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Sentiment · FY2026 Q3
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.
Subscriber Growth | Demand | Margin | Credit | Competitive Dynamics | Capital Allocation | Revenue Growth | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 6 | 4 | 3 | 3 | 4 | 3 | 1 |
| 2025Q1 | 3 | 2 | 7 | 3 | 1 | 2 | 2 | 3 |
| 2025Q2 | 4 | 3 | 3 | 4 | 2 | 3 | 2 | |
| 2025Q3 | 7 | 5 | 2 | 1 | 3 | 1 | 4 | |
| 2025Q4 | 3 | 2 | 1 | 3 | 2 | 3 | 1 | 3 |
| 2026Q1 | 6 | 5 | 4 | 3 | 5 | 2 | 3 | 3 |
| 2026Q2 | 3 | 2 | 4 | 2 | 2 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Subscriber Growth | 5 | 3 | 4 | 7 | 3 | 6 | 3 |
| Demand | 6 | 2 | 3 | 5 | 2 | 5 | 2 |
| Margin | 4 | 7 | 3 | 2 | 1 | 4 | 4 |
| Credit | 3 | 3 | 4 | 1 | 3 | 3 | 2 |
| Competitive Dynamics | 3 | 1 | 2 | 3 | 2 | 5 | 2 |
| Capital Allocation | 4 | 2 | 3 | 1 | 3 | 2 | 1 |
| Revenue Growth | 3 | 2 | 4 | 1 | 3 | 1 | |
| Cost Pressure | 1 | 3 | 2 | 3 | 3 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Blostein | Goldman Sachs | 16 (13%) |
| Mike Cyprys | Morgan Stanley | 14 (0%) |
| Devin Ryan | Citizens JMP Securities | 13 (0%) |
| Michael Cho | JPMorgan | 13 (0%) |
| Dan Fannon | Jefferies | 13 (15%) |
| Bill Katz | TD Cowen | 12 (0%) |
| Steve Chubak | Wolfe Research | 11 (18%) |
| Jim Mitchell | Seaport Research Partners | 10 (10%) |
| Kyle Voigt | KBW | 8 (0%) |
| Brennan Hawken | BMO Capital Markets | 6 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 16 (13%) |
| Morgan Stanley | 1 | 14 (0%) |
| JPMorgan | 1 | 13 (0%) |
| Citizens JMP Securities | 1 |
| 13 (0%) |
| Jefferies | 1 | 13 (15%) |
| TD Cowen | 1 | 12 (0%) |
| Wolfe Research | 1 | 11 (18%) |
| Seaport Research Partners | 1 | 10 (10%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.95B | +13.8% | $2.86 | +41.6% | 19.2% | 15.2% |
| FY2025 Q1 | $3.98B | +14.4% | $2.86 | +23.3% | 18.8% | 15.1% |
| FY2025 Q2 | $3.79B | +5.5% | $2.36 | +6.3% | 17.7% | 13.1% |
| FY2025 Q3 | $3.79B | +1.9% | $2.12 | -8.2% | 14.9% | 11.5% |
| FY2025 Q4 | $4.13B | +4.5% | $2.96 | +3.5% | 17.7% | 14.6% |
| FY2026 Q1 | $4.18B | +4.9% | $2.79 | -2.4% | 17.4% | 13.5% |
| FY2026 Q2 | $4.26B | +12.4% | $2.72 | +15.3% | 17.2% | 12.8% |
| FY2026 Q3 | $4.36B | +15.2% | $3.01 | +42.0% | — | 13.6% |
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).
What RJF and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“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.
“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.
“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.
“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.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
RJF Raymond James Financial | 7 | +12.4% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |