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- **Record Financial Performance**: $14.1B net revenues (10% YoY), $2.71B pretax income (3% YoY), $1.73T client assets (11% YoY). 
- **AI-Driven Growth**: $1B annual tech investment, new AI leadership roles, 7.3% annualized asset management inflows. 
- **Loan Expansion**: Securities-based loans up 22% YoY, $51.6B total loans with strong credit quality (1.28% criticized loans). 
- **Strategic Acquisitions**: GreensLedge deal enhances structured credit capabilities, aligning with long-term growth strategy. 
- **Capital Discipline**: $1.5B FY2025 share buybacks, 13.1% Tier 1 leverage ratio, $2.6B excess capital capacity.

**【CEO Summary Section】**
- Recorded fiscal 2025 results: $14.1 billion in net revenues (10% YoY growth), $2.71 billion pretax income (3% YoY growth). 
- Client assets under administration reached $1.73 trillion (11% YoY growth), with 8,943 financial advisers (2% YoY increase).
- AI strategy: $1 billion annual tech investment, including new Chief AI Officer and Head of AI Strategy roles. 
- Private Client Group fee-based assets grew to $1.01 trillion (15% YoY), with $407 million in trailing 12-month production from recruited advisers.
- Capital Markets segment achieved third-highest quarterly revenue on record, driven by debt underwriting and M&A activity.
- Bank segment loans reached $51.6 billion (22% YoY growth in securities-based lending).

**【CFO Financial Commentary】**
- Q4 2025 net revenues: $3.7 billion (8% YoY, 10% sequential growth). 
- Pretax income: $731 million (down 4% YoY, +30% sequential). 
- Segment performance: 
  - Private Client Group: $416 million pretax income, 13% growth in asset management fees. 
  - Capital Markets: $90 million pretax income, 6% YoY revenue growth. 
  - Asset Management: Record $132 million pretax income, 7.3% annualized net inflows. 
- Share repurchases: $350 million Q4, $1.5 billion FY2025 total. 
- Capital deployment: Maintained Tier 1 leverage ratio at 13.1%, with $2.6 billion excess capital capacity.

**【Q&A Highlights】**
- **Recruiting Momentum**: 21% YoY increase in recruited adviser production ($407 million TTM), driven by unique 'best of both worlds' value proposition. 
- **AI Investment**: $1 billion annual tech spend, with focus on infrastructure resilience, efficiency, and client experience enhancement. 
- **Loan Growth**: Securities-based loans grew 22% YoY, expected acceleration in low-rate environment. 
- **M&A Strategy**: Disciplined approach with focus on cultural fit, strategic alignment, and attractive valuations (e.g., GreensLedge acquisition). 
- **Expense Management**: Non-compensation expenses grew 11% YoY, driven by growth-related investments (adviser recruiting, sub-advisory fees). 
- **Capital Allocation**: $450 million Q4 capital return (dividends + buybacks), targeting $400-500 million/quarter going forward.

Raymond James Financial, Inc. (RJF) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

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Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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RJF

RJF fundamentals

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