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Key Takeaways Raymond James' adjusted EPS rose 44% to $3.14 as net revenues reached a record $3.93 billion.Asset management fees climbed 20%, while investment banking revenues jumped 37%.Client assets reached a record $1.92 trillion, and financial assets under management grew 31%. Raymond James’ (RJF - Free Report)  third-quarter fiscal 2026 (ended June 30) adjusted earnings of $3.14 per share beat the Zacks Consensus Estimate of $2.91. The bottom line increased 44% from the prior-year quarter.

Results benefited primarily from an increase in revenues to record levels. Robust growth in assets under administration balances and a benefit from credit losses on bank loans further supported results. However, higher expenses were a headwind.

Net income available to common shareholders (GAAP basis) was $595 million or $3.01 per share, up from $435 million or $2.12 in the prior-year quarter.

RJF’s Revenues Improve, Expenses RiseNet revenues were a record $3.93 billion, up 16% year over year. The top line beat the Zacks Consensus Estimate of $3.86 billion.

Asset management and related administrative fees increased 20% year over year to $2.08 billion. Brokerage revenues rose 13% to $629 million, while account and service fees increased 5% to $316 million. Investment banking (IB) revenues jumped 37% to $291 million. Interest income was relatively stable at $994 million.

Segment-wise, in the reported quarter, the Private Client Group recorded 14% year-over-year growth in net revenues. Asset Management’s net revenues rose 24%, while Capital Markets’ top line increased 25%. Bank registered a rise of 7% from the prior year’s net revenues, while Other recorded negative revenues.

Non-interest expenses increased 12% from the prior-year quarter to $3.18 billion. The increase was mainly due to a rise in compensation, commissions and benefits, communications and information processing, occupancy and equipment, business development, investment sub-advisory fees and professional fees. This was partly offset by lower other expenses and a $26-million bank loan benefit for credit losses.

As of June 30, 2026, client assets under administration were a record $1.92 trillion, up 17% from the prior-year period. Financial assets under management of $345 billion grew 31% year over year.

RJF’s Balance Sheet & Capital Ratios StrongAs of June 30, 2026, Raymond James had total assets of $94.2 billion, up 3% from the prior-quarter end. Total common equity was $12.7 billion, up 1% from the previous quarter.

Book value per share was $66.11, up from $60.90 as of June 30, 2025.

As of June 30, 2026, the total capital ratio was 22.5%, down from 24.2% as of June 30, 2025. The Tier 1 capital ratio was 21.6% compared with 22.9% as of June 30, 2025.

Return on common equity (annualized basis) was 18.8% at the end of the reported quarter compared with 14.3% a year ago.

Update on Raymond James’ Share RepurchasesIn the reported quarter, RJF repurchased shares worth $400 million at an average price of $152 per share.

As of June 30, 2026, $1.1 billion remained available under the buyback authorization.

Our View on Raymond JamesRaymond James’ diversified business model and continued strength in the Private Client Group are expected to support results. Record fee-based assets, robust financial advisor recruiting, strong investment banking pipelines and ample capital and liquidity are positives for the company.

Also, the completion of the Clark Capital acquisition supported financial assets under management. However, elevated operating expenses remain a concern.

Currently, Raymond James carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of RJF’s PeersCharles Schwab’s (SCHW - Free Report) second-quarter 2026 adjusted earnings of $1.62 per share outpaced the Zacks Consensus Estimate of $1.53. The bottom line soared 42% year over year.

Schwab’s results benefited from the robust performance of the asset management business and record trading revenues. Higher net interest revenues and solid brokerage account numbers were other positives. However, an increase in expenses was the undermining factor.

Jefferies Financial Group’s (JEF - Free Report) second-quarter fiscal 2026 (ended May 31) adjusted earnings per share from continuing operations of $1.03 missed the Zacks Consensus Estimate of $1.09. However, the bottom line increased significantly from the prior-year quarter.

Results were primarily aided by record IB advisory and underwriting net revenues, as well as record equities net revenues. However, a rise in expenses hurt Jefferies’ results to an extent.

Raymond James Financial, Inc. (RJF) Q3 2026 Earnings Call Transcript

Stifel Financial: A Wealth Manager’s Stock for Wealth InvestorsRaymond James Financial NYSE: RJF reported record fiscal third-quarter revenue and earnings, citing growth across its wealth management, asset management and banking businesses, continued advisor recruiting momentum and a stronger investment banking environment, though management said capital markets activity remains below normalized levels.

Chief Executive Officer Paul Shoukry said the company generated record quarterly revenues of $3.93 billion, up 16% from the prior-year quarter and 2% from the preceding quarter. Pre-tax income rose 33% year over year and 2% sequentially to $750 million.

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AI Panic Hits Wall Street: 3 Financial Stocks on Sale“Our results for the Q3 were strong and contributed to our record results through the first nine months of the fiscal year,” Shoukry said. He attributed the performance to Raymond James’ long-term growth strategies, diversified business model and conservative management approach.

Chief Financial Officer Butch Oorlog said net income available to common shareholders was $595 million, while earnings per diluted share reached a record $3.01. Adjusted net income available to common shareholders, excluding acquisition-related expenses, was $620 million, resulting in record adjusted earnings per diluted share of $3.14.

Private Client Group assets reach record level 3 Finance Stocks Leaving Coal in Investors StockingsThe Private Client Group ended the quarter with a record $1.86 trillion in client assets under administration, up 9% from the preceding quarter and 18% from a year earlier. Domestic net new assets were $21.7 billion during the quarter, representing a 5.5% annualized growth rate.

