Raymond James Financial reported record quarterly net revenues of $3.74 billion for the fiscal first quarter ended December 31, 2025, representing a 6% increase over the prior year’s period. Net income available to common shareholders totaled $562 million, or $2.79 per diluted share; excluding $15 million of acquisition-related expenses (net of tax), adjusted net income was $577 million, or $2.86 per diluted share. Client assets under administration reached a record $1.77 trillion, up 14% year-over-year, while fee-based Private Client Group assets climbed 19% to $1.04 trillion. The firm generated annualized net new domestic Private Client Group asset growth of $30.8 billion, equivalent to an 8.0% growth rate from beginning-of-quarter levels. Annualized return on common equity was 18.0%, and adjusted return on tangible common equity was 21.4%.

Private Client Group net revenues rose to $2.77 billion, a 9% increase year-over-year and 4% sequential gain, driven by a 15% increase in asset management and related administrative fees to $1.69 billion. Capital Markets revenues fell 21% from a year ago to $380 million, with investment banking revenues down 37% at $200 million due to timing of deal closings. Asset Management delivered record net revenues of $326 million, up 11%, and record pre-tax income of $143 million, up 14%, underpinned by $280.8 billion in assets under management. The Bank segment reported net revenues of $487 million, up 15%, with net bank loans rising 13% to $53.4 billion and net interest margin expanding 21 basis points year-over-year to 2.81%. The Board increased the quarterly dividend by 8% to $0.54 per share and authorized up to $2 billion in stock repurchases, of which $400 million was executed in the quarter.

Building on a $1.1 billion annual technology investment, Raymond James launched its proprietary digital AI operations agent, Rai, leveraging natural language processing and generative AI to deliver curated, real-time guidance from firm knowledge bases. Following a successful pilot, Rai will roll out across additional business units in coming quarters. The firm reported more than 10,000 regular users of conversational AI and 3.2 million lines of AI-generated code per month under developer oversight. Complementary enhancements include a CRM AI note assistant, Zoom AI meeting summaries integrated with CRM, generative AI search within internal databases, and secure enterprise access to leading AI platforms.