Raymond James Financial, Inc. (RJF) Earnings Call Transcripts

Raymond James Financial, Inc.'s Latest Earnings Call - Q3 FY2026

In the fiscal third quarter of 2026, Raymond James Financial, Inc. reported record revenues of $3.93 billion, reflecting a 16% increase year-over-year and exceeding expectations. Earnings per share reached a record $3.01, with adjusted earnings per share at $3.14. Management maintained a positive outlook, indicating strong momentum heading into the fourth quarter, supported by robust adviser recruiting and a healthy investment banking pipeline.

Reported metrics

Guidance from management

Management expects asset management fees to increase approximately 11% in Q4 2026, driven by higher fee-based assets. The outlook remains positive with strong adviser recruiting and investment banking pipelines.

What management said

Yes. I mean the goal really is to grow interest earnings and BDP fees over time. And we're confident that we'll be able to do that. As Butch points out, the geography of the cash will impact the NIM versus the third-party fees. But the most critical thing is that we have various funding sources, both at the bank and at the wealth business, et cetera, that we test from time to time, and we want to see how successful t...

Yes. I wouldn't say that anything fundamentally has changed in the way you should think about that. I think adjusting for the timing of that -- of those balances and understanding the nature of the fee revenues are being determined on a quarter lag basis. We're coming off a quarter where those asset balances didn't increase as much as they did this quarter at quarter end would explain that dynamic.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of adviser recruiting momentum amid rising TA rates and the potential impact of AI on industry economics. There were also questions about the timing of recovery in investment banking activity and the implications for margins moving forward.

Main topics on the call

• Record Revenue Growth — Raymond James achieved record quarterly revenues of $3.93 billion, a 16% increase from the prior year. CEO Paul Shoukry noted, "These results reflect the continued execution of our long-term strategies to drive growth."
• Strong Adviser Recruiting — The firm reported domestic net new assets of $21.7 billion, a 5.5% annualized growth rate, with a year-to-date increase of 119%. Shoukry emphasized, "We remain consistently a best-in-class recruiter of financial advisers...
• Investment in Technology — Raymond James is investing over $1.1 billion annually in technology, including the rollout of its AI assistant, Raimond. Shoukry stated, "AI will not replace advisers. Advisers who use AI will replace advisers who do not...
• Capital Markets Performance — The Capital Markets segment reported revenues of $477 million, driven by higher M&A and advisory revenues. However, management noted that activity levels remain below normalized conditions, indicating potential for futur...

Read the full Raymond James Financial, Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 65 Raymond James Financial, Inc. earnings call transcripts on record, spanning January 23, 2020 to July 22, 2026. Based on this history, Raymond James Financial, Inc. reports quarterly. The most recent call on file is dated July 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

RJF

Exchange

NYSE

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

65

First call

January 23, 2020

Most recent

July 22, 2026

Reporting cadence

quarterly