Shoukry said Raymond James recruited financial advisors to its domestic independent contractor and employee channels during the quarter with trailing 12-month production totaling $156 million and nearly $23 billion of client assets at their prior firms. Through the first nine months of the fiscal year, the company recruited advisors with $393 million in trailing 12-month production and more than $56 billion in client assets at previous firms.

During the question-and-answer session, Shoukry said the company’s recruiting pipeline remains broad-based across affiliation options and is not tied to a single competitor or market catalyst. He also emphasized advisor retention, saying Raymond James has a 97% advisor satisfaction rate based on company surveys.

“That retention is the foundation for the growth,” Shoukry said. He added that advisors are attracted to the firm’s combination of culture, technology, product capabilities and affiliation choice.

The Private Client Group generated pre-tax income of $423 million on record quarterly net revenues of $2.84 billion. Oorlog said revenues increased 14% year over year, primarily because of higher assets under administration, market appreciation, strong retention and net new assets. Pre-tax income rose 3% from the year-ago period, with revenue growth partly offset by lower interest rates and investments in growth, including recruiting.

Capital Markets improves, but activity remains below normal Raymond James’ Capital Markets segment posted quarterly net revenues of $477 million and pre-tax income of $48 million. Oorlog said revenue rose both year over year and sequentially, largely because of higher M&A and advisory revenue and higher debt underwriting revenue.

Shoukry said investment banking results improved in the quarter, but activity levels remain below what the company would consider a normalized environment, particularly in the middle market and sponsor-driven client segments. He said Raymond James entered the fiscal fourth quarter with an “encouraging pipeline.”

Asked what is needed for activity to return to normalized levels, Shoukry pointed to pent-up demand among financial sponsors, portfolio companies held longer than originally expected and buyer dry powder. He also cited industry-specific issues, including concerns around artificial intelligence in software and fintech, and valuation gaps between buyers and sellers.

“We think that there’s going to be significant room for upside in investment banking,” Shoukry said, while noting that timing remains difficult to predict.

Asset Management boosted by market gains, inflows and Clark Capital The Asset Management segment generated record net revenues of $362 million and pre-tax income of $143 million. Oorlog said results were driven by higher financial assets under management compared with the prior-year quarter, reflecting market appreciation and strong net inflows into Private Client Group fee-based accounts.

Raymond James also completed its acquisition of Clark Capital during the quarter. Shoukry said the acquisition added wealth-focused solutions and approximately $47 billion in combined assets under management and non-discretionary assets to Raymond James’ platform.

In response to an analyst question, Shoukry said Clark Capital is a strong cultural fit and that the company is focused initially on stabilizing the client base and team before pursuing broader revenue synergies.

“Frankly, for the first year or so after you join a family, you really focus on stabilizing your client base, stabilizing your team, and getting everyone comfortable with the new family,” he said.

At the consolidated level, asset management and related administrative fees were $2.08 billion, up 20% from the prior year and 3% from the preceding quarter. Oorlog said fiscal fourth-quarter asset management and related administrative fees are expected to increase approximately 11% from the third-quarter level, primarily because of higher Private Client Group fee-based assets at quarter-end.

Bank loans hit record as securities-based lending grows The bank segment reported net revenues of $488 million and record pre-tax income of $206 million. Oorlog said revenue increased 7% year over year, largely due to net loan growth. The segment also benefited from a loan loss reserve release tied to stronger credit quality as the loan portfolio shifted toward lower-risk securities-based and residential mortgage loans.

Total bank loans ended the quarter at a record $56.2 billion, up 13% from the year-ago quarter and 3% sequentially. Shoukry said growth was driven primarily by securities-based lending balances, which increased more than $6 billion, or 34%, from a year earlier and 8% sequentially.

Oorlog said securities-based loans and residential mortgages represented 64% of total loans held for investment, at approximately 44% and 20% of the total, respectively.

Client domestic cash sweep and Enhanced Savings Program balances ended the quarter at $58.8 billion, up 2% sequentially and 7% year over year. Oorlog said growth in Enhanced Savings Program balances allowed Raymond James to shift part of its cash sweep program balances from its banks to third-party banks.

Combined net interest income and RJBDP fees from third-party banks were $658 million, up 1% from the prior quarter. Oorlog said Raymond James expects that combined figure to be approximately flat in the fiscal fourth quarter, assuming static interest rates and unchanged quarter-end balances, net of fiscal fourth-quarter fee billing collection.

Technology, AI and capital returns remain priorities Management highlighted Raymond James’ technology investments, including more than $1.1 billion in annual technology spending. Shoukry said the company completed the enterprise rollout of Rai, its proprietary AI assistant, after a pilot program and phased deployment.

During the Q&A session, Shoukry said Rai had 6,500 unique users shortly after its June 15 rollout and a 99.5% satisfaction rate. He also said nearly 20,000 people had completed the company’s AI Academy four-course module.

“AI will not replace advisors. Advisors who use AI will replace advisors who do not use AI,” Shoukry said, describing the firm’s goal of helping advisors use AI to spend more time developing client relationships.

Raymond James returned $506 million of capital to shareholders during the quarter through dividends and share repurchases. The company repurchased $400 million of common stock at an average price of $152 per share during the quarter. Over the past 12 months, it repurchased 9.8 million shares for about $1.6 billion and returned nearly $2 billion to common shareholders, including dividends.

Oorlog said Raymond James ended the quarter with a Tier 1 leverage ratio of 11.7% and a total capital ratio of 22.5%, remaining above regulatory requirements. Parent company cash was $2.5 billion, including $1.3 billion above the company’s $1.2 billion target.

