Raymond James Financial, Inc. (RJF) Earnings
Raymond James Financial, Inc. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $2.91. RJF has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +1.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $2.76 | $2.83 | +2.5% | $3.9B | +0.4% |
| Jan 28, 2026 | $2.83 | $2.86 | +1.1% | $4.2B | +9.6% |
| Oct 22, 2025 | $2.83 | $3.11 | +9.9% | $4.1B | +13.4% |
| Jul 23, 2025 | $2.37 | $2.18 | -8.0% | $3.8B | +12.1% |
| Apr 23, 2025 | $2.45 | $2.42 | -1.2% | $3.8B | +10.8% |
| Jan 29, 2025 | $2.62 | $2.93 | +11.8% | $4.0B | +14.5% |
| Oct 23, 2024 | $2.41 | $2.95 | +22.4% | $4.0B | +19.1% |
| Jul 24, 2024 | $2.32 | $2.39 | +3.0% | $3.7B | +14.5% |
| Jan 24, 2024 | $2.26 | $2.40 | +6.2% | $3.5B | +13.6% |
| Oct 25, 2023 | $2.28 | $2.13 | -6.6% | $3.5B | +15.8% |
| Jul 26, 2023 | $2.16 | $1.85 | -14.4% | $3.3B | +11.7% |
| Jan 25, 2023 | $2.28 | $2.29 | +0.4% | $3.0B | +6.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Raymond James delivered strong results despite challenging market environment, with record quarterly revenues of $3.86 billion, up 13% year-over-year and 3% sequentially; pretax income of $735 million, up 10% year-over-year and 1% sequentially. • Private Client Group ended quarter with $1.7 trillion of client assets under administration, with quarterly domestic net new assets of $23 billion, and recruited financial advisers with trailing 12-month production totaling $141 million and nearly $21 billion of client assets. • Capital Markets results improved, primarily driven by stronger investment banking revenues, with a robust pipeline. • Asset Management segment had record net revenues and pretax income due to higher financial assets under management and strong net inflows. • Continued investment in automation, process improvement, and AI as part of over $1.1 billion annual technology spend, including a proprietary AI operations agent rolled out to a few hundred advisers and their team. • Bank segment had strong loan growth driven by securities-based lending, but net interest income affected by fewer interest earning days and interest rate cuts
Guidance
• Expect fiscal third quarter 2026 asset management and related administrative fees to be higher by approximately 1% over the second quarter level, driven by 1 additional billing day and slightly higher PCG assets and fee-based accounts balance. • Based on April activity to date, domestic cash sweep and enhanced savings program balances have declined; on static interest rates and unchanged quarter end balances, expect aggregate of NII in RJBDP third-party fees in third quarter to be up approximately 1% from second quarter level, due to 1 additional interest-earning day. • Estimate effective tax rate for fiscal 2026 to be approximately 24% to 25%
Segment performance
Private Client Group: Ended quarter with $1.7 trillion of client assets under administration, down slightly from preceding quarter but up 15% year-over-year; quarterly domestic net new assets were $23 billion, representing a 5.8% annualized growth rate; pretax income of $416 million on record quarterly net revenues of $2.81 billion, but declined 3% year-over-year due to interest rate reductions. Capital Markets: Generated quarterly net revenues of $464 million and pretax income of $51 million, with segment net revenues growing year-over-year and sequentially due to higher debt and equity underwriting, M&A, and advisory revenues. Asset Management: Generated pretax income of $137 million on record net revenues of $327 million, largely attributable to higher financial assets under management and strong net inflows into PCG fee-based accounts. Bank: Generated net revenues of $486 million and pretax income of $166 million; sequentially, net interest income increased marginally despite robust loan growth driven by securities-based lending, with incremental interest revenues nearly offset by fewer interest earning days and interest rate cuts
Analyst Q&A
Q: Talk about competitive environment and recruiting pipeline.
A: Confidence driven by home office visits, new commits, and focus on being best destination; private equity has challenges, but strong net new assets from recruiting and retention.
Q: Follow-up on PCG pretax yield.
A: Year-over-year short-term rates down and ramped up recruiting contribute to pretax yield decline.
Q: AI question, including cash sweep optimization.
A: AI seen as net positive to help advisers spend time on personal relationships; cash sweep balances stabilized, and AI helps advisers with bespoke insights.
Q: Technology spend priorities and AI initiative success.
A: $1.1 billion tech spend focused on Private Client Group, guided by Technology Advisory Council of financial advisers.
Q: Capital market pipeline.
A: Strong pipeline, March was strong, with motivated buyers and sellers.
Q: Long-term profitability and AI margin impact.
A: Early in AI journey, hard to dimension margin impact now.
Q: Larger deals and private equity.
A: Obstacle is competitors not for sale, but confident in finding partners.
Q: FA comp ratio in PCG.
A: Mix shift to independent channel with higher payouts contributes to comp ratio.
Q: Adviser behavior and offerings.
A: Culture of bringing advisers like clients, technology and products to help with holistic advice.
Q: SBLs and deposit growth.
A: SBL growth consistent, deposit growth from TriState acquisition helps, with its leadership team intact