Raymond James Financial (RJF) Q4 2026 Earnings Report
MX:RJF Q4 2026 EPS Results
- Actual EPS
- MXN 67.79
- Consensus EPS
- MXN 61.59
- Beat/Miss
- Beat by +MXN 6.19
- One Year Ago EPS
- MXN 58.72
MX:RJF Q4 2026 Revenue Results
- Actual Revenue
- MXN 89.48B
- Expected Revenue
- MXN 79.30B
- Beat/Miss
- Beat by +MXN 10.18B
- YoY Revenue Growth
- +13.48%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
MX:RJF Upcoming Earnings
Raymond James Financial's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:RJF Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by record quarterly and annual revenue and earnings, the sixth consecutive year of record annual results, strong Private Client Group asset growth and recruiting, record Investment Banking revenue, solid asset-management inflows, record bank loans, strong credit quality, substantial liquidity and capital, and continued investment in technology and AI. The company acknowledged pressure from higher recruiting-related compensation, lower fixed income brokerage revenue, net interest margin headwinds, higher planned expenses, reduced cash balances and an uncertain macroeconomic environment, but management remained optimistic about fiscal 2027 growth opportunities and the Investment Banking pipeline.
Company Guidance
For fiscal 2027, Raymond James expects asset management and related administrative fees in the first quarter to increase approximately 1% from the fourth quarter level; aggregate NII and RJBDP fees from third-party banks in the first quarter to be up approximately 1% over the fourth quarter level, assuming unchanged quarter end balances and net of the fiscal first quarter fee billing collection of $2.1 billion; an adjusted compensation ratio of approximately 65%; noncompensation expenses of approximately $2.5 billion, representing about an 8% increase year-over-year, with businesses acquired in fiscal 2026 contributing approximately 100 basis points of the expected expense increase; and an effective tax rate of approximately 25%, excluding any impact the Corporate-Owned Life Insurance or COLI portfolio valuation could have on the rate during the year. The company plans to resume buybacks at that $400 million a quarter level going forward, and expects short-term rate increases, all things being equal, to have a positive impact on NII and typically on NIM on a longer-term basis.
- Record Quarterly and Annual ResultsRaymond James delivered record net revenues and record net income for both the fourth quarter and fiscal year 2026, marking the sixth consecutive year of record annual results. Fourth-quarter net revenues were $4.27 billion, up 15% year-over-year and 9% sequentially, while record pretax income of $862 million increased 18% year-over-year and 15% sequentially.
- Strong Earnings, Margins and ReturnsFourth-quarter net income available to common shareholders was $666 million, with record diluted earnings per share of $3.40. Adjusted net income was $703 million and adjusted diluted EPS was $3.59. The pretax margin was 20.2%, adjusted pretax margin was 21.3%, annualized return on common equity was 20.6%, and annualized adjusted return on tangible common equity was 26.6%. Fiscal-year adjusted return on tangible common equity was 23%.
- Private Client Group Asset and Revenue GrowthPrivate Client Group record quarterly net revenues were $3.06 billion, up 15% year-over-year, and pretax income was $458 million, up 10% year-over-year. Quarter-end client assets under administration reached a record $1.87 trillion, up 1% sequentially and 12% year-over-year.
- Record Net New Assets and Adviser RecruitingDomestic Private Client Group net new assets increased 88% year-over-year to more than $98 billion, representing 6.4% of beginning-of-year assets. Raymond James recruited advisers in its domestic independent contractor and employee channels with trailing 12-month production of $538 million and more than $82 billion of client assets at their prior firms. The company said recruiting results and the current pipeline remain strong and diverse across affiliation channels.
- Strong Adviser Retention and Service SatisfactionStrong adviser retention and continued recruiting momentum were cited as evidence that Raymond James remains a destination of choice. Adviser overall satisfaction with service levels reached an all-time high of 96%, and 87% of advisers said they experienced an improvement in service levels over the past year.
- Technology, Automation and AI InvestmentsRaymond James continues to invest more than $1.1 billion annually in technology, automation, process improvement and AI. The company highlighted its proprietary AI assistant, Raimond, and the AI-powered Meeting Manager workflow, which helps with meeting preparation, summaries, action items, CRM integration and supervisory workflows. Management said these tools are helping advisers and associates spend less time on administrative tasks and more time with clients.
- Investment Banking Growth and Record Fiscal-Year RevenueCapital Markets revenue increased during the quarter, driven primarily by stronger Investment Banking results and higher Affordable Housing Investments revenue. Consolidated Investment Banking revenue exceeded $1.1 billion for fiscal 2026, a record, despite economic and global challenges and uncertainty. The Investment Banking pipeline was described as strong, with management citing strong client reengagement and optimism about converting the pipeline into future activity.
- Expansion of Capital Markets CapabilitiesRaymond James acquired GreensLedge to add origination and structuring capabilities that complement its structured products distribution. It also added a leveraged finance and debt advisory practice, expanded its ESOP advisory team and consumer franchise, and added MBS Capital Markets in public finance to strengthen land-secured finance capabilities.
