RAYMOND JAMES FINANCIAL INC

Listed Company

RJFCIK 0000720005NYSELarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesFloridaFY ends Sep 30

Period

FY 2025

Revenue

$15.91B

Net Income

$2.13B

Total Assets

$88.23B

Equity

$12.50B

Shares Out

197.09M

Op. Cash Flow

$2.43B

+ 13F Filer

Business

RAYMOND JAMES FINANCIAL INC is a diversified financial services firm that provides wealth management, investment banking, asset management, banking, and related financial services to individuals, corporations, and municipalities. It offers financial planning, investment advisory, brokerage and trading, underwriting, merger and acquisition and advisory services, mutual funds, trust and custody services, deposit and lending products, and asset management and administrative services. The firm operates through five reportable segments: Private Client Group, Capital Markets, Asset Management, Bank, and Other. It conducts business predominantly in the United States and, to a lesser extent, in Canada, the UK, and other parts of Europe through branch, advisor, institutional, and custody distribution channels.

Summary from filing dated 2025-11-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Principal transactions	529	492	462	527	561
Interest income	3,994	4,232	3,748	1,508	823
Total revenues	15,912	14,923	12,992	11,308	9,910
Interest expense	−1,847	−2,102	−1,373	−305	—
Net revenues	14,065	12,821	11,619	11,003	9,760
Compensation, commissions and benefits	9,072	8,213	7,299	7,329	6,584
Communications and information processing	752	662	599	506	429
Occupancy and equipment	308	296	271	252	232
Business development	291	257	242	186	111
Investment sub-advisory fees	223	182	151	152	130
Professional fees	163	150	145	131	122
Bank loan provision for credit losses	37	45	132	100	−32
Other	505	373	500	325	295
Total non-compensation expenses	2,279	1,965	2,040	1,652	1,385
Total non-interest expenses	11,351	10,178	9,339	8,981	7,969
Pre-tax income	2,714	2,643	2,280	2,022	—
Provision for income taxes	579	575	541	513	388
Net income	2,135	2,068	1,739	1,509	1,403
Preferred stock dividends	5	5	6	4	0
Net income available to common shareholders, basic	2,130	2,063	1,733	1,505	1,403
Net income available to common shareholders, diluted	2,130	2,063	1,733	1,505	1,403
Earnings per common share basic (in usd per share)	10.53	9.94	8.16	7.16	6.81
Earnings per common share diluted (in usd per share)	10.3	9.7	7.97	6.98	6.63
Weighted-average common shares outstanding - basic (in shares)	202	207	212	210	206
Weighted-average common and common equivalents shares outstanding - diluted (in shares)	207	212	217	215	211
Available-for-sale securities	94	457	−40	−897	−94
Currency translations, net of the impact of net investment hedges	12	49	50	−114	16
Cash flow hedges	0	−37	1	70	26
Total other comprehensive income, net of tax	106	469	11	−941	−52
Total comprehensive income	2,241	2,537	1,750	568	1,351

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	11,389	10,998	9,313	6,178	7,201
Assets segregated for regulatory purposes and restricted cash	3,398	3,350	3,235	8,481	—
Collateralized agreements	698	749	418	704	—
Trading assets ($1,248 and $1,263 pledged as collateral)	1,538	1,480	1,187	1,270	610
Available-for-sale securities ($9 and $11 pledged as collateral)	6,888	8,260	9,181	9,885	8,315
Derivative assets	68	103	265	188	255
Other investments ($8 and $7 pledged as collateral)	390	302	306	292	357
Brokerage client receivables, net	2,821	2,711	2,525	2,934	2,831
Other receivables, net	1,814	1,825	1,608	1,615	999
Deferred income taxes, net	671	651	711	630	305
Goodwill and identifiable intangible assets, net	1,847	1,886	1,907	1,931	882
Other assets	3,515	3,357	2,793	2,452	2,257
Total assets	88,230	82,992	78,360	80,951	61,891
Bank deposits	58,897	56,010	54,199	51,357	32,495
Collateralized financings	1,111	938	337	466	—
Trading liabilities	891	976	716	836	—
Derivative liabilities	190	224	490	530	228
Brokerage client payables	5,853	5,825	5,447	11,446	13,991
Accrued compensation, commissions and benefits	2,603	2,325	1,914	1,787	1,825
Other payables	1,961	1,938	1,931	1,768	1,701
Other borrowings	700	1,049	1,100	1,291	858
Senior notes payable	3,520	2,040	2,039	2,038	2,037
Total liabilities	75,726	71,325	68,173	71,519	53,588
Commitments and contingencies (see Note 18)	—	—	—	—	—
Preferred stock	79	79	79	120	0
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025; 249,972,182 shares issued and 203,291,449 shares outstanding as of September 30, 2024	3	2	2	2	2
Additional paid-in capital	3,235	3,251	3,143	2,987	2,088
Retained earnings	13,604	11,894	10,213	8,843	7,633
Treasury stock, at cost; 51,944,574 and 46,680,733 common shares as of September 30, 2025 and 2024, respectively	−4,022	−3,051	−2,252	−1,512	−1,437
Accumulated other comprehensive loss	−396	−502	−971	−982	−41
Total equity attributable to Raymond James Financial, Inc.	12,503	11,673	10,214	9,458	8,245
Noncontrolling interests	1	−6	−27	−26	58
Total shareholders equity	12,504	11,667	10,187	9,432	8,303
Total liabilities and shareholders equity	88,230	82,992	78,360	80,951	61,891

