Raymond James Financial (NYSE: RJF) reported record fiscal second quarter net revenues of $3.86 billion, up 13% year-over-year, and net income available to common shareholders of $542 million ($2.72 diluted EPS) for quarter ended March 31, 2026. Adjusted net income was $564 million ($2.83 adjusted EPS).
Key metrics: PCG net new assets $23.0 billion, client AUA $1.76 trillion, record PCG fee-based assets $1.04 trillion, record net bank loans $54.8 billion, and annualized ROE of 17.3% (adjusted ROTCE 20.9%).
Loading…
Loading translation…
Positive
- Net revenues of $3.86B (record; +13% YoY)
- Adjusted net income of $564M (adjusted EPS $2.83)
- Private Client Group net new assets of $23.0B in the quarter
- Record PCG fee-based assets of $1.04T
- Record net bank loans of $54.8B and NIM 2.81%
Negative
- Net income available to common declined vs prior due to a higher effective tax rate
- Pre-tax income in PCG down 3% YoY and 5% sequentially
- Bank pre-tax income down 4% sequentially despite loan growth
- Repurchased $400M common stock and redeemed $81M preferred, reducing liquidity
Q2 2026 net revenues
$3.86 billion
Record quarterly net revenues, up 13% YoY and 3% QoQ
Q2 2026 net income
$542 million ($2.72 EPS)
Net income available to common shareholders, fiscal Q2 2026
Q2 2026 adjusted net income
$564 million ($2.83 EPS)
Excludes $22 million acquisition-related expenses, fiscal Q2 2026
Domestic PCG net new assets
$23.0 billion
Fiscal Q2 2026, annualized growth rate 5.8%
Client assets under administration
$1.76 trillion
Up 15% vs March 2025, down 1% vs December 2025
Fee-based PCG assets
$1.04 trillion
Record quarter-end, up 20% vs March 2025
Record bank loans, net
$54.8 billion
Up 14% vs March 2025 and 3% vs December 2025
Q2 annualized ROE / adj ROTCE
17.3% / 20.9%
Fiscal second quarter 2026 returns on equity
$154.54
Last Close
Volume
Volume of 615,211 shares is below the 20-day average of 1,275,621, indicating a relatively muted trading response ahead of the earnings release.
low
Technical
Shares at $154.54 are trading below the 200-day MA of $161.11 and about 13% under the 52-week high of $177.66.
RJF is up 1.48%, while key peers like STT (-0.52%), OWL (-1.79%), AMP (-0.35%), and CG (-1.36%) are down, and NTRS is flat. This divergence suggests a company-specific reaction to its earnings news rather than a sector-wide move.
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 18 |
Leadership appointment |
Positive |
+0.4% |
New president named for Independent Contractor Division, supporting PCG growth focus. |
| Feb 19 |
Dividend declaration |
Positive |
+0.1% |
Board declared a quarterly cash dividend of $0.54 per share. |
| Feb 17 |
Wealth acquisition |
Positive |
-0.4% |
First Northern Advisors acquired Beacon Wealth Strategies while keeping Raymond James custody. |
| Feb 17 |
Advisor recognition |
Positive |
-0.4% |
RJF advisor ranked #1 in California on Forbes Top Women Wealth Advisors list. |
| Feb 13 |
Advisor award |
Positive |
+0.8% |
Advisor named to Forbes 2026 Top Women Wealth Advisors with $4.4B in assets. |
Recent news shows mixed price alignment: three modest positive moves on favorable recognition/dividend items and two instances where positive headlines coincided with slight declines.
Over the last few months, RJF’s news flow has centered on leadership changes, advisor recognition, and capital return. A new president was appointed for the Independent Contractor Division effective April 1, 2026, and the board declared a quarterly dividend of $0.54 per share payable April 15, 2026. Multiple articles highlighted Forbes rankings for a key advisor. Price reactions to these smaller items were generally modest, so today’s record quarterly earnings provide a more substantial operational update than recent headlines.
This announcement details record quarterly net revenues of $3.86 billion, solid net income, and strong growth in fee-based assets and bank loans. Multiple segments reported record figures, and returns on equity of 17.3% and adjusted 20.9% signal robust profitability. Recent history shows steady advisor recognition, leadership changes, and dividends supporting the franchise. Investors may track trends in asset management fees, loan growth, effective tax rate, and ongoing share repurchases when evaluating future updates.
net interest margin
financial
“Bank segment net interest margin (“NIM”) of 2.81% for the quarter”
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
securities-based loans
financial
“Record net bank loans of $54.8 billion; Securities-based loans of $23.0 billion”
A securities-based loan is a loan where an investor uses stocks, bonds or other marketable investments as the pledged asset to borrow cash without selling those holdings — like using a house for a mortgage or pawning a watch. It matters to investors because it provides quick liquidity or leverage while keeping potential upside, but it also increases risk: falling asset prices can trigger demands for more collateral or forced sales, affecting portfolio value and financing costs.
total capital ratio
financial
“At the end of the quarter, the total capital ratio was 24.0%(3)”
The total capital ratio measures a bank’s financial cushion by comparing the capital it holds (money that can absorb losses) to the size of its assets after those assets are adjusted for how risky they are. For investors, it signals how well a bank can withstand losses and continue operating—think of it as the thickness of an insurer’s safety net relative to the weight of what it’s protecting; higher ratios generally mean lower risk.
tier 1 leverage ratio
financial
“and the tier 1 leverage ratio was 12.4%(3), both well above regulatory requirements”
Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.
