Raymond James Financial, Inc. · NYSE:RJF
Raymond James Financial — Q4 2026 Earnings Presentation
24 slides from Raymond James Financial's earnings presentation, Oct 28, 2026
Slide 1: Fourth Quarter and Fiscal 2026 Results
Fourth Quarter and Fiscal 2026 Results October 28, 2026
Slide 2: Forward-looking statements
Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, bu
Slide 3: Strategic Overview
Strategic Overview Paul Shoukry Chief Executive Officer, Raymond James Financial 3
Slide 4: 4Q26 highlights
4 4Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $4.3B Net revenues $1.94T Client assets under administration $50M Common share repurchases 20.2% Pre-tax margin 21.3% Adjusted pre-tax margin(1) $1.16T PCG assets in fee-based accounts $104M Common stock dividends $22.8B | 5.3% g
Slide 5: Financial Review
Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5
Slide 6: Summary results of operations
Summary results of operations $ in millions, except per share amounts ($) vs. 4Q25 vs. 3Q26 ($) vs. FY 20254Q26 FY 2026 Net revenues 4,269 15% 9% 15,791 12% Pre-tax income 862 18% 15% 3,075 13% Adjusted pre-tax income* 909 18% 16% 3,201 14% Net income available to common shareholders 666 10% 12% 2,3
Slide 7: Segment results
$ in millions ($) vs. 4Q25 vs. 3Q26 ($) vs. 4Q26 FY 2026 FY 2025 Net revenues: Private Client Group 3,056 15% 8% 11,475 13% Capital Markets 549 7% 15% 1,870 6% Asset Management 409 30% 13% 1,424 20% Bank 483 5% (1)% 1,944 9% Consolidated net revenues 4,269 15% 9% 15,791 12% Pre-tax income: Private C
Slide 8: Consolidated net revenues
Consolidated net revenues 8 $ in millions 4Q26 vs. 4Q25 vs. 3Q26 Asset management and related administrative fees $ 2,307 23% 11% Brokerage revenues 614 1% (2)% Account and service fees 333 12% 5% Investment banking 370 17% 27% Interest income 1,034 2% 4% Other 81 1% 42% Total revenues 4,739 13% 9%
Slide 9: Domestic cash sweep and ESP balances
Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP) BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA)
Slide 10: Net interest income & RJBDP fees (third-party banks)
Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances
Slide 11: Consolidated expenses
Consolidated expenses 11 $ in millions 4Q26 vs. 4Q25 vs. 3Q26 Compensation, commissions and benefits $ 2,774 16% 8% Non-compensation expenses: Communications and information processing 208 5% 2% Occupancy and equipment 87 4% 2% Business development 95 16% —% Investment sub-advisory fees 70 17% 11% P
Slide 12: Consolidated pre-tax margin
*This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 12 19.6% 19.5% 19.0% 19.1% 20.2%
Slide 13: Other financial information
Other financial information 13 *This amount includes cash and cash equivalents held directly at the parent company, as well as any cash loaned by the parent company to RJ&A, which RJ&A may invest on behalf of RJF or otherwise deploy in its normal business activities. **This is a non-GAAP financial m
Slide 14: Capital management
$1.7B of share repurchases and dividends paid over FY 2026 Capital management 14 SHARE REPURCHASES AND DIVIDENDS PAID $ IN MILLIONS 451 511 507 506 154350 400 400 400 50 101 111 107 106 104 Share Repurchases* Dividends Paid** 4Q25 1Q26 2Q26 3Q26 4Q26 Number of Shares Repurchased* (millions) 2.1 2.5
Slide 15: Appendix
Appendix RAYMOND JAMES
Slide 16: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 16 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separate
Slide 17: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 24 for additional information. continued on next slide Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2
Slide 18: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Pre-tax margin (3) 19.6 % 19.5 % 19.0 % 19.1 % 20.2 % Impact of non-GAAP adjustments on pre-tax margin: Expense
Slide 19: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 19 Note: Please refer to the footnotes on slide 24 for additional information. continued on next slide Three months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30,
Slide 20: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 24 for additional information. Three months ended Twelve months ended Earnings per common share (6) September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2
Slide 21: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 24 for additional information. Book value per share As of $ in millions, except per share amounts September 30, 2025 June 30, 2026 September 30, 2026 Total common equi
Slide 22: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 24 for additional information. Three months ended Twelve months ended $ in millions September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2025 September 30
Slide 23: Reconciliation of GAAP financial measures (unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Return on tangible common equity Three months ended Twelve months ended $ in millions September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (8) $ 12,302 $
Slide 24: Footnotes
Footnotes 24 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the
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