Filing Flows › Raymond James Financial (RJF) › Q4 FY25
Raymond James Financial (RJF) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 25, 2025
Raymond James Financial (RJF) reported revenue of $4.2B for the fourth quarter fiscal 2025 (Q4 FY25), +5% from a year earlier and +9% from the quarter before. Operating margin was 17.4%, net earnings $604M (14.4% of revenue).
Raymond James Financial, Q4 FY25: revenue $4.2B (+5% year over year), operating margin 17.4%, net earnings $604M, operating cash flow $796M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +9% | +5% |
| Operating profit | $731M | +30% | -4% |
| Net earnings | $604M | +39% | +0.3% |
| Operating cash flow | $796M | +15% | +56% |
| Free cash flow | $752M | +19% | +63% |
What changed
Revenue was $4.2B in Q4 FY25, up 5% year over year and up 9% from the previous quarter.
Operating profit was $0.73B, a 17.4% margin (down 1.5 points year over year). Operating profit fell $0.03B even though revenue rose $0.19B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 5%. Net earnings were $0.60B, roughly flat year over year. The effective tax rate was 17.4%.
Operating cash flow was $0.80B (up 56% year over year), 132% of net earnings. Non-cash charges added back $0.05B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.04B left free cash flow of $0.75B.
Questions
What was Raymond James Financial's revenue in the fourth quarter fiscal 2025?
Raymond James Financial (RJF) reported revenue of $4.2B for the fourth quarter fiscal 2025 (Q4 FY25), +5% from a year earlier and +9% from the quarter before.
Was Raymond James Financial profitable in the fourth quarter fiscal 2025?
Operating profit was $731M (17.4% of revenue) and net earnings $604M.