Raymond James Financial (RJF) reported record quarterly net revenues of $4.27 billion for the fiscal fourth quarter ended September 30, 2026, up 15% from a year earlier and 9% from the preceding quarter, after 16% year-over-year growth and 2% sequential growth in the fiscal third quarter.

Net income available to common shareholders was a record $666 million, or $3.40 a share, up 10% from the year-ago quarter and 12% from the prior quarter. Adjusted net income, which excluded $37 million of acquisition-related expenses, net of tax, was $703 million, or $3.59 a share.

The company said the year-over-year revenue increase was largely driven by asset management and related administrative fees, which grew 23% to $2.31 billion. Versus the preceding quarter, the company attributed the 9% rise to higher asset management and related administrative fees as well as increases in investment banking revenues and affordable housing investments business revenues.

Pre-tax income was $862 million, up 18% from a year earlier and 15% from the prior quarter. The pre-tax margin was 20.2%. Annualized return on common equity was 20.6% and annualized adjusted return on tangible common equity was 26.6%.

Chief Executive Officer Paul Shoukry said the firm delivered its sixth consecutive year of record annual revenues and earnings. For the twelve months ended September 30, 2026, net revenues were a record $15.79 billion, up 12% from fiscal 2025. Net income available to common shareholders was a record $2.37 billion, and diluted earnings were a record $11.91 a share, up 16% from fiscal 2025.

The Private Client Group generated record quarterly net revenues of $3.06 billion, up 15% from a year earlier and 8% from the preceding quarter. Quarterly pre-tax income was $458 million. PCG asset management and related administrative fees grew 21% to $1.92 billion, which the company said was mainly due to market appreciation and net inflows into fee-based accounts.

Domestic PCG net new assets were $22.8 billion in the fiscal fourth quarter, or annualized growth from beginning-of-quarter assets of 5.3%. For the full fiscal year, domestic PCG net new assets were $98.3 billion, or growth from beginning-of-year assets of 6.4%, up 88% from fiscal 2025. Quarter-end PCG assets in fee-based accounts were a record $1.16 trillion, up 15% from September 2025.

Capital Markets quarterly net revenues were $549 million, up 7% from a year earlier and 15% from the preceding quarter. Investment banking revenues were $361 million, up 17% year-over-year and 27% sequentially. Capital Markets pre-tax income was $106 million, up 18% from a year earlier and 121% from the prior quarter. The company said year-over-year revenue growth was driven by higher M&A and advisory revenues, partially offset by lower fixed income brokerage revenues. Sequential growth also reflected affordable housing investments business revenues and debt underwriting.

Asset Management posted record quarterly net revenues of $409 million, up 30% from a year earlier and 13% from the preceding quarter. Record pre-tax income was $170 million. The company attributed the year-over-year revenue increase to higher financial assets under management from market appreciation, net inflows into PCG fee-based accounts, and the addition of Clark Capital in the fiscal third quarter. Financial assets under management were $342.9 billion as of September 30, 2026.

Bank quarterly net revenues were $483 million, up 5% from a year earlier and down 1% from the preceding quarter. Pre-tax income was $180 million. Record net bank loans were $57.5 billion, up 11% from September 2025. Securities-based loans were $26.2 billion. Net interest margin was 2.60%, down 11 basis points from both the prior-year quarter and the preceding quarter. Combined net interest income and Raymond James Bank Deposit Program third-party bank fees were $674 million.

During fiscal 2026 the firm repurchased $1.25 billion of common stock at an average price of $156 a share, including $50 million in the fiscal fourth quarter. As of September 30, 2026, $1.05 billion remained available under the board’s repurchase authorization. The total capital ratio was 24.2% and the tier 1 leverage ratio was 12.1%.