NYSE$RJF

Raymond James Financial Inc · Q2 2025 earnings

Q2 2025 earnings · · After market close · Investor relations

Briefing

Raymond James Financial reported fiscal Q2 2025 total revenues of $3.85B with net income of $495M and diluted EPS of $2.36.

Total revenues were $3.85 billion as asset management fees, brokerage, and investment banking grew. Net income available to common shareholders was $495 million, or $2.36 per diluted share. Net revenues of $3.40 billion after interest expense reflect strong private client and capital markets activity.

  • Fiscal Q2 total revenues $3.85B.
  • Net income $495M; diluted EPS $2.36.
  • Asset management fees $1.73B in the quarter.
  • Recruiting and client asset growth highlighted.

Headline financials

Total Revenue

$3.4B

Previous: $3.64B-6.5%
EPS (adj)

$2.36

Previous: $2.22+6.3%
Client AUA

$1.54T

Previous: $1.45T+6.3%
PCG Fee-Based AUA

$873B

Previous: $799B+9.3%
Domestic Net New Assets

$8.83B

Previous: $9.65B-8.5%
Cash Sweep & ESP

$57.8B

Previous: $58.2B-0.7%
Financial AUM

$245B

Previous: $227B+8.0%
Net Bank Loans

$48.3B

Previous: $44.1B+9.5%
Bank NIM

2.7%

Previous: 2.7%+0.4%
ROE

16.4%

Previous: 17.5%-6.3%
Adj. ROCE

19.7%

Previous: 21.8%-9.6%
Effective Tax Rate

26.2%

Previous: 21.8%+20.2%
Capital Expenditures

-$87M

Previous: -$99M+12.1%
Net Income

$495M

Previous: $476M+4.0%
Operating Income

$671M

Previous: $2.84B-76.4%

Revenue & EPS history

Raymond James · Revenue · Quarterly

$3.4B

Q2 2025-6.5%vs Q2 2024
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

Raymond James · $3.29B total across 4 segments · Q4 2023

  • Private Client Group
    $2.27B+13.8%
  • Raymond James Bank
    $451M+5.4%
  • Capital Markets
    $341M-14.5%
  • Asset Management
    $236M+9.3%

Forward guidance

Management discusses operational priorities, capital allocation, and sector risks in the quarterly filing.

Tailwinds

  • Execution on core operating metrics cited in MD&A.
  • Balance sheet liquidity and covenant headroom.
  • Strategic investments supporting long-term growth.

Headwinds

  • Macro demand and input-cost volatility.
  • Regulatory or competitive pressures in the sector.
  • One-time items affecting GAAP comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q2 2025

Historical avgQ2 2025

+0.1%

Avg return

Earnings day

+0.0%

Avg return

5 days after

+3.1%

Avg return

30 days after

52%

36 / 69 earnings

Positive

+10.2%

Q2 2016

Best reaction

-8.9%

Q4 2018

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2026-1.5%+0.8%-2.0%
Q1 2026+1.5%-1.3%-9.0%
Q4 2025-0.6%-3.8%-7.9%
Q3 2025-0.8%-1.3%+3.4%
Q2 2025+0.2%+2.7%+2.6%
Q1 2025-0.8%-4.3%-10.1%
Q4 2024+8.2%+8.8%+21.3%
Q3 2024+5.5%+3.3%+4.5%
Q2 2024-4.1%-3.1%-1.0%
Q1 2024+0.4%-1.0%+4.5%
Q4 2023+1.8%+0.9%+11.4%
Q3 2023-1.5%-0.0%-7.1%
Q2 2023-2.2%-1.8%+2.0%
Q1 2023-3.1%-4.5%-7.9%
Q4 2022+8.8%+12.8%+14.1%
Q3 2022+1.2%+4.7%+13.3%
Q2 2022+4.0%-1.6%-0.8%
Q1 2022+4.2%+9.4%+16.0%
Q4 2021-2.7%-2.7%-3.7%
Q3 2021+1.5%+1.1%+10.8%
Q2 2021+1.1%+1.0%+1.5%
Q1 2021+1.0%+3.8%+18.3%
Q4 2020-3.4%+0.3%+18.5%
Q3 2020-1.3%+2.0%+9.6%
Q2 2020-3.3%-8.3%+1.7%
Q1 2020-5.6%-7.3%+1.0%
Q4 2019+1.0%+2.0%+6.4%
Q3 2019-3.3%-4.7%-11.3%
Q2 2019+0.8%+2.3%-3.0%
Q1 2019+0.9%+2.0%+4.8%
Q4 2018-8.9%-12.1%-7.6%
Q3 2018-3.4%-5.7%-5.4%
Q2 2018+3.4%+3.3%+14.5%
Q1 2018-0.7%+0.4%-5.3%
Q4 2017-2.0%-1.6%-1.6%
Q3 2017-2.7%-2.1%-7.3%
Q2 2017-0.4%-0.3%-2.0%
Q1 2017+3.9%+1.8%+5.7%
Q4 2016+5.8%+2.7%+23.8%
Q3 2016+1.5%+2.2%+6.2%
Q2 2016+10.2%
Q1 2016-7.7%
Q4 2015+1.0%
Q3 2015-0.8%
Q2 2015+1.4%
Q1 2015+4.2%
Q4 2014+1.9%
Q3 2014+2.4%
Q2 2014-2.0%
Q1 2014-2.0%
Q4 2013+2.2%
Q3 2013-0.8%
Q2 2013-8.6%
Q1 2013+3.4%
Q4 2012+2.9%
Q3 2012-2.5%
Q2 2012+5.0%
Q1 2012+0.4%
Q4 2011-3.3%
Q3 2011-2.6%
Q2 2011-1.0%
Q1 2010+1.1%
Q1 2011+0.2%
Q2 2010+1.1%
Q4 2008+1.1%
Q4 2010+1.1%
Q4 2009-0.8%
Q3 2010-0.8%
Q3 2009-0.8%

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