Raymond James Financial (RJF) Financials

$169.52 +0.81 (+0.48%)

Closing price 03:59 PM Eastern

Extended Trading

$169.50 -0.03 (-0.02%)

As of 04:38 PM Eastern

Annual Income Statements for Raymond James Financial

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	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	480	502	529	636	857	1,034	818	1,403	1,505	1,733	2,063
Consolidated Net Income / (Loss)	448	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
Net Income / (Loss) Continuing Operations	448	519	541	636	857	1,034	818	1,435	1,509	1,739	2,068
Total Pre-Tax Income	716	815	812	925	1,311	1,375	1,052	1,791	2,022	2,280	2,643
Total Revenue	4,861	5,204	5,405	6,371	7,274	7,740	7,990	9,760	11,003	11,619	12,821
Net Interest Income / (Expense)	377	437	524	648	842	998	822	673	1,203	2,375	0.00
Total Interest Income	481	543	640	802	1,044	1,281	1,000	823	1,508	3,748	0.00
Total Interest Expense	104	106	116	154	202	283	178	150	305	1,373	0.00
Total Non-Interest Income	4,485	4,766	4,881	5,723	6,432	6,742	7,168	9,087	9,800	9,244	12,821
Other Service Charges	3,717	3,998	82	5,723	-	-	-	-	-	-	10,199
Investment Banking Income	703	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	4,145	4,389	4,593	5,446	5,963	6,365	6,938	7,969	8,981	9,339	10,178
Salaries and Employee Benefits	3,313	3,525	3,625	4,228	4,795	5,087	5,465	6,584	7,329	7,299	8,213
Net Occupancy & Equipment Expense	414	430	447	488	554	591	618	661	758	870	958
Marketing Expense	140	159	148	155	181	194	134	111	186	242	257
Other Operating Expenses	265	252	304	498	409	456	442	645	608	796	705
Other Special Charges	14	24	28	59	20	22	46	-	-	-	45
Income Tax Expense	268	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	$3.41	$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	139.94M	142.55M	141.77M	143.30M	145.30M	211.50M	206.40M	205.70M	209.90M	211.80M	207.10M
Diluted Earnings per Share	$3.32	$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	143.59M	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	140.80M	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	$0.62	$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 Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	507	425	738	63	497	474	491	110	599	493	435
Consolidated Net Income / (Loss)	509	427	369	434	498	476	492	602	600	495	436
Net Income / (Loss) Continuing Operations	509	427	369	434	498	476	492	592	600	495	436
Total Pre-Tax Income	652	557	486	585	630	609	644	750	749	671	563
Total Revenue	2,786	2,873	2,907	3,053	3,013	3,118	3,228	3,462	3,537	3,403	3,398
Net Interest Income / (Expense)	586	631	601	557	1,053	1,049	1,057	-1,598	1,027	963	990
Total Interest Income	827	915	987	1,019	1,053	1,049	1,057	-3,159	1,027	963	990
Investment Securities Interest Income	827	915	987	1,019	1,053	1,049	1,057	-	1,027	963	990
Total Interest Expense	241	284	386	462	0.00	0.00	0.00	-1,561	0.00	0.00	0.00
Total Non-Interest Income	2,200	2,242	2,306	2,496	1,960	2,069	2,171	5,060	2,510	2,440	2,408
Other Service Charges	2,068	2,115	-	-	2,328	2,475	2,589	-	2,889	2,733	2,724
Other Non-Interest Income	132	127	2,306	6,679	-368	-406	-418	-4,568	-379	-293	-316
Total Non-Interest Expense	2,134	2,316	2,421	2,468	2,383	2,509	2,584	2,702	2,788	2,732	2,835
Salaries and Employee Benefits	1,736	1,820	1,851	1,892	1,921	2,043	2,090	2,159	2,272	2,204	2,202
Net Occupancy & Equipment Expense	205	221	217	227	222	238	241	257	251	258	268
Marketing Expense	56	54	66	66	61	60	72	64	68	64	77
Other Operating Expenses	123	193	233	247	167	147	191	200	197	190	273
Other Special Charges	14	28	-	-	12	21	-10	-	0.00	16	15
Income Tax Expense	143	130	117	151	132	133	152	158	149	176	127
Preferred Stock Dividends Declared	2.00	2.00	0.00	2.00	1.00	2.00	1.00	1.00	1.00	2.00	1.00
Basic Earnings per Share	$2.36	$1.97	$1.75	$0.30	$2.38	$2.27	$2.37	$2.92	$2.94	$2.41	$2.16
Weighted Average Basic Shares Outstanding	214.70M	214.30M	210.10M	211.80M	208.60M	208.30M	206.80M	207.10M	203.70M	204.30M	201.20M
Diluted Earnings per Share	$2.30	$1.93	$1.71	$0.30	$2.32	$2.22	$2.31	$2.85	$2.86	$2.36	$2.12
Weighted Average Diluted Shares Outstanding	220.40M	219.20M	214.80M	216.90M	213.80M	213.40M	212.30M	212.30M	209.20M	208.70M	205.50M
Weighted Average Basic & Diluted Shares Outstanding	215.35M	211.91M	208.84M	208.61M	209.03M	207.28M	205.94M	204.04M	204.91M	201.75M	199.38M

