Raymond James (RJF) Financials

$146.87 -0.09 (-0.06%)

Closing price 03:59 PM Eastern

Extended Trading

$146.86 0.00 (0.00%)

As of 05:02 PM Eastern

Annual Income Statements for Raymond James

This table shows Raymond James' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	502	529	636	857	1,034	818	1,403	1,505	1,733	2,063
Consolidated Net Income / (Loss)	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
Net Income / (Loss) Continuing Operations	519	541	636	857	1,034	818	1,435	1,509	1,739	2,068
Total Pre-Tax Income	815	812	925	1,311	1,375	1,052	1,791	2,022	2,280	2,643
Total Revenue	5,204	5,405	6,371	7,274	7,740	7,990	9,760	11,003	11,619	12,821
Net Interest Income / (Expense)	437	524	648	842	998	822	673	1,203	2,375	0.00
Total Interest Income	543	640	802	1,044	1,281	1,000	823	1,508	3,748	0.00
Total Interest Expense	106	116	154	202	283	178	150	305	1,373	0.00
Total Non-Interest Income	4,766	4,881	5,723	6,432	6,742	7,168	9,087	9,800	9,244	12,821
Other Service Charges	3,998	82	5,723	-	-	-	-	-	-	10,199
Investment Banking Income	710	304	-	-	-	-	-	-	-	4,232
Other Non-Interest Income	-	4,403	0.00	6,432	6,742	7,168	9,087	9,800	9,244	-1,610
Total Non-Interest Expense	4,389	4,593	5,446	5,963	6,365	6,938	7,969	8,981	9,339	10,178
Salaries and Employee Benefits	3,525	3,625	4,228	4,795	5,087	5,465	6,584	7,329	7,299	8,213
Net Occupancy & Equipment Expense	430	447	488	554	591	618	661	758	870	958
Marketing Expense	159	148	155	181	194	134	111	186	242	257
Other Operating Expenses	252	304	498	409	456	442	645	608	796	705
Other Special Charges	24	28	59	20	22	46	-	-	-	45
Income Tax Expense	296	271	289	454	341	234	388	513	541	575
Preferred Stock Dividends Declared	-	-	-	-	-	0.00	0.00	4.00	6.00	5.00
Basic Earnings per Share	$3.51	$3.72	$4.43	$5.89	$4.88	$3.96	$6.81	$7.16	$8.16	$9.94
Weighted Average Basic Shares Outstanding	142.55M	141.77M	143.30M	145.30M	211.50M	206.40M	205.70M	209.90M	211.80M	207.10M
Diluted Earnings per Share	$3.43	$3.65	$4.33	$5.75	$4.78	$3.88	$6.63	$6.98	$7.97	$9.70
Weighted Average Diluted Shares Outstanding	145.94M	144.51M	146.60M	148.80M	216M	210.30M	211.20M	215.30M	216.90M	212.30M
Weighted Average Basic & Diluted Shares Outstanding	143.10M	142.30M	143.60M	143.28M	138.72M	136.93M	206.16M	215.06M	208.61M	204.04M
Cash Dividends to Common per Share	$0.70	$0.78	$0.86	$1.02	$1.32	$1.45	$1.03	$1.28	$1.60	$1.77

This table shows Raymond James' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	437	507	425	738	63	497	474	982	110	599	493
Consolidated Net Income / (Loss)	439	509	427	369	434	498	476	492	602	600	495
Net Income / (Loss) Continuing Operations	428	509	427	369	434	498	476	502	592	600	495
Total Pre-Tax Income	616	652	557	486	585	630	609	654	750	749	671
Total Revenue	2,831	2,786	2,873	2,907	3,053	3,013	3,118	3,228	3,462	3,537	3,403
Net Interest Income / (Expense)	497	586	631	601	557	1,053	529	523	-1,598	1,027	963
Total Interest Income	667	827	915	987	1,019	1,053	1,049	1,057	-3,159	1,027	963
Investment Securities Interest Income	667	827	915	987	1,019	1,053	1,049	1,057	-	1,027	963
Total Interest Expense	170	241	284	386	462	0.00	520	534	-1,561	0.00	0.00
Total Non-Interest Income	2,334	2,200	2,242	2,306	2,496	1,960	2,589	2,705	5,060	2,510	2,440
Other Service Charges	-	2,068	2,115	-	-	2,328	2,475	-	-	2,889	2,733
Other Non-Interest Income	6,937	132	127	2,306	6,679	-368	114	2,705	-4,568	-379	-293
Total Non-Interest Expense	2,215	2,134	2,316	2,421	2,468	2,383	2,509	2,584	2,702	2,788	2,732
Salaries and Employee Benefits	1,759	1,736	1,820	1,851	1,892	1,921	2,043	2,090	2,159	2,272	2,204
Net Occupancy & Equipment Expense	204	205	221	217	227	222	238	241	257	251	258
Marketing Expense	59	56	54	66	66	61	60	72	64	68	64
Other Operating Expenses	159	123	193	233	247	167	147	191	200	197	190
Other Special Charges	-	14	28	-	-	12	21	-	-	0.00	16
Income Tax Expense	177	143	130	117	151	132	133	152	158	149	176
Preferred Stock Dividends Declared	2.00	2.00	2.00	0.00	2.00	1.00	2.00	1.00	1.00	1.00	2.00
Basic Earnings per Share	$2.08	$2.36	$1.97	$1.75	$0.30	$2.38	$2.27	$2.37	$2.92	$2.94	$2.41
Weighted Average Basic Shares Outstanding	209.90M	214.70M	214.30M	210.10M	211.80M	208.60M	208.30M	206.80M	207.10M	203.70M	204.30M
Diluted Earnings per Share	$2.08	$2.30	$1.93	$1.71	$0.30	$2.32	$2.22	$2.31	$2.85	$2.86	$2.36
Weighted Average Diluted Shares Outstanding	215.30M	220.40M	219.20M	214.80M	216.90M	213.80M	213.40M	212.30M	212.30M	209.20M	208.70M
Weighted Average Basic & Diluted Shares Outstanding	215.06M	215.35M	211.91M	208.84M	208.61M	209.03M	207.28M	205.94M	204.04M	204.91M	201.75M
Cash Dividends to Common per Share	$0.37	$0.34	$0.42	$0.42	$0.42	$0.42	$0.45	$0.45	-	$0.45	$0.50

