AI Takeaway
RJF reported Q1 FY2026 revenue of $4.18B (+3.5% YoY) but net income declined 6.2% to $563M, with operating cash flow swinging sharply negative to -$10M from $830M a year ago, reflecting elevated balance sheet growth and higher capital deployment.
Revenue
$4.18B
++3.49% YoY
EPS (Basic)
$2.85
-3.06% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Total revenue increased 3.5% YoY to $4.18B in Q1 FY2026, up from $4.04B in Q1 FY2025, suggesting continued client asset growth and fee-based revenue momentum across Raymond James's financial services segments.
Source: Source: 10-Q Income Statement, XBRL Financial Data
Net income fell 6.2% YoY to $563M from $600M, with net margin declining to approximately 13.5%, indicating that expense growth or non-operating items outpaced revenue gains during the quarter.
Source: Source: 10-Q Income Statement, XBRL Financial Data
Total assets grew 7.9% YoY to $88.76B, while total liabilities rose 8.3% to $76.19B, reflecting increased client deposits, borrowings, or securities inventory — consistent with a growing financial services firm but also elevating leverage.
Source: Source: 10-Q Balance Sheet, XBRL Financial Data
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Upgrade to unlockRJF's debt-to-equity ratio stands at approximately 6.06x, which is elevated even for a financial services firm. A deterioration in asset quality or a rise in interest rates could pressure the balance sheet and reduce equity value. This leverage amplifies both gains and losses relative to equity.
Source: Source: 10-Q Balance Sheet, XBRL Key Ratios
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Upgrade to unlockReported EPS of $2.86 versus the $2.91 analyst consensus — a -1.6% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $4.18B | $4.04B | +3.49% |
Net Income | $563M | $600M | -6.17% |
EPS (Basic) | $2.85 | $2.94 | -3.06% |
EPS (Diluted) | $2.79 | $2.86 | -2.45% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $88.76B | $82.28B | +7.87% |
Total Liabilities | $76.19B | $70.35B | +8.29% |
Stockholders' Equity | $12.57B | $11.92B | +5.43% |
Cash & Equivalents | $9.89B | $10.05B | -1.57% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-10M | $830M | -101.20% |
Investing Cash Flow | $-1.86B | $-937M | -99.04% |
Financing Cash Flow | $629M | $-447M | +240.72% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 13.5% | — | — |
ROE | 4.5% | — | — |
ROA | 0.6% | — | — |
Debt to Equity | $6.061 | — | — |
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RJF reported Q1 FY2026 revenue of $4.18B, up 3.5% YoY, but net income declined 6.2% to $563M. Diluted EPS came in at $2.79, down from $2.86 in Q1 FY2025, reflecting cost pressures that outpaced revenue growth.
Despite a 3.5% increase in revenue to $4.18B, RJF's net income dropped 6.2% to $563M in Q1 FY2026, suggesting that operating expenses, compensation costs, or other charges grew faster than revenues. The net margin compressed to approximately 13.5% from a higher level in the prior year.
RJF's operating cash flow swung sharply negative to -$10M in Q1 FY2026 from +$830M in Q1 FY2025, a decline of over $840M. Investing cash outflows also nearly doubled to -$1.87B, while financing activities provided +$629M, suggesting the company relied on external funding to support its balance sheet expansion.
As of Q1 FY2026, RJF had a debt-to-equity ratio of approximately 6.06x, with total liabilities of $76.19B against stockholders' equity of $12.57B. While elevated leverage is common in financial services, the faster growth of liabilities (+8.3%) versus equity (+5.4%) warrants monitoring.
Yes, RJF's total assets grew 7.9% YoY to $88.76B in Q1 FY2026, up from $82.28B a year earlier. This expansion reflects growth in client assets, securities, or lending activity, though it was accompanied by a proportionally larger increase in liabilities.