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	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	-398	402	-951	611	-1,205	30	3,663	6,815	-1,790	-2,111	1,800
Net Cash From Operating Activities	508	899	-573	-125	884	577	4,073	6,647	72	-3,514	2,155
Net Cash From Continuing Operating Activities	508	899	-573	-125	884	577	4,073	6,647	72	-3,514	2,155
Net Income / (Loss) Continuing Operations	448	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
Consolidated Net Income / (Loss)	448	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
Provision For Loan Losses	26	34	42	36	55	59	257	-20	111	292	21
Depreciation Expense	64	68	72	84	99	112	119	134	145	165	179
Amortization Expense	-23	-43	-25	-28	21	14	57	15	23	-49	-36
Non-Cash Adjustments to Reconcile Net Income	113	64	5.48	-273	201	149	127	104	432	112	-81
Changes in Operating Assets and Liabilities, net	-121	256	-1,209	-580	-349	-791	2,695	5,011	-2,148	-5,773	4.00
Net Cash From Investing Activities	-2,097	-2,177	-2,918	-3,376	-3,476	-1,897	-4,985	-5,140	-7,151	-274	-968
Net Cash From Continuing Investing Activities	-2,097	-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	-60	-74	-122	-190	-134	-138	-124	-74	-91	-173	-205
Acquisitions	-	-	-	-	-	-	-5.00	-266	1,461	0.00	0.00
Purchase of Investment Securities	-2,374	-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	338	204	305	801	759	879	2,044	3,437	1,977	1,942	2,425
Net Cash From Financing Activities	1,224	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	1,224	1,730	2,540	4,065	1,420	1,373	4,574	5,232	5,879	1,438	438
Net Change in Deposits	734	1,891	2,343	3,470	2,210	2,339	4,520	5,694	6,269	2,842	1,811
Issuance of Debt	501	550	817	2,068	1,150	1,150	1,344	737	1,025	3,200	1,300
Issuance of Common Equity	34	48	43	57	63	65	62	53	52	46	46
Repayment of Debt	45	-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	-8.43	-89	-163	-34	-62	-778	-291	-150	-216	-862	-984
Payment of Dividends	-88	-103	-113	-127	-151	-191	-205	-218	-277	-355	-383
Other Financing Activities, Net	7.44	-24	-17	-27	-25	-57	-1.00	-9.00	-7.00	-2.00	-2.00
Effect of Exchange Rate Changes	-32	-50	0.19	47	-33	-23	1.00	76	-590	239	175
Cash Interest Paid	101	106	114	156	201	283	164	145	323	1,310	2,119
Cash Income Taxes Paid	319	379	304	349	231	390	246	437	524	565	664

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	6/30/2025
Net Change in Cash & Equivalents	-3,366	2,067	-1,146	334	1,389	-231	-970	1,612	-768	-493	-122
Net Cash From Operating Activities	-3,136	-624	-188	434	543	391	711	510	830	117	691
Net Cash From Continuing Operating Activities	-3,136	-624	-188	434	543	391	711	510	830	117	691
Net Income / (Loss) Continuing Operations	509	427	369	434	498	476	492	602	600	495	436
Consolidated Net Income / (Loss)	509	427	369	434	498	476	492	602	600	495	436
Provision For Loan Losses	21	57	113	101	7.00	-7.00	-	21	7.00	17	83
Depreciation Expense	40	41	42	42	42	45	45	47	47	47	49
Amortization Expense	-11	-12	-14	-12	-12	-5.00	-13	-6.00	-4.00	3.00	-18
Non-Cash Adjustments to Reconcile Net Income	48	-3.00	-1.00	68	-14	-23	54	-98	159	86	-95
Changes in Operating Assets and Liabilities, net	-3,743	-1,134	-697	-199	22	-95	133	-56	21	-531	236
Net Cash From Investing Activities	-666	347	387	-342	-176	67	-648	-211	-937	-659	-1,302
Net Cash From Continuing Investing Activities	-666	347	387	-342	-176	67	-648	-211	-937	-659	-1,302
Purchase of Property, Leasehold Improvements and Equipment	-27	-42	-53	-51	-50	-49	-56	-50	-41	-46	-57
Purchase of Investment Securities	-1,010	-21	-359	-653	-497	-410	-1,311	-970	-1,542	-1,092	-1,955
Sale and/or Maturity of Investments	371	410	799	362	371	526	719	809	646	470	711
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-	-1.00
Net Cash From Financing Activities	221	2,301	-1,433	349	907	-641	-1,022	1,194	-447	-16	292
Net Cash From Continuing Financing Activities	221	2,301	-1,433	349	907	-641	-1,022	1,194	-447	-16	292
Net Change in Deposits	622	2,250	-461	431	1,194	-550	-442	1,609	-160	553	846
Issuance of Debt	650	1,000	900	650	750	200	350	-	450	-	300
Issuance of Common Equity	11	14	12	9.00	10	18	9.00	9.00	10	9.00	7.00
Repayment of Debt	-791	-500	-1,450	-650	-750	-	-600	-	-450	-200	-300
Payment of Dividends	-81	-93	-92	-89	-97	-96	-95	-95	-105	-106	-103
Other Financing Activities, Net	-1.00	-1.00	-	-	-1.00	-	-1.00	-	-7.00	-457	456
Effect of Exchange Rate Changes	215	43	88	-107	115	-48	-11	119	-214	65	197
Cash Interest Paid	216	267	375	452	499	550	526	544	499	449	446
Cash Income Taxes Paid	13	376	147	29	24	349	175	116	9.00	364	137