This table details how cash moves in and out of Raymond James' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	402	-951	611	-1,205	30	3,663	6,815	-1,790	-2,111	1,800
Net Cash From Operating Activities	899	-573	-125	884	577	4,073	6,647	72	-3,514	2,155
Net Cash From Continuing Operating Activities	899	-573	-125	884	577	4,073	6,647	72	-3,514	2,155
Net Income / (Loss) Continuing Operations	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
Consolidated Net Income / (Loss)	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
Provision For Loan Losses	34	42	36	55	59	257	-20	111	292	21
Depreciation Expense	68	72	84	99	112	119	134	145	165	179
Amortization Expense	-43	-25	-28	21	14	57	15	23	-49	-36
Non-Cash Adjustments to Reconcile Net Income	64	5.48	-273	201	149	127	104	432	112	-81
Changes in Operating Assets and Liabilities, net	256	-1,209	-580	-349	-791	2,695	5,011	-2,148	-5,773	4.00
Net Cash From Investing Activities	-2,177	-2,918	-3,376	-3,476	-1,897	-4,985	-5,140	-7,151	-274	-968
Net Cash From Continuing Investing Activities	-2,177	-2,918	-3,376	-3,476	-1,897	-4,985	-5,140	-7,151	-274	-968
Purchase of Property, Leasehold Improvements and Equipment	-74	-122	-190	-134	-138	-124	-74	-91	-173	-205
Acquisitions	-	-	-	-	-	-5.00	-266	1,461	0.00	0.00
Purchase of Investment Securities	-2,306	-3,101	-3,987	-4,101	-2,638	-6,900	-8,237	-10,498	-2,043	-3,188
Sale and/or Maturity of Investments	204	305	801	759	879	2,044	3,437	1,977	1,942	2,425
Net Cash From Financing Activities	1,730	2,540	4,065	1,420	1,373	4,574	5,232	5,879	1,438	438
Net Cash From Continuing Financing Activities	1,730	2,540	4,065	1,420	1,373	4,574	5,232	5,879	1,438	438
Net Change in Deposits	1,891	2,343	3,470	2,210	2,339	4,520	5,694	6,269	2,842	1,811
Issuance of Debt	550	817	2,068	1,150	1,150	1,344	737	1,025	3,200	1,300
Issuance of Common Equity	48	43	57	63	65	62	53	52	46	46
Repayment of Debt	-544	-369	-1,342	-1,765	-1,155	-855	-875	-967	-3,391	-1,350
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	0.00	-40	0.00
Repurchase of Common Equity	-89	-163	-34	-62	-778	-291	-150	-216	-862	-984
Payment of Dividends	-103	-113	-127	-151	-191	-205	-218	-277	-355	-383
Other Financing Activities, Net	-24	-17	-27	-25	-57	-1.00	-9.00	-7.00	-2.00	-2.00
Effect of Exchange Rate Changes	-50	0.19	47	-33	-23	1.00	76	-590	239	175
Cash Interest Paid	106	114	156	201	283	164	145	323	1,310	2,119
Cash Income Taxes Paid	379	304	349	231	390	246	437	524	565	664

This table details how cash moves in and out of Raymond James' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-5,550	-3,366	2,067	-1,146	334	1,389	-231	-970	1,612	-768	-493
Net Cash From Operating Activities	-4,498	-3,136	-624	-188	434	543	391	711	510	830	117
Net Cash From Continuing Operating Activities	-4,498	-3,136	-624	-188	434	543	391	711	510	830	117
Net Income / (Loss) Continuing Operations	439	509	427	369	434	498	476	492	602	600	495
Consolidated Net Income / (Loss)	439	509	427	369	434	498	476	492	602	600	495
Provision For Loan Losses	39	21	57	113	101	7.00	-7.00	-	21	7.00	17
Depreciation Expense	40	40	41	42	42	42	45	45	47	47	47
Amortization Expense	-17	-11	-12	-14	-12	-12	-5.00	-13	-6.00	-4.00	3.00
Non-Cash Adjustments to Reconcile Net Income	99	48	-3.00	-1.00	68	-14	-23	54	-98	159	86
Changes in Operating Assets and Liabilities, net	-5,098	-3,743	-1,134	-697	-199	22	-95	133	-56	21	-531
Net Cash From Investing Activities	-2,032	-666	347	387	-342	-176	67	-648	-211	-937	-659
Net Cash From Continuing Investing Activities	-2,032	-666	347	387	-342	-176	67	-648	-211	-937	-659
Purchase of Property, Leasehold Improvements and Equipment	-23	-27	-42	-53	-51	-50	-49	-56	-50	-41	-46
Purchase of Investment Securities	-2,139	-1,010	-21	-359	-653	-497	-410	-1,311	-970	-1,542	-1,092
Sale and/or Maturity of Investments	438	371	410	799	362	371	526	719	809	646	470
Net Cash From Financing Activities	1,281	221	2,301	-1,433	349	907	-641	-1,022	1,194	-447	-16
Net Cash From Continuing Financing Activities	1,281	221	2,301	-1,433	349	907	-641	-1,022	1,194	-447	-16
Net Change in Deposits	1,469	622	2,250	-461	431	1,194	-550	-442	1,609	-160	553
Issuance of Common Equity	8.00	11	14	12	9.00	10	18	9.00	9.00	10	9.00
Repayment of Debt	-61	-791	-500	-1,450	-650	-750	-	-600	-	-450	-200
Payment of Dividends	-77	-81	-93	-92	-89	-97	-96	-95	-95	-105	-106
Other Financing Activities, Net	-2.00	-1.00	-1.00	-	-	-1.00	-	-1.00	-	-7.00	-457
Effect of Exchange Rate Changes	-301	215	43	88	-107	115	-48	-11	119	-214	65
Cash Interest Paid	186	216	267	375	452	499	550	526	544	499	449
Cash Income Taxes Paid	138	13	376	147	29	24	349	175	116	9.00	364

