Raymond James Financial Inc. (RJF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.71	$2.72	+0.4%	—	$3.8B	—
Q4 25	$2.83	$3.11	+9.9%	—	$3.7B	—
Q3 25	$2.36	$2.18	-7.6%	—	$3.3B	—
Q2 25	$2.44	$2.42	-0.8%	—	$3.3B	—
Q1 25	$2.69	$2.93	+8.9%	—	$3.5B	—
Q4 24	$2.41	$2.95	+22.4%	—	$3.4B	—
Q3 24	$2.33	$2.39	+2.6%	—	$3.2B	—
Q2 24	$2.31	$2.31	0.0%	—	$3.1B	—
Q1 24	$2.26	$2.4	+6.2%	—	$3B	—
Q4 23	$2.28	$2.13	-6.6%	—	$3B	—
Q3 23	$2.16	$1.85	-14.4%	—	$2.9B	—
Q2 23	$2.23	$2.03	-9.0%	—	$2.8B	—
Q1 23	$2.28	$2.29	+0.4%	—	$2.8B	—
Q4 22	$2	$2.08	+4.0%	—	$2.8B	—
Q3 22	$1.66	$1.61	-3.0%	—	$2.7B	—
Q2 22	$1.64	$1.55	-5.5%	—	$2.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.5	—	—	$13.8B	—
FY24	—	$9.94	—	—	$12.6B	—
FY23	—	$8.16	—	—	$11.5B	—
FY22	—	$7.16	—	—	$10.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.3B	$6.3B	$7.2B	$7.6B	$7.9B	$9.6B	$10.9B	$11.5B	$12.6B	$13.8B
YoY change	+4.78%	+17.7%	+14.1%	+6.46%	+3.18%	+22.1%	+12.7%	+5.69%	+10.2%	+9.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.3B	6.3B	7.2B	7.6B	7.9B	9.6B	10.9B	11.5B	12.6B	13.8B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.1B	4.7B	5.3B	5.7B	6B	6.6B	7.3B	7.3B	8.2B	9.1B
Operating expenses	4.1B	4.7B	5.3B	5.7B	6B	6.6B	7.3B	7.3B	8.2B	9.1B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	811.9M	925M	1.3B	1.4B	1.1B	1.8B	2B	2.3B	2.6B	2.7B
Income tax	271.3M	289M	454M	341M	234M	388M	513M	541M	575M	579M
Net income	540.7M	636M	857M	1B	818M	1.4B	1.5B	1.7B	2.1B	2.1B
Net margin	10.1%	10.1%	11.9%	13.5%	10.4%	14.6%	13.9%	15.2%	16.4%	15.4%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	2.48	2.95	3.93	4.88	3.96	6.81	7.16	8.16	9.94	10.5
Diluted EPS	2.43	2.89	3.83	4.78	3.89	6.63	6.98	7.97	9.7	10.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	3B	3B	3.1B	3.2B	3.4B	3.5B	3.3B	3.3B	3.7B	3.7B	3.8B	3.9B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.9B	1.9B	2B	2.1B	2.2B	2.3B	2.2B	2.2B	2.4B	2.5B	2.5B	2.6B
Operating expenses	1.9B	1.9B	2B	2.1B	2.2B	2.3B	2.2B	2.2B	2.4B	2.5B	2.5B	2.6B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	585M	630M	609M	644M	760M	749M	671M	563M	731M	728M	735M	750M
Income tax	151M	132M	133M	152M	158M	149M	176M	127M	127M	165M	191M	155M
Net income	434M	498M	476M	492M	602M	600M	495M	436M	604M	563M	544M	595M
Net margin	14.4%	16.8%	15.5%	15.5%	17.6%	17.2%	14.8%	13%	16.5%	15.3%	14.3%	15.4%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	2.07	2.38	2.27	2.37	2.93	2.94	2.41	2.16	3.03	2.85	2.76	3.06
Diluted EPS	2.02	2.32	2.22	2.31	2.86	2.86	2.36	2.12	2.95	2.79	2.72	3.01

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.3B	12.1B	13.4B	11.6B	10B	19B	20.7B	21.3B	25.4B	34.9B	31B
Enterprise value	8B	9.3B	9.6B	7B	-95.2M	6.4B	8.1B	5.9B	9.2B	20.8B	20.9B
Shares outstanding	212.7M	214.9M	217.9M	211.5M	206.4M	205.7M	209.9M	211.8M	207.1M	202M	202M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.3	19	15.6	11.2	12.2	13.5	13.7	12.2	12.3	16.3	14
P/S	1.54	1.92	1.86	1.52	1.27	1.97	1.91	1.85	2.01	2.52	2.02
P/B	1.63	2.12	2.07	1.75	1.4	2.29	2.2	2.09	2.17	2.79	2.42
EV/Sales	1.5	1.48	1.34	0.92	-0.01	0.66	0.74	0.52	0.73	1.5	1.37
Earnings yield	6.55%	5.26%	6.41%	8.89%	8.17%	7.39%	7.27%	8.18%	8.15%	6.12%	7.17%
FCF yield	-8.42%	-2.61%	5.61%	3.78%	39.4%	34.6%	-0.09%	-17.3%	7.69%	6.44%	6.87%
PEG	—	—	—	—	—	—	—	—	—	—	0.33

