Raymond James Financial

RJF · NYSE · Financials · Financials, fiscal 2016 to 2025

RJF · Last close · October 26, 2026

$158.07

Raymond James Financial's revenue rose 6.6% to $15.9 billion in fiscal 2025. Net income was $2.1 billion, up 3.2%. Its return on equity was 17.7%, down from 18.9% a year earlier. Its efficiency ratio was 71.3%, up from 68.2% a year earlier. It paid out $416 million in dividends and buybacks. The diluted share count fell 2.7%.

RAYMOND JAMES FINANCIAL, INC. Latest fiscal year ended September 30, 2025 10-K filed November 25, 2025 · 0000720005-25-000093 Updated October 9, 2026

Revenue

$15.9B

6.6%

Net income

$2.1B

3.2%

Return on equity

17.7%

1.2 pts

Return on tangible equity

21.0%

2.0 pts

Efficiency ratio

71.3%

3.1 pts

Market cap

$31.2B

Oct 26 close

P/E

13.8x

On $11.47 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. From 2023 Raymond James' filings don't tag its total loans, so loans and the loan-based ratios are left blank. Share counts and per-share figures for earlier years are restated for a stock split (1.5-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 17.4% a year and net income 16.8% a year, as buybacks cut the share count by 5%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Raymond James Financial yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Raymond James Financial's earnings per share of $11.47 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Raymond James Financial's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Charles Schwab, Stifel, Goldman Sachs, Morgan Stanley.

Earnings growth in the years ahead (% a year) Starts at Raymond James Financial's revenue growth over the last 3 years, 12.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $158.07
Value at this multiple, against the last close: —
Raymond James Financial's P/E at the last close: 13.8×

Company	Last close	Earnings per share	P/E today
Charles SchwabSCHW	$89.73	$5.49	16.3×
Morgan StanleyMS	$183.49	$12.37	14.8×
Goldman SachsGS	$893.28	$64.77	13.8×
Raymond James FinancialRJF	$158.07	$11.47	13.8×
StifelSF	$66.52	$5.59	11.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	24,994	43,239	—	—	—
Deposits	32,495	51,357	54,199	56,010	58,897
Loans to deposits	76.9%	84.2%	—	—	—
Provision for credit losses	−20	111	292	21	122
Provision to average loans	−0.1%	0.3%	—	—	—
Total assets	61,891	80,951	78,360	82,992	88,230
Shareholders' equity	8,245	9,458	10,214	11,673	12,503

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Raymond James Financial shares on the open market, and 5 insiders sold $30.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 28, 2026	Bella Loykhter AllaireChief Admin Officer	Sold	7,500	$177.60	$1.3 million	Form 4
Jul 28, 2026	Tashtego S ElwynPresident, Pcg	Sold	10,000	$176.06	$1.8 million	Form 4
Jul 27, 2026	Steven M RaneyExecutive Chair RJBank	Sold	5,770	$172.97	$998,037	Form 4
Mar 19, 2026	Bella Loykhter AllaireChief Admin Officer	Sold	29,551	$142.34	$4.2 million	Form 4
Feb 4, 2026	Jonathan N SantelliEVP, General Counsel	Sold	4,500	$170.46	$767,070	Form 4
Dec 15, 2025	Paul C ReillyExecutive Chair, Director	Sold	130,687	$163.15	$21.3 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Raymond James Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Raymond James Financial	FY25	6.6%	13.4%	17.7%	21.0%	71.3%
Charles Schwab	FY25	22.0%	37.0%	18.1%	39.2%	52.1%	Compare
Stifel	FY25	6.7%	10.8%	11.7%	17.9%	73.4%	Compare
Goldman Sachs	FY25	8.9%	29.5%	13.9%	15.9%	64.4%	Compare
Morgan Stanley	FY25	14.4%	23.9%	15.6%	19.1%	68.4%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,521	6,525	7,476	8,023	8,168	9,910	11,308	12,992	14,923	15,912
Revenue growth	4.0%	18.2%	14.6%	7.3%	1.8%	21.3%	14.1%	14.9%	14.9%	6.6%
Net interest income	524	648	842	998	822	673	1,203	2,375	2,130	2,147
Noninterest income	—	5,723	6,432	6,742	7,168	—	—	9,244	10,691	11,918
Noninterest expense	4,593	5,446	5,963	6,365	6,938	7,969	8,981	9,339	10,178	11,351
Provision for credit losses	42	36	55	59	257	−20	111	292	21	122
Net income	529	636	857	1,034	818	1,403	1,509	1,739	2,068	2,135
Diluted EPS (US$)	2.43	2.89	3.83	4.78	3.88	6.63	6.98	7.97	9.70	10.30
Diluted shares (millions)	217	220	223	216	210	211	215	217	212	207
Payouts
Dividends paid	113	127	151	191	205	218	277	355	383	416
Share buybacks	162	34	62	778	272	128	0	0	0	0
Balance sheet at fiscal year end
Loans, net	15,211	17,007	19,518	20,891	21,195	24,994	43,239	—	—	—
Deposits	14,262	17,732	19,942	22,281	26,801	32,495	51,357	54,199	56,010	58,897
Total assets	31,487	34,884	37,413	38,830	47,482	61,891	80,951	78,360	82,992	88,230
Shareholders' equity	4,916	5,582	6,368	6,581	7,114	8,245	9,458	10,214	11,673	12,503
Ratios
Return on equity	11.2%	12.1%	14.3%	16.0%	11.9%	18.3%	17.1%	17.7%	18.9%	17.7%
Return on tangible common equity	12.4%	13.4%	15.8%	17.7%	13.1%	20.2%	20.4%	22.2%	23.0%	21.0%
Return on assets	1.8%	1.9%	2.4%	2.7%	1.9%	2.6%	2.1%	2.2%	2.6%	2.5%
Efficiency ratio	83.2%	83.5%	79.8%	79.3%	84.9%	80.4%	79.4%	71.9%	68.2%	71.3%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Raymond James Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Raymond James Financial.