该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
41.76亿美元
同比 +3.49%
每股收益（稀释）
2.79美元
同比 -2.45%
SEC XBRL 原值
Raymond James Financial (RJF) Q1 FY2026 营收 41.76亿美元，同比增长 3.5%。 经营活动现金流净流出 1000万美元。 RJF 的财年 Q1 FY2026 对应日历 Q4 2025。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 3.14 | 2.94 | 超预期 +6.7% |
| 2026年3月 | 2.83 | 2.80 | 超预期 +1.0% |
| 2025年12月本次财报 | 2.86 | 2.91 | 不及预期 -1.6% |
| 2025年9月 | 3.11 | 2.85 | 超预期 +9.1% |
2025年12月 调整后（非 GAAP） EPS 2.86美元，分析师一致预期 2.91美元，不及预期 -1.6%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 2.79美元。
由 AI 基于本次 SEC 报告整理
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.
来源: 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.
来源: 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.
来源: 10-Q Balance Sheet, XBRL Financial Data
Operating cash flow swung from +$830M in Q1 FY2025 to -$10M in Q1 FY2026, a decline of over 101%, likely driven by working capital changes such as increases in client receivables, trading assets, or other balance sheet items typical in financial services firms.
来源: 10-Q Cash Flow Statement, XBRL Financial Data
Investing cash outflows nearly doubled YoY to -$1.87B from -$937M, suggesting RJF accelerated investments in securities, acquisitions, or capital expenditures, while financing cash flow turned positive at +$629M, indicating net new borrowings or capital raises.
来源: 10-Q Cash Flow Statement, XBRL Financial Data
由 AI 基于本次 SEC 报告整理 · 高 2 中 2 低 1
RJF'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.
来源: 10-Q Balance Sheet, XBRL Key Ratios
Operating cash flow turned negative at -$10M in Q1 FY2026 compared to +$830M in the prior year period, a swing of over $840M. Sustained negative operating cash flow could constrain RJF's ability to fund dividends, buybacks, or organic growth without relying on external financing.
来源: 10-Q Cash Flow Statement, XBRL Financial Data
Net income fell 6.2% YoY even as revenue grew 3.5%, compressing the net margin to ~13.5%. This divergence suggests rising operating costs, compensation expenses, or credit provisions that may persist and further erode profitability if not controlled.
来源: 10-Q Income Statement, XBRL Financial Data
Total assets expanded by $6.48B YoY (+7.9%) to $88.76B, with liabilities growing faster than equity. Rapid asset growth in a financial services firm can increase exposure to market, credit, and liquidity risks, particularly if asset quality deteriorates in a slowing economy.
来源: 10-Q Balance Sheet, XBRL Financial Data
ROA of approximately 0.63% reflects thin asset-level profitability relative to the firm's large and growing balance sheet. If asset growth continues to outpace earnings growth, ROA could compress further, signaling declining capital efficiency.
来源: 10-Q Key Ratios, XBRL Financial Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 41.76 亿美元 | 40.35 亿美元 | +3.49% |
净利润 亿美元 | 5.63 亿美元 | 6.00 亿美元 | -6.17% |
每股收益（基本） 美元 | 2.85 美元 | 2.94 美元 | -3.06% |
每股收益（稀释） 美元 | 2.79 美元 | 2.86 美元 | -2.45% |
答案基于本次 SEC 报告与本页数据