$RJF

RAYMOND JAMES FINANCIAL INC

CIK:0000720005|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Principal transactions	$ 126	$ 128	$ 388	$ 396
Interest income	994	990	2,961	2,980
Total revenues	4,362	3,842	12,800	11,722
Interest expense	(434)	(444)	(1,278)	(1,384)
Net revenues	3,928	3,398	11,522	10,338
Non-interest expenses:
Compensation, commissions and benefits	2,579	2,202	7,570	6,678
Non-compensation expenses:
Communications and information processing	203	191	603	553
Occupancy and equipment	85	77	245	224
Business development	95	77	251	209
Investment sub-advisory fees	63	56	189	163
Professional fees	63	42	136	110
Bank loan provision/(benefit) for credit losses	(26)	15	(24)	31
Other	116	175	339	387
Total non-compensation expenses	599	633	1,739	1,677
Total non-interest expenses	3,178	2,835	9,309	8,355
Total pre-tax income	750	563	2,213	1,983
Provision for income taxes	155	127	511	452
Net income	595	436	1,702	1,531
Preferred stock dividends	0	1	3	4
Net income available to common shareholders, basic	595	435	1,699	1,527
Net income available to common shareholders, diluted	$ 595	$ 435	$ 1,699	$ 1,527
Earnings per common share – basic (in usd per share)	$ 3.06	$ 2.16	$ 8.67	$ 7.51
Earnings per common share – diluted (in usd per share)	$ 3.01	$ 2.12	$ 8.52	$ 7.35
Weighted-average common shares outstanding – basic (in shares)	194.0	201.2	195.7	203.0
Weighted-average common and common equivalent shares outstanding – diluted (in shares)	197.2	205.5	199.1	207.6
Net income	$ 595	$ 436	$ 1,702	$ 1,531
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	(10)	53	23	42
Currency translations, net of the impact of net investment hedges	(2)	58	(5)	24
Cash flow hedges	(1)	(3)	(3)	(2)
Total other comprehensive income/(loss), net of tax	(13)	108	15	64
Total comprehensive income	582	544	1,717	1,595
Asset management and related administrative fees
Revenues:
Revenue from contract with customer	2,075	1,733	6,090	5,201
Total brokerage revenues
Revenues:
Total brokerage revenues	629	559	1,884	1,698
Securities commissions
Revenues:
Revenue from contract with customer	503	431	1,496	1,302
Account and service fees
Revenues:
Revenue from contract with customer	316	302	935	965
Investment banking
Revenues:
Revenue from contract with customer	291	212	778	753
Other
Revenues:
Revenue from contract with customer	$ 57	$ 46	$ 152	$ 125

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 1,702	$ 1,531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	154	143
Deferred income taxes, net	129	(4)
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	(8)	(19)
Provisions for credit losses and legal and regulatory matters, net	(3)	107
Share-based compensation expense	183	199
Unrealized gains on corporate-owned life insurance policies, net of expenses	(152)	(68)
Other	34	23
Net change in:
Collateralized agreements, net of collateralized financings	(750)	(247)
Loans provided to financial advisors, net of repayments	(471)	(194)
Brokerage client receivables and other receivables, net	(1,139)	(170)
Trading instruments, net	(21)	77
Derivative instruments, net	93	31
Other assets	68	78
Brokerage client payables and other payables	909	331
Accrued compensation, commissions and benefits	(86)	(109)
Proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans held for sale	201	(71)
Net cash provided by operating activities	843	1,638
Cash flows from investing activities:
Increase in bank loans, net	(5,509)	(4,044)
Proceeds from sales of loans held for investment	615	218
Purchases of available-for-sale securities	(947)	(480)
Available-for-sale securities maturations, repayments and redemptions	1,324	1,531
Proceeds from sales of available-for-sale securities	40	78
Cash paid for acquisitions, net of cash acquired	(484)	0
Additions to property and equipment	(153)	(144)
Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock	0	8
Equity method investments, net of distributions received	(86)	(24)
Other investing activities, net	(94)	(41)
Net cash used in investing activities	(5,294)	(2,898)
Cash flows from financing activities:
Increase in bank deposits	4,422	1,239
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(1,319)	(914)
Dividends on common and preferred stock	(326)	(314)
Employee stock purchases and exercise of stock options	33	26
Redemption of preferred stock	(81)	0
Proceeds from FHLB advances	400	750
Repayments of FHLB advances	(400)	(950)
Proceeds from short-term borrowings	250	0
Other financing, net	(11)	(8)
Net cash provided by/(used in) financing activities	2,968	(171)
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	(50)	48
Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	(1,533)	(1,383)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	14,787	14,348
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	13,254	12,965
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash
Cash and cash equivalents	9,977	9,195
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,277	3,770
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	13,254	12,965
Supplemental disclosures of cash flow information:
Cash paid for interest	1,259	1,394
Cash paid for income taxes, net	362	510
Cash outflows for lease liabilities	101	99
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases	91	78
Non-cash acquisition-related contingent consideration	$ 177	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Sep. 30, 2025
Assets:
Cash and cash equivalents	$ 9,977	$ 11,389
Assets segregated for regulatory purposes and restricted cash	3,277	3,398
Collateralized agreements	1,165	698
Financial instruments, at fair value:
Trading assets ($1,410 and $1,248 pledged as collateral)	1,627	1,538
Available-for-sale securities ($8 and $9 pledged as collateral)	6,496	6,888
Derivative assets	32	68
Other investments ($20 and $8 pledged as collateral)	383	390
Brokerage client receivables, net	3,331	2,821
Other receivables, net	2,465	1,814
Deferred income taxes, net	465	671
Goodwill and identifiable intangible assets, net	2,608	1,847
Other assets	4,115	3,515
Total assets	94,237	88,230
Liabilities and shareholders’ equity:
Bank deposits	63,319	58,897
Collateralized financings	829	1,111
Financial instrument liabilities, at fair value:
Trading liabilities	891	891
Derivative liabilities	215	190
Brokerage client payables	6,882	5,853
Accrued compensation, commissions and benefits	2,555	2,603
Other payables	2,291	1,961
Other borrowings	950	700
Senior notes payable	3,522	3,520
Total liabilities	81,454	75,726
Commitments and contingencies (see Note 17)
Shareholders’ equity
Preferred stock	0	79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 192,124,666 shares outstanding as of June 30, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025	3	3
Additional paid-in capital	3,204	3,235
Retained earnings	14,977	13,604
Treasury stock, at cost; 57,959,502 and 51,944,574 common shares as of June 30, 2026 and September 30, 2025, respectively	(5,104)	(4,022)
Accumulated other comprehensive loss	(381)	(396)
Total equity attributable to Raymond James Financial, Inc.	12,699	12,503
Noncontrolling interests	84	1
Total shareholders’ equity	12,783	12,504
Total liabilities and shareholders’ equity	94,237	88,230
Nonrelated party
Financial instruments, at fair value:
Loans, net	56,227	51,567
Related party
Financial instruments, at fair value:
Loans, net	$ 2,069	$ 1,626