{"schemaVersion":1,"research":true,"symbol":"rjf","name":"Raymond James Financial","topic":"moat","path":"/stock/rjf/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:59:10.973Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Raymond James demonstrates client asset gathering, advisor recruitment and profitable execution, but the passages do not establish a durable structural advantage. Integrated custody, advice and banking provide a plausible source of switching friction, without demonstrated customer dependence or superior competitive economics. Pricing evidence shows pressure on cash-related revenues and some operating resilience, rather than established pricing power.","advantages":[{"mechanism":"switching_costs","claim":"Custody, execution, account information, asset management and banking form an existing integrated platform that could increase relationship attachment. The passages establish its use and growth, but not material switching costs or a proven moat.","durability":"Unestablished. Positive net new assets and growing custody assets support current commercial traction, but do not isolate retention, switching friction or performance relative to alternatives.","risks":"Competition for advisors can increase compensation and recruiting costs. Demand for higher deposit yields and interest-rate sensitivity constrain cash monetization. These pressures could weaken relationship economics; disclosed risk factors do not establish that advisor losses have occurred.","invalidation":"The attachment hypothesis would weaken materially if advisor departures produced sustained net client outflows, custody relationships contracted after adjusting for markets and acquisitions, or maintaining relationships required concessions that persistently reduced their economics. Evidence of durable retention through competitive repricing and advisor transitions would strengthen it.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — RIA and Custody Services","excerpt":"RIA and Custody Services Through our domestic RCS division, we offer third-party RIAs and broker-dealers a range of products and services including custodial services, trade execution, research, and other support and services (including access to clients’ account information and the services of the Asset Management segment) for which we receive fees, which may be either transactional or based on AUA."},{"id":"e2","sourceId":"filing-1","location":"Business — RCS assets under administration at September 30, 2025","excerpt":"AUA associated with firms in our RCS division totaled $217.3 billion as of September 30, 2025."},{"id":"e3","sourceId":"filing-4","location":"Business — RCS assets under administration at September 30, 2024","excerpt":"AUA associated with firms in our RCS division totaled $180.7 billion as of September 30, 2024."},{"id":"e4","sourceId":"filing-1","location":"Business — Bank segment deposit funding","excerpt":"Raymond James Bank’s liabilities primarily consist of cash deposits, including cash swept from the investment accounts of PCG clients through the RJBDP and deposits in our Enhanced Savings Program (“ESP”), in which PCG clients may deposit cash in a FDIC-insured high-yield Raymond James Bank account."},{"id":"e5","sourceId":"filing-3","location":"Executive compensation — Private Client Group fiscal 2025 contributions","excerpt":"Elwyn President of Private Client Group 2025 Contributions Financial Achievement •Achieved record PCG annual net revenues of $10.2 billion, up 8% over fiscal 2024 •Strong PCG annual pre-tax income of $1.7 billion Business Growth •Grew PCG assets under administration to record level of $1.67 trillion, an 11% increase over the prior fiscal year •Domestic PCG net new assets of $52.4 billion during fiscal 2025 •Recruited financial advisors to the domestic independent contractor and employee affiliation options with a record $407 million of trailing 12-month production at their previous firms Operating Efficiency •Successfully led initiatives to increase digital tool utilization by financial advisors and their clients, as well as branch managers, to enhance PCG’s service delivery model •Maintained appropriate focus on domestic PCG compensation ratio and disciplined management of expenses, while delivering record recruiting results •Provided strong support for collaboration in recruiting efforts across the domestic advisor channels General Management •Successfully supported several senior leadership realignments across the business segment as a result of executive succession •Provided effective governance as a director of several subsidiary boards Compensation: The Committee approved an annual bonus for 2025 of $6,500,000 Compensation Mix 2026 PROXY STATEMENT 55 Proposal 2 – Advisory Vote on Executive Compensation Annual Direct Compensation for 2025 After assessing the company’s financial and strategic performance for fiscal 2025 and evaluating the individual performance of our NEOs, the Committee exercised its discretion to award annual direct compensation for 2025 as set forth in the following table."},{"id":"e6","sourceId":"filing-1","location":"Risk factors — competition for skilled professionals","excerpt":"As competition for skilled professionals remains intense, we may have to devote significant resources to attract and retain qualified personnel, which could negatively affect earnings."