Raymond James Financial posted net revenues of $3.74 billion for the fiscal first quarter ended December 31, 2025, a 6% increase year-over-year driven by a 15% rise in asset management and related administrative fees to $2.0 billion. Net income available to common shareholders was $562 million, or $2.79 per diluted share; adjusted net income excluding acquisition-related expenses totaled $577 million, or $2.86 per diluted share. Client assets under administration reached a record $1.77 trillion, up 14% from December 2024, while fee-based Private Client Group assets climbed 19% to $1.04 trillion. Domestic Private Client Group net new assets were $30.8 billion, representing annualized growth of 8.0% from quarter start.

The capital markets segment posted net revenues of $380 million, down 21% year-over-year, as investment banking revenues declined 37% to $200 million amid lower M&A and debt underwriting activity. Pre-tax income in this segment totaled just $9 million. Rising technology and integration investments contributed to higher operating expenses firm-wide, while an effective tax rate increase to 22.7% reduced net income by approximately 7% sequentially.

Raymond James’ banking operations delivered net revenues of $487 million, up 15% from the prior year, driven by a 13% increase in net loans to $53.4 billion and a 21-basis-point expansion in net interest margin to 2.81%. Pre-tax income for the bank segment rose 47% to $173 million. The firm increased its quarterly dividend by 8% to $0.54 per share and repurchased $400 million of common stock, leaving $1.9 billion available under its repurchase authorization.