Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q3 2025 Earnings Presentation
26 slides from Raymond James Financial's earnings presentation, Jul 23, 2025
Slide 1: Fiscal 3Q25 Results
Fiscal 3Q25 Results July 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: 3Q25 highlights
3Q25 highlights Earnings Key Performance Metrics Capital & Liquidity $3.4B $1.64T $451M Net revenues Client assets under administration Common share repurchases 17.1% 16.6% $944B Adjusted pre-tax $102M Pre-tax margin PCG assets in fee-based accounts margin(1) Common stock dividends $2.18 $11.7B | 3.
Slide 5: Financial Review
Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5
Slide 6: Financial summary
Financial summary Summary results of operations ($) vs. vs. ($) vs. $ in millions, except per share amounts 3Q25 3Q24 2Q25 FYTD 2025 FYTD 2024 Net revenues 3,398 5% —% 10,338 10% Pre-tax income 563 (13)% (16)% 1,983 5% Adjusted pre-tax income* 582 (13)% (16)% 2,041 4% Net income available to common
Slide 7: Segment results
Segment results vs. ($) vs. vs. ($) FYTD $ in millions 3Q25 3Q24 2Q25 2025 2024 Net revenues: Private Client Group 2,488 3% —% 7,522 8% Capital Markets 381 15% (4)% 1,257 27% Asset Management 291 10% 1% 874 16% Bank 458 10% 6% 1,317 3% Consolidated net revenues 3,398 5% —% 10,338 10% Pre-tax income/
Slide 8: Consolidated net revenues
Consolidated net revenues vs. vs. $ in millions 3Q25 3Q24 2Q25 Asset management and related administrative fees $ 1,733 8% —% Brokerage revenues 559 5% (4)% Account and service fees 302 (8)% (6)% Investment banking 212 16% (2)% Interest income 990 (6)% 3% Other 46 (10)% 15% Total revenues 3,842 2% —
Slide 9: Domestic cash sweep & 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% 4.3% 4.2% 4.2% 3.8% 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 672 678 673 651 656 149 146 144 130 110 523 532 529 521 546 3Q24 4Q24 1Q25 2Q25 3Q25 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* Year-over-year change: (2)% Sequential change: 1% NET INTEREST MARGIN (NIM) AVERAGE YIE
Slide 11: Consolidated expenses
Consolidated expenses TOTAL COMPENSATION RATIO** vs. vs. $ in millions 3Q25 3Q24 2Q25 64.7% 64.8% 64.8% 64.2% Compensation, commissions and benefits $ 2,202 5% —% 64.4% 64.5% 64.5% 62.4% 64.0% Non-compensation expenses: 62.1% Communications and information processing 191 15% 4% 3Q24 4Q24 1Q25 2Q25 3
Slide 12: Bank segment key credit metrics
Bank segment key credit metrics vs. vs. $ in millions 3Q25 3Q24 2Q25 Bank loan provision for credit losses $ 15 NM (6)% Net charge-offs $ 3 (50)% (80)% 3Q24 2Q25 Nonperforming assets as a % of total assets 0.34% 0.26% 0.34% 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% 20.7% 20.3% 22.0% 21.2% 20.0% 19.7% 17.1% 16.6% 3Q24 4Q24 1Q25 2Q25 3Q25 Pre-Tax Margin 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 most direc
Slide 14: Other financial information
Other financial information vs. vs. in millions, except per share amounts 3Q25 3Q24 2Q25 Total assets $ 84,815 5% 2% RJF corporate cash* $ 2,349 11% (6)% Total common equity attributable to RJF $ 12,180 10% —% Book value per share $ 60.90 13% 2% Tangible book value per share** $ 52.32 15% 2% Weighte
Slide 15: Capital management
Capital management DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS Share Repurchases* Dividends Paid** 553 $1.79B 394 102 of dividends paid and 337 354 share repurchases over 94 94 104 the past 5 quarters 451 154 300 243 250 104 $749M 50 3Q24 4Q24 1Q25 2Q25 3Q25 remains under current common stock
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 Nine months ended June 30, September 30, December 31, March 31, June 30, June 30, June 30, $ in millions 2024 2024 2024 2025 2025 2024 2025 Net income available to common shareholders $ 491 $ 601
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 June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2025 2025 Pre-tax margin (3) 20.0 % 22.0 % 21.2 % 19.7 % 16.6 % Impact of non-GAAP adjustments on pre-tax margin: Expenses rel
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 June 30, September 30, December 31, March 31, June 30, $ in millions 2024 2024 2024 2025 2025 Compensation, commissions and benefits expense $ 2,090 $ 2,159 $ 2,272 $ 2,204 $ 2,202 (1) Less: Acqui
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 Nine months ended June 30, March 31, June 30, June 30, June 30, Earnings per common share (5) 2024 2025 2025 2024 2025 Basic $ 2.37 $ 2.41 $ 2.16 $ 7.02 $ 7.51 Impact of non-GAAP adjustments on ba
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 Nine months ended June 30, March 31, June 30, June 30, June 30, Earnings per common share (5) 2024 2025 2025 2024 2025 Diluted $ 2.31 $ 2.36 $ 2.12 $ 6.85 $ 7.35 Impact of non-GAAP adjustments on
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 June 30, March 31, June 30, $ in millions, except per share amounts 2024 2025 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,118 $ 12,133 $ 12,180 Less non-GAA
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 Nine months ended June 30, March 31, June 30, June 30, June 30, $ in millions 2024 2025 2025 2024 2025 Average common equity (7) $ 11,012 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Impact of non-GAAP adj
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 Nine months ended June 30, March 31, June 30, June 30, June 30, $ in millions 2024 2025 2025 2024 2025 Average common equity (7) $ 11,012 $ 11,989 $ 12,157 $ 10,71
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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