[RJF] Raymond James: Fiscal Q4 2026 Earnings Test Fee Growth Against Profit

Raymond James (RJF) is a US wealth manager that reaches clients mainly through financial advisors and also runs capital markets, asset management and banking businesses; it had 8,943 financial advisors on September 30, 2025[1]. Fiscal fourth quarter 2026 (three months ended September 30, 2026) results are scheduled for 2026-10-28, according to the earnings calendar[2]. In the latest disclosed period, fiscal Q3 2026, net revenues reached a record $3.93 billion, up 16% year over year, pre-tax income was $750 million, diluted earnings per share were $3.01 and adjusted EPS, which excludes acquisition-related expenses, was $3.14[3][4]. Management guided fiscal Q4 asset management and related administrative fees to rise about 11% from the third quarter's $2.075 billion, and, assuming static rates and unchanged quarter-end balances, guided combined net interest income and third-party bank sweep fees to be roughly flat with the third quarter's $658 million[4]. Analyst estimates compiled by Drillr call for fiscal Q4 EPS of $3.26 (10 analysts, range $2.97 to $3.36, basis not stated as adjusted or GAAP), net revenues of $4.20 billion (7 analysts, range $4.11 billion to $4.24 billion) and full-year EPS of $12.10[5].

Three things matter most in the Raymond James fiscal Q4 2026 earnings. The first is whether asset management fees grow about 11% as guided and actually become Private Client Group (PCG) profit: PCG fee-based assets reached $1.154 trillion on June 30, up 11% from the prior quarter, and because most fee-based accounts are billed on beginning-of-quarter balances, the fourth-quarter billing base was largely set by the end of June, yet PCG pre-tax income in the third quarter rose only 3% from a year earlier[6][3]. The second is whether interest-related revenue holds at $658 million: client cash is moving into the higher-paying Enhanced Savings Program (ESP), the Bank segment's net interest margin fell 10 basis points to 2.71% in the third quarter, and because this revenue is shared with advisors only minimally, it determines how much of the fee growth ends up as profit[3][4]. The third is whether the investment banking pipeline actually closes: Capital Markets earned only $48 million of pre-tax income in the third quarter, a margin of about 10%, management wants to get back to 15%, and the July and August operating updates still said the timing of closings is uncertain[4][7][8].

Company Background and Business Structure

At its core, Raymond James is a force of nearly nine thousand financial advisors, and the firm lets advisors affiliate in different ways, including as employees or independent contractors. On September 30, 2025, it had 3,878 employee advisors and 5,065 independent contractor advisors, a total of 8,943, up from 8,787 a year earlier[1]. The company completed two acquisitions in fiscal 2026: GreensLedge Holdings closed in the second quarter[9], and Clark Capital closed in the third quarter, adding about $36 billion of financial assets under management to the Asset Management segment[3].

The Private Client Group and the Asset Management segment make up the bulk of revenue, and both move with the size of client assets. In fiscal 2025, PCG produced net revenues of $10.18 billion and pre-tax income of $1.72 billion; on September 30, 2025, PCG assets under administration were $1.67 trillion, of which $1.01 trillion sat in fee-based accounts, while the Asset Management segment earned net revenues of $1.19 billion and pre-tax income of $503 million for the year[1]. Most fee-based accounts are billed on beginning-of-quarter balances, so a change in asset values usually shows up in revenue only in the following quarter[6]. On a consolidated basis, fiscal 2025 asset management and related administrative fees were $7.08 billion, brokerage revenues were $2.30 billion, account and service fees were $1.26 billion (including $486 million of sweep fees from third-party banks), and compensation, commissions and benefits of $9.07 billion were the company's largest cost[1].

The Capital Markets and Bank segments expose the company to both the M&A cycle and the interest-rate cycle. In fiscal 2025, Capital Markets generated net revenues of $1.77 billion and pre-tax income of $146 million, with investment banking revenues of $1.069 billion, including $623 million from M&A and advisory, $185 million from equity underwriting and $261 million from debt underwriting; the Bank segment produced net revenues of $1.78 billion and pre-tax income of $491 million, and $1.715 billion of the company's $2.147 billion in net interest income came from the Bank segment[1]. As of June 30, 2026, securities-based loans and residential mortgages together made up 64% of loans held for investment, about 44% and 20% respectively[4].

