B20%−5.0%
- Capital Markets$1.9B11%+18.7%
- Asset Management$1.2B7%+15.7%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Private Client Group (62%), RJ Bank (20%), Capital Markets (11%) and Asset Management (7%), as shares of the segment total. Total revenue was $15.9B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
Company
Source: Raymond James Financial 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
By segment
Source: Raymond James Financial 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 6.6% in FY2025 to $15.9B, from $14.9B a year earlier. 10-K, FY2025
- Net income rose 3.2% in FY2025 to $2.1B, from $2.1B. 10-K, FY2025
- Diluted shares fell 2.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $4.4B, up 13.5% on a year earlier. 10-Q, quarter ended Jun 30, 2026
The bear case
- RJ Bank revenue fell 5.0% in FY2025 to $3.4B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include credit losses; interest rates; regulation and capital. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Raymond James Financial is in the investment banking & brokerage industry, part of the financials sector. The SEC files it under Security Brokers, Dealers & Flotation Companies.
Raymond James Financial reports 4 segments: Private Client Group, RJ Bank, Capital Markets and Asset Management.
Its fiscal year ends in September; the latest, FY2025, ended Sep 30, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the investment banking & brokerage industry. They are not a summary of Raymond James Financial’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
- Interest ratesChanges in rates move what it earns on loans and pays on deposits.
- Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
- Deposits and fundingCustomers can move deposits, which raises funding costs.
- Competition and technologyBanks, fintech firms and card networks compete for customers.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- How banks make money
- The cash flow statement
- Market cap and enterprise value
- Book value per share
- Tender offers
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Raymond James Financial's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| 10-Q | Feb 6, 2026 | Dec 31, 2025 |
| DEF 14A | Jan 7, 2026 | Feb 19, 2026 |
| 10-K | Nov 25, 2025 | Sep 30, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Raymond James Financial
How does Raymond James Financial make money?
In fiscal 2025, revenue totaled $15.9B. By segment in FY2025: Private Client Group (62%), RJ Bank (20%), Capital Markets (11%) and Asset Management (7%), as shares of the segment total. Total revenue was $15.9B. Source: 10-K for fiscal 2025, filed Nov 25, 2025.
What was Raymond James Financial's revenue in fiscal 2025?
Revenue came to $15.9B in the year ended Sep 30, 2025. Going back two years, it was $13.0B in fiscal 2023 and $14.9B in fiscal 2024, so the latest year was up 6.6%. Source: 10-K for fiscal 2025, filed Nov 25, 2025.
Is Raymond James Financial profitable?
Yes, by US accounting rules (GAAP): net income was $2.1B in fiscal 2025, up 3.2% from $2.1B a year earlier. For the quarter ended Jun 30, 2026, net income was $595M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 25, 2025.
What did Raymond James Financial report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $4.4B, against $3.8B in the same quarter a year before (up 13.5%), and net income of $595M, against $436M (up 36.5%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.
What are the main risks Raymond James Financial faces?
Raymond James Financial's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Nov 25, 2025. Risks that are common among companies in the investment banking & brokerage industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.
Where do these Raymond James Financial numbers come from?
Two filings Raymond James Financial made with the SEC: its fiscal 2025 10-K, filed Nov 25, 2025, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Raymond James Financial
- Two Sigma Investments: 490,464 shares, reported value $74.6M at Jun 30, 2026 (+971.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 189,793 shares, reported value $28.9M at Jun 30, 2026 (+3,686.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 169,801 shares, reported value $25.8M at Jun 30, 2026 (+58.3% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 77,337 shares, reported value $11.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Bridgewater Associates: 34,074 shares, reported value $5.2M at Jun 30, 2026 (+14.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in RJF
- The editor holds no position in Raymond James Financial (RJF). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell RJF from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold RJF, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Raymond James FinancialRJF | FY2025 | $15.9B | +6.6% | $2.1B |
| Morgan StanleyMS | FY2025 | $70.6B | +14.4% | $16.9B |
| Goldman SachsGS | FY2025 | $58.3B | +8.9% | $17.2B |
| Charles SchwabSCHW | FY2025 | $23.9B | +22.0% | $8.9B |
| Interactive BrokersIBKR | FY2025 | $6.2B | +19.7% | $4.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.