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Raymond James Financial 8-K Report, Financial Results (Apr 23, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 23, 2025
Period End
April 23, 2025
Security
RJF
In the record · 2016–202610-K1010-Q338-K266

RJF filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 266 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’16Jun ’16
  2. Material agreement8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed April 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Raymond James Financial, Inc. reported fiscal second-quarter 2025 results for the period ended March 31, 2025, with net revenues of $3.40 billiona, up 9% from the prior-year quarter but down 4% from the preceding quarter.

Net income available to common shareholders was $493 millionb, or $2.36 per diluted share, compared with $2.22 in the prior-year quarter. Excluding $19 million of acquisition-related expenses, adjusted diluted EPS was $2.42. For the first six months of fiscal 2025, the company reported record net revenues of $6.94 billion (up 13%) and record pre-tax income of $1.42 billion (up 15%).

CEO Paul Shoukry said investment banking closings have been affected by macroeconomic uncertainty tied to tariff negotiations, although the pipeline remains robust. Segment performance was mixed. Private Client Group net revenues rose 6% year over year to $2.49 billionc, while pre-tax income fell 3% to $431 million.

Capital Markets net revenues increased 23% to $396 milliond, driven by investment banking and fixed income brokerage, and Asset Management net revenues grew 15% to $289 million. The Bank segment's pre-tax income rose 56% to $117 million, with net interest margin at 2.67% and record net loans of $48.3 billion. Client cash sweep and ESP balances declined 1% year over year to $57.8 billion.

The effective tax rate was 26.2%, which the filing attributes partly to nondeductible losses on company-owned life insurance. Capital and shareholder returns remained strong. The company repurchased $250 million of common stock in the quarter at an average price of $146 per share and an additional $190 million in April 2025 at an average of $125 per share, leaving approximately $1.01 billion under the authorization as of April 21, 2025.

The total capital ratio was 24.8% and the tier 1 leverage ratio was 13.3%, both described as well above regulatory requirements. The filing furnishes the press release (Exhibit 99.1), a financial supplement (Exhibit 99.2), and an earnings presentation (Exhibit 99.3).

02—Key points

Key Highlights

  1. Net revenues of $3.40 billion rose 9% year over year but fell 4% sequentially; net income available to common shareholders was $493 million, or $2.36 per diluted share.
  2. Adjusted diluted EPS was $2.42, excluding $19 million of acquisition-related expenses.
  3. First-half fiscal 2025 record net revenues of $6.94 billion (up 13%) and record pre-tax income of $1.42 billion (up 15%).
  4. Capital Markets net revenues rose 23% to $396 million, with investment banking revenues up 21% to $207 million, though sequential investment banking revenues fell 35%.
  5. Bank segment pre-tax income rose 56% to $117 million, with net interest margin of 2.67% and net loans of $48.3 billion.
  6. Repurchased $250 million of stock in the quarter and an additional $190 million in April 2025; about $1.01 billion remained under the authorization as of April 21, 2025.
  7. Client cash sweep and ESP balances were $57.8 billion, down 1% year over year and 3% sequentially.

03—Questions

Frequently Asked Questions

  1. How did Raymond James perform in fiscal Q2 2025?

    Net revenues were $3.40 billion, up 9% year over year, and net income available to common shareholders was $493 million, or $2.36 per diluted share. Adjusted diluted EPS, which excludes $19 million of acquisition-related expenses, was $2.42. Results declined sequentially, with net revenues down 4% and pre-tax income down 10% from the December 2024 quarter.

  2. What drove the growth in the quarter?

    The filing attributes the year-over-year increase in net revenues mainly to higher asset management and related administrative fees, brokerage revenues, and investment banking revenues. Asset management and related administrative fees rose 14% to $1.73 billion.

  3. Why did investment banking activity slow sequentially?

    Investment banking revenues fell 34% from the prior quarter to $216 million. Management cited macroeconomic uncertainty and volatility, including tariff negotiations, which led to unfavorable market conditions and delayed deal closings, although the company said the pipeline remains robust.

  4. How is the company returning capital to shareholders?

    Raymond James repurchased $250 million of common stock in the fiscal second quarter at an average price of $146 per share and an additional $190 million in April 2025 at an average of $125 per share. About $1.01 billion remained under the Board's authorization as of April 21, 2025.

  5. How strong is the company's capital position?

    At quarter-end the total capital ratio was 24.8% and the tier 1 leverage ratio was 13.3%, both described in the filing as well above regulatory requirements. Corporate cash was described as well in excess of the company's targets.

04—Continue

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