RAYMOND JAMES FINANCIAL INCRJF
RAYMOND JAMES FINANCIAL INC Goodwill & Intangibles Disclosure
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET
Our goodwill and identifiable intangible assets result from various acquisitions. See Note 2 for a discussion of our goodwill and intangible assets accounting policies. The following table presents our goodwill and net identifiable intangible asset balances as of the dates indicated.
| September 30, | ||||||||||||||
| $ in millions | 2025 | 2024 | ||||||||||||
| Goodwill | $ | 1,451 | $ | 1,451 | ||||||||||
| Identifiable intangible assets, net | 396 | 435 | ||||||||||||
Total goodwill and identifiable intangible assets, net | $ | 1,847 | $ | 1,886 | ||||||||||
Goodwill
The following table summarizes our goodwill by segment and the balances and activity for the years indicated.
| $ in millions | Private Client Group | Capital Markets | Asset Management | Bank | Total | |||||||||||||||||||||||||||
| Year ended September 30, 2025 | ||||||||||||||||||||||||||||||||
| Goodwill as of beginning of year | $ | 578 | $ | 275 | $ | 69 | $ | 529 | $ | 1,451 | ||||||||||||||||||||||
| Foreign currency translations | (1) | 1 | — | — | — | |||||||||||||||||||||||||||
| Goodwill as of end of year | $ | 577 | $ | 276 | $ | 69 | $ | 529 | $ | 1,451 | ||||||||||||||||||||||
| Year ended September 30, 2024 | ||||||||||||||||||||||||||||||||
| Goodwill as of beginning of year | $ | 564 | $ | 275 | $ | 69 | $ | 529 | $ | 1,437 | ||||||||||||||||||||||
| Foreign currency translations | 14 | — | — | — | 14 | |||||||||||||||||||||||||||
| Goodwill as of end of year | $ | 578 | $ | 275 | $ | 69 | $ | 529 | $ | 1,451 | ||||||||||||||||||||||
Qualitative assessments
As described in Note 2, we perform goodwill impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We performed our latest annual goodwill impairment testing as of our January 1, 2025 evaluation date, evaluating balances as of December 31, 2024. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since our annual assessment date that would cause us to update this impairment testing.
Identifiable intangible assets, net
The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the years indicated.
| $ in millions | Private Client Group | Capital Markets | Asset Management | Bank | Total | |||||||||||||||||||||||||||
| Year ended September 30, 2025 | ||||||||||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of year | $ | 162 | $ | 40 | $ | 125 | $ | 108 | $ | 435 | ||||||||||||||||||||||
| Amortization expense | (14) | (8) | (7) | (12) | (41) | |||||||||||||||||||||||||||
| Foreign currency translations | 2 | — | — | — | 2 | |||||||||||||||||||||||||||
Net identifiable intangible assets as of end of year | $ | 150 | $ | 32 | $ | 118 | $ | 96 | $ | 396 | ||||||||||||||||||||||
| Year ended September 30, 2024 | ||||||||||||||||||||||||||||||||
Net identifiable intangible assets as of beginning of year | $ | 168 | $ | 50 | $ | 132 | $ | 120 | $ | 470 | ||||||||||||||||||||||
| Amortization expense | (15) | (10) | (7) | (12) | (44) | |||||||||||||||||||||||||||
| Foreign currency translations | 9 | — | — | — | 9 | |||||||||||||||||||||||||||
Net identifiable intangible assets as of end of year | $ | 162 | $ | 40 | $ | 125 | $ | 108 | $ | 435 | ||||||||||||||||||||||
The following table summarizes our identifiable intangible assets by type.
| September 30, | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| $ in millions | Gross carrying value | Accumulated amortization | Gross carrying value | Accumulated amortization | ||||||||||||||||||||||
| Customer relationships | $ | 347 | $ | (143) | $ | 349 | $ | (127) | ||||||||||||||||||
| Core deposit intangible | 89 | (30) | 89 | (21) | ||||||||||||||||||||||
| Trade names | 59 | (17) | 59 | (13) | ||||||||||||||||||||||
| Developed technology | 58 | (24) | 58 | (17) | ||||||||||||||||||||||
| Non-amortizing customer relationships | 57 | — | 57 | — | ||||||||||||||||||||||
| All other | 2 | (2) | 3 | (2) | ||||||||||||||||||||||
| Total | $ | 612 | $ | (216) | $ | 615 | $ | (180) | ||||||||||||||||||
The following table sets forth the projected amortization expense by fiscal year associated with our identifiable intangible assets with finite lives.
| Fiscal year ended September 30, | $ in millions | |||||||
| 2026 | $ | 39 | ||||||
| 2027 | 38 | |||||||
| 2028 | 37 | |||||||
| 2029 | 37 | |||||||
| 2030 | 35 | |||||||
| Thereafter | 153 | |||||||
| Total | $ | 339 | ||||||
Qualitative assessments
As described in Note 2, we perform impairment testing for our non-amortizing customer relationship intangible assets on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of the assets below their carrying value. We performed our latest annual impairment testing as of our January 1, 2025 evaluation date, evaluating the balance as of December 31, 2024. In that testing, we performed qualitative assessments for our non-amortizing customer relationship intangible assets. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since such assessments that would cause us to update this impairment testing.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 Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.