•Record client assets under administration of $1.77 trillion and record Private Client Group assets in fee-based accounts of $1.04 trillion, up 14% and 19%, respectively, over December 2024

•Record quarterly net revenues of $3.74 billion, up 6% over the prior year’s fiscal first quarter and just above the preceding quarter

•Quarterly net income available to common shareholders of $562 million, or $2.79 per diluted share; quarterly adjusted net income available to common shareholders of $577 million(1), or $2.86 per diluted share(1)

•Domestic Private Client Group net new assets(2) of $30.8 billion for the fiscal first quarter, or annualized growth from beginning of quarter assets of 8.0%

•Securities-based loans of $21.7 billion, up 28% over the prior year’s fiscal first quarter and 10% above the preceding quarter

•Annualized return on common equity and annualized adjusted return on tangible common equity were 18.0% and 21.4%(1), respectively, for the fiscal first quarter.

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.74 billion and net income available to common shareholders of $562 million, or $2.79 per diluted share, for the fiscal first quarter ended December 31, 2025. Excluding $15 million of expenses, net of tax, related to acquisitions, quarterly adjusted net income available to common shareholders was $577 million(1), or $2.86 per diluted share(1).

“Our focus on being the absolute best firm for financial professionals and their clients has contributed to record quarterly revenues of $3.74 billion, record client assets of $1.77 trillion and annualized net new asset growth of 8%,” said CEO Paul Shoukry. “We continue to deploy capital with a focus on the long term, as evidenced by our robust organic growth, continued investments in our technology and platform, and our recently announced acquisition of Clark Capital, an independent asset manager with a cultural and strategic fit and consistently strong growth. We also increased our quarterly dividend by 8% and repurchased $400 million of shares during the quarter.”

Record quarterly net revenues increased 6% over the prior year’s fiscal first quarter, largely driven by continued growth in asset management and related administrative fees which increased 15% to $2.0 billion. Compared to the preceding quarter, net revenues reflect strong growth in asset management and related administrative fees, partially offset by lower investment banking revenues and a decline in affordable housing investments business revenues compared with a seasonally strong preceding quarter. Quarterly pre-tax income was substantially unchanged from the preceding quarter while net income available to common shareholders decreased 7% largely due to an anticipated higher effective tax rate. For the fiscal first quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.0% and 21.4%(1), respectively.

•Record quarterly net revenues of $2.77 billion, up 9% over the prior year’s fiscal first quarter and 4% over the preceding quarter

•Quarterly pre-tax income of $439 million, down 5% compared to the prior year’s fiscal first quarter and up 6% over the preceding quarter

•Record Private Client Group assets under administration of $1.71 trillion, up 15% over December 2024 and 3% over September 2025

•Record Private Client Group assets in fee-based accounts of $1.04 trillion, up 19% over December 2024 and 3% over September 2025

•Domestic Private Client Group net new assets(2) of $30.8 billion for the fiscal first quarter, or annualized growth from beginning of the quarter assets of 8.0%

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.1 billion, down 3% compared to the prior year’s fiscal first quarter and up 3% over the preceding quarter

Quarterly net revenues rose 9% year-over-year primarily driven by higher asset management and related administrative fees, partially offset by the impact of lower short-term interest rates. Asset management and related administrative fees increased 15% from last year's first quarter to $1.69 billion, mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the aforementioned impact of lower interest-related revenues resulting from lower interest rates and costs associated with our continued investments in growth.

•Quarterly net revenues of $380 million, down 21% compared to the prior year’s fiscal first quarter and 26% compared to the preceding quarter

•Quarterly investment banking revenues of $200 million, down 37% compared to the prior year’s fiscal first quarter and 35% compared to the preceding quarter

•Quarterly pre-tax income of $9 million

Quarterly net revenues decreased 21% compared to the prior year period, driven predominantly by lower M&A and advisory revenues. Sequentially, quarterly net revenues declined 26% largely due to lower debt underwriting and M&A and advisory revenues, and a decline in affordable housing investments business revenues compared with a seasonally strong preceding quarter. While investment banking revenues were lower in the fiscal first quarter largely due to the timing of closings, the pipeline remains strong.

•Record quarterly net revenues of $326 million, up 11% over the prior year’s fiscal first quarter and 4% over the preceding quarter

•Record quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal first quarter and 8% over the preceding quarter

•Record financial assets under management of $280.8 billion, up 15% over December 2024 and 2% over September 2025

The increase in quarterly net revenues and pre-tax income over both the prior-year and sequential quarters is largely attributable to higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.

Earlier in January, the firm announced the acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions, with over $46 billion in combined assets under management and non-discretionary assets as of December 31, 2025. With its track record of strong inflows and high growth, Clark Capital will become a part of our multi-boutique offering within Raymond James Investment Management.

•Quarterly net revenues of $487 million, up 15% over the prior year’s fiscal first quarter and 6% over the preceding quarter

•Quarterly pre-tax income of $173 million, up 47% over the prior year’s fiscal first quarter and 30% over the preceding quarter

•Record net bank loans of $53.4 billion, up 13% over December 2024 and 4% over September 2025

•Bank segment net interest margin (“NIM”) of 2.81% for the quarter, up 21 basis points over the prior year’s fiscal first quarter and 10 basis points over the preceding quarter

Net bank loans grew 13% over the year-ago quarter, attributable mainly to ongoing growth in securities-based and residential mortgage loans, which rose by 28% and 10%, respectively. Bank segment net interest income increased 14% and 6%, compared to the prior-year and preceding quarter, respectively, due to loan growth and lower funding costs driven by the decline in short-term rates and a favorable mix shift in deposits. These factors also led to NIM of 2.81%, expanding by 10 basis points from the preceding quarter. The credit quality of the loan portfolio remains strong.

