Latest revenue
$136.0M
as of 2026-03-31
Latest net income
$544.0M
as of 2026-03-31
Net margin
400.0%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $29.52B
- Enterprise value
- $23.15B
- P/E (trailing)
- 13.8×
- Forward P/E
- —
- P/B
- 2.35×
- Dividend yield
- 1.4%
- 52-wk high
- $177.66
- 52-wk low
- $138.82
- Beta
- —
- Shares out
- 194.9M
5-year trend
What this company does
Raymond James is a diversified financial services firm running wealth management, capital markets, asset management, and a banking arm that lends to and holds deposits from its brokerage clients. It earns money primarily from asset management and administrative fees on advised client assets, supplemented by brokerage commissions and net interest income on its $53 billion loan book. Net revenue grew 6% to $3.7 billion as record fee-based revenue offset a 36% drop in investment banking, while the firm accelerated buybacks, repurchasing $415 million of stock in the quarter.
Key risks
- Investment banking revenue dropped 36% YoY to $208M from $325M, signaling weakness in capital markets advisory/underwriting demand.
- Compensation expense rose to $2.45B (66% of net revenue) while pre-tax income fell to $728M from $749M, pressuring margins.
- Bank loans grew to $53.4B (up $1.9B QoQ) with deposits at $60.2B, increasing credit and net-interest-margin sensitivity to rate cuts.
Profitability
Net margin
13.4%
3.2%Return on equity
17.1%
3.6%Return on assets
2.4%
2.9%Leverage
Debt / equity
6.06×
0.9%Long-term debt / equity
0.28×
61.1%Debt / assets
85.8%
0.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $136.0M | -8.7% | $544.0M | +9.9% | 400.0% |
Q4 2025 2025-12-31 | $126.0M | +5.9% | $563.0M | -6.2% | 446.8% |
Q3 2025 2025-09-30 | $15.52B | +6.6% | $604.0M | +0.3% | 3.9% |
Q2 2025 2025-06-30 | $128.0M | +10.3% | $436.0M | -11.4% | 340.6% |
Q1 2025 2025-03-31 | $149.0M | +30.7% | $495.0M | +4.0% | 332.2% |
Q4 2024 2024-12-31 | $119.0M | -14.4% | $600.0M | +20.5% | 504.2% |
Q3 2024 2024-09-30 | $14.55B | — | $602.0M | — | 4.1% |
Q2 2024 2024-06-30 | $116.0M | +10.5% | $492.0M | +33.3% | 424.1% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Security Brokers, Dealers & Flotation Companies · SIC 6211
Your notes
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Insider activity
Insider buying
$0
Insider selling
$27.3M
Net activity
−$27.3M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-03-19 | Bella Loykhter Allaire Chief Admin Officer | Sale | 29,551 | $142.34 | $4.2M | |
| 2026-02-04 | Jonathan N Santelli EVP, General Counsel | Sale | 4,500 | $170.46 | $767.1K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns RJF
Institutional value
$12.30B
Total shares held
86.7M
Distinct holders
656
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 14.1M | $2.04B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 11.4M | $1.64B | — | New |
| 3 | PRIMECAP MANAGEMENT CO/CA/ | 9.3M | $1.35B | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 9.1M | $1.31B | — | New |
| 5 | JPMORGAN CHASE & CO | 4.5M | $629.6M | — | New |
| 6 | FIRST TRUST ADVISORS LP | 2.5M | $356.1M | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 2.4M | $347.4M | — | New |
| 8 | Invesco Ltd. | 2.1M | $311.3M | — | New |
| 9 | FRANKLIN RESOURCES INC | 1.5M | $215.9M | — | New |
| 10 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.4M | $205.6M | — | New |
| 11 | Bank of New York Mellon Corp | 1.2M | $179.7M | — | New |
| 12 | Legal & General Group Plc | 1.2M | $173.2M | — | New |
| 13 | HSBC HOLDINGS PLC | 1.1M | $157.6M | — | New |
| 14 | Harfst & Associates, Inc. | 1.1M | $153.7M | — | New |
| 15 | CITIGROUP INC | 974.9K | $141.2M | — | New |
| 16 | VANGUARD FIDUCIARY TRUST CO | 967.7K | $140.1M | — | New |
| 17 | SEI INVESTMENTS CO | 920.7K | $133.3M | — | New |
| 18 | UBS Group AG | 874.5K | $126.6M | — | New |
| 19 | Nuveen, LLC | 724.4K | $104.9M | — | New |
| 20 | DEUTSCHE BANK AG\ | 583.8K | $84.5M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Investment banking revenue collapsed 36% YoY to $208M—what specific deal pipeline visibility supports a recovery, and was this share loss or market?
- 2
Comp ratio jumped to 65.6% of net revenue versus 64.2% prior year—why, and where is the ceiling given advisor recruiting loans up $156M?
- 3
You repurchased $415M in stock this quarter versus $61M last year—is this signaling limited M&A opportunities or capital deployment desperation?