A letter from our chief executive officer and executive chair

This year, we celebrated 150 consecutive quarters of profitability and continued that trend through the fourth quarter. Since our founding, Raymond James has remained resilient, thriving in strong markets and navigating periods of volatility … whether global market uncertainty or regulatory shifts. Our long-term record of profitability illustrates the strength and adaptability of our diverse and complementary businesses, and stands as a testament to our values and long-term focus.

In fiscal 2025, we generated record net revenues of $14.1 billion and record pre-tax income of $2.7 billion, representing 10% and 3% growth, respectively, over fiscal 2024. Additionally, we achieved a return on common equity of 17.7% and an adjusted return on tangible common equity of 21.3%⁽¹⁾ – both strong results particularly given our robust capital position. The fiscal year ended with total common equity attributable to RJF of $12.4 billion and book value per share of $62.72, which increased 7% and 10%, respectively, over September 2024. Our capital ratios remained well above regulatory requirements, with a total capital ratio of 24.1% and tier 1 leverage ratio of 13.1% at the end of the year, providing significant flexibility to continue being opportunistic and investing in growth.

Over the long term, our capital deployment priorities remain unwavering: investing in organic growth, which we believe delivers the best returns for our shareholders over time; selectively making acquisitions; paying an ongoing dividend; and repurchasing our common stock. The firm returned more than $1.5 billion to shareholders through the combination of common stock dividends and share repurchases. The quarterly common stock dividend increased in the year approximately 11% to $0.50 per share and we repurchased 7.4 million shares for $1.1 billion, an average price of approximately $148 per share. Subsequent to the fiscal year end, the board approved an 8% increase of the quarterly dividend on our common stock to $0.54 per share and a share repurchase authorization of up to $2 billion, which replaces the previous authorization under which $105 million remained available as of December 2, 2025. We are committed to driving long-term growth and deploying excess capital to generate attractive returns for shareholders.

(1) Adjusted return on tangible common equity is a non-GAAP financial measure. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in “Part II, Item 7 – Management’s discussion and analysis of financial condition and results of operations” of our 2025 Form 10-K for a reconciliation of this measure to the most directly comparable GAAP measure and other required disclosures.

Private Client Group – Strategic investments in private wealth and technology

Reviewing our segment results, the Private Client Group (PCG), our largest business, generated record net revenues of $10.2 billion, an increase of 8% over fiscal 2024, and pre-tax income of $1.7 billion, a 4% decline compared to fiscal 2024. Despite the impacts of lower short-term interest rates, higher client asset levels brought record net revenues. Fiscal 2025 concluded with PCG assets under administration of $1.67 trillion and PCG assets in fee-based accounts of $1.01 trillion, up 11% and 15%, respectively, compared to the prior year. In addition to higher equity markets, client assets were boosted by strong net inflows, which included domestic PCG net new assets of $52 billion, or 3.8% of beginning-of-period assets, driven by solid financial advisor retention and strong recruiting.

We ended the year with a record 8,943 financial advisors affiliated with the firm, supported by record financial advisor recruiting results to our domestic independent contractor and employee channels, with recruited trailing 12-month production at their previous firms totaling $407 million, reflecting a 21% increase over last year's previous record. These recruited advisors had approximately $58 billion of client assets at their previous firms, also surpassing last year’s record. Despite a highly competitive environment, our regrettable attrition remained low. Our strong recruiting pipeline reflects how our client-first values, leading technology and product and service offerings make us the firm of choice for both current and prospective advisors.

To continue retaining and attracting the best advisors, we are making ongoing investments in our platform and offerings. In the private wealth space, we remain focused on providing education, training, accreditation and enhanced capabilities and product solutions that enable advisors to meet the needs of their most sophisticated clients. About 370 advisors have completed our Private Wealth Advisor program, which continues to attract strong interest due to its client benefits and contribution to business growth. Recognizing the growing demand and importance for private investment product alternatives for high-net-worth clients, we are actively expanding our support for alternative investments. This includes the addition of nearly 40 new products to our catalogue, enhancing both advisor capabilities and client experience. Raymond James maintains a strategic focus on delivering a best-in-class comprehensive suite of investment options.

We also continue to invest in technology, including artificial intelligence (AI), to automate and streamline processes in order to drive ongoing operational efficiencies and improve productive capacity. A key strategic focus is to free associates and advisors to do what they do best – engage human-to-human and deepen relationships, add more value and, most importantly, have more capacity to grow their businesses by attracting new clients.

