RJF

MKT CAP:$30B

Raymond James Financial, Inc.

Market Cap

$30B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$152.78-$10.82 (-6.61%)

Apr 24, 2026

Company Details

Raymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Ca...

CEO

Paul Marone Shoukry

IPO Date

Jul 1, 1983

Website

www.raymondjames.com

Key Metrics TTM

Revenue

$16.4B

+5.9% YoY

Net Income

$2.1B

EPS (Diluted)

$10.59

Free Cash Flow

$1.5B

Revenue / Share

$82.10

Gross Margin

89.2%

Operating Margin

16.9%

Net Margin

13.1%

FCF Margin

9.1%

P/S

1.8x

P/E

14.1x

Earnings Reports

Q2 2026

Apr 22, 2026

NEW

$4.3B+12.4%EPS $2.72

Q1 2026

Feb 6, 2026

$4.2B+4.9%EPS $2.79

FY 2025

Nov 25, 2025

$15.9B+7.9%EPS $10.30

Q4 2025

Nov 25, 2025

$4.1B+4.5%EPS $2.96

Q3 2025

Aug 6, 2025

$3.8B+1.9%EPS $2.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$2.7B	$2.6B	$415M
Q4 22	$3.0B	$2.8B	$616M
Q1 23	$3.0B	$2.7B	$652M
Q2 23	$3.1B	$2.8B	$557M
Q3 23	$3.3B	$2.8B	$486M
Q4 23	$3.5B	$3.0B	$585M
Q1 24	$3.5B	$3.0B	$630M
Q2 24	$3.6B	$3.1B	$609M
Q3 24	$3.7B	$3.2B	$644M
Q4 24	$4.0B	$3.4B	$760M
Q1 25	$4.0B	$3.5B	$749M
Q2 25	$3.8B	$3.3B	$671M
Q3 25	$3.8B	$3.3B	$563M
Q4 25	$4.1B	$3.7B	$731M
Q1 26	$4.2B	$3.7B	$728M
Q2 26	$4.3B	$3.9B	$735M

Valuation

Quarter	P/S	P/E
Q3 22	1.8x	13.0x
Q4 22	2.0x	14.4x
Q1 23	2.1x	15.1x
Q2 23	1.6x	11.5x
Q3 23	1.8x	12.4x
Q4 23	1.6x	11.8x
Q1 24	1.8x	13.6x
Q2 24	1.9x	15.0x
Q3 24	1.8x	13.3x
Q4 24	1.7x	12.1x
Q1 25	2.1x	14.6x
Q2 25	1.8x	12.8x
Q3 25	2.0x	14.3x
Q4 25	2.2x	16.4x
Q1 26	2.1x	15.6x
Q2 26	1.7x	12.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$5.7B	$5.7B
Q4 22	-$4.5B	-$4.5B
Q1 23	-$3.1B	-$3.2B
Q2 23	-$624M	-$666M
Q3 23	-$188M	-$241M
Q4 23	$434M	$383M
Q1 24	$543M	$493M
Q2 24	$391M	$342M
Q3 24	$711M	$655M
Q4 24	$510M	$460M
Q1 25	$830M	$789M
Q2 25	$117M	$71M
Q3 25	$691M	$634M
Q4 25	$796M	$752M
Q1 26	$143M	$97M
Q2 26	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 22	$26M
Q4 22	$23M
Q1 23	$27M
Q2 23	$42M
Q3 23	$53M
Q4 23	$51M
Q1 24	$50M
Q2 24	$49M
Q3 24	$56M
Q4 24	$50M
Q1 25	$41M
Q2 25	$46M
Q3 25	$57M
Q4 25	$44M
Q1 26	$46M
Q2 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+10.6%	+11.1%
Q4 22	+10.1%	+10.1%
Q1 23	+7.7%	+5.4%
Q2 23	+16.8%	+14.6%
Q3 23	+18.7%	+19.0%
Q4 23	+17.2%	+23.0%
Q1 24	+16.3%	+21.7%
Q2 24	+15.2%	+16.4%
Q3 24	+14.2%	+11.0%
Q4 24	+13.8%	+10.5%
Q1 25	+14.4%	+13.4%
Q2 25	+5.5%	+4.5%
Q3 25	+1.9%	+5.0%
Q4 25	+4.5%	+6.5%
Q1 26	+4.9%	+6.7%
Q2 26	+12.4%	+13.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$40M	1.5%
Q4 22	$43M	1.5%
Q1 23	$81M	2.7%
Q2 23	$57M	1.8%
Q3 23	$54M	1.7%
Q4 23	$45M	1.3%
Q1 24	$90M	2.6%
Q2 24	$57M	1.6%
Q3 24	$54M	1.5%
Q4 24	$53M	1.3%
Q1 25	$93M	2.3%
Q2 25	$54M	1.4%
Q3 25	$52M	1.4%
Q4 25	$55M	1.3%
Q1 26	$79M	1.9%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 22	$1.8B	—
Q4 22	$2.0B	—
Q1 23	$1.7B	—
Q2 23	$1.8B	—
Q3 23	$1.9B	—
Q4 23	$1.9B	—
Q1 24	$1.9B	—
Q2 24	$2.0B	—
Q3 24	$2.1B	—
Q4 24	$2.2B	—
Q1 25	$2.3B	—
Q2 25	$2.2B	—
Q3 25	$2.2B	—
Q4 25	$2.4B	—
Q1 26	$3.0B	—
Q2 26	$3.0B	$75M

