Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Loading
Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q2 call day (Apr 22, 2026) through the next call day (Jul 22, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q2
Macro signals
↑Enterprise Spending↑Credit↑CAPEX
Raymond James achieved record quarterly revenues of $3.86 billion, growing 13% year-over-year, as capital markets rebounded with strong March performance. Bank loans reached $54.8 billion with SBL up 31%, and recruiting momentum delivered the second-highest quarterly result ever. PCG fee-based assets reached $1.04 trillion up 20% year-over-year, while the GreensLedge closing and expected Clark Capital completion strengthened the platform.
Key themes
7
positive📊 company
Record Quarterly Revenues Of $3.86 Billion With 13% Year-Over-Year Growth
Record net revenues of $3.86 billion grew 13% year-over-year and 3% sequentially. Record first-half revenues and pretax income. Pretax income of $735 million increased 10% year-over-year. First-half net new assets annualized at 7%, leading the industry.
Revenue GrowthSubscriber Growth
positive📊 company
Capital Markets Revenue Rebounds With Strong March Performance
Capital Markets generated net revenues of $464 million and pretax income of $51 million, growing year-over-year and sequentially. Driven by higher debt and equity underwriting plus M&A advisory revenues. March was particularly strong, exceeding expectations. Pipeline remains robust entering Q3.
Revenue GrowthDemand
positive📊 company
Record Bank Loans At $54.8 Billion With SBL Up 31% Year-Over-Year
Record bank loans of $54.8 billion grew 14% year-over-year and 3% sequentially. Securities-based loans increased more than $5 billion or 31% year-over-year and 6% sequentially. SBL and mortgages represent 62% of total loans. Growth nearly identical across Raymond James Bank and TriState platforms at approximately 30% each.
CreditDemand
positive📊 company
Recruiting Momentum Continues With Second Highest Quarterly Result Ever
Recruited advisers with trailing 12-month production of $141 million and nearly $21 billion of client assets, the second highest quarterly result ever in both metrics. Uptick in employee affiliation option commits in addition to independent channel strength. Strong pipeline of commitments to join in coming quarters.
Subscriber GrowthCompetitive Dynamics
mixed📊 company
PCG Pretax Income Declines Year-Over-Year On Rate And Mix Headwinds
PCG pretax income of $416 million declined 3% year-over-year due to interest rate reductions over the past year reducing non-compensable revenues. Financial adviser comp ratio grinding higher due to mix shift toward higher-payout independent channel and tiered payout grid dynamics as production increases.
MarginCost Pressure
positive📊 company
AI Strategy Focused On Adviser Empowerment Amid Industry Cash Sweep Concerns
Proprietary AI operations agent rolled out to hundreds of advisers with strong initial feedback. Over $1.1 billion annual technology spend focused primarily on Private Client Group. Management pushed back on Agentic AI cash sweep threat, noting sweep balances already declined 40-50% from peak and average fee-based account cash below $10,000. Sees AI as net positive for adviser-client relationships.
Cloud & AIInnovation & R&D
positive📊 company
GreensLedge Closes And Clark Capital Expected To Close In Q3
GreensLedge acquisition closed towards end of the quarter. Clark Capital ($46 billion AUM) expected to close in fiscal Q3. Both represent cultural fit, strategic fit, and attractive valuation criteria. Active M&A posture continues with $2.1 billion excess capital capacity above 10% Tier 1 target.
I was hoping you could unpack some of your comments there as well, you called out the strong pipeline. I think you also called out March was pretty strong
I was hoping you could maybe talk a little bit about the steps that you're taking at Raymond James to help and expand deepened relationships with advisers
Raymond James achieved record quarterly revenues of $3.86 billion, growing 13% year-over-year, as capital markets rebounded with strong March performance.
PositiveRecord Quarterly Revenues Of $3.86 Billion With 13% Year-Over-Year Growth
PositiveCapital Markets Revenue Rebounds With Strong March Performance
PositiveRecord Bank Loans At $54.8 Billion With SBL Up 31% Year-Over-Year
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
9%company-level, not the selected quarter
GAAP revenue YoY +12.4% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base7Base 7GAAP revenue YoY +12.4% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Revenue growth of 12.42% consistent with company-stated 13% net revenue growth (difference due to total revenue vs company-stated net revenue).
