RJF Raymond James (RJF) Q1 FY26 earnings call
Raymond James delivered a strong Q1 FY26, driven by robust financial adviser recruiting and significant net new asset growth, alongside strategic capital deployment through acquisitions and share repurchases. The firm maintained a 20% adjusted pretax margin despite headwinds in Capital Markets and interest rate impacts on Private Client Group, underscoring the resilience of its diversified business model. Management remains focused on long-term organic growth and platform investments, while navigating a competitive landscape and interest rate volatility.
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RJF operating KPIs by quarter
| KPI | Mar 2025 Q2 FY25 | Sep 2025 Q4 FY25 | This call 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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