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	195	179	165	145	134
Deferred income taxes, net	−52	−83	−88	−16	−37
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	−19	−36	−49	23	15
Provisions for credit losses and legal and regulatory matters	122	21	292	111	−20
Share-based compensation expense	254	254	237	192	132
Unrealized gains on corporate-owned life insurance policies, net of expenses	−133	−233	−96	174	−150
Other	39	22	10	49	66
Collateralized agreements, net of collateralized financings	223	270	157	−37	−29
Loans (provided to) financial advisors, net of repayments	−328	−223	−7	−120	−90
Brokerage client receivables and other receivables, net	−106	−362	257	−203	−420
Trading instruments, net	−145	−34	−33	48	−141
Derivative instruments, net	46	−151	−130	479	53
Other assets	119	9	−52	−126	16
Brokerage client payables and other payables	7	91	−6,088	−4,213	7,306
Accrued compensation, commissions and benefits	279	404	123	−76	416
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	−202	−41	49	33	−5
Net cash provided by/(used in) operating activities	2,434	2,155	−3,514	72	6,647
Increase in bank loans, net	−5,711	−2,599	−1,262	−7,235	−4,027
Proceeds from sales of loans held for investment	245	415	680	213	287
Purchases of available-for-sale securities	−582	−503	−611	−3,069	−4,218
Available-for-sale securities maturations, repayments and redemptions	1,976	2,010	1,262	1,712	2,181
Proceeds from sales of available-for-sale securities	78	0	0	52	969
Additions to property and equipment	−188	−205	−173	−91	−74
Sales/(purchases) of Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) stock, net	11	0	−26	0	—
Renewable energy tax credit equity investments	−20	−42	−69	0	—
Sales/(purchases) of other investments, net	−73	20	−6	24	27
Other investing activities, net	−57	−64	−69	−93	−19
Net cash used in investing activities	−4,321	−968	−274	−7,151	−5,140
Increase in bank deposits	2,887	1,811	2,842	6,269	5,694
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	−1,267	−984	−862	−216	−150
Dividends on common and preferred stock	−416	−383	−355	−277	−218
Exercise of stock options and employee stock purchases	31	46	46	52	53
Redemption of preferred stock	0	0	−40	0	0
Proceeds from senior notes issuance, net of debt issuance costs paid	1,480	0	0	—	—
Redemption of subordinated notes	−98	0	0	—	—
Proceeds from FHLB advances	750	1,300	3,200	1,025	0
Repayments of FHLB advances	−1,000	−1,350	−3,391	−967	−31
Other financing, net	−6	−2	−2	−7	−9
Net cash provided by financing activities	2,361	438	1,438	5,879	5,232
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	−35	175	239	—	—
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	439	1,800	−2,111	−1,790	6,815
Cash paid for interest	1,853	2,119	1,310	323	145
Cash paid for income taxes, net	651	664	565	524	437
Cash outflows for lease liabilities	133	121	123	111	110
Non-cash right-of-use (ROU) lease assets recorded for new and modified leases	101	63	143	68	168

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 13,038 positions

Reported AUM

$492.10B

Holdings

13.0K

Top sector

$492.10B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$492.10B	100.0%

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