Filing Flows › Raymond James Financial (RJF) › Q3 FY26 › vs Q3 FY25
Raymond James Financial (RJF) Q3 FY26 vs Q3 FY25 (year over year)
Raymond James Financial's revenue rose $520M (+14%) from $3.8B in Q3 FY25 to $4.4B in Q3 FY26. The biggest changes: Asset management and related administrative fees +$342M (+20%); Total investment banking +$79.0M (+37%); Subtotal securities commissions +$72.0M (+17%). Operating margin 17.2% against 14.7% (+2.5 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Operating margin | 17.2% | 14.7% | +2.5 pts |
| Net margin | 13.6% | 11.3% | +2.3 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Asset management and related administrative fees | $2.1B | $1.7B | $342M | +20% |
| Subtotal securities commissions | $503M | $431M | $72.0M | +17% |
| Total account and service fees | $316M | $302M | $14.0M | +5% |
| Total investment banking | $291M | $212M | $79.0M | +37% |
| Equities, exchange-traded funds (“ETFs”) and fixed income products | $188M | $154M | $34.0M | +22% |
| Brokerage Revenue, Securities Commissions, Mutual and Other Fund Products | $173M | $148M | $25.0M | +17% |
| Mutual fund and other investment products | $153M | $129M | $24.0M | +19% |
| Merger & acquisition and advisory | $147M | $105M | $42.0M | +40% |
| Insurance and annuity products | $142M | $129M | $13.0M | +10% |
| RJBDP fees | $98.0M | $110M | −$12.0M | -11% |
| Debt underwriting | $85.0M | $60.0M | $25.0M | +42% |
| Client account and other fees | $65.0M | $63.0M | $2.0M | +3% |
| Equity underwriting | $59.0M | $47.0M | $12.0M | +26% |
| Other | $57.0M | $46.0M | $11.0M | +24% |
| Revenue | $4.4B | $3.8B | $520M | +14% |
| Operating profit | $750M | $563M | $187M | +33% |
| Costs & expenses | $3.6B | $3.3B | $333M | +10% |
| Pre-tax earnings | $750M | $563M | $187M | +33% |
| Net earnings | $595M | $436M | $159M | +36% |
| Income tax | $155M | $127M | $28.0M | +22% |
| Operating cash sources | $946M | −$154M | $1.1B | — |
| Depreciation & amortization | $55.0M | $49.0M | $6.0M | +12% |
| Share-based compensation | $50.0M | $52.0M | −$2.0M | -4% |
| Cash used in operations | $246M | −$691M | $937M | — |
| Working capital & other | $946M | −$154M | $1.1B | — |
Questions
How much did Raymond James Financial's revenue grow year over year in Q3 FY26?
Raymond James Financial's revenue rose $520M (+14%) from $3.8B in Q3 FY25 to $4.4B in Q3 FY26.
What drove Raymond James Financial's revenue change in Q3 FY26?
Asset management and related administrative fees +$342M (+20%); Total investment banking +$79.0M (+37%); Subtotal securities commissions +$72.0M (+17%).