Shoukry said Raymond James enters the fiscal fourth quarter with momentum from strong business drivers, recruiting, investment banking pipelines and capital and liquidity to support growth.

About Raymond James Financial (NYSE:RJF)Raymond James Financial is a diversified financial services firm headquartered in St. Petersburg, Florida. Founded in 1962, the company provides a range of services to individual investors, businesses and institutions through a combination of wealth management, capital markets, investment banking, asset management, banking and trust services. Its business model centers on a network of financial advisors and broker-dealer operations that deliver personalized financial planning, investment advisory services and brokerage solutions.

The firm's core offerings include private client wealth management delivered by independent and employee advisors, equity and fixed-income research, institutional sales and trading, and investment banking services such as mergers and acquisitions advisory and capital raising.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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ST. PETERSBURG, Fla., July 22, 2026 (GLOBE NEWSWIRE) --

Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026 Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).

“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”

Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively.   

For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).   

Segment Results

Private Client Group

Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5% Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026  Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026 Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026   Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.  

Capital Markets

Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter  Quarterly pre-tax income of $48 million   Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.   

Asset Management

Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter   Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).  

Bank

Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026 Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter Quarterly bank loan benefit for credit losses of $26 million   Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.    

Other Matters

The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.     

During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.    

A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).

Click here to view full earnings results, earnings supplement, and earnings presentation.

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 $1.92 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.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.  Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.  Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.  We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov.  We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

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Stock to Watch: Raymond James Financial, Inc. (RJF - Free Report) Established in 1962, Raymond James Financial Inc. is a diversified company based in St. Petersburg, FL. The company along with its subsidiaries – Raymond James & Associates Inc. (RJ&A), Raymond James Financial Services Inc. (RJFS), Raymond James Financial Services Advisors Inc. (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management Inc. (Eagle) and Raymond James Bank N.A. (RJ Bank) – provide financial services mainly in the United States and Canada.

RJF is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 14.18; value investors should take notice.

Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.01 to $11.84 per share. RJF boasts an average earnings surprise of +2.7%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, RJF should be on investors' short list.

Raymond James (RJF 0.02%) ended the first quarter of 2026 with 9,076 financial advisors. That is up from 8,372 financial advisors five years earlier, representing a roughly 2% annual compound growth rate in the advisor count. On the surface, that doesn't sound like such an impressive statistic, but you need to think about what each new advisor brings to the table. When you do that, you start to see just how powerful a model Raymond James has created.

Raymond James is not leveraging a one-to-one relationship In the first quarter of 2021, Raymond James had roughly $970 billion in assets under administration. That's basically all the cash the company's customers have. Five years later, that figure was nearly $1.6 trillion, a 10% compound annual growth rate. By the end of May, that number had increased to $1.9 trillion, with around 60% of that in fee-based accounts. Those accounts generate recurring fees that are annuity-like.

Image source: Getty Images.

The 2% annualized growth rate in the number of advisors that Raymond James works with is a powerful growth engine. That's because each advisor works with more than one client. In the first quarter of 2026, Raymont James had the "second highest quarterly result in our history in terms of both recruited production and assets." The respective figures were 12-month production of $141 million and nearly $21 billion of client assets. These are not kids just out of college; they are seasoned professionals with established relationships.

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Raymond James' third-quarter results are likely to be good reading Given strong recruitment of seasoned professionals, ongoing monthly growth in assets (and specifically fee-generating assets), and the strength of the overall market, Raymond James is likely to report solid third-quarter earnings on July 22. However, it is important to keep in mind that this isn't a new strategy for the company. This is the same playbook it has used for a very long time.

The one wild card management can't control is market performance. Over the short-term that has a big impact on assets under advisement and the fee-based income the company generates. With the stock market near all-time highs, value investors will probably want to wait for a market downturn here. Notably, the stock's price-to-earnings ratio is slightly above its five-year average.

However, don't simply forget about Raymond James. If you like the strategic approach but not the price, put the stock on your wish list so you remember to reconsider it when fearful short-term investors are scared of anything tied to the market. Long-term investors will probably find that a more compelling entry point, if you don't mind going against the grain a little bit.

Key Takeaways Raymond James is expected to post y/y growth in Q3 earnings and revenues on July 22.RJF may benefit from stronger trading, higher investment banking fees and improved net interest income.Raymond James completed the Clark Capital acquisition, expanding its asset management platform. Raymond James (RJF - Free Report) is set to announce third-quarter fiscal 2026 (ended June 30) results on July 22, after market close. The company’s earnings and revenues are expected to have risen on a year-over-year basis.

In the last reported quarter, RJF’s earnings surpassed the Zacks Consensus Estimate. Results benefited primarily from an increase in revenues to record levels and robust growth in the assets under administration balance. However, higher expenses were the undermining factor.

Raymond James has a decent earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters, the average beat being 2.7%.

The Zacks Consensus Estimate for the company’s fiscal third-quarter earnings is pegged at $2.91, unchanged over the past 30 days. The figure indicates an increase of 33.5% from the year-ago quarter.

The consensus estimate for sales of $3.86 billion suggests 13.7% year-over-year growth.

Management expects fiscal third-quarter asset management and related administrative fees to grow 1% sequentially, driven by the impact of one additional billing day in the third quarter, along with slightly higher Private Client Group assets and fee-based accounts balance at quarter end.

Factors to Impact Raymond James’ Q3 EarningsInvestment Banking (IB) Fees: After an impressive performance in the last quarter, global deal-making activity moderated in the June-end quarter as geopolitical uncertainty, persistent valuation gaps, slowing economic growth, elevated inflation and interest rates, and a stubbornly high backlog of private equity exits weighed on transaction value. However, strategic buyers remained active, targeting deals that could expand scale, bolster resilience and strengthen supply-chain security amid the challenging operating environment.

So, while deal value fell as only a handful of big transactions dominated the space, the overall global mergers and acquisitions volume improved year over year. This is expected to have driven RJF’s advisory fees in the quarter.

Also, the quarter witnessed strong IPO activity and equity issuances. Global bond issuance volume was solid, driven by corporate refinancing and infrastructure builds. So, RJF’s underwriting fees are expected to have increased on a year-over-year basis.

The Zacks Consensus Estimate for the company’s total IB fees for the fiscal third-quarter is pegged at $231 million, indicating a 9% increase on a year-over-year basis.

Trading Revenues: The performance of RJF’s trading business is expected to have been strong in the to-be-reported quarter, supported by increased client activity and market volatility. Trading conditions were shaped by evolving expectations surrounding artificial intelligence, ongoing geopolitical tensions, persistent inflationary pressures and a more hawkish Federal Reserve. These factors contributed to heightened volatility across equities and other asset classes, including commodities, fixed income and foreign exchange.

Net Interest Income (NII): The Federal Reserve kept interest rates unchanged in the June-end quarter, while signaling a hike later in the year because of persistently high inflation. This created a favorable backdrop for Raymond James.

Also, the overall lending scenario improved in the quarter, which, along with stabilizing funding/deposit costs, is expected to have offered the much-needed support to RJF’s NII.

The Zacks Consensus Estimate for NII is pegged at $560 million, indicating a year-over-year rise of 2.6%.

Based on static interest rates and assuming unchanged quarter-end balances, net of the fiscal third-quarter fee billing collection of $1.9 billion, management expects the aggregate of NII and RJBDP third-party fees in the third fiscal quarter to inch up 1% sequentially.

Expenses: Raymond James consistently hires advisors and invests in franchises. Thus, overall expenses are expected to have increased in the to-be-reported quarter. Due to a highly competitive environment and inflationary pressure, expenses are likely to have risen.

Key Development During the QuarterIn May, Raymond James completed the acquisition of Clark Capital Management Group, a Philadelphia-based asset management company with more than $46 billion in discretionary assets under management and non-discretionary assets. The deal was announced in January.

Per the agreement, Clark Capital retained its brand name and is continuing as a separate boutique investment manager in Raymond James Investment Management, an asset management unit of Raymond James and a global multi-boutique platform.

What the Zacks Model Unveils for Raymond JamesAccording to our proven model, the chances of RJF beating the Zacks Consensus Estimate for earnings this time are low. This is because it does not have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: The Earnings ESP for Raymond James is -0.18%.

Zacks Rank: The company currently has a Zacks Rank #3.

Finance Stocks Worth ConsideringHere are a couple of finance stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time around.

Northern Trust Corporation (NTRS - Free Report) is scheduled to announce quarterly numbers on July 22. The company has an Earnings ESP of +0.50% and carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quarterly earnings estimates for NTRS have been revised upward to $2.68 per share over the past week.

The Earnings ESP for Prosperity Bancshares (PB - Free Report) is +1.76%, and it carries a Zacks Rank #3 at present. The company is slated to report second-quarter 2026 results on July 29.

Over the past seven days, the Zacks Consensus Estimate for PB’s quarterly earnings has been unchanged at $1.54 per share.

Wall Street expects a year-over-year increase in earnings on higher revenues when Raymond James Financial, Inc. (RJF - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 22. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $2.91 per share in its upcoming report, which represents a year-over-year change of +33.5%.

Revenues are expected to be $3.86 billion, up 13.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.46% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Raymond James Financial?For Raymond James Financial, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.18%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Raymond James Financial will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Raymond James Financial would post earnings of $2.76 per share when it actually produced earnings of $2.83, delivering a surprise of +2.54%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Raymond James Financial doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerThe Charles Schwab Corporation (SCHW - Free Report) , another stock in the Zacks Financial - Investment Bank industry, is expected to report earnings per share of $1.52 for the quarter ended June 2026. This estimate points to a year-over-year change of +33.3%. Revenues for the quarter are expected to be $6.83 billion, up 16.7% from the year-ago quarter.

The consensus EPS estimate for Charles Schwab has been revised 2.2% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +2.30%.

When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP indicates that Charles Schwab will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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Stock to Watch: Raymond James Financial, Inc. (RJF - Free Report) Established in 1962, Raymond James Financial Inc. is a diversified company based in St. Petersburg, FL. The company along with its subsidiaries – Raymond James & Associates Inc. (RJ&A), Raymond James Financial Services Inc. (RJFS), Raymond James Financial Services Advisors Inc. (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management Inc. (Eagle) and Raymond James Bank N.A. (RJ Bank) – provide financial services mainly in the United States and Canada.

RJF is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. RJF has a Growth Style Score of B, forecasting year-over-year earnings growth of 10.9% for the current fiscal year.

Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.02 to $11.82 per share. RJF boasts an average earnings surprise of +2.7%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, RJF should be on investors' short list.

Valuation Assessment of Raymond James Financial Inc RJF On April 16, 2026, Raymond James Financial Inc (RJF) shares fell 3.1% to a current price of $150.86. This decline comes amid a broader context where the stock has seen a 52-week range between $129.47 and $177.66.