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	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	23,326	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	2,199	2,601	1,650	3,670	3,500	3,957	5,390	7,201	6,178	9,313	10,998
Restricted Cash	2,489	2,905	4,884	3,476	2,441	2,014	4,244	11,348	8,481	3,235	3,350
Trading Account Securities	1,551	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	0.00
Customer and Other Receivables	2,552	2,674	3,554	3,640	4,268	3,654	3,447	3,888	2,934	2,525	2,711
Intangible Assets	354	377	503	493	639	611	600	882	1,931	1,907	1,886
Other Assets	13,935	16,119	18,234	19,441	21,873	23,337	24,778	28,912	50,084	50,747	54,204
Total Liabilities & Shareholders' Equity	23,326	26,468	31,487	34,883	37,413	38,830	47,482	61,891	80,951	78,360	82,992
Total Liabilities	18,892	21,682	26,424	29,190	30,961	32,187	40,306	53,588	71,519	68,173	71,325
Non-Interest Bearing Deposits	10,029	11,920	14,263	17,732	19,942	22,281	26,801	32,495	51,357	54,199	56,010
Short-Term Debt	4,417	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	2,307	1,642	2,358	1,933	1,973	1,550	2,933	2,037	2,038	2,039	2,040
Other Long-Term Liabilities	2,139	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	0.00
Total Equity & Noncontrolling Interests	4,433	4,786	5,063	5,693	6,452	6,643	7,176	8,303	9,432	10,187	11,667
Total Preferred & Common Equity	4,141	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	0.00	120	79	79
Total Common Equity	4,141	4,522	4,917	5,582	6,368	6,581	7,114	8,245	9,338	10,135	11,594
Common Stock	1,240	1,346	1,500	1,647	1,810	1,940	2,009	2,090	2,989	3,145	3,253
Retained Earnings	3,024	3,420	3,835	4,340	5,032	5,874	6,484	7,633	8,843	10,213	11,894
Treasury Stock	-121	-203	-363	-390	-447	-1,210	-1,390	-1,437	-1,512	-2,252	-3,051
Accumulated Other Comprehensive Income / (Loss)	-1.89	-41	-56	-15	-27	-23	11	-41	-982	-971	-502
Noncontrolling Interest	292	264	146	112	84	62	62	58	-26	-27	-6.00

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	6/30/2025
Total Assets	77,047	79,180	77,633	78,360	80,130	81,232	80,628	82,992	82,282	83,132	84,815
Cash and Due from Banks	6,177	8,663	8,375	9,313	10,206	10,001	9,095	10,998	10,048	9,662	9,195
Restricted Cash	5,116	4,697	3,839	3,235	3,731	3,705	3,641	3,350	3,532	3,425	3,770
Trading Account Securities	11,012	10,857	10,951	10,633	10,496	10,671	10,087	9,843	9,277	9,059	8,587
Loans and Leases, Net of Allowance	0.00	0.00	43,345	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	2,641	2,575	2,364	2,525	2,382	2,782	2,798	2,711	2,650	2,787	2,917
Intangible Assets	1,938	1,932	1,928	1,907	1,908	1,894	1,884	1,886	1,858	1,855	1,860
Other Assets	49,041	49,348	5,709	50,747	51,407	52,179	53,123	54,204	54,917	56,344	58,486
Total Liabilities & Shareholders' Equity	77,047	79,180	77,633	78,360	80,130	81,232	80,628	82,992	82,282	83,132	84,815
Total Liabilities	67,217	69,211	67,711	68,173	69,349	70,253	69,438	71,325	70,353	70,905	72,554
Non-Interest Bearing Deposits	51,979	54,229	53,768	54,199	55,393	54,843	54,401	56,010	55,850	56,403	57,249
Short-Term Debt	9,330	8,849	7,528	7,037	7,202	7,702	6,892	7,098	7,081	6,967	7,274
Other Short-Term Payables	2,984	3,058	3,427	3,845	3,405	3,810	4,061	4,263	3,779	3,745	4,188
Long-Term Debt	2,038	2,038	2,039	2,039	2,039	2,039	2,039	2,040	2,040	2,040	2,040
Other Long-Term Liabilities	886	1,037	949	1,053	1,310	1,859	2,045	1,914	1,603	1,750	1,803
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	9,830	9,969	9,922	10,187	10,781	10,979	11,190	11,667	11,929	12,227	12,261
Total Preferred & Common Equity	9,856	9,995	9,949	10,214	10,790	10,984	11,197	11,673	11,923	12,212	12,259
Preferred Stock	120	120	79	79	79	79	79	79	79	79	79
Total Common Equity	9,736	9,875	9,870	10,135	10,711	10,905	11,118	11,594	11,844	12,133	12,180
Common Stock	2,977	3,037	3,101	3,145	3,160	3,188	3,223	3,253	3,128	3,154	3,205
Retained Earnings	9,254	9,590	9,870	10,213	10,609	10,988	11,385	11,894	12,378	12,769	13,104
Treasury Stock	-1,604	-1,954	-2,259	-2,252	-2,365	-2,547	-2,773	-3,051	-3,007	-3,244	-3,691
Accumulated Other Comprehensive Income / (Loss)	-891	-798	-842	-971	-693	-724	-717	-502	-655	-546	-438
Noncontrolling Interest	-26	-26	-27	-27	-9.00	-5.00	-7.00	-6.00	6.00	15	2.00

