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Raymond James Financial (RJF) stock

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NYSE: RJF NYSE Investment Banking & Brokerage Next results ~January 27, 2027

B+ Fundamentals grade

Raymond James Financial is a US-listed company in the investment banking & brokerage industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Valuation models combined (4)

Base case. Range ~$150–$240. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Modestly undervalued

The price is inside our value range, 16% below our base value.

Price used: $162.30, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds395 adding, 426 cuttingOf 71 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Raymond James Financial files

Where Raymond James Financial stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $17.0bn, up 8.0% on a year earlier, faster than 5.3% a quarter earlier. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Our valuation models combined value is $182 a share, against a share price of $156.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Raymond James Financial's trailing-twelve-month revenue grew 8.0% year on year, with a free-cash-flow margin of 8.5%. Where it stands out: change in share count of -3.9% ranks 2 of 35 investment banking & brokerage companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 26.2% while net income grew 8.1%: a 34pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $10.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 5 insiders sold $30M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 63% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed August 5, 2026
Earnings per share
$3.59 against an average estimate of $3.27: beat by 9.8%
Revenue
$4.36bn, up 13.5% on a year earlier
Share reaction
+2.0% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
January 27, 2027; average EPS estimate $3.36

Raymond James Financial's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week+2.7%
  • 1 month+2.6%
  • This year+2.5%
  • 1 year+3.7%
  • 5 years+70.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17B
Net margin
13.6%
EPS (TTM, diluted)
$11.52

Growth

Revenue growth
+8.0%
Change in growth rate
+2.8 pts
Share count change
−3.9%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Leadership
  4. Insider trade
  5. Announcement
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$190
Price used
$161.35close November 3, 2026
Implied change
▲ +20%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like Raymond James Financial (see the models table below and how they are combined) , with a 9.46% cost of equity. The models span ~$150–~$240; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Raymond James Financial as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$240 ~$190–$370 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$160 ~$120–$230 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$130–$180 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$6.5 ~$68–$290 Left out: out of range vs price (0.04x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$160 ~$140–$200 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$190 ~$150–$240 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Raymond James Financial with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

83 /100

Strong moat

How hard Raymond James Financial's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 2.2% of total assets over 10 years.

  • Durability 13 / 20

    Net margin has been a median 13.1%; its worst year was 9.8%.

  • Discipline 20 / 20

    The diluted share count fell 8.5% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (88 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, after the close. Analysts expect revenue of $4.2bn and EPS of $3.36 (range $3.21 to $3.49) for the quarter.

Analysts' consensus

Raymond James Financial: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $14.31 +15% $17.7bn +12%
Next $16.22 +13% $18.9bn +7%

Next year's EPS estimate has moved +2.7% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 5 analysts raised Raymond James Financial's forecast and 2 cut it.

Consensus EPS forecast Raymond James Financial, last 90 days
$14.00 $15.00 $16.00 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.18 Current fiscal year, 60 days ago: $14.18 Current fiscal year, 30 days ago: $14.20 Current fiscal year, 7 days ago: $14.27 Current fiscal year, Now: $14.31 $14.31 Next fiscal year, 90 days ago: $15.79 Next fiscal year, 60 days ago: $15.79 Next fiscal year, 30 days ago: $15.99 Next fiscal year, 7 days ago: $16.06 Next fiscal year, Now: $16.22 $16.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.18$15.79
60 days ago $14.18$15.79
30 days ago $14.20$15.99
7 days ago $14.27$16.06
Now $14.31$16.22

Earnings against estimates

Raymond James Financial: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $3.27 $3.59 +9.8%
Jun 2026 $2.91 $3.14 +7.8%
Mar 2026 $2.76 $2.83 +2.5%
Dec 2025 $2.83 $2.86 +0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 22, 2026

No numeric guidance in Raymond James Financial's latest earnings release (filed July 22, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

16 analysts, Oct 2026
Buy638%
Hold1063%
Sell00%

Monthly trend

  1. Oct 2026331016
  2. Sep 202633915
  3. Aug 202623914
  4. Jul 202623914

Counts of recommendations published by analysts covering Raymond James Financial, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.7%
of tradable shares
Days to cover
4.78
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
82%
of shares
Held by insiders
10.6%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.7%

$156.45 on October 31, 2025 to $162.30

Raymond James Financial: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $15.7bn $17.0bn +8.0%
Net margin 13.6% 13.6% +0.1%
P/E multiple 15.3x 14.1x −7.8%
Share count 208m 200m +4.0%

Biggest factor: p/e multiple.

