Raymond James Financial (RJF) Q1 FY2026 earnings: revenue $3.7 billion, up 5.6% on the year

Raymond James Financial Inc. (RJF) reported revenue of $3.7 billion for Q1 FY2026, the quarter ended 31 December 2025, up 5.6% on the same quarter a year earlier. Net income was $563 million, down 6.2% on the year, and diluted earnings per share $2.79. The figures are the company's own, from the 10-Q it filed with the SEC on 6 February 2026.

Revenue

$3.7 billion

+5.6% on the year · +0.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$563 million

-6.2% on the year · -6.8% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.79

-2.4% on the year · -5.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net revenues rose 6% year over year: Net revenues were $3.74 billion, up 6% from the prior year's fiscal first quarter and slightly above the preceding quarter. Net income available to common shareholders was $562 million, or $2.79 per diluted share.
Net income fell on higher tax rate: Pre-tax income was roughly unchanged from the preceding quarter. Net income available to common shareholders fell 7%, which management attributed largely to an anticipated higher effective tax rate.
Private Client Group pre-tax income fell: Segment pre-tax income was $439 million, down 5% year over year and up 6% on the preceding quarter. Management cited lower interest-related revenue and continued investment in growth.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,735	3,727	3,537	+0.2%	+5.6%
Pre-tax income	n/a	n/a	749
Income tax	165	127	149	+29.9%	+10.7%
Effective tax rate	n/a	n/a	19.9%
Net income	563	604	600	-6.8%	-6.2%
Net margin	15.1%	16.2%	17.0%
Diluted EPS	$2.79	$2.95	$2.86	-5.4%	-2.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-10.0	796	830
Capital expenditure	46.0	44.0	41.0	+4.5%	+12.2%
Free cash flow	-56.0	752	789
Free cash flow margin	-1.5%	20.2%	22.3%
Cash from investing	-1,865	-1,423	-937
Cash from financing	629	2,532	-447	-75.2%
Depreciation and amortisation	49.0	52.0	47.0	-5.8%	+4.3%
Share-based compensation	79.0	55.0	93.0	+43.6%	-15.1%
Dividends paid	112	102	105	+9.8%	+6.7%
Dividend per share	$0.54	n/a	$0.50		+8.0%
Diluted shares, weighted	201m	207m	209m	-2.5%	-3.7%
Shares outstanding at period end	197m	198m	205m	-0.6%	-3.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	12,570	12,503	11,923	+0.5%	+5.4%
Non-controlling interest	4.0	1.0	6.0	+300.0%	-33.3%
Deposits	60,152	58,897	55,850	+2.1%	+7.7%
Trading liabilities	883	891	835	-0.9%	+5.7%
Debt	n/a	700	n/a
Other liabilities	15,151	15,238	13,668	-0.6%	+10.9%
Total liabilities and equity	88,760	88,230	82,282	+0.6%	+7.9%
Fixed assets	678	670	639	+1.2%	+6.1%
Goodwill	n/a	1,451	1,439
Intangible assets	n/a	396	n/a
Securities held for sale or to maturity	6,648	6,888	7,727	-3.5%	-14.0%
Cash and equivalents	9,890	11,389	10,048	-13.2%	-1.6%
Other assets	71,544	67,436	62,429	+6.1%	+14.6%
Total assets	88,760	88,230	82,282	+0.6%	+7.9%

Questions

What was Raymond James Financial's revenue in Q1 FY2026?

Raymond James Financial (RJF) reported revenue of $3.7 billion for Q1 FY2026, the quarter ended 31 December 2025, up 5.6% on the same quarter a year earlier.

How much did Raymond James Financial earn in Q1 FY2026?

Net income for Q1 FY2026 was $563 million, down 6.2% on the year, and diluted earnings per share $2.79.

When did Raymond James Financial report Q1 FY2026 results?

Raymond James Financial filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 6 February 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023 †	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,695	2,781	2,673	2,718	2,831	2,786	2,873	2,907	3,053	3,013	3,118	3,228	3,462	3,537	3,403	3,398	3,727	3,735	3,859	3,928
Interest expense	35.0	37.0	38.0	60.0	170	241	284	386	462	507	520	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	560	558	433	415	616	652	557	486	585	630	609	644	n/a	749	671	563	n/a	n/a	n/a	n/a
Tax rate	23%	20%	25%	27%	29%	22%	23%	24%	26%	21%	22%	24%	n/a	20%	26%	23%	n/a	n/a	n/a	n/a
Net income	429	446	323	301	439	509	427	369	434	498	476	492	602	600	495	436	604	563	544	595
Net margin	16%	16%	12%	11%	16%	18%	15%	13%	14%	17%	15%	15%	17%	17%	15%	13%	16%	15%	14%	15%
Diluted EPS	n/a	$2.10	$1.52	$1.38	$1.98	$2.30	$1.93	$1.71	$2.02	$2.32	$2.22	$2.31	$2.86	$2.86	$2.36	$2.12	$2.95	$2.79	$2.72	$3.01
Operating cash flow	4,501	-2,287	1,117	5,740	-4,498	-3,136	-624	-188	434	543	391	711	510	830	117	691	796	-10.0	1,099	-246
Capital expenditure	n/a	19.0	23.0	26.0	23.0	27.0	42.0	53.0	51.0	50.0	49.0	56.0	50.0	41.0	46.0	57.0	44.0	46.0	45.0	62.0
Free cash flow	n/a	-2,306	1,094	5,714	-4,521	-3,163	-666	-241	383	493	342	655	460	789	71.0	634	752	-56.0	1,054	-308
Buybacks	1.0	51.0	8.0	101	n/a	189	369	302	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	55.0	60.0	71.0	69.0	77.0	81.0	93.0	92.0	89.0	97.0	96.0	95.0	95.0	105	106	103	102	112	109	105
Shares outstanding	206m	207m	208m	215m	215m	215m	212m	208m	209m	209m	207m	206m	203m	205m	203m	200m	198m	197m	195m	192m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2025, filed 6 February 2026: the filing.