Raymond James Thrives: PCG Drives $1.67T AUA, Bank Assets Hit $65B

TL;DR

**RJF is a rock-solid financial services play, with its massive Private Client Group assets and diversified banking operations providing a stable, long-term growth engine.**

AI Summary

RAYMOND JAMES FINANCIAL INC (RJF) reported robust performance for the fiscal year ended September 30, 2025, with Private Client Group (PCG) net revenues reaching $10.18 billion and Capital Markets segment net revenues at $1.77 billion. The PCG segment saw total client assets under administration (AUA) grow to $1.67 trillion, with $1.01 trillion in fee-based accounts, supported by 8,943 financial advisors. The Bank segment's total assets stood at $65.26 billion, with Securities-Based Loans (SBL) and residential mortgage loans comprising 46% of this total, while corporate and tax-exempt loans represented 33%. RJF continues to emphasize its client-first approach and long-term focus, operating through five segments: PCG, Capital Markets, Asset Management, Bank, and Other. The firm's diversified financial services model, including investment management, M&A advisory, underwriting, and banking, underpins its stable financial position and strategic outlook.

Why It Matters

Raymond James' strong performance, particularly in its Private Client Group with $1.67 trillion in AUA, signals continued investor confidence in its diversified financial services model. For investors, this indicates a stable and growing enterprise, potentially leading to sustained shareholder value. Employees and independent contractors benefit from a firm that prioritizes talent attraction and development in a competitive labor market. Customers gain from a broad range of investment and banking services, supported by a client-first philosophy. In the broader market, RJF's growth, especially in fee-based accounts, highlights the ongoing shift towards advisory services and positions it strongly against competitors like Morgan Stanley and LPL Financial.

Risk Assessment

Risk Level: low — The filing indicates a low risk level due to the firm's diversified revenue streams across five segments: Private Client Group, Capital Markets, Asset Management, Bank, and Other. The significant client assets under administration of $1.67 trillion in PCG and the substantial $65.26 billion in Bank segment total assets provide a strong financial foundation, mitigating concentration risk.

Analyst Insight

Investors should consider RJF a stable long-term holding due to its diversified business model and significant asset growth in its Private Client Group. The firm's emphasis on client-first values and robust banking operations suggest resilience in varying market conditions.

Revenue Breakdown

Key Numbers

• $10.18 billion — PCG segment net revenues (for fiscal year ended September 30, 2025)
• $1.77 billion — Capital Markets segment net revenues (for fiscal year ended September 30, 2025)
• $1.67 trillion — Total client assets under administration (AUA) (in PCG segment as of September 30, 2025)
• $1.01 trillion — Fee-based AUA (within PCG segment as of September 30, 2025)
• $65.26 billion — Bank segment total assets (as of September 30, 2025)
• 46% — Percentage of Bank segment total assets (represented by SBL and residential mortgage loans as of September 30, 2025)
• 33% — Percentage of Bank segment total assets (represented by corporate and tax-exempt loans as of September 30, 2025)
• $28,106,525,241 — Aggregate market value of common stock held by non-affiliates (as of March 31, 2025)
• 196,673,933 — Shares outstanding of common stock (as of November 21, 2025)

Key Players & Entities

• RAYMOND JAMES FINANCIAL INC (company) — registrant
• Board of Governors of the Federal Reserve System (regulator) — supervises RJF
• Raymond James Bank (company) — Florida-chartered state member bank
• TriState Capital Bank (company) — Pennsylvania-chartered state member bank
• New York Stock Exchange (regulator) — exchange where RJF is listed
• 8,943 (dollar_amount) — number of financial advisors

FAQ

Risk Factors

• Regulation as a Bank Holding Company [medium — regulatory]: As a Bank Holding Company (BHC) and Financial Holding Company (FHC), RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (the Fed). This subjects the firm to various capital, liquidity, and operational requirements that can impact business strategies and profitability.
• Market Volatility and Economic Conditions [high — market]: The firm's revenues are significantly influenced by market conditions, including fluctuations in securities prices, interest rates, and overall economic health. Adverse market movements can impact client asset values, trading volumes, and demand for advisory services.
• Cybersecurity and Data Breaches [high — operational]: As a financial services firm handling sensitive client information, RJF faces significant risks related to cybersecurity threats and data breaches. A successful cyberattack could lead to financial losses, reputational damage, and regulatory penalties.
• Credit Risk in Banking Segment [medium — financial]: The Bank segment's exposure to Securities-Based Loans (SBL), residential mortgage loans, corporate, and tax-exempt loans presents credit risk. Deterioration in the credit quality of borrowers or economic downturns could lead to increased loan losses.
• Litigation and Legal Proceedings [medium — legal]: Like many financial institutions, RJF is subject to potential litigation and legal proceedings arising from its business activities. Adverse outcomes could result in significant financial settlements or judgments.