This table presents Raymond James' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	26,468	31,487	34,883	37,413	38,830	47,482	61,891	80,951	78,360	82,992
Cash and Due from Banks	2,601	1,650	3,670	3,500	3,957	5,390	7,201	6,178	9,313	10,998
Restricted Cash	2,905	4,884	3,476	2,441	2,014	4,244	11,348	8,481	3,235	3,350
Trading Account Securities	1,536	2,340	3,726	4,206	4,730	9,023	9,660	11,343	10,633	9,843
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	2,674	3,554	3,640	4,268	3,654	3,447	3,888	2,934	2,525	2,711
Intangible Assets	377	503	493	639	611	600	882	1,931	1,907	1,886
Other Assets	16,119	18,234	19,441	21,873	23,337	24,778	28,912	50,084	50,747	54,204
Total Liabilities & Shareholders' Equity	26,468	31,487	34,883	37,413	38,830	47,482	61,891	80,951	78,360	82,992
Total Liabilities	21,682	26,424	29,190	30,961	32,187	40,306	53,588	71,519	68,173	71,325
Non-Interest Bearing Deposits	11,920	14,263	17,732	19,942	22,281	26,801	32,495	51,357	54,199	56,010
Short-Term Debt	5,871	8,028	7,676	7,163	6,041	7,042	15,354	13,267	7,037	7,098
Other Short-Term Payables	1,572	1,455	1,627	1,648	2,019	-	3,526	3,555	3,845	4,263
Long-Term Debt	1,642	2,358	1,933	1,973	1,550	2,933	2,037	2,038	2,039	2,040
Other Long-Term Liabilities	677	320	221	235	296	3,530	176	1,302	1,053	1,914
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,786	5,063	5,693	6,452	6,643	7,176	8,303	9,432	10,187	11,667
Total Preferred & Common Equity	4,522	4,917	5,582	6,368	6,581	7,114	8,245	9,458	10,214	11,673
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	120	79	79
Total Common Equity	4,522	4,917	5,582	6,368	6,581	7,114	8,245	9,338	10,135	11,594
Common Stock	1,346	1,500	1,647	1,810	1,940	2,009	2,090	2,989	3,145	3,253
Retained Earnings	3,420	3,835	4,340	5,032	5,874	6,484	7,633	8,843	10,213	11,894
Treasury Stock	-203	-363	-390	-447	-1,210	-1,390	-1,437	-1,512	-2,252	-3,051
Accumulated Other Comprehensive Income / (Loss)	-41	-56	-15	-27	-23	11	-41	-982	-971	-502
Noncontrolling Interest	264	146	112	84	62	62	58	-26	-27	-6.00

This table presents Raymond James' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	80,951	77,047	79,180	77,633	78,360	80,130	81,232	80,628	82,992	82,282	83,132
Cash and Due from Banks	6,178	6,177	8,663	8,375	9,313	10,206	10,001	9,095	10,998	10,048	9,662
Restricted Cash	8,481	5,116	4,697	3,839	3,235	3,731	3,705	3,641	3,350	3,532	3,425
Trading Account Securities	11,343	11,012	10,857	10,951	10,633	10,496	10,671	10,087	9,843	9,277	9,059
Loans and Leases, Net of Allowance	0.00	0.00	0.00	43,345	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	2,934	2,641	2,575	2,364	2,525	2,382	2,782	2,798	2,711	2,650	2,787
Intangible Assets	1,931	1,938	1,932	1,928	1,907	1,908	1,894	1,884	1,886	1,858	1,855
Other Assets	50,084	49,041	49,348	5,709	50,747	51,407	52,179	53,123	54,204	54,917	56,344
Total Liabilities & Shareholders' Equity	80,951	77,047	79,180	77,633	78,360	80,130	81,232	80,628	82,992	82,282	83,132
Total Liabilities	71,519	67,217	69,211	67,711	68,173	69,349	70,253	69,438	71,325	70,353	70,905
Non-Interest Bearing Deposits	51,357	51,979	54,229	53,768	54,199	55,393	54,843	54,401	56,010	55,850	56,403
Short-Term Debt	13,267	9,330	8,849	7,528	7,037	7,202	7,702	6,892	7,098	7,081	6,967
Other Short-Term Payables	3,555	2,984	3,058	3,427	3,845	3,405	3,810	4,061	4,263	3,779	3,745
Long-Term Debt	2,038	2,038	2,038	2,039	2,039	2,039	2,039	2,039	2,040	2,040	2,040
Other Long-Term Liabilities	1,302	886	1,037	949	1,053	1,310	1,859	2,045	1,914	1,603	1,750
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,432	9,830	9,969	9,922	10,187	10,781	10,979	11,190	11,667	11,929	12,227
Total Preferred & Common Equity	9,458	9,856	9,995	9,949	10,214	10,790	10,984	11,197	11,673	11,923	12,212
Preferred Stock	120	120	120	79	79	79	79	79	79	79	79
Total Common Equity	9,338	9,736	9,875	9,870	10,135	10,711	10,905	11,118	11,594	11,844	12,133
Common Stock	2,989	2,977	3,037	3,101	3,145	3,160	3,188	3,223	3,253	3,128	3,154
Retained Earnings	8,843	9,254	9,590	9,870	10,213	10,609	10,988	11,385	11,894	12,378	12,769
Treasury Stock	-1,512	-1,604	-1,954	-2,259	-2,252	-2,365	-2,547	-2,773	-3,051	-3,007	-3,244
Accumulated Other Comprehensive Income / (Loss)	-982	-891	-798	-842	-971	-693	-724	-717	-502	-655	-546
Noncontrolling Interest	-26	-26	-26	-27	-27	-9.00	-5.00	-7.00	-6.00	6.00	15