Financial History and Current Position

Fiscal 2025 was a year of growth in both revenue and profit, with the sharpest recovery in Capital Markets and the Bank. Total revenues were $15.91 billion; after $1.85 billion of interest expense, net revenues were $14.07 billion, and pre-tax income was $2.71 billion, with $1.72 billion from PCG, $503 million from Asset Management, $491 million from the Bank and $146 million from Capital Markets[1]. Capital Markets pre-tax income rose 118% and investment banking revenues rose 26%; Bank pre-tax income rose 29%, and the full-year net interest margin was 2.68%[1].

In the first three quarters of fiscal 2026, revenue and profit kept growing at double-digit rates, and the third quarter was the strongest of the three. Nine-month net revenues were $11.52 billion, up 11%, and pre-tax income was $2.21 billion, up 12%[3]. First-quarter net revenues were $3.735 billion, pre-tax income $728 million and adjusted EPS $2.86, compared with $3.727 billion, $731 million and $3.11 in the prior-year fourth quarter (July to September 2025), when GAAP diluted EPS was $2.95[10]. Second-quarter net revenues were $3.86 billion with adjusted EPS of $2.83[11]; third-quarter net revenues were $3.928 billion, the pre-tax margin was 19.1%, the adjusted pre-tax margin was 19.9% and adjusted EPS was $3.14[4].

As of June 30, 2026, client assets, loans and capital were all at high levels, but buybacks and acquisitions were drawing down the capital cushion. PCG assets under administration were $1.857 trillion, fee-based assets $1.154 trillion, net bank loans $56.2 billion, and clients' domestic cash sweep and ESP balances $58.8 billion[3]. The Tier 1 leverage ratio was 11.7%, the total capital ratio 22.5%, and parent-company cash $2.5 billion, $1.3 billion above the $1.2 billion target; in the third quarter the company repurchased $400 million of stock at an average of $152 per share, and over the past 12 months it bought back 9.8 million shares for about $1.6 billion[4]. Operating cash flow at a broker-dealer and bank swings widely with client funds, securities positions and loan origination, so capital ratios and parent cash say more about the company's capacity to return capital than operating cash flow does.

Operating Model

Net revenues break into four parts driven by different variables, and each reacts to markets, rates and the deal cycle on a different timetable. Asset management fees roughly equal beginning-of-quarter fee-based assets times the fee rate, so changes in markets and net new assets usually reach revenue with a one-quarter lag[6]; sweep fees equal balances swept to third-party banks times the yield after client interest, and net interest income equals the Bank's interest-earning assets times its net interest margin, and both adjust relatively quickly to rate changes; M&A advisory fees are recognized when transactions are completed and depend on when clients close[1].

Profit is more sensitive to interest rates than revenue is, because different revenue lines carry different payouts. Asset management fees and commissions are shared with advisors based on production, while net interest income and sweep fees carry almost no compensation, so rate cuts hurt profit more than revenue[12]. In fiscal Q1 2026, PCG net revenues were $2.768 billion, up from $2.548 billion a year earlier, yet pre-tax income fell from $462 million to $439 million[10]; in the second quarter, PCG net revenues rose 13% year over year while pre-tax income fell 3%[9]. On the first-quarter call, management said short-term rates had fallen 125 basis points since early November 2024 and guided full-year non-compensation expenses to about $2.3 billion, roughly 8% growth on the same adjusted basis as the prior year[12].

The company's cash and capital cycle determines how profit finally returns to shareholders. Advisory fees are deducted directly from client accounts each quarter, about $2.1 billion in the fourth quarter[4], which seasonally lowers client cash in the first month of each quarter; at the end of July, sweep and ESP balances fell 4% from the prior month because of quarterly fee billing[7]. At its Investor Day, the company set targets of an adjusted compensation ratio of about 65%, an adjusted pre-tax margin of about 20% and an adjusted return on common equity above 17%, assuming current equity markets and short-term rates, mid-single-digit growth in investment banking revenues, advisor recruiting costs at the current pace and consistent share repurchases[13].

