Raymond James Financial, Inc. (RJF) Income Statement
RJF FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsRJF revenue and net income
Where RJF's revenue goes
FY2025Each bar shows an amount and its share of revenue. RJF kept 13.4% of revenue as net income.
RJF profit margins
RJF growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.9% | +12.6% | +14.6% | +11.8% |
| Gross profit | +11.4% | +9.3% | +12.9% | +10.7% |
| Operating income | +72.6% | +31.1% | +34.1% | +18.8% |
| Net income | +3.2% | +12.3% | +21.2% | +15.6% |
| EPS (diluted) | +5.9% | +13.1% | +21.2% | +16.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RJF quarterly EPS vs estimates
Raymond James beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 28, 2026 (estimate $3.28).
RJF income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.91B | $14.74B | $11.47B | $11.16B | $9.78B | $8.07B | $7.93B | $7.38B | $6.45B | $5.46B |
| Cost of revenue | $1.88B | $2.15B | $271.0M | $405.0M | $118.0M | $411.0M | $305.0M | $222.0M | $167.0M | $144.2M |
| Gross profit | $14.03B | $12.59B | $11.20B | $10.75B | $9.66B | $7.66B | $7.62B | $7.16B | $6.28B | $5.32B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $7.24B | $8.47B | $7.30B | $7.51B | $6.70B | $6.13B | $5.85B | $5.51B | $4.83B | $4.20B |
| Total operating expenses | $9.47B | $9.95B | $5.51B | $8.73B | $7.87B | $6.60B | $6.25B | $5.85B | $5.35B | $4.51B |
| Operating income | $4.56B | $2.64B | $7.21B | $2.02B | $1.79B | $1.05B | $1.38B | $1.31B | $925.0M | $811.9M |
| Interest income | $3.99B | $4.23B | $3.75B | $1.51B | $823.0M | $1.00B | $1.28B | $1.04B | $802.1M | $640.3M |
| Interest expense | $1.85B | $2.10B | $1.37B | $305.0M | $150.0M | $178.0M | $283.0M | $202.0M | $154.0M | $116.1M |
| Income before taxes | $2.71B | $2.64B | $2.28B | $2.02B | $1.79B | $1.05B | $1.38B | $1.31B | $925.0M | $811.9M |
| Income taxes | $579.0M | $575.0M | $541.0M | $513.0M | $388.0M | $234.0M | $341.0M | $454.0M | $289.0M | $271.3M |
| Net income | $2.13B | $2.07B | $1.74B | $1.51B | $1.40B | $818.0M | $1.03B | $857.0M | $636.0M | $529.4M |
| EBITDA | $4.76B | $2.82B | $7.38B | $2.17B | $1.93B | $1.17B | $1.49B | $1.41B | $1.01B | $884.3M |
| EPS (diluted) | $10.64 | $10.05 | $8.30 | $7.36 | $7.05 | $4.07 | $4.93 | $4.31 | $3.38 | $2.56 |
| Gross margin | 88.2% | 85.4% | 97.6% | 96.4% | 98.8% | 94.9% | 96.2% | 97.0% | 97.4% | 97.4% |
| Operating margin | 28.7% | 17.9% | 62.9% | 18.1% | 18.3% | 13.0% | 17.3% | 17.8% | 14.3% | 14.9% |
| Net margin | 13.4% | 14.0% | 15.2% | 13.5% | 14.3% | 10.1% | 13.0% | 11.6% | 9.9% | 9.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.36B | $4.26B | $4.18B | $4.13B | $3.79B | $3.79B | $3.98B | $3.95B | $3.71B | $3.59B | $3.48B | $3.47B |
| Cost of revenue | $1.47B | $403.0M | $441.0M | $469.0M | $459.0M | $458.0M | $498.0M | $563.0M | $524.0M | $541.0M | $519.0M | $498.0M |
| Gross profit | $2.89B | $3.86B | $3.73B | $3.66B | $3.33B | $3.33B | $3.48B | $3.39B | $3.19B | $3.05B | $2.96B | $2.98B |
| Sales, general & admin | $2.14B | $3.12B | $3.01B | $2.39B | $2.20B | $2.27B | $2.34B | $2.22B | $2.16B | $2.10B | $1.98B | $1.96B |
