Analyst Consensus ?
ConsensusHold25 ratings
Bullish1144.0%
Neutral1456.0%
Bearish00.0%
Raymond James Financial, Inc. · RJF · FY2026 Q3 · Calendar Q3 2026
Raymond James Q3 2026: Record Revenue, AI Rollout, Clark Capital Close
Raymond James delivered its second consecutive record quarter in FY2026, with Q3 revenue of $3.93 billion (up 16% year-over-year) and pretax income of $750 million. Three structural drivers are compounding: (1) adviser recruiting continues to generate organic asset growth at a high retention rate, (2) the proprietary 'Raymond' AI assistant reached full enterprise rollout with 6,500 users and 99.5% satisfaction, and (3) the Clark Capital acquisition closed, adding approximately $47 billion in combined AUM and non-discretionary assets. The loan portfolio hit a record $56.2 billion with securities-based balances up 34% YoY. The balance sheet remains well-capitalized at an 11.7% Tier 1 leverage ratio, and the firm has repurchased $1.6 billion of stock over the trailing year. Management maintained its guidance stance and expressed confidence in sustaining momentum into the fourth quarter.…
Reported After market closeNYSEFinancial Services
$33.46B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$3.14
Consensus $3
EPS surprise
+7.2%
Reported versus consensus
Reported revenue
$3.93B
Consensus $3.87B
Revenue surprise
+1.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$174.16Previous close
$123Low
$158.81Average
$205High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Jul 27, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 23, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 23, 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 |
| B of A Securities | Neutral | Neutral | Maintain | Dec 10, 2025 |
| 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 previous close $174.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $184 | $172.75 | +5.6% | Jul 27, 2026 |
| Raymond James | Michael Cho | $179 | $164.91 | +2.8% | Jul 23, 2026 |
| Raymond James | Brennan Hawken | $175 | $165.16 | +0.5% | Jul 23, 2026 |
| Raymond James | Devin Ryan | $205 | $168.01 | +17.7% | Jul 23, 2026 |
| Raymond James | Analyst unavailable | $174 | $169.45 | -0.1% | Jul 10, 2026 |
| Raymond James | Analyst unavailable | $192 | $169.9 | +10.2% | Jul 9, 2026 |
| Raymond James | Analyst unavailable | $200 | $165.35 | +14.8% | Jul 9, 2026 |
| UBS | Michael Brown | $175 | $166.58 | +0.5% | Jul 8, 2026 |
| Raymond James | Analyst unavailable | $155 | $143.22 | -11.0% | May 28, 2026 |
| UBS | Analyst unavailable | $166 | $156.16 | -4.7% | Apr 23, 2026 |
| Raymond James | Analyst unavailable | $172 | $155.91 | -1.2% | Apr 23, 2026 |
| Raymond James | Michael Cyprys | $171 | $145.35 | -1.8% | Apr 10, 2026 |
| Raymond James | Analyst unavailable | $156 | $148.14 | -10.4% | Apr 9, 2026 |
| Raymond James | Analyst unavailable | $165 | $147.82 | -5.3% | Apr 8, 2026 |
| UBS | Analyst unavailable | $158 | $147.82 | -9.3% | Apr 8, 2026 |
| Raymond James | Analyst unavailable | $198 | $165.86 | +13.7% | Feb 1, 2026 |
| Raymond James | Analyst unavailable | $191 | $169.02 | +9.7% | Jan 28, 2026 |
| Raymond James | Michael Cyprys | $187 | $163.01 | +7.4% | Dec 22, 2025 |
| UBS | Michael Brown | $176 | $166.94 | +1.1% | Dec 11, 2025 |
| Raymond James | Analyst unavailable | $196 | $165.79 | +12.5% | Dec 10, 2025 |
| Raymond James | Analyst unavailable | $194 | $164.98 | +11.4% | Oct 23, 2025 |
| Raymond James | Brennan Hawken | $182 | $166.04 | +4.5% | Oct 23, 2025 |
| Raymond James | Analyst unavailable | $181 | $166.04 | +3.9% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $190 | $162.06 | +9.1% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $185 | $165.15 | +6.2% | Oct 9, 2025 |
| Raymond James | Analyst unavailable | $178 | $167.64 | +2.2% | Oct 7, 2025 |
| Raymond James | Analyst unavailable | $173 | $165.9 | -0.7% | Oct 2, 2025 |
| Raymond James | Analyst unavailable | $184 | $168.6 | +5.6% | Oct 1, 2025 |
| Raymond James | Devin Ryan | $180 | $159.31 | +3.4% | Jul 14, 2025 |
| Raymond James | Craig Siegenthaler | $159 | $137.26 | -8.7% | Apr 24, 2025 |
| Raymond James | Analyst unavailable | $161 | $144.19 | -7.6% | Mar 4, 2025 |
| Raymond James | Christopher Allen | $170 | $154.21 | -2.4% | Jan 10, 2025 |
| Raymond James | William Kirk | $150 | $149.05 | -13.9% | Oct 30, 2024 |