Industry and Competitive Position

Raymond James grows client assets in the US advisor-led wealth management market by recruiting advisors, and the fiscal 2026 numbers show this clearly. In the third quarter, advisors the company recruited had trailing 12-month production of $156 million and nearly $23 billion of client assets at their previous firms; through nine months, recruited production totaled $393 million with more than $56 billion of client assets, and management said it was on a clear path to exceed the fiscal 2025 record[4]. Domestic PCG net new assets were $30.8 billion, $23.0 billion and $21.7 billion in the first three quarters, with annualized growth slowing from 8.0% to 5.8% and then 5.5%[10][9][3], and fee-based accounts held 62.1% of PCG assets under administration at the end of June[6].

Unlike platforms that only do brokerage or only manage assets, Raymond James owns both a bank and a middle-market investment bank, so the rate cycle and the M&A cycle both flow directly into profit. The number of investment banking managing directors rose from 64 in October 2020 to 143 in March 2026[13], which expands deal capacity and also makes Capital Markets revenue more dependent on closings. The available materials contain no comparable operating data for peers, so this view of the industry position rests only on the company's own disclosures and cannot rank its share or margins against competitors.

Core Debates

After fee-based assets jumped 11% by the end of June, can fiscal fourth-quarter asset management fees rise about 11% as guided and actually flow through to Private Client Group profit?

This debate decides whether growth in the company's largest revenue source becomes shareholder profit. In fiscal 2025, asset management and related administrative fees were $7.08 billion, roughly half of $14.07 billion in net revenues[1]. Because most fee-based accounts are billed on beginning-of-quarter balances, fiscal fourth-quarter revenue was largely set on June 30, so this report directly tests both the billing mechanism and management's guidance[6].

The data show the billing base has risen sharply, and management's guidance is consistent with it. Third-quarter asset management fees were $2.075 billion, up 20% year over year and 3% sequentially, against $1.877 billion in the prior-year fourth quarter[3][10]. PCG fee-based assets reached $1,153.8 billion on June 30, up from $1,008.1 billion on September 30, 2025, and rose further to $1,155.1 billion at the end of July and $1,181.2 billion at the end of August[6][7][8]. On that basis, management guided fiscal Q4 asset management fees up about 11% sequentially, driven mainly by higher PCG assets and fee-based accounts at quarter end[4].

Whether revenue turns into profit remains unresolved, because PCG profit growth has lagged revenue growth for a long stretch. The chain runs from advisor retention, recruiting and market appreciation to higher fee-based assets, from those assets billed at beginning-of-quarter balances to asset management fees, and then, after production-based advisor pay and recruiting costs, to PCG pre-tax income; in the third quarter PCG net revenues were $2.841 billion, up 14% year over year, while pre-tax income of $423 million rose only 3%, and PCG compensation of $2.124 billion took about 75% of segment net revenues[6]. An alternative reading is that asset growth came mainly from market appreciation rather than net inflows: annualized domestic net new asset growth slowed from 8.0% in the first quarter to 5.5% in the third[10][3], and the August operating update attributed client asset growth to both higher equity markets and net inflows[8]. The company does not split market appreciation from net inflows each quarter, so if markets fall, fee growth could disappear faster than growth from recruiting.

The fourth quarter offers three numbers to watch and a clear condition that would overturn the current understanding. First, whether asset management fees approach $2.3 billion (about 11% above $2.075 billion) and how much Clark Capital contributed; second, whether PCG pre-tax income exceeds $450 million, clearly above $416 million in the prior-year quarter[10], and whether recruiting- and retention-related compensation keeps rising; third, fee-based assets on September 30 and annualized fourth-quarter net new asset growth. If fees rise less than 8% sequentially or PCG pre-tax income falls year over year, revenue growth has not turned into profit; if fee-based assets fall by the end of September, the billing base for fiscal Q1 2027 drops with them.

With client cash shifting into higher-cost savings and the bank margin slipping, can interest-related revenue stay flat in fiscal Q4 as management guided?

Interest-related revenue determines how much of the growth in asset management fees ultimately stays with shareholders. In fiscal 2025, net interest income was $2.147 billion and third-party bank sweep fees were $486 million, together close to one-fifth of net revenues[1]. This revenue requires almost no sharing with advisors, and management attributed the 5% year-over-year drop in fiscal Q1 2026 PCG pre-tax income primarily to rate cuts that reduced this noncompensable revenue[12].

