Core Insights - Raymond James Financial, Inc. reported $3.4 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 5.3% [1] - The earnings per share (EPS) for the same period was $2.18, down from $2.39 a year ago, indicating an EPS surprise of -8.02% compared to the consensus estimate of $2.37 [1] Financial Performance Metrics - The Tier 1 Leverage Ratio was reported at 13.1%, matching the average estimate from three analysts [4] - Private Client Group assets in Fee-based Accounts reached $943.9 million, exceeding the average estimate of $903.47 million from three analysts [4] - The Net Interest Margin was 2.7%, slightly below the average estimate of 2.8% based on two analysts [4] - The Total Capital Ratio stood at 24.3%, lower than the average estimate of 25% from two analysts [4] Revenue Breakdown - Total brokerage revenues were $559 million, compared to the estimated $567.97 million, reflecting a year-over-year increase of 5.1% [4] - Asset management and related administrative fees generated $1.73 billion, surpassing the average estimate of $1.69 billion, with a year-over-year change of +7.6% [4] - Interest income was reported at $990 million, slightly above the estimated $980.41 million, but down 6.3% year-over-year [4] - Other revenues totaled $46 million, exceeding the estimate of $42.14 million, but down 9.8% from the previous year [4] - Account and service fees were $302 million, below the average estimate of $317.75 million, representing a year-over-year decline of 7.9% [4] - Investment banking revenues were $212 million, in line with the average estimate, showing a year-over-year increase of 15.9% [4] - Total Brokerage Revenues from the Private Client Group were $420 million, slightly below the estimate of $421.36 million, with a year-over-year increase of 2.7% [4] - Principal transactions generated $128 million, below the average estimate of $138.96 million, but reflecting a year-over-year increase of 10.3% [4] Stock Performance - Shares of Raymond James Financial have returned +6.5% over the past month, outperforming the Zacks S&P 500 composite's +5.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - Raymond James Financial, Inc. reported quarterly earnings of $2.18 per share, missing the Zacks Consensus Estimate of $2.37 per share, and down from $2.39 per share a year ago, representing an earnings surprise of -8.02% [1] - The company posted revenues of $3.4 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.11%, compared to year-ago revenues of $3.23 billion [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] 分组2 - The stock has added about 3.4% since the beginning of the year, underperforming the S&P 500's gain of 7.3% [3] - The current consensus EPS estimate for the coming quarter is $2.75 on $3.55 billion in revenues, and for the current fiscal year, it is $10.40 on $13.85 billion in revenues [7] - The Zacks Industry Rank for Financial - Investment Bank is currently in the top 6% of over 250 Zacks industries, indicating strong performance potential [8]

Financial Data and Key Metrics Changes - The firm reported quarterly net revenues of $3.4 billion, a 5% increase year-over-year [8] - Pretax income was $563 million, a decline of 13% compared to the previous year [8] - For the first nine months of fiscal 2025, record net revenues reached $10.3 billion, with pretax income of $1.98 billion, up 105% year-over-year [9] - Adjusted earnings per diluted share were $2.18, with an adjusted pretax margin of 17.1% [16] Business Line Data and Key Metrics Changes - The Private Client Group generated pretax income of $411 million on net revenues of $2.49 billion, driven by higher assets under administration [17] - The Capital Markets segment reported net revenues of $381 million but incurred a pretax loss of $54 million, with a 15% year-over-year revenue growth [17] - The Asset Management segment achieved record pretax income of $125 million on net revenues of $291 million, attributed to strong net inflows [18] - The Bank segment generated net revenues of $458 million and pretax income of $123 million, with a 5% sequential growth in net interest income [19] Market Data and Key Metrics Changes - Client assets under administration reached a record $1.57 trillion, representing an 11% year-over-year growth [9] - Domestic net new assets totaled $11.7 billion, reflecting a 3.4% annualized growth rate [10] - The firm experienced strong net inflows of approximately $2.1 billion into managed programs [18] Company Strategy and Development Direction - The company aims to enhance its platforms and offerings to attract and retain top advisors, focusing on education and technology investments [11] - The investment banking pipeline remains strong, with optimism about macroeconomic conditions despite uncertainties [12] - The firm is committed to pursuing strategic acquisitions that align with its cultural and strategic fit criteria [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recruiting pipeline and anticipated continued growth in the upcoming quarters [30] - The firm remains focused on maintaining high service levels for existing advisors while onboarding new ones [35] - Management acknowledged the competitive environment but noted a potential inflection point for private equity-backed roll-ups [66] Other Important Information - The firm repurchased $451 million of common stock during the quarter, with over $1 billion returned to shareholders year-to-date [14] - The effective tax rate for the quarter was 22.6%, with an estimated rate of approximately 24% for the fiscal year [28] Q&A Session Summary Question: Can you elaborate on the recruiting pipeline and engagement across different channels? - Management noted a significant acceleration in recruiting activity, with a strong pipeline across all affiliation options, reminiscent of pre-financial crisis levels [34][35] Question: What is the outlook for balance sheet growth across key segments? - Management indicated a 20% year-over-year increase in securities-based loans and an 8% increase in mortgages, supporting client demand [40][41] Question: What are the challenges affecting organic growth and net new assets? - Management acknowledged pressure on existing advisors but emphasized strong retention and morale, with a growing recruiting pipeline [46][47] Question: How does the competitive environment for recruiting compare to previous years? - Management described the environment as competitive but noted a shift in tone among private equity-backed firms, suggesting a potential easing in aggressive recruiting tactics [66][69] Question: What is the firm's strategy regarding M&A opportunities? - Management remains active in exploring M&A opportunities, focusing on cultural and strategic fit, while maintaining discipline in valuations [80][81]