Revenue Segments

Quarter	Asset Management Segment	Capital Markets	Private Client Group	RJ Bank
Q1 26	$326M	$404M	$2.8B	$848M

Revenue by Geography

Quarter	Canada	Europe	United States
Q3 22	$138M	$108M	$2.5B
Q4 22	$138M	$119M	$2.6B

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$6.2B	$9.9B	$16.1B
Q1 23	$6.2B	$10.9B	$17.1B
Q2 23	$8.7B	$10.8B	$19.4B
Q3 23	$8.4B	$10.7B	$19.1B
Q4 23	$9.3B	$9.3B	$18.6B
Q1 24	$10.2B	$9.3B	$19.5B
Q2 24	$10.0B	$9.0B	$19.0B
Q3 24	$9.1B	$8.5B	$17.6B
Q4 24	$11.0B	$8.2B	$19.2B
Q1 25	$10.0B	$7.7B	$17.8B
Q2 25	$9.7B	$7.4B	$17.1B
Q3 25	$9.2B	$7.2B	$16.3B
Q4 25	$11.4B	$6.9B	$18.3B
Q1 26	$9.9B	$6.6B	$16.5B
Q2 26	$0	$0	$0
Q2 26	$10.2B	$8.6B	$18.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	216M	+1.3%	+1.9%
Q4 22	221M	+2.3%	+4.2%
Q1 23	220M	-0.1%	+3.8%
Q2 23	219M	-0.5%	+2.9%
Q3 23	215M	-2.0%	-0.4%
Q4 23	214M	-0.5%	-3.1%
Q1 24	214M	0.0%	-3.0%
Q2 24	213M	-0.2%	-2.6%
Q3 24	212M	-0.5%	-1.2%
Q4 24	212M	0.0%	-0.7%
Q1 25	209M	-1.5%	-2.2%
Q2 25	209M	-0.2%	-2.2%
Q3 25	206M	-1.5%	-3.2%
Q4 25	207M	+0.5%	-2.7%
Q1 26	201M	-2.5%	-3.7%
Q2 26	199M	-1.1%	-4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$182.7K	15K
Q4 22	$197.7K	15K
Q1 23	$199.5K	15K
Q2 23	$208.1K	15K
Q3 23	$216.9K	15K
Q4 23	$193.0K	18K
Q1 24	$193.3K	18K
Q2 24	$199.7K	18K
Q3 24	$206.3K	18K
Q4 24	$208.1K	19K
Q1 25	$209.6K	19K
Q2 25	$199.5K	19K
Q3 25	$199.3K	19K
Q4 25	$211.8K	20K
Q1 26	$214.2K	20K
Q2 26	$218.6K	20K

Revenue / Employee