The combined figure turned up in the third quarter, but its composition shows funding costs squeezing the spread. Net interest income plus third-party bank sweep fees totaled $658 million, up $8 million sequentially, ESP balances rose $2.4 billion or 19% from the prior quarter, and the yield on balances swept to third-party banks rose 5 basis points to 2.75%[4]; in the second quarter the total was $650 million, down 3% sequentially, when the sweep yield was 2.70% and the Bank segment net interest margin was 2.81%[11]. In the third quarter, the Bank's net interest margin fell to 2.71%, 10 basis points below the prior quarter, and net loans were $56.2 billion, up 13% year over year and 3% sequentially[3]. Since then, client sweep and ESP balances fell to $56.7 billion at the end of July because of quarterly fee billing and recovered to $57.4 billion at the end of August, when net loans stood at $56.4 billion[7][8].

Whether the total holds flat depends on whether loan growth offsets rising funding costs, and that has not been proven. The quarterly filing says the third-quarter total was slightly above the prior-year quarter, mainly because of growth in average interest-earning assets driven by securities-based and residential mortgage loans, partly offset by lower short-term rates, interest expense on $1.5 billion of senior notes issued in September 2025 and lower balances swept to third-party banks; over nine months, securities-based loans averaged $22.237 billion at a 5.39% yield versus $17.229 billion at 6.17% a year earlier, while the rate paid on bank deposits fell from 2.81% to 2.28%[6]. An alternative reading is that loan growth depends on higher-cost ESP funding, the net interest margin will keep narrowing, and a flat total only reflects off-balance-sheet sweep fees temporarily filling the gap; the Bank segment's $206 million of third-quarter pre-tax income included a $26 million benefit for credit losses and does not show a better spread[3]. The annual report also warned that the two 25-basis-point rate cuts in September and October 2025 would weigh on this combined revenue in fiscal 2026[1].

For the fourth quarter, watch the total, the direction of the two spreads and period-end balances, and test the current understanding against two conditions. First, whether the total stays at or above $658 million, and what management guides for fiscal Q1 2027; second, whether the net interest margin and the sweep yield keep moving in opposite directions and whether ESP balances keep growing; third, client cash and loan balances at the end of September. If the total drops below $640 million or the net interest margin falls below 2.61%, funding costs are rising faster than loans; if client cash stays below the $56.7 billion level reached after July billing, the low-cost funding that earns the spread is leaking away.

After several quarters of a "strong" banking pipeline, will deals actually close in fiscal Q4 and lift Capital Markets margins back toward 15%?

Investment banking is the most profit-elastic part of the company and the main route to management's company-wide margin targets. Capital Markets produced net revenues of $1.77 billion in fiscal 2025, about one-eighth of company net revenues[1], yet management says the adjusted compensation ratio improves in quarters with better M&A and advisory revenues; the ratio was 65.5% in the third quarter[4]. The Investor Day targets of a compensation ratio near 65% and a pre-tax margin near 20% themselves assume mid-single-digit growth in investment banking revenues while acknowledging that the timing of closings is uncertain[13].

Investment banking revenue has recovered from its low point early in the fiscal year, but Capital Markets margins remain well below target. Third-quarter consolidated investment banking revenues were $291 million, up 37% year over year, or $285 million and up 40% on a segment basis; Capital Markets net revenues were $477 million, up 25%, and pre-tax income was $48 million[3]. In the first quarter, consolidated investment banking revenues were only $208 million, compared with $316 million in the prior-year fourth quarter, when Capital Markets earned net revenues of $513 million and pre-tax income of $90 million[10]; in the second quarter, segment investment banking revenues recovered to $272 million and segment pre-tax income was $51 million[9]. The quarterly filing attributes the third-quarter increase mainly to a larger number of completed M&A transactions, along with more and larger equity and debt underwriting deals[6].

