Raymond James Financial: Reports Fiscal Fourth Quarter and Fascial 2025 Results

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Information Source: Raymond James Financial, Inc.
  • Record annual net revenues of $14.07 billion, record net income available to common shareholders of $2.13 billion, and record earnings per diluted share of $10.30 for fiscal 2025
  • Record client assets under administration of $1.73 trillion and record Private Client Group assets in fee-based accounts of $1.01 trillion, up 10% and 15%, respectively, over September 2024
  • Returned over $1.5 billion of capital to shareholders through the combination of common share repurchases and dividends in fiscal 2025
  • Record quarterly net revenues of $3.73 billion, up 8% over the prior year’s fiscal fourth quarter and 10% over the preceding quarter
  • Record quarterly net income available to common shareholders of $603 million, or $2.95 per diluted share; quarterly adjusted net income available to common shareholders of $635 million(1), or $3.11 per diluted share(1)
  • Domestic Private Client Group net new assets(2) of $17.9 billion for the fiscal fourth quarter, or annualised growth from beginning-of-quarter assets of 5.0%
  • Annualised return on common equity and annualised adjusted return on tangible common equity were 19.6% and 23.9%(1), respectively, for the fiscal fourth quarter.
Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.73 billion and net income available to common shareholders of $603 million, or $2.95 per diluted share, for the fiscal fourth quarter ended September 30, 2025. Excluding $39 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $635 million(1), or $3.11 per diluted share(1).
“The unwavering commitment of our financial advisors, bankers and associates to always putting clients first helped us achieve record net revenues and record net income for the fourth quarter and fiscal year 2025,” said CEO Paul Shoukry. “This marks our fifth consecutive year of record annual results in very different market environments, demonstrating our consistent focus on generating sustainable growth over the long term through deep personal relationships across our diverse and complementary businesses. The record financial advisor recruiting results in fiscal 2025 are a testament to our unique service-first culture, comprehensive capabilities and strong balance sheet.”
Shoukry continued, “Throughout the fiscal year, we made significant investments of approximately $1 billion in technology, including AI, to enhance service and deliver data-driven advisor and client insights on secure and resilient infrastructure, while creating the new positions of Chief AI Officer and Head of AI Strategy to lead our ongoing development and implementation. We recently earned the highest ranking for investor satisfaction among those working with a dedicated financial advisor or team of advisors and were recognised as the most trusted company among advised investors in wealth management in the J.D. Power 2025 U.S. Investor Satisfaction Study. As we enter fiscal 2026, we are well-positioned with record client asset levels, a strong investment banking pipeline, robust growth opportunities across the business and ample capital and liquidity to support sustainable growth.”
Record quarterly net revenues increased 8% over the prior year’s fiscal fourth quarter, with continued growth in asset management and related administrative fees, which increased to $1.88 billion. Compared to the preceding quarter, quarterly net revenues grew 10%, primarily driven by higher asset management and related administrative fees and investment banking revenues. Record quarterly net income available to common shareholders increased 39% over the preceding quarter, largely due to higher net revenues, a lower provision for legal matters and a lower effective tax rate. For the fiscal fourth quarter, annualised return on common equity and annualised adjusted return on tangible common equity were 19.6% and 23.9% 1, respectively.
For the fiscal year, record net revenues of $14.07 billion increased 10% and record earnings per diluted share of $10.30 and record adjusted earnings per diluted share of $10.66(1) each increased 6% over fiscal 2024. The Private Client Group generated record net revenues, and the Asset Management segment generated both record net revenues and pre-tax income in fiscal 2025. Return on common equity was 17.7% and adjusted return on tangible common equity was 21.3%(1) for fiscal 2025.
