Raymond James Financial Inc. (NYSE: RJF) has reported robust fiscal third quarter results for 2025, underscoring its strong market position and operational resilience amid an uncertain macroeconomic environment. The company achieved record net revenues of \(10.34 billion and pre-tax income of \)1.98 billion for the first nine months of fiscal 2025, marking increases of 10% and 5%, respectively, compared to the same period in 2024. These figures highlight Raymond James’ sustained growth trajectory and effective business strategy.
For the fiscal third quarter ended June 30, 2025, Raymond James posted quarterly net revenues of \(3.40 billion, a 5% increase year-over-year, maintaining stability compared to the previous quarter. Net income available to common shareholders was \)435 million, or \(2.12 per diluted share, with adjusted net income at \)449 million, or \(2.18 per diluted share, after excluding acquisition-related expenses. The firm repurchased \)451 million of common stock during the quarter, reflecting confidence in its financial health and shareholder value creation.
Key segment highlights include:
Private Client Group: Achieved record assets under administration of \(1.57 trillion, up 11% year-over-year, with fee-based accounts growing 15% to \)943.9 billion. Quarterly net revenues rose 3% to $2.49 billion, driven by asset management and administrative fees, despite a 7% decline in pre-tax income due to lower interest rates.
Capital Markets: Net revenues increased 15% year-over-year to \(381 million, fueled by higher investment banking and brokerage revenues. However, a \)58 million legal reserve related to a bond underwriting settlement impacted pre-tax income, resulting in a quarterly pre-tax loss of $54 million.
Asset Management: Delivered record quarterly pre-tax income of \(125 million, a 12% increase year-over-year, supported by a 15% rise in financial assets under management to \)263.2 billion.
Bank Segment: Reported a 10% increase in net revenues to \(458 million and a 7% rise in pre-tax income to \)123 million. Net loans grew 10% to $49.8 billion, with an improved net interest margin of 2.74%, up 10 basis points year-over-year.
Financial ratios reflect strong operational efficiency and capital management, with an annualized return on common equity of 14.3% for the quarter and an adjusted return on tangible common equity of 17.2%. The firm’s capital ratios remain robust, with a total capital ratio of 24.3% and a tier 1 leverage ratio of 13.1%, well above regulatory requirements.
CEO Paul Shoukry emphasized the firm’s 150th consecutive quarter of profitability, attributing success to its diverse business model and client-centric approach. He noted optimism about macroeconomic conditions and highlighted the strong financial advisor recruiting pipeline and investment banking prospects.
This 8-K report aligns with themes from previous earnings calls, where Raymond James consistently highlighted growth in fee-based assets, strategic capital deployment, and resilience amid economic uncertainties. The legal reserve reflects prudent risk management in complex litigation matters.
In perspective, the 5% year-over-year revenue growth and record client assets underscore Raymond James’ competitive positioning in the financial services sector. The impact of the legal reserve on capital markets earnings is a temporary setback, with the investment banking pipeline remaining strong. Forward-looking projections suggest continued growth driven by asset management expansion, banking loan growth, and capital markets recovery.
For investors and market analysts, Raymond James’ fiscal third quarter 2025 results demonstrate a balanced growth strategy, robust financial health, and effective risk mitigation, positioning the firm well for future opportunities.
Source document: Raymond James 8-K Q3 2025