RJF earnings analysis
What we found in RJF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.72
- Segment
- Private Client Group
- Segment
- Capital Markets
- Segment
- Asset Management
- Segment
- Bank
- Segment
- Other
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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