GF Value™ verdict: RJF is currently priced at $150.86, which indicates it is 6.1% undervalued compared to the GF Value™ estimate of $160.67.GF Score™: The stock has a GF Score™ of 85/100, indicating a strong potential for long-term returns based on historical backtests.Notable signal: Insider activity shows that insiders sold $5.0 million in shares over the last three months, with no buying activity reported. Is RJF Overvalued or Undervalued? Raymond James Financial Inc RJF is currently trading at $150.86, which is below its GF Value™ estimate of $160.67, representing a margin of safety of approximately 6.1%. This valuation suggests that RJF is undervalued, presenting a potential opportunity for investors if the company's financial performance aligns with growth expectations. The GF Valuation label indicates that the stock is fairly valued, which further underscores the need for careful consideration of the current market conditions and company fundamentals before making any investment decisions. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does RJF's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 14.8x 14.9x Forward P/E 12.8x N/A The current P/E (TTM) of RJF stands at 14.8x, which is slightly below its 5-year median P/E of 14.9x. The forward P/E of 12.8x indicates that the stock is trading at a lower valuation than its historical averages. This P/E analysis aligns with the GF Value™ verdict, suggesting that RJF is undervalued relative to both its historical performance and future earnings expectations.

What Does RJF's GF Score™ Tell Us? Metric Rating GF Score™ 85 Financial Strength 4/10 Profitability 6/10 Growth 9/10 Valuation 9/10 Momentum 7/10 The GF Score™ of 85/100 indicates a strong overall performance, particularly in the areas of Growth and Valuation, where RJF scores 9/10 in both categories. However, the Financial Strength score of 4/10 suggests some weaknesses in this area, which could pose risks if market conditions worsen. Overall, the analysis shows that while RJF is positioned well for growth potential, its financial stability requires careful monitoring.

What Are Insiders Doing with RJF Stock? In recent months, insider activity at Raymond James Financial Inc has shown a selling trend, with insiders selling $5.0 million worth of shares. This lack of insider buying may raise concerns about the company's near-term prospects and could potentially signal that insiders do not anticipate significant positive changes in the stock price in the immediate future. The absence of buying activity from insiders may warrant closer scrutiny for potential investors.

What This Means for Investors Based on the current valuation metrics and GF Value™, Raymond James Financial Inc RJF appears to be undervalued, with a potential upside given its GF Value™ estimate. However, the mixed signals from insider activity may suggest caution. It is essential for investors to consider both the valuation and the broader market context before making any investment decisions.

For the complete analysis, visit the Raymond James Financial Inc RJF stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is RJF's GF Score™?

RJF has a GF Score™ of 85/100, indicating a strong potential for long-term returns based on historical performance metrics.

Is RJF overvalued or undervalued?

According to GF Value™, RJF is currently undervalued with an estimated fair value of $160.67, compared to its current price of $150.86.

What is RJF's P/E ratio?

RJF's P/E (TTM) is 14.8x, which is slightly below its 5-year median P/E of 14.9x, indicating that the stock is trading at a lower valuation than its historical averages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Key Takeaways Raymond James to report fiscal Q2 (ended March 31) on April 22; earnings seen at $2.76 and sales at $3.75B.RJF trading revenues are expected to be strong as client activity and volatility jumped.Raymond James' NII estimate is $539.8M, up 28.8% year over year, with lending and steadier deposit costs. Raymond James (RJF - Free Report) is set to announce second-quarter fiscal 2026 (ended March 31) results on April 22, after market close. The company’s earnings and revenues are expected to have risen on a year-over-year basis.

In the last reported quarter, RJF’s earnings surpassed the Zacks Consensus Estimate. Results benefited primarily from an increase in revenues and robust growth in assets under administration balances. However, higher expenses were the undermining factor.

Raymond James does not have an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in only two of the trailing four quarters, with the average beat being 1.85%.

The Zacks Consensus Estimate for the company’s fiscal second-quarter earnings is currently pegged at $2.76, unchanged over the past seven days. The figure indicates an increase of 14.1% from the year-ago quarter.

The consensus estimate for sales of $3.75 billion suggests 10.2% year-over-year growth.

Management expects fiscal second-quarter asset management and related administrative fees to grow 1% sequentially, driven by 3% rise in PCG assets and fee-based accounts at quarter's end, partially offset by the impact of two fewer billing days in the quarter.

Factors to Impact Raymond James’ Q2 EarningsInvestment Banking (IB) Fees: Deal-making activity was robust in the to-be-reported quarter despite the Middle Eastern conflict and the ensuing uncertainty about its impact on the economy in the last month of the quarter. While global mergers and acquisitions (M&As) volume declined year over year, deal value rose as big transactions dominated the space. Unlike 2025, when President Donald Trump’s announcement of ‘Liberation Day’ tariff plans led to the deal drought for several months, this time, companies acknowledged that volatility is part of life, and they will have to do business around it. Lower capital costs and a focus on scale and AI integration drove the M&As. Thus, Raymond James’ advisory fees are expected to have been positively impacted.

The quarter saw decent IPO activity, with issuance volume improving despite fewer companies getting listed. On the other hand, global bond issuance volume was solid. Thus, RJF’s underwriting fees are expected to have been positively impacted.

The consensus estimate for RJF’s IB fees is pegged at $215.5 million, relatively stable on a year-over-year basis.

Trading Revenues: The performance of RJF’s trading business is expected to have been strong in the to-be-reported quarter, supported by increased client activity and market volatility. Major factors that influenced trading business in the quarter included shifting expectations around AI, rising geopolitical tensions, particularly concerns over the Middle East and the risk of an oil shock, persistent inflation concerns and uncertainty around the Fed’s monetary policy stance. Volatility was high in equity markets and other asset classes, including commodities, bonds and foreign exchange.

