At a glance
Raymond James Financial Inc. is worth $31.22B, about 16 times its fiscal 2025 earnings. Revenue grew 9.7% to $14.06B in fiscal 2025, with 15.2% kept as profit; over 5 years it has grown 12.0% a year. It pays a 1.33% dividend yield, raised every year for at least 9 years, and returned $1.78B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.7% over the past year with dividends reinvested and +11.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.6% in the 2020 crash (S&P 500: 33.7%) and 25.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 5 months after the lows.
The business in plain English
Raymond James Financial helps individuals, companies and local governments invest, borrow and raise money. It was founded in 1962 and has been public since 1983. It is a bank holding company (a company that owns a bank), so the Federal Reserve supervises it. In the fiscal year ended September 30, 2025, revenue was $14.07 billion. Of that, 91.5% came from the U.S., 4.6% from Canada and 3.9% from Europe.
Its biggest segment, the Private Client Group, produced $10.18 billion of net revenue. As of September 30, 2025, it had 8,943 financial advisors, working as employees or independent contractors, and $1.67 trillion of client assets. Of that, $1.01 trillion sat in fee-based accounts. These accounts pay a percentage of their assets each year instead of a commission on each trade. That model drives results: asset management and related fees were $7.08 billion, or 50.3% of total revenue. Trading commissions add more, along with fees from banks that hold clients' idle cash.
The Capital Markets segment had $1.77 billion of net revenue. It advises on mergers and underwrites (arranges and places) new stock and bond issues for companies and municipalities. It also trades securities for institutions and manages affordable housing funds that earn tax credits. The Asset Management segment runs managed accounts and in-house mutual funds, and the Bank segment provides corporate and retail banking.
Price history
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RJF +3.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Asset management and related administrative fees | $7.08B | 50.3% |
| Securities commissions | $1.77B | 12.6% |
| Account and service fees | $1.26B | 9% |
| Equities, ETFs and fixed income products | $650.0M | 4.6% |
| Merger & acquisition and advisory | $623.0M | 4.4% |
| Brokerage Revenue, Securities Commissions, Mutual And Other Fund Products | $614.0M | 4.4% |
| Mutual fund and other investment products | $530.0M | 3.8% |
| RJBDP fees | $486.0M | 3.5% |
| Debt underwriting | $261.0M | 1.9% |
| Client account and other fees | $246.0M | 1.7% |
| Other Revenue | $205.0M | 1.5% |
| Equity underwriting | $185.0M | 1.3% |
| Affordable housing investments business revenues | $140.0M | 1% |
By geography
| U.S. | $12.87B | 91.5% |
| Canada | $645.0M | 4.6% |
| Europe | $549.0M | 3.9% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $3.93B, up 15.6% from a year earlier, and net income was $595.0M (+36.5%).
- For fiscal 2025, revenue was $14.06B (+9.7% year over year; +12.0% a year from FY2020 to FY2025) with a 15.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.0% good |
|---|---|
| Return on equity | 17.1% good |
| Net income / revenue | 15.2% watch |
| Deposits | $63.32B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.99B | $818.0M | — |
| FY2021 | $9.76B | $1.40B | — |
| FY2022 | $11.00B | $1.51B | — |
| FY2023 | $11.62B | $1.74B | — |
| FY2024 | $12.82B | $2.07B | — |
| FY2025 | $14.06B | $2.13B | — |
Valuation snapshot
| Market value | $31.22B |
|---|---|
| P/E ratio | 15.8 |
| Dividend yield | 1.33% |
Rank among 1514 US companies
Market value at each year end
Raymond James Financial’s market value went from $9.83B at the end of 2016 to $31.22B on Nov 2, 2026, about 3.2 times as much; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $31.22B | -1.2% |
| 2025 | $31.58B | -0.3% |
| 2024 | $31.69B | +36.3% |
| 2023 | $23.26B | +1.2% |
| 2022 | $22.98B | +11.0% |
| 2021 | $20.70B | +58.0% |
| 2020 | $13.10B | +5.6% |
| 2019 | $12.41B | +16.4% |
| 2018 | $10.66B | -17.3% |
| 2017 | $12.89B | +31.1% |
| 2016 | $9.83B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RJF price data to Nov 2, 2026 | +2.5% | +3.7% | +19.4% | +11.6% | +17.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.5% |
| 2025 | +4.8% |
| 2024 | +40.8% |
| 2023 | +6.1% |
| 2022 | +8.3% |
| 2021 | +59.5% |
| 2020 | +8.7% |
| 2019 | +22.8% |
| 2018 | -15.7% |
| 2017 | +30.0% |
| 2016 | +21.3% |
| 2015 | +2.5% |
| 2014 | +11.1% |
| 2013 | +37.2% |
| 2012 | +26.3% |
| 2011 | -3.8% |
| 2010 | +39.9% |
| 2009 | +41.8% |
| 2008 | -46.3% |
| 2007 | +8.7% |
| 2006 | +21.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.9% over that stretch · deepest drop along the way 69.7%, back to its old high 22.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.6% over that stretch · deepest drop along the way 45.6%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.5% over that stretch · deepest drop along the way 25.7%, back to its old high 4.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($9.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 19, 2026 | Bella Loykhter Allaire Chief Admin Officer | sell | $4.2M |
| Jul 28, 2026 | Tashtego S Elwyn President, PCG | sell | $1.8M |
| Aug 28, 2026 | Bella Loykhter Allaire Chief Admin Officer | sell | $1.3M |
| Jul 27, 2026 | Steven M Raney Executive Chair RJBank | sell | $998K |
| Feb 4, 2026 | Jonathan N Santelli EVP, General Counsel | sell | $767K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.62% | Mar 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 4.74% | Mar 31, 2025 |
| Wellington Management Group LLP | 4.7% | Jun 30, 2025 |
ETFs with the most weight in RJF
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 3.22% |
| CZAR Themes Natural Monopoly ETF | 2.75% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 2.57% |
| WLTG WealthTrust DBS Long Term Growth ETF | 1.97% |
| KOOL North Shore Equity Rotation ETF | 1.92% |
| TSME Thrivent Small-Mid Cap Equity ETF | 1.89% |
| BMVP Invesco Bloomberg MVP Multi-factor ETF | 1.64% |
| SOVF Sovereign's Capital Flourish Fund | 1.42% |
What could go wrong
- Client cash can move or cost more. Raymond James earns fees and interest on client cash swept into banks. If clients shift that cash to higher-yielding investments, or the firm must pay more for it, revenue and bank growth can suffer.
