Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1246.2%
Neutral1453.8%
Bearish00.0%
Raymond James Financial, Inc. · RJF · FY2025 Q2 · Calendar Q2 2025
Raymond James: Record revenue, AI expansion and buybacks
The supplied analysis supports a constructive operating thesis: record revenue and pretax income, adviser recruitment, securities-based lending, AI initiatives and resumed buybacks provide evidence of resilient demand and growth capacity. The evidence is tempered by macro, tariff, credit and investment-banking risks.
Reported After market closeNYSEFinancial Services
$30.65B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.52
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $3.44B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.4%
Event window
SPY move
+2.1%
Same window
Abnormal move
-0.7%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
+6.7%
Up to 20 sessions
RJFSPY benchmark
Ask FN2 about RJF FY2025 Q2
Transcript, numbers and history already loaded
What drove RJF's +1.4% move after FY2025 Q2 earnings?What changed in RJF's guidance and outlook in FY2025 Q2?Give me the bull and bear case for RJF after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, management emphasized the creation of a Chief AI Officer and an in-house AI search tool, resumed active share repurchases, and record securities-based loan balances. The supplied analysis also described continued macro and tariff-related pressure on investment banking closings.
Guidance delta
Maintained; no change was identified in the supplied analysis.
Key takeaways
- Management described record fiscal-year revenue and pretax income with double-digit year-over-year growth.
- Adviser recruitment and the net new assets pipeline remained strong, despite a modest quarterly net new assets figure.
- Share repurchases restarted, while a Chief AI Officer and in-house AI search tool support expanded AI efforts.
- Management said volatility and tariff negotiations pressured investment banking closings, although the pipeline remained robust.
Management priorities
- Recruit and retain financial advisers and grow fee-based assets
- Expand AI use cases for adviser productivity
- Grow securities-based lending and develop private-capital capabilities
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$157.25Current
$123Low
$160.39Average
$205High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Oct 5, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Oct 5, 2026 |
| TD Cowen | Hold | Hold | Maintain | Sep 1, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 30, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 27, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 23, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 23, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 10, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 6, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 23, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 23, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Sep 22, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 11, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 3, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 8, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 27, 2023 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 28, 2022 |
| Compass Point | Neutral | Buy | Downgrade | May 1, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Oct 26, 2018 |
| Buckingham | Buy | Buy | Maintain | Oct 26, 2018 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Feb 27, 2018 |
| Nomura | Buy | Buy | Maintain | Jul 13, 2017 |
| Macquarie | Neutral | Neutral | Maintain | Jan 22, 2016 |
| Susquehanna | Positive | Positive | Maintain | Jul 15, 2015 |
| S&P Capital IQ | Strong Buy | Buy | Upgrade | Jul 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $157.25. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Daniel Welden | $172 | $159.76 | +9.4% | Oct 1, 2026 |
| Raymond James | Analyst unavailable | $160 | $178.17 | +1.7% | Sep 1, 2026 |
| Truist Financial | David Smith | $188 | $178.17 | +19.6% | Sep 1, 2026 |
| UBS | Analyst unavailable | $184 | $172.75 | +17.0% | Jul 27, 2026 |
| Raymond James | Michael Cho | $179 | $164.91 | +13.8% | Jul 23, 2026 |
| Raymond James | Brennan Hawken | $175 | $165.16 | +11.3% | Jul 23, 2026 |
| Raymond James | Devin Ryan | $205 | $168.01 | +30.4% | Jul 23, 2026 |
| Raymond James | Analyst unavailable | $174 | $169.45 | +10.7% | Jul 10, 2026 |
| Raymond James | Analyst unavailable | $192 | $169.9 | +22.1% | Jul 9, 2026 |
| Raymond James | Analyst unavailable | $200 | $165.35 | +27.2% | Jul 9, 2026 |
| UBS | Michael Brown | $175 | $166.58 | +11.3% | Jul 8, 2026 |
| Raymond James | Analyst unavailable | $155 | $143.22 | -1.4% | May 28, 2026 |
| UBS | Analyst unavailable | $166 | $156.16 | +5.6% | Apr 23, 2026 |
| Raymond James | Analyst unavailable | $172 | $155.91 | +9.4% | Apr 23, 2026 |
| Raymond James | Michael Cyprys | $171 | $145.35 | +8.7% | Apr 10, 2026 |
| Raymond James | Analyst unavailable | $156 | $148.14 | -0.8% | Apr 9, 2026 |
| Raymond James | Analyst unavailable | $165 | $147.82 | +4.9% | Apr 8, 2026 |
| UBS | Analyst unavailable | $158 | $147.82 | +0.5% | Apr 8, 2026 |
| Raymond James | Analyst unavailable | $198 | $165.86 | +25.9% | Feb 1, 2026 |
| Raymond James | Analyst unavailable | $191 | $169.02 | +21.5% | Jan 28, 2026 |
| Raymond James | Michael Cyprys | $187 | $163.01 | +18.9% | Dec 22, 2025 |
| UBS | Michael Brown | $176 | $166.94 | +11.9% | Dec 11, 2025 |
| Raymond James | Analyst unavailable | $196 | $165.79 | +24.6% | Dec 10, 2025 |
| Raymond James | Analyst unavailable | $194 | $164.98 | +23.4% | Oct 23, 2025 |
| Raymond James | Brennan Hawken | $182 | $166.04 | +15.7% | Oct 23, 2025 |
| Raymond James | Analyst unavailable | $181 | $166.04 | +15.1% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $190 | $162.06 | +20.8% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $185 | $165.15 | +17.6% | Oct 9, 2025 |
| Raymond James | Analyst unavailable | $178 | $167.64 | +13.2% | Oct 7, 2025 |
| Raymond James | Analyst unavailable | $173 | $165.9 | +10.0% | Oct 2, 2025 |
| Raymond James | Analyst unavailable | $184 | $168.6 | +17.0% | Oct 1, 2025 |
| Raymond James | Devin Ryan | $180 | $159.31 | +14.5% | Jul 14, 2025 |
| Raymond James | Craig Siegenthaler | $159 | $137.26 | +1.1% | Apr 24, 2025 |
| Raymond James | Analyst unavailable | $161 | $144.19 | +2.4% | Mar 4, 2025 |
| Raymond James | Christopher Allen | $170 | $154.21 | +8.1% | Jan 10, 2025 |
| Raymond James | William Kirk | $150 | $149.05 | -4.6% | Oct 30, 2024 |
| Raymond James | Michael Cyprys | $132 | $136.51 | -16.1% | Oct 17, 2024 |
| Raymond James | Devin Ryan | $146 | $124.9 | -7.2% | Oct 9, 2024 |
| Wells Fargo | Christopher Harris | $138 | $115.95 | -12.2% | Sep 11, 2024 |
| Raymond James | Daniel Fannon | $123 | $119.51 | -21.8% | Jul 8, 2024 |
| Raymond James | William Kirk | $130 | $125.36 | -17.3% | May 24, 2024 |
| Raymond James | Bill Katz | $126 | $123.39 | -19.9% | May 24, 2024 |
| Seaport Global | Jim Mitchell | $139 | $129.61 | -11.6% | Apr 4, 2024 |
| Raymond James | Mark McLaughlin | $145 | $128.43 | -7.8% | Apr 2, 2024 |
| Raymond James | Mark McLaughlin | $122 | $106.83 | -22.4% | Sep 11, 2023 |
| UBS | Analyst unavailable | $125 | $110.71 | -20.5% | Jan 9, 2023 |
| Raymond James | Analyst unavailable | $130.07 | $67.71 | -17.3% | Apr 29, 2022 |
| Morgan Stanley | Manan Gosalia | $128 | $98.45 | -18.6% | Mar 14, 2022 |
Track every rating change on RJF the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationRaymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category. The Private Client Group division equips clients with various investment solutions, personalized portfolio management, a selection of insurance and annuity products, and mutual funds. This segment also provides essential backing to third-party product partners, covering aspects like sales and marketing support, distribution, accounting, and general administrative assistance. Additionally, it facilitates margin loans and offers securities borrowing and lending services.…
Historical context
All RJF earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
Latest beats and misses
Who reports nextBeat on EPS
Get the RJF recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-09T00:03:27.736600+00:00
- Polygon adjusted daily market bars · 2026-10-07T19:40:45.665248+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T19:40:45.662341+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.