01—Abstract
Summary
Summary of the 10-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.
Raymond James Financial, Inc. (RJF) reported fiscal 2025 (year ended September 30, 2025) net revenues of $14.07 billiona, up 10% from $12.82 billion, and pre-tax income of $2.71 billion, up 3%.
Net income available to common shareholders was $2.13 billionb, and diluted EPS was $10.30, up 6%. Adjusted diluted EPS, a non-GAAP measure excluding acquisition-related expenses, was $10.66. Growth was driven mainly by higher asset management and related administrative fees on larger fee-based client assets, plus stronger investment banking and brokerage revenues.
Offsetting these were lower combined net interest income and RJBDP fees from third-party banks, which fell 4% to $2.63 billionc as short-term rates declined. Non-compensation expenses rose 16%, including a $58 million increase tied to the settlement of a legal matter. Return on common equity was 17.7%, down from 18.9%.
Total client assets under administration reached $1.67 trilliond, with $1.01 trillion in fee-based accounts, and the firm ended the year with 8,943 financial advisors. The balance sheet grew to $88.23 billion in total assets, with bank loans, net of $51.57 billion, the largest asset category. The firm issued $1.5 billion of senior notes in September 2025, amended its revolving credit facility to $1 billion, and repurchased 7.4 million shares for $1.1 billion.
Regulatory capital ratios remained above well-capitalized thresholds, with a tier 1 leverage ratio of 13.1% and total capital ratio of 24.1%. The filing notes ongoing exposure to interest rate declines, which management expects to pressure combined net interest income and RJBDP fees in fiscal 2026, and an SEC inquiry into cash sweep programs with related class action litigation. The firm also agreed in October 2025 to acquire a majority stake in GreensLedge Holdings LLC, a structured credit boutique, expected to close in fiscal 2026.
02—Key points
Key Highlights
- Net revenues rose 10% to $14.07 billion, while pre-tax income increased 3% to $2.71 billion.
- Diluted EPS was $10.30, up 6% from $9.70; adjusted diluted EPS was $10.66, up 6%.
- Asset management and related administrative fees increased 14% to $5.98 billion in the Private Client Group, driven by higher fee-based assets.
- Combined net interest income and RJBDP fees from third-party banks declined 4% to $2.63 billion due to lower short-term interest rates.
- Investment banking revenues rose 26% to $1.04 billion, and Capital Markets pre-tax income reached $146 million.
- Total client AUA was $1.67 trillion as of September 30, 2025, with 60.5% in fee-based accounts.
- The firm issued $1.5 billion of senior notes and repurchased 7.4 million shares for $1.1 billion during the year.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 25, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $15.91B$14.92B | +6.6% |
| Net Income | $2.13B$2.07B | +3.2% |
| EPS (Basic) | $10.53$9.94 | +5.9% |
| EPS (Diluted) | $10.30$9.70 | +6.2% |
| Shares Outstanding (Basic) | 202.00M207.10M | −2.5% |
| Shares Outstanding (Diluted) | 206.60M212.30M | −2.7% |
05—Questions
Frequently Asked Questions
How did Raymond James perform financially in fiscal 2025?
Net revenues increased 10% to $14.07 billion and pre-tax income rose 3% to $2.71 billion. Net income available to common shareholders was $2.13 billion, and diluted EPS was $10.30, up 6%. Return on common equity declined to 17.7% from 18.9%.
What drove revenue growth in fiscal 2025?
The main driver was higher asset management and related administrative fees, which rose $734 million in the Private Client Group on larger fee-based client assets. Brokerage revenues and investment banking revenues also increased, with investment banking up 26%.
How are lower interest rates affecting the business?
Combined net interest income and RJBDP fees from third-party banks fell 4% to $2.63 billion in fiscal 2025. Management anticipates further unfavorable impact in fiscal 2026 from two 25-basis-point Fed rate cuts in September and October 2025.
What legal and regulatory issues does the filing disclose?
The SEC's Division of Enforcement has requested information on cash sweep program practices, and the firm is cooperating. Three putative class actions were filed in 2024 and 2025 regarding rates paid on cash sweep balances, with one plaintiff voluntarily dismissing claims; the firm intends to defend the remaining claims vigorously. A $58 million expense was recorded related to settling a bond underwriting matter.
What capital and liquidity actions did the company take?
The firm issued $1.5 billion of senior notes in September 2025, amended its revolving credit facility to $1 billion, and redeemed $98 million of subordinated notes. It repurchased 7.4 million shares for $1.1 billion, leaving $399 million available under its authorization. Raymond James Bank and TriState Capital Bank were categorized as well-capitalized.
06—Continue