Filing Flows › Raymond James Financial (RJF) › Q2 FY26
Raymond James Financial (RJF) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 6, 2026
Raymond James Financial (RJF) reported revenue of $4.3B for the second quarter fiscal 2026 (Q2 FY26), +11% from a year earlier and +2% from the quarter before. Operating margin was 17.2%, net earnings $544M (12.8% of revenue).
Raymond James Financial, Q2 FY26: revenue $4.3B (+11% year over year), operating margin 17.2%, net earnings $544M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | +2% | +11% |
| Operating profit | $735M | +1% | +10% |
| Net earnings | $544M | -3% | +10% |
| Operating cash flow | $1.1B | — | +839% |
| Free cash flow | $1.1B | — | 15× |
What changed
Revenue was $4.3B in Q2 FY26, up 11% year over year and up 2% from the previous quarter. Asset management and related administrative fees was the largest line at 47% of revenue. Asset management and related administrative fees added $0.29B year over year (up 17%), 70% of the total change. RJBDP fees declined 28%.
Operating profit was $0.73B, a 17.2% margin (down 0.2 points year over year). Of the extra revenue versus Q2 FY25, 15% reached operating profit, below the 17% margin then. Total costs grew 11% against revenue growth of 11%. Net earnings were $0.54B, up 10% year over year. The effective tax rate was 26.0%.
Operating cash flow was $1.1B (up 839% year over year), 202% of net earnings. Non-cash charges added back $0.05B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.45B. Capital expenditures of $0.04B left free cash flow of $1.1B.
Questions
What was Raymond James Financial's revenue in the second quarter fiscal 2026?
Raymond James Financial (RJF) reported revenue of $4.3B for the second quarter fiscal 2026 (Q2 FY26), +11% from a year earlier and +2% from the quarter before.
Was Raymond James Financial profitable in the second quarter fiscal 2026?
Operating profit was $735M (17.2% of revenue) and net earnings $544M.