Raymond James Financial Reports 10% Revenue Growth to $14.07 Billion for Fiscal Year 2025

Raymond James Financial Reports Fiscal Year 2025 Results

Raymond James Financial, Inc. (RJF) has released its 10-K filing, detailing the company's financial performance for the fiscal year ended September 30, 2025. The firm reported net revenues of $14.07 billion, a 10% increase compared to the $12.82 billion reported in the previous fiscal year. This growth was primarily driven by higher asset management and related administrative fees, which reached $7.08 billion, reflecting an increase in Private Client Group (PCG) client assets in fee-based accounts. Investment banking revenues also contributed significantly, reaching $1.07 billion, due to more favorable market conditions. Brokerage revenues increased to $2.30 billion, driven by increased client activity in both the PCG and Capital Markets segments. However, combined net interest income and Raymond James Bank Deposit Program (RJBDP) fees from third-party banks decreased due to lower short-term interest rates and RJBDP balances.

The company's expenses also saw changes. Compensation, commissions, and benefits expense increased by 10% to $9.07 billion, driven by higher compensable revenues, increased compensation costs to support growth, and annual salary increases. Non-compensation expenses increased by 16% to $2.28 billion, primarily due to higher provisions for legal and regulatory matters, including a $58 million expense associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 and 2015. The effective income tax rate was 21.3%, a decrease from 21.8% in the prior year, primarily due to a larger tax benefit recognized related to share-based compensation. Net income available to common shareholders was $2.13 billion, a 3% increase compared to the $2.06 billion reported in the previous fiscal year.

Key operational developments included an increase in total client assets under administration (AUA) in the PCG segment to $1.67 trillion, with $1.01 trillion related to fee-based accounts. The firm had 8,943 employee and independent contractor financial advisors as of September 30, 2025. AUA associated with firms in the RIA and Custody Services (RCS) division totaled $217.3 billion. The Bank segment's total assets reached $65.26 billion, with securities-based loans (SBL) and residential mortgage loans representing 46% of the total. The firm's employee headcount increased by approximately 500 associates compared to the prior year, primarily due to continued growth across the firm.

Looking ahead, Raymond James anticipates that combined net interest income and RJBDP fees from third-party banks will be unfavorably impacted in fiscal year 2026 due to recent decreases in short-term interest rates. The magnitude of this decline will largely depend on the level of short-term interest rates, as well as interest-earning asset levels, client cash balances, and other market-related factors. The firm also announced an agreement to acquire a majority stake in GreensLedge Holdings LLC, a transaction expected to close in fiscal year 2026, which will add securitization and advisory capabilities to its existing fixed income operations.