Net Interest Income (NII): The Federal Reserve kept interest rates unchanged in the quarter. However, relatively lower rates, a solid lending scenario and stabilizing funding/deposit costs are expected to have offered much-needed support. Hence, Raymond James’ NII might have witnessed a modest improvement in the quarter.

The Zacks Consensus Estimate for NII is pegged at $539.8 million, indicating a year-over-year jump of 28.8%.

Including the full impact of the October and December 2025 rate cuts and assuming unchanged quarter-end balances (net of the $1.8 billion fiscal second-quarter fee billing collections), management expects the aggregate of NII and RJBDP third-party fees in the second fiscal quarter to decline 3% sequentially.

Expenses: Raymond James consistently hires advisors and invests in franchises. Thus, overall expenses are expected to have increased in the to-be-reported quarter. Due to a highly competitive environment and inflationary pressure, expenses are likely to have risen.

Major Developments During the QuarterIn March, Raymond James completed the acquisition of a majority interest in GreensLedge Holdings LLC, a boutique investment bank recognized for its expertise in structured credit and securitization. Founded in 2008, GreensLedge is known for advising on and arranging CLOs, CDOs, Rated Feeders, CFOs, ABS and a range of debt offerings.

In January, Raymond James agreed to acquire Clark Capital Management Group, a Philadelphia-based asset management company with more than $46 billion in discretionary assets under management and non-discretionary assets. The deal is anticipated to close by the third quarter of 2026 and is subject to regulatory approvals and closing conditions. Clark Capital has established a powerful brand and provides wealth-oriented investment solutions.

What the Zacks Model Unveils for Raymond JamesOur proven model does not conclusively predict that RJF will beat the Zacks Consensus Estimate this time. This is because it doesn’t have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: The Earnings ESP for Raymond James is 0.00%.

Zacks Rank: The company currently has a Zacks Rank #3.

Finance Stocks Worth ConsideringHere are a couple of finance stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time around.

Capital One (COF - Free Report) is scheduled to report quarterly results on April 21. The company has an Earnings ESP of +1.76% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Over the past seven days, the Zacks Consensus Estimate for Capital One’s quarterly earnings has been lowered to $4.61.

The Earnings ESP for East West Bancorp (EWBC - Free Report) is +0.44%, and it carries a Zacks Rank #3. The company is also slated to report first-quarter 2026 results on April 21.

Over the past seven days, the Zacks Consensus Estimate for East West Bancorp’s quarterly earnings has remained unchanged at $2.46.

ST. PETERSBURG, Fla., April 22, 2026 (GLOBE NEWSWIRE) --

Record quarterly net revenues of $3.86 billion, up 13% over the prior year’s fiscal second quarter and 3% over the preceding quarterQuarterly net income available to common shareholders of $542 million, or $2.72 per diluted share; quarterly adjusted net income available to common shareholders of $564 million(1), or $2.83 per diluted share(1)Domestic Private Client Group net new assets(2) of $23.0 billion for the fiscal second quarter, or annualized growth from beginning of quarter assets of 5.8%Client assets under administration of $1.76 trillion, up 15% over March 2025 and down 1% compared to December 2025Record quarter-end Private Client Group assets in fee-based accounts of $1.04 trillion, up 20% over March 2025 and up slightly over December 2025Record net bank loans of $54.8 billion; Securities-based loans of $23.0 billion, up 31% over March 2025 and 6% over December 2025Annualized return on common equity and annualized adjusted return on tangible common equity of 17.3% and 20.9%(1), respectively, for the fiscal second quarter Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.86 billion and net income available to common shareholders of $542 million, or $2.72 per diluted share, for the fiscal second quarter ended March 31, 2026. Quarterly adjusted net income available to common shareholders, which excluded $22 million of acquisition-related expenses, net of tax, was $564 million(1), or $2.83 per diluted share(1).

“We generated record results for the first half of the fiscal year by leveraging the firm’s expertise and resources to support advisors and their clients during this period of market uncertainty. Our ongoing focus and disciplined execution have led to record PCG fee-based assets and annualized net new asset growth of 7% for the first half of the fiscal year,” said CEO Paul Shoukry. “We continue to develop industry-leading technology solutions, including increasing AI integration, to improve efficiency and provide our financial professionals with more time to serve their clients. Looking ahead, financial advisor recruiting activity across all our affiliation options remains robust, and the investment banking pipeline continues to be strong.”

Record quarterly net revenues increased 13% over the prior year’s fiscal second quarter, largely driven by continued growth in asset management and related administrative fees which increased 17% to over $2.0 billion. Compared to the preceding quarter, net revenues reflect strong growth in investment banking revenues and higher brokerage revenues. Quarterly pre-tax income increased 1% over the preceding quarter while net income available to common shareholders decreased 4% due to a higher effective tax rate. For the fiscal second quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 17.3% and 20.9%(1), respectively.

For the first six months of the fiscal year, record net revenues of $7.59 billion increased 9%, record earnings per diluted share of $5.51 increased 6%, and record adjusted earnings per diluted share of $5.69(1) increased 6% over the first six months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first six months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 17.7% and annualized adjusted return on tangible common equity was 21.2%(1).