Capital Markets – Perseverance through challenge and a complementary acquisition

The Capital Markets segment delivered solid results despite a challenging economic backdrop for much of the year. Net revenues reached $1.77 billion, up 20% compared to the prior year, and pre-tax income of $146 million increased substantially from fiscal 2024. The investment banking pipeline remains strong, and while the current operating environment remains uncertain, we are increasingly optimistic regarding improvement in global economic conditions. Following fiscal year end, we announced our plan to acquire GreensLedge Holdings LLC, a firm with specialized expertise in structured products that will complement our existing capital markets business platform. We are optimistic that consistent investments in our platform and people will drive long-term growth across all our capital markets businesses.

Asset Management – Double-digit growth over 2024

The Asset Management segment generated record net revenues of $1.19 billion, an increase of 16%, and record pre-tax income of $503 million, an increase of 19% over fiscal 2024. Financial assets under management ended the year at $274.9 billion, representing a 12% increase year-over-year, fueled by strong net inflows in fee-based accounts in the Private Client Group, as well as significant market appreciation.

Raymond James Bank – Loan increases driven by private client banking

Bank segment net revenues of $1.78 billion increased 3%, and pre-tax income of $491 million increased 29%, over fiscal 2024. The Bank segment’s net interest margin increased slightly during the fiscal year to 2.68%. Net bank loans increased 12% to $51.6 billion driven primarily by higher private client banking loans including 22% growth of securities-based loans and 9% growth of residential mortgage loans. These two loan categories represented nearly 60% of our total loan book. The credit quality of the loan portfolio remained strong. We continue to focus on fortifying the balance sheet in our Bank segment with diversified funding sources and prudently growing assets to support client demand.

Complementing the performance within our businesses, we achieved several other notable accomplishments during the fiscal year:

• J.D. Power announced that Raymond James had the highest ranking for investor satisfaction among those working with a dedicated financial advisor or team as part of its 2025 U.S. Investor Satisfaction Study and earned most trusted and highest in the study's individual metrics on people and products and services. The firm also received strong positions in the J.D. Power Financial Advisor Satisfaction studies in both employee and independent advisor categories.
• Our technology platform for advisors remains one of the best in the industry. This year, we continued to progress our AI program with the establishment of chief AI officer and head of AI strategy roles to lead AI development and implementation, bringing experience, talent and fresh perspectives. Building on last year’s momentum, we have accelerated AI initiatives to deliver smarter, more integrated solutions that enhance advisor efficiency and client experience. We also introduced conversational AI capabilities across key platforms, enabling intuitive interactions and faster insights. These innovations, alongside our continued investment in Microsoft Copilot integra­tion, reflect our commitment to leveraging AI to meet evolving business needs and deliver exceptional value to our clients.
• Raymond James, along with associates and advisors, once again gave generously to support the communities where we live and work. Our Ready for School initiative continued our three-year commitment of $8 million to partner organizations focused on helping students achieve their unique goals inside the classroom, outside the classroom and beyond. During our month-long giving campaign, Raymond James Cares Month, more than 3,500 volunteers gave over 12,800 hours to 313 organizations, raising $458,000 in monetary donations and packing over 119,500 meals. Additionally, between associate contributions and a company match, Raymond James helped raise a record-breaking $7.8 million for communities across the United States through its annual United Way campaign, and hundreds of associates, advisors, friends and family members across the country supported various American Heart Association events, together raising over $360,000 in fiscal year 2025.
• Raymond James was honored with more than a dozen awards in technology, practice management support, diversity and overall corporate reputation, while more than 700 financial advisors earned awards and were named to industry lists across multiple categories.

With our focus on good governance practices, including strategic board refreshment, our board of directors appointed one new director this year. Mark Begor, CEO of Equifax, was selected to join the board. Mark brings extensive financial services experience at Equifax and GE Capital, overseeing large-scale businesses and investments in strategic growth, and will help inform the firm’s continued effort to create an industry-leading technology platform.

Additionally, we extend our heartfelt gratitude to Gordon Johnson for his invaluable service on the Raymond James Financial Board of Directors. Since joining us in 2010, Gordon has provided pivotal guidance and we have benefited greatly from his passion for the firm, our associates, advisors and communities. As his tenure concludes, we thank him for his wise counsel and lasting contributions.