Last 3 years +67.1%

$97.10 on November 3, 2023 to $162.30

Raymond James Financial: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $12.5bn $17.0bn +36.2%
Net margin 14.0% 13.6% −2.9%
P/E multiple 12.2x 14.1x +15.8%
Share count 219m 200m +9.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Raymond James Financial: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
RJF+60%+8%+6%+41%+5%+3%
Industry peers (median)+26%−20%+19%+45%+10%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RJF67%58%42%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RJF−10%−26%−29%−18%−28%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 46% from February 19, 2020 to March 23, 2020. Getting back needed a 84% gain, reached on January 6, 2021, 289 days after the low.

Price behaviour

52-week range
$139.39 – $180.56
From 52-week high
−10.1%
vs 50-day average
−1.1%
vs 200-day average
+2.0%
Volatility (1 year)
25%
Beta vs S&P 500
0.72

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.4%
After a week
7 up, 4 down
typical move ±3.6%
After a month
6 up, 5 down
typical move ±6.8%
Raymond James Financial: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +2.0% 0.0% — —
July 22, 2026 −1.1% −1.3% +3.7% +2.6%
April 22, 2026 −0.7% +0.6% +0.7% −2.7%
January 28, 2026 −0.8% −0.2% +0.5% −9.4%
October 22, 2025 −0.4% +0.1% −4.5% −8.7%
July 23, 2025 +3.9% +0.9% +5.5% +0.9%
April 23, 2025 +1.8% +3.7% +1.7% +8.7%
January 29, 2025 −0.5% +0.1% −3.4% −9.8%
October 23, 2024 +8.2% −0.7% +9.5% +20.3%
July 24, 2024 +5.5% −2.8% +3.7% +3.9%
April 24, 2024 −4.1% −0.4% −3.6% −2.9%
January 24, 2024 +0.4% +0.7% −2.9% +4.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Raymond James Financial’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Raymond James Financial in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Raymond James Financial
$12B $13B $14B $15B $16B $17B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $13B Revenue (TTM), FY24 Q1: $13.5B Revenue (TTM), FY24 Q2: $14B Revenue (TTM), FY24 Q3: $14.4B Revenue (TTM), FY24 Q4: $14.9B Revenue (TTM), FY25 Q1: $15.4B Revenue (TTM), FY25 Q2: $15.6B Revenue (TTM), FY25 Q3: $15.7B Revenue (TTM), FY25 Q4: $15.9B Revenue (TTM), FY26 Q1: $16.1B Revenue (TTM), FY26 Q2: $16.5B Revenue (TTM), FY26 Q3: $17B $17B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $13B
FY24 Q1 $13.5B
FY24 Q2 $14B
FY24 Q3 $14.4B
FY24 Q4 $14.9B
FY25 Q1 $15.4B
FY25 Q2 $15.6B
FY25 Q3 $15.7B
FY25 Q4 $15.9B
FY26 Q1 $16.1B
FY26 Q2 $16.5B
FY26 Q3 $17B
Revenue growth, TTM YoY Raymond James Financial
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.9% Revenue growth, TTM YoY, FY24 Q1: 17.1% Revenue growth, TTM YoY, FY24 Q2: 16.7% Revenue growth, TTM YoY, FY24 Q3: 15.7% Revenue growth, TTM YoY, FY24 Q4: 14.9% Revenue growth, TTM YoY, FY25 Q1: 14.5% Revenue growth, TTM YoY, FY25 Q2: 12.0% Revenue growth, TTM YoY, FY25 Q3: 8.9% Revenue growth, TTM YoY, FY25 Q4: 6.6% Revenue growth, TTM YoY, FY26 Q1: 4.0% Revenue growth, TTM YoY, FY26 Q2: 5.3% Revenue growth, TTM YoY, FY26 Q3: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.9%
FY24 Q1 17.1%
FY24 Q2 16.7%
FY24 Q3 15.7%
FY24 Q4 14.9%
FY25 Q1 14.5%
FY25 Q2 12.0%
FY25 Q3 8.9%