This table displays calculated financial ratios and metrics derived from Raymond James' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.04%	3.87%	17.87%	14.17%	6.41%	3.23%	22.15%	12.74%	5.60%	10.35%
EBITDA Growth	10.97%	2.25%	14.16%	45.87%	4.89%	-33.71%	98.19%	5.98%	8.33%	23.06%
EBIT Growth	13.78%	-0.33%	13.92%	41.73%	4.88%	-40.44%	122.59%	5.43%	11.76%	23.04%
NOPAT Growth	15.72%	4.26%	17.64%	34.75%	20.65%	-20.89%	71.52%	7.56%	15.24%	18.92%
Net Income Growth	15.72%	4.26%	17.64%	34.75%	20.65%	-20.89%	71.52%	7.56%	15.24%	18.92%
EPS Growth	3.31%	6.41%	18.63%	32.79%	20.65%	-20.89%	70.88%	5.28%	14.18%	21.71%
Operating Cash Flow Growth	77.05%	-163.79%	78.20%	807.20%	-34.73%	605.89%	63.20%	-98.92%	-4,980.56%	161.33%
Free Cash Flow Firm Growth	-146.55%	-318.98%	130.00%	-27.00%	317.77%	-187.90%	-240.16%	134.54%	192.50%	-92.71%
Invested Capital Growth	10.23%	25.62%	-0.95%	1.87%	-8.69%	20.49%	49.81%	-3.72%	-22.13%	8.01%
Revenue Q/Q Growth	1.15%	2.18%	3.75%	2.96%	193.29%	-38.11%	6.74%	1.25%	1.95%	3.30%
EBITDA Q/Q Growth	4.51%	-0.21%	4.47%	7.39%	143.31%	-84.20%	20.91%	-2.84%	-6.45%	7.15%
EBIT Q/Q Growth	4.33%	0.48%	4.09%	5.71%	138.13%	-86.63%	22.60%	-2.24%	-7.05%	7.09%
NOPAT Q/Q Growth	6.63%	3.20%	2.62%	8.70%	140.96%	-86.02%	16.72%	1.96%	-0.29%	8.27%
Net Income Q/Q Growth	6.63%	3.20%	2.62%	8.70%	126.21%	-86.02%	18.60%	0.67%	-0.29%	8.84%
EPS Q/Q Growth	-1.72%	8.96%	3.34%	8.49%	126.21%	-86.02%	15.30%	-1.69%	-20.54%	-0.51%
Operating Cash Flow Q/Q Growth	72.34%	-245.71%	-115.72%	171.92%	3.22%	22.20%	86.56%	-99.21%	58.39%	3.66%
Free Cash Flow Firm Q/Q Growth	-148.10%	-199.72%	167.72%	-32.86%	201.41%	-157.76%	-53.52%	130.15%	-50.50%	-58.84%
Invested Capital Q/Q Growth	5.58%	18.45%	3.26%	5.64%	-2.42%	2.07%	13.40%	-23.46%	-1.16%	3.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	16.15%	15.90%	15.40%	19.67%	19.39%	12.45%	20.20%	18.99%	19.49%	21.73%
EBIT Margin	15.65%	15.02%	14.52%	18.02%	17.76%	10.25%	18.68%	17.47%	18.49%	20.61%
Profit (Net Income) Margin	9.97%	10.00%	9.98%	11.78%	13.36%	10.24%	14.38%	13.71%	14.97%	16.13%
Tax Burden Percent	63.66%	66.59%	68.76%	65.37%	75.20%	77.76%	78.34%	74.63%	76.27%	78.24%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	128.45%	98.24%	105.20%	106.15%	100.00%
Effective Tax Rate	36.34%	33.41%	31.24%	34.63%	24.80%	22.24%	21.66%	25.37%	23.73%	21.76%
Return on Invested Capital (ROIC)	4.42%	3.90%	4.14%	5.55%	6.93%	5.21%	6.55%	5.98%	7.90%	10.32%
ROIC Less NNEP Spread (ROIC-NNEP)	4.42%	3.90%	4.14%	5.55%	6.93%	5.21%	6.55%	5.98%	7.90%	10.32%
Return on Net Nonoperating Assets (RNNOA)	6.83%	7.08%	7.69%	8.56%	8.86%	6.63%	11.58%	11.03%	9.82%	8.60%
Return on Equity (ROE)	11.25%	10.98%	11.83%	14.11%	15.79%	11.84%	18.13%	17.02%	17.73%	18.93%
Cash Return on Invested Capital (CROIC)	-5.31%	-18.81%	5.09%	3.70%	16.02%	-13.38%	-33.33%	9.78%	32.79%	2.63%
Operating Return on Assets (OROA)	3.27%	2.80%	2.79%	3.63%	3.61%	1.90%	3.33%	2.69%	2.70%	3.28%
Return on Assets (ROA)	2.08%	1.87%	1.92%	2.37%	2.71%	1.90%	2.57%	2.11%	2.18%	2.56%
Return on Common Equity (ROCE)	10.57%	10.52%	11.54%	13.89%	15.62%	11.73%	17.99%	16.87%	17.60%	18.82%
Return on Equity Simple (ROE_SIMPLE)	11.47%	11.00%	11.39%	13.46%	15.71%	11.50%	17.02%	15.95%	17.03%	17.72%
Net Operating Profit after Tax (NOPAT)	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
NOPAT Margin	9.97%	10.00%	9.98%	11.78%	13.36%	10.24%	14.38%	13.71%	14.97%	16.13%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	79.06%	78.08%	76.46%	76.02%	75.87%	77.81%	75.37%	75.19%	72.39%	73.54%
Operating Expenses to Revenue	84.35%	84.98%	85.48%	81.98%	82.24%	86.83%	81.65%	81.62%	80.38%	79.39%
Earnings before Interest and Taxes (EBIT)	815	812	925	1,311	1,375	819	1,823	1,922	2,148	2,643
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	840	859	981	1,431	1,501	995	1,972	2,090	2,264	2,786
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.38	1.49	1.96	1.92	1.61	1.33	2.21	2.21	2.04	2.17
Price to Tangible Book Value (P/TBV)	1.51	1.66	2.15	2.14	1.78	1.45	2.47	2.79	2.51	2.59
Price to Revenue (P/Rev)	1.20	1.36	1.72	1.68	1.37	1.18	1.87	1.88	1.78	1.96
Price to Earnings (P/E)	12.45	13.84	17.22	14.29	10.27	11.55	12.98	13.73	11.92	12.18
Dividend Yield	1.66%	1.55%	1.45%	1.31%	1.78%	2.15%	1.17%	1.42%	1.70%	1.45%
Earnings Yield	8.03%	7.23%	5.81%	7.00%	9.74%	8.66%	7.70%	7.28%	8.39%	8.21%
Enterprise Value to Invested Capital (EV/IC)	0.69	0.73	0.88	1.00	0.86	0.57	0.67	0.87	0.90	0.96
Enterprise Value to Revenue (EV/Rev)	1.64	2.09	2.12	2.13	1.59	1.23	1.75	1.95	1.48	1.56
Enterprise Value to EBITDA (EV/EBITDA)	10.14	13.18	13.79	10.85	8.20	9.90	8.68	10.24	7.62	7.18
Enterprise Value to EBIT (EV/EBIT)	10.46	13.95	14.63	11.84	8.95	12.03	9.39	11.14	8.03	7.56
Enterprise Value to NOPAT (EV/NOPAT)	16.43	20.94	21.27	18.12	11.90	12.04	12.20	14.19	9.92	9.67
Enterprise Value to Operating Cash Flow (EV/OCF)	9.48	0.00	0.00	17.56	21.32	2.42	2.58	297.29	0.00	9.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	17.28	27.16	5.15	0.00	0.00	8.68	2.39	38.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.57	2.05	1.69	1.42	1.14	1.39	2.09	1.62	0.89	0.78