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Raymond James Financial (RJF), FY2026 Q2: 7/10. Scores: Raymond James Financial’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: RJF daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q2 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FY2024 Q4
$3.46B
+13.4%
$2.86
+41.6%
17.4%
FY2025 Q1
$3.54B
+17.4%
$2.86
+23.3%
17.0%
FY2025 Q2
$3.40B
+9.1%
$2.36
+6.3%
14.5%
FY2025 Q3
$3.40B
+5.3%
$2.12
-8.2%
12.8%
FY2025 Q4
$3.73B
+7.7%
$2.95
+3.1%
16.2%
FY2026 Q1
$3.73B
+5.6%
$2.79
-2.4%
15.1%
FY2026 Q2Selected
$3.86B
+13.4%
$2.72
+15.3%
14.1%
FY2026 Q3
$3.93B
+15.6%
$3.01
+42.0%
15.1%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“earnings per diluted share of $2.72”
Revenue
“record net revenues of $3.86 billion for the fiscal second quarter, representing growth of 13% over the prior year quarter”
Guidance
“N/A - Raymond James does not provide formal annual financial guidance”
Key metric
“record PCG fee-based assets of $1.04 trillion up 20% year-over-year”
+
EPS0EPS 0EPS YoY 15.25% vs revenue YoY 12.42%, GAAP spread +2.83 percentage points (inside +/-5 percentage points) -> mechanical 0. Operating income cross-check: operating income YoY 9.54%, operating income spread -2.88 percentage points (inside +/-5 percentage points) -> confirms 0. Both agree -> 0. No override needed.
+
Guidance0Guidance 0Raymond James does not provide formal annual financial guidance. Qualitative outlook commentary only. -> 0.
=
Final7
How this score was built
Base7Base 7GAAP revenue YoY +12.4% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Revenue growth of 12.42% consistent with company-stated 13% net revenue growth (difference due to total revenue vs company-stated net revenue).+EPS0EPS 0EPS YoY 15.25% vs revenue YoY 12.42%, GAAP spread +2.83 percentage points (inside +/-5 percentage points) -> mechanical 0. Operating income cross-check: operating income YoY 9.54%, operating income spread -2.88 percentage points (inside +/-5 percentage points) -> confirms 0. Both agree -> 0. No override needed.+Guidance0Guidance 0Raymond James does not provide formal annual financial guidance. Qualitative outlook commentary only. -> 0.=Final7
Mentions
Calendar Q1 2026
What RJF said about other companies on its FY2026 Q2 call, and what other companies said about RJF on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
Companies RJF discussed
4 mentions
TriState CapitalNot covered by TellvestFY2026 Q2Acquisition
“The reason that we had [ TriState ] joined the Raymond James family is because, one, their FBL capability, their blending capability more broadly and also it diversifies the funding sources through its various deposit products.”
Raymond James' acquired TriState Capital drives securities-based lending growth and diversifies deposit funding; deposits up ~50% since the deal.
Morgan KeeganNot covered by TellvestFY2026 Q2Acquisition
“starting with Morgan Keegan back in 2012. If you look at our fixed income leadership team, it's still led by legacy Morgan Keegan leaders.”
Raymond James cites its 2012 Morgan Keegan acquisition as a model for keeping acquired franchises and cultures intact; legacy leaders still run fixed income.
Clark CapitalNot covered by TellvestFY2026 Q2Acquisition
“our recent acquisitions of GreensLedge and Clark Capital. Clark Capital is expected to close this quarter.”
Raymond James' pending Clark Capital acquisition, expected to close in the fiscal third quarter, supports its asset management growth strategy.
GreensLedgeNot covered by TellvestFY2026 Q2Acquisition
“broadening and deepening our capabilities through strategic hiring or acquisitions such as GreensLedge, which closed towards the end of the quarter.”
Raymond James closed its GreensLedge acquisition to broaden Capital Markets/investment banking capabilities.
Revenue rose 27% year over year to $6.7 billion and as-adjusted earnings per share of $12.53 was 11% higher, as $130 billion of net inflows drove 8% organic base fee growth, BlackRock's seventh consecutive quarter at or above 5%
Northern Trust extended its positive operating leverage streak to seven consecutive quarters, posting record NII of $662 million, up 15% year-over-year, and EPS of $2.71, up 43%
Record quarterly revenue of $3.8 billion grew 16% excluding notable items with fee revenue surging 15% and NII breaking out at 17% growth, as State Street achieved its ninth straight quarter of operating leverage
Revenue rose 27% year over year to $6.7 billion and as-adjusted earnings per share of $12.53 was 11% higher, as $130 billion of net inflows drove 8% organic base fee growth, BlackRock's seventh consecutive quarter at or above 5%
Northern Trust extended its positive operating leverage streak to seven consecutive quarters, posting record NII of $662 million, up 15% year-over-year, and EPS of $2.71, up 43%
Record quarterly revenue of $3.8 billion grew 16% excluding notable items with fee revenue surging 15% and NII breaking out at 17% growth, as State Street achieved its ninth straight quarter of operating leverage