Raymond James posts record Q2 revenue of $3.86B, EPS beats; securities loans up 31%

Transcript intelligence

What changed

Q2 FY2026 delivered record revenue of $3.86B (+13% YoY) and record pretax income (+10% YoY). EPS of $2.83 topped the $2.76 estimate by ~2.5%. Adviser recruiting produced 7% annualized net new assets in the first half, securities-based loans rose 31% YoY (bank loans $54.8B), technology/AI spend exceeded $1.1B, the GreensLedge acquisition closed, and Clark Capital's close is pending. Guidance was maintained with a confident tone; the shares' move around the print was minimal versus the market.

Guidance delta

maintained

Key takeaways

• Record Q2 revenue of $3.86B, up 13% YoY, and record pretax income up 10% YoY
• EPS of $2.83 beat the $2.76 Street estimate, a ~2.5% surprise
• Adviser recruiting delivered 7% annualized net new assets in the first half
• Securities-based loans grew 31% YoY, lifting total bank loans to $54.8B
• Technology and AI spend of >$1.1B underpins efficiency; GreensLedge closed and Clark Capital pending

Management priorities

• Expand the proprietary AI operations agent to more advisers and explore agentic AI
• Finalize and integrate the Clark Capital acquisition
• Maintain or increase technology spend to enhance adviser tools
• Continue the share repurchase program and broader capital return
• Grow the securities-based lending franchise and fee-based asset base