Raymond James Financial (RJF) investor relations material

Executive summary

• Sixth consecutive year of record annual results; FY26 net revenues were $15.791B and net income available to common shareholders was $2.365B.

• Record Q4 net revenues of $4.269B and diluted EPS of $3.40; adjusted diluted EPS was $3.59.

Financial highlights

• FY26 net revenues rose 12% to $15.791B; net income available to common shareholders increased 11% to $2.365B, and adjusted net income was $2.464B.

• FY26 diluted EPS was $11.91 and adjusted diluted EPS was $12.41, both up 16% YoY.

• Q4 pre-tax income was $862M, up 18% YoY; adjusted pre-tax income was $909M, also up 18%.

• Q4 asset management and related administrative fees rose 23% YoY to $2.31B; investment banking revenue increased 17% to $370M.

Outlook and guidance

• FY27 asset management and related administrative fees expected to rise ~1% QoQ from Q4, driven by higher quarter-end PCG assets and fee-based accounts.

• Q1 FY27 aggregate net interest income and third-party bank RJBDP fees expected up ~1% QoQ, subject to stated rate and balance conditions and net of $2.1B fee billings.

• FY27 non-compensation expenses expected at ~$2.5B, up ~8% YoY; adjusted compensation ratio target remains ~65%, and estimated effective tax rate is ~25%.

• Buybacks expected to resume at $400M per quarter, with no catch-up; short-term rate increases generally expected to support NII and, over time, NIM, subject to deposit betas and balances.