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Raymond James Financial cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$308M in Q3 FY26 · $1.4B over twelve months

Operating cash flow−$246M
Capital spending−$62.0M
Free cash flow−$308M
Cash / net income-0.4×

Analysis

In Q3 FY26, Raymond James Financial generated −$246M of operating cash flow and spent $62.0M on capital projects, leaving free cash flow of −$308M. That is $942M less than in Q3 FY25 ($634M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.6B; the largest uses were other investing ($6.5B), dividends ($428M), capital spending ($197M); besides operations, cash came from other financing ($5.9B), shares issued ($38.0M); the cash balance rose by $289M.

Operating cash flow was −$246M against net income of $595M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$660M, employee-related liabilities +$407M, payables +$288M.

Free cash flow

Raymond James Financial: free cash flow by quarterRaymond James Financial: free cash flow by quarter$460MQ4 FY24$789MQ1 FY25$71.0MQ2 FY25$634MQ3 FY25$752MQ4 FY25−$56.0MQ1 FY26$1.1BQ2 FY26−$308MQ3 FY26
Operating cash flow less capital spending.
Raymond James Financial: operating cash flow against capital spendingRaymond James Financial: operating cash flow against capital spendingOperating cash flowCapital spending$510M$50.0MQ4 FY24$830M$41.0MQ1 FY25$117M$46.0MQ2 FY25$691M$57.0MQ3 FY25$796M$44.0MQ4 FY25−$10.0M$46.0MQ1 FY26$1.1B$45.0MQ2 FY26−$246M$62.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$246M, Capital spending $62.0M.

Capital allocation, year by year

Raymond James Financial: where the cash came from (up) and went (down), by fiscal yearRaymond James Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $6.6BFY21: Net borrowing −$844MFY21: Shares issued $53.0MFY21: Capital spending −$74.0MFY21: Acquisitions −$266MFY21: Buybacks −$128MFY21: Dividends −$218M$6.7BFY21FY22: Operating cash flow $72.0MFY22: Shares issued $52.0MFY22: Capital spending −$91.0MFY22: Acquisitions $1.5BFY22: Dividends −$277M$1.6BFY22FY23: Operating cash flow −$3.5BFY23: Shares issued $46.0MFY23: Capital spending −$173MFY23: Dividends −$355M$46.0MFY23FY24: Operating cash flow $2.2BFY24: Shares issued $46.0MFY24: Capital spending −$205MFY24: Dividends −$383M$2.2BFY24FY25: Operating cash flow $2.4BFY25: Net borrowing $1.5BFY25: Shares issued $31.0MFY25: Capital spending −$188MFY25: Dividends −$416M$3.9BFY25
Over these 5 years operating cash flow totalled $7.8B; the largest uses were operating cash flow ($3.5B) and dividends ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.0B
Debtnone
Net cash$10.0B
Cash runway8.1 years

Raymond James Financial is burning cash: its operations consume cash, a free cash flow of −$1.2B a year at the current rate against $10.0B of cash and investments: a runway of about 8.1 years before any new financing.

Where the cash came from and went

Raymond James Financial: sources (+) and uses (−) of cash, Q3 FY26Raymond James Financial: sources (+) and uses (−) of cash, Q3 FY26Cash drawn (+) / kept (−)$1.7BOther investing−$1.6BOther financing$744MAcquisitions−$392MOperating cash flow−$246MDividends−$105MCapital spending−$62.0MExchange rates−$21.0MShares issued$10.0M
Raymond James Financial: sources (+) and uses (−) of cash, TTM to Q3 FY26Raymond James Financial: sources (+) and uses (−) of cash, 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 profit to cash

Raymond James Financial: net income to operating cash flow, Q3 FY26Raymond James Financial: net income to operating cash flow, Q3 FY26Net income$595MDepreciation & amortization$55.0MStock-based pay$50.0MDeferred taxes$17.0MOther non-cash$7.0MReceivables−$660MPayables$288MEmployee-related liabilities$407MPrepaid and other assets$112MOperating cash flow−$246M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26−$246M−$62.0M−$392M−$105M$10.0M$1.7B−$308M
Q2 FY26$1.1B−$45.0M—−$109M$14.0M−$1.4B$1.1B
Q1 FY26−$10.0M−$46.0M—−$112M$9.0M$1.2B−$56.0M
Q4 FY25$796M−$44.0M—−$102M$5.0M−$1.8B$752M
Q3 FY25$691M−$57.0M—−$103M$7.0M$122M$634M
Q2 FY25$117M−$46.0M—−$106M$9.0M$493M$71.0M
Q1 FY25$830M−$41.0M—−$105M$10.0M$768M$789M
Q4 FY24$510M−$50.0M—−$95.0M$9.0M−$1.6B$460M

Raymond James Financial: income statement and cash flow

Raymond James Financial, Q4 FY26: revenue $4.7B (+13% year over year), operating margin 18.2%. The chart follows the revenue to costs, profit and cash.

Raymond James Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.