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	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	8.38%	7.04%	3.87%	17.87%	14.17%	6.41%	3.23%	22.15%	12.74%	5.60%	10.35%
EBITDA Growth	30.65%	10.97%	2.25%	14.16%	45.87%	4.89%	-33.71%	98.19%	5.98%	8.33%	23.06%
EBIT Growth	20.55%	13.78%	-0.33%	13.92%	41.73%	4.88%	-40.44%	122.59%	5.43%	11.76%	23.04%
NOPAT Growth	12.92%	15.72%	4.26%	17.64%	34.75%	20.65%	-20.89%	71.52%	7.56%	15.24%	18.92%
Net Income Growth	12.92%	15.72%	4.26%	17.64%	34.75%	20.65%	-20.89%	71.52%	7.56%	15.24%	18.92%
EPS Growth	28.68%	3.31%	6.41%	18.63%	32.79%	20.65%	-20.89%	70.88%	5.28%	14.18%	21.71%
Operating Cash Flow Growth	-23.07%	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	308.46%	-146.55%	-318.98%	130.00%	-27.00%	317.77%	-187.90%	-240.16%	134.54%	192.50%	-92.71%
Invested Capital Growth	-7.39%	10.23%	25.62%	-0.95%	1.87%	-8.69%	20.49%	49.81%	-3.72%	-22.13%	8.01%
Revenue Q/Q Growth	3.44%	1.15%	2.18%	3.75%	2.96%	193.29%	-38.11%	6.74%	1.25%	1.95%	3.30%
EBITDA Q/Q Growth	6.20%	4.51%	-0.21%	4.47%	7.39%	143.31%	-84.20%	20.91%	-2.84%	-6.45%	7.15%
EBIT Q/Q Growth	6.97%	4.33%	0.48%	4.09%	5.71%	138.13%	-86.63%	22.60%	-2.24%	-7.05%	7.09%
NOPAT Q/Q Growth	3.49%	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	3.49%	6.63%	3.20%	2.62%	8.70%	126.21%	-86.02%	18.60%	0.67%	-0.29%	8.84%
EPS Q/Q Growth	3.75%	-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	-27.23%	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	73.21%	-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	2.26%	5.58%	18.45%	3.26%	5.64%	-2.42%	2.07%	13.40%	-23.46%	-1.16%	3.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	15.58%	16.15%	15.90%	15.40%	19.67%	19.39%	12.45%	20.20%	18.99%	19.49%	21.73%
EBIT Margin	14.73%	15.65%	15.02%	14.52%	18.02%	17.76%	10.25%	18.68%	17.47%	18.49%	20.61%
Profit (Net Income) Margin	9.22%	9.97%	10.00%	9.98%	11.78%	13.36%	10.24%	14.38%	13.71%	14.97%	16.13%
Tax Burden Percent	62.60%	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%	100.00%	128.45%	98.24%	105.20%	106.15%	100.00%
Effective Tax Rate	37.40%	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)	3.86%	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)	3.86%	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)	6.77%	6.83%	7.08%	7.69%	8.56%	8.86%	6.63%	11.58%	11.03%	9.82%	8.60%
Return on Equity (ROE)	10.63%	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)	11.54%	-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)	3.08%	3.27%	2.80%	2.79%	3.63%	3.61%	1.90%	3.33%	2.69%	2.70%	3.28%
Return on Assets (ROA)	1.93%	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)	9.84%	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)	10.82%	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)	448	519	541	636	857	1,034	818	1,403	1,509	1,739	2,068
NOPAT Margin	9.22%	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%	0.00%
SG&A Expenses to Revenue	79.54%	79.06%	78.08%	76.46%	76.02%	75.87%	77.81%	75.37%	75.19%	72.39%	73.54%
Operating Expenses to Revenue	85.27%	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)	716	815	812	925	1,311	1,375	819	1,823	1,922	2,148	2,643
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	757	840	859	981	1,431	1,501	995	1,972	2,090	2,264	2,786
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.58	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)	1.73	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)	1.34	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)	13.61	12.45	13.84	17.22	14.29	10.27	11.55	12.98	13.73	11.92	12.18
Dividend Yield	1.38%	1.66%	1.55%	1.45%	1.31%	1.78%	2.15%	1.17%	1.42%	1.70%	1.45%
Earnings Yield	7.35%	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)	0.79	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)	1.82	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)	11.70	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)	12.38	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)	19.78	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)	17.46	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)	6.62	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	1.52	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	0.52	0.34	0.47	0.34	0.31	0.23	0.41	0.25	0.22	0.20	0.17
Financial Leverage	1.75	1.54	1.82	1.86	1.54	1.28	1.27	1.77	1.84	1.24	0.83
Leverage Ratio	5.52	5.40	5.88	6.17	5.95	5.82	6.25	7.07	8.05	8.12	7.38
Compound Leverage Factor	5.52	5.40	5.88	6.17	5.95	5.82	8.02	6.94	8.47	8.62	7.38
Debt to Total Capital	60.27%	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	39.59%	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	20.68%	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%	0.00%	0.49%	0.41%	0.38%