When the pipeline turns into revenue remains uncertain, and a description of the pipeline is not evidence of revenue. The chain runs from corporate and private equity clients' M&A and financing decisions to transactions, with advisory fees recognized when deals complete; of $1.069 billion in fiscal 2025 investment banking revenues, $623 million came from M&A and advisory[1]. Management acknowledged that the current Capital Markets margin is not where it wants it to be, said it hopes to return to the 15% target once M&A revenues recover, and described pipelines and activity levels as good while saying it does not know when they will convert to revenue[4]; the July and August operating updates both called the pipelines robust or strong and said the timing of closings remains uncertain[7][8]. An alternative reading is that part of the recovery in the past two quarters came from the GreensLedge acquisition completed in the second quarter and from underwriting[9], while M&A success fees still depend on when the pricing gap between buyers and sellers narrows.

For the fourth quarter, watch the level of investment banking revenue, the segment margin and management's comments on the next quarter. First, whether investment banking revenues exceed the $316 million of the prior-year quarter, and how much M&A advisory and underwriting each contributed; second, whether the Capital Markets pre-tax margin approaches 15%, compared with about 10% in the third quarter; third, what management says about the fiscal Q1 2027 pipeline and timing of closings. If investment banking revenues fall below the third quarter's $291 million, the pipeline is still slipping; if segment revenue grows while profit does not, deal-related expenses and acquisition integration costs are absorbing the increase.

Risks and Falsifiers

The cash sweep litigation is the most direct legal risk to noncompensable revenue. In August and December 2024, plaintiffs filed a total of three putative class actions in federal district court alleging that the firm breached its fiduciary duties or agreements regarding rates paid to clients in its cash sweep programs[1]. On March 27, 2026, the court dismissed some of the claims, on May 21 the plaintiffs moved for class certification, and on July 16 two named plaintiffs voluntarily dismissed their claims, leaving the case pending with two named plaintiffs[6]. Third-quarter professional fees rose mainly on legal defense costs, and management said some additional expense will continue in the near-term quarters, though not at the third-quarter level[4]. The exposure is the $486 million of third-party sweep fees in fiscal 2025: if the company is forced to pay clients more, this noncompensable revenue falls directly; if the court dismisses the remaining claims or denies class certification and professional fees come down, the current concern is falsified.

Buybacks and acquisitions are consuming the capital cushion, which could stop EPS from continuing to grow faster than net income. Over the past 12 months the company repurchased 9.8 million shares for about $1.6 billion while completing two acquisitions, and with a Tier 1 leverage ratio of 11.7% it has about $1.5 billion of capital capacity left before reaching its conservative 10% target[4]. The Investor Day financial targets assume consistent share repurchases[13], and if quarterly buybacks of about $400 million slow, EPS growth will trail net income growth. If the company keeps repurchasing about $400 million in the fourth quarter and holds the Tier 1 leverage ratio above 11%, this risk has not materialized.

Tougher competition for advisors could raise transition-assistance costs and slow asset inflows at the same time, keeping pressure on PCG margins. Third-quarter PCG compensation was $2.124 billion, about 75% of segment net revenues[6], the Investor Day targets assume advisor recruiting costs continue at the current pace[13], and PCG contributed $1.72 billion of pre-tax income in fiscal 2025[1]. If fourth-quarter PCG pre-tax income is at least $450 million and annualized net new asset growth stays above 5.5%, recruiting costs have not swallowed the growth.

Lower short-term rates and higher client payouts would compress both the net interest margin and the sweep yield. Short-term rates have fallen 125 basis points since early November 2024[12], fiscal 2025 net interest income of $2.147 billion and third-party sweep fees of $486 million are the direct exposure[1], and the base for fourth-quarter guidance is $658 million[4]. If the fourth-quarter total is at least $658 million and the net interest margin stays at or above 2.71%, this risk has not materialized this quarter.

Further delays in M&A closings would push back success fees and with them the recovery in Capital Markets profit. In fiscal 2025, investment banking revenues were $1.069 billion, including $623 million from M&A and advisory, and Capital Markets pre-tax income was $146 million[1]; the August operating update still said pipelines are strong but the timing of closings is uncertain[8]. If fourth-quarter investment banking revenues are at least $316 million and segment pre-tax income is at least $90 million, closing delays are no longer holding back profit.

