AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 05/11/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Advisor affiliations and custody services establish an operating platform, while asset balances establish scale. Neither demonstrates a relative cost advantage, network effect or economically material switching barrier. The supplied evidence cannot establish the existence or strength of a structural moat.
durability · — · Asset growth and recurring fee-based relationships are consistent with persistence, but their drivers include markets and recruiting. Without an established structural advantage or evidence of its protection through competitive challenges, moat durability cannot be graded.
customer dependency · — · Custody and advisor services could embed Raymond James in customer workflows. The passages do not disclose transfer costs, exclusive relationships, contractual dependence or customer-level continuity. Growing assets cannot distinguish dependency from successful acquisition of new relationships.
erosion resilience · — · Consolidated earnings growth demonstrates operating resilience, but does not identify a moat surviving competitive erosion. Talent competition and declining fiscal 2025 PCG profit are relevant cautions, without establishing either realized moat erosion or durable protection against it.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Reported advisory fees, commissions and interest outcomes combine balances, activity, markets, rates and mix. The passages provide no sufficiently isolated price outcome. Neither higher fee revenue nor growing fee-based assets establishes stronger realized pricing.
retention · 2/4 · Growing PCG and fee-based assets support continuing demand indirectly. The CEO attributes inflows partly to strong advisor retention, but also to recruiting, alongside market appreciation. This supports a mixed assessment of relationship persistence without establishing measured retention or customer lock-in.
margin resilience · 2/4 · Nine-month fiscal 2026 revenue and pre-tax income increased at similar rates despite lower account and service fees, although compensation grew faster than revenue and credit provisions became a benefit. Fiscal 2025 PCG profit declined despite revenue growth. Outcomes show mixed resilience rather than isolated pricing strength.
contractual freedom · — · The catalog does not disclose advisory repricing rights, negotiated pricing restrictions, termination provisions or freedom to change client terms. Business breadth and observed fee revenues do not establish contractual discretion, so this criterion remains unassessable.
Predictability100
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 3.48
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 0.32
- observedAnnualPeriods
- 5.00
Financial strength63
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · At June 30, 2026, RJF reported CET1 of 21.5% and total capital of 22.5%, against disclosed required ratios of 7.0% and 10.5%. Both named banks exceeded their requirements; RJ&A had $892 million excess net capital. Declining group ratios temper otherwise strong reported buffers.
liquidity funding · 2/4 · Parent-only cash was $2.296 billion at September 30, 2025, against $3.520 billion senior notes payable. Disclosed 2035 and 2055 issuance supplies actual long-term funding evidence. Missing current parent cash, full maturities and deposit-stability detail limit the assessment; consolidated client balances are not parent liquidity.
asset liability risk · 2/4 · June 2026 consolidated exposures include $56.227 billion net bank loans, securities, advisor loans and deposit funding. Nine-month results include a $24 million credit-loss benefit, but interest-only adjustable mortgages represent approximately 30% of residential mortgages. Rate exposures and missing comprehensive credit-quality measures support a mixed assessment.
earnings resilience · 3/4 · Nine-month fiscal 2026 net income rose to $1.702 billion from $1.531 billion, with higher advisory fees and lower interest expense offsetting weaker account fees. The credit-loss benefit also helped. This demonstrates strong period-specific resilience, with fiscal 2025 PCG weakness and market-sensitive economics limiting extrapolation.
Capital allocation—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital efficiency · 3/4 · Fiscal 2025 reported return on common equity was 17.7%, while regulatory capital substantially exceeded disclosed requirements at June 2026. This supports strong accounting capital efficiency. The return is an issuer-reported common-equity measure, not a risk-adjusted economic return or proof of acquisition and repurchase value creation.
distributions and buffers · 3/4 · Nine-month fiscal 2026 repurchases totaled $1.2 billion against $1.699 billion common earnings; the declared dividend payout ratio was 19.0%. Substantial regulatory buffers remained despite declining group ratios. The evidence supports strong distribution capacity within the period, subject to subsidiary funding and regulatory restrictions.
