Raymond James Financial (RJF) Q2 FY2026 earnings: revenue $3.9 billion, up 13.4% on the year

Raymond James Financial Inc. (RJF) reported revenue of $3.9 billion for Q2 FY2026, the quarter ended 31 March 2026, up 13.4% on the same quarter a year earlier. Net income was $544 million, up 9.9% on the year, and diluted earnings per share $2.72. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$3.9 billion

+13.4% on the year · +3.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$544 million

+9.9% on the year · -3.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.72

+15.3% on the year · -2.5% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Quarterly net revenues set a record: Net revenues were $3.86 billion, up 13% from the prior year's quarter and 3% from the preceding quarter. Management cited growth in asset management and related administrative fees as the main driver.
Diluted EPS and adjusted EPS reported: Net income available to common shareholders was $542 million, or $2.72 per diluted share. Adjusted diluted EPS was $2.83, excluding $22 million of acquisition-related expenses, net of tax.
Private Client Group pre-tax income fell: Private Client Group net revenues were a record $2.81 billion, up 13%. Pre-tax income of $416 million fell 3%, which management linked to lower interest-related revenues and growth investment costs.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,859	3,735	3,403	+3.3%	+13.4%
Pre-tax income	n/a	n/a	671
Income tax	191	165	176	+15.8%	+8.5%
Effective tax rate	n/a	n/a	26.2%
Net income	544	563	495	-3.4%	+9.9%
Net margin	14.1%	15.1%	14.5%
Diluted EPS	$2.72	$2.79	$2.36	-2.5%	+15.3%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,099	-10.0	117		+839.3%
Capital expenditure	45.0	46.0	46.0	-2.2%	-2.2%
Free cash flow	1,054	-56.0	71.0		+1,384.5%
Free cash flow margin	27.3%	-1.5%	2.1%
Cash from investing	-1,337	-1,865	-659
Cash from financing	1,690	629	-16.0	+168.7%
Depreciation and amortisation	50.0	49.0	47.0	+2.0%	+6.4%
Share-based compensation	54.0	79.0	54.0	-31.6%	0.0%
Dividends paid	109	112	106	-2.7%	+2.8%
Dividend per share	$0.54	$0.54	$0.50	0.0%	+8.0%
Diluted shares, weighted	199m	201m	209m	-1.1%	-4.6%
Shares outstanding at period end	195m	197m	203m	-1.2%	-4.2%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	12,567	12,570	12,212	-0.0%	+2.9%
Non-controlling interest	43.0	4.0	15.0	+975.0%	+186.7%
Deposits	62,423	60,152	56,403	+3.8%	+10.7%
Trading liabilities	726	883	963	-17.8%	-24.6%
Other liabilities	16,185	15,151	13,539	+6.8%	+19.5%
Total liabilities and equity	91,944	88,760	83,132	+3.6%	+10.6%
Fixed assets	683	678	649	+0.7%	+5.2%
Goodwill	n/a	n/a	1,444
Securities held for sale or to maturity	6,402	6,648	7,439	-3.7%	-13.9%
Cash and equivalents	11,219	9,890	9,662	+13.4%	+16.1%
Other assets	73,640	71,544	63,938	+2.9%	+15.2%
Total assets	91,944	88,760	83,132	+3.6%	+10.6%

Questions

What was Raymond James Financial's revenue in Q2 FY2026?

Raymond James Financial (RJF) reported revenue of $3.9 billion for Q2 FY2026, the quarter ended 31 March 2026, up 13.4% on the same quarter a year earlier.

How much did Raymond James Financial earn in Q2 FY2026?

Net income for Q2 FY2026 was $544 million, up 9.9% on the year, and diluted earnings per share $2.72.

When did Raymond James Financial report Q2 FY2026 results?

Raymond James Financial filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 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 March 2026, filed 6 May 2026: the filing.