Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q3 FY2026 Earnings Presentation
25 slides from Raymond James Financial's earnings presentation, Jul 22, 2026
Slide 1: Fiscal 3Q26 Results
Fiscal 3Q26 Results July 22, 2026
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: 3Q26 highlights
4 3Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $3.9B Net revenues $1.92T Client assets under administration $400M Common share repurchases 19.1% Pre-tax margin 19.9% Adjusted pre-tax margin(1) $1.15T PCG assets in fee-based accounts $106M Common stock dividends $21.7B | 5.5%
Slide 5: Financial Review
Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5
Slide 6: Summary results of operations
Summary results of operations $ in millions, except per share amounts ($) vs. 3Q25 vs. 2Q26 ($) vs. FYTD 20253Q26 FYTD 2026 Net revenues 3,928 16% 2% 11,522 11% Pre-tax income 750 33% 2% 2,213 12% Adjusted pre-tax income* 782 34% 3% 2,292 12% Net income available to common shareholders 595 37% 10% 1
Slide 7: Segment results
$ in millions ($) vs. 3Q25 vs. 2Q26 FYTD ($) FYTD (%) 3Q26 2026 2025 Net revenues: Private Client Group 2,841 14% 1% 8,419 12% Capital Markets 477 25% 3% 1,321 5% Asset Management 362 24% 11% 1,015 16% Bank 488 7% —% 1,461 11% Consolidated net revenues 3,928 16% 2% 11,522 11% Pre-tax income: Private
Slide 8: Consolidated net revenues
Consolidated net revenues 8 $ in millions 3Q26 vs. 3Q25 vs. 2Q26 Asset management and related administrative fees $ 2,075 20% 3% Brokerage revenues 629 13% (2)% Account and service fees 316 5% 2% Investment banking 291 37% 4% Interest income 994 —% 4% Other 57 24% 8% Total revenues 4,362 14% 2% Inte
Slide 9: Domestic cash sweep and ESP balances
Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP) BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA)
Slide 10: Net interest income & RJBDP fees (third-party banks)
Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances
Slide 11: Consolidated expenses
Consolidated expenses 11 $ in millions 3Q26 vs. 3Q25 vs. 2Q26 Compensation, commissions and benefits $ 2,579 17% 1% Non-compensation expenses: Communications and information processing 203 6% (1)% Occupancy and equipment 85 10% 6% Business development 95 23% 27% Investment sub-advisory fees 63 13% —
Slide 12: Consolidated 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 increase in "Other" expense and reduced consolidated pre-tax margin by 1.7%. Absent this legal provision, pre-tax margin would have been 18.3% and adjusted p
Slide 13: Other financial information
Other financial information 13 *This amount includes cash and cash equivalents held directly at the parent company, as well as parent cash loaned by the parent company to RJ&A, which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities. **This is a non-GAAP meas
Slide 14: Capital management
$2.53B of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 553 451 511 507 506 451 350 400 400 400 102 101 111 107 106 Share Repurchases* Dividends Paid** 3Q25 4Q25 1Q26 2Q26 3Q26 Number of Shares Repurchased* (mil
Slide 15: Appendix
Appendix RAYMOND JAMES
Slide 16: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 16 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 separate
Slide 17: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 202
Slide 18: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Pre-tax margin (3) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % Impact of non-GAAP adjustments on pre-tax margin: Expenses rel
Slide 19: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 19 Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide Three months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026
Slide 20: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 202
Slide 21: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 202
Slide 22: Non-GAAP measures: book value per share
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 25 for additional information. Book value per share As of $ in millions, except per share amounts June 30, 2025 March 31, 2026 June 30, 2026 Total common equity attrib
Slide 23: Non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended $ in millions June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common
Slide 24: Return on tangible common equity
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (7) $ 12,157 $ 12,529 $ 12,633 $ 11
Slide 25: Footnotes
Footnotes 25 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the
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