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

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 23, 2025
Period End
July 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 July 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Raymond James Financial, Inc. reported fiscal third-quarter 2025 results for the period ended June 30, 2025, per Exhibit 99.1 (press release dated July 23, 2025).

Quarterly net revenues were $3.40 billiona, up 5% year over year and flat sequentially, while net income available to common shareholders was $435 million, or $2.12 per diluted share, versus $2.31 a year earlier. Adjusted net income available to common shareholders was $449 million, or $2.18 per diluted share, excluding $19 million of acquisition-related expenses. Results include a $58 million reserve increase tied to settling a legal matter over bond underwritings for a specific issuer sold to institutional investors from 2013 to 2015, which the company resolved without admission of wrongdoing.

The company highlighted record results on a nine-month basis, with net revenues of $10.34 billionb (up 10%), diluted EPS of $7.35 (up 7%), and adjusted diluted EPS of $7.55 (up 6%). Record client assets under administration reached $1.64 trillion, and record Private Client Group assets in fee-based accounts were $943.9 billion, up 15% from June 2024. Asset management and related administrative fees rose to $1.73 billion, and the firm repurchased $451 million of common stock during the quarter at an average price of $137 per share, leaving $749 million under the current authorization.

Pre-tax income declined 13% year over year to $563 millionc, and the pre-tax margin was 16.6%. CEO Paul Shoukry cited a significant increase in the financial advisor recruiting pipeline and a strong investment banking pipeline, while noting that the macroeconomic environment remains uncertain. Capital remained strong, with a total capital ratio of 24.3% and a tier 1 leverage ratio of 13.1%, both described as estimated and well above regulatory requirements.

02—Key points

Key Highlights

  1. Quarterly net revenues of $3.40 billion, up 5% year over year and flat sequentially; nine-month net revenues of $10.34 billion, up 10%.
  2. Quarterly net income available to common shareholders of $435 million ($2.12 diluted EPS), down 11% year over year; adjusted diluted EPS of $2.18 excludes $19 million of acquisition-related expenses.
  3. A $58 million reserve increase related to settling a legal matter over 2013–2015 bond underwritings reduced Capital Markets results, which posted a pre-tax loss of $54 million.
  4. Record client assets under administration of $1.64 trillion and record PCG fee-based account assets of $943.9 billion, up 15% year over year.
  5. Asset Management reported record quarterly pre-tax income of $125 million, and the Bank segment's net interest margin rose to 2.74%, with record net loans of $49.8 billion.
  6. The company repurchased $451 million of common stock at an average price of $137 per share and had $749 million remaining under its authorization as of June 30, 2025.
  7. Capital ratios remained strong, with a total capital ratio of 24.3% and a tier 1 leverage ratio of 13.1%; the firm also cited its 150th consecutive quarter of profitability.

03—Questions

Frequently Asked Questions

  1. Why did net income decline despite higher revenues?

    Pre-tax income fell 13% to $563 million, primarily because of the $58 million legal reserve increase recorded in the Capital Markets segment. Non-compensation expenses also rose 28% year over year to $633 million, and the effective tax rate was 22.6%, reflecting nontaxable corporate-owned life insurance gains.

  2. What drove growth in revenue and client assets?

    Asset management and related administrative fees increased to $1.73 billion, and PCG fee-based account assets grew 15% year over year, driven by market appreciation and net asset inflows. Domestic PCG net new assets were $11.7 billion for the quarter, an annualized growth rate of 3.4%.

  3. How is the firm managing its capital?

    Raymond James repurchased $451 million of common stock in the quarter and paid $102 million in common stock dividends. As of June 30, 2025, $749 million remained under the Board's authorization, and book value per share was $60.90.

  4. What is the outlook for the business?

    The CEO said the financial advisor recruiting pipeline has grown significantly and the investment banking pipeline remains strong. Management described growing optimism about macroeconomic conditions but noted the environment remains uncertain.

  5. Is the legal settlement expected to recur?

    The filing describes the $58 million reserve as related to settling a long-running dispute over bond underwritings for a specific issuer sold between 2013 and 2015. The company said it denied liability and resolved the matter without admission of wrongdoing, but the filing does not describe further charges.

04—Continue

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