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	19.3%
Net margin	10.1%	10.1%	11.9%	13.5%	10.4%	14.6%	13.9%	15.2%	16.4%	15.4%	15.1%
ROE	10.7%	11.2%	13.3%	15.6%	11.4%	16.9%	16%	17.1%	17.7%	17.1%	18.4%
ROA	—	—	—	—	—	—	—	—	2.49%	2.42%	2.58%
Return on tangible assets	—	—	—	—	—	—	—	—	2.61%	2.53%	2.52%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	2.11
Debt / equity	0.45	0.54	0.38	0.37	0.41	0.35	0.35	0.31	0.26	0.34	0.48
Debt / assets	—	—	—	—	—	—	—	—	0.04	0.05	0.05
Effective tax rate	33.4%	31.2%	34.6%	24.8%	22.2%	21.7%	25.4%	23.7%	21.8%	21.3%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	25.1	29.3	33	36.2	38.2	46.8	51.7	54.1	61	68.5	77.5
EPS (basic)	2.48	2.95	3.93	4.88	3.96	6.81	7.16	8.16	9.94	10.5	10.5
EPS (diluted)	2.43	2.89	3.83	4.78	3.89	6.63	6.98	7.97	9.7	10.3	11.5
Book value per share	23.8	26.5	29.6	31.4	34.8	40.4	44.9	48.1	56.3	61.9	66.1
FCF per share	-3.27	-1.47	3.44	2.08	19.1	32	-0.09	-17.4	9.42	11.1	7.31
Cash per share	11.8	27.3	28.4	33.3	63.2	75.4	76.2	87.2	92.9	90.4	83.3
Capex per share	0.57	0.88	0.61	0.65	0.6	0.36	0.43	0.82	0.99	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.28%	3.02%	1.87%	1.8%	1.57%	0.77%	0.84%	1.51%	1.62%	—	—
Capex / operating cash flow	-49.8%	-148.4%	13.7%	20.8%	3.23%	-11.7%	2.11%	7.93%	10.1%	—	—
Payout ratio	21%	20%	17.6%	18.5%	25.1%	15.5%	18.4%	20.4%	18.5%	19.5%	18.5%
Dividend yield	1.37%	1.05%	1.13%	1.64%	2.05%	1.15%	1.34%	1.67%	1.51%	1.19%	1.34%

Yield

1.34%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.54

ex-dividend Jul 1, 2026

Payout ratio

18%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$0.54
Apr 1, 2026	$0.54
Jan 2, 2026	$0.54