- Advisors who leave can take clients. The firm depends on attracting and keeping advisors; it had 8,943 as of September 30, 2025. Rivals compete hard for experienced advisors, and one who leaves may take clients and assets along.
- Fees rise and fall with markets. About half of revenue, 50.3% in fiscal 2025, came from fees based on client asset values. A falling stock or bond market shrinks those assets and the fees, even if no clients leave.
- Interest rate swings and loan losses. Net interest income was $2.15 billion in fiscal 2025. Rate changes can squeeze it, and borrowers at its banks may fail to repay; the firm set aside $122 million for credit losses that year.
- Deal-making and trading put capital at risk. Capital Markets earned $1.77 billion of net revenue in fiscal 2025, but deal and trading activity can shrink in weak markets. Holding securities for underwriting and trading also puts the firm's own money at risk.
- Growth brings tighter bank-style regulation. As its assets grow, Raymond James may cross regulatory thresholds that bring stricter capital rules, more oversight and higher compliance costs. Its banks and brokerage units must also hold minimum capital, which can limit profits.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
For income and retirement investors
Raymond James pays a small but fast-growing dividend. It has raised the dividend for at least nine straight fiscal years through fiscal 2025. Regular dividends per share rose from $0.99 in fiscal 2020 to $2.00 in fiscal 2025, about 15.1% a year. Dividends took only 19.5% of fiscal 2025 earnings, a low payout. The yield (yearly dividends divided by the share price) was 1.37% as of October 28, 2026. That level may suit investors seeking dividend growth more than high income. Shares outstanding also fell about 6.5% between August 2021 and August 2026 as the company repurchased stock.
The stock has fallen hard in downturns. It dropped 69.7% in the 2008 financial crisis and took about 22.6 months from its March 2009 low to recover. It fell 45.6% in the 2020 COVID crash and recovered by January 2021. It also fell 25.7% in 2022 and recovered by that October. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Raymond James make money?
Mostly from fees tied to client assets. In the fiscal year ended September 30, 2025, asset management and related administrative fees were $7.08 billion, or 50.3% of $14.07 billion in revenue. Securities commissions added $1.78 billion and account and service fees added $1.26 billion, including fees from banks that hold clients' uninvested cash. Net interest income (interest earned minus interest paid) was $2.15 billion, and merger and acquisition advice brought in $623 million.
Does Raymond James raise its dividend every year?
Yes, based on its record. Raymond James has raised its dividend for at least nine fiscal years in a row through fiscal 2025, and the true streak may be longer. Regular dividends rose from $1.80 per share in fiscal 2024 to $2.00 in fiscal 2025, and have grown about 15.1% a year since fiscal 2020. Dividends used 19.5% of fiscal 2025 earnings. The yield was 1.37% as of October 28, 2026. Past increases do not guarantee future ones.
Is Raymond James a bank?
Partly. Raymond James Financial is a bank holding company, supervised by the Federal Reserve, that owns Raymond James Bank and TriState Capital Bank. Deposits were $63.3 billion as of June 30, 2026. Still, most revenue comes from wealth management and investment fees, not lending. In fiscal 2025, net interest income (interest earned minus interest paid) was $2.15 billion. Noninterest income, mainly fees and commissions, was $11.92 billion.
Is Raymond James growing?
Yes, steadily. Revenue rose from $7.99 billion in fiscal 2020 to $14.07 billion in fiscal 2025, about 12% a year. Fiscal 2025 revenue grew 9.7%, while net income rose a slower 3.2% to $2.14 billion, or $10.30 per diluted share. In the fiscal third quarter ended June 30, 2026, revenue was $3.93 billion, up 15.6% from a year earlier, and net income rose 36.5% to $595 million. Return on equity, a measure of profit relative to shareholders' capital, was 17.1% in fiscal 2025.
How has Raymond James stock performed over the long term?
Strongly over 10 years and flat over one, with deep drops along the way. As of October 28, 2026, the stock returned about 16.2% a year over 10 years, 11.2% a year over five years and 0% over one year. It fell 69.7% from peak to low in the 2008 financial crisis and 45.6% in the 2020 COVID crash. On the same date, its price-to-earnings ratio (share price divided by yearly earnings per share) was 15.3, based on fiscal 2025 earnings.