Noncontrolling Interests to Total Capital	2.62%	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	37.12%	36.77%	31.82%	36.48%	40.85%	46.23%	41.48%	32.09%	37.75%	52.61%	55.73%
Debt to EBITDA	8.88	8.94	12.09	9.80	6.38	5.06	10.03	8.82	7.32	4.01	3.28
Net Debt to EBITDA	2.69	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	3.05	1.95	2.74	1.97	1.38	1.03	2.95	1.03	0.98	0.90	0.73
Debt to NOPAT	15.00	14.49	19.21	15.11	10.66	7.34	12.19	12.40	10.14	5.22	4.42
Net Debt to NOPAT	4.54	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	5.15	3.17	4.36	3.04	2.30	1.50	3.59	1.45	1.35	1.17	0.99
Noncontrolling Interest Sharing Ratio	7.44%	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)	1,338	-623	-2,610	783	572	2,388	-2,099	-7,140	2,466	7,213	526
Operating Cash Flow to CapEx	843.88%	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	12.86	-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	4.88	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	4.30	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	0.21	0.19	0.19	0.20	0.20	0.19	0.18	0.15	0.15	0.16
Fixed Asset Turnover	19.85	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	11,157	12,299	15,450	15,303	15,588	14,234	17,151	25,694	24,737	19,263	20,805
Invested Capital Turnover	0.42	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	-890	1,142	3,151	-147	285	-1,354	2,917	8,543	-957	-5,474	1,542
Enterprise Value (EV)	8,863	8,521	11,323	13,530	15,526	12,303	9,852	17,116	21,405	17,244	19,990
Market Capitalization	6,535	6,250	7,324	10,955	12,247	10,621	9,449	18,216	20,665	20,664	25,127
Book Value per Share	$29.31	$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	$26.81	$28.79	$31.15	$35.29	$39.27	$43.00	$47.49	$53.67	$34.32	$39.40	$47.14
Total Capital	11,157	12,299	15,450	15,303	15,588	14,234	17,151	25,694	24,737	19,263	20,805
Total Debt	6,724	7,513	10,387	9,609	9,136	7,591	9,975	17,391	15,305	9,076	9,138
Total Long-Term Debt	2,307	1,642	2,358	1,933	1,973	1,550	2,933	2,037	2,038	2,039	2,040
Net Debt	2,036	2,007	3,852	2,463	3,195	1,620	341	-1,158	646	-3,472	-5,210
Capital Expenditures (CapEx)	60	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	0.00
Net Nonoperating Obligations (NNO)	6,724	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)	41	26	47	56	120	126	176	149	168	116	143
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.27	$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	209.90M	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	$2.21	$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	215.38M	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	$0.00	$4.88	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	212.33M	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)	457	534	587	689	873	1,062	854	1,403	1,509	1,739	2,103
Normalized NOPAT Margin	9.39%	10.25%	10.85%	10.81%	12.00%	13.72%	10.69%	14.38%	13.71%	14.97%	16.40%
Pre Tax Income Margin	14.73%	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	6.88	7.68	7.00	6.01	6.49	4.86	4.60	12.15	6.30	1.56	0.00
NOPAT to Interest Expense	4.31	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	6.30	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	3.73	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	19.66%	19.89%	20.98%	19.97%	17.62%	18.47%	25.06%	15.54%	18.36%	20.41%	18.52%
Augmented Payout Ratio	21.54%	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 Financial's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.18%	7.48%	6.95%	7.84%	8.15%	8.53%	11.04%	13.40%	17.39%	9.14%	5.27%
EBITDA Growth	10.19%	22.85%	-1.50%	-3.76%	-3.08%	10.75%	49.13%	30.24%	20.00%	11.09%	-12.13%
EBIT Growth	14.59%	28.64%	4.10%	-5.03%	-3.37%	9.34%	51.39%	29.91%	18.89%	10.18%	-12.58%
NOPAT Growth	14.13%	32.20%	22.59%	-1.14%	-2.16%	11.48%	36.04%	36.41%	20.48%	3.99%	-11.38%
Net Income Growth	14.13%	32.20%	22.59%	-1.14%	-2.16%	11.48%	33.33%	38.71%	20.48%	3.99%	-11.38%
EPS Growth	9.52%	26.97%	23.91%	-85.58%	0.87%	15.03%	35.09%	850.00%	23.28%	6.31%	-8.23%
Operating Cash Flow Growth	-37.12%	-155.86%	-103.28%	109.65%	117.32%	162.66%	478.19%	17.51%	52.85%	-70.08%	-2.81%
Free Cash Flow Firm Growth	224.43%	226.17%	241.01%	323.21%	-83.73%	-95.64%	-100.99%	-116.08%	-125.57%	-103.10%	-627.14%
Invested Capital Growth	-31.57%	-39.50%	-39.69%	-22.13%	-5.55%	-0.65%	3.24%	8.01%	5.13%	2.48%	7.23%
Revenue Q/Q Growth	-1.59%	3.12%	1.18%	5.02%	-1.31%	3.48%	3.53%	7.25%	2.17%	-3.79%	-0.15%
EBITDA Q/Q Growth	6.57%	-13.95%	-21.50%	33.70%	7.32%	-1.67%	5.70%	16.76%	-1.12%	-8.96%	-17.61%
