Raymond James Financial (RJF) Financials

Raymond James Financial (NYSE: RJF) has continued to generate solid quarterly profits, but the last several years show a business that is increasingly dependent on market-related revenue, while balance sheet leverage and share buybacks remain important moving parts. For the latest reported quarter ended March 31, 2026, RJF posted revenue of $3.86 billion, net income attributable to common shareholders of $542 million, and diluted EPS of $2.72.

Across the most recent four years, RJF has generally grown its asset base and equity, but operating cash flow has been volatile quarter to quarter. The company also carries meaningful debt and large deposit balances, which is typical for a financial institution, but investors should note that quarterly earnings and cash generation can swing when deposit changes, investment activity, and market conditions move around.

• Revenue and earnings remain profitable: In Q2 2026, RJF produced $3.86 billion in revenue and $544 million in net income, showing the company is still generating healthy profits.
• Quarterly EPS stayed strong: Diluted EPS was $2.72 in Q2 2026, down slightly from $2.79 in Q1 2026 but still solid.
• Balance sheet equity has trended higher over time: Total common equity rose to $12.57 billion in Q2 2026 from $10.79 billion in Q2 2024 and $9.83 billion in Q2 2023.
• Retained earnings continue to build: Retained earnings reached $14.49 billion in Q2 2026, up from $10.61 billion in Q1 2024, indicating cumulative profitability.
• Operating cash flow recovered sharply in Q2 2026: Net cash from operating activities was $1.10 billion, a strong improvement from the negative $10 million in Q1 2026.
• Deposit growth helped funding support: Q2 2026 showed a $2.27 billion increase in deposits, which supported financing activity.
• Deposits remain a major funding source: Non-interest bearing deposits were $62.42 billion in Q2 2026, up from $55.85 billion in Q1 2025.
• Shareholders continue to receive capital returns: RJF paid a $0.54 quarterly dividend per share in Q2 2026 and has also been buying back stock.
• Revenue mix is heavily non-interest driven: Most quarterly revenue comes from non-interest income and service charges, while net interest income is a relatively small piece of the total.
• Interest income has eased from prior-year highs: Total interest income was $960 million in Q2 2026 versus $1.05 billion in Q1 2025 and $1.02 billion in Q1 2026.
• Asset growth has been steady but not dramatic: Total assets increased to $91.94 billion in Q2 2026 from $80.13 billion in Q1 2024, a gradual expansion rather than a breakout move.
• Cash balances remain large: Cash and due from banks were $11.22 billion in Q2 2026, giving the firm substantial liquidity.
• Quarterly cash flow has been uneven: Operating cash flow was negative in Q1 2026 and several earlier quarters, showing that earnings do not always translate cleanly into cash.
• Debt levels remain significant: RJF reported $7.51 billion of short-term debt and $3.52 billion of long-term debt in Q2 2026.
• Share repurchases can pressure cash: The company repurchased $405 million of common equity in Q2 2026 and $513 million in Q1 2026.
• Some income lines remain volatile: Other non-interest income has swung meaningfully from quarter to quarter, which can make results less predictable.
• Costs are still elevated: Salaries and employee benefits were $2.54 billion in Q2 2026, the largest expense line and a major driver of profitability.

Looking at the bigger trend, RJF appears to be a consistently profitable financial company with a healthy capital base and strong liquidity, but one that is also exposed to quarter-to-quarter swings in deposits, investment activity, and non-interest income. For retail investors, the key takeaway is that Raymond James looks financially stable, but its earnings pattern is more cyclical than a simple steady-growth story.