dilution and cost · 2/4 · Repurchases accompanied a decline in outstanding shares from 198.140 million to 192.125 million between September 2025 and June 2026; diluted weighted-average shares also fell. The $1.2 billion repurchase cost and faster compensation growth temper the benefit. Separate equity-compensation expense and repurchase investment returns remain undisclosed here.
investment discipline · — · The passages disclose growing advisor loans, goodwill and operating expenses, but do not connect acquisition or reinvestment spending to identifiable outcomes or returns. Aggregate earnings growth cannot establish the discipline of those investments. The criterion remains unassessable rather than receiving a neutral grade.
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases and dividends were accompanied by substantial regulatory buffers and growing earnings. However, group capital ratios declined, and prior senior-note issuance added financing commitments. These are observable deployment decisions; the passages do not establish repurchase value creation or returns from acquired businesses.
incentive alignment · 3/4 · Existing performance awards reference adjusted ROE and relative shareholder returns; all NEOs meet ownership requirements, and compensation recovery policies apply. Five-year LTIP vesting strengthens alignment, with retirement and other acceleration exceptions tempering it. These arrangements do not establish subsequent award achievement or recovery enforcement.
execution · 3/4 · Nine-month fiscal 2026 net revenues and common earnings increased, while August assets showed substantial year-over-year growth. These outcomes support strong execution indirectly. Market appreciation, recruiting and favorable credit-provision changes contribute; declining fiscal 2025 PCG profit prevents attributing all growth to operational improvement.
governance · 3/4 · The January proxy discloses a predominantly independent current board, shareholder proxy access, an independently selected lead director with substantive responsibilities, and existing recovery policies. These support strong governance arrangements. Their effectiveness in contested decisions or actual misconduct cases is not demonstrated.
Evidence
Financial advisors primarily affiliate with us directly as either employees or independent contractors or as employees of third-party Registered Investment Advisors (“RIAs”) and broker-dealers to which we provide services through our RIA and Custody Services (“RCS”) division.
Business — PCG advisor affiliation; 10-K filed November 25, 2025 · Filed 25/11/2025
Total client assets under administration (“AUA”) in our PCG segment as of September 30, 2025 were $1.67 trillion, of which $1.01 trillion related to fee-based accounts (“fee-based AUA”).
Business — PCG assets at September 30, 2025; 10-K filed November 25, 2025 · Filed 25/11/2025
Operating Data
As of
% change from
$ in billions
August 31,
2026
August 31,
2025
July 31,
2026
August 31,
2025
July 31,
2026
Client assets under administration
$
1,966.4
$
1,688.5
$
1,927.7
16%
2%
Private Client Group assets under administration
$
1,899.7
$
1,626.1
$
1,859.9
17%
2%
Private Client Group assets in fee-based accounts
$
1,181.2
$
978.9
$
1,155.1
21%
2%
Financial assets under management
$
350.5
$
270.0
$
344.6
30%
2%
Bank loans, net
$
56.4
$
50.2
$
56.3
12%
—%
Clients’ domestic cash sweep and Enhanced Savings Program balances
$
57.4
$
54.2
$
56.7
6%
1%
About Raymond James Financial, Inc.
Operating data — August 31, 2026 balances and comparative periods; filed September 23, 2026 · Filed 23/09/2026
“Record assets under administration of $1.97 trillion grew 16% year-over-year and 2% sequentially, driven by higher equity markets and net asset inflows resulting from strong advisor retention and recruiting,” said CEO Paul Shoukry.
August operating release — CEO attribution of asset growth; filed September 23, 2026 · Filed 23/09/2026
We compete for talent with other large financial services firms throughout the United States, Canada, the United Kingdom and Europe, and our ability to sustain or improve our position in this highly competitive environment depends substantially on our ability to continue to attract and retain the most qualified employees.
Proxy — competition for talent; filed January 7, 2026 · Filed 07/01/2026
•Private Client Group — Record net revenues of $10.2 billion increased 8% while pre-tax income of $1.7 billion decreased 4% compared to fiscal 2024.
