Raymond James Financial, Inc.

RJF · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$34,414	$25,220	$20,974	$21,328	$19,025	$9,980	$11,449	$13,429	$12,160	$8,247	$7,146	$7,498	$5,739	$4,805	$3,179	$3,023	$2,728	$3,839	$3,923	$3,292	$2,361	$1,770	$1,765	$1,317	$1,240	$1,525	$950	$1,011	$1,134	$509	$450	$329	$405	$247	$246	$90	$103	$54	$93	$59	$45
Enterprise value	$14,591	$3,999	$518	($1,901)	($6,311)	($5,421)	$3,039	$5,907	$8,170	$1,181	$1,759	$2,970	($1,523)	($704)	($3,305)	($1,592)	($668)	$1,947	$2,527	$3,050	$1,671	$1,192	($150)	($1,304)	$714	$1,260	$753	($263)	$217	($268)	($15)	$6	$218	$25	($47)	($199)	($159)	–	–	–	–
P/E (TTM) at period end	16.16×	12.22×	12.10×	14.17×	13.56×	12.20×	11.07×	15.67×	19.12×	15.58×	14.28×	15.71×	15.81×	16.57×	11.79×	13.83×	17.86×	16.33×	15.66×	15.36×	15.63×	13.88×	20.44×	16.61×	12.87×	12.18×	11.16×	10.91×	11.47×	7.72×	9.75×	7.82×	8.21×	6.02×	9.21×	5.05×	8.34×	9.74×	9.72×	9.48×	9.87×
P/S (TTM) at period end	2.16×	1.69×	1.61×	1.89×	1.92×	1.22×	1.43×	1.80×	1.86×	1.49×	1.35×	1.51×	1.25×	1.23×	0.94×	1.01×	1.05×	1.20×	1.26×	1.25×	1.09×	0.97×	1.18×	0.87×	0.74×	0.90×	0.77×	0.93×	1.22×	0.71×	0.81×	0.65×	0.90×	0.68×	0.86×	0.35×	0.46×	–	–	–	–
P/B at period end	2.75×	2.16×	2.05×	2.26×	2.31×	1.40×	1.74×	2.11×	2.18×	1.68×	1.58×	1.81×	1.57×	1.47×	1.23×	1.31×	1.34×	2.04×	2.23×	2.25×	1.90×	1.66×	1.91×	1.57×	1.61×	2.34×	1.70×	1.98×	2.68×	1.56×	1.69×	1.45×	1.97×	1.53×	2.01×	0.93×	1.44×	–	–	–	–
EV / EBITDA (TTM)	3.07×	1.42×	0.21×	(0.88×)	(3.28×)	(4.63×)	2.04×	4.19×	8.10×	1.34×	1.99×	3.81×	(2.31×)	(1.35×)	(6.73×)	(4.02×)	(2.46×)	4.69×	6.09×	8.44×	6.29×	5.39×	(0.95×)	(8.45×)	3.78×	5.51×	4.78×	(1.57×)	1.25×	(2.24×)	(0.18×)	0.09×	2.55×	0.36×	(0.99×)	(5.92×)	(6.53×)	–	–	–	–
EV / Sales (TTM)	0.92×	0.27×	0.04×	(0.17×)	(0.64×)	(0.66×)	0.38×	0.79×	1.25×	0.21×	0.33×	0.60×	(0.33×)	(0.18×)	(0.97×)	(0.53×)	(0.26×)	0.61×	0.81×	1.16×	0.77×	0.65×	(0.10×)	(0.86×)	0.43×	0.74×	0.61×	(0.24×)	0.23×	(0.37×)	(0.03×)	0.01×	0.48×	0.07×	(0.17×)	(0.77×)	(0.70×)	–	–	–	–
Returns
Return on equity	17.0%	17.7%	17.0%	15.9%	17.0%	11.5%	15.7%	13.5%	11.4%	10.8%	11.1%	11.5%	9.9%	8.9%	10.4%	9.5%	7.5%	12.5%	14.2%	14.6%	12.2%	12.0%	9.3%	9.4%	12.5%	19.2%	15.2%	18.2%	23.4%	20.2%	17.3%	18.5%	24.0%	25.5%	21.9%	18.5%	17.3%	–	–	–	–
Return on invested capital	63.4%	44.0%	40.0%	21.4%	32.8%	15.4%	19.6%	15.3%	12.0%	9.2%	12.1%	10.3%	13.0%	8.4%	18.5%	7.7%	9.6%	17.3%	11.8%	12.6%	16.6%	15.6%	20.1%	13.6%	17.8%	24.7%	15.7%	–	–	–	–	56.7%	60.3%	–	–	–	–	–	–	–	–
Dividend yield	1.2%	1.5%	1.7%	1.3%	1.1%	2.1%	1.7%	1.1%	1.0%	1.4%	1.4%	1.2%	1.3%	1.4%	2.0%	1.9%	2.0%	1.4%	1.2%	1.1%	1.1%	1.2%	1.0%	1.4%	1.4%	0.9%	1.4%	1.1%	0.9%	1.6%	1.6%	2.0%	0.7%	1.4%	0.9%	1.5%	1.1%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	18.10×	0.86×	0.98×	12.55×	21.83×	22.00×	50.93×	60.43×	35.51×	93.87×	54.30×	77.19×	38.62×	31.07×	100.10×	45.25×	80.06×	86.27×	22.72×	80.90×	257.73×	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.75×	1.29×	0.44×	0.50×	0.37×	0.24×	0.26×	0.25×	0.30×	0.25×	0.42×	0.15×	0.16×	0.25×	0.11×	0.20×	0.14×	0.10×	0.23×	0.18×	0.21×	–	–	–	–
Effective tax rate	21.3%	21.8%	23.7%	25.4%	21.7%	22.2%	24.8%	34.8%	31.1%	33.4%	36.3%	37.4%	33.2%	37.5%	40.6%	37.5%	40.6%	39.7%	36.2%	37.3%	39.1%	37.5%	37.6%	39.7%	38.8%	38.8%	38.1%	38.3%	38.4%	39.2%	38.0%	37.4%	38.5%	37.7%	38.6%	38.7%	39.5%	–	–	–	–
Share count
Diluted shares outstanding	207	212	217	215	211	210	216	223	220	217	219	215	211	198	184	179	176	176	178	174	170	167	165	168	165	158	164	169	163	160	157	163	165	165	164	163	161	143	162	123	119

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$16,990	$15,912	$14,923	$12,992	$11,308	$9,910	$8,168	$8,023	$7,476	$6,525	$5,521	$5,310	$4,965	$4,596	$3,898	$3,400	$2,980	$2,603	$3,205	$3,110	$2,633	$2,157	$1,830	$1,498	$1,517	$1,671	$1,699	$1,232	$1,083	$928	$722	$554	$507	$452	$361	$286	$257	$226	–	–	–	–
Cost of revenue	($1,747)	($1,884)	($2,147)	($1,505)	($405)	($118)	($411)	($305)	($222)	($167)	($144)	($130)	($118)	($113)	($117)	($99)	($143)	($226)	($447)	($500)	($297)	($118)	($49)	($46)	($76)	($228)	($229)	($152)	($131)	($101)	($84)	($65)	($36)	($17)	($21)	($40)	($49)	($45)	–	–	–	–
Gross profit	$15,183	$14,028	$12,594	$11,336	$10,751	$9,662	$7,656	$7,624	$7,162	$6,279	$5,317	$5,078	$4,756	$4,405	$3,712	$3,190	$2,836	$2,376	$2,758	$2,610	$2,336	$2,039	$1,781	$1,452	$1,441	$1,443	$1,470	$1,081	$952	$826	$638	$489	$471	$435	$340	$246	$208	$182	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,902)	($1,737)	($1,547)	($1,408)	($1,227)	($1,024)	($944)	($964)	($901)	($777)	($656)	($648)	($606)	($576)	($478)	($371)	($334)	($1,930)	($2,208)	($1,767)	($1,601)	($1,429)	($1,273)	($1,035)	($1,022)	($1,024)	($1,009)	($755)	($648)	($537)	($424)	($326)	($318)	($283)	($217)	($154)	($133)	($121)	–	–	–	–
Total operating expenses	($12,239)	($9,467)	($9,951)	($9,056)	($8,729)	($7,871)	($6,604)	($6,249)	($5,851)	($5,354)	($4,505)	($4,263)	($4,040)	($3,812)	($3,244)	($2,740)	($2,480)	($2,140)	($2,371)	($2,218)	($1,994)	($1,791)	($1,577)	($1,314)	($1,310)	($1,285)	($1,265)	($943)	($802)	($666)	($530)	($415)	($404)	($354)	($274)	($202)	($179)	($161)	–	–	–	–
Total costs and expenses	($14,046)	($11,351)	($12,280)	($10,712)	($9,286)	($8,119)	($7,116)	($6,648)	($6,165)	($5,600)	($4,709)	($4,495)	($4,250)	($4,002)	($3,430)	($2,949)	($2,623)	($2,366)	($2,818)	($2,717)	($2,291)	($1,909)	($1,626)	($1,359)	($1,386)	($1,514)	($1,494)	($1,095)	($933)	($767)	($613)	($480)	($440)	($372)	($295)	($242)	($228)	($206)	–	–	–	–
Operating income	$2,944	$4,561	$2,643	$2,280	$2,022	$1,791	$1,052	$1,375	$1,311	$925	$812	$815	$716	$594	$468	$451	$356	$236	$387	$392	$342	$248	$204	$138	$132	$157	$205	$138	$150	$160	$108	$74	$67	$80	$66	$44	$29	$20	–	–	–	–
Earnings
EBITDA	$3,150	$4,756	$2,822	$2,445	$2,167	$1,925	$1,171	$1,487	$1,410	$1,009	$884	$883	$780	$660	$519	$491	$396	$271	$415	$415	$361	$266	$221	$157	$154	$189	$229	$158	$167	$174	$120	$84	$74	$85	$71	$48	$34	$24	–	–	–	–
Interest income	$3,975	$3,994	$4,232	$3,748	$1,508	$823	$1,000	$1,281	$1,044	$802	$640	$543	$481	$474	$453	$392	$371	$444	$724	$727	$470	$246	$135	$128	$160	$334	$346	$230	$202	$156	$126	$97	$58	$34	$36	$55	$61	$56	–	–	–	–