FY25 Q4 6.6%
FY26 Q1 4.0%
FY26 Q2 5.3%
FY26 Q3 8.0%
FCF margin (TTM) Raymond James Financial
-40% -20% 0% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -28.4% FCF margin (TTM), FY24 Q1: -0.2% FCF margin (TTM), FY24 Q2: 7.0% FCF margin (TTM), FY24 Q3: 13.0% FCF margin (TTM), FY24 Q4: 13.1% FCF margin (TTM), FY25 Q1: 14.5% FCF margin (TTM), FY25 Q2: 12.6% FCF margin (TTM), FY25 Q3: 12.4% FCF margin (TTM), FY25 Q4: 14.1% FCF margin (TTM), FY26 Q1: 8.7% FCF margin (TTM), FY26 Q2: 14.5% FCF margin (TTM), FY26 Q3: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -28.4%
FY24 Q1 -0.2%
FY24 Q2 7.0%
FY24 Q3 13.0%
FY24 Q4 13.1%
FY25 Q1 14.5%
FY25 Q2 12.6%
FY25 Q3 12.4%
FY25 Q4 14.1%
FY26 Q1 8.7%
FY26 Q2 14.5%
FY26 Q3 8.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Raymond James Financial: annual financial statements
Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 2.6 3.0 3.4 3.9 4.6 5.0 5.3 5.5 6.5 7.5 8.0 8.2 9.9 11.3 13.0 14.9 15.9 17.0
Net income 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.5 0.6 0.9 1.0 0.8 1.4 1.5 1.7 2.1 2.1 2.3
Diluted EPS $0.83 $1.22 $1.46 $1.47 $1.72 $2.21 $2.29 $2.43 $2.89 $3.83 $4.78 $3.88 $6.63 $6.98 $7.97 $9.70 $10.30 $11.52
Growth (year on year)
Revenue −18.8% +14.5% +14.1% +14.6% +17.9% +8.0% +6.9% +4.0% +18.2% +14.6% +7.3% +1.8% +21.3% +14.1% +14.9% +14.9% +6.6% +8.0%
Net income −35.0% +49.4% +21.9% +6.3% +24.1% +30.8% +4.6% +5.4% +20.1% +34.7% +20.7% −20.9% +71.5% +7.6% +15.2% +18.9% +3.2% +8.1%
Diluted EPS −35.2% +46.4% +19.7% +0.5% +17.3% +28.7% +3.3% +6.4% +18.6% +32.8% +24.7% −18.8% +70.9% +5.3% +14.2% +21.7% +6.2% +12.5%
Margins
Net margin 5.9% 7.7% 8.2% 7.6% 8.0% 9.7% 9.5% 9.6% 9.7% 11.5% 12.9% 10.0% 14.2% 13.3% 13.4% 13.9% 13.4% 13.6%
Free-cash-flow margin 13.0% −35.0% 44.7% 8.0% 12.8% 9.0% 15.5% −12.6% −4.8% 10.0% 5.5% 48.3% 66.3% −0.2% −28.4% 13.1% 14.1% 8.5%
Cash flow
Cash from operations 0.4 −1.0 1.6 0.4 0.7 0.5 0.9 −0.6 −0.1 0.9 0.6 4.1 6.6 0.1 −3.5 2.2 2.4 1.6
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2
Free cash flow 0.3 −1.0 1.5 0.3 0.6 0.4 0.8 −0.7 −0.3 0.8 0.4 3.9 6.6 −0.0 −3.7 2.0 2.2 1.4
Stock-based pay 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.2
Free cash flow after stock pay 0.3 −1.1 1.5 0.3 0.5 0.4 0.8 −0.8 −0.4 0.7 0.3 3.8 6.4 −0.2 −3.9 1.7 2.0 1.2
Balance sheet
Cash 2.3 2.9 2.4 2.0 2.6 2.2 2.6 1.7 3.7 3.5 4.0 5.4 7.2 6.2 9.3 11.0 11.4 10.0
Total debt 0.0 0.4 0.6 0.0 1.2 1.2 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 1.0
Net debt (negative = net cash) −2.3 −2.6 −1.8 −2.0 −1.4 −1.0 −1.4 −1.7 −3.7 −3.5 −4.0 −5.4 −7.2 −6.2 −9.3 −11.0 −10.7 −9.0
Diluted shares 176m 179m 184m 198m 211m 215m 219m 217m 220m 223m 216m 210m 211m 215m 217m 212m 207m 200m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.4 0.4
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.0 0.1 0.8 0.3 0.1 — — — — —
Total returned 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.2 0.2 1.0 0.5 0.3 0.3 0.4 0.4 0.4 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$428M
Diluted share count
−3.9%
year over year
Total shareholder yield
1.4%
dividends 1.4% + buybacks 0.0% of market value
Dividend payout ratio
19%
of net income paid out

