Raymond James Financial (RJF) FY2025 results: revenue $14.1 billion, up 9.7% on the year

Raymond James Financial provides private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The work covers investment management for retail and institutional clients, merger and acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. It operates predominantly in the United States and, to a lesser extent, in Canada, the United Kingdom and other parts of Europe. The firm was established in 1962 and has been public since 1983, and as a bank holding company and financial holding company it is supervised, examined and regulated by the Board of Governors of the Federal Reserve System. Its financial year ends on 30 September and it reports through five segments: Private Client Group, Capital Markets, Asset Management, Bank and Other.

Private Client Group

Financial planning, investment advisory and securities transaction services reach clients through financial advisors. Total client assets under administration in the segment were $1.67 trillion at 30 September 2025, of which $1.01 trillion sat in fee-based accounts, and these are client assets rather than the firm's own. 8,943 employee and independent contractor financial advisors were affiliated with the firm at that date.

Advisors choose how they attach, an arrangement the firm calls AdvisorChoice. Employee advisors work in a traditional branch with local management and administrative staff, serve mainly retail clients, and are paid a payout on the revenues they generate. Independent contractor advisors are generally responsible for their own direct costs and so receive a higher payout percentage. The RIA and Custody Services division offers third-party registered investment advisors and broker-dealers custodial services, trade execution, research and other support, for fees that are either transactional or based on assets under administration. Assets administered for firms in that division totalled $217.3 billion at 30 September 2025.

The segment is paid asset management and related administrative fees on fee-based accounts, brokerage revenues for distributing mutual and other funds, fixed and variable annuities and insurance products and for executing and clearing client transactions, account and service fees, and servicing fees from banks under the Raymond James Bank Deposit Program, its multi-bank sweep for client cash.

Capital Markets

This segment holds investment banking, institutional sales, securities trading and equity research, together with the syndication and management of investments in low-income housing funds and similar funds, the majority of which qualify for tax credits, a business the firm calls affordable housing investments. Investment banking covers merger and acquisition and advisory work across a number of industries in the U.S., Canada and Europe; equity underwriting, meaning public and private equity financing; and debt underwriting including public finance, where it acts as placement agent or underwriter to private and public corporate entities, state and local government agencies and non-profit entities including healthcare and higher education institutions.

Asset Management

This segment earns asset management and related administrative fees for asset management, portfolio management and related administrative services to retail and institutional clients. Asset Management Services oversees part of the fee-based assets under administration belonging to Private Client Group clients. Raymond James Investment Management runs certain retail accounts managed on behalf of third-party institutions, institutional accounts and proprietary mutual funds, generally using active portfolio management strategies, with investment decisions made by in-house or third-party portfolio managers or investment committees.

Management fees are generally a percentage of fee-billable assets under management, at rates that depend on the services provided, the level of assets in the client relationship and, in Raymond James Investment Management, the account objective. It also earns fees through Raymond James Trust and Raymond James Trust Company of New Hampshire.

Bank

Banking runs through Raymond James Bank, a Florida-chartered state member bank, and TriState Capital Bank, a Pennsylvania-chartered state member bank. Lending covers securities-based loans, corporate loans including commercial and industrial, commercial real estate and real estate investment trust loans, residential mortgage loans and tax-exempt loans, with the segment active in corporate loan syndications and participations as well as lending directly to clients. Securities-based loans and residential mortgage loans held for investment were 46% of the segment's total assets at 30 September 2025. It also provides FDIC-insured deposit accounts, including to clients of the broker-dealer subsidiaries, and other retail and corporate deposit and liquidity management products and services.

From Raymond James Financial's annual report on Form 10-K for the year ended 30 September 2025. The filing

Written from the 10-K filed 25 November 2025: read the full 10-K.