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$3B	$3B	$3.1B	$3.2B	$3.4B	$3.5B	$3.3B	$3.3B	$3.7B	$3.7B	$3.8B	$3.9B
YoY change	+7.76%	+8.03%	+8.35%	+10.9%	+13.3%	+17.2%	+8.95%	+5.09%	+7.47%	+5.4%	+13.3%	+15.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.5B	5.9B	6.2B	7B	13B	15.5B	16B	18.5B	19.2B	18.3B
Receivables	2.7B	2.8B	3.3B	2.7B	2.4B	2.8B	2.9B	2.5B	2.7B	2.8B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	60.7M	112.9M	136M	146M	450M	548M	570M	685M	738M	765M
Goodwill & intangibles	1B	986.4M	1.3B	1.2B	1.2B	1.8B	3.9B	3.8B	3.8B	3.7B
Total assets	—	—	—	—	—	—	—	—	83B	88.2B
Accounts payable	6.8B	5.6B	5.8B	4.4B	6.8B	14B	11.4B	5.4B	5.8B	5.9B
Short-term debt	267K	610M	0	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	2.3B	2.5B	2.4B	2.4B	2.9B	2.9B	3.3B	3.1B	3.1B	4.2B
Total liabilities	—	—	—	—	—	—	—	—	71.3B	75.7B
Shareholders' equity	5.1B	5.7B	6.5B	6.6B	7.2B	8.3B	9.4B	10.2B	11.7B	12.5B
Total debt	2.3B	3.1B	2.4B	2.4B	2.9B	2.9B	3.3B	3.1B	3.1B	4.2B
Net debt	638.8M	-606.8M	-1.1B	-1.5B	-2.5B	-4.3B	-2.8B	-6.2B	-7.9B	-7.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	18.5B	19.4B	19B	17.6B	19.2B	17.8B	17.1B	16.3B	18.3B	16.5B	17.6B	16.5B
Receivables	2.5B	2.4B	2.8B	2.8B	2.7B	2.6B	2.8B	2.9B	2.8B	3B	3.3B	3.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	685M	1.1B	1.1B	1.2B	738M	1.2B	1.2B	1.2B	765M	1.3B	1.3B	1.3B
Goodwill & intangibles	3.8B	1.9B	1.9B	1.9B	3.8B	1.9B	1.9B	1.9B	3.7B	1.8B	2B	2.6B
Total assets	—	—	81.2B	80.6B	83B	82.3B	83.1B	84.8B	88.2B	88.8B	91.9B	94.2B
Accounts payable	5.4B	5.8B	6B	5.5B	5.8B	5.7B	5.9B	6.2B	5.9B	6.1B	6.6B	6.9B
Short-term debt	—	—	200M	—	—	—	—	—	—	—	—	250M
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	3.1B	3.1B	3.1B	3.1B	3.1B	3.1B	2.9B	2.9B	4.2B	4.2B	4.2B	4.2B
Total liabilities	—	—	—	69.4B	71.3B	70.4B	70.9B	72.6B	75.7B	76.2B	79.3B	81.5B
Shareholders' equity	10.2B	10.8B	11B	11.2B	11.7B	11.9B	12.2B	12.3B	12.5B	12.6B	12.6B	12.8B
Total debt	3.1B	3.1B	3.3B	3.1B	3.1B	3.1B	2.9B	2.9B	4.2B	4.2B	4.2B	4.5B
Net debt	-6.2B	-7.1B	-6.7B	-6B	-7.9B	-7B	-6.8B	-6.3B	-7.2B	-5.7B	-7B	-5.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	540.7M	636M	857M	1B	818M	1.4B	1.5B	1.7B	2.1B	2.1B
Depreciation & amortization	72.4M	84M	99M	112M	119M	134M	145M	165M	179M	195M
Stock-based compensation	78.5M	109M	99M	112M	120M	132M	192M	237M	254M	254M
Change in working capital	-763.9M	-980M	-83M	-643M	2.8B	-2.2B	2.2B	165M	-134M	193M
Operating cash flow	-244.4M	-128M	978M	665M	3.8B	-633M	4.3B	2.2B	2B	2.4B
Capital expenditure	-121.7M	-190M	-134M	-138M	-124M	-74M	-91M	-173M	-205M	—
Investing cash flow	-715.2M	-1.5B	-851M	-527M	-4.5B	-1.4B	-129M	308M	1.2B	1.3B
Dividends paid	-113.4M	-127M	-151M	-191M	-205M	-218M	-277M	-355M	-383M	-416M
Share repurchases	-162.5M	-34M	-62M	-778M	-291M	-150M	-216M	-902M	-984M	-1.3B
Financing cash flow	154.5M	538M	-1.5B	-1B	-8M	-515M	-442M	-1.4B	-1.4B	-557M
Net change in cash	-805.2M	-1B	-1.3B	-893M	-647M	-2.5B	3.7B	1B	1.8B	3.2B
Free cash flow	-695.1M	-315M	750M	439M	3.9B	6.6B	-19M	-3.7B	1.9B	2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	—	—	—	—	—	—	—	—	604M	563M	544M	595M
Depreciation & amortization	—	—	—	—	—	—	—	—	52M	49M	50M	55M
Stock-based compensation	—	—	—	—	—	—	—	—	55M	79M	54M	50M
Change in working capital	—	—	—	—	—	—	—	—	286M	-415M	-653M	-17M
Operating cash flow	—	—	—	—	—	—	—	—	796M	-10M	1.1B	-246M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	285M	295M	438M	546M	751M	584M	503M	522M	261M	237M	200M	-592M
Dividends paid	—	—	—	—	—	—	—	—	-102M	-112M	-109M	-105M
Share repurchases	—	—	—	—	—	—	—	—	-353M	-513M	-486M	-401M
Financing cash flow	—	—	—	—	—	—	—	—	879M	-635M	-595M	-507M
Net change in cash	285M	295M	438M	546M	751M	584M	503M	522M	1.9B	-408M	704M	-1.3B
Free cash flow	—	—	—	—	—	—	—	—	752M	-56M	1.1B	-308M

Date	Ratio
Sep 22, 2021	3:2
Mar 23, 2006	3:2
Mar 25, 2004	3:2
Apr 3, 1998	3:2
Apr 4, 1997	3:2
Nov 16, 1993	3:2
Feb 4, 1992	3:2
Apr 22, 1991	3:2

Raymond James Financial Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history