},{"id":"e7","sourceId":"filing-2","location":"MD&A — competitive influences on client cash rates","excerpt":"Rates paid to clients on their cash balances are generally impacted by the level of short-term interest rates, as well as competitive industry dynamics and the demand for client cash."},{"id":"e8","sourceId":"filing-2","location":"MD&A — enhanced-rate deposit offerings","excerpt":"These products include our ESP, where such deposits are held by Raymond James Bank, offer enhanced rates, and offer FDIC coverage of up to $50 million for certain accounts, as well as initiatives offered from time to time within the RJBDP program which may offer enhanced rates to clients on certain balances within the program."},{"id":"e9","sourceId":"filing-2","location":"MD&A — net interest income and third-party RJBDP fee results","excerpt":"Net interest income and RJBDP fees from third-party banks Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Net interest income $ 560 $ 546 3 % $ 1,683 $ 1,596 5 % RJBDP fees from third-party banks 98 110 (11) % 292 384 (24) % Net interest income and RJBDP fees from third-party banks $ 658 $ 656 — % $ 1,975 $ 1,980 — % Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025 For the three months ended June 30, 2026, combined net interest income and RJBDP fees from third-party banks was $658 million, a slight increase compared with the prior-year quarter, primarily driven by the impact from growth in average interest-earning assets in the Bank segment, particularly securities-based and residential mortgage loans."},{"id":"e10","sourceId":"filing-2","location":"MD&A — executive overview and comparative operating results","excerpt":"52 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index EXECUTIVE OVERVIEW Summary results of operations Three months ended June 30, Nine months ended June 30, $ in millions, except per share amounts 2026 2025 % change 2026 2025 % change Net revenues $ 3,928 $ 3,398 16 % $ 11,522 $ 10,338 11 % Compensation, commissions and benefits expense $ 2,579 $ 2,202 17 % $ 7,570 $ 6,678 13 % Non-compensation expenses $ 599 $ 633 (5) % $ 1,739 $ 1,677 4 % Pre-tax income $ 750 $ 563 33 % $ 2,213 $ 1,983 12 % Net income available to common shareholders $ 595 $ 435 37 % $ 1,699 $ 1,527 11 % Earnings per common share – basic $ 3.06 $ 2.16 42 % $ 8.67 $ 7.51 15 % Earnings per common share – diluted $ 3.01 $ 2.12 42 % $ 8.52 $ 7.35 16 % Non-GAAP measures: Adjusted net income available to common shareholders (1) $ 620 $ 449 38 % $ 1,761 $ 1,570 12 % Adjusted earnings per common share - diluted (1) $ 3.14 $ 2.18 44 % $ 8.83 $ 7.55 17 % Three months ended June 30, Nine months ended June 30, Other selected financial highlights 2026 2025 2026 2025 Pre-tax margin 19.1 % 16.6 % 19.2 % 19.2 % Adjusted pre-tax margin (1) 19.9 % 17.1 % 19.9 % 19.7 % Annualized return on common equity (“ROCE”) 18.8 % 14.3 % 18.1 % 17.1 % Adjusted annualized ROCE (1) 19.6 % 14.8 % 18.7 % 17.5 % Annualized return on tangible common equity (“ROTCE”) (1) 22.6 % 16.7 % 21.3 % 19.9 % Adjusted annualized ROTCE (1) 23.5 % 17.2 % 22.0 % 20.5 % Total compensation ratio 65.7 % 64.8 % 65.7 % 64.6 % Adjusted total compensation ratio (1) 65.5 % 64.5 % 65.5 % 64.4 % Effective income tax rate 20.7 % 22.6 % 23.1 % 22.8 % Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025 For our fiscal third quarter of 2026, we generated net revenues of $3.93 billion, an increase of 16% compared with the prior-year quarter, and pre-tax income of $750 million, an increase of 33%."},{"id":"e11","sourceId":"filing-3","location":"Proxy performance discussion — fiscal 2025 Private Client Group results","excerpt":"•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."},{"id":"e12","sourceId":"filing-2","location":"MD&A — potential regulation of cash sweep economics","excerpt":"Additionally, any future changes to regulatory rules or interpretations governing the fees the firm earns on cash sweep balances could also impact the rates we pay to clients on cash balances."},{"id":"e13","sourceId":"filing-3","location":"Compensation discussion — advisor retention and recruitment assertions","excerpt":"In the Private Client Group segment, fiscal 2025 was a strong year for client asset growth, driven by strong retention of advisors and record-level financial advisor recruiting."},{"id":"e14","sourceId":"filing-2","location":"Note 18 — actual share repurchases, employee issuances and outstanding shares","excerpt":"Three months ended June 30, Nine months ended June 30, Shares in millions 2026 2025 2026 2025 Balance beginning of period 194.6 203.1 198.1 203.3 Repurchases of common stock under the Board of Directors’ common stock repurchase authorization (2.6) (3.3) (7.7) (5.3) Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures 0.1 0.2 1.7 2.0 Balance end of period 192.1 200.0 192.1 200.0 We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares."},{"id":"e15","sourceId":"filing-2","location":"Note 18 — nine-month 2026 share repurchase spending","excerpt":"During the nine months ended June 30, 2026, we repurchased 7.7 million shares of our common stock for $1.2 billion."