What to Watch Next

• Fee-based assets to fees and profit: third-quarter fees were $2.075 billion and PCG pre-tax income $423 million. Watch whether fees approach $2.3 billion and what Clark Capital contributed; sequential fee growth below 8% or a year-over-year drop in PCG pre-tax income would falsify the thesis.
• Fee-based assets and flows: $1,153.8 billion on June 30 and 5.5% annualized net new asset growth in the third quarter. A decline in September 30 fee-based assets would lower the next quarter's billing base.
• Interest-related revenue: $658 million in the third quarter. Watch whether it holds at or above that level and the new quarterly guidance; a total below $640 million would falsify flat guidance.
• Spreads and balances: Bank net interest margin 2.71%, sweep yield 2.75%, sweep and ESP balances $57.4 billion at the end of August. A margin below 2.61% or cash persistently below $56.7 billion would signal funding pressure.
• Investment banking conversion: $291 million of revenue and a roughly 10% Capital Markets margin in the third quarter. Watch whether revenue tops $316 million and margin approaches 15%; revenue below $291 million would mean deals are still slipping.
• Cross-cutting risks: $400 million of quarterly buybacks, an 11.7% Tier 1 leverage ratio and the class-certification ruling. Slower buybacks or leverage below 11% would mean capital constraints are tightening.

Conclusion

Three forces drive Raymond James's profit: advisor-gathered fee-based assets determine asset management fees, client cash and loans determine interest-related revenue, and completed M&A and underwriting deals determine the profit swing in Capital Markets. In fiscal Q3 2026 the company posted record net revenues of $3.928 billion and record adjusted EPS of $3.14[3][4], and its 11.7% Tier 1 leverage ratio and $2.5 billion of parent cash both sat above its own targets[4]. The most important unresolved relationship is whether the momentum of 20% year-over-year growth in asset management fees can turn into PCG profit once interest-related revenue stops shrinking, rather than producing only the 3% pre-tax growth seen in the third quarter.

Since the third-quarter results on July 22, 2026, verifiable public material contains no qualifying independent outside assessment, so this analysis presents no outside interpretation of the three debates and does not treat company statements as outside opinion. Every view of the fiscal fourth quarter currently comes from the company's own guidance and monthly operating data, and the actual fourth-quarter results will be the first independent test of those statements.

If fiscal Q4 asset management fees approach $2.3 billion, PCG pre-tax income exceeds $450 million, combined interest-related revenue holds at or above $658 million and investment banking revenues exceed $316 million, the current understanding would be materially strengthened: fee growth, stable spreads and a deal recovery would together push margins toward the company's roughly 20% target. Conversely, if sequential fee growth is below 8%, interest-related revenue drops below $640 million or the net interest margin falls below 2.61%, and investment banking revenues stay below $291 million, revenue growth would appear to come mainly from market appreciation and the ability to convert it to profit would be weaker than currently understood.

Sources

[1] RJF FY2025 10-K filed 2025-11-25 · 2025-11-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=10-K&dateb=&owner=include&count=40

[2] RJF earnings calendar updated 2026-10-26 · 2026-10-26 · Drillr earnings calendar

[3] RJF Q3 FY2026 8-K filed 2026-07-22 · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=8-K&dateb=&owner=include&count=40

[4] RJF Q3 FY2026 earnings call 2026-07-22 · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[5] Drillr analyst estimates RJF fiscal Q4 2026 retrieved 2026-10-26 · 2026-10-26 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[6] RJF Q3 FY2026 10-Q filed 2026-08-05 · 2026-08-05 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=10-Q&dateb=&owner=include&count=40

[7] RJF July 2026 operating data 8-K filed 2026-08-19 · 2026-08-19 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=8-K&dateb=&owner=include&count=40

[8] RJF August 2026 operating data 8-K filed 2026-09-23 · 2026-09-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=8-K&dateb=&owner=include&count=40

[9] RJF Q2 FY2026 8-K filed 2026-04-22 · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=8-K&dateb=&owner=include&count=40

[10] RJF Q1 FY2026 8-K filed 2026-01-28 · 2026-01-28 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=8-K&dateb=&owner=include&count=40

[11] RJF Q2 FY2026 earnings call 2026-04-22 · 2026-04-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[12] RJF Q1 FY2026 earnings call 2026-01-28 · 2026-01-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[13] RJF Investor Day 8-K filed 2026-05-27 · 2026-05-27 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000720005&type=8-K&dateb=&owner=include&count=40