RJF Raymond James (RJF) Q2 FY25 earnings call
Raymond James delivered solid Q2 FY25 results, marked by record year-to-date revenues and pretax income, driven by its diversified business model. Despite lower domestic net new assets and sequential declines in investment banking, the firm is optimistic about recruiting pipelines and has significantly increased its share repurchase program. Management emphasizes a strong balance sheet and continued investment in organic growth and strategic initiatives, including AI adoption, to navigate ongoing market uncertainty.
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RJF operating KPIs by quarter
| KPI | This call Mar 2025 Q2 FY25 | Sep 2025 Q4 FY25 | Dec 2025 Q1 FY26 | Mar 2026 Q2 FY26 | Jun 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Net new assets Domestic | $8.8BQuarterly domestic net new assets equaled $8.8 billion, representing a 2.6% annualized growth rate on the beginning of the period Domestic PCG assets.Source: earnings call transcript | <$18BQuarterly domestic net new assets were nearly $18 billion this quarter, representing a 5% annualized growth rate.Source: earnings call transcript | — | $23BIn the fiscal second quarter, quarterly domestic net new assets were $23 billion, representing a 5.8% annualized growth rate.Source: earnings call transcript | $21.7BDomestic net new assets were $21.7 billion in the fiscal third quarter, representing a 5.5% annualized growth rate.Source: earnings call transcript | -5.7% |
| Net inflows Managed programs | ~$3.7BSequentially, although market values declined we had strong net inflows of approximately $3.7 billion into managed programs on our platform.Source: earnings call transcript | ~$3.6BWe had strong net inflows of approximately $3.6 billion or 7.3% annualized growth rate into managed programs on our platform.Source: earnings call transcript | — | — | — | — |
| Tier 1 leverage ratio | 13.3%With a Tier 1 leverage ratio of 13.3% and total capital ratio of 24.8%, we remain well above regulatory requirements.Source: earnings call transcript | 13.1%We ended the quarter with a Tier 1 leverage ratio of 13.1%.Source: earnings call transcript | 12.7%We ended the quarter with a Tier 1 leverage ratio of 12.7%.Source: earnings call transcript | 12.4%We ended the quarter with a Tier 1 leverage ratio of 12.4%.Source: earnings call transcript | 11.7%We ended the quarter with a Tier 1 leverage ratio of 11.7%.Source: earnings call transcript | -0.7 pt |
| Total capital ratio | 24.8%With a Tier 1 leverage ratio of 13.3% and total capital ratio of 24.8%, we remain well above regulatory requirements.Source: earnings call transcript | 24.1%With a Tier 1 leverage ratio of 13.1% and a total capital ratio of 24.1%, we remain well above regulatory requirements with approximately $2.6 billion of excess capital capacity to deploy before reaching our targeted Tier 1 capital ratio of 10%.Source: earnings call transcript | 24.3%With a Tier 1 leverage ratio of 12.7% and a total capital ratio of 24.3%, we remain well above regulatory requirements with approximately $2.4 billion of excess capital capacity to deploy before reaching our targeted Tier 1 capital ratio of 10%.Source: earnings call transcript | 24%With a Tier 1 leverage ratio of 12.4% and a total capital ratio of 24%, we remain well above regulatory requirements with approximately $2.1 billion of excess capital capacity to deploy before reaching our conservative Tier 1 leverage ratio target of 10%.Source: earnings call transcript | 22.5%With a Tier 1 leverage ratio of 11.7% and a total capital ratio of 22.5%, we remain well above regulatory requirements with approximately $1.5 billion of excess capital capacity to deploy before reaching our conservative Tier 1 leverage ratio target of 10%.Source: earnings call transcript | -1.5 pt |
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