| Total operating expenses | $2.14B | $3.12B | $3.01B | $2.93B | $2.76B | $2.66B | $2.73B | $2.63B | $2.55B | $2.44B | $2.33B | $2.39B |
| Operating income | $750.0M | $735.0M | $728.0M | $731.0M | $563.0M | $671.0M | $749.0M | $760.0M | $644.0M | $609.0M | $630.0M | $585.0M |
| Interest income | $994.0M | $960.0M | $1.01B | $1.01B | $990.0M | $963.0M | $1.03B | $1.07B | $1.06B | $1.05B | $1.05B | $1.02B |
| Interest expense | $434.0M | $403.0M | $441.0M | $463.0M | $444.0M | $442.0M | $498.0M | $541.0M | $534.0M | $520.0M | $507.0M | $462.0M |
| Income before taxes | $750.0M | $735.0M | $728.0M | $731.0M | $563.0M | $671.0M | $749.0M | $760.0M | $644.0M | $609.0M | $630.0M | $585.0M |
| Income taxes | $155.0M | $191.0M | $165.0M | $127.0M | $127.0M | $176.0M | $149.0M | $158.0M | $152.0M | $133.0M | $132.0M | $151.0M |
| 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 |
| EBITDA | $805.0M | $785.0M | $777.0M | $783.0M | $612.0M | $718.0M | $796.0M | $807.0M | $689.0M | $654.0M | $672.0M | $627.0M |
| EPS (diluted) | $3.14 | $2.72 | $2.86 | $3.11 | $2.18 | $2.42 | $2.93 | $2.95 | $2.39 | $2.31 | $2.40 | $2.13 |
| Gross margin | 66.2% | 90.5% | 89.4% | 88.6% | 87.9% | 87.9% | 87.5% | 85.8% | 85.9% | 84.9% | 85.1% | 85.7% |
| Operating margin | 17.2% | 17.2% | 17.4% | 17.7% | 14.9% | 17.7% | 18.8% | 19.2% | 17.3% | 16.9% | 18.1% | 16.8% |
| Net margin | 13.6% | 12.8% | 13.5% | 14.6% | 11.5% | 13.1% | 15.1% | 15.2% | 13.2% | 13.2% | 14.3% | 12.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RJF's financial statements (latest annual report filed November 25, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RJF financial results
In fiscal year 2025 (ended September 30, 2025), Raymond James reported revenue of $15.9 billion, up 7.9% from the year before. It had net income of $2.1 billion (up 3.2%), a net profit margin of 13.4%. Diluted earnings per share came to $10.64. Over five years revenue grew at an average rate of 14.6% a year.
See the RJF stock overview for the latest quote and news, or the RJF chart for price history and technical indicators.
RJF income statement FAQ
What is Raymond James's annual revenue?
Raymond James reported total revenue of $15.9 billion for fiscal year 2025, which ended on September 30, 2025. That was up 7.9% from $14.7 billion the previous year.
Is Raymond James profitable?
Yes. Raymond James reported net income of $2.1 billion in fiscal 2025, a net profit margin of 13.4%; its operating margin was 28.7%.
What is Raymond James's gross margin?
Raymond James's gross margin was 88.2% in fiscal 2025: for every $100 of revenue, Raymond James kept $88 after the direct cost of its products and services.
How fast is Raymond James growing?
Revenue grew 14.6% a year on average over the last five fiscal years, from $8.1 billion to $15.9 billion.
What are Raymond James's earnings per share?
Raymond James earned $10.64 per diluted share in fiscal 2025, compared with $10.05 a year earlier.
When will Raymond James report its next earnings?
Raymond James is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Raymond James's fiscal year end?
Raymond James's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 25, 2025.