Raymond James Financial(US:RJF)2026-01-28 21:11Financial Performance - Record net revenues of $3.74 billion for the fiscal first quarter, up 6% year-over-year[4] - Net income available to common shareholders was $562 million, or $2.79 per diluted share; adjusted net income was $577 million, or $2.86 per diluted share[3] - Total revenues for the three months ended December 31, 2025, were $4,176 million, representing a 3% increase from $4,035 million in the same period of 2024[27] - Net income for the same period was $563 million, a decrease of 6% compared to $600 million in the prior year[27] - Earnings per common share (basic) decreased to $2.85, down 3% from $2.94 in the previous year[27] - The overall pre-tax income for the company was $728 million, a slight decrease of 3% from $749 million in the previous year[32] - Pre-tax income for the Bank segment increased by 47% to $173 million, compared to $118 million in the same quarter last year[32] - Pre-tax income decreased by 5% to $439 million from $462 million year-over-year[35] Client Assets and Growth - Record client assets under administration reached $1.77 trillion, with Private Client Group assets in fee-based accounts increasing 19% to $1.04 trillion[4] - Domestic Private Client Group net new assets totaled $30.8 billion for the quarter, reflecting annualized growth of 8%[4] - Client assets under administration reached $1,773.1 billion, a 14% increase from $1,557.5 billion in December 2024[28] - Private Client Group assets in fee-based accounts grew by 19% to $1,040.1 billion from $876.6 billion in the previous year[28] - Domestic Private Client Group net new assets were $30,828 million, showing an annualized growth rate of 8.0%[28] Revenue Segments - Capital Markets segment revenues decreased by 21% year-over-year, primarily due to lower M&A and advisory revenues[8] - The Private Client Group generated revenues of $2,768 million, reflecting a 9% increase from $2,548 million year-over-year[32] - The Bank segment reported revenues of $487 million, up 15% from $425 million in the previous year[32] - Asset Management revenues rose by 11% to $326 million, compared to $294 million in the same quarter last year[32] - Total brokerage revenues increased by 9% to $470 million compared to $433 million in the previous year[35] - Total investment banking revenues decreased by 37% to $200 million from $317 million in the previous year[38] Assets and Liabilities - Total assets as of December 31, 2025, increased to $88.8 billion, an 8% rise from $82.3 billion a year earlier[28] - Total assets increased to $66.7 billion as of December 31, 2025, representing a 7% increase from $62.3 billion in 2024[49] - Interest-earning assets in the Bank segment totaled $65,520 million, with a net interest margin of 2.81%[30] - Total interest-bearing liabilities amounted to $70,650 million, with an average interest rate of 2.48%[30] Dividends and Stock Repurchase - The quarterly dividend was increased by 8% to $0.54 per share, with $400 million of common stock repurchased during the quarter[19] Equity and Returns - Annualized return on common equity was 18.0%, while adjusted return on tangible common equity was 21.4%[4] - Book value per share increased to $63.41, reflecting a 10% growth from $57.89 in the prior year[28] - Return on common equity for the three months ended December 31, 2025, was 18.0%, down from 20.4% for the same period in 2024[60] - Adjusted return on common equity was 18.5% for the three months ended December 31, 2025, compared to 20.9% for the same period in 2024[60] Expenses - Total non-interest expenses rose by 12% to $2,329 million compared to $2,086 million in the previous year[35] - Compensation, commissions, and benefits expense rose to $2,450 million, up from $2,272 million in 2024[52] Nonperforming Assets - Total nonperforming assets rose to $208 million, a 29% increase from $161 million in 2024[49] - Total criticized loans were $611 million, a slight increase of 2% from $599 million in 2024[49]