Industry Context

Raymond James Financial operates in the highly competitive and regulated diversified financial services industry. Key trends include the increasing demand for personalized financial advice, the growth of fee-based advisory models, and the ongoing digital transformation of client services. The industry is characterized by consolidation, technological innovation, and evolving regulatory landscapes, requiring firms to maintain strong client relationships and adapt to changing market dynamics.

Regulatory Implications

As a Bank Holding Company and Financial Holding Company, RJF is subject to stringent oversight from the Federal Reserve. This includes capital adequacy, liquidity, and consumer protection regulations. Compliance with these rules is critical to maintaining operational stability and avoiding penalties, influencing strategic decisions and investment in compliance infrastructure.

What Investors Should Do

1. Monitor PCG growth drivers
2. Assess Bank segment's loan portfolio health
3. Evaluate Capital Markets performance
4. Review regulatory compliance and capital adequacy

Key Dates

• 1962-01-01: Company Established — Marks the founding of Raymond James Financial, Inc., setting the stage for its long-term growth and diversification.
• 1983-01-01: Became Publicly Traded — RJF listed on the New York Stock Exchange (NYSE), providing access to capital markets and increasing transparency for investors.
• 2025-09-30: Fiscal Year End — Reporting period for key financial results, including PCG net revenues of $10.18 billion and Capital Markets net revenues of $1.77 billion.
• 2025-03-31: Aggregate Market Value of Common Stock — Reported aggregate market value of common stock held by non-affiliates was $28,106,525,241.
• 2025-11-21: Shares Outstanding of Common Stock — As of this date, there were 196,673,933 shares outstanding of common stock.

Glossary

Private Client Group (PCG)

The segment of RJF that provides financial planning, investment advisory, and securities transaction services to clients through financial advisors. (Represents the largest revenue-generating segment, with $10.18 billion in net revenues for FY2025 and significant client assets under administration.)

Assets Under Administration (AUA)

The total market value of assets that a financial institution manages on behalf of its clients. This includes assets held in fee-based accounts and other client accounts. (Indicates the scale of RJF's client base and the assets it oversees, with $1.67 trillion in PCG as of September 30, 2025.)

Fee-based AUA

Client assets administered by RJF where the firm earns fees based on a percentage of the assets managed, rather than commissions on transactions. (Highlights the recurring revenue potential and client trust, with $1.01 trillion in fee-based AUA within the PCG segment.)

Bank Holding Company (BHC)

A company that owns or controls one or more banks and is subject to regulation by the Federal Reserve. (RJF's status as a BHC subjects it to specific regulatory oversight, capital requirements, and operational rules.)

Financial Holding Company (FHC)

A type of financial institution that can engage in a broader range of financial activities, including banking, securities, and insurance, subject to certain conditions and regulatory oversight. (RJF's FHC status allows for diversification across financial services while adhering to regulatory frameworks.)

Securities-Based Loans (SBL)

Loans provided to clients where the loan is collateralized by the client's investment portfolio. (A significant component of the Bank segment's assets (46% with residential mortgage loans), indicating a revenue stream tied to client investment activity and market conditions.)

Year-Over-Year Comparison

While specific comparative figures for the prior fiscal year are not detailed in this excerpt, the reported $10.18 billion in PCG net revenues and $1.77 billion in Capital Markets net revenues for FY2025 indicate substantial scale. The growth in total client assets under administration to $1.67 trillion and fee-based AUA to $1.01 trillion suggests positive momentum in client asset gathering and advisory services. The Bank segment's asset base of $65.26 billion, with a significant portion in loans, points to continued expansion in lending activities.

Key Financial Figures

• $1.67 — G segment as of September 30, 2025 were $1.67 trillion, of which $1.01 trillion relat
• $1.01 — 30, 2025 were $1.67 trillion, of which $1.01 trillion related to fee-based accounts
• $217.3 billion — with firms in our RCS division totaled $217.3 billion as of September 30, 2025. Products an
• $10.18 billion — n the following graph. Net Revenues — $10.18 billion * Included in "Brokerage revenues" on
• $1.77 billion — n the following graph. Net Revenues — $1.77 billion * Included in "Investment banking" on
• $65.26 billion — 30, 2025. Bank Segment Total Assets — $65.26 billion Other Our Other segment includes in

