Raymond James Financial (RJF) investor relations material

Executive summary

• Achieved record annual net revenues of $14.07 billion and net income of $2.13 billion for fiscal 2025, with all-time highs in client assets under administration ($1.73 trillion) and fee-based accounts ($1.01 trillion).

• Fourth quarter net revenues reached $3.73 billion, up 8% year-over-year and 10% sequentially; net income available to common shareholders was $603 million, or $2.95 per diluted share; adjusted EPS was $3.11.

• Significant investments of ~$1 billion in technology, including AI and new leadership roles, to enhance advisor efficiency, service, and regulatory oversight.

• Returned over $1.5 billion to shareholders via share repurchases and dividends in fiscal 2025.

• Recognized for highest investor satisfaction and most trusted company among advised investors in wealth management.

Financial highlights

• Annual net revenues increased 10% year-over-year to $14.1 billion; annual adjusted EPS rose 6% to $10.66.

• Fourth quarter adjusted net income was $635 million, or $3.11 per diluted share, up 2% year-over-year and 41% sequentially.

• Annualized return on common equity for Q4 was 19.6%; adjusted return on tangible common equity was 23.9%.

• Book value per share at year-end was $62.72, up 10% year-over-year; tangible book value per share was $54.12, up 12%.

• Effective tax rate for Q4 was 17.4%, benefiting from nontaxable gains and favorable tax resolutions.

Outlook and guidance

• Entering fiscal 2026 with record client asset levels, a strong investment banking pipeline, and robust growth opportunities.

• Expect asset management and related administrative fees to rise by 6.5% in fiscal Q1 2026, driven by higher PCG assets.

• Pre-tax margin target remains above 20% on an adjusted basis.

• Fiscal 2026 effective tax rate estimated at 24%-25%.

• Management expresses optimism about macroeconomic improvements but notes ongoing uncertainty.