},{"id":"e16","sourceId":"filing-3","location":"Proxy summary — fiscal 2025 senior debt issuance","excerpt":"•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"},{"id":"e17","sourceId":"filing-3","location":"Proxy summary — fiscal 2025 regulatory capital ratios","excerpt":"•Maintained strong capital position with a tier 1 leverage ratio (tier 1 capital to adjusted average assets) of 13.1% and a total capital ratio (total regulatory capital to risk-weighted assets) of 24.1%, well above regulatory requirements"},{"id":"e18","sourceId":"filing-6","location":"Acquisition disclosure — funding of Clark Capital acquisition","excerpt":"The acquisition was funded using cash on hand as of the acquisition date."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion — existing executive compensation elements and vesting terms","excerpt":"Type Pay Element Purpose Link to Strategy Base Salary •Provides base level of pay •Competitive salaries attract and retain key talent Annual Bonus – Cash •Provides competitive incentive opportunity •Rewards executives who achieve strategic goals and financial goals that are important for creating shareholder value •Attracts and retains key talent Annual Bonus – Equity (RSUs) •Aligns executives with shareholder interests •Time-vesting awards encourage retention by vesting at end of 3-year period (if not otherwise retirement eligible - see note on page 49) •Performance vesting awards vest based on company’s achievement of Adjusted ROE and rTSR thresholds, thus further aligning executives with long-term shareholder interests •Time-vesting awards serve as a long-term retention tool for those executives who are not retirement eligible and further aligns our executives with our shareholders' interests •Performance-vesting awards encourage executives to focus on key financial metrics where final payout is dependent on company performance and stock price growth Management Awards – RSUs •Aligns executives with shareholder interests •Encourages retention by longer vesting period, generally over five years (if not otherwise retirement eligible - see note on page 49) •Serves as a long-term retention tool for those executives who are not retirement eligible and further aligns our executives with our shareholders' interests Retirement Plan Contributions •Profit Sharing, ESOP and LTIP align executives with shareholders' interests since contributions are based on company financial results; 401(k) Plan facilitates retirement savings •Provide competitive benefits package and further align executives with our shareholders' interests 46 Proposal 2 – Advisory Vote on Executive Compensation Base Salaries Competitive salaries attract and retain key talent."},{"id":"e20","sourceId":"filing-3","location":"Compensation discussion — retirement-eligible RSU vesting exception","excerpt":"If a retirement eligible grantee were to retire, all of the unvested RSUs subject to such grantee’s RSU awards would immediately vest, but the shares underlying the vested RSUs would be delivered only in accordance with the original vesting schedule set forth in the RSU award agreement."},{"id":"e21","sourceId":"filing-3","location":"Compensation practices — executive stock ownership requirements","excerpt":"Stock ownership guidelines. We maintain stock ownership requirements for our executive officers, creating a further link between management interests, company performance and shareholder value."},{"id":"e22","sourceId":"filing-3","location":"Compensation practices — named executive compliance with ownership requirements","excerpt":"All of our NEOs have reached or exceeded the ownership requirements."},{"id":"e23","sourceId":"filing-3","location":"Compensation practices — existing compensation recoupment policies","excerpt":"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."},{"id":"e24","sourceId":"filing-3","location":"Corporate governance — independent election and charter of Lead Director","excerpt":"The Board has approved a charter for the Lead Director, which provides that the Lead Director is elected by the independent directors for a renewable term of three years."},{"id":"e25","sourceId":"filing-3","location":"Corporate governance — Lead Director oversight responsibilities","excerpt":"The charter also sets forth the Lead Director’s specific responsibilities, including to: •preside at Board meetings in the absence of the Chair, subject to the By-laws •review and approve Board meeting agendas and schedules •advise on information submitted to the Board •serve as liaison for communication between non-executive directors and shareholders •communicate individual performance feedback from Board peer evaluations in private meetings with each director •preside over executive sessions of non-executive directors •recommend topics for Board consideration •serve as a liaison between non-executive directors and the Chair •with the N&CG Committee, facilitate the Board’s annual evaluation process •assist the N&CG Committee in conducting its performance evaluation of the CEO, and in CEO succession planning The Charter of the Lead Director, which is available on the company’s website, provides a more detailed description of the role and responsibilities, qualifications, and the procedures for appointment of, the Lead Director."