Financial Data and Key Metrics Changes - Quarterly net revenues reached $3.4 billion, reflecting a 5% increase year-over-year [8] - Pretax income decreased by 13% to $563 million, impacted by a $58 million legal reserve increase [8][9] - For the first nine months of fiscal 2025, record net revenues of $10.3 billion and record pretax income of $1.98 billion, up 105% compared to the same period last year [9][10] - Adjusted earnings per diluted share were $2.18, with an adjusted pretax margin of 17.1% [17] Business Line Data and Key Metrics Changes - Private Client Group generated pretax income of $411 million on net revenues of $2.49 billion, with a record $1.57 trillion in client assets under administration, up 11% year-over-year [10][18] - Capital Markets segment reported net revenues of $381 million but a pretax loss of $54 million, with a 15% year-over-year revenue growth driven by investment banking and brokerage revenues [18][19] - Asset Management segment achieved record pretax income of $125 million on net revenues of $291 million, with strong net inflows of approximately $2.1 billion into managed programs [19] - Bank segment net revenues were $458 million, with a pretax income of $123 million, and loans ended at a record $49.8 billion [14][20] Market Data and Key Metrics Changes - Domestic net new assets totaled $11.7 billion, representing a 3.4% annualized growth rate [11] - Client domestic cash sweep and enhanced savings program balances decreased by 4% to $55.2 billion [21] - The average yield on JVDP balances with third-party banks decreased by four basis points to 2.96% [23] Company Strategy and Development Direction - The company aims to enhance its platforms and offerings to attract and retain financial advisors, focusing on education and technology investments [12][13] - The investment banking pipeline remains strong, with optimism about macroeconomic conditions despite uncertainties [13] - The company is committed to pursuing strategic acquisitions that align with its cultural and strategic fit criteria [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recruiting pipeline and anticipated growth momentum in the coming quarters [11][31] - The investment banking environment is uncertain, but the company expects better performance in the next two quarters based on current activity levels [31][32] - The company maintains a strong balance sheet and plans to continue share repurchases and capital investments [15][30] Other Important Information - The company returned over $1 billion to shareholders through dividends and share repurchases year-to-date [15] - The effective tax rate for the quarter was 22.6%, with an estimated annual rate of approximately 24% [29] Q&A Session Summary Question: Can you elaborate on the recruiting pipeline and engagement across different channels? - Management noted a significant acceleration in recruiting activity, with a strong pipeline and increased engagement across all affiliation options [35][36] Question: What is the trajectory of balance sheet growth across key segments? - Management indicated strong year-over-year growth in securities-based lending and mortgages, with a robust deposit base supporting future growth [40][42] Question: What are the current dynamics affecting organic growth and net new assets? - Management acknowledged pressure on existing advisor bases but expressed optimism about the recruiting pipeline and the potential for future growth [45][50] Question: How does the competitive environment for recruiting look currently? - Management described the environment as competitive but noted a shift in tone among some private equity-backed firms, suggesting a potential easing in aggressive recruiting tactics [70][72] Question: What is the outlook for investment banking and the current pipeline? - Management expects the investment banking environment to improve in the next two quarters, citing a recovery from earlier market shocks [106]

Certain statements made in this presentation and the associated conference call may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and prici ...

July 23, 2025 FOR IMMEDIATE RELEASE Media Contact: Steve Hollister, 727.567.2824 Investor Contact: Kristina Waugh, 727.567.7654 raymondjames.com/news-and-media/press-releases RAYMOND JAMES FINANCIAL REPORTS FISCAL THIRD QUARTER OF 2025 RESULTS ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.40 billion and net income available to common shareholders of $435 million, or $2.12 per diluted share, for the fiscal third quarter ended June 30, 2025. Excluding $19 m ...

