Raymond James Financial, Inc. (RJF) Cash Flow Statement
Where RJF’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $2.43B +12.9% vs FY2024
- Capital expenditures
- $188.0M 1.2% of revenue
- Free cash flow
- $2.25B 14.1% margin
- Returned to shareholders
- $1.68B 75% of free cash flow
- Change in cash
- $439.0M cash at year-end $14.79B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RJF operating cash flow, capex and free cash flow
RJF cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$518.3MFY2016 | $2.43BFY2025 | — | |
| Capital expenditures | $121.7MFY2016 | $188.0MFY2025 | +4.9%/yr | |
| Free cash flow | −$640.1MFY2016 | $2.25BFY2025 | — | |
| Free cash flow margin | −11.7%FY2016 | 14.1%FY2025 | +25.8 pts | |
| Operating cash flow / net income | −1.02FY2016 | 1.14FY2025 | +2.16 | |
| Stock-based compensation | $78.5MFY2016 | $254.0MFY2025 | +13.9%/yr | |
| Dividends paid | $113.4MFY2016 | $416.0MFY2025 | +15.5%/yr | |
| Share buybacks (net) | $162.5MFY2016 | $1.27BFY2025 | +25.6%/yr | |
| Capex / revenue | 2.2%FY2016 | 1.2%FY2025 | −1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RJF cash flow by activity
RJF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RJF cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.13B | $2.07B | $1.74B | $1.51B | $1.40B | $818.0M | $1.03B | $850.9M | $636.2M | $506.1M |
| Depreciation & amortization | $195.0M | $179.0M | $165.0M | $145.0M | $134.0M | $119.0M | $112.0M | $99.0M | $84.0M | $72.4M |
| Stock-based compensation | $254.0M | $254.0M | $237.0M | $192.0M | $132.0M | $120.0M | $112.0M | $99.0M | $109.0M | $78.5M |
| Change in working capital | $95.0M | $4.0M | −$5.77B | −$2.15B | $4.99B | $2.67B | −$823.0M | −$253.0M | −$1.03B | −$1.11B |
| Other non-cash items | −$245.0M | −$350.0M | $118.0M | $374.0M | −$33.0M | $332.0M | $142.0M | $88.1M | $76.8M | −$67.2M |
| Cash from operating activities | $2.43B | $2.15B | −$3.51B | $72.0M | $6.62B | $4.05B | $577.0M | $884.0M | −$125.0M | −$518.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$188.0M | −$205.0M | −$173.0M | −$91.0M | −$74.0M | −$124.0M | −$138.0M | −$134.0M | −$190.0M | −$121.7M |
| Investments (net) | −$4.32B | −$968.0M | $576.0M | −$1.28B | −$4.81B | −$4.80B | −$1.90B | −$3.21B | −$3.27B | −$2.64B |
| Acquisitions & other investing | $188.0M | $205.0M | −$677.0M | −$5.78B | −$258.0M | −$59.0M | $138.0M | −$133.4M | $87.5M | −$155.8M |
| Cash from investing activities | −$4.32B | −$968.0M | −$274.0M | −$7.15B | −$5.14B | −$4.99B | −$1.90B | −$3.48B | −$3.38B | −$2.92B |
| Financing activities | ||||||||||
| Dividends paid | −$416.0M | −$383.0M | −$355.0M | −$277.0M | −$218.0M | −$205.0M | −$191.0M | −$151.0M | −$127.0M | −$113.4M |
| Share repurchases & issuance (net) | −$1.27B | −$984.0M | −$862.0M | −$216.0M | −$128.0M | −$272.0M | −$778.0M | −$62.0M | −$34.0M | −$162.5M |
| Net borrowing (repayment) | $1.13B | −$50.0M | −$191.0M | $58.0M | −$875.0M | −$5.0M | −$5.0M | −$615.0M | $726.9M | $447.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.91B | $1.85B | $2.85B | $6.31B | $6.47B | $5.08B | $2.35B | $2.25B | $3.50B | $2.37B |
| Cash from financing activities | $2.36B | $438.0M | $1.44B | $5.88B | $5.25B | $4.59B | $1.37B | $1.42B | $4.07B | $2.54B |
| Summary | ||||||||||
| Net change in cash | $439.0M | $1.80B | −$2.11B | −$1.79B | $6.82B | $3.66B | $30.0M | −$1.21B | $611.0M | −$950.6M |
| Cash at end of period | $14.79B | $14.35B | $12.55B | $14.66B | $16.45B | $9.63B | $5.97B | $5.94B | $7.15B | $1.65B |
| Free cash flow | $2.25B | $1.95B | −$3.69B | −$19.0M | $6.55B | $3.93B | $439.0M | $750.0M | −$315.0M | −$640.1M |
| Free cash flow margin | 14.1% | 13.2% | −32.2% | −0.2% | 67.0% | 48.7% | 5.5% | 10.2% | −4.9% | −11.7% |
| Capex / revenue | 1.2% | 1.4% | 1.5% | 0.8% | 0.8% | 1.5% | 1.7% | 1.8% | 2.9% | 2.2% |
| Operating cash flow / net income | 1.14 | 1.04 | −2.02 | 0.05 | 4.72 | 4.96 | 0.56 | 1.04 | −0.20 | −1.02 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $595.0M | $544.0M | $563.0M | $604.0M | $436.0M | $495.0M | $600.0M | $602.0M | $492.0M | $476.0M | $498.0M | $434.0M |
| Depreciation & amortization | $55.0M | $50.0M | $49.0M | $52.0M | $49.0M | $47.0M | $47.0M | $47.0M | $45.0M | $45.0M | $42.0M | $42.0M |
