Raymond James Financial
RJF · NYSESecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Sep 30
Raymond James Financial reported revenue of $15.9B in the fiscal year ended Sep 2025, up 6.6% from the year before. Net income was $2.1B. Operating cash flow of $2.4B less capital expenditure of $188M left free cash flow of $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $9.9B | $11.3B | $13B | $14.9B | $15.9B |
| Net interest incomeBanks | $673M | $1.2B | $2.4B | $2.1B | $2.1B |
| Interest expense | $150M | $305M | $1.4B | – | – |
| Pre-tax income | $1.8B | $2B | $2.3B | – | – |
| Income tax | $388M | $513M | $541M | $575M | $579M |
| Net income | $1.4B | $1.5B | $1.7B | $2.1B | $2.1B |
| Diluted EPS | 6.63 | 6.98 | 7.97 | 9.70 | 10.30 |
| Diluted shares | 211M | 215M | 217M | 212M | 207M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.2B | $6.2B | $9.3B | $11B | $11.4B |
| Net PP&E | $499M | $503M | $561M | $635M | $670M |
| Goodwill | $660M | $1.4B | $1.4B | $1.5B | $1.5B |
| Total assets | $61.9B | $81B | $78.4B | $83B | $88.2B |
| Long-term debt | $8M | $1M | – | – | – |
| DepositsBanks | $32.5B | $51.4B | $54.2B | $56B | $58.9B |
| Total liabilities | $53.6B | $71.5B | $68.2B | $71.3B | $75.7B |
| Shareholders' equity | $8.2B | $9.5B | $10.2B | $11.7B | $12.5B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6.6B | $72M | −$3.5B | $2.2B | $2.4B |
| Capital expenditure | $74M | $91M | $173M | $205M | $188M |
| Free cash flow | $6.6B | −$19M | −$3.7B | $2B | $2.2B |
| Depreciation & amortisation | $134M | $145M | $165M | $179M | $195M |
| Stock-based compensation | $132M | $192M | $237M | $254M | $254M |
| Acquisitions | $266M | −$1.5B | $0 | $0 | – |
| Share buybacks | $128M | – | – | – | – |
| Dividends paid | $218M | – | – | – | – |
| Dividend per share | 1.04 | 1.36 | 1.68 | 1.80 | 2.00 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | 14.9% | 14.9% | 6.6% |
| EPS growth (YoY) | – | 5.3% | 14.2% | 21.7% | 6.2% |
| Net margin | 14.2% | 13.3% | 13.4% | 13.9% | 13.4% |
| Return on equityBlank when equity is negative | 17.0% | 16.0% | 17.0% | 17.7% | 17.1% |
| Free cash flow margin | 66.3% | −0.2% | −28.4% | 13.1% | 14.1% |
| Cash conversion (CFO ÷ net income) | 4.74x | 0.05x | −2.02x | 1.04x | 1.14x |
| Debt ÷ equity | 0.00x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$7.2B | −$6.2B | – | – | – |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.