Core Insights - Raymond James Financial, Inc. reported net revenues of $3.40 billion and net income of $435 million for the fiscal third quarter ended June 30, 2025, marking a 5% increase in quarterly net revenues compared to the prior year [1][2] - The firm celebrated its 150th consecutive quarter of profitability, highlighting strong growth in financial advisor recruitment and a robust investment banking pipeline [2] - For the first nine months of fiscal 2025, record net revenues reached $10.34 billion, a 10% increase year-over-year, with record earnings per diluted share of $7.35, up 7% [2][5] Financial Performance - Quarterly adjusted net income available to common shareholders was $449 million, or $2.18 per diluted share, after excluding $19 million in acquisition-related expenses [1][2] - Annualized return on common equity was 17.1% and annualized adjusted return on tangible common equity was 20.5% for the first nine months of fiscal 2025 [2][5] - The effective tax rate for the quarter was 22.6%, benefiting from nontaxable corporate-owned life insurance gains [15] Segment Results Private Client Group - Record net revenues of $10.34 billion and pre-tax income of $1.98 billion for the first nine months of fiscal 2025, up 10% and 5% respectively [5] - Record client assets under administration reached $1.64 trillion, with fee-based accounts totaling $943.9 billion, reflecting increases of 11% and 15% year-over-year [5][11] - Domestic Private Client Group net new assets for the fiscal third quarter were $11.7 billion, with a year-to-date total of $34.5 billion [11] Capital Markets - Quarterly net revenues increased 15% year-over-year, driven by higher investment banking and brokerage revenues [9][12] - The investment banking pipeline remains strong, although the current macroeconomic environment is uncertain [9] Asset Management - Quarterly net revenues rose 3% year-over-year, primarily due to higher asset management fees, which reached $1.46 billion [7][10] - Record financial assets under management were reported at $263.2 billion, up 15% over June 2024 [13] Banking - The bank segment reported a net interest margin of 2.74%, up 10 basis points year-over-year, with net loans increasing by 3% [14] Shareholder Actions - The company repurchased $451 million of common stock during the fiscal third quarter at an average price of $137 per share [15]

Core Insights - Raymond James has welcomed financial advisor Robert Chanin to its employee advisor channel, Raymond James & Associates (RJA), enhancing its wealth management capabilities for high-net-worth clients [1][3] - Chanin brings over 45 years of industry experience and previously managed approximately $750 million in client assets at Stifel [1][2] - The firm emphasizes its commitment to providing seasoned advisors with the freedom to serve clients while maintaining robust resources and support [2][3] Company Overview - Raymond James & Associates, Inc. is a leader in financial planning and wealth management services, catering to individuals, high-net-worth families, corporations, and municipalities [3] - As of May 31, 2025, total client assets managed by Raymond James are approximately $1.58 trillion [3]

Core Insights - Raymond James (RJF) is expected to report a slight decline in earnings for Q3 fiscal 2025, while revenues are projected to increase year-over-year [1][3] Financial Performance - In the last quarter, RJF's earnings fell short of the Zacks Consensus Estimate due to higher non-interest expenses and subdued investment banking (IB) performance, although strong brokerage performance in Capital Markets and robust results from the Private Client Group and Asset Management segments provided some support [2] - The Zacks Consensus Estimate for RJF's Q3 earnings is $2.37, reflecting a nearly 1% decline from the previous year, while the sales estimate of $3.36 billion indicates a 4.1% growth [3] Investment Banking (IB) Fees - Global M&A activity improved in the reported quarter, leading to an expected rise in RJF's advisory fees, despite initial market volatility due to tariff announcements [4] - The IPO market saw a resurgence, positively impacting RJF's underwriting fees, with IB fees estimated at $212.1 million, representing a 15.9% year-over-year increase [5] Trading Revenues - Client activity and market volatility were strong in the June-ended quarter, driven by trade war concerns and sustained high interest rates, suggesting solid growth in RJF's trading revenues [6] Net Interest Income (NII) - The Federal Reserve's decision to maintain interest rates at 4.25-4.5% is expected to have a favorable impact on RJF's NII, although higher funding costs may offset some gains [7] - The consensus estimate for interest income is $980.4 million, indicating a 7.2% decline, while RJF's own estimate is $1.01 billion [8] Expenses - Non-interest expenses are projected to rise nearly 6% due to advisor hiring and inflationary pressures, with total non-interest expenses expected to reach $2.74 billion, a 5.9% year-over-year increase [9][10] Earnings Surprise Potential - The likelihood of RJF beating the Zacks Consensus Estimate is high, supported by a positive Earnings ESP of +1.24% and a Zacks Rank of 3 (Hold) [11][12]

The market expects Raymond James Financial, Inc. (RJF) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on July 23, might help the stock move higher if these key numbe ...