Detailed financial statements for Raymond James Financial, Inc. (RJF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Raymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category.
Analysis Summary
Raymond James Financial, Inc. reported revenue of $17.54B in the most recent fiscal year, growing at a 5-year CAGR of 12.4%. Net income reached $2.37B, with a 11.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 86.1%, operating margin 18.0%, net margin 13.9%. Free cash flow grew at -10.7% CAGR over 5 years.
At $157.22 (closing price, October 30, 2026), RJF trades at a P/E of 13.19 and an ROE of 25.03%. Market capitalisation stands at $30.2B, placing it among large-cap names.
Balance sheet quality for RJF: current ratio of 0.0. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.25B represents 95% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.45B | $7.38B | $7.93B | $8.07B | $9.78B | $11.16B | $12.84B | $14.74B | $15.91B | $17.54B |
| Cost of Revenue | $167.0M | $222.0M | $305.0M | $411.0M | $118.0M | $405.0M | $1.50B | $2.15B | $1.88B | $259.0M |
| Gross Profit | $6.28B | $7.16B | $7.62B | $7.66B | $9.66B | $10.75B | $11.34B | $12.59B | $14.03B | $17.28B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.68B | $5.33B | $5.65B | $5.99B | $6.58B | $7.33B | $7.30B | $8.21B | $7.24B | $8.59B |
| Operating Expenses | $5.35B | $5.85B | $6.25B | $6.60B | $7.87B | $8.73B | $9.06B | $9.95B | $9.47B | $12.46B |
| Operating Income | $925.0M | $1.31B | $1.38B | $1.05B | $1.79B | $2.02B | $2.28B | $2.64B | $4.56B | $4.82B |
| EBITDA | $1.01B | $1.41B | $1.49B | $1.17B | $1.93B | $2.17B | $2.44B | $2.82B | $4.76B | $4.82B |
| Interest Expense | $154.0M | $202.0M | $283.0M | $178.0M | $150.0M | $305.0M | $1.37B | $2.10B | $1.85B | $1.75B |
| Pre-tax Income | $925.0M | $1.31B | $1.38B | $1.05B | $1.79B | $2.02B | $2.28B | $2.64B | $2.71B | $3.08B |
| Income Tax | $289.0M | $454.0M | $341.0M | $234.0M | $388.0M | $513.0M | $541.0M | $575.0M | $579.0M | $707.0M |
| Net Income | $636.0M | $857.0M | $1.03B | $818.0M | $1.40B | $1.51B | $1.74B | $2.07B | $2.13B | $2.37B |
| EPS | $2.96 | $3.93 | $4.88 | $3.96 | $6.81 | $7.16 | $8.16 | $9.94 | $10.53 | $12.13 |
| EPS (Diluted) | $2.89 | $3.84 | $4.78 | $3.89 | $6.63 | $6.98 | $7.97 | $9.70 | $10.30 | $11.91 |
| Shares Outstanding (Diluted) | 219.9 M | 223.2 M | 216.0 M | 210.3 M | 211.2 M | 215.3 M | 216.9 M | 212.3 M | 206.6 M | 198.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.18B | $4.26B | $4.36B | $4.27B |
| Gross Profit | $3.73B | $3.86B | $2.89B | $4.21B |
| Operating Income | $728.0M | $735.0M | $750.0M | $862.0M |
| EBITDA | $777.0M | $785.0M | $805.0M | $862.0M |
| Net Income | $563.0M | $544.0M | $595.0M | $666.0M |
| EPS | $2.85 | $2.76 | $3.06 | $3.46 |
| EPS (Diluted) | $2.79 | $2.72 | $3.01 | $3.40 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.67B | $3.50B | $3.96B | $5.39B | $7.20B | $6.18B | $9.31B | $11.00B | $11.39B | 0 |
| Short-term Investments | $3.16B | $3.77B | $4.14B | $8.59B | $8.31B | $9.81B | $9.16B | $8.25B | $6.89B | 0 |
| Receivables | $3.69B | $4.19B | $3.50B | $3.36B | $3.83B | $4.55B | $4.13B | $4.54B | $4.63B | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $10.64B | $11.56B | $11.72B | $17.46B | $19.47B | $20.71B | $22.81B | $24.00B | $21.10B | 0 |
| Property, Plant & Equipment | $437.4M | $486.3M | $527.0M | $856.0M | $945.0M | $983.0M | $1.12B | $1.20B | $1.54B | 0 |
| Goodwill | $410.7M | $478.3M | $464.0M | $466.0M | $660.0M | $1.42B | $1.44B | $1.45B | $1.45B | 0 |
| Intangible Assets | $82.5M | $161.0M | $147.0M | $134.0M | $222.0M | $509.0M | $470.0M | $435.0M | $396.0M | 0 |
| Total Assets | $34.88B | $37.41B | $38.83B | $47.48B | $61.89B | $80.95B | $78.36B | $82.99B | $88.23B | $155.0M |
| Accounts Payable | $5.58B | $5.83B | $4.36B | $6.79B | $13.99B | $11.45B | $5.45B | $5.83B | $5.85B | 0 |
| Short-term Debt | $830.9M | $186.0M | $150.0M | $250.0M | $277.0M | $466.0M | $337.0M | $938.0M | $325.0M | 0 |
| Total Current Liabilities | $24.37B | $26.19B | $27.09B | $34.08B | $46.94B | $64.11B | $60.70B | $63.75B | $65.97B | 0 |
| Long-term Debt | $2.45B | $2.45B | $2.44B | $2.93B | $2.90B | $3.33B | $3.14B | $3.09B | $4.22B | 0 |
| Total Liabilities | $29.19B | $30.96B | $32.19B | $40.31B | $53.59B | $71.52B | $68.17B | $71.33B | $75.73B | 0 |
| Retained Earnings | $4.34B | $5.03B | $5.87B | $6.48B | $7.63B | $8.84B | $10.21B | $11.89B | $13.60B | 0 |
| Total Equity | $5.58B | $6.37B | $6.58B | $7.11B | $8.24B | $9.46B | $10.21B | $11.67B | $12.50B | 0 |
| Total Debt | $3.28B | $2.63B | $2.59B | $3.53B | $3.17B | $3.79B | $3.48B | $4.03B | $4.54B | 0 |
| Net Debt | -$3.54B | -$4.64B | -$5.51B | -$10.45B | -$12.34B | -$12.19B | -$15.00B | -$15.22B | -$13.73B | 0 |
| Working Capital | -$13.73B | -$14.63B | -$15.36B | -$16.62B | -$27.47B | -$43.39B | -$37.88B | -$39.75B | -$44.87B | 0 |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $9.89B | $11.22B | $11.40B | 0 |
| Total Assets | $88.76B | $91.94B | $94.20B | $155.0M |
| Total Liabilities | $76.19B | $79.33B | $81.50B | 0 |
| Total Equity | $12.57B | $12.57B | $12.70B | 0 |
| Total Debt | $4.59B | $5.36B | $5.30B | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $506.1M | $636.2M | $850.9M | $1.03B | $818.0M | $1.40B | $1.51B | $1.74B | $2.07B | $2.13B |
| Depreciation & Amortization | $72.4M | $84.1M | $98.7M | $112.0M | $119.0M | $134.0M | $145.0M | $165.0M | $179.0M | $195.0M |
| Stock-based Compensation | $78.5M | $109.0M | $99.0M | $112.0M | $120.0M | $132.0M | $192.0M | $237.0M | $254.0M | $254.0M |
| Change in Working Capital | -$1.11B | -$1.03B | -$253.0M | -$823.0M | $2.68B | $5.01B | -$2.15B | -$5.77B | $4.0M | $95.0M |
| Operating Cash Flow | -$518.3M | -$125.0M | $884.0M | $577.0M | $4.07B | $6.65B | $72.0M | -$3.51B | $2.15B | $2.43B |
| Capital Expenditure | -$121.7M | -$190.0M | -$134.0M | -$138.0M | -$124.0M | -$74.0M | -$91.0M | -$173.0M | -$205.0M | -$188.0M |
| Acquisitions | -$175.3M | 0 | -$159.2M | -$5.0M | -$5.0M | -$266.0M | $1.46B | 0 | 0 | 0 |
| Stock Repurchased | -$162.5M | -$34.0M | -$62.0M | -$778.0M | -$291.0M | -$150.0M | -$216.0M | -$862.0M | -$984.0M | -$1.27B |
