Filing Flows › Raymond James Financial (RJF) › Q3 FY26 › vs Q2 FY26
Raymond James Financial (RJF) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Raymond James Financial's revenue rose $100M (+2%) from $4.3B in Q2 FY26 to $4.4B in Q3 FY26. The biggest changes: Asset management and related administrative fees +$59.0M (+3%); Total investment banking +$12.0M (+4%); Insurance and annuity products +$10.0M (+8%). Operating margin 17.2% against 17.2% (-0.1 pts).
Raymond James Financial, Q3 FY26: revenue $4.4B (+14% year over year), operating margin 17.2%, net earnings $595M, operating cash flow −$246M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Operating margin | 17.2% | 17.2% | -0.1 pts |
| Net margin | 13.6% | 12.8% | +0.9 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Asset management and related administrative fees | $2.1B | $2.0B | $59.0M | +3% |
| Subtotal securities commissions | $503M | $507M | −$4.0M | -0.8% |
| Total account and service fees | $316M | $311M | $5.0M | +2% |
| Total investment banking | $291M | $279M | $12.0M | +4% |
| Equities, exchange-traded funds (“ETFs”) and fixed income products | $188M | $197M | −$9.0M | -5% |
| Brokerage Revenue, Securities Commissions, Mutual and Other Fund Products | $173M | $178M | −$5.0M | -3% |
| Mutual fund and other investment products | $153M | $155M | −$2.0M | -1% |
| Merger & acquisition and advisory | $147M | $139M | $8.0M | +6% |
| Insurance and annuity products | $142M | $132M | $10.0M | +8% |
| RJBDP fees | $98.0M | $93.0M | $5.0M | +5% |
| Debt underwriting | $85.0M | $77.0M | $8.0M | +10% |
| Client account and other fees | $65.0M | $63.0M | $2.0M | +3% |
| Equity underwriting | $59.0M | $63.0M | −$4.0M | -6% |
| Other | $57.0M | $53.0M | $4.0M | +8% |
| Revenue | $4.4B | $4.3B | $100M | +2% |
| Operating profit | $750M | $735M | $15.0M | +2% |
| Costs & expenses | $3.6B | $3.5B | $85.0M | +2% |
| Pre-tax earnings | $750M | $735M | $15.0M | +2% |
| Net earnings | $595M | $544M | $51.0M | +9% |
| Income tax | $155M | $191M | −$36.0M | -19% |
| Operating cash sources | $946M | −$451M | $1.4B | — |
| Depreciation & amortization | $55.0M | $50.0M | $5.0M | +10% |
| Share-based compensation | $50.0M | $54.0M | −$4.0M | -7% |
| Cash used in operations | $246M | −$1.1B | $1.3B | — |
| Working capital & other | $946M | −$451M | $1.4B | — |
Questions
How much did Raymond James Financial's revenue grow quarter over quarter in Q3 FY26?
Raymond James Financial's revenue rose $100M (+2%) from $4.3B in Q2 FY26 to $4.4B in Q3 FY26.
What drove Raymond James Financial's revenue change in Q3 FY26?
Asset management and related administrative fees +$59.0M (+3%); Total investment banking +$12.0M (+4%); Insurance and annuity products +$10.0M (+8%).