On this page of StockholderLetter.com we present the latest annual shareholder letter from RAYMOND JAMES FINANCIAL INC — ticker symbol RJF. Reading current and past RJF letters to shareholders can bring important insights into the investment thesis.

 •  1/7/2026 Letter Continued (Full PDF)
 •  1/11/2023 RJF Stockholder Letter
 •  1/8/2024 RJF Stockholder Letter
 •  1/8/2025 RJF Stockholder Letter
 •  More "Investment Brokerages" Category Stockholder Letters
 •  RJF Benford's Law Stock Score = 98

RJF Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT 2025
THE POWER OF PERSONAL

THE POWER OF PERSONAL  
It   s recognizing how to help someone
make a difference, because we know what
made all the difference for them.
It   s seeing how to approach a business   s
future, because we   ve been to the place
where it began.
It   s ideas     big, longheld or
not-yet-imagined     brought to life
when professional becomes personal.

Relationships are where our firm started, and
they   re still the purpose driving us forward and
solidifying our strength.
Caring about clients     understanding their unique
perspectives, envisioning their biggest goals
alongside them, imagining all the ways an ambition
or an institution could grow     makes us more
proficient, more dynamic, more invested.
It gives us a degree of human insight that amplifies
our professional rigor and broadens our already
robust capabilities, creating the conditions for
impactful results.
Simply, we   re professionals who are exceedingly
capable, but also deeply committed to connecting
with people     so that, together, we can pursue
limitless possibilities.
ANNUAL REPORT 2025
4
A MESSAGE FROM OUR CEO
AND EXECUTIVE CHAIR
12
   THAT SUPPORT MADE
ALL THE DIFFERENCE.   
14
   THEY   RE LIKE FAMILY.   
16
   IT WAS THE PEOPLE.   
18
   WHY WOULD I EVER GO
ANYWHERE ELSE?   
19
CORPORATE
LEADERSHIP
22
10-YEAR
FINANCIAL SUMMARY
24
CORPORATE AND
SHAREHOLDER INFORMATION
25
ANNUAL REPORT
ON FORM 10-K
3

A MESSAGE FROM OUR CHIEF EXECUTIVE OFFICER
AND EXECUTIVE CHAIR
4
ANNUAL REPORT 2025

Built on a foundation forged in long-term,
disciplined management and guided by
our core values, Raymond James again
delivered record results in fiscal 2025,
reflecting the unwavering commitment of
advisors, bankers and our associates to
providing exceptional service to clients.
At the heart of our collective success, building and nurturing
meaningful personal relationships with clients and each
other remains essential to the long-term prosperity of clients,
our financial professionals and associates, and the firm.
Our enduring values     always putting clients first, making
decisions for the long term, having integrity and valuing
independence     continue to guide every decision we make
and position us for sustainable growth.
This year, we celebrated 150 consecutive quarters of
profitability and continued that trend through the fourth
quarter. Since our founding, Raymond James has remained
resilient, thriving in strong markets and navigating periods of
volatility     whether global market uncertainty or regulatory
shifts. Our long-term record of profitability illustrates the
strength and adaptability of our diverse and complementary
businesses, and stands as a testament to our values and
long-term focus.
In fiscal 2025, we generated record net revenues of $14.1 billion
and record pre-tax income of $2.7 billion, representing 10%
and 3% growth, respectively, over fiscal 2024. Additionally,
we achieved a return on common equity of 17.7% and an
adjusted return on tangible common equity of 21.3%(1)     both
strong results particularly given our robust capital position.
The fiscal year ended with total common equity attributable to
RJF of $12.4 billion and book value per share of $62.72, which
increased 7% and 10%, respectively, over September 2024. Our
capital ratios remained well above regulatory requirements,
with a total capital ratio of 24.1% and tier 1 leverage ratio of
13.1% at the end of the year, providing significant flexibility to
continue being opportunistic and investing in growth.
Over the long term, our capital deployment priorities remain
unwavering: investing in organic growth, which we believe
delivers the best returns for our shareholders over time;
selectively making acquisitions; paying an ongoing dividend;
and repurchasing our common stock. The firm returned more
than $1.5 billion to shareholders through the combination of
common stock dividends and share repurchases. The quarterly
common stock dividend increased in the year approximately
11% to $0.50 per share and we repurchased 7.4 million shares
for $1.1 billion, an average price of approximately $148 per
share. Subsequent to the fiscal year end, the board approved
an 8% increase of the quarterly dividend on our common stock
to $0.54 per share and a share repurchase authorization of up
to $2 billion, which replaces the previous authorization under
FISCAL YEAR FINANCIAL HIGHLIGHTS
in millions, except per share amounts
Net Revenues
Net Income Available to Common Shareholders
Earnings per Common Share (Diluted)
Total Common Equity Attributable to RJF
Common Shares Outstanding
Book Value per Share
2025
2024
% CHANGE
$14,065
$2,130
$10.30
$12,821
$2,063
$9.70
10 %
3%
6%
$12,424
198.1
$62.72
$11,594
203.3
$57.03
7%
(3) %
10 %
ALL DATA AS OF AND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
(1)
Adjusted return on tangible common equity is a non-GAAP financial measure. Please see the    Reconciliation of non-GAAP financial measures to GAAP financial
measures    in    Part II, Item 7     Management   s discussion and analysis of financial condition and results of operations    of our 2025 Form 10-K for a reconciliation
of this measure to the most directly comparable GAAP measure and other required disclosures.
THE POWER OF PERSONAL
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 1/7/2026 Letter Continued (Full PDF)