},{"id":"e26","sourceId":"filing-2","location":"Operational risk — absence of significant losses from specified operational challenges","excerpt":"We did not incur any significant losses related to such operational challenges during the nine months ended June 30, 2026 or 2025."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion — PRSU benchmarking peer group","excerpt":"The peer group for the 2025 PRSU awards consists of the following companies: Ameriprise Financial Inc., Bank of New York Mellon, Charles Schwab Corp., Franklin Resources Inc., Invesco Ltd., Jefferies Financial Group Inc., LPL Financial Holdings Inc., Northern Trust Corporation, State Street 48 Proposal 2 – Advisory Vote on Executive Compensation Corporation, Stifel Financial Corp."},{"id":"e28","sourceId":"filing-1","location":"Consolidated statements of income — fiscal 2023–2025 results","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year ended September 30, in millions, except per share amounts 2025 2024 2023 Revenues: Asset management and related administrative fees $ 7,078 $ 6,196 $ 5,363 Brokerage revenues: Securities commissions 1,775 1,651 1,459 Principal transactions 529 492 462 Total brokerage revenues 2,304 2,143 1,921 Account and service fees 1,262 1,314 1,125 Investment banking 1,069 858 648 Interest income 3,994 4,232 3,748 Other 205 180 187 Total revenues 15,912 14,923 12,992 Interest expense (1,847) (2,102) (1,373) Net revenues 14,065 12,821 11,619 Non-interest expenses: Compensation, commissions and benefits 9,072 8,213 7,299 Non-compensation expenses: Communications and information processing 752 662 599 Occupancy and equipment 308 296 271 Business development 291 257 242 Investment sub-advisory fees 223 182 151 Professional fees 163 150 145 Bank loan provision for credit losses 37 45 132 Other 505 373 500 Total non-compensation expenses 2,279 1,965 2,040 Total non-interest expenses 11,351 10,178 9,339 Pre-tax income 2,714 2,643 2,280 Provision for income taxes 579 575 541 Net income 2,135 2,068 1,739 Preferred stock dividends 5 5 6 Net income available to common shareholders $ 2,130 $ 2,063 $ 1,733 Earnings per common share – basic $ 10.53 $ 9.94 $ 8.16 Earnings per common share – diluted $ 10.30 $ 9.70 $ 7.97 Weighted-average common shares outstanding – basic 202.0 207.1 211.8 Weighted-average common and common equivalent shares outstanding – diluted 206.6 212.3 216.9 Net income $ 2,135 $ 2,068 $ 1,739 Other comprehensive income/(loss), net of tax: Available-for-sale securities 94 457 (40) Currency translations, net of the impact of net investment hedges 12 49 50 Cash flow hedges — (37) 1 Total other comprehensive income, net of tax 106 469 11 Total comprehensive income $ 2,241 $ 2,537 $ 1,750 See accompanying Notes to Consolidated Financial Statements."}],"changes":["The uncertain moat verdict is unchanged; growth and integration still do not demonstrate durable switching costs.","The supplied proxy supports explicit assessments of existing incentive alignment and governance, including ownership compliance and retirement vesting exceptions.","Pricing assessment now distinguishes falling sweep fee revenues from demonstrated consolidated operating resilience and avoids treating asset growth as price realization."],"limitations":["All evidence comes from issuer filings. Operating figures and disclosed compensation terms support numerical assessments, while culture, retention and strategic superiority statements remain issuer assertions.","Named companies in the PRSU benchmarking group are compensation peers, not established competitive coverage. Generic competition disclosures do not identify specific operating competitors, so the competitors array is empty.","The passages lack customer transfer costs, comparable competitor economics, quantified client retention, advisory fee realization and market-adjusted custody growth. Insufficient evidence of a moat does not establish a weak competitive position.","Cash-related pricing evidence covers only part of the business. Changes in fee revenue also reflect interest rates, balances and mix; they do not measure a constant-volume price change.","Governance procedures and ownership-requirement compliance are disclosed, but exact executive ownership amounts and demonstrated long-term governance effectiveness are not established here.","Sources retain dateKind filed: filing-3 was filed January 7, 2026, and filing-2 was filed August 5, 2026. January proxy proposals are not treated as completed shareholder approvals or vested awards."