RJF RAYMOND JAMES FINANCIAL INC

Overview and Growth

RAYMOND JAMES FINANCIAL INC generated $15.91B of revenue in fiscal 2025, with net income of $2.13B and an operating cash inflow of $2.43B. The $15.91B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 6.6% from $14.92B in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $10.30, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $9.70 in fiscal 2024, the current result was 6.2% higher. The diluted weighted-average share count was 206.60M, linking total earnings with the per-share result received by shareholders. Compared with 212.30M diluted shares in fiscal 2024, the current 206.60M base was 2.7% lower. At period end, total assets were $88.23B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.18x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The bottom-line result was net income of $2.13B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 13.4% of revenue, connecting the absolute net income figure with the company’s top-line scale. Income tax expense totaled $579.00M, providing the reported tax component that separates pretax and after-tax earnings. Return on period-end equity was 17.1%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 2.4%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $2.07B to $2.13B, with the current outcome ending above that comparison.

Liquidity and Capital Structure

At period end, the $88.23B asset base was financed through $75.73B of liabilities and $12.50B of equity. The company held $11.39B in cash and equivalents, a narrower liquidity measure than total current assets. Equity equaled 14.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 85.8% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 12.9%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 6.3% higher than fiscal 2024 assets of $82.99B, measuring the company’s own balance-sheet change. Book equity was 7.2% higher than fiscal 2024 equity of $11.67B, showing how shareholder capital changed year over year. The reported cash balance changed 3.6% from $11.00B in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $2.43B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.14x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $188.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 7.7% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $2.25B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 14.1% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 2.5%, showing the cash productivity of the company’s assets. Operating cash flow of $2.43B finished above fiscal 2024 operating cash flow of $2.15B, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Oct 21, 2026.