Proxy — fiscal 2025 PCG revenue and pre-tax income; filed January 7, 2026 · Filed 07/01/2026
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
Three months ended June 30,
Nine months ended June 30,
in millions, except per share amounts
2026
2025
2026
2025
Revenues:
Asset management and related administrative fees
$
2,075
$
1,733
$
6,090
$
5,201
Brokerage revenues:
Securities commissions
503
431
1,496
1,302
Principal transactions
126
128
388
396
Total brokerage revenues
629
559
1,884
1,698
Account and service fees
316
302
935
965
Investment banking
291
212
778
753
Interest income
994
990
2,961
2,980
Other
57
46
152
125
Total revenues
4,362
3,842
12,800
11,722
Interest expense
(434)
(444)
(1,278)
(1,384)
Net revenues
3,928
3,398
11,522
10,338
Non-interest expenses:
Compensation, commissions and benefits
2,579
2,202
7,570
6,678
Non-compensation expenses:
Communications and information processing
203
191
603
553
Occupancy and equipment
85
77
245
224
Business development
95
77
251
209
Investment sub-advisory fees
63
56
189
163
Professional fees
63
42
136
110
Bank loan provision/(benefit) for credit losses
(26)
15
(24)
31
Other
116
175
339
387
Total non-compensation expenses
599
633
1,739
1,677
Total non-interest expenses
3,178
2,835
9,309
8,355
Pre-tax income
750
563
2,213
1,983
Provision for income taxes
155
127
511
452
Net income
595
436
1,702
1,531
Preferred stock dividends
—
1
3
4
Net income available to common shareholders
$
595
$
435
$
1,699
$
1,527
Earnings per common share – basic
$
3.06
$
2.16
$
8.67
$
7.51
Earnings per common share – diluted
$
3.01
$
2.12
$
8.52
$
7.35
Weighted-average common shares outstanding – basic
194.0
201.2
195.7
203.0
Weighted-average common and common equivalent shares outstanding – diluted
197.2
205.5
199.1
207.6
Net income
$
595
$
436
$
1,702
$
1,531
Other comprehensive income/(loss), net of tax:
Available-for-sale securities
(10)
53
23
42
Currency translations, net of the impact of net investment hedges
(2)
58
(5)
24
Cash flow hedges
(1)
(3)
(3)
(2)
Total other comprehensive income/(loss), net of tax
(13)
108
15
64
Total comprehensive income
$
582
$
544
$
1,717
$
1,595
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
Unaudited consolidated income statement — three and nine months ended June 30, 2026 and 2025; 10-Q filed August 5, 2026 · Filed 05/08/2026
Required ratio (1)
Well-capitalized
June 30, 2026
September 30, 2025
$ in millions
Ratio
Amount
Ratio
Amount
RJF:
Tier 1 leverage
4.0
%
N/A (2)
11.7
%
$
10,651
13.1
%
$
11,156
Tier 1 capital
8.5
%
6.0
%
21.5
%
$
10,651
23.0
%
$
11,156
CET1 capital
7.0
%
N/A (2)
21.5
%
$
10,651
22.9
%
$
11,081
Total capital
10.5
%
10.0
%
22.5
%
$
11,126
24.1
%
$
11,687
Regulatory capital — RJF ratios and requirements at June 30, 2026 and September 30, 2025; filed August 5, 2026 · Filed 05/08/2026
Required ratio (1)
Well-capitalized
June 30, 2026
September 30, 2025
$ in millions
Ratio
Amount
Ratio
Amount
Raymond James Bank:
Tier 1 leverage
4.0
%
5.0
%
8.0
%
$
3,612
8.0
%
$
3,434
Tier 1 capital
8.5
%
8.0
%
15.1
%
$
3,612
13.9
%
$
3,434
CET1 capital
7.0
%
6.5
%
15.1
%
$
3,612
13.9
%
$
3,434
Total capital
10.5
%
10.0
%
16.4
%
$
3,911
15.2
%
$
3,743
TriState Capital Bank:
Tier 1 leverage
4.0
%
5.0
%
7.4
%
$
1,796
7.6
%
$
1,661
Tier 1 capital
8.5
%
8.0
%
18.5
%
$
1,796
16.8
%
$
1,661
CET1 capital
7.0
%
6.5
%