| Stock-based compensation | $183.0M | $54.0M | $79.0M | $55.0M | $52.0M | $54.0M | $93.0M | $53.0M | $54.0M | $57.0M | $90.0M | $45.0M |
| Change in working capital | −$1.20B | $316.0M | −$838.0M | $298.0M | $293.0M | −$584.0M | $88.0M | −$75.0M | $157.0M | −$197.0M | $119.0M | −$190.0M |
| Other non-cash items | $947.0M | $135.0M | $137.0M | −$213.0M | −$139.0M | $105.0M | $2.0M | −$117.0M | −$37.0M | $10.0M | −$206.0M | $103.0M |
| Cash from operating activities | $584.0M | $1.10B | −$10.0M | $796.0M | $691.0M | $117.0M | $830.0M | $510.0M | $711.0M | $391.0M | $543.0M | $434.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$62.0M | −$45.0M | −$46.0M | −$44.0M | −$57.0M | −$46.0M | −$41.0M | −$50.0M | −$56.0M | −$49.0M | −$50.0M | −$51.0M |
| Investments (net) | −$195.0M | $232.0M | $294.0M | −$1.42B | −$1.30B | −$659.0M | −$937.0M | −$211.0M | −$648.0M | $67.0M | −$176.0M | $166.0M |
| Acquisitions & other investing | −$2.67B | −$1.52B | −$2.11B | $44.0M | $57.0M | $46.0M | $41.0M | $50.0M | $56.0M | $49.0M | $50.0M | −$457.0M |
| Cash from investing activities | −$2.92B | −$1.34B | −$1.86B | −$1.42B | −$1.30B | −$659.0M | −$937.0M | −$211.0M | −$648.0M | $67.0M | −$176.0M | −$342.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$326.0M | −$109.0M | −$112.0M | −$102.0M | −$103.0M | −$106.0M | −$105.0M | −$95.0M | −$95.0M | −$96.0M | −$97.0M | −$89.0M |
| Share repurchases & issuance (net) | −$401.0M | −$405.0M | −$513.0M | −$353.0M | −$455.0M | −$274.0M | −$185.0M | −$329.0M | −$243.0M | −$213.0M | −$199.0M | −$2.0M |
| Net borrowing (repayment) | $250.0M | $0 | $0 | $1.33B | $0 | −$200.0M | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.13B | $2.20B | $1.25B | $1.66B | $850.0M | $564.0M | −$157.0M | $1.62B | −$684.0M | −$332.0M | $1.20B | $440.0M |
| Cash from financing activities | $649.0M | $1.69B | $629.0M | $2.53B | $292.0M | −$16.0M | −$447.0M | $1.19B | −$1.02B | −$641.0M | $907.0M | $349.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.20B | $1.39B | −$1.22B | $1.82B | −$122.0M | −$493.0M | −$768.0M | $1.61B | −$970.0M | −$231.0M | $1.39B | $334.0M |
| Cash at end of period | $14.10B | $14.96B | $13.57B | $14.79B | $12.96B | $13.09B | $13.58B | $14.35B | $12.74B | $13.71B | $13.94B | $12.55B |
| Free cash flow | $522.0M | $1.05B | −$56.0M | $752.0M | $634.0M | $71.0M | $789.0M | $460.0M | $655.0M | $342.0M | $493.0M | $383.0M |
| Free cash flow margin | 12.0% | 24.7% | −1.3% | 18.2% | 16.7% | 1.9% | 19.8% | 11.6% | 17.6% | 9.5% | 14.2% | 11.0% |
| Capex / revenue | 1.4% | 1.1% | 1.1% | 1.1% | 1.5% | 1.2% | 1.0% | 1.3% | 1.5% | 1.4% | 1.4% | 1.5% |
| Operating cash flow / net income | 0.98 | 2.02 | −0.02 | 1.32 | 1.58 | 0.24 | 1.38 | 0.85 | 1.45 | 0.82 | 1.09 | 1.00 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RJF cash generation
In fiscal 2025 (ended September 30, 2025), Raymond James generated $2.4 billion of cash from operations (up 12.9%) and spent $188.0 million on capital expenditures, leaving free cash flow of $2.2 billion, 14.1% of revenue. It returned $1.7 billion to shareholders through dividends ($416.0 million) and net share buybacks ($1.3 billion). Cash and equivalents rose by $439.0 million over the year.
Related: RJF income statement, RJF balance sheet, RJF dividend history. See the RJF stock overview for the latest quote and news.
RJF cash flow FAQ
What is Raymond James's free cash flow?
Raymond James's free cash flow was $2.2 billion in fiscal 2025: $2.4 billion of operating cash flow minus $188.0 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does Raymond James generate from operations?
Raymond James generated $2.4 billion of cash from operating activities in fiscal 2025, 1.14 times its net income of $2.1 billion.
How much does Raymond James spend on capital expenditures?
Raymond James spent $188.0 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with $205.0 million the year before.
How much stock does Raymond James buy back?
Raymond James spent $1.3 billion on net share repurchases in fiscal 2025.
How much does Raymond James pay in dividends?
Raymond James paid $416.0 million in dividends in fiscal 2025, 18.5% of free cash flow.