Interest expense	($1,741)	($1,847)	($2,102)	($1,373)	($305)	($150)	($178)	($283)	($202)	($154)	($116)	($106)	($104)	($110)	($91)	($66)	($63)	($57)	($392)	($500)	($297)	($118)	($49)	($46)	($76)	($228)	($229)	($152)	($131)	($101)	($84)	($65)	($36)	($17)	($21)	($40)	($49)	($45)	–	–	–	–
Pre-tax income	$2,944	$2,714	$2,643	$2,280	$2,022	$1,791	$1,052	$1,375	$1,305	$928	$812	$815	$716	$594	$468	$451	$356	$236	$383	$392	$342	$248	$204	$138	$132	$157	$205	$138	$150	$160	$108	$74	$67	$80	$66	$44	$29	$20	–	–	–	–
Income tax expense	($638)	($579)	($575)	($541)	($513)	($388)	($234)	($341)	($454)	($289)	($271)	($296)	($268)	($197)	($176)	($183)	($134)	($96)	($152)	($142)	($128)	($97)	($77)	($52)	($52)	($61)	($79)	($52)	($58)	($62)	($42)	($28)	($25)	($31)	($25)	($17)	($11)	($8)	–	–	–	–
Net income	$2,306	$2,135	$2,068	$1,739	$1,509	$1,403	$818	$1,034	$857	$636	$529	$502	$480	$367	$296	$278	$228	$153	$235	$250	$214	$151	$128	$86	$79	$96	$125	$85	$93	$99	$66	$46	$42	$49	$41	$27	$18	$12	$6	$10	$6	$5
Per share
Diluted EPS (GAAP)	$11.48	$10.30	$9.70	$7.97	$6.98	$6.63	$3.88	$4.78	$3.83	$2.89	$2.43	$2.29	$2.21	$1.72	$1.47	$1.46	$1.22	$0.8333	$1.29	$1.41	$1.23	$0.89	$0.76	$0.52	$0.47	$0.59	$0.79	$0.52	$0.55	$0.61	$0.41	$0.29	$0.26	$0.30	$0.25	$0.16	$0.11	$0.0771	$0.0386	$0.0593	$0.0504	$0.0386
Basic EPS (GAAP)	$11.69	$10.53	$9.94	$8.16	$7.16	$6.81	$3.96	$4.88	$3.93	$2.95	$2.48	$2.34	$2.27	$1.76	$1.48	$1.47	$1.22	$0.8333	$1.30	$1.45	$1.27	$0.91	$0.77	$0.53	$0.48	$0.60	$0.80	$0.53	$0.57	$0.62	$0.41	$0.29	$0.26	$0.30	$0.25	$0.17	$0.12	$0.086	$0.0386	$0.0682	$0.0504	$0.0386
Basic shares outstanding	197	202	207	212	210	206	206	212	218	215	213	214	210	207	196	184	179	176	174	173	169	165	165	164	164	161	156	161	163	160	160	157	161	165	165	161	147	144	143	141	123	119
Margins
Gross margin	89.4%	88.2%	84.4%	87.3%	95.1%	97.5%	93.7%	95.0%	95.8%	96.2%	96.3%	95.6%	95.8%	95.9%	95.2%	93.8%	95.2%	91.3%	86.1%	83.9%	88.7%	94.5%	97.3%	97.0%	95.0%	86.3%	86.5%	87.7%	87.9%	89.1%	88.4%	88.3%	92.9%	96.2%	94.1%	85.9%	81.1%	80.3%	–	–	–	–
Operating margin	17.3%	28.7%	17.7%	17.5%	17.9%	18.1%	12.9%	17.1%	17.5%	14.2%	14.7%	15.3%	14.4%	12.9%	12.0%	13.3%	12.0%	9.1%	12.1%	12.6%	13.0%	11.5%	11.2%	9.2%	8.7%	9.4%	12.0%	11.2%	13.9%	17.3%	15.0%	13.4%	13.3%	17.8%	18.2%	15.2%	11.4%	9.1%	–	–	–	–
Net margin	13.6%	13.4%	13.9%	13.4%	13.3%	14.2%	10.0%	12.9%	11.5%	9.7%	9.6%	9.5%	9.7%	8.0%	7.6%	8.2%	7.7%	5.9%	7.3%	8.1%	8.1%	7.0%	7.0%	5.8%	5.2%	5.8%	7.4%	6.9%	8.6%	10.7%	9.1%	8.3%	8.3%	10.9%	11.4%	9.3%	7.0%	5.5%	–	–	–	–

Analyst consensus

Hold27 analysts

Bearish · 0 · Hold · 15 · Bullish · 12

Earnings history

	EPS	Estimate
Q4 2024	$2.95	$2.41	Beat
Q1 2025	$2.93	$2.62	Beat
Q2 2025	$2.42	$2.45	Miss
Q3 2025	$2.18	$2.37	Miss
Q4 2025	$3.11	$2.83	Beat
Q1 2026	$2.86	$2.83	Beat
Q2 2026	$2.83	$2.76	Beat
Q3 2026	$3.14	$2.93	Beat

Peers

Company overview

IPO dateJul 1, 1983

CEOPaul Marone Shoukry

Employees19,500

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNew York Stock Exchange

Websitewww.raymondjames.com

Raymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category. The Private Client Group division equips clients with various investment solutions, personalized portfolio management, a selection of insurance and annuity products, and mutual funds. This segment also provides essential backing to third-party product partners, covering aspects like sales and marketing support, distribution, accounting, and general administrative assistance. Additionally, it facilitates margin loans and offers securities borrowing and lending services. Within the Capital Markets segment, the company engages in investment banking activities, which include orchestrating equity and debt offerings, along with offering expert advisory services for mergers and acquisitions. It further provides robust brokerage services for both fixed income and equity securities. The Asset Management segment specializes in delivering sophisticated asset and portfolio management services, complemented by administrative support functions such as detailed record-keeping, for both individual (retail) and institutional clients. Raymond James Bank maintains a portfolio of insured deposit accounts and a diverse range of lending products. These include commercial and industrial loans, financing for commercial real estate (CRE) and CRE construction, tax-exempt loans, residential mortgages, and securities-based loans. The bank also plays a role in loan syndication. Finally, the Other segment encompasses the firm's private equity activities, comprising direct investments and those made through third-party private equity funds, as well as the management of legacy private equity portfolios. Established in 1962, the company's corporate headquarters are situated in St. Petersburg, Florida.

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