18.5
%
$
1,796
16.8
%
$
1,661
Total capital
10.5
%
10.0
%
19.1
%
$
1,859
17.5
%
$
1,732
Regulatory capital — named bank subsidiaries at June 30, 2026; filed August 5, 2026 · Filed 05/08/2026
$ in millions
June 30, 2026
September 30, 2025
Raymond James & Associates, Inc.:
(Alternative Method elected)
Net capital as a percent of aggregate debit items
21.4
%
30.3
%
Net capital
$
984
$
1,030
Less: required net capital
(92)
(68)
Excess net capital
$
892
$
962
Regulatory capital — Raymond James & Associates, Inc. alternative-method net capital; filed August 5, 2026 · Filed 05/08/2026
September 30,
$ in millions
2025
2024
Assets:
Cash and cash equivalents
$
2,296
$
761
Assets segregated for regulatory purposes and restricted cash ($1 and $1 at fair value)
33
46
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)
1,738
1,682
Investments in consolidated subsidiaries:
Bank subsidiaries
5,806
4,829
Non-bank subsidiaries
6,064
6,322
Goodwill and identifiable intangible assets, net
85
68
All other
1,638
1,418
Total assets
$
17,660
$
15,126
Liabilities and equity:
Accrued compensation, commissions and benefits
$
1,347
$
1,168
Intercompany payables to subsidiaries (non-bank subsidiaries)
28
8
Senior notes payable
3,520
2,040
All other
262
237
Total liabilities
5,157
3,453
Equity
12,503
11,673
Total liabilities and equity
$
17,660
$
15,126
161
RAYMOND JAMES FINANCIAL, INC.
Parent-only statements of financial condition — September 30, 2025 and 2024; filed November 25, 2025 · Filed 25/11/2025
Trading assets ($1,410 and $1,248 pledged as collateral)
1,627
1,538
Available-for-sale securities ($8 and $9 pledged as collateral)
6,496
6,888
Derivative assets
32
68
Other investments ($20 and $8 pledged as collateral)
383
390
Brokerage client receivables, net
3,331
2,821
Other receivables, net
2,465
1,814
Bank loans, net
56,227
51,567
Loans to financial advisors, net
2,069
1,626
Deferred income taxes, net
465
671
Goodwill and identifiable intangible assets, net
2,608
1,847
Other assets
4,115
3,515
Total assets
$
94,237
$
88,230
Liabilities and shareholders’ equity:
Bank deposits
$
63,319
$
58,897
Collateralized financings
829
1,111
Financial instrument liabilities, at fair value:
Trading liabilities
891
891
Derivative liabilities
215
190
Brokerage client payables
6,882
5,853
Accrued compensation, commissions and benefits
2,555
2,603
Other payables
2,291
1,961
Other borrowings
950
700
Senior notes payable
3,522
3,520
Total liabilities
81,454
75,726
Commitments and contingencies (see Note 17)
Shareholders’ equity
Preferred stock
—
79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 192,124,666 shares outstanding as of June 30, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025
3
3
Additional paid-in capital
3,204
3,235
Retained earnings
14,977
13,604
Treasury stock, at cost; 57,959,502 and 51,944,574 common shares as of June 30, 2026 and September 30, 2025, respectively
(5,104)
(4,022)
Accumulated other comprehensive loss
(381)
(396)
Total equity attributable to Raymond James Financial, Inc.
Consolidated financial condition — asset exposures, funding and shares; June 30, 2026 and September 30, 2025; filed August 5, 2026 · Filed 05/08/2026
Loans where borrowers may be subject to payment increases include adjustable rate mortgage loans with terms that initially require payment of interest only.