Long-Term Debt to Equity	0.34	0.47	0.34	0.31	0.23	0.41	0.25	0.22	0.20	0.17
Financial Leverage	1.54	1.82	1.86	1.54	1.28	1.27	1.77	1.84	1.24	0.83
Leverage Ratio	5.40	5.88	6.17	5.95	5.82	6.25	7.07	8.05	8.12	7.38
Compound Leverage Factor	5.40	5.88	6.17	5.95	5.82	8.02	6.94	8.47	8.62	7.38
Debt to Total Capital	61.09%	67.23%	62.79%	58.61%	53.33%	58.16%	67.69%	61.87%	47.12%	43.92%
Short-Term Debt to Total Capital	47.73%	51.96%	50.16%	45.95%	42.44%	41.06%	59.76%	53.63%	36.53%	34.12%
Long-Term Debt to Total Capital	13.35%	15.26%	12.63%	12.66%	10.89%	17.10%	7.93%	8.24%	10.59%	9.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.49%	0.41%	0.38%
Noncontrolling Interests to Total Capital	2.15%	0.95%	0.73%	0.54%	0.44%	0.36%	0.23%	-0.11%	-0.14%	-0.03%
Common Equity to Total Capital	36.77%	31.82%	36.48%	40.85%	46.23%	41.48%	32.09%	37.75%	52.61%	55.73%
Debt to EBITDA	8.94	12.09	9.80	6.38	5.06	10.03	8.82	7.32	4.01	3.28
Net Debt to EBITDA	2.39	4.48	2.51	2.23	1.08	0.34	-0.59	0.31	-1.53	-1.87
Long-Term Debt to EBITDA	1.95	2.74	1.97	1.38	1.03	2.95	1.03	0.98	0.90	0.73
Debt to NOPAT	14.49	19.21	15.11	10.66	7.34	12.19	12.40	10.14	5.22	4.42
Net Debt to NOPAT	3.87	7.12	3.87	3.73	1.57	0.42	-0.83	0.43	-2.00	-2.52
Long-Term Debt to NOPAT	3.17	4.36	3.04	2.30	1.50	3.59	1.45	1.35	1.17	0.99
Noncontrolling Interest Sharing Ratio	6.03%	4.17%	2.40%	1.61%	1.11%	0.90%	0.78%	0.86%	0.74%	0.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-623	-2,610	783	572	2,388	-2,099	-7,140	2,466	7,213	526
Operating Cash Flow to CapEx	1,212.63%	-470.96%	-65.79%	659.70%	418.12%	3,284.68%	8,982.43%	79.12%	-2,031.21%	1,051.22%
Free Cash Flow to Firm to Interest Expense	-5.87	-22.49	5.08	2.83	8.44	-11.79	-47.60	8.09	5.25	0.00
Operating Cash Flow to Interest Expense	8.47	-4.94	-0.81	4.38	2.04	22.88	44.31	0.24	-2.56	0.00
Operating Cash Flow Less CapEx to Interest Expense	7.77	-5.99	-2.05	3.71	1.55	22.19	43.82	-0.06	-2.69	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.19	0.19	0.20	0.20	0.19	0.18	0.15	0.15	0.16
Fixed Asset Turnover	20.76	18.72	16.79	15.76	15.28	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,299	15,450	15,303	15,588	14,234	17,151	25,694	24,737	19,263	20,805
Invested Capital Turnover	0.44	0.39	0.41	0.47	0.52	0.51	0.46	0.44	0.53	0.64
Increase / (Decrease) in Invested Capital	1,142	3,151	-147	285	-1,354	2,917	8,543	-957	-5,474	1,542
Enterprise Value (EV)	8,521	11,323	13,530	15,526	12,303	9,852	17,116	21,405	17,244	19,990
Market Capitalization	6,250	7,324	10,955	12,247	10,621	9,449	18,216	20,665	20,664	25,127
Book Value per Share	$31.41	$34.70	$38.71	$43.65	$47.40	$51.87	$60.10	$43.27	$48.53	$56.30
Tangible Book Value per Share	$28.79	$31.15	$35.29	$39.27	$43.00	$47.49	$53.67	$34.32	$39.40	$47.14
Total Capital	12,299	15,450	15,303	15,588	14,234	17,151	25,694	24,737	19,263	20,805
Total Debt	7,513	10,387	9,609	9,136	7,591	9,975	17,391	15,305	9,076	9,138
Total Long-Term Debt	1,642	2,358	1,933	1,973	1,550	2,933	2,037	2,038	2,039	2,040
Net Debt	2,007	3,852	2,463	3,195	1,620	341	-1,158	646	-3,472	-5,210
Capital Expenditures (CapEx)	74	122	190	134	138	124	74	91	173	205
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	7,513	10,387	9,609	9,136	7,591	9,975	17,391	15,305	9,076	9,138
Total Depreciation and Amortization (D&A)	26	47	56	120	126	176	149	168	116	143
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.34	$2.48	$2.95	$3.93	$4.88	$3.96	$6.81	$7.16	$8.16	$9.94
Adjusted Weighted Average Basic Shares Outstanding	213.82M	212.66M	214.91M	217.91M	211.50M	206.40M	205.70M	209.90M	211.80M	207.10M
Adjusted Diluted Earnings per Share	$2.29	$2.43	$2.89	$3.83	$4.78	$3.89	$6.63	$6.98	$7.97	$9.70
Adjusted Weighted Average Diluted Shares Outstanding	218.91M	216.77M	219.97M	223.26M	216M	210.30M	211.20M	215.30M	216.90M	212.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.88	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	214.72M	212.96M	216.60M	214.93M	208.08M	205.40M	206.16M	215.06M	208.61M	204.04M
Normalized Net Operating Profit after Tax (NOPAT)	534	587	689	873	1,062	854	1,403	1,509	1,739	2,103
Normalized NOPAT Margin	10.25%	10.85%	10.81%	12.00%	13.72%	10.69%	14.38%	13.71%	14.97%	16.40%
Pre Tax Income Margin	15.65%	15.02%	14.52%	18.02%	17.76%	13.17%	18.35%	18.38%	19.62%	20.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.68	7.00	6.01	6.49	4.86	4.60	12.15	6.30	1.56	0.00
NOPAT to Interest Expense	4.89	4.66	4.13	4.24	3.65	4.60	9.35	4.95	1.27	0.00
EBIT Less CapEx to Interest Expense	6.98	5.95	4.77	5.83	4.37	3.90	11.66	6.00	1.44	0.00
NOPAT Less CapEx to Interest Expense	4.19	3.61	2.90	3.58	3.17	3.90	8.86	4.65	1.14	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.89%	20.98%	19.97%	17.62%	18.47%	25.06%	15.54%	18.36%	20.41%	18.52%
Augmented Payout Ratio	36.96%	51.04%	25.31%	24.85%	93.71%	60.64%	26.23%	32.67%	69.98%	66.10%

