Raymond James Financial (RJF) investor relations material

Executive summary

• Achieved 150 consecutive quarters of profitability, with record net revenues of $10.34B and pre-tax income of $1.98B for the first nine months of fiscal 2025, up 10% and 5% year-over-year.

• Quarterly net revenues reached $3.4B, up 5% year-over-year; net income available to common shareholders was $435M ($2.12 per diluted share), with adjusted EPS of $2.18.

• Record client assets under administration totaled $1.64T, with $944B in fee-based accounts and $11.7B in net new domestic PCG assets, a 3.4% growth rate.

• Strong advisor recruiting pipeline and continued investments in technology and advisor support.

• Repurchased $451M of common stock in the quarter; $749M remains under repurchase authorization.

Financial highlights

• Quarterly net revenues of $3.4B, up 5% year-over-year; pretax income of $563M, down 13% due to a $58M legal reserve.

• Net income available to common shareholders was $435M, down 11% year-over-year; adjusted net income was $449M, down 12%.

• Diluted EPS was $2.12, down 8% year-over-year; adjusted EPS was $2.18, down 9%.

• Asset management and related fees grew 8–10% year-over-year; brokerage revenues up 5% year-over-year.

• Investment banking revenues rose 15–17% year-over-year, led by M&A and underwriting activity.

Outlook and guidance

• Management is optimistic about macroeconomic conditions and investment banking pipeline, but notes ongoing uncertainty.

• Expect Q4 asset management and admin fees to rise 9% over Q3, driven by higher PCG assets and an extra business day.

• Anticipate NII and RJBDP third-party fees to decline 2% in Q4 due to lower sweep balances.

• Full-year non-comp expense guidance of $2.1B, excluding certain items, remains on track.

• Continued investment in technology and advisor support, with capital and liquidity supporting growth.