Analyst Consensus ?
ConsensusHold27 ratings
Bullish1244.4%
Neutral1555.6%
Bearish00.0%
Raymond James Financial, Inc. · RJF · FY2026 Q4 · Calendar Q4 2026
Raymond James posts sixth straight year of record earnings
The supplied analysis supports a constructive operating picture: Raymond James reported another year of record results, strong Private Client Group asset growth and record investment-banking revenue. The main counterweights are rate-sensitive margins, fixed-income weakness, capital-allocation questions and execution around technology and potential acquisitions.
Reported After market closeNYSEFinancial Services
$30.23B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.59
Consensus $3.26
EPS surprise
+10.1%
Reported versus consensus
Reported revenue
$4.27B
Consensus $4.20B
Revenue surprise
+1.6%
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
-0.4%
Event window
SPY move
+0.3%
Same window
Abnormal move
-0.8%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
RJFSPY benchmark
Ask FN2 about RJF FY2026 Q4
Transcript, numbers and history already loaded
Why did RJF fall 0.4% after beating EPS estimates in FY2026 Q4?What changed in RJF's guidance and outlook in FY2026 Q4?Give me the bull and bear case for RJF after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted a sixth consecutive year of record results, a new Raimond AI assistant, record annual investment-banking revenue and plans to resume quarterly share repurchases. The prior quarter emphasized the broader rollout of Raymond and Clark Capital integration; the current analysis shifts attention to Raimond, GreensLedge and FY2027 execution.
Guidance delta
Guidance sentiment was maintained, with management optimistic about FY2027 while acknowledging macroeconomic and geopolitical uncertainty.
Key takeaways
- Private Client Group assets under administration reached $1.87 trillion, with $98 billion of net new assets cited in the supplied analysis.
- Capital Markets delivered record annual investment-banking revenue of $1.1 billion.
- Technology spending remains above $1.1 billion annually, including AI tools intended to improve adviser productivity.
- Management plans to resume share repurchases at $400 million per quarter, supported by the balance-sheet position described in the analysis.
Management priorities
- Continue recruiting advisers and growing Private Client Group net new assets.
- Accelerate AI and technology deployments, including expanded use of Raimond.
- Build the investment-banking pipeline and affordable-housing investment business.
- Pursue strategic acquisitions that fit cultural and revenue-growth criteria.
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Beat
Miss
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Analyst 52W Price Targets
$157.42Previous close
$123Low
$160.94Average
$205High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 29, 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 |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 7, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 6, 2026 |
| 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 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 23, 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 previous close $157.42. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | David Smith | $166 | $156.58 | +5.5% | Oct 13, 2026 |
| Raymond James | Analyst unavailable | $197 | $159.53 | +25.1% | Oct 7, 2026 |
| UBS | Analyst unavailable | $179 | $159.53 | +13.7% | Oct 7, 2026 |
| Wells Fargo | Daniel Welden | $172 | $159.76 | +9.3% | Oct 1, 2026 |
| Raymond James | Analyst unavailable | $160 | $178.17 | +1.6% | Sep 1, 2026 |
| Truist Financial | David Smith | $188 | $178.17 | +19.4% | Sep 1, 2026 |
| UBS | Analyst unavailable | $184 | $172.75 | +16.9% | Jul 27, 2026 |
| Raymond James | Michael Cho | $179 | $164.91 | +13.7% | Jul 23, 2026 |
| Raymond James | Brennan Hawken | $175 | $165.16 | +11.2% | Jul 23, 2026 |
| Raymond James | Devin Ryan | $205 | $168.01 | +30.2% | Jul 23, 2026 |
| Raymond James | Analyst unavailable | $174 | $169.45 | +10.5% | Jul 10, 2026 |
| Raymond James | Analyst unavailable | $192 | $169.9 | +22.0% | Jul 9, 2026 |
| Raymond James | Analyst unavailable | $200 | $165.35 | +27.0% | Jul 9, 2026 |
| UBS | Michael Brown | $175 | $166.58 | +11.2% | Jul 8, 2026 |
| Raymond James | Analyst unavailable | $155 | $143.22 | -1.5% | May 28, 2026 |
| UBS | Analyst unavailable | $166 | $156.16 | +5.5% | Apr 23, 2026 |