Segment Results

Private Client Group

Record quarterly net revenues of $2.81 billion, up 13% over the prior year’s fiscal second quarter and 2% over the preceding quarterQuarterly pre-tax income of $416 million, down 3% compared to the prior year’s fiscal second quarter and 5% compared to the preceding quarterDomestic Private Client Group net new assets(2) of $23.0 billion for the fiscal second quarter, or annualized growth from beginning of the quarter assets of 5.8%Private Client Group assets under administration of $1.70 trillion, up 15% over March 2025 and down 1% compared to December 2025  Record quarter-end Private Client Group assets in fee-based accounts of $1.04 trillion, up 20% over March 2025 and up slightly over December 2025Total clients’ domestic cash sweep and Enhanced Savings Program balances of $57.8 billion, approximating the prior year’s fiscal second quarter level and down 1% compared to the preceding quarter   Quarterly net revenues rose 13% year-over-year primarily driven by higher asset management and related administrative fees which grew 17% to $1.71 billion, mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the impact of lower interest-related revenues and certain costs associated with our continued investments in growth.  

Capital Markets

Quarterly net revenues of $464 million, up 17% over the prior year’s fiscal second quarter and 22% over the preceding quarterQuarterly investment banking revenues of $272 million, up 31% over the prior year’s fiscal second quarter and 36% over the preceding quarter Quarterly pre-tax income of $51 million   Quarterly net revenues increased 17% over the prior year period, driven predominantly by higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 22% largely due to higher debt and equity underwriting revenues, M&A and advisory revenues and fixed income brokerage revenues. During the quarter, we completed the acquisition of GreensLedge Holdings LLC.   

Asset Management

Record quarterly net revenues of $327 million, up 13% over the prior year’s fiscal second quarter and just above the preceding quarter  Quarterly pre-tax income of $137 million, up 13% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarterRecord quarter-end financial assets under management of $282.4 billion, up 15% over March 2025 and 1% over December 2025 Record quarterly net revenues increased 13% year-over-year largely driven by 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 $486 million, up 12% over the prior year’s fiscal second quarter and approximating the preceding quarter levelQuarterly pre-tax income of $166 million, up 42% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarterRecord net bank loans of $54.8 billion, up 14% over March 2025 and 3% over December 2025Bank segment net interest margin (“NIM”) of 2.81% for the quarter, up 14 basis points over the prior year’s fiscal second quarter and unchanged from the preceding quarter   Net bank loans grew 14% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 31% and 10%, respectively. Bank segment net interest income increased 13% over the prior year quarter due to loan growth, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in assets. NIM remained stable with the preceding quarter at 2.81%. The credit quality of the loan portfolio remains strong.    

Other Matters

The effective tax rate for the quarter was 26.0%, which includes the unfavorable impact of nondeductible losses in the corporate-owned life insurance portfolio in the quarter.   

During the fiscal second 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. As of March 31, 2026, $1.5 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.0%(3) and the tier 1 leverage ratio was 12.4%(3), both well above regulatory requirements.      

A conference call to discuss the results will take place today, Wednesday, April 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).

Click here to view full earnings results, earnings supplement, and earnings presentation.

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 $1.76 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.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions.  In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.  Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.  Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.  We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Report on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov.  We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

Raymond James Financial, Inc. (RJF - Free Report) came out with quarterly earnings of $2.83 per share, beating the Zacks Consensus Estimate of $2.76 per share. This compares to earnings of $2.42 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.69%. A quarter ago, it was expected that this company would post earnings of $2.83 per share when it actually produced earnings of $2.86, delivering a surprise of +1.06%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Raymond James Financial, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $3.86 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.95%. This compares to year-ago revenues of $3.4 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Raymond James Financial shares have lost about 3.8% since the beginning of the year versus the S&P 500's gain of 3.2%.

What's Next for Raymond James Financial?While Raymond James Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Raymond James Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.89 on $3.78 billion in revenues for the coming quarter and $11.73 on $15.39 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Evercore (EVR - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on April 29.

This investment bank is expected to post quarterly earnings of $5.57 per share in its upcoming report, which represents a year-over-year change of +59.6%. The consensus EPS estimate for the quarter has been revised 17% lower over the last 30 days to the current level.

Evercore's revenues are expected to be $1.23 billion, up 75.4% from the year-ago quarter.

Raymond James Financial, Inc. (RJF - Free Report) reported $3.86 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 13.4%. EPS of $2.83 for the same period compares to $2.42 a year ago.

The reported revenue represents a surprise of +2.95% over the Zacks Consensus Estimate of $3.75 billion. With the consensus EPS estimate being $2.76, the EPS surprise was +2.69%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Raymond James Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Interest Margin: 2.8% versus 2.7% estimated by two analysts on average.Assets Under Management: $282.4 billion versus $284.75 billion estimated by two analysts on average.Private Client Group Asset Under Management: $1.7 billion compared to the $1.71 billion average estimate based on two analysts.Total Interest-Earning Assets: $82.41 billion versus $82.53 billion estimated by two analysts on average.Revenues- Asset management and related administrative fees: $2.02 billion compared to the $2.02 billion average estimate based on three analysts. The reported number represents a change of +16.9% year over year.Revenues- Interest income: $960 million compared to the $965.7 million average estimate based on three analysts. The reported number represents a change of -0.3% year over year.Revenues- Investment banking: $279 million compared to the $215.49 million average estimate based on three analysts. The reported number represents a change of +29.2% year over year.Net interest Income: $557 million compared to the $539.81 million average estimate based on three analysts. The reported number represents a change of +32.9% year over year.Revenues- Other: $53 million versus $41.8 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +32.5% change.Net Revenues- Total brokerage revenues: $643 million compared to the $626.72 million average estimate based on three analysts. The reported number represents a change of +10.9% year over year.Revenues- Account and service fees: $311 million compared to the $305.94 million average estimate based on three analysts. The reported number represents a change of -3.1% year over year.Private Client Group- Asset Management and Related Administrative Fees: $1.71 billion compared to the $1.72 billion average estimate based on two analysts. The reported number represents a change of +17.4% year over year.View all Key Company Metrics for Raymond James Financial here>>>

