Q3 FY26 · Ended Jun 30, 2026 · View SEC filing
As fees replace interest income, pay rises faster
Advisors share in fee revenue but not in interest income, so the shift toward fees lifts pay faster than revenue.
For investorsWhat the margin depends on as short-term rates fall
For foundersGrowing by recruiting producers who bring their own clients
Pre-tax margin rose from 16.6%, helped by a credit loss release and the absence of a prior-year legal charge.
Net income rose 36.5%, while fewer diluted shares and a lower tax rate lifted earnings per share further.
Net income was $595 million, yet growth in client and advisor lending absorbed operating cash, as it has in past quarters.
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Business Lens describes Raymond James Financial from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