EBIT Q/Q Growth	5.84%	-14.57%	-22.44%	35.42%	7.69%	-3.33%	7.39%	16.21%	-1.45%	-10.41%	-16.10%
NOPAT Q/Q Growth	15.95%	-16.11%	-13.58%	17.62%	14.75%	-4.42%	5.46%	17.93%	1.35%	-17.50%	-11.92%
Net Income Q/Q Growth	15.95%	-16.11%	-13.58%	17.62%	14.75%	-4.42%	3.36%	22.36%	-0.33%	-17.50%	-11.92%
EPS Q/Q Growth	10.58%	-16.09%	-11.40%	-82.46%	673.33%	-4.31%	4.05%	23.38%	0.35%	-17.48%	-10.17%
Operating Cash Flow Q/Q Growth	30.28%	80.10%	69.87%	330.85%	25.12%	-27.99%	81.84%	-28.27%	62.75%	-85.90%	490.60%
Free Cash Flow Firm Q/Q Growth	637.03%	36.47%	-6.01%	-55.23%	-71.67%	-63.44%	-121.24%	-630.77%	54.95%	95.56%	-5,257.89%
Invested Capital Q/Q Growth	-14.31%	-1.61%	-6.55%	-1.16%	3.94%	3.49%	-2.89%	3.40%	1.18%	0.87%	1.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	24.44%	20.40%	15.82%	20.14%	21.91%	20.81%	21.25%	23.14%	22.39%	21.19%	17.48%
EBIT Margin	23.40%	19.39%	14.86%	19.16%	20.91%	19.53%	20.26%	21.95%	21.18%	19.72%	16.57%
Profit (Net Income) Margin	18.27%	14.86%	12.69%	14.22%	16.53%	15.27%	15.24%	17.39%	16.96%	14.55%	12.83%
Tax Burden Percent	78.07%	76.66%	75.93%	74.19%	79.05%	78.16%	75.23%	80.27%	80.11%	73.77%	77.44%
Interest Burden Percent	100.00%	100.00%	112.50%	100.00%	100.00%	100.00%	100.00%	98.68%	100.00%	100.00%	100.00%
Effective Tax Rate	21.93%	23.34%	24.07%	25.81%	20.95%	21.84%	23.24%	21.07%	19.89%	26.23%	22.56%
Return on Invested Capital (ROIC)	7.71%	6.02%	5.59%	7.51%	9.50%	8.88%	9.75%	10.94%	11.02%	9.45%	8.49%
ROIC Less NNEP Spread (ROIC-NNEP)	7.71%	6.02%	5.59%	7.51%	9.50%	8.88%	9.64%	11.05%	11.02%	9.45%	8.49%
Return on Net Nonoperating Assets (RNNOA)	14.05%	11.91%	9.32%	9.33%	9.50%	8.74%	8.44%	9.21%	8.91%	7.64%	6.61%
Return on Equity (ROE)	21.76%	17.93%	14.90%	16.84%	19.00%	17.62%	18.19%	20.16%	19.94%	17.09%	15.10%
Cash Return on Invested Capital (CROIC)	43.51%	55.27%	56.26%	32.79%	14.09%	9.20%	6.45%	2.63%	5.56%	7.98%	3.26%
Operating Return on Assets (OROA)	3.54%	2.85%	2.07%	2.80%	3.15%	2.94%	3.18%	3.49%	3.48%	3.27%	2.76%
Return on Assets (ROA)	2.76%	2.19%	1.77%	2.07%	2.49%	2.30%	2.39%	2.76%	2.79%	2.41%	2.14%
Return on Common Equity (ROCE)	21.59%	17.84%	14.79%	16.71%	18.85%	17.48%	18.08%	20.04%	19.80%	16.96%	15.00%
Return on Equity Simple (ROE_SIMPLE)	15.95%	16.77%	17.53%	0.00%	16.01%	16.18%	16.97%	0.00%	18.20%	17.93%	17.40%
Net Operating Profit after Tax (NOPAT)	509	427	369	434	498	476	502	592	600	495	436
NOPAT Margin	18.27%	14.86%	12.69%	14.22%	16.53%	15.27%	15.55%	17.10%	16.96%	14.55%	12.83%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	-0.11%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	71.68%	72.92%	73.41%	71.57%	73.15%	75.08%	74.44%	71.63%	73.25%	74.23%	74.96%
Operating Expenses to Revenue	76.60%	80.61%	83.28%	80.84%	79.09%	80.47%	80.05%	78.05%	78.82%	80.28%	83.43%
Earnings before Interest and Taxes (EBIT)	652	557	432	585	630	609	654	760	749	671	563
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	681	586	460	615	660	649	686	801	792	721	594
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.30	1.99	2.19	2.04	2.14	2.45	2.30	2.17	2.67	2.34	2.53
Price to Tangible Book Value (P/TBV)	2.88	2.48	2.73	2.51	2.61	2.97	2.76	2.59	3.16	2.76	2.99
Price to Revenue (P/Rev)	2.04	1.76	1.90	1.78	1.94	2.21	2.06	1.96	2.37	2.08	2.23
Price to Earnings (P/E)	14.33	11.81	10.28	11.92	13.33	15.09	12.66	12.18	14.59	12.99	14.49
Dividend Yield	1.38%	1.66%	1.57%	1.70%	1.56%	1.36%	1.41%	1.45%	1.16%	1.34%	1.24%
Earnings Yield	6.98%	8.47%	9.73%	8.39%	7.50%	6.63%	7.90%	8.21%	6.85%	7.70%	6.90%
Enterprise Value to Invested Capital (EV/IC)	1.07	0.83	0.98	0.90	0.92	1.10	1.08	0.96	1.29	1.15	1.26
Enterprise Value to Revenue (EV/Rev)	2.05	1.55	1.67	1.48	1.55	1.89	1.76	1.56	2.04	1.79	1.98
Enterprise Value to EBITDA (EV/EBITDA)	9.98	7.30	7.88	7.62	7.72	9.37	8.38	7.18	9.33	8.15	9.38
Enterprise Value to EBIT (EV/EBIT)	10.68	7.73	8.25	8.03	8.12	9.89	8.83	7.56	9.85	8.63	9.94
Enterprise Value to NOPAT (EV/NOPAT)	14.38	10.33	10.93	9.92	10.61	12.86	11.41	9.67	12.54	11.14	12.79
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	111.12	19.37	10.48	9.28	11.15	11.24	12.70
Enterprise Value to Free Cash Flow (EV/FCFF)	1.99	1.13	1.31	2.39	6.31	11.95	17.05	38.00	23.83	14.55	40.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.09	0.96	0.89	0.86	0.89	0.80	0.78	0.76	0.74	0.76
Long-Term Debt to Equity	0.21	0.20	0.21	0.20	0.19	0.19	0.18	0.17	0.17	0.17	0.17
Financial Leverage	1.82	1.98	1.67	1.24	1.00	0.98	0.88	0.83	0.81	0.81	0.78
Leverage Ratio	7.87	8.20	8.43	8.12	7.63	7.66	7.50	7.38	7.15	7.08	7.05
Compound Leverage Factor	7.87	8.20	9.49	8.12	7.63	7.66	7.50	7.29	7.15	7.08	7.05
Debt to Total Capital	53.63%	52.20%	49.09%	47.12%	46.15%	47.01%	44.39%	43.92%	43.33%	42.42%	43.17%