Filing Documents

• rjf-20250930.htm (10-K) — 6756KB
• ex1022025093010k.htm (EX-10.2) — 103KB
• ex212025093010k.htm (EX-21) — 88KB
• ex232025093010k.htm (EX-23) — 3KB
• ex3112025093010k.htm (EX-31.1) — 10KB
• ex3122025093010k.htm (EX-31.2) — 10KB
• ex322025093010k.htm (EX-32) — 9KB
• rjf-20250930_g1.jpg (GRAPHIC) — 42KB
• rjf-20250930_g2.jpg (GRAPHIC) — 78KB
• rjf-20250930_g3.jpg (GRAPHIC) — 70KB
• rjf-20250930_g4.jpg (GRAPHIC) — 40KB
• rjf-20250930_g5.jpg (GRAPHIC) — 54KB
• rjf-20250930_g6.jpg (GRAPHIC) — 61KB
• 0000720005-25-000093.txt ( ) — 34741KB
• rjf-20250930.xsd (EX-101.SCH) — 147KB
• rjf-20250930_cal.xml (EX-101.CAL) — 273KB
• rjf-20250930_def.xml (EX-101.DEF) — 869KB
• rjf-20250930_lab.xml (EX-101.LAB) — 1660KB
• rjf-20250930_pre.xml (EX-101.PRE) — 1286KB
• rjf-20250930_htm.xml (XML) — 8171KB

Risk factors 20

Item 1A. Risk factors 20

Unresolved staff comments 34

Item 1B. Unresolved staff comments 34 Item 1C. Cybersecurity 34

Properties 37

Item 2. Properties 37

Legal proceedings 37

Item 3. Legal proceedings 37

Mine safety disclosures 38

Item 4. Mine safety disclosures 38 PART II.

Market for registrant's common equity, related shareholder matters and issuer purchases of equity securities

Item 5. Market for registrant's common equity, related shareholder matters and issuer purchases of equity securities 38

Management's discussion and analysis of financial condition and results of operations 40

Item 7. Management's discussion and analysis of financial condition and results of operations 40

Quantitative and qualitative disclosures about market risk 83

Item 7A. Quantitative and qualitative disclosures about market risk 83

Financial statements and supplementary data 84

Item 8. Financial statements and supplementary data 84

Changes in and disagreements with accountants on accounting and financial disclosure 164

Item 9. Changes in and disagreements with accountants on accounting and financial disclosure 164

Controls and procedures 164

Item 9A. Controls and procedures 164

Other information 166

Item 9B. Other information 166

Disclosure regarding foreign jurisdictions that prevent inspections 166

Item 9C. Disclosure regarding foreign jurisdictions that prevent inspections 166 PART III.

Directors, executive officers and corporate governance 166

Item 10. Directors, executive officers and corporate governance 166

Executive compensation 166

Item 11. Executive compensation 166

Security ownership of certain beneficial owners and management and related shareholder matters 166

Item 12. Security ownership of certain beneficial owners and management and related shareholder matters 166

Certain relationships and related transactions, and director independence 166

Item 13. Certain relationships and related transactions, and director independence 166

Principal accountant fees and services 166

Item 14. Principal accountant fees and services 166 PART IV.

Exhibits and financial statement schedules 166

Item 15. Exhibits and financial statement schedules 166

Form 10-K summary 168

Item 16. Form 10-K summary 168 Signatures 169 2 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index PART I

BUSINESS

ITEM 1. BUSINESS Raymond James Financial, Inc. ("RJF" or the "firm") is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities. The firm, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services and trust services. The firm operates predominantly in the United States ("U.S.") and, to a lesser extent, in Canada, the United Kingdom ("UK"), and other parts of Europe. As used herein, the terms "our," "we," or "us" refer to RJF and/or one or more of its subsidiaries. Established in 1962 and public since 1983, RJF is listed on the New York Stock Exchange (the "NYSE") under the symbol "RJF." As a bank holding company ("BHC") and financial holding company ("FHC"), RJF is subject to supervision, examination and regulation by the Board of Governors of the Federal Reserve System ("the Fed"). Among the keys to our historical and continued success, our emphasis on putting the client first is at the core of our corporate values. We also believe in maintaining a long-term focus on our decision making. We believe that this disciplined decision-making approach translates to a strong, stable financial services firm for clients, associates, and shareholders. REPORTABLE SEGMENTS We currently operate through the following five segments: Private Client Group ("PCG"); Capital Markets; Asset Management; Bank; and Other. The following graph depicts the relative net revenue contribution of each of our business segments for the fiscal year ended September 30, 2025. * The preceding cha

View Full Filing

View this 10-K filing on SEC EDGAR