RJF · Raymond James Financial, Inc.

Raymond James Financial delivered record quarterly net revenues of $3.86 billion for the fiscal second quarter ended March 31, 2026, representing a 13% increase over the prior year's quarter and a 3% sequential increase. This growth was largely driven by continued strength in asset management and related administrative fees, which increased 17% year-over-year to over $2.0 billion, primarily due to market appreciation and net inflows into Private Client Group fee-based accounts. Investment banking revenues also showed significant strength, increasing 31% year-over-year to $272 million, with particular growth in debt and equity underwriting revenues. While pre-tax income increased 1% sequentially to $735 million, net income available to common shareholders decreased 4% to $542 million due to a higher effective tax rate of 26.0%, which included the unfavorable impact of nondeductible losses in the corporate-owned life insurance portfolio. The Private Client Group segment generated record quarterly net revenues of $2.81 billion, up 13% year-over-year, with assets in fee-based accounts reaching a record $1.04 trillion, representing 20% year-over-year growth. The Bank segment reported record net loans of $54.8 billion, up 14% year-over-year, with securities-based loans increasing 31% over March 2025. CEO Paul Shoukry noted the firm generated record results for the first half of the fiscal year by leveraging expertise and resources to support advisors during market uncertainty, with ongoing focus on developing industry-leading technology solutions including increased AI integration. The firm's capital position remains strong with a total capital ratio of 24.0% and tier 1 leverage ratio of 12.4%, both well above regulatory requirements. During the quarter, the firm repurchased $400 million of common stock at an average price of $155 per share and paid $81 million to redeem preferred stock, with $1.5 billion remaining available under the Board's approved common stock repurchase authorization.