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"The integrated platform has substantial use, but neither custody scale nor positive net asset gathering establishes an advantage competitors cannot replicate.","evidenceIds":["e1","e2","e4","e5"]},{"criterion":"durability","grade":null,"rationale":"Custody asset growth supports traction, but the passages cannot separate market appreciation, new relationships and retained relationships or establish enduring competitive protection.","evidenceIds":["e2","e3","e6"]},{"criterion":"customer_dependency","grade":null,"rationale":"Clients and advisors use multiple platform services, but disclosed transfer restrictions, migration costs and relationship-level dependence are missing.","evidenceIds":["e1","e4","e13"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Operating results show resilience, but they do not establish that a structural advantage survives advisor competition and cash repricing.","evidenceIds":["e6","e7","e9","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Cash monetization shows weak pricing protection: third-party sweep fee revenues fell 24% over nine months and 11% in the quarter, while enhanced deposit rates meet client yield demands. Rates and balances also affect these revenues, and advisory fee pricing is unavailable.","evidenceIds":["e7","e8","e9"]},{"criterion":"retention","grade":2,"rationale":"Fiscal 2025 domestic PCG net new assets of $52.4 billion and growing custody assets provide indirect evidence of relationship demand. Strong advisor retention is asserted without a rate; recruitment and market appreciation prevent a strong customer-retention conclusion.","evidenceIds":["e2","e3","e5","e13"]},{"criterion":"margin_resilience","grade":2,"rationale":"Nine-month 2026 pre-tax margin held at 19.2% and quarterly margin improved despite a higher compensation ratio. However, fiscal 2025 PCG pre-tax income fell 4% while revenue rose 8%. This is mixed operating resilience, not proof of pricing power.","evidenceIds":["e10","e11"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Enhanced-rate initiatives demonstrate some discretion over deposit terms. Competitive demand constrains that discretion, and regulatory changes could affect sweep economics. This assessment is limited to cash products; advisory contract repricing rights are not supplied.","evidenceIds":["e7","e8","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases exceeded employee share issuance and reduced outstanding shares; disclosed capital ratios remained well above requirements. However, substantial debt issuance and cash-funded acquisitions require considering financing and investment commitments together. Acquisition returns and repurchase valuation discipline are unproven.","evidenceIds":["e14","e15","e16","e17","e18"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing compensation includes multi-year equity and performance conditions tied to adjusted ROE and relative shareholder returns. All named executives meet ownership requirements, and recoupment policies apply. Retirement eligibility accelerates vesting and limits retention benefits; proposed plan expansions are not assumed effective.","evidenceIds":["e19","e20","e21","e22","e23"]},{"criterion":"execution","grade":3,"rationale":"Reported revenue and earnings growth across fiscal 2023–2025 continued into nine-month 2026 results, supported by positive net new assets and recruiting achievements. No significant losses from the specified operational challenges were reported. Execution is assessed from operating outcomes, which also benefit from markets and do not establish exceptional managerial causation.","evidenceIds":["e5","e10","e26","e28"]},{"criterion":"governance","grade":3,"rationale":"An independently elected Lead Director has documented agenda, executive-session, evaluation and succession responsibilities, complemented by existing compensation recoupment policies. These are substantive disclosed safeguards; their effectiveness across future disputes or crises is not 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historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-09-30","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":66.10494450050453,"sbc_revenue":1.3319878910191727},"issues":{"ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this 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statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-09-30","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":13.067077665348789,"sbc_revenue":1.7020706292300476},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-09-30","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":14.115133232780291,"sbc_revenue":1.596279537456008},"issues":{"ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm","publishedAt":"2025-11-25","sha256":"8829c0e7957d72a5c7c87a0c09e3f0796a62c1c2ee2a5401db8258e5df0a4d40","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/720005/000072000526000070/rjf-20260630.htm","publishedAt":"2026-08-05","sha256":"f9017a674db4c28311eb2ad49cba4972f83a17f96edd9893fde728060fdd3aa5","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/720005/000072000526000019/rjf-20260106.htm","publishedAt":"2026-01-07","sha256":"ff425cf3dd59b91c9f981d143399ec767f4750c1ef422d2ad643784f47f165ae","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/720005/000072000524000069/rjf-20240930.htm","publishedAt":"2024-11-26","sha256":"4615060536babdcd0fe0c480f90d49b0228e98809b86745b786fa7f61a5e84cb","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/720005/000072000523000079/rjf-20230930.htm","publishedAt":"2023-11-21","sha256":"38bb7b80405be382f4551e47e272ed8f20f99bd54d383d136de8469ece5cd50c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/720005/000072000526000051/rjf-20260331.htm","publishedAt":"2026-05-06","sha256":"feddd259614c4d7cc4769b3ad0831caf6b3c6e1cd0f0b0cbec20f2fdd5427650","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}