Segment Results
Private Client Group
  • Record quarterly net revenues of $2.66 billion, up 7% over both the prior year’s fiscal fourth quarter and the preceding quarter
  • Quarterly pre-tax income of $416 million, down 10% compared to the prior year’s fiscal fourth quarter and up 1% over the preceding quarter
  • Record annual net revenues of $10.18 billion and annual pre-tax income of $1.72 billion, up 8% and down 4%, respectively, compared to fiscal 2024
  • Record Private Client Group assets under administration of $1.67 trillion, up 11% over September 2024 and 6% over June 2025
  • Record Private Client Group assets in fee-based accounts of $1.01 trillion, up 15% over September 2024 and 7% over June 2025
  • Domestic Private Client Group net new assets(2) of $17.9 billion for the fiscal fourth quarter, or annualised growth from the beginning of the quarter assets of 5.0%; Fiscal year 2025, domestic Private Client Group net new assets of $52.4 billion, or 3.8% growth from the beginning of the  fiscal year assets
  • Total clients’ domestic cash sweep and Enhanced Savings Program balances of $56.4 billion, down 3% compared to the prior year’s fiscal fourth quarter and up 2% over the preceding quarter
Quarterly net revenues rose 7% year-over-year, mainly driven by higher asset management and related administrative fees, which were partially offset by the impacts of lower short-term interest rates. Asset management and administrative fees rose 13% from last year's fourth quarter to $1.59 billion, mainly due to market appreciation and net asset inflows in PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the impact of lower interest rates along with continued investments in growth.
Capital Markets
  • Quarterly net revenues of $513 million, up 6% over the prior year’s fiscal fourth quarter and 35% over the preceding quarter
  • Quarterly investment banking revenues of $309 million, up 1% over the prior year’s fiscal fourth quarter and 52% over the preceding quarter
  • Quarterly pre-tax income of $90 million, down 5% compared to the prior year’s fiscal fourth quarter and up substantially over the preceding quarter
  • Annual net revenues of $1.77 billion and annual pre-tax income of $146 million, up 20% and 118%, respectively, over fiscal 2024
Quarterly net revenues increased 6% over the prior year period, driven mainly by higher debt underwriting and affordable housing investments business revenues, partially offset by lower M&A and advisory revenues. Sequentially, quarterly net revenues increased 35% largely due to higher M&A and advisory, debt underwriting and affordable housing investments business revenues. The investment banking pipeline remains strong, and while we are increasingly optimistic regarding improvement in macroeconomic conditions, the current environment remains uncertain. The recently announced acquisition of GreensLedge Holdings LLC, expected to close later in fiscal 2026, provides specialised expertise with structured products that will complement our existing capital markets business platform, as we continue to strategically invest in growth.
Asset Management
  • Record quarterly net revenues of $314 million, up 14% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
  • Record quarterly pre-tax income of $132 million, up 14% over the prior year’s fiscal fourth quarter and 6% over the preceding quarter
  • Record annual net revenues of $1.19 billion and record annual pre-tax income of $503 million, up 16% and 19%, respectively, over fiscal 2024
  • Record financial assets under management of $274.9 billion, up 12% over September 2024 and 4% over June 2025
The increase in quarterly net revenues and pre-tax income over both the prior-year and sequential quarters is largely attributable to higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.
Bank
  • Quarterly net revenues of $459 million, up 6% over the prior year’s fiscal fourth quarter and up slightly over the preceding quarter
  • Quarterly pre-tax income of $133 million, up 36% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
  • Annual net revenues of $1.78 billion and annual pre-tax income of $491 million, up 3% and 29%, respectively, over fiscal 2024
  • Record net loans of $51.6 billion, up 12% over September 2024 and 3% over June 2025
  • Bank segment net interest margin (“NIM”) of 2.71% for the quarter, up 9 basis points over the prior year’s fiscal fourth quarter and down 3 basis points compared to the preceding quarter
Net loans increased by 12% over the year-ago quarter, attributable mainly to ongoing growth in securities-based and residential mortgage loans, which rose by 22% and 9%, respectively, during the year. Bank segment NIM of 2.71% declined three basis points in the quarter. The loan portfolio continues to reflect strong credit quality and healthy reserves.
Other
The effective tax rate for the quarter was 17.4%, reflecting the favourable impact of nontaxable corporate-owned life insurance gains in the quarter and the favourable resolution of certain historical tax matters.
During the fiscal fourth quarter, the firm repurchased common stock of $350 million at an average price of $166 per share. As of September 30, 2025, $399 million remained available under the Board’s approved common stock repurchaseauthorisationn. Separately, the firm opportunistically redeemed all of its subordinated floating-rate notes with an aggregate principal amount of $98 million. At the end of the quarter, the total capital ratio was 24.1%(3) and the tier 1 leverage ratio was 13.1%(3), both well above regulatory requirements.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.73 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
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Raymond James Financial, Inc.
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