RAYMOND JAMES FINANCIAL INC Earnings Per Share Disclosure
| Year ended September 30, | ||||||||||||||||||||
| $ in millions, except per share amounts | 2025 | 2024 | 2023 | |||||||||||||||||
Income for basic earnings per common share: | ||||||||||||||||||||
| Net income available to common shareholders | $ | 2,130 | $ | 2,063 | $ | 1,733 | ||||||||||||||
Less allocation of earnings and dividends to participating securities | (3) | (4) | (5) | |||||||||||||||||
| Net income available to common shareholders after participating securities | $ | 2,127 | $ | 2,059 | $ | 1,728 | ||||||||||||||
Income for diluted earnings per common share: | ||||||||||||||||||||
| Net income available to common shareholders | $ | 2,130 | $ | 2,063 | $ | 1,733 | ||||||||||||||
Less allocation of earnings and dividends to participating securities | (3) | (4) | (5) | |||||||||||||||||
| Net income available to common shareholders after participating securities | $ | 2,127 | $ | 2,059 | $ | 1,728 | ||||||||||||||
| Common shares: | ||||||||||||||||||||
Average common shares in basic computation | 202.0 | 207.1 | 211.8 | |||||||||||||||||
Dilutive effect of outstanding stock options and certain RSUs | 4.6 | 5.2 | 5.1 | |||||||||||||||||
| Average common and common equivalent shares used in diluted computation | 206.6 | 212.3 | 216.9 | |||||||||||||||||
| Earnings per common share: | ||||||||||||||||||||
| Basic | $ | 10.53 | $ | 9.94 | $ | 8.16 | ||||||||||||||
| Diluted | $ | 10.30 | $ | 9.70 | $ | 7.97 | ||||||||||||||
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive | 0.1 | 0.1 | 0.5 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 25, 2025 | Showing above |
| 2024 | Nov 26, 2024 | |
| 2023 | Nov 21, 2023 | |
| 2022 | Nov 22, 2022 | |
| 2021 | Nov 23, 2021 | |
| 2020 | Nov 24, 2020 | |
| 2019 | Nov 26, 2019 | |
| 2018 | Nov 21, 2018 | |
| 2017 | Nov 22, 2017 | |
| 2016 | Nov 22, 2016 | |
| 2015 | Nov 25, 2015 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.