Raymond James Financial IncRaymond James Financial Inc
Raymond James Financial Inc

Raymond James Financial Inc

RJF
Financials·Capital Markets

Raymond James Financial, Inc. is an investment holding company, which engages in the provision of financial and investment services. Its services include investment management, merger and acquisition and advisory, the underwriting, distribution, trading and brokerage of equity and debt securities, sale of mutual funds, corporate and retail banking, and trust services. It operates through the following segments: Private Client Group, Capital Markets, Asset Management, Bank, and Other. The Private Client Group segment provides financial planning, investment advisory, and securities transaction services to clients through financial advisors. The Capital Markets segment focuses on investment banking, institutional sales, securities trading, equity research and the syndication, and management of investments in low-income housing funds and funds of a similar nature. The Asset Management segment is involved in asset management, portfolio management, and related administrative services to retail and institutional clients. The Bank segment refers to the results of banking operations. The Other segment includes private equity investments, which predominantly consist of investments in third-party funds. The company was founded by Robert A. James in 1962 and is headquartered in St. Petersburg, FL.

Florida; U.S.A
Market cap
No dataNo data
Revenue
$15.9B+6.6% YoY
Net income
$2.1B+3.2% YoY
Free cash flow
$2.2B+15.2% YoY

Market

Listed stock
RJFPriceNYSE
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Financial performance

Revenue
$15.9B+6.6% YoY
Operating income
$12.5B+8.7% YoY
Net income
$2.1B+3.2% YoY
Free cash flow
$2.2B+15.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $9.9B, 2022 $11.3B, 2023 $13B, 2024 $14.9B, 2025 $15.9B. Operating income: 2021 $9B, 2022 $10B, 2023 $10.3B, 2024 $11.5B, 2025 $12.5B. Net income: 2021 $1.4B, 2022 $1.5B, 2023 $1.7B, 2024 $2.1B, 2025 $2.1B. Free cash flow: 2021 $6.6B, 2022 $-19M, 2023 $-3.7B, 2024 $2B, 2025 $2.2B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
6.6%−824 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-09-30 $9B, 2022-09-30 $10B, 2023-09-30 $10.3B, 2024-09-30 $11.5B, 2025-09-30 $12.5B. Net income: 2021-09-30 $1.4B, 2022-09-30 $1.5B, 2023-09-30 $1.7B, 2024-09-30 $2.1B, 2025-09-30 $2.1B. Free cash flow: 2021-09-30 $6.6B, 2022-09-30 $-19M, 2023-09-30 $-3.7B, 2024-09-30 $2B, 2025-09-30 $2.2B

Growth heatmap

2022202320242025CAGR
Revenue
+14.1%
+14.9%
+14.9%
+6.6%
+12.6%
Gross profit
+13.2%
+13.4%
+17.3%
+6.0%
+12.4%
Operating income
+10.2%
+3.1%
+11.5%
+8.7%
+8.3%
Free cash flow
-100.3%
-19305.3%
+152.9%
+15.2%
-23.5%

Earnings quality

Operating cash flow
$2.4B+12.9% YoY
Net income
$2.1B+3.2% YoY
Free cash flow
$2.2B+15.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-09-30 114%, 2024-09-30 104%, 2023-09-30 -202%, 2022-09-30 5%, 2021-09-30 472%. Free cash flow: 2025-09-30 105%, 2024-09-30 94%, 2023-09-30 -212%, 2022-09-30 -1%, 2021-09-30 467%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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