The effective tax rate for the quarter was 22.7%, reflecting a seasonal tax benefit arising from share-based compensation that settled during the quarter.

In December, the Board of Directors increased the quarterly cash dividend on common shares 8% to $0.54 per share and authorized common stock repurchases of up to $2 billion, replacing the previous authorization. During the fiscal first quarter, the firm repurchased $400 million of common stock at an average price of $162 per share. As of December 31, 2025, $1.9 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.3%(3) and the tier 1 leverage ratio was 12.7%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, January 28, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-596-4144 (conference code: 3778589).

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.77 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Certain statements made in this press release 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, inflation, and international trade policies), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

						Three months ended
						December 31, 2025																					December 31, 2024																					September 30, 2025
$ in millions						Average balance						Interest						Annualized average rate									Average balance						Interest						Annualized average rate									Average balance						Interest						Annualized average rate
						INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents						$	5,321					$	52					3.85		%							$	6,453					$	76					4.65		%							$	5,564					$	60					4.30		%
Available-for-sale securities						7,276						42						2.29		%							8,753						49						2.26		%							7,611						43						2.28		%
Loans held for sale and investment: (13)
Loans held for investment:
Securities-based loans (14)						20,626						296						5.62		%							16,485						270						6.40		%							18,961						289						5.96		%
Commercial and industrial loans						10,701						168						6.16		%							10,128						178						6.88		%							10,614						174						6.40		%
Commercial real estate loans						7,718						121						6.13		%							7,641						135						6.92		%							7,709						127						6.44		%
Real estate investment trust loans						1,718						29						6.59		%							1,653						31						7.35		%							1,662						31						7.06		%
Residential mortgage loans						10,467						107						4.10		%							9,536						91						3.82		%							10,154						103						4.05		%
Tax-exempt loans (15)						1,148						8						3.41		%							1,305						9						3.36		%							1,257						9						3.47		%
Loans held for sale						304						5						6.69		%							212						4						7.22		%							232						4						7.00		%
Total loans held for sale and investment						52,682						734						5.49		%							46,960						718						6.02		%							50,589						737						5.72		%
All other interest-earning assets						241						3						4.85		%							243						4						5.81		%							239						3						5.06		%
Interest-earning assets — Bank segment						$	65,520					$	831					5.00		%							$	62,409					$	847					5.35		%							$	64,003					$	843					5.19		%
All other segments
Cash and cash equivalents						$	5,109					$	49					3.81		%							$	4,056					$	48					4.72		%							$	4,444					$	48					4.23		%
Assets segregated for regulatory purposes and restricted cash						3,897						35						3.56		%							3,648						42						4.55		%							3,634						35						3.91		%
Trading assets — debt securities						1,570						22						5.47		%							1,395						19						5.41		%							1,409						18						5.23		%
Brokerage client receivables						2,617						43						6.56		%							2,407						45						7.35		%							2,448						43						6.94		%
All other interest-earning assets						2,928						27						3.53		%							2,579						26						3.93		%							2,755						27						3.83		%
Interest-earning assets — all other segments						$	16,121					$	176					4.31		%							$	14,085					$	180					5.05		%							$	14,690					$	171					4.62		%
Total interest-earning assets						$	81,641					$	1,007					4.86		%							$	76,494					$	1,027					5.29		%							$	78,693					$	1,014					5.08		%
						INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (10)						$	35,027					$	131					1.49		%							$	32,548					$	168					2.05		%							$	33,517					$	143					1.69		%
Interest-bearing demand deposits (11)						22,144						204						3.66		%							20,921						229						4.34		%							22,262						227						4.03		%
Certificates of deposit						1,961						20						4.13		%							2,452						28						4.59		%							1,855						20						4.27		%
Total bank deposits (16)						59,132						355						2.39		%							55,921						425						3.02		%							57,634						390						2.68		%
Federal Home Loan Bank advances and all other interest-bearing liabilities						751						6						2.85		%							1,091						8						2.69		%							818						11						2.02		%
Interest-bearing liabilities — Bank segment						$	59,883					$	361					2.40		%							$	57,012					$	433					3.01		%							$	58,452					$	401					2.71		%
All other segments
Trading liabilities — debt securities						$	932					$	12					5.25		%							$	859					$	11					5.07		%							$	883					$	12					5.39		%
Brokerage client payables						5,042						14						1.09		%							4,771						20						1.65		%							4,882						14						1.20		%
Senior notes payable						3,521						43						4.91		%							2,040						23						4.50		%							2,362						27						4.65		%
All other interest-bearing liabilities (16)						1,272						11						3.19		%							1,132						11						3.78		%							1,277						9						2.79		%
Interest-bearing liabilities — all other segments						$	10,767					$	80					2.95		%							$	8,802					$	65					2.92		%							$	9,404					$	62					2.68		%
Total interest-bearing liabilities						$	70,650					$	441					2.48		%							$	65,814					$	498					3.00		%							$	67,856					$	463					2.71		%
Firmwide net interest income												$	566																				$	529																				$	551
Net interest margin (net yield on interest-earning assets)
Bank segment																		2.81		%																			2.60		%																			2.71		%
Firmwide																		2.75		%																			2.74		%																			2.78		%

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.