| Raymond James | Analyst unavailable | $172 | $155.91 | +9.3% | Apr 23, 2026 |
| Raymond James | Michael Cyprys | $171 | $145.35 | +8.6% | Apr 10, 2026 |
| Raymond James | Analyst unavailable | $156 | $148.14 | -0.9% | Apr 9, 2026 |
| Raymond James | Analyst unavailable | $165 | $147.82 | +4.8% | Apr 8, 2026 |
| UBS | Analyst unavailable | $158 | $147.82 | +0.4% | Apr 8, 2026 |
| Raymond James | Analyst unavailable | $198 | $165.86 | +25.8% | Feb 1, 2026 |
| Raymond James | Analyst unavailable | $191 | $169.02 | +21.3% | Jan 28, 2026 |
| Raymond James | Michael Cyprys | $187 | $163.01 | +18.8% | Dec 22, 2025 |
| UBS | Michael Brown | $176 | $166.94 | +11.8% | Dec 11, 2025 |
| Raymond James | Analyst unavailable | $196 | $165.79 | +24.5% | Dec 10, 2025 |
| Raymond James | Analyst unavailable | $194 | $164.98 | +23.2% | Oct 23, 2025 |
| Raymond James | Brennan Hawken | $182 | $166.04 | +15.6% | Oct 23, 2025 |
| Raymond James | Analyst unavailable | $181 | $166.04 | +15.0% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $190 | $162.06 | +20.7% | Oct 23, 2025 |
| Raymond James | Devin Ryan | $185 | $165.15 | +17.5% | Oct 9, 2025 |
| Raymond James | Analyst unavailable | $178 | $167.64 | +13.1% | Oct 7, 2025 |
| Raymond James | Analyst unavailable | $173 | $165.9 | +9.9% | Oct 2, 2025 |
| Raymond James | Analyst unavailable | $184 | $168.6 | +16.9% | Oct 1, 2025 |
| Raymond James | Devin Ryan | $180 | $159.31 | +14.3% | Jul 14, 2025 |
| Raymond James | Craig Siegenthaler | $159 | $137.26 | +1.0% | Apr 24, 2025 |
| Raymond James | Analyst unavailable | $161 | $144.19 | +2.3% | Mar 4, 2025 |
| Raymond James | Christopher Allen | $170 | $154.21 | +8.0% | Jan 10, 2025 |
| Raymond James | William Kirk | $150 | $149.05 | -4.7% | Oct 30, 2024 |
| Raymond James | Michael Cyprys | $132 | $136.51 | -16.1% | Oct 17, 2024 |
| Raymond James | Devin Ryan | $146 | $124.9 | -7.3% | Oct 9, 2024 |
| Wells Fargo | Christopher Harris | $138 | $115.95 | -12.3% | Sep 11, 2024 |
| Raymond James | Daniel Fannon | $123 | $119.51 | -21.9% | Jul 8, 2024 |
| Raymond James | William Kirk | $130 | $125.36 | -17.4% | May 24, 2024 |
| Raymond James | Bill Katz | $126 | $123.39 | -20.0% | May 24, 2024 |
| Seaport Global | Jim Mitchell | $139 | $129.61 | -11.7% | Apr 4, 2024 |
| Raymond James | Mark McLaughlin | $145 | $128.43 | -7.9% | Apr 2, 2024 |
| Raymond James | Mark McLaughlin | $122 | $106.83 | -22.5% | Sep 11, 2023 |
| UBS | Analyst unavailable | $125 | $110.71 | -20.6% | Jan 9, 2023 |
| Raymond James | Analyst unavailable | $130.07 | $67.71 | -17.4% | Apr 29, 2022 |
| Morgan Stanley | Manan Gosalia | $128 | $98.45 | -18.7% | 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 |
|---|---|---|---|---|
| BSBR Banco Santander (Brasil) S.A. | FY2026 Q3 · Calendar Q4 2026 | — | -6.2% | Santander Brasil: Growth continues, but NII and credit costs weigh |
| NMR Nomura Holdings, Inc. | FY2027 Q2 · Calendar Q4 2026 | +10.0% | +0.1% | Nomura’s recurring revenue and bond sales hit records, but costs rose |
| DB Deutsche Bank AG | FY2026 Q3 · Calendar Q4 2026 | +18.2% | +4.3% | Deutsche Bank raises 2026 revenue outlook as asset gathering accelerates |
| UBS UBS Group AG | FY2026 Q3 · Calendar Q4 2026 | -6.6% | -0.2% | UBS: Strong Q3 Momentum, With Swiss Capital Risk Unresolved |
| EVR Evercore Inc. | FY2026 Q3 · Calendar Q4 2026 | +69.8% | +12.5% | Evercore posts record Q3 as non-M&A businesses broaden |
| AON Aon plc | FY2026 Q3 · Calendar Q4 2026 | — | +4.4% | Aon Q3: 6% organic growth; USI close and synergies in focus |
Latest beats and misses
Who reports nextBeat on EPS
- FLEXFY2027 Q2 · October 28, 2026+11.3% EPS+11.6% move
- F-PCFY2026 Q3 · October 28, 2026+19.5% EPS— move
- NXTFY2027 Q2 · October 28, 2026+19.1% EPS+3.3% move
- CSLFY2026 Q3 · October 28, 2026+0.5% EPS-1.0% move
- BIIBFY2026 Q3 · October 28, 2026+31.7% EPS-3.4% move
- VRTFY2026 Q3 · October 28, 2026+21.4% EPS+16.5% move
Missed on EPS
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
- GOOGFY2026 Q3 · October 28, 2026-11.3% EPS+1.6% move
- MGMFY2026 Q3 · October 28, 2026-405.6% EPS-2.6% move
- CVNAFY2026 Q3 · October 28, 2026-11.6% EPS-0.3% move
- GOOGMFY2026 Q3 · October 28, 2026-29.6% EPS+1.0% move
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 · 2026-10-29T04:07:15.389273+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T10:40:42.358688+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T10:40:42.355124+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 2026-10-29. For educational purposes only; not investment advice.