Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q4 2025 Earnings Presentation
26 slides from Raymond James Financial's earnings presentation, Oct 22, 2025
Slide 1: Fourth Quarter and Fiscal 2025 Results
Fourth Quarter and Fiscal 2025 Results October 22, 2025
Slide 2: Forward-looking statements
Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, bu
Slide 3: Strategic Overview
Strategic Overview Paul Shoukry Chief Executive Officer, Raymond James Financial 3
Slide 4: 4Q25 highlights
4Q25 highlights Earnings Key Performance Metrics Capital & Liquidity $3.7B $1.73T $350M Net revenues Client assets under administration Common share repurchases 20.7% 19.6% $1.01T Adjusted pre-tax $101M Pre-tax margin PCG assets in fee-based accounts margin(1) Common stock dividends $3.11 $17.9B | 5
Slide 5: Financial Review
Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5
Slide 6: Financial summary
Financial summary Summary results of operations ($) vs. vs. ($) vs. $ in millions, except per share amounts 4Q25 4Q24 3Q25 FY 2025 FY 2024 Net revenues 3,727 8% 10% 14,065 10% Pre-tax income 731 (4)% 30% 2,714 3% Adjusted pre-tax income* 770 (2)% 32% 2,811 3% Net income available to common sharehold
Slide 7: Segment results
Segment results ($) vs. vs. ($) vs. $ in millions 4Q25 4Q24 3Q25 FY 2025 FY 2024 Net revenues: Private Client Group 2,660 7% 7% 10,182 8% Capital Markets 513 6% 35% 1,770 20% Asset Management 314 14% 8% 1,188 16% Bank 459 6% —% 1,776 3% Consolidated net revenues 3,727 8% 10% 14,065 10% Pre-tax incom
Slide 8: Consolidated net revenues
Consolidated net revenues vs. vs. $ in millions 4Q25 4Q24 3Q25 Asset management and related administrative fees $ 1,877 13% 8% Brokerage revenues 606 8% 8% Account and service fees 297 (11)% (2)% Investment banking 316 —% 49% Interest income 1,014 (5)% 2% Other 80 33% 74% Total revenues 4,190 5% 9%
Slide 9: Domestic cash sweep and ESP balances
Domestic cash sweep and ESP balances CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP)* BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) Cash Sweep & ESP Balances as a % of Domestic PCG Clients' Domestic Cash Sweep & ESP Balances ($B) 4.3% 4.2% 4.2% 3.8% 3.7% 57.9 59.7 5
Slide 10: Net interest income & RJBDP fees (third-party banks)
Net interest income & RJBDP fees (third-party banks) $ IN MILLIONS 678 673 651 656 653 146 144 130 110 102 532 529 521 546 551 4Q24 1Q25 2Q25 3Q25 4Q25 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* Year-over-year change: (4)% Sequential change: —% NET INTEREST MARGIN (NIM) AVERAGE YIE
Slide 11: Consolidated expenses
Consolidated expenses TOTAL COMPENSATION RATIO** vs. vs. $ in millions 4Q25 4Q24 3Q25 64.8% 64.8% 64.2% 64.2% 62.4% Compensation, commissions and benefits $ 2,394 11% 9% 64.5% 64.5% 64.0% 64.0% Non-compensation expenses: 62.1% Communications and information processing 199 10% 4% 4Q24 1Q25 2Q25 3Q25
Slide 12: Bank segment key credit metrics
Bank segment key credit metrics $ in millions 4Q25 4Q24 3Q25 Bank loan provision for credit losses $ 6 $ 22 $ 15 Net charge-offs $ 19 $ 20 $ 3 Nonperforming assets as a % of total assets 0.29% 0.28% 0.34% Bank loan allowance for credit losses as a % of loans held for investment 0.88% 0.99% 0.93% Ban
Slide 13: Consolidated pre-tax margin
Consolidated pre-tax margin 22.7% 21.7% 20.3% 20.7% 22.0% 21.2% 19.7% 17.1% 19.6% 16.6% 4Q24 1Q25 2Q25 3Q25* 4Q25 Pre-Tax Margin Adjusted Pre-Tax Margin** *Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M in
Slide 14: Other financial information
Other financial information vs. vs. $ in billions except per share amounts 4Q25 4Q24 3Q25 Total assets $ 88.2 6% 4% RJF corporate cash* $ 3.7 71% 58% Total common equity attributable to RJF $ 12.4 7% 2% Book value per share $ 62.72 10% 3% Tangible book value per share** $ 54.12 12% 3% Weighted-avera
Slide 15: Capital management
Capital management DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS Share Repurchases* Dividends Paid** 553 $1.91B 394 102 451 of dividends paid and 354 101 share repurchases over 94 104 the past 5 quarters 451 154 350 300 250 104 $399M 50 4Q24 1Q25 2Q25 3Q25 4Q25 remains under current common stoc
Slide 16: Appendix
Appendix RAYMOND JAMES
Slide 17: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately
Slide 18: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Twelve months ended September 30, December 31, March 31, June 30, September 30, September 30, September 30, $ in millions 2024 2024 2025 2025 2025 2024 2025 Net income available to common sharehol
Slide 19: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended September 30, December 31, March 31, June 30, September 30, 2024 2024 2025 2025 2025 Pre-tax margin (3) 22.0 % 21.2 % 19.7 % 16.6 % 19.6 % Impact of non-GAAP adjustments on pre-tax margin: Expense
Slide 20: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended September 30, December 31, March 31, June 30, September 30, $ in millions 2024 2024 2025 2025 2025 Compensation, commissions and benefits expense $ 2,159 $ 2,272 $ 2,204 $ 2,202 $ 2,394 Less: Tota
Slide 21: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Twelve months ended September 30, June 30, September 30, September 30, September 30, Earnings per common share (5) 2024 2025 2025 2024 2025 Basic $ 2.93 $ 2.16 $ 3.03 $ 9.94 $ 10.53 Impact of non-
Slide 22: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Twelve months ended September 30, June 30, September 30, September 30, September 30, Earnings per common share (5) 2024 2025 2025 2024 2025 Diluted $ 2.86 $ 2.12 $ 2.95 $ 9.70 $ 10.30 Impact of no
Slide 23: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Book value per share As of September 30, June 30, September 30, $ in millions, except per share amounts 2024 2025 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,594 $ 12,180 $ 12,424 Les
Slide 24: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Twelve months ended September 30, June 30, September 30, September 30, September 30, $ in millions 2024 2025 2025 2024 2025 Average common equity (7) $ 11,356 $ 12,157 $ 12,302 $ 10,893 $ 12,035 I
Slide 25: Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Return on tangible common equity Three months ended Twelve months ended September 30, June 30, September 30, September 30, September 30, $ in millions 2024 2025 2025 2024 2025 Average common equity (7) $ 11,356 $ 12
Slide 26: Footnotes
Footnotes (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates wh
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