This table displays calculated financial ratios and metrics derived from Raymond James' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.05%	0.18%	7.48%	6.95%	7.84%	8.15%	8.53%	11.04%	13.40%	17.39%	9.14%
EBITDA Growth	6.50%	10.19%	22.85%	-1.50%	-3.76%	-3.08%	10.75%	49.13%	30.24%	20.00%	11.09%
EBIT Growth	10.00%	14.59%	28.64%	4.10%	-5.03%	-3.37%	9.34%	51.39%	29.91%	18.89%	10.18%
NOPAT Growth	7.07%	14.13%	32.20%	22.59%	-1.14%	-2.16%	11.48%	36.04%	36.41%	20.48%	3.99%
Net Income Growth	2.33%	14.13%	32.20%	22.59%	-1.14%	-2.16%	11.48%	33.33%	38.71%	20.48%	3.99%
EPS Growth	-0.48%	9.52%	26.97%	23.91%	-85.58%	0.87%	15.03%	35.09%	850.00%	23.28%	6.31%
Operating Cash Flow Growth	-199.91%	-37.12%	-155.86%	-103.28%	109.65%	117.32%	162.66%	478.19%	17.51%	52.85%	-70.08%
Free Cash Flow Firm Growth	117.16%	224.43%	226.17%	241.01%	323.21%	-83.73%	-95.64%	-100.99%	-116.08%	-125.57%	-103.10%
Invested Capital Growth	-3.72%	-31.57%	-39.50%	-39.69%	-22.13%	-5.55%	-0.65%	3.24%	8.01%	5.13%	2.48%
Revenue Q/Q Growth	4.16%	-1.59%	3.12%	1.18%	5.02%	-1.31%	3.48%	3.53%	7.25%	2.17%	-3.79%
EBITDA Q/Q Growth	36.83%	6.57%	-13.95%	-21.50%	33.70%	7.32%	-1.67%	5.70%	16.76%	-1.12%	-8.96%
EBIT Q/Q Growth	48.43%	5.84%	-14.57%	-22.44%	35.42%	7.69%	-3.33%	7.39%	16.21%	-1.45%	-10.41%
NOPAT Q/Q Growth	45.85%	15.95%	-16.11%	-13.58%	17.62%	14.75%	-4.42%	5.46%	17.93%	1.35%	-17.50%
Net Income Q/Q Growth	45.85%	15.95%	-16.11%	-13.58%	17.62%	14.75%	-4.42%	3.36%	22.36%	-0.33%	-17.50%
EPS Q/Q Growth	50.72%	10.58%	-16.09%	-11.40%	-82.46%	673.33%	-4.31%	4.05%	23.38%	0.35%	-17.48%
Operating Cash Flow Q/Q Growth	-178.36%	30.28%	80.10%	69.87%	330.85%	25.12%	-27.99%	81.84%	-28.27%	62.75%	-85.90%
Free Cash Flow Firm Q/Q Growth	114.92%	637.03%	36.47%	-6.01%	-55.23%	-71.67%	-63.44%	-121.24%	-630.77%	54.95%	95.56%
Invested Capital Q/Q Growth	-23.46%	-14.31%	-1.61%	-6.55%	-1.16%	3.94%	3.49%	-2.89%	3.40%	1.18%	0.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	22.57%	24.44%	20.40%	15.82%	20.14%	21.91%	20.81%	21.25%	23.14%	22.39%	21.19%
EBIT Margin	21.76%	23.40%	19.39%	14.86%	19.16%	20.91%	19.53%	20.26%	21.95%	21.18%	19.72%
Profit (Net Income) Margin	15.51%	18.27%	14.86%	12.69%	14.22%	16.53%	15.27%	15.24%	17.39%	16.96%	14.55%
Tax Burden Percent	71.27%	78.07%	76.66%	75.93%	74.19%	79.05%	78.16%	75.23%	80.27%	80.11%	73.77%
Interest Burden Percent	100.00%	100.00%	100.00%	112.50%	100.00%	100.00%	100.00%	100.00%	98.68%	100.00%	100.00%
Effective Tax Rate	28.73%	21.93%	23.34%	24.07%	25.81%	20.95%	21.84%	23.24%	21.07%	19.89%	26.23%
Return on Invested Capital (ROIC)	6.77%	7.71%	6.02%	5.59%	7.51%	9.50%	8.88%	9.75%	10.94%	11.02%	9.45%
ROIC Less NNEP Spread (ROIC-NNEP)	6.77%	7.71%	6.02%	5.59%	7.51%	9.50%	8.88%	9.64%	11.05%	11.02%	9.45%
Return on Net Nonoperating Assets (RNNOA)	12.47%	14.05%	11.91%	9.32%	9.33%	9.50%	8.74%	8.44%	9.21%	8.91%	7.64%
Return on Equity (ROE)	19.24%	21.76%	17.93%	14.90%	16.84%	19.00%	17.62%	18.19%	20.16%	19.94%	17.09%
Cash Return on Invested Capital (CROIC)	9.78%	43.51%	55.27%	56.26%	32.79%	14.09%	9.20%	6.45%	2.63%	5.56%	7.98%
Operating Return on Assets (OROA)	3.35%	3.54%	2.85%	2.07%	2.80%	3.15%	2.94%	3.18%	3.49%	3.48%	3.27%
Return on Assets (ROA)	2.39%	2.76%	2.19%	1.77%	2.07%	2.49%	2.30%	2.39%	2.76%	2.79%	2.41%
Return on Common Equity (ROCE)	19.08%	21.59%	17.84%	14.79%	16.71%	18.85%	17.48%	18.08%	20.04%	19.80%	16.96%
Return on Equity Simple (ROE_SIMPLE)	0.00%	15.95%	16.77%	17.53%	0.00%	16.01%	16.18%	16.97%	0.00%	18.20%	17.93%
Net Operating Profit after Tax (NOPAT)	439	509	427	369	434	498	476	502	592	600	495
NOPAT Margin	15.51%	18.27%	14.86%	12.69%	14.22%	16.53%	15.27%	15.55%	17.10%	16.96%	14.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	-0.11%	0.00%	0.00%
SG&A Expenses to Revenue	71.42%	71.68%	72.92%	73.41%	71.57%	73.15%	75.08%	74.44%	71.63%	73.25%	74.23%
Operating Expenses to Revenue	78.24%	76.60%	80.61%	83.28%	80.84%	79.09%	80.47%	80.05%	78.05%	78.82%	80.28%
Earnings before Interest and Taxes (EBIT)	616	652	557	432	585	630	609	654	760	749	671
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	639	681	586	460	615	660	649	686	801	792	721
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.21	2.30	1.99	2.19	2.04	2.14	2.45	2.30	2.17	2.67	2.34
Price to Tangible Book Value (P/TBV)	2.79	2.88	2.48	2.73	2.51	2.61	2.97	2.76	2.59	3.16	2.76
Price to Revenue (P/Rev)	1.88	2.04	1.76	1.90	1.78	1.94	2.21	2.06	1.96	2.37	2.08
Price to Earnings (P/E)	13.73	14.33	11.81	10.28	11.92	13.33	15.09	12.66	12.18	14.59	12.99
Dividend Yield	1.42%	1.38%	1.66%	1.57%	1.70%	1.56%	1.36%	1.41%	1.45%	1.16%	1.34%
Earnings Yield	7.28%	6.98%	8.47%	9.73%	8.39%	7.50%	6.63%	7.90%	8.21%	6.85%	7.70%
Enterprise Value to Invested Capital (EV/IC)	0.87	1.07	0.83	0.98	0.90	0.92	1.10	1.08	0.96	1.29	1.15
Enterprise Value to Revenue (EV/Rev)	1.95	2.05	1.55	1.67	1.48	1.55	1.89	1.76	1.56	2.04	1.79
Enterprise Value to EBITDA (EV/EBITDA)	10.24	9.98	7.30	7.88	7.62	7.72	9.37	8.38	7.18	9.33	8.15
Enterprise Value to EBIT (EV/EBIT)	11.14	10.68	7.73	8.25	8.03	8.12	9.89	8.83	7.56	9.85	8.63
Enterprise Value to NOPAT (EV/NOPAT)	14.19	14.38	10.33	10.93	9.92	10.61	12.86	11.41	9.67	12.54	11.14
Enterprise Value to Operating Cash Flow (EV/OCF)	297.29	0.00	0.00	0.00	0.00	111.12	19.37	10.48	9.28	11.15	11.24
