Raymond James Financial (RJF) investor relations material

Executive summary

• Achieved record net revenues of $3.74 billion for the fiscal first quarter 2026, up 6% year-over-year, and record net income of $562 million, with strong client asset growth to $1.77 trillion and robust advisor recruiting momentum, including $31 billion in net new assets.

• Continued focus on long-term growth through organic expansion, technology investments, and strategic acquisitions, including Clark Capital Management and GreensLedge.

• Maintained a strong balance sheet, high advisor retention, and a differentiated culture emphasizing independence and personal relationships.

• Increased quarterly dividend by 8% and repurchased $400 million of shares, with $1.9 billion remaining under the current repurchase authorization.

• Client assets under administration totaled $1.77 trillion, with $1.04 trillion in fee-based accounts and domestic PCG net new assets growing at 8.0%.

Financial highlights

• Net revenues reached a record $3.74 billion, up 6% year-over-year; net income available to common shareholders was $562 million, or $2.79 per diluted share; adjusted net income was $577 million, or $2.86 per diluted share.

• Pre-tax margin was 19.5%, adjusted pre-tax margin 20%; annualized ROE 18%, adjusted ROTCE 21.4%.

• Book value per share increased 10% year-over-year to $63.41; tangible book value per share rose 11% to $54.82.

• Asset management and related fees grew 15% year-over-year to nearly $2 billion; record PCG fee-based assets of $1.04 trillion, up 19% year-over-year.

• Bank segment loans reached a record $53.4 billion, up 13% year-over-year and 4% sequentially.

Outlook and guidance

• Expect asset management and related fees to rise ~1% in fiscal Q2 2026, partially offset by two fewer billing days.

• Anticipate aggregate NII and RJBDP fees to decline in Q2 due to fewer interest-earning days and recent Fed rate cuts.

• Non-compensation expenses projected to grow ~8% for the fiscal year, mainly from technology and recruiting investments.

• Effective tax rate for fiscal 2026 estimated at 24%-25%.

• Management highlighted robust organic growth, continued technology and platform investments, and the acquisition of Clark Capital as drivers for future performance.