Shares of Raymond James Financial have returned +6.3% over the past month versus the Zacks S&P 500 composite's +8.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Key Takeaways RJF Q2 earnings beat estimates, with adjusted EPS up 16.9% y/y.Record net revenues rose 13.4% y/y, driven by growth across all major segments.Expenses climbed 14.3% y/y, reflecting increases across nearly all cost components. Raymond James’ (RJF - Free Report)   second-quarter fiscal 2026 (ended March 31) adjusted earnings of $2.83 per share beat the Zacks Consensus Estimate of $2.76. Also, the bottom line increased 16.9% from the prior-year quarter.

Results benefited primarily from an increase in revenues to record levels. Robust growth in assets under administration balances further supported results. However, an increase in expenses was a headwind.

Net income available to common shareholders (GAAP basis) was $542 million or $2.72 per share, up from $493 million or $2.36 in the prior-year quarter.

RJF’s Revenues Improve, Expenses RiseNet revenues were a record $3.86 billion, up 13.4% year over year. The top line beat the Zacks Consensus Estimate of $3.75 billion.

Segment-wise, in the reported quarter, the Private Client Group recorded 13% year-over-year growth in net revenues. Asset Management’s net revenues also rose 13%, while Capital Markets’ top line increased 17%. Bank registered a rise of 12% from the prior year's net revenues, while Others recorded negative revenues.

Non-interest expenses jumped 14.3% from the prior-year quarter to $3.12 billion. The increase was due to a rise in all cost components except for bank loan provision for credit losses.

As of March 31, 2026, client assets under administration were $1.76 trillion, up 15% from the prior-year period. Financial assets under management of $282.4 billion grew 15% year over year.

RJF’s Balance Sheet & Capital Ratios StrongAs of March 31, 2026, Raymond James had total assets of $91.9 billion, up 3% from the prior-quarter end. Total common equity was $12.6 billion, up 1% from the previous quarter.

Book value per share was $64.58, up from $59.74 as of March 31, 2025.

As of March 31, 2026, the total capital ratio was 24%, down from 24.8% as of March 31, 2025. The Tier 1 capital ratio was 22.9% compared with 23.5% as of March 31, 2025.

Return on common equity (annualized basis) was 17.3% at the end of the reported quarter compared with 16.4% a year ago.

Update on Raymond James’ Share RepurchasesIn the reported quarter, RJF repurchased shares worth $400 million at an average price of $155 per share.

As of March 31, 2026, $1.5 billion remained available under the repurchase authorization.

Our Take on Raymond JamesRaymond James’ global diversification efforts, along with its strategic acquisitions (completed the buyout of a majority interest in GreensLedge Holdings in March 2026 and announced a deal to acquire Clark Capital Management Group in January), are expected to keep supporting top-line growth in the near term. Also, a robust capital markets business is a positive for the company. However, elevated operating expenses remain a major concern.

Currently, Raymond James carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of RJF’s PeersMorgan Stanley’s (MS - Free Report) first-quarter 2026 earnings were $3.43 per share, which outpaced the Zacks Consensus Estimate of $3.06. The bottom line jumped 32% from the prior-year quarter.

Morgan Stanley’s results benefited from robust client engagement, strength in investment banking and trading activities, as well as growth in net interest income.

Charles Schwab’s (SCHW - Free Report) first-quarter 2026 adjusted earnings of $1.43 per share outpaced the Zacks Consensus Estimate of $1.38. The bottom line soared 38% year over year.

SCHW’s results benefited from the robust performance of the asset management business and an increase in trading revenues. Higher net interest revenues and solid brokerage account numbers were other positives. However, an increase in expenses was the undermining factor.

Raymond James Financial is upgraded to a strong buy, driven by robust growth, earnings momentum, low leverage, and compelling valuation. RJF's growth is fueled by advisor network expansion, strong net inflows, and the Clark Capital acquisition, supporting top-line resilience through market cycles. Improving operating margins, AI-driven efficiencies, and consensus EPS growth of 11-12% YoY underpin a bullish earnings outlook, despite interest expense headwinds.

St. Petersburg, Fla., May 13, 2026 (GLOBE NEWSWIRE) -- On May 13, 2026, the Raymond James Financial, Inc. (NYSE: RJF) Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.54 per share, payable July 15, 2026 to shareholders of record on July 1, 2026.

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 $1.76 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.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future shareholder distributions. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

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Stock to Watch: Raymond James Financial, Inc. (RJF - Free Report) Established in 1962, Raymond James Financial Inc. is a diversified company based in St. Petersburg, FL. The company along with its subsidiaries – Raymond James & Associates Inc. (RJ&A), Raymond James Financial Services Inc. (RJFS), Raymond James Financial Services Advisors Inc. (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management Inc. (Eagle) and Raymond James Bank N.A. (RJ Bank) – provide financial services mainly in the United States and Canada.

RJF is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. RJF has a Growth Style Score of B, forecasting year-over-year earnings growth of 10.9% for the current fiscal year.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.01 to $11.82 per share. RJF boasts an average earnings surprise of +2.7%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, RJF should be on investors' short list.