Enterprise Value to Free Cash Flow (EV/FCFF)	8.68	1.99	1.13	1.31	2.39	6.31	11.95	17.05	38.00	23.83	14.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.62	1.16	1.09	0.96	0.89	0.86	0.89	0.80	0.78	0.76	0.74
Long-Term Debt to Equity	0.22	0.21	0.20	0.21	0.20	0.19	0.19	0.18	0.17	0.17	0.17
Financial Leverage	1.84	1.82	1.98	1.67	1.24	1.00	0.98	0.88	0.83	0.81	0.81
Leverage Ratio	8.05	7.87	8.20	8.43	8.12	7.63	7.66	7.50	7.38	7.15	7.08
Compound Leverage Factor	8.05	7.87	8.20	9.49	8.12	7.63	7.66	7.50	7.29	7.15	7.08
Debt to Total Capital	61.87%	53.63%	52.20%	49.09%	47.12%	46.15%	47.01%	44.39%	43.92%	43.33%	42.42%
Short-Term Debt to Total Capital	53.63%	44.01%	42.43%	38.63%	36.53%	35.97%	37.17%	34.25%	34.12%	33.64%	32.81%
Long-Term Debt to Total Capital	8.24%	9.61%	9.77%	10.46%	10.59%	10.18%	9.84%	10.13%	9.81%	9.69%	9.61%
Preferred Equity to Total Capital	0.49%	0.57%	0.58%	0.41%	0.41%	0.39%	0.38%	0.39%	0.38%	0.38%	0.37%
Noncontrolling Interests to Total Capital	-0.11%	-0.12%	-0.12%	-0.14%	-0.14%	-0.05%	-0.02%	-0.03%	-0.03%	0.03%	0.07%
Common Equity to Total Capital	37.75%	45.93%	47.35%	50.64%	52.61%	53.50%	52.63%	55.26%	55.73%	56.27%	57.14%
Debt to EBITDA	7.32	5.02	4.59	3.95	4.01	3.89	4.00	3.44	3.28	3.13	3.01
Net Debt to EBITDA	0.31	0.03	-1.04	-1.09	-1.53	-1.98	-1.63	-1.46	-1.87	-1.53	-1.36
Long-Term Debt to EBITDA	0.98	0.90	0.86	0.84	0.90	0.86	0.84	0.78	0.73	0.70	0.68
Debt to NOPAT	10.14	7.23	6.50	5.49	5.22	5.35	5.48	4.68	4.42	4.20	4.11
Net Debt to NOPAT	0.43	0.05	-1.48	-1.52	-2.00	-2.72	-2.23	-1.99	-2.52	-2.05	-1.86
Long-Term Debt to NOPAT	1.35	1.30	1.22	1.17	1.17	1.18	1.15	1.07	0.99	0.94	0.93
Noncontrolling Interest Sharing Ratio	0.86%	0.79%	0.54%	0.77%	0.74%	0.80%	0.80%	0.59%	0.57%	0.68%	0.72%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,396	10,289	14,041	13,197	5,908	1,674	612	-130	-950	-428	-19
Operating Cash Flow to CapEx	-19,556.52%	-11,614.81%	-1,485.71%	-354.72%	850.98%	1,086.00%	797.96%	1,269.64%	1,020.00%	2,024.39%	254.35%
Free Cash Flow to Firm to Interest Expense	8.21	42.69	49.44	34.19	12.79	0.00	1.18	-0.24	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-26.46	-13.01	-2.20	-0.49	0.94	0.00	0.75	1.33	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-26.59	-13.12	-2.35	-0.62	0.83	0.00	0.66	1.23	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.15	0.14	0.15	0.15	0.15	0.16	0.16	0.16	0.17
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,737	21,198	20,856	19,489	19,263	20,022	20,720	20,121	20,805	21,050	21,234
Invested Capital Turnover	0.44	0.42	0.41	0.44	0.53	0.57	0.58	0.63	0.64	0.65	0.65
Increase / (Decrease) in Invested Capital	-957	-9,780	-13,614	-12,828	-5,474	-1,176	-136	632	1,542	1,028	514
Enterprise Value (EV)	21,405	22,604	17,321	19,060	17,244	18,334	22,855	21,795	19,990	27,218	24,376
Market Capitalization	20,665	22,435	19,700	21,655	20,664	22,960	26,746	25,528	25,127	31,592	28,362
Book Value per Share	$43.27	$45.27	$45.86	$46.58	$48.53	$51.35	$52.17	$53.64	$56.30	$58.05	$59.21
Tangible Book Value per Share	$34.32	$36.26	$36.88	$37.48	$39.40	$42.20	$43.11	$44.55	$47.14	$48.94	$50.16
Total Capital	24,737	21,198	20,856	19,489	19,263	20,022	20,720	20,121	20,805	21,050	21,234
Total Debt	15,305	11,368	10,887	9,567	9,076	9,241	9,741	8,931	9,138	9,121	9,007
Total Long-Term Debt	2,038	2,038	2,038	2,039	2,039	2,039	2,039	2,039	2,040	2,040	2,040
Net Debt	646	75	-2,473	-2,647	-3,472	-4,696	-3,965	-3,805	-5,210	-4,459	-4,080
Capital Expenditures (CapEx)	23	27	42	53	51	50	49	56	50	41	46
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10	-10	0.00	0.00
Net Nonoperating Obligations (NNO)	15,305	11,368	10,887	9,567	9,076	9,241	9,741	8,931	9,138	9,121	9,007
Total Depreciation and Amortization (D&A)	23	29	29	28	30	30	40	32	41	43	50
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.08	$2.36	$1.97	$1.75	$0.30	$2.38	$2.27	$2.37	$2.92	$2.94	$2.41
Adjusted Weighted Average Basic Shares Outstanding	209.90M	214.70M	214.30M	210.10M	211.80M	208.60M	208.30M	206.80M	207.10M	203.70M	204.30M
Adjusted Diluted Earnings per Share	$2.08	$2.30	$1.93	$1.71	$0.30	$2.32	$2.22	$2.31	$2.85	$2.86	$2.36
Adjusted Weighted Average Diluted Shares Outstanding	215.30M	220.40M	219.20M	214.80M	216.90M	213.80M	213.40M	212.30M	212.30M	209.20M	208.70M
Adjusted Basic & Diluted Earnings per Share	$2.08	$0.00	$0.00	$0.00	$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	215.06M	215.35M	211.91M	208.84M	208.61M	209.03M	207.28M	205.94M	204.04M	204.91M	201.75M
Normalized Net Operating Profit after Tax (NOPAT)	439	520	448	369	434	507	492	502	592	600	507
Normalized NOPAT Margin	15.51%	18.66%	15.61%	12.69%	14.22%	16.84%	15.79%	15.55%	17.10%	16.96%	14.89%
Pre Tax Income Margin	21.76%	23.40%	19.39%	16.72%	19.16%	20.91%	19.53%	20.26%	21.66%	21.18%	19.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.62	2.71	1.96	1.12	1.27	0.00	1.17	1.22	0.00	0.00	0.00
NOPAT to Interest Expense	2.58	2.11	1.50	0.96	0.94	0.00	0.92	0.94	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	3.49	2.59	1.81	0.98	1.16	0.00	1.08	1.12	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.45	2.00	1.36	0.82	0.83	0.00	0.82	0.84	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	18.36%	18.96%	19.09%	19.67%	20.41%	21.47%	21.05%	19.84%	18.52%	18.02%	18.32%
Augmented Payout Ratio	32.67%	41.48%	61.75%	72.19%	69.98%	71.93%	61.34%	54.42%	66.10%	62.72%	18.32%