- Asset Management Growth and Clark Capital ContributionThe Asset Management segment produced record net revenues of $409 million and record pretax income of $170 million. Results reflected higher assets under management from market appreciation, strong net inflows into Private Client Group fee-based accounts and the addition of Clark Capital. The company also reported strong net inflows into managed fee-based programs and highlighted its newly launched Private Wealth Guided Portfolios.
- Growth in Fee-Based Assets and Asset Management FeesAsset management and related administrative fees were $2.31 billion, up 23% year-over-year and 11% sequentially. Record quarter-end Private Client Group fee-based assets were $1.16 trillion, up 15% year-over-year and 1% sequentially. Fiscal first-quarter 2027 asset management and related administrative fees are expected to increase approximately 1% from the fourth-quarter level.
- Record Bank Loans and Securities-Based LendingBank loans ended the quarter at a record $57.5 billion. Loans grew 11% year-over-year and 2% sequentially, driven predominantly by continued growth in securities-based lending. Securities-based lending balances increased more than $6 billion, or 32%, year-over-year and 6% sequentially. Credit quality across the loan portfolio remained strong.
- Strong Bank Revenue and Credit QualityThe Bank segment generated $483 million of net revenues and $180 million of pretax income. Net revenues increased 5% year-over-year, largely due to net loan growth, and results benefited from a loan-loss reserve release driven by continued strength in credit quality measures and a shift toward lower-credit-risk securities-based loans and residential mortgages.
- Liquidity, Capital and Balance-Sheet FlexibilityParent corporate cash was $2.9 billion, providing $1.7 billion of excess liquidity above the $1.2 billion target. The Tier 1 leverage ratio was 12.1% and the total capital ratio was 24.2%, with approximately $1.9 billion of excess capital capacity before reaching the company's conservative 10% Tier 1 leverage target. Management said third-party bank sweep balances and diversified deposit sources provide flexibility to support future loan growth.
- Capital Returned to ShareholdersRaymond James returned $154 million of capital to shareholders during the quarter, including $50 million of share repurchases at an average price of $166 per share. Over the past 12 months, it repurchased 8 million common shares for approximately $1.25 billion and returned $1.7 billion, including dividends, representing 71% of earnings.
- Expense Management and Operating LeverageFiscal-year adjusted noncompensation expenses, excluding the bank loan benefit for credit losses, were approximately $2.3 billion, in line with the company's target despite incremental operating expenses from acquired businesses. Excluding those acquisition-related expenses, the company would have been below target. Fiscal 2027 noncompensation expenses are expected to be approximately $2.5 billion, representing about an 8% year-over-year increase, or 7% excluding acquisitions.
- Strategic Growth and Brand InitiativesThe company announced a new partnership with the PGA Tour as title sponsor of the GO by Raymond James Golf Tournament in Greensboro, North Carolina. Management said the partnership provides an opportunity to invest in the brand and deepen relationships with clients and prospects.
- Long-Term Growth and Acquisition StrategyManagement reiterated that capital deployment priorities include organic growth, technology and platform investments, strategic acquisitions and returning capital to shareholders. Acquisition targets must be a strong cultural and strategic fit and financially attractive; management said acquisitions are intended to grow revenues and improve the combined businesses rather than slash costs.
- Sustained Profitability and Fiscal 2027 PositioningManagement said Raymond James entered fiscal 2027 with records for client assets, a strong Investment Banking pipeline, ample liquidity and capital, and a focus on long-term investments. The company also reported its 155th consecutive quarter of profitability.
MX:RJF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2027 (Q1) | 62.44- | 54 | ― | ― |
| Oct 28, 2026 | 2026 (Q4) | 61.5967.79 | 58.72 | 15.43% (+9.06) | |
| Jul 22, 2026 | 2026 (Q3) | 55.2759.29 | 41.16 | 44.04% (+18.13) | |
| Apr 22, 2026 | 2026 (Q2) | 52.0653.44 | 45.69 | 16.94% (+7.74) | |
| Jan 28, 2026 | 2026 (Q1) | 53.5154.00 | 55.32 | -2.39% (-1.32) | |
| Oct 22, 2025 | 2025 (Q4) | 53.4058.72 | 55.7 | 5.42% (+3.02) | |
| Jul 23, 2025 | 2025 (Q3) | 44.6841.16 | 45.13 | -8.79% (-3.97) | |
| Apr 23, 2025 | 2025 (Q2) | 46.2245.69 | 43.62 | 4.76% (+2.08) | |
| Jan 29, 2025 | 2025 (Q1) | 50.6855.32 | 45.32 | 22.08% (+10.01) | |
| Oct 23, 2024 | 2024 (Q4) | 45.6055.70 | 40.22 | 38.50% (+15.48) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed