Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q1 FY2026 Earnings Presentation
25 slides from Raymond James Financial's earnings presentation, Jan 28, 2026
Slide 1: Fiscal 1Q26 Results
Fiscal 1Q26 Results January 28, 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: 1Q26 highlights
4 1Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $3.7B Net revenues $1.77T Client assets under administration $400M Common share repurchases 19.5% Pre-tax margin 20.0% Adjusted pre-tax margin(1) $1.04T PCG assets in fee-based accounts $111M Common stock dividends $30.8B | 8.0%
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. 1Q25 vs. 4Q251Q26 Net revenues 3,735 6% —% Pre-tax income 728 (3)% —% Adjusted pre-tax income* 748 (3)% (3)% Net income available to common shareholders 562 (6)% (7)% Adjusted net income available to common shareholders* 5
Slide 7: Segment results
$ in millions ($) vs. 1Q25 vs. 4Q251Q26 Net revenues: Private Client Group 2,768 9% 4% Capital Markets 380 (21)% (26)% Asset Management 326 11% 4% Bank 487 15% 6% Consolidated net revenues 3,735 6% —% Pre-tax income: Private Client Group 439 (5)% 6% Capital Markets 9 (88)% (90)% Asset Management 143
Slide 8: Consolidated net revenues
Consolidated net revenues 8 $ in millions 1Q26 vs. 1Q25 vs. 4Q25 Asset management and related administrative fees $ 1,999 15% 6% Brokerage revenues 612 9% 1% Account and service fees 308 (10)% 4% Investment banking 208 (36)% (34)% Interest income 1,007 (2)% (1)% Other 42 8% (48)% Total revenues 4,17
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 1Q26 vs. 1Q25 vs. 4Q25 Compensation, commissions and benefits $ 2,450 8% 2% Non-compensation expenses: Communications and information processing 194 9% (3)% Occupancy and equipment 80 10% (5)% Business development 81 19% (1)% Investment sub-advisory fees 63 19%
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 in cash and cash equivalents or otherwise deployed in its normal business activiti
Slide 14: Capital management
$2.02B of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 154 354 553 451 511 50 250 451 350 400 104 104 102 101 111 Share Repurchases* Dividends Paid** 1Q25 2Q25 3Q25 4Q25 1Q26 Number of Shares Repurchased* (thou
Slide 15: Appendix
Appendix RAYMOND JAMES
Slide 16: Reconciliation of GAAP to 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: Reconciliation of GAAP to 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 202
Slide 18: Reconciliation of GAAP to non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Pre-tax margin (3) 21.2 % 19.7 % 16.6 % 19.6 % 19.5 % Impact of non-GAAP adjustments on pre-tax margin: Expenses
Slide 19: Reconciliation of GAAP to 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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31,
Slide 20: Reconciliation of GAAP to 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 Earnings per common share (5) December 31, 2024 September 30, 2025 December 31, 2025 Basic $ 2.94 $ 3.03 $ 2.85 Impac
Slide 21: Reconciliation of GAAP to 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 Earnings per common share (5) December 31, 2024 September 30, 2025 December 31, 2025 Diluted $ 2.86 $ 2.95 $ 2.79 Imp
Slide 22: Reconciliation of GAAP to non-GAAP measures (unaudited)
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 December 31, 2024 September 30, 2025 December 31, 2025 Total common e
Slide 23: Reconciliation of GAAP to 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 $ in millions December 31, 2024 September 30, 2025 December 31, 2025 Average common equity (7) $ 11,719 $ 12,302 $ 12
Slide 24: Reconciliation of GAAP to non-GAAP measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Return on tangible common equity Three months ended $ in millions December 31, 2024 September 30, 2025 December 31, 2025 Average common equity (7) $ 11,719 $ 12,302 $ 12,458 Less: Average goodwill and identifiabl
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 in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates
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