Frequently Asked Questions About Raymond James' Financials

When does Raymond James's financial year end?

According to the most recent income statement we have on file, Raymond James' fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Raymond James' net income changed over the last 9 years?

Raymond James' net income appears to be on an upward trend, with a most recent value of $2.07 billion in 2024, rising from $518.58 million in 2015. The previous period was $1.74 billion in 2023. Check out Raymond James' forecast to explore projected trends and price targets.

How has Raymond James revenue changed over the last 9 years?

Over the last 9 years, Raymond James' total revenue changed from $5.20 billion in 2015 to $12.82 billion in 2024, a change of 146.4%.

How much debt does Raymond James have?

Raymond James' total liabilities were at $71.33 billion at the end of 2024, a 4.6% increase from 2023, and a 229.0% increase since 2015.

How much cash does Raymond James have?

In the past 9 years, Raymond James' cash and equivalents has ranged from $1.65 billion in 2016 to $11.00 billion in 2024, and is currently $11.00 billion as of their latest financial filing in 2024.

How has Raymond James' book value per share changed over the last 9 years?

Over the last 9 years, Raymond James' book value per share changed from 31.41 in 2015 to 56.30 in 2024, a change of 79.3%.

Related Companies

This page (NYSE:RJF) was last updated on 6/10/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Raymond James (RJF) Financials

Frequently Asked Questions About Raymond James' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Raymond James (RJF) Financials

Annual Income Statements for Raymond James

Quarterly Income Statements for Raymond James

Annual Cash Flow Statements for Raymond James

Quarterly Cash Flow Statements for Raymond James

Annual Balance Sheets for Raymond James

Quarterly Balance Sheets for Raymond James

Annual Metrics And Ratios for Raymond James

Quarterly Metrics And Ratios for Raymond James

Frequently Asked Questions About Raymond James' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools