NYSE: RJF
Raymond James Financial
Financials · Security Brokers, Dealers & Flotation Companies
52-week range
$138.82$182.73
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$29.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $8.26B |
| FY2017, ended Sep 30, 2017 | $12.2B |
| FY2018, ended Sep 30, 2018 | $13.2B |
| FY2019, ended Sep 30, 2019 | $11.4B |
| FY2020, ended Sep 30, 2020 | $9.96B |
| FY2021, ended Sep 30, 2021 | $19.0B |
| FY2022, ended Sep 30, 2022 | $21.3B |
| FY2023, ended Sep 30, 2023 | $21.0B |
| FY2024, ended Sep 30, 2024 | $25.0B |
| FY2025, ended Sep 30, 2025 | $33.9B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $29.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$17.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $5.52B |
| FY2017, ended Sep 30, 2017 | $6.53B |
| FY2018, ended Sep 30, 2018 | $7.48B |
| FY2019, ended Sep 30, 2019 | $8.02B |
| FY2020, ended Sep 30, 2020 | $8.17B |
| FY2021, ended Sep 30, 2021 | $9.91B |
| FY2022, ended Sep 30, 2022 | $11.3B |
| FY2023, ended Sep 30, 2023 | $13.0B |
| FY2024, ended Sep 30, 2024 | $14.9B |
| FY2025, ended Sep 30, 2025 | $15.9B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $17.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $529M | −$695M |
| FY2017, ended Sep 30, 2017 | $636M | −$315M |
| FY2018, ended Sep 30, 2018 | $857M | $750M |
| FY2019, ended Sep 30, 2019 | $1.03B | $439M |
| FY2020, ended Sep 30, 2020 | $818M | $3.95B |
| FY2021, ended Sep 30, 2021 | $1.40B | $6.57B |
| FY2022, ended Sep 30, 2022 | $1.51B | −$19.0M |
| FY2023, ended Sep 30, 2023 | $1.74B | −$3.69B |
| FY2024, ended Sep 30, 2024 | $2.07B | $1.95B |
| FY2025, ended Sep 30, 2025 | $2.13B | $2.25B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $2.31B | $1.44B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.98B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $1.65B |
| FY2017, ended Sep 30, 2017 | $3.67B |
| FY2018, ended Sep 30, 2018 | $3.50B |
| FY2019, ended Sep 30, 2019 | $3.96B |
| FY2020, ended Sep 30, 2020 | $5.39B |
| FY2021, ended Sep 30, 2021 | $7.20B |
| FY2022, ended Sep 30, 2022 | $6.18B |
| FY2023, ended Sep 30, 2023 | $9.31B |
| FY2024, ended Sep 30, 2024 | $11.0B |
| FY2025, ended Sep 30, 2025 | $11.4B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $9.98B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$950M
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| Period | Total debt |
|---|---|
| FY2016, ended Sep 30, 2016 | — |
| FY2017, ended Sep 30, 2017 | — |
| FY2018, ended Sep 30, 2018 | — |
| FY2019, ended Sep 30, 2019 | — |
| FY2020, ended Sep 30, 2020 | — |
| FY2021, ended Sep 30, 2021 | $8.00M |
| FY2022, ended Sep 30, 2022 | $1.00M |
| FY2023, ended Sep 30, 2023 | — |
| FY2024, ended Sep 30, 2024 | — |
| FY2025, ended Sep 30, 2025 | $700M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $950M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 9.7% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.192M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 213M |
| FY2017, ended Sep 30, 2017 | 217M |
| FY2018, ended Sep 30, 2018 | 215M |
| FY2019, ended Sep 30, 2019 | 208M |
| FY2020, ended Sep 30, 2020 | 205M |
| FY2021, ended Sep 30, 2021 | 206M |
| FY2022, ended Sep 30, 2022 | 215M |
| FY2023, ended Sep 30, 2023 | 209M |
| FY2024, ended Sep 30, 2024 | 204M |
| FY2025, ended Sep 30, 2025 | 197M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | 192M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $238M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $163M | $78.5M |
| FY2017, ended Sep 30, 2017 | $34.0M | $109M |
| FY2018, ended Sep 30, 2018 | $62.0M | $99.0M |
| FY2019, ended Sep 30, 2019 | $778M | $112M |
| FY2020, ended Sep 30, 2020 | $272M | $120M |
| FY2021, ended Sep 30, 2021 | $128M | $132M |
| FY2022, ended Sep 30, 2022 | — | $192M |
| FY2023, ended Sep 30, 2023 | — | $237M |
| FY2024, ended Sep 30, 2024 | — | $254M |
| FY2025, ended Sep 30, 2025 | — | $254M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | — | $238M |
Revenue (TTM)
$17.0B
+8.0% YoY
Net income (TTM)
$2.31B
+8.1% YoY
Cash
$9.98B
+8.5% YoY
Total debt
$950M
—
Valuation
At current price- Market Cap
- $30.2B
- P/E
- 13.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.8×
- Price / Book
- 2.4×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $17.0B
- Revenue Growth YoY
- 8.0%
- Revenue CAGR 3Y
- 12.1%
- Revenue CAGR 5Y
- 14.3%
- EPS Growth YoY
- 12.5%
- Net Income Growth YoY
- 8.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 13.6%
- FCF Margin
- 8.5%
- Return on Equity
- 18.5%
Earnings
Trailing 12 months- Net Income
- $2.31B
- EPS (diluted)
- $11.47
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $9.98B
- Total Debt
- $950M
- Net Cash
- $9.03B
- Total Assets
- $94.2B
- Total Liabilities
- $81.5B
- Shareholders' Equity
- $12.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.64B
- Capital Expenditure
- $197M
- Free Cash Flow
- $1.44B
Dividends and risk
Last 12 months- Dividend Yield
- 1.4%
- Dividend / Share
- $2.16
- Beta (5Y)
- 0.94
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.0% year over year, at $17.0B.
