Raymond James Q2 Revenues Climb 13% to $3.86B; Fee-based Assets Hit $1.04T
Raymond James posted record Q2 net revenues of $3.86 billion, up 13% year-over-year and 3% sequentially, with net income of $542 million (adjusted EPS $2.83). Fee-based Private Client assets climbed 20% to $1.04 trillion, net new assets totaled $23 billion, and net bank loans hit $54.8 billion.
1. Overall Q2 Results
In the fiscal second quarter ended March 31, 2026, net revenues reached $3.86 billion, up 13% year-over-year and 3% sequentially. Net income available to common shareholders totaled $542 million, or $2.72 per diluted share, with adjusted EPS of $2.83 excluding $22 million of acquisition-related expenses. Annualized return on common equity was 17.3% and adjusted return on tangible common equity was 20.9%.
2. Private Client Group Highlights
The Private Client Group reported record net revenues of $2.81 billion, a 13% increase versus the prior year, driven by a 17% rise in asset management and administrative fees. Net new assets totaled $23.0 billion, assets under administration reached $1.70 trillion, and fee-based accounts grew 20% to $1.04 trillion.
3. Capital Markets and Asset Management Segments
Capital Markets net revenues grew 17% to $464 million, led by a 31% jump in investment banking revenues to $272 million. Asset Management achieved record net revenues of $327 million, up 13% year-over-year, with financial assets under management of $282.4 billion, up 15%.
4. Bank Performance and CEO Commentary
The Bank segment posted net revenues of $486 million, up 12%, and record net loans of $54.8 billion. CEO Paul Shoukry highlighted continued investments in AI technology, robust financial advisor recruiting across all channels, and a strong pipeline in investment banking moving into the second half of the fiscal year.