Raymond James F3Q26 Revenues Slightly Ahead With Another Quarter of Solid Recruiting Gains; Margins Mostly Steady But Some Expense Puts and Takes; Executing on AI Capabilities

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Raymond James F3Q26 Revenues Slightly Ahead With Another Quarter of Solid Recruiting Gains; Margins Mostly Steady But Some Expense Puts and Takes; Executing on AI Capabilities

J P M O R G A N North America Equity Research

22 July 2026

Raymond James

F3Q26 Revenues Slightly Ahead With Another Quarter Neutral

of Solid Recruiting Gains; Margins Mostly Steady But RJF, RJF US

Some Expense Puts and Takes; Executing on AI Price (22 Jul 26):$168.01

Capabilities ▲Price Target (Dec-26):$179.00 Prior (Dec-26):$175.00

Raymond James (RJF) reported F3Q26 (June) adj. EPS of $3.14, ahead of our

model and Bloomberg consensus expectations, driven by slightly better top-line Brokers, Asset Managers &

Exchangestrends (investment banking) and below-the-line items (tax). F3Q26 recruitment

trends were healthy at $21.7bn but decelerated a touch q/q to +5.5% net new asset Michael Cho AC

growth, following F2Q26’s +5.8% and F1Q26’s 8.0%. Recruiting wins remain (1-212) 622-3619

michael.cho@jpmchase.com

broad-based across various affiliation models, and the pipeline commentary

suggests more recruiting gains to come. That said, we acknowledge the Kenneth B. Worthington, CFA

(1-212) 622-6613

competitive environment for top advisor teams and the industry’s heightened cost kenneth.b.worthington@jpmorgan.com

of advisor recruitment. Separately, net interest income (NII) increased a touch q/q,

Madeline Daleiden

driven by balance sheet growth. NII + RJBDP fees of $658mn in F3Q26 were (1-212) 622-4911

generally in line with prior guidance levels, and F4Q26 was guided to be flat q/q. madeline.daleiden@jpmchase.com

Overall margins were 19.9% in F3Q26, which was a touch below our model as we J.P. Morgan Securities LLC

assumed more comp leverage for the quarter. That said, we continue to expect the