| Dividends Paid | -$113.4M | -$127.0M | -$151.0M | -$191.0M | -$205.0M | -$218.0M | -$277.0M | -$355.0M | -$383.0M | -$416.0M |
| Free Cash Flow | -$640.1M | -$315.0M | $750.0M | $439.0M | $3.95B | $6.57B | -$19.0M | -$3.69B | $1.95B | $2.25B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$10.0M | $1.10B | $584.0M | 0 |
| Capital Expenditure | -$46.0M | -$45.0M | -$62.0M | 0 |
| Free Cash Flow | -$56.0M | $1.05B | $522.0M | 0 |
| Dividends Paid | -$112.0M | -$109.0M | -$326.0M | 0 |
| Stock-based Compensation | $79.0M | $54.0M | $183.0M | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.6% | +7.4% | +1.7% | +21.2% | +14.1% | +15.1% | +14.8% | +7.9% | +10.2% | |
| Net Income Growth (YoY) | +34.7% | +20.7% | -20.9% | +71.5% | +7.6% | +15.2% | +18.9% | +3.2% | +10.9% | |
| EPS Growth (YoY) | +32.8% | +24.2% | -18.9% | +72.0% | +5.1% | +14.0% | +21.8% | +5.9% | +15.2% | |
| Shares Change (YoY) | +1.5% | -3.2% | -2.6% | +0.4% | +1.9% | +0.7% | -2.1% | -2.7% | -4.0% | |
| FCF Growth (YoY) | +50.8% | +338.1% | -41.5% | +799.5% | +66.4% | -100.3% | -19,305.3% | +152.9% | +15.2% | |
| Gross Margin | 97.4% | 97.0% | 96.2% | 94.9% | 98.8% | 96.4% | 88.3% | 85.4% | 88.2% | 98.5% |
| Operating Margin | 14.3% | 17.8% | 17.3% | 13.0% | 18.3% | 18.1% | 17.8% | 17.9% | 28.7% | 27.5% |
| EBITDA Margin | 15.7% | 19.1% | 18.8% | 14.5% | 19.7% | 19.4% | 19.0% | 19.1% | 29.9% | 27.5% |
| Net Margin | 9.9% | 11.6% | 13.0% | 10.1% | 14.3% | 13.5% | 13.5% | 14.0% | 13.4% | 13.5% |
| FCF Margin | -9.9% | -4.3% | 9.5% | 5.4% | 40.4% | 58.9% | -0.1% | -25.0% | 12.3% | 12.8% |
| Effective Tax Rate | 31.2% | 34.6% | 24.8% | 22.2% | 21.7% | 25.4% | 23.7% | 21.8% | 21.3% | 23.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.91 | $-1.41 | $3.47 | $2.09 | $18.70 | $30.53 | $-0.09 | $-17.37 | $9.44 | $11.33 |
| Dividends Per Share | $0.52 | $0.57 | $0.70 | $0.91 | $0.97 | $1.01 | $1.28 | $1.67 | $1.85 | $2.10 |
| Shares Outstanding (Basic) | 214.9 M | 217.9 M | 211.5 M | 206.4 M | 205.7 M | 209.9 M | 211.8 M | 207.1 M | 202.0 M | 194.8 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 25.03% |
| Return on Invested Capital | 0.00% |
| Return on Assets | 1,527.74% |
| Gross Margin | 86.06% |
| Operating Margin | 18.02% |
| Net Margin | 13.87% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.23 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.99 | 15.66 | 11.26 | 12.25 | 13.55 | 13.80 | 12.31 | 12.32 | 16.39 | 13.03 |
| P/B | 2.16 | 2.11 | 1.77 | 1.41 | 2.30 | 2.19 | 2.08 | 2.17 | 2.79 | 0.00 |
| P/S | 1.87 | 1.82 | 1.47 | 1.24 | 1.94 | 1.86 | 1.66 | 1.72 | 2.19 | 1.76 |
| Gross Margin | 97.4% | 97.0% | 96.2% | 94.9% | 98.8% | 96.4% | 88.3% | 85.4% | 88.2% | 98.5% |
| Operating Margin | 14.3% | 17.8% | 17.3% | 13.0% | 18.3% | 18.1% | 17.8% | 17.9% | 28.7% | 27.5% |
| Net Margin | 9.9% | 11.6% | 13.0% | 10.1% | 14.3% | 13.5% | 13.5% | 14.0% | 13.4% | 13.5% |
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Explore sector: Financial Services · Asset Management
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