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Raymond James Financial (RJF) earnings and revenue breakdown

Latest: Q4 FY26 · 8-K filed Oct 28, 2026

Q4 FY26 Revenue up 13% year over year to $4.7B · 14¢ of every $1 of revenue kept as net profit · operating margin 18.2%

Raymond James Financial made $4.7B in Q4 FY26 (+13% Y/Y). Operating margin 18.2%, net earnings $666M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Oct 28, 2026 (preliminary, from the earnings release).

Revenue$4.7B
Year over year+13%
Operating margin18.2%
Net earnings$666M
Operating cash flow—

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Raymond James Financial Q4 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Raymond James Financial Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $4.7B in Q4 FY26, up 13% year over year and up 9% from the previous quarter.

Operating profit was $0.86B, a 18.2% margin (up 0.7 points year over year). Of the extra revenue versus Q4 FY25, 24% reached operating profit, above the 17% margin then. Total costs grew 12% against revenue growth of 13%. Net earnings were $0.67B, up 10% year over year. The effective tax rate was 22.7%.

Quarterly history

Raymond James Financial revenue by quarterRaymond James Financial revenue by quarter$3.8BQ2 FY25$3.8BQ3 FY25$4.2BQ4 FY25$4.2BQ1 FY26$4.3BQ2 FY26$4.4BQ3 FY26$4.7BQ4 FY26
Raymond James Financial net earnings by quarterRaymond James Financial net earnings by quarter$495MQ2 FY25$436MQ3 FY25$604MQ4 FY25$563MQ1 FY26$544MQ2 FY26$595MQ3 FY26$666MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY268-KOct 28, 2026$4.7B+13%18.2%$666M—
Q3 FY2610-QAug 5, 2026$4.4B+14%17.2%$595M−$246M
Q2 FY2610-QMay 6, 2026$4.3B+11%17.2%$544M$1.1B
Q1 FY2610-QFeb 6, 2026$4.2B+4%17.4%$563M−$10.0M
Q4 FY2510-KNov 25, 2025$4.2B+5%17.4%$604M$796M
Q3 FY2510-QAug 6, 2025$3.8B+2%14.7%$436M$691M
Q2 FY2510-QMay 7, 2025$3.8B+6%17.5%$495M$117M

Charts

Raymond James Financial: revenue growth, year over year and quarter over quarterRaymond James Financial: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q2 FY25+2%0%Q3 FY25+5%+9%Q4 FY25+4%0%Q1 FY26+11%+2%Q2 FY26+14%+2%Q3 FY26+13%+9%Q4 FY26
Latest (Q4 FY26): Y/Y +13%, Q/Q +9%.
Raymond James Financial: where the cash came from (+) and went (−), TTM to Q3 FY26Raymond James Financial: where the cash came from (+) and went (−), TTM to Q3 FY26Other investing−$6.5BOther financing$5.9BOperating cash flow$1.6BDividends−$428MCash drawn (+) / kept (−)−$289MCapital spending−$197MExchange rates−$133MShares issued$38.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Raymond James Financial: profit against cash, quarter by quarterRaymond James Financial: profit against cash, quarter by quarterNet incomeOperating cash flow$602M$510MQ4 FY24$600M$830MQ1 FY25$495M$117MQ2 FY25$436M$691MQ3 FY25$604M$796MQ4 FY25$563M−$10.0MQ1 FY26$544M$1.1BQ2 FY26$595M−$246MQ3 FY26
Latest (Q3 FY26): Net income $595M, Operating cash flow −$246M.
Raymond James Financial: diluted shares by fiscal yearRaymond James Financial: diluted shares by fiscal year210MFY20211MFY21215MFY22217MFY23212MFY24207MFY25
-1.8% since FY20: buybacks shrank the count.
Raymond James Financial in its industry: growth against margin (24 companies, SIC 6211)Raymond James Financial in its industry: growth against margin (24 companies, SIC 6211)revenue growth, year over year →↑ operating marginmedian +13%median 18%MSGSGLXYBLKSCHWJones Financial Companies LllpJEFIBKRSFHOODVIRTFRHCSEICPIPROPYMIAXNAVINavient CorpMKTXWTCOHNSIEBDOMHRJF (+13%, 18%)
Security Brokers, Dealers & Flotation Companies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Raymond James Financial

Raymond James Financial, Inc. (“RJF” or the “firm”) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities. The firm, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services and trust services. The firm operates predominantly in the United States (“U.S.”) and, to a lesser extent, in Canada, the United Kingdom (“UK”), and other parts of Europe.

In its own words, from its 10-K, filed Nov 25, 2025.

Raymond James Financial against its Security Brokers, Dealers & Flotation Companies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +13%. Operating margin: 18.2% against the peers' median 30.0%.

CompanyQuarterRevenueY/YOp. margin
RJF Raymond James FinancialQ4 FY26$4.7B+13%18.2%
MS Morgan StanleyQ3 2026$20.3B+12%31.9%
GS Goldman Sachs GroupQ3 2026$18.7B+23%37.5%
GLXY Galaxy DigitalQ3 2026$8.1B-72%4.3%
BLK BlackRockQ3 2026$7.8B+19%30.0%
SCHW Schwab CharlesQ3 2026$7.2B+17%52.7%
Jones Financial Companies LllpQ3 2026$5.2B+13%0.0%
JEF Jefferies Financial GroupQ3 FY26$3.2B+11%10.9%
IBKR Interactive Brokers GroupQ3 2026$1.9B+16%78.2%

Source: Raymond James Financial 8-K on SEC EDGAR · CIK 720005 · Security Brokers, Dealers & Flotation Companies

13F: who owns RJF and who is buying

Largest holders of RJF (13F)Largest holders of RJF (13F)Vanguard Group$3.5BBlackRock$2.2BVanguard Capital Management LLC$1.7BWellington Management Group LLP$1.4BPrimecap Management$1.4BVanguard Portfolio Management LLC$1.4BState Street$1.2BGeode Capital Management, LLC$704MFMR LLC$670MHarris Associates L P$562M
Funds' net buying of RJF by quarter (13F)Funds' net buying of RJF by quarter (13F)−$292M2024-09$2.3M2024-12$443M2025-03−$370M2025-06−$403M2025-09$534M2025-12−$291M2026-03−$106M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RJF

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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中文版：Raymond James Financial（RJF）财报

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