RAYMOND JAMES FINANCIAL INC Earnings Summary — Q2 2026

• Revenue reached a quarterly record of $3.86 billion, a 13.4% increase compared to the prior year period.
• Transaction-based revenues surged to $3.11 billion, driving the majority of top-line growth.
• Net interest income remains resilient at $557 million, showing a 6.9% YoY increase despite cyclical pressures.
• Operating income of $735 million remained stable sequentially, though margins squeezed slightly due to higher SG&A.
• The firm continues its successful share count reduction strategy, with diluted shares down 4.8% YoY to 199 million.
• Net income attributable to common shareholders grew nearly 10% YoY, demonstrating effective operating leverage.

Management maintains a focus on a 'client-first' culture, prioritizing long-term advisor retention and asset inflows over short-term market timing. The firm continues to navigate interest rate environments through a bank-centric model via Raymond James Bank.

Stable

Revenue growth continues to accelerate on a YoY basis (13.4% vs 5.6% last quarter), though slight sequential net income tapering suggests rising operating costs.

The firm is positioned as a high-quality compounder with a diversified revenue stream across private client groups and asset management. Outlook remains tied to interest rate stability and capital market activity.