Competitors: side by side with peers

Closest by revenue in investment banking & brokerage
Growth, margins and cash generation against peers
Last 12 months unless stated RJF LPLA ETOR JEF SCHW IBKR Median
Revenue, last 12 months $17.0bn $20.4bn $13.8bn $12.2bn $26.0bn $6.9bn $2.0bn
Revenue growth, last 12 months 8.0% 31.0% 9.5% 13.5% 20.3% 21.3% 20.7%
Revenue growth, 3-year average 10.8% 27.9% — 18.7% 7.8% 12.8% 16.2%
Revenue growth, latest quarter 13.5% 17.4% — 11.1% 20.9% 28.1% 17.4%
Gross margin — — 1.8% 98.7% — — 3.6%
Net margin 13.6% 6.8% 1.6% 7.3% 38.8% 16.4% 5.8%
Cash from operations / revenue 9.6% 8.7% 2.3% 36.3% 43.9% 231.9% 7.7%
Free-cash-flow margin 8.5% 4.9% 2.3% 34.5% 41.5% 231.0% 5.2%
Free-cash-flow margin, 3-year average 11.3% −2.2% — −1.5% 56.3% 212.3% 16.8%
Stock pay / revenue 1.4% 0.4% 0.1% 3.1% 1.3% 1.8% 4.7%
Change in share count −3.9% 2.8% 11.5% 0.0% −3.2% 4.7% 1.2%

Median of all 40 companies we cover in investment banking & brokerage. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 investment banking & brokerage companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 8.0% 20.8% 30 of 40
Change in growth rate Growth +2.8pp -0.3pp 14 of 40
Net margin Profitability 13.6% 6.0% 15 of 40
Stock pay as % of revenue Cash generation 1.4% 4.8% 8 of 36
Change in share count Balance sheet -3.9% 1.2% 2 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Asset Management and Related Administrative Fee Revenue $7.1B 45.3% ▲ 14.2%
Brokerage Revenue Securities Commissions $1.8B 11.4% ▲ 7.5%
Account and Service Fee Revenue $1.3B 8.1% ▼ 4.0%
Investment Banking Revenue $1.1B 6.8% ▲ 24.6%
Equities ET Fs and Fixed Income Products $650M 4.2% ▲ 16.7%
Investment Banking Revenue Mergers and Acquisition and Advisory $623M 4.0% ▲ 19.6%
Brokerage Revenue Securities Commissions Mutual and Other Fund Products $614M 3.9% ▲ 6.8%
Mutual Fund and Other $530M 3.4% ▲ 12.8%
Brokerage Revenue Securities Commissions Insurance and Annuity Products $511M 3.3% ▼ 1.5%
Account and Service Fee Revenue RJBDP Fees $486M 3.1% ▼ 19.9%
Investment Banking Revenue Debt Underwriting $261M 1.7% ▲ 55.4%
Account and Service Fee Revenue Client Account and Other Fees $246M 1.6% ▲ 3.8%
Other Revenue $205M 1.3% ▲ 13.9%
Investment Banking Revenue Equity Underwriting $185M 1.2% ▲ 9.5%
Affordable Housing Investments Business $140M 0.9% ▲ 18.6%

