Raymond James Financial
Advisor-led wealth management supported by capital markets, asset management, and banking.
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Profile
Provides wealth management through employee and independent advisors, alongside investment banking, institutional brokerage, asset management, and banking. Its largest business earns mainly asset-based and administrative fees, while results also depend on capital-markets activity, interest rates, client cash allocations, and credit conditions.
Connects individual investors with employee and independent financial advisors through Private Client Group, its largest business. Capital Markets provides investment banking, advisory, brokerage, research, and institutional sales and trading. Asset Management runs multi-boutique investment strategies and fee-based programs, including Clark Capital, while the Bank segment provides deposits and lending through Raymond James Bank and TriState Capital Bank.
Operates predominantly in the United States, with smaller businesses in Canada, the United Kingdom, and continental Europe. The dual advisor model gathers client assets that support recurring asset-management and administrative fees, while capital markets and banking add transaction and interest income. Results are tied to market levels, client cash allocations, interest rates, credit conditions, and investment-banking activity. Broker-dealers, investment advisers, and bank subsidiaries operate under distinct securities and banking regimes.
Company facts
Categories
Key statistics
Year to date +9.6% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 27, 2026 | UBS | Reiterate | Neutral | $175 | $184 |
| Jul 23, 2026 | Raymond James | Reiterate | Market Outperform | $175 | $179 |
| Jul 10, 2026 | Raymond James | Target | $192 | $174 | |
| Jul 9, 2026 | Raymond James | Target | $200 | $192 | |
| Jul 8, 2026 | UBS | Reiterate | Neutral | $166 | $175 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q3 FY26 | $2.93 | $3.14 | +7.2% | $3.87B | $3.93B | +1.5% | −1.11% |
| Apr 22, 2026Q2 FY26 | $2.76 | $2.83 | +2.5% | $3.85B | $3.86B | +0.4% | −0.72% |
| Jan 28, 2026Q1 FY26 | $2.83 | $2.86 | +1.1% | $3.81B | $3.74B | −2.0% | −0.42% |
| Oct 22, 2025Q4 FY25 | $2.83 | $3.11 | +9.9% | $3.64B | $4.13B | +13.4% | −0.58% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.79B | $3.79B | $4.13B | $4.18B | $4.26B | $4.36B | |
| Gross profit | $3.33B | $3.33B | $3.66B | $3.74B | $3.86B | $2.89B | |
| Operating income | $671.0M | $563.0M | $731.0M | $728.0M | $735.0M | $750.0M | |
| Net income | $495.0M | $436.0M | $604.0M | $563.0M | $544.0M | $595.0M | |
| Diluted EPS | $2.36 | $2.12 | $2.96 | $2.79 | $2.72 | $3.01 | |
| Gross margin | 87.9% | 87.9% | 88.6% | 89.4% | 90.5% | 66.2% | |
| Operating margin | 17.7% | 14.9% | 17.7% | 17.4% | 17.2% | 17.2% |
Fiscal years (4-quarter sums)FY21 $9.78B · FY22 $11.16B · FY23 $12.84B · FY24 $14.74B · FY25 $15.69B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $19.70B · Total debt $5.30B · Total assets $94.20B · Shareholders' equity $12.70B
Dividends
Raised for 39 straight years — most recently to $0.54 from $0.50 in Jan 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 1, 2026 | Jul 1 | Jul 15 | $0.54 | |
| Apr 1, 2026 | Apr 1 | Apr 15 | $0.54 | |
| Jan 2, 2026 | Jan 2 | Jan 16 | $0.54 | raised from $0.50 |
| Oct 1, 2025 | Oct 1 | Oct 15 | $0.50 | |
| Jul 1, 2025 | Jul 1 | Jul 15 | $0.50 | |
| Apr 1, 2025 | Apr 1 | Apr 15 | $0.50 | |
| Jan 2, 2025 | Jan 2 | Jan 16 | $0.50 | raised from $0.45 |
| Oct 1, 2024 | Oct 1 | Oct 15 | $0.45 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 192.10M · Float 172.06M · 89.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| James Thomas A · 10 percent owner | 36.28M | 18.89% | Form 4 | Jun 26, 2026 |
| BlackRock, Inc. | 14.34M | 7.47% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 11.24M | 5.85% | 13F | Aug 13, 2026 |
| Wellington Management Group LLP | 9.45M | 4.92% | 13F | Aug 14, 2026 |
| Primecap Management Co/CA/ | 9.24M | 4.81% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 28, 2026 | Tashtego S. Elwyn | officer: President, PCG | −10,000 | $176.06 |
| Jul 27, 2026 | Steven M. Raney | officer: Executive Chair RJBank | −5,770 | $172.97 |
| Mar 19, 2026 | Bella Loykhter Allaire | officer: Chief Admin Officer | −29,551 | $142.34 |
| Feb 4, 2026 | Jonathan N. Santelli | officer: EVP, General Counsel | −4,500 | $170.46 |
| Dec 15, 2025 | Paul C. Reilly | director, officer: Executive Chair | −130,687 | $163.15 |
Peers
- LPL Financial
Largest US independent BD; contests RJF's IC-advisor channel directly.
- Morgan Stanley
Wirehouse giant; $6.2T wealth AUA, competes for FAs and UHNW clients.
- Ameriprise Financial
Mirror-image advisor + multi-boutique AM model; 10,000+ FAs, $1.5T AUMA.
- Stifel Financial
Non-NYC full-service regional; direct wealth mgmt + middle-market IB overlap.
- Piper Sandler
Middle-market IB specialist; overlapping sector M&A mandates.
- Houlihan Lokey
Mid-market M&A and restructuring leader; contests RJF capital markets mandates.
- Affiliated Managers Group
Multi-boutique AM holding company; mirrors RJIM's model at $680B+ AUM.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Raymond James Financial | $179.36 | +0.02% | $34.46B | 15.6 | 13.0 | 2.0 | +3.8% |
| LPL Financial | $370.69 | +0.02% | $29.65B | 29.6 | 13.7 | 1.5 | +35.2% |
| Morgan Stanley | $214.50 | −0.13% | $338.75B | 17.5 | 16.3 | 2.7 | +36.8% |
| Ameriprise Financial | $564.76 | +0.97% | $50.28B | 13.5 | 11.4 | 2.5 | +14.6% |
| Stifel Financial | $81.29 | +0.04% | $12.32B | 9.6 | 11.6 | 1.8 | −1.4% |
| Piper Sandler | $75.61 | +0.11% | $5.10B | 17.5 | 15.2 | 2.4 | +25.8% |
| Houlihan Lokey | $133.02 | 0.00% | $9.30B | 22.4 | 17.5 | 3.7 | −15.6% |
| Affiliated Managers Group | $370.87 | −0.02% | $9.80B | 12.8 | 9.4 | 3.9 | +29.9% |
| Median | 17.5 | 13.7 | 2.5 | +25.8% |