| Raymond James | Michael Cyprys | $132 | $136.51 | -24.2% | Oct 17, 2024 |
| Raymond James | Devin Ryan | $146 | $124.9 | -16.2% | Oct 9, 2024 |
| Wells Fargo | Christopher Harris | $138 | $115.95 | -20.8% | Sep 11, 2024 |
| Raymond James | Daniel Fannon | $123 | $119.51 | -29.4% | Jul 8, 2024 |
| Raymond James | William Kirk | $130 | $125.36 | -25.4% | May 24, 2024 |
| Raymond James | Bill Katz | $126 | $123.39 | -27.7% | May 24, 2024 |
| Seaport Global | Jim Mitchell | $139 | $129.61 | -20.2% | Apr 4, 2024 |
| Raymond James | Mark McLaughlin | $145 | $128.43 | -16.7% | Apr 2, 2024 |
| Raymond James | Mark McLaughlin | $122 | $106.83 | -29.9% | Sep 11, 2023 |
| UBS | Analyst unavailable | $125 | $110.71 | -28.2% | Jan 9, 2023 |
| Raymond James | Analyst unavailable | $130.07 | $67.71 | -25.3% | Apr 29, 2022 |
| Morgan Stanley | Manan Gosalia | $128 | $98.45 | -26.5% | Mar 14, 2022 |
Track every rating change on RJF the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-1.1%
Event window
SPY move
-1.2%
Same window
Abnormal move
+0.1%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+4.8%
Up to 20 sessions
RJFSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to Q2 FY2026, Raymond James extended its record revenue streak from $3.86 billion to $3.93 billion while accelerating year-over-year growth from 13% to 16%. The Clark Capital acquisition moved from pending to closed, adding ~$47 billion in assets. The AI initiative evolved from an operations agent providing natural-language guidance to a full enterprise rollout of the 'Raymond' assistant with 6,500 users. Securities-based loan growth accelerated from 31% to 34% YoY, with total loans rising from $54.8 billion to a record $56.2 billion. The Tier 1 leverage ratio stepped down from 12.4% to 11.7%, and the capex outlook shifted from stable to increasing. The cash-sweep class-action litigation is now flagged as an ongoing legal expense headwind.
Guidance delta
Management maintained its guidance stance, consistent with the prior quarter's maintained posture. The capex outlook was raised from stable to increasing, reflecting continued commitment to $1.1 billion in annual technology spend and further AI investment. Management expressed confidence in sustaining momentum into Q4 but did not disclose a specific fourth-quarter revenue or earnings target in the supplied analysis.
Key takeaways
- Record Q3 revenue of $3.93 billion (up 16% YoY) and pretax income of $750 million, extending the prior quarter's record streak.
- Adviser recruiting pipeline and 97% adviser satisfaction underpin organic growth; recruiting remains the firm's primary growth engine.
- Proprietary AI assistant 'Raymond' reached full enterprise rollout with 6,500 users and 99.5% satisfaction, backed by $1.1 billion in annual technology spend.
- Clark Capital acquisition closed, adding approximately $47 billion in combined AUM and non-discretionary assets to the wealth-management platform.
- Record loan portfolio of $56.2 billion, with securities-based loan balances up 34% year-over-year.
- Balance sheet remains well-capitalized with an 11.7% Tier 1 leverage ratio and $1.6 billion in share repurchases over the trailing year.
Management priorities
- Scale the Raymond AI assistant and expand AI Academy education across the adviser workforce.
- Sustain $1.1 billion in annual technology investment to support adviser productivity and client experience.
- Pursue additional strategic acquisitions to broaden wealth-management capabilities.
- Maintain capital returns through ongoing share repurchases and dividends.
- Grow fee-based assets and expand the securities-based lending franchise.
Related earnings events
Financial ServicesHIG · FY2026 Q2 · Calendar Q3 2026The Hartford Beats on Q2 Core Earnings, Divests Hartford Funds, Expands Buyback to $4.2BAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedHBAN · FY2026 Q2 · Calendar Q3 2026Huntington Bancshares Q2 2026: Strong Organic Growth, EPS Miss on Deposit Cost Pressure
Sources
- Earnings call transcript and parsed analysis · 2026-07-23T01:03:34.927740+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T08:53:31.148528+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T08:53:31.145873+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 . For educational purposes only; not investment advice.