Raymond James Financial reported record client assets under administration of $1.77 trillion for the quarter ended December 31, 2025, a 14% increase year-over-year. Net revenues reached $3.74 billion, up 6% from the prior fiscal first quarter, propelled by a 15% increase in asset management and related administrative fees to $2.0 billion. Quarterly net income available to common shareholders was $562 million, or $2.79 per diluted share, with adjusted net income of $577 million, or $2.86 per diluted share, after excluding $15 million of acquisition-related expenses.

The Private Client Group generated record quarterly net revenues of $2.77 billion, up 9% year-over-year and 4% sequentially. Pre-tax income was $439 million, down 5% from a year ago but up 6% versus the prior quarter. Fee-based client assets reached $1.04 trillion, a 19% increase over December 2024. Domestic net new assets totaled $30.8 billion, representing an annualized growth rate of 8.0%, driven by continued inflows into advisory accounts and market appreciation.

Capital Markets revenues declined 21% year-over-year to $380 million, with investment banking fees of $200 million down 37% as M&A and debt underwriting activity slowed. Pre-tax income in the segment fell to $9 million. Across the firm, higher performance-related expenses and an anticipated increase in the effective tax rate contributed to a 7% drop in net income per share compared to the prior year quarter.

During the quarter, Raymond James completed the acquisition of Clark Capital Management, adding $46 billion in assets under management to its multi-boutique platform. The Board increased the quarterly dividend by 8% to $0.54 per share and authorized a new $2 billion share repurchase program, of which $400 million was executed in the first quarter. The firm ended the period with a total capital ratio of 24.3% and a Tier 1 leverage ratio of 12.7%, well above regulatory requirements.