Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q2 2025 Earnings Presentation
26 slides from Raymond James Financial's earnings presentation, Apr 23, 2025
Slide 1: Fiscal 2Q25 Results
Fiscal 2Q25 Results April 23, 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: 2Q25 highlights
2Q25 highlights Earnings Key Performance Metrics Capital & Liquidity $3.4B $1.54T $250M Net revenues Client assets under administration Common share repurchases 20.3% 19.7% $873B $190M Adjusted pre-tax Pre-tax margin PCG assets in fee-based accounts Common share repurchases margin(1) in April 2025 $
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 2Q25 2Q24 1Q25 FYTD 2025 FYTD 2024 Net revenues 3,403 9% (4)% 6,940 13% Pre-tax income 671 10% (10)% 1,420 15% Adjusted pre-tax income* 690 9% (10)% 1,459 13% Net income available to common sh
Slide 7: Segment results
Segment results vs. ($) vs. vs. ($) FYTD $ in millions 2Q25 2Q24 1Q25 2025 2024 Net revenues: Private Client Group 2,486 6% (2)% 5,034 10% Capital Markets 396 23% (18)% 876 33% Asset Management 289 15% (2)% 583 20% Bank 434 2% 2% 859 (1)% Consolidated net revenues 3,403 9% (4)% 6,940 13% Pre-tax inc
Slide 8: Consolidated net revenues
Consolidated net revenues vs. vs. $ in millions 2Q25 2Q24 1Q25 Asset management and related administrative fees $ 1,725 14% (1)% Brokerage revenues 580 10% 4% Account and service fees 321 (4)% (6)% Investment banking 216 21% (34)% Interest income 963 (8)% (6)% Other 40 29% 3% Total revenues 3,845 6%
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) 4.6% 4.3% 4.3% 4.2% 4.2% 58.2 57.9 5
Slide 10: Net interest income & RJBDP fees (third-party banks)
Net interest income & RJBDP fees (third-party banks) $ IN MILLIONS 689 672 678 673 651 160 149 146 144 130 529 523 532 529 521 2Q24 3Q24 4Q24 1Q25 2Q25 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* Year-over-year change: (6)% Sequential change: (3)% NET INTEREST MARGIN (NIM) AVERAGE Y
Slide 11: Consolidated expenses
Consolidated expenses TOTAL COMPENSATION RATIO* vs. vs. $ in millions 2Q25 2Q24 1Q25 65.5% 64.7% 64.8% 64.2% 65.2% 62.4% Compensation, commissions and benefits $ 2,204 8% (3)% 64.4% 64.0% 64.5% Non-compensation expenses: 62.1% Communications and information processing 184 12% 3% 2Q24 3Q24 4Q24 1Q25
Slide 12: Bank segment key credit metrics
Bank segment key credit metrics vs. vs. $ in millions 2Q25 2Q24 1Q25 Bank loan provision for credit losses $ 16 (24)% NM Net charge-offs $ 15 (46)% 275% 2Q24 1Q25 Nonperforming assets as a % of total assets 0.34% 0.31% 0.26% Bank loan allowance for credit losses as a % of loans held for investment 0
Slide 13: Consolidated pre-tax margin
Consolidated pre-tax margin 22.7% 21.7% 20.4% 20.7% 20.3% 22.0% 21.2% 20.0% 19.7% 19.5% 2Q24 3Q24 4Q24 1Q25 2Q25 Pre-Tax Margin (GAAP) Adjusted Pre-Tax Margin* *This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the mos
Slide 14: Other financial information
Other financial information vs. vs. in millions, except per share amounts 2Q25 2Q24 1Q25 Total assets $ 83,132 2% 1% RJF corporate cash* $ 2,487 23% 6% Total common equity attributable to RJF $ 12,133 11% 2% Book value per share $ 59.74 14% 3% Tangible book value per share** $ 51.29 16% 4% Weighted-
Slide 15: Capital management
Capital management DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS Share Repurchases* Dividends Paid** $1.54B 394 of dividends paid and 354 337 share repurchases over 302 94 the past 5 quarters 94 104 95 154 $190M 207 243 300 104 250 additional share repurchases in April 2025*** 50 (average share
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 Six months ended March 31, June 30, September 30, December 31, March 31, March 31, March 31, $ in millions 2024 2024 2024 2024 2025 2024 2025 Net income available to common shareholders $ 474 $ 49
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 March 31, June 30, September 30, December 31, March 31, 2024 2024 2024 2024 2025 Pre-tax margin (3) 19.5 % 20.0 % 22.0 % 21.2 % 19.7 % Impact of non-GAAP adjustments on pre-tax margin: Expenses re
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 March 31, June 30, September 30, December 31, March 31, $ in millions 2024 2024 2024 2024 2025 Compensation, commissions and benefits expense $ 2,043 $ 2,090 $ 2,159 $ 2,272 $ 2,204 (1) Less: Acqu
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 Six months ended March 31, December 31, March 31, March 31, March 31, Earnings per common share (5) 2024 2024 2025 2024 2025 Basic $ 2.27 $ 2.94 $ 2.41 $ 4.65 $ 5.34 Impact of non-GAAP adjustments
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 Six months ended March 31, December 31, March 31, March 31, March 31, Earnings per common share (5) 2024 2024 2025 2024 2025 Diluted $ 2.22 $ 2.86 $ 2.36 $ 4.54 $ 5.22 Impact of non-GAAP adjustmen
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 March 31, December 31, March 31, $ in millions, except per share amounts 2024 2024 2025 Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 11,844 $ 12,133 Less no
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 Six months ended March 31, December 31, March 31, March 31, March 31, $ in millions 2024 2024 2025 2024 2025 Average common equity (7) $ 10,808 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Impact of non-GA
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 Six months ended March 31, December 31, March 31, March 31, March 31, $ in millions 2024 2024 2025 2024 2025 Average common equity (7) $ 10,808 $ 11,719 $ 11,989 $
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
Raymond James Financial — Q2 2025 Earnings Presentation on 6ix