Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q2 2026 Earnings Presentation
25 slides from Raymond James Financial's earnings presentation, Apr 22, 2026
Slide 1: Fiscal 2Q26 Results
Fiscal 2Q26 Results April 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: 2Q26 highlights
2Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $3.9B $1.76T $400M Net revenues Client assets under administration Common share repurchases 19.7% 19.0% $1.04T Adjusted pre-tax $107M Pre-tax margin PCG assets in fee-based accounts margin(1) Common stock dividends $2.83 $23.0B | 5
Slide 5: Financial Review
Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5
Slide 6: Financial summary
Financial summary Summary results of operations ($) vs. vs. ($) vs. $ in millions, except per share amounts 2Q26 2Q25 1Q26 FYTD 2026 FYTD 2026 Net revenues 3,859 13% 3% 7,594 9% Pre-tax income 735 10% 1% 1,463 3% Adjusted pre-tax income* 762 10% 2% 1,510 3% Net income available to common shareholder
Slide 7: Segment results
Segment results ($) vs. vs. FYTD ($) FYTD (%) $ in millions 2Q26 2Q25 1Q26 2026 2026 Net revenues: Private Client Group 2,810 13% 2% 5,578 11% Capital Markets 464 17% 22% 844 (4)% Asset Management 327 13% —% 653 12% Bank 486 12% —% 973 13% Consolidated net revenues 3,859 13% 3% 7,594 9% Pre-tax inco
Slide 8: Consolidated net revenues
Consolidated net revenues vs. vs. $ in millions 2Q26 2Q25 1Q26 Asset management and related administrative fees $ 2,016 17% 1% Brokerage revenues 643 11% 5% Account and service fees 311 (3)% 1% Investment banking 279 29% 34% Interest income 960 —% (5)% Other 53 33% 26% Total revenues 4,262 11% 2% In
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) 4.2% 3.8% 3.7% 3.7% 3.7% 57.8 56.4 58
Slide 10: Net interest income & RJBDP fees (third-party banks)
Net interest income & RJBDP fees (third-party banks) $ IN MILLIONS 651 656 653 667 650 130 110 102 101 93 521 546 551 566 557 2Q25 3Q25 4Q25 1Q26 2Q26 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* Year-over-year change: —% Sequential change: (3)% NET INTEREST MARGIN (NIM) AVERAGE YIEL
Slide 11: Consolidated expenses
Consolidated expenses TOTAL COMPENSATION RATIO* vs. vs. $ in millions 2Q26 2Q25 1Q26 65.6% 65.8% 64.8% 64.8% 64.2% 65.4% 65.7% Compensation, commissions and benefits $ 2,541 15% 4% 64.5% 64.5% 64.0% Non-compensation expenses: Communications and information processing 206 12% 6% 2Q25 3Q25 4Q25 1Q26 2
Slide 12: Consolidated pre-tax margin
Consolidated pre-tax margin 20.3% 20.7% 20.0% 19.7% 19.7% 17.1% 19.6% 19.5% 19.0% 16.6% 2Q25 3Q25* 4Q25 1Q26 2Q26 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 13: Other financial information
Other financial information vs. vs. $ in billions except per share amounts 2Q26 2Q25 1Q26 Total assets $ 91.9 11% 3% RJF corporate cash* $ 3.0 21% (9)% Bank loans, net $ 54.8 14% 3% Total common equity attributable to RJF $ 12.6 4% 1% Book value per share $ 64.58 8% 2% Tangible book value per share*
Slide 14: Capital management
Capital management DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS Share Repurchases* Dividends Paid** 553 511 507 $2.38B 102 451 111 107 of dividends paid and 354 101 share repurchases over 104 the past 5 quarters 451 400 400 350 250 $1.5B 2Q25 3Q25 4Q25 1Q26 2Q26 remains under current common st
Slide 15: Appendix
Appendix RAYMOND JAMES
Slide 16: 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 17: 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 2025 2025 2025 2025 2026 2025 2026 Net income available to common shareholders $ 493 $ 43
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 March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Pre-tax margin (3) 19.7 % 16.6 % 19.6 % 19.5 % 19.0 % Impact of non-GAAP adjustments on pre-tax margin: Expenses re
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, $ in millions 2025 2025 2025 2025 2026 Compensation, commissions and benefits expense $ 2,204 $ 2,202 $ 2,394 $ 2,450 $ 2,541 Less: Total co
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 Six months ended March 31, December 31, March 31, March 31, March 31, Earnings per common share (5) 2025 2025 2026 2025 2026 Basic $ 2.41 $ 2.85 $ 2.76 $ 5.34 $ 5.61 Impact of non-GAAP adjustments
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) 2025 2025 2026 2025 2026 Diluted $ 2.36 $ 2.79 $ 2.72 $ 5.22 $ 5.51 Impact of non-GAAP adjustmen
Slide 22: 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 2025 2025 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,133 $ 12,491 $ 12,567 Less 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) Three months ended Six months ended March 31, December 31, March 31, March 31, March 31, $ in millions 2025 2025 2026 2025 2026 Average common equity (7) $ 11,989 $ 12,458 $ 12,529 $ 11,857 $ 12,494 Impact of non-GA
Slide 24: 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 2025 2025 2026 2025 2026 Average common equity (7) $ 11,989 $ 12,458 $ 12,529 $
Slide 25: Footnotes
Footnotes (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 fi
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