01—Abstract
Summary
Summary of the 8-K filed December 17, 2025. Cited figures are marked; the original filing is the authoritative source.
Raymond James Financial, Inc. (NYSE: RJF) furnished a Current Report on Form 8-K dated December 17, 2025, under Regulation FD, attaching a press release that reports its selected operating data for November 2025.
The company describes this monthly data as an effort to provide timely information on key performance metrics, and cautions that, given the limited nature of the data, a consistent correlation to earnings should not be assumed. The information is furnished rather than filed for purposes of Section 18 of the Exchange Act. As of November 30, 2025, client assets under administration were $1,765.3 billiona, up 10% year-over-year and 1% from October 31, 2025.
CEO Paul Shoukry attributed the growth primarily to net asset inflows driven by strong recruiting, combined with higher equity markets, and called the advisor recruiting pipeline robust. Private Client Group assets under administration were $1,700.4 billionb, financial assets under management were $279.8 billion, and bank loans, net, were $52.4 billion, each up 1% sequentially.
Clients' domestic cash sweep and Enhanced Savings Program balances were $56.0 billionc, up 1% sequentially but down 3% year-over-year. Shoukry noted that investment banking revenues for the first two months of the current quarter were down approximately 20% from the first two months of the preceding quarter, largely due to the timing of closings, while investment banking pipelines and client activity remain strong.
02—Key points
Key Highlights
- Client assets under administration reached a record $1,765.3 billion at November 30, 2025, up 10% year-over-year and 1% from October 31, 2025.
- Private Client Group assets under administration were $1,700.4 billion, up 11% year-over-year, and Private Client Group assets in fee-based accounts were $1,033.3 billion, up 15% year-over-year.
- Financial assets under management were $279.8 billion, up 11% year-over-year and 1% sequentially.
- Bank loans, net, were $52.4 billion, up 12% year-over-year and 1% sequentially.
- Clients' domestic cash sweep and Enhanced Savings Program balances were $56.0 billion, down 3% year-over-year but up 1% sequentially.
- Investment banking revenues for the first two months of the current quarter were down approximately 20% from the first two months of the preceding quarter, largely due to the timing of closings.
- Management cites a robust advisor recruiting pipeline and strong investment banking pipelines and client activity levels.
03—Questions
Frequently Asked Questions
What did Raymond James report in this filing?
The company furnished a press release, dated December 17, 2025, disclosing selected operating data for November 2025, including client assets, Private Client Group assets, financial assets under management, bank loans and cash sweep balances.
What drove the growth in client assets under administration?
CEO Paul Shoukry said the growth was primarily due to net asset inflows driven by strong recruiting, combined with higher equity markets.
Should this monthly operating data be used to predict earnings?
No. The company states that, due to the limited nature of this data, a consistent correlation to earnings should not be assumed.
How is investment banking performing so far this quarter?
Investment banking revenues for the first two months of the current quarter were down approximately 20% from the first two months of the preceding quarter, largely due to the timing of closings. Management said pipelines and client activity levels remain strong.
How did cash sweep and Enhanced Savings Program balances change?
Balances were $56.0 billion at November 30, 2025, up 1% sequentially from October 31, 2025 but down 3% from November 30, 2024.
04—Continue