Raymond James Financial said net revenues for Q3 of 2025 were $3.40 billion, an increase of 5% compared with the prior-year quarter, while pre-tax income was $563 million, a decrease of 13% compared with the prior-year quarter. Diluted earnings per share were $2.12.

10-QQuarterly reportFiled Aug 6, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 11, 2026

Key points

AI summary

Raymond James Financial said net revenues for Q3 of 2025 were $3.40 billion, an increase of 5% compared with the prior-year quarter, while pre-tax income was $563 million, a decrease of 13% compared with the prior-year quarter. Diluted earnings per share were $2.12.
The company said the results were adversely impacted by a $58 million increase in expense associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 and 2015. Annualized return on common equity was 14.3% compared with 17.8% for the prior-year quarter.
The company cited higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts, as the primary driver of the increase in net revenues, and said investment banking revenues increased 16%. The company added that combined net interest income and RJBDP fees decreased due to lower short-term interest rates.
The company said cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) as of June 30, 2025 were $9.20 billion, a decrease of $1.80 billion compared with September 30, 2024. It cited net investments in bank loans, common stock repurchases, dividends paid on common stock, repayment of certain FHLB borrowings, and net loans provided to financial advisors as factors in the decrease.

Key figures

Quarter ended June 30, 2025

Revenue: $3.8B
Net income: $436M
EPS: $2.12

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net revenues of $3.40 billion and pre-tax income of $563 million for Q3

Raymond James Financial said net revenues for Q3 of 2025 were $3.40 billion, an increase of 5% compared with the prior-year quarter, while pre-tax income was $563 million, a decrease of 13% compared with the prior-year quarter. Diluted earnings per share were $2.12.

Source · Based on the MD&A text of the filing

$58 million increase in expense related to settlement of legal matter

The company said the results were adversely impacted by a $58 million increase in expense associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 and 2015. Annualized return on common equity was 14.3% compared with 17.8% for the prior-year quarter.

Source · Based on the MD&A text of the filing

Factors in increase in net revenues and decrease in net interest income and RJBDP fees

The company cited higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts, as the primary driver of the increase in net revenues, and said investment banking revenues increased 16%. The company added that combined net interest income and RJBDP fees decreased due to lower short-term interest rates.

Source · Based on the MD&A text of the filing

Cash and cash equivalents of $9.20 billion as of June 30, 2025

The company said cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) as of June 30, 2025 were $9.20 billion, a decrease of $1.80 billion compared with September 30, 2024. It cited net investments in bank loans, common stock repurchases, dividends paid on common stock, repayment of certain FHLB borrowings, and net loans provided to financial advisors as factors in the decrease.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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