AI-generated analysis. Not financial advice.
ST. PETERSBURG, Fla., April 22, 2026 (GLOBE NEWSWIRE) —
- Record quarterly net revenues of
$3.86 billion , up13% over the prior year’s fiscal second quarter and3% over the preceding quarter - Quarterly net income available to common shareholders of
$542 million , or$2.72 per diluted share; quarterly adjusted net income available to common shareholders of$564 million (1), or$2.83 per diluted share(1) - Domestic Private Client Group net new assets(2) of
$23.0 billion for the fiscal second quarter, or annualized growth from beginning of quarter assets of5.8% - Client assets under administration of
$1.76 trillion , up15% over March 2025 and down1% compared to December 2025 - Record quarter-end Private Client Group assets in fee-based accounts of
$1.04 trillion , up20% over March 2025 and up slightly over December 2025 - Record net bank loans of
$54.8 billion ; Securities-based loans of$23.0 billion , up31% over March 2025 and6% over December 2025 - Annualized return on common equity and annualized adjusted return on tangible common equity of
17.3% and20.9% (1), respectively, for the fiscal second quarter
Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of
“We generated record results for the first half of the fiscal year by leveraging the firm’s expertise and resources to support advisors and their clients during this period of market uncertainty. Our ongoing focus and disciplined execution have led to record PCG fee-based assets and annualized net new asset growth of
Record quarterly net revenues increased
For the first six months of the fiscal year, record net revenues of
Segment Results
Private Client Group
- Record quarterly net revenues of
$2.81 billion , up13% over the prior year’s fiscal second quarter and2% over the preceding quarter - Quarterly pre-tax income of
$416 million , down3% compared to the prior year’s fiscal second quarter and5% compared to the preceding quarter - Domestic Private Client Group net new assets(2) of
$23.0 billion for the fiscal second quarter, or annualized growth from beginning of the quarter assets of5.8% - Private Client Group assets under administration of
$1.70 trillion , up15% over March 2025 and down1% compared to December 2025 - Record quarter-end Private Client Group assets in fee-based accounts of
$1.04 trillion , up20% over March 2025 and up slightly over December 2025 - Total clients’ domestic cash sweep and Enhanced Savings Program balances of
$57.8 billion , approximating the prior year’s fiscal second quarter level and down1% compared to the preceding quarter
Quarterly net revenues rose
Capital Markets
- Quarterly net revenues of
$464 million , up17% over the prior year’s fiscal second quarter and22% over the preceding quarter - Quarterly investment banking revenues of
$272 million , up31% over the prior year’s fiscal second quarter and36% over the preceding quarter - Quarterly pre-tax income of
$51 million
Quarterly net revenues increased
Asset Management
- Record quarterly net revenues of
$327 million , up13% over the prior year’s fiscal second quarter and just above the preceding quarter - Quarterly pre-tax income of
$137 million , up13% over the prior year’s fiscal second quarter and down4% compared to the preceding quarter - Record quarter-end financial assets under management of
$282.4 billion , up15% over March 2025 and1% over December 2025
Record quarterly net revenues increased
Bank
- Quarterly net revenues of
$486 million , up12% over the prior year’s fiscal second quarter and approximating the preceding quarter level - Quarterly pre-tax income of
$166 million , up42% over the prior year’s fiscal second quarter and down4% compared to the preceding quarter - Record net bank loans of
$54.8 billion , up14% over March 2025 and3% over December 2025 - Bank segment net interest margin (“NIM”) of
2.81% for the quarter, up 14 basis points over the prior year’s fiscal second quarter and unchanged from the preceding quarter
Net bank loans grew
Other Matters
The effective tax rate for the quarter was
During the fiscal second quarter, the firm repurchased
A conference call to discuss the results will take place today, Wednesday, April 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).
Click here to view full earnings results, earnings supplement, and earnings presentation.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Report on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
Media Contact: Steve Hollister Raymond James Financial 727.567.2824 mediarelations@raymondjames.com Investor Contact: Kristina Waugh Raymond James Financial 727.567.7654 investorrelations@raymondjames.com
FAQ
What were Raymond James (RJF) fiscal Q2 2026 earnings and EPS?
RJF reported net income available to common shareholders of $542 million, or $2.72 diluted EPS. According to the company, adjusted net income was $564 million, or $2.83 adjusted diluted EPS, excluding acquisition-related expenses.
How much net new assets did Raymond James (RJF) report in Q2 2026 for the Private Client Group?
The Private Client Group reported $23.0 billion of domestic net new assets in the quarter. According to the company, this equates to annualized growth from beginning-of-quarter assets of 5.8%.
What are Raymond James (RJF) client assets under administration and fee-based assets as of Q2 2026?
Client assets under administration were reported at $1.76 trillion and PCG fee-based assets at $1.04 trillion. According to the company, both metrics reflect year-over-year increases driven by market appreciation and net inflows.
How did Raymond James (RJF) Bank perform in fiscal Q2 2026 and what were loan levels?
The Bank reported record net bank loans of $54.8 billion and a segment NIM of 2.81%. According to the company, loan growth was driven by securities-based loans (+31% YoY) and residential mortgage loans (+10% YoY).
Leave a comment