Short-Term Debt to Total Capital	44.01%	42.43%	38.63%	36.53%	35.97%	37.17%	34.25%	34.12%	33.64%	32.81%	33.71%
Long-Term Debt to Total Capital	9.61%	9.77%	10.46%	10.59%	10.18%	9.84%	10.13%	9.81%	9.69%	9.61%	9.46%
Preferred Equity to Total Capital	0.57%	0.58%	0.41%	0.41%	0.39%	0.38%	0.39%	0.38%	0.38%	0.37%	0.37%
Noncontrolling Interests to Total Capital	-0.12%	-0.12%	-0.14%	-0.14%	-0.05%	-0.02%	-0.03%	-0.03%	0.03%	0.07%	0.01%
Common Equity to Total Capital	45.93%	47.35%	50.64%	52.61%	53.50%	52.63%	55.26%	55.73%	56.27%	57.14%	56.45%
Debt to EBITDA	5.02	4.59	3.95	4.01	3.89	4.00	3.44	3.28	3.13	3.01	3.20
Net Debt to EBITDA	0.03	-1.04	-1.09	-1.53	-1.98	-1.63	-1.46	-1.87	-1.53	-1.36	-1.26
Long-Term Debt to EBITDA	0.90	0.86	0.84	0.90	0.86	0.84	0.78	0.73	0.70	0.68	0.70
Debt to NOPAT	7.23	6.50	5.49	5.22	5.35	5.48	4.68	4.42	4.20	4.11	4.37
Net Debt to NOPAT	0.05	-1.48	-1.52	-2.00	-2.72	-2.23	-1.99	-2.52	-2.05	-1.86	-1.71
Long-Term Debt to NOPAT	1.30	1.22	1.17	1.17	1.18	1.15	1.07	0.99	0.94	0.93	0.96
Noncontrolling Interest Sharing Ratio	0.79%	0.54%	0.77%	0.74%	0.80%	0.80%	0.59%	0.57%	0.68%	0.72%	0.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	10,289	14,041	13,197	5,908	1,674	612	-130	-950	-428	-19	-1,018
Operating Cash Flow to CapEx	-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%	1,212.28%
Free Cash Flow to Firm to Interest Expense	42.69	49.44	34.19	12.79	0.00	1.18	-0.24	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-13.01	-2.20	-0.49	0.94	0.00	0.75	1.33	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-13.12	-2.35	-0.62	0.83	0.00	0.66	1.23	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.14	0.15	0.15	0.15	0.16	0.16	0.16	0.17	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	21,198	20,856	19,489	19,263	20,022	20,720	20,121	20,805	21,050	21,234	21,575
Invested Capital Turnover	0.42	0.41	0.44	0.53	0.57	0.58	0.63	0.64	0.65	0.65	0.66
Increase / (Decrease) in Invested Capital	-9,780	-13,614	-12,828	-5,474	-1,176	-136	632	1,542	1,028	514	1,454
Enterprise Value (EV)	22,604	17,321	19,060	17,244	18,334	22,855	21,795	19,990	27,218	24,376	27,272
Market Capitalization	22,435	19,700	21,655	20,664	22,960	26,746	25,528	25,127	31,592	28,362	30,842
Book Value per Share	$45.27	$45.86	$46.58	$48.53	$51.35	$52.17	$53.64	$56.30	$58.05	$59.21	$60.37
Tangible Book Value per Share	$36.26	$36.88	$37.48	$39.40	$42.20	$43.11	$44.55	$47.14	$48.94	$50.16	$51.15
Total Capital	21,198	20,856	19,489	19,263	20,022	20,720	20,121	20,805	21,050	21,234	21,575
Total Debt	11,368	10,887	9,567	9,076	9,241	9,741	8,931	9,138	9,121	9,007	9,314
Total Long-Term Debt	2,038	2,038	2,039	2,039	2,039	2,039	2,039	2,040	2,040	2,040	2,040
Net Debt	75	-2,473	-2,647	-3,472	-4,696	-3,965	-3,805	-5,210	-4,459	-4,080	-3,651
Capital Expenditures (CapEx)	27	42	53	51	50	49	56	50	41	46	57
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	10	-10	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	11,368	10,887	9,567	9,076	9,241	9,741	8,931	9,138	9,121	9,007	9,314
Total Depreciation and Amortization (D&A)	29	29	28	30	30	40	32	41	43	50	31
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.36	$1.97	$1.75	$0.30	$2.38	$2.27	$2.37	$2.92	$2.94	$2.41	$2.16
Adjusted Weighted Average Basic Shares Outstanding	214.70M	214.30M	210.10M	211.80M	208.60M	208.30M	206.80M	207.10M	203.70M	204.30M	201.20M
Adjusted Diluted Earnings per Share	$2.30	$1.93	$1.71	$0.30	$2.32	$2.22	$2.31	$2.85	$2.86	$2.36	$2.12
Adjusted Weighted Average Diluted Shares Outstanding	220.40M	219.20M	214.80M	216.90M	213.80M	213.40M	212.30M	212.30M	209.20M	208.70M	205.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	215.35M	211.91M	208.84M	208.61M	209.03M	207.28M	205.94M	204.04M	204.91M	201.75M	199.38M
Normalized Net Operating Profit after Tax (NOPAT)	520	448	369	434	507	492	502	592	600	507	448
Normalized NOPAT Margin	18.66%	15.61%	12.69%	14.22%	16.84%	15.79%	15.55%	17.10%	16.96%	14.89%	13.17%
Pre Tax Income Margin	23.40%	19.39%	16.72%	19.16%	20.91%	19.53%	20.26%	21.66%	21.18%	19.72%	16.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.71	1.96	1.12	1.27	0.00	1.17	1.22	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	2.11	1.50	0.96	0.94	0.00	0.92	0.94	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.59	1.81	0.98	1.16	0.00	1.08	1.12	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.00	1.36	0.82	0.83	0.00	0.82	0.84	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	18.96%	19.09%	19.67%	20.41%	21.47%	21.05%	19.84%	18.52%	18.02%	18.32%	19.17%
Augmented Payout Ratio	41.48%	61.75%	72.19%	69.98%	71.93%	61.34%	54.42%	66.10%	62.72%	18.32%	77.45%