Note
Net margin of 13.6% over the last 12 months.
Note
Free cash flow of $1.44B, 8.5% of revenue.
Strength
Share count is down 3.5% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 25, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K69Mildly positive
69Mildly positive
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 26, 2024 · Read the filing on EDGAR
- Net revenue rose 10% to $12.82 billion, pre-tax income rose 16% to $2.64 billion, and net income rose 19%, helped by higher asset-based fees.
- Capital Markets returned to a $67 million profit from a $91 million loss as investment banking revenue rose 34%.
- In August 2024 the SEC asked about the firm's client cash sweep practices, and two proposed class actions were filed over the rates paid.
- Management expects interest income and bank sweep fees to fall in fiscal 2025 after Fed rate cuts, but sees stronger asset fees and investment banking.
Business momentum
Strong improvement
“Our net income available to common shareholders was 19% higher than the prior year and our earnings per diluted share increased 22%.”
Outlook
Positive
“As we look ahead, we believe we are well-positioned for long-term growth, with our strong capital and liquidity position, total client assets under administration of $1.57 trillion and net bank loans of $46 billion.”
Financial stress
Low
“We also continued to have substantial liquidity with $2.16 billion(1) of cash at the parent as of September 30, 2024.”
Tone against the previous report
More positive
Red flags
- Medium
Investigation
“in August 2024, the SEC’s Division of Enforcement requested information regarding our practices related to cash”
- Medium
Major lawsuit
“in August 2024, two putative class action lawsuits were filed in federal district court alleging, among other things, that the firm breached its fiduciary duties or agreements with regard to rates paid to clients in our cash sweep programs”
- Minor
Other
“agreed to pay a civil monetary penalty of $50 million, agreed to engage an independent compliance consultant”
Positives
Strong growth in revenue and profit
“We generated strong net revenues and pre-tax income for the year ended September 30, 2024, which increased 10% and 16%, respectively, compared with the prior year.”
Capital Markets returned to profit
“Net revenues of $1.47 billion increased 21% and we generated pre-tax income of $67 million compared with a pre-tax loss of $91 million for the prior year.”
Client assets grew sharply, supporting future fees
“PCG AUA and PCG assets in fee-based accounts as of September 30, 2024 increased 25% and 28%, respectively, compared with September 30, 2023”
Concerns
Higher deposit costs squeezed Bank segment interest income
“Net interest income decreased $301 million, or 15%, primarily due to increased interest expense resulting from a higher-cost mix of deposits”
Largest segment's profit barely grew despite higher revenue
“Net revenues of $9.46 billion increased 9% and pre-tax income of $1.79 billion increased 1%.”
Rising risk in office real estate loans
“risk related to office real estate loans has increased due to the increase in remote work”
New risks since the previous report
Falling interest rates expected to cut interest income and bank sweep fees
“we anticipate our combined net interest income and RJBDP fees from third-party banks will decrease in our fiscal 2025”
Rule changes could limit fees earned on client cash sweep balances
“any future changes to regulatory rules or interpretations governing the fees the firm earns on cash sweep balances could also impact the rates we pay to clients on cash balances”
Many office property loans come due soon and may be hard to refinance
“approximately 50% of our office real estate loans are scheduled to mature in calendar years 2024 and 2025”
Recent hurricanes could raise loan losses on Southeast mortgages
“such as hurricanes Helene and Milton which made landfall in September 2024 and October 2024, respectively, could result in additional credit loss provisions and/or charge-offs on our loans in such states”
Tax law changes after the election and expiring tax provisions
“changes to tax laws and regulations, including various provisions of the Tax Cut and Jobs Act (“TCJA”) which will expire in 2025 if not extended, may negatively impact our effective income tax rate”
Biggest risks named
- Market declines reducing client assets, fees and deal revenue
- Falling interest rates and costlier client cash reducing interest income and sweep fees
- Regulatory and legal action, including the SEC cash sweep inquiry and class actions
- Bank loan losses, especially in office and commercial real estate
- Cyber-attacks and technology failures
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −6.3 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 25, 2025 | Pro | |||
| 10-K | Nov 26, 2024 | 69 | Strong improvement | 2 medium1 minor | |
| 10-K | Nov 21, 2023 | 56 | Improving | 1 medium1 minor | |
| 10-K | Nov 22, 2022 | 66 | Improving | 1 minor | |
| 10-K | Nov 23, 2021 | 72 | Strong improvement | None | |
| 10-K | Nov 24, 2020 | 48 | Mixed | 1 medium1 minor | |
| 10-K | Nov 26, 2019 | 67 | Strong improvement | 1 minor | |
| 10-K | Nov 21, 2018 | 72 | Strong improvement | 1 minor | |
| 10-K | Nov 22, 2017 | 73 | Strong improvement | 1 medium | |
| 10-K | Nov 22, 2016 | 65 | Improving | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR