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Earnings analysis · 10-Q

RJF earnings analysis

Filed May 6, 2026 · Our reading of the company's report

The latest report

Raymond James Financial reported Q2 2026 net revenues of $3.859 billion, a 13% increase year-over-year. Diluted EPS of $2.72 reflects a 15% growth over the same period, exceeding consensus estimates. The company…

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Raymond James Financial reported Q2 2026 net revenues of $3.859 billion, a 13% increase year-over-year. Diluted EPS of $2.72 reflects a 15% growth over the same period, exceeding consensus estimates. The company highlighted growth driven by higher asset management fees and strong performance in its Capital Markets segment, although non-compensatory expenses increased significantly, impacting margins.

Read the original on SEC.gov

Reported figures

Earnings per share
$2.72
Segment
Private Client Group
Segment
Capital Markets
Segment
Asset Management
Segment
Bank
Segment
Other

What stood out

  • Record Revenue Growth

    Net revenues increased to $3.859 billion, up 13% from last year.

  • Strong EPS Beat

    Diluted EPS of $2.72, a 15% increase from the prior year, surpassing the consensus estimate of $2.76.

  • Growth in Asset Management Fees

    Asset management and related fees rose to $1.711 billion, an increase of 17% year-over-year.

  • Capital Markets Segment Success

    Investment banking revenues increased by 31%, primarily driven by higher underwriting revenues.

  • Robust Financial Position

    Corporate cash was strong at $2.96 billion as of March 31, 2026.

  • Successful Stock Repurchase Program

    Repurchased $400 million of common stock in Q2 2026, maintaining a solid capital structure.

What to watch

  • Higher Compensation Costs

    Compensation, commissions, and benefits expense rose 17%, impacting pre-tax income.

  • Decreased Interest Income from RJBDP Fees

    RJBDP fees from third-party banks declined 28% year-over-year due to lower average balances.

  • Potential Increased Credit Losses

    Credit provision decreased significantly but ongoing economic uncertainty could impact future portfolio performance.

Management's outlook

Outlook deferred to earnings press release / call.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.