Market and credit risk — interest-only adjustable-rate mortgages; filed August 5, 2026 · Filed 05/08/2026
At June 30, 2026 and September 30, 2025, these loans totaled $3.41 billion and $3.04 billion, respectively, or approximately 30% of the residential mortgage portfolio at each respective period end.
Market and credit risk — interest-only mortgage amounts and residential portfolio share; filed August 5, 2026 · Filed 05/08/2026
The model also considers interest rate-related risks such as pricing spreads, pricing of client cash accounts, including deposit betas, and prepayments.
Market risk — modeled interest-rate exposures; filed August 5, 2026 · Filed 05/08/2026
During the nine months ended June 30, 2026, we repurchased 7.7 million shares of our common stock for $1.2 billion.
Shareholders’ equity — actual nine-month fiscal 2026 repurchases; filed August 5, 2026 · Filed 05/08/2026
Three months ended June 30,
Nine months ended June 30,
2026
2025
2026
2025
Dividend payout ratio
17.9
%
23.6
%
19.0
%
20.4
%
We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules.
Shareholders’ equity — dividend payout ratios and subsidiary distribution restrictions; filed August 5, 2026 · Filed 05/08/2026
Additionally, we achieved a return on common equity of 17.7% and an adjusted return on tangible common equity of 21.3%(1) while maintaining capital ratios well above regulatory requirements, providing significant flexibility to continue being opportunistic and investing in growth.
Proxy leadership letter — fiscal 2025 return on common equity; filed January 7, 2026 · Filed 07/01/2026
•Issued $1.5 billion in senior notes, consisting of $650 million in 4.90% senior notes due 2035 and $850 million in 5.65% senior notes due 2055
Proxy — fiscal 2025 senior-note issuance, coupons and maturities; filed January 7, 2026 · Filed 07/01/2026
•Performance vesting awards vest based on company’s achievement of Adjusted ROE and relative total shareholder return (“rTSR”) thresholds, thus further aligning executives with long-term shareholder interests
Proxy — existing performance-vesting award metrics; filed January 7, 2026 · Filed 07/01/2026
In addition, each award under our Long-Term Incentive Plan (“LTIP”), a non-qualified retention plan for highly compensated employees, cliff vests at the end of a five-year period, subject in certain cases to accelerated vesting upon retirement, death and disability.
Proxy — LTIP vesting and acceleration exceptions; filed January 7, 2026 · Filed 07/01/2026
“Clawback” policy. We maintain a robust compensation recoupment policy, together with an NYSE-compliant Dodd-Frank Clawback Policy, which permit the company to recover compensation in the event of a financial restatement, inaccurate performance measures, and serious misconduct or materially imprudent judgment that results in material financial or reputational harm to the company.
Proxy — existing compensation recovery policies; filed January 7, 2026 · Filed 07/01/2026
All of our NEOs have reached or exceeded the ownership requirements.
Proxy — actual NEO ownership-policy compliance; filed January 7, 2026 · Filed 07/01/2026
•Eleven of our current 13 directors, and ten of our 12 director nominees, are non-executive directors who have been deemed independent under Securities and Exchange Commission (“SEC”) and New York Stock Exchange (“NYSE”) rules
Proxy — current board and nominee independence; filed January 7, 2026 · Filed 07/01/2026
•We maintain a proxy access by-law under which holders (or a group of up to 20 holders) of 3% of our shares continuously for at least 3 years may nominate up to the greater of 20% of our Board or two director candidates for inclusion in our proxy statement
Lead Independent Director
•A lead independent director, selected by our non-executive directors, operates pursuant to a separate written charter
Proxy — proxy access and independently selected lead director; filed January 7, 2026 · Filed 07/01/2026
•Duties include presiding over executive sessions, recommending agenda topics, facilitating annual self-evaluation of the Board and its committees, assisting in the performance evaluation of our CEO and CEO succession planning
Board Oversight of Risk Management
•Our Board exercises oversight of management’s responsibilities to assess and manage our key risks
Proxy — lead director responsibilities and board risk oversight; filed January 7, 2026 · Filed 07/01/2026