From Raymond James Financial's 10-K filed November 25, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$23.1B
Institutions reporting
897
Shares held vs prior quarter
0.0%
Positions opened / closed
66 / 86

Top buyers and sellers, Q2 2026: 395 institutions bought and 426 sold ; the biggest buyer was Capitolis Liquid Global Markets LLC (+826K shares) and the biggest seller Jpmorgan Chase & Co (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.2B 14.3M 9.5% ▲ 1.6%
Vanguard Capital Management LLC $1.7B 11.2M 7.4% ▼ 1.1%
Wellington Management Group LLP $1.4B 9.4M 6.2% ▼ 2.6%
Primecap Management Co $1.4B 9.2M 6.1% ▼ 1.1%
Vanguard Portfolio Management LLC $1.4B 8.9M 5.9% ▼ 1.8%
State Street Corp $1.2B 7.9M 5.2% ▲ 0.4%
Geode Capital Management, LLC $704M 4.6M 3.1% ▲ 0.2%
FMR LLC $670M 4.4M 2.9% ▼ 24.7%
Harris Associates L P $562M 3.7M 2.4% ▲ 7.8%
T. Rowe Price Investment Management, Inc. $427M 2.8M 1.8% ▼ 18.1%
Jpmorgan Chase & Co $404M 2.7M 1.8% ▼ 39.3%
Dimensional Fund Advisors LP $372M 2.4M 1.6% ▲ 2.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Raymond James Financial's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Allaire Bella Loykhter Chief Admin Officer August 28, 2026 Sell 7,500 $177.60 $1.3M
Elwyn Tashtego S President, PCG July 28, 2026 Sell 10,000 $176.06 $1.8M
Raney Steven M Executive Chair RJBank July 27, 2026 Sell 5,770 $172.97 $998,037
Allaire Bella Loykhter Chief Admin Officer March 19, 2026 Sell 29,551 $142.34 $4.2M
Santelli Jonathan N EVP, General Counsel February 4, 2026 Sell 4,500 $170.46 $767,070
Reilly Paul C Executive Chair December 15, 2025 Sell 20,270 $164.22 $3.3M
Reilly Paul C Executive Chair December 15, 2025 Sell 53,660 $163.24 $8.8M
Reilly Paul C Executive Chair December 15, 2025 Sell 56,757 $162.69 $9.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Raymond James Financial disclosed in the last 12 months; 5 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 7, 2025, filed May 14, 2025
  • Jared Moskowitz(D-FL 23):Sale (full), $100,001 - $250,000, traded July 14, 2023, filed August 21, 2024
  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded March 6, 2023, filed April 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 22, 2026
  • April 22, 2026
  • January 28, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Raymond James Financial was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Raymond James Financial in brief

What does Raymond James Financial do?
Raymond James Financial is a US-listed company in the investment banking & brokerage industry. Its financial year ends in September.
What is Raymond James Financial's stock ticker?
Raymond James Financial trades under the ticker RJF on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Raymond James Financial's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Raymond James Financial reported revenue of $17B, 8.0% higher than a year earlier, according to its SEC filings.
What is Raymond James Financial's free cash flow?
Raymond James Financial's free-cash-flow margin is 8.5% of revenue over the trailing twelve months.
Who are Raymond James Financial's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Wellington Management Group LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Raymond James Financial's market cap?
On November 2, 2026, Raymond James Financial's market capitalisation was about $32.5B, with a price-to-earnings ratio of 14.1 and net debt of -$9B. Market figures come from third-party market data and may be delayed.
Does Raymond James Financial pay a dividend?
Yes: Raymond James Financial paid $428M in dividends over the trailing twelve months, a dividend yield of 1.37% and a payout ratio of 18.6%.
Who are Raymond James Financial's competitors?
In our Investment Banking & Brokerage peer group, the companies closest to Raymond James Financial are LPL Financial Holdings Inc., Etoro Group Ltd., Jefferies Financial Group Inc., Charles Schwab Corporation and Interactive Brokers. The side-by-side comparison below sets their revenue, margins and growth against Raymond James Financial's.
Are insiders buying or selling Raymond James Financial stock?
Over the last 12 months, Raymond James Financial's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Raymond James Financial's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Raymond James Financial announces its own schedule.