Key Financial Trends

Raymond James Financial (NYSE: RJF) has demonstrated steady financial performance over the last four years, with notable trends in income, cash flows, and balance sheet strength.

Key Positive Trends:

Consolidated net income has shown an upward trend, reaching $436 million in Q3 2025, indicating sustained profitability.
Operating cash flow remains strong with $691 million generated in Q3 2025, supporting operational efficiency and financial stability.
Consistent growth in total revenue, reported at approximately $3.4 billion in Q3 2025, driven by robust net interest income and service charges.
Salaries and employee benefit expenses have remained controlled relative to revenue, suggesting efficient cost management despite rising scale.
Strong equity base with total equity increasing to around $12.3 billion by Q3 2025, supporting future growth opportunities and absorbing potential losses.
Increase in non-interest bearing deposits (indicative of core stable funding) climbing to over $57 billion by Q3 2025.
Regular dividend payments per share have increased gradually over the last four years, reflecting confidence in cash flow generation and shareholder returns.

Neutral Observations:

Net interest income remains a significant contributor to total revenue, with $990 million earned in Q3 2025, consistent with previous quarters.
Investment securities purchases and sales fluctuate quarterly, reflecting active asset-liability management rather than a clear trend.
Weighted average diluted shares outstanding have remained relatively steady around 205–220 million shares, showing moderate dilution from equity issuances and repurchases.

Key Negative Trends:

Provision for loan losses jumped notably from $17 million in Q2 2025 to $83 million in Q3 2025, signaling increasing credit risk concerns that could pressure future earnings.
Net cash used in investing activities increased significantly to -$1.3 billion in Q3 2025, largely due to higher purchases of investment securities, which could impact liquidity if not offset.
Fluctuating operating cash flows in prior quarters, including substantial negative cash flow in Q3 2023, indicate some volatility in working capital management or loan loss provisions.
Other non-interest income was negative in recent quarters (e.g., -$316 million in Q3 2025), which may reflect unusual charges or weaker fee income underpinnings in certain business segments.
AOCI (Accumulated Other Comprehensive Income) is negative and increased in magnitude to -$438 million in Q3 2025, suggesting adverse impacts from market value adjustments or foreign currency translation losses.

Overall, Raymond James Financial has shown solid profitability and operational cash flow over recent years, supported by a strong equity position and consistent revenue growth. However, rising loan loss provisions and increased investing outflows warrant monitoring as potential risks to near-term cash flow and earnings stability.

08/30/25 12:18 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Raymond James Financial's Financials

When does Raymond James Financial's financial year end?

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

How has Raymond James Financial's net income changed over the last 10 years?

Raymond James Financial's net income appears to be on an upward trend, with a most recent value of $2.07 billion in 2024, rising from $448.15 million in 2014. The previous period was $1.74 billion in 2023. Check out Raymond James Financial's forecast to explore projected trends and price targets.

How has Raymond James Financial's revenue changed over the last 10 years?

Over the last 10 years, Raymond James Financial's total revenue changed from $4.86 billion in 2014 to $12.82 billion in 2024, a change of 163.7%.

How much debt does Raymond James Financial have?

Raymond James Financial's total liabilities were at $71.33 billion at the end of 2024, a 4.6% increase from 2023, and a 277.5% increase since 2014.

How much cash does Raymond James Financial have?

In the past 10 years, Raymond James Financial's 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 Financial's book value per share changed over the last 10 years?

Over the last 10 years, Raymond James Financial's book value per share changed from 29.31 in 2014 to 56.30 in 2024, a change of 92.1%.

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This page (NYSE:RJF) was last updated on 8/29/2025 by MarketBeat.com Staff

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Raymond James Financial (RJF) Financials

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Raymond James Financial (RJF) Financials

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