Q3 2026 Raymond James Financial Inc Earnings Call Transcript
Key Points
- Raymond James Financial Inc (RJF) reported record quarterly revenues of $3.93 billion, a 16% increase over the prior-year quarter.
- The company achieved a record pre-tax income of $750 million, marking a 33% increase compared to the year-ago quarter.
- The Private Client Group ended the quarter with a record $1.86 trillion of client assets under administration, up 18% year over year.
- Raymond James Financial Inc (RJF) successfully recruited financial advisors with trailing 12-month production totaling $393 million and more than $56 billion of client assets.
- The company completed the acquisition of Clark Capital, adding approximately $47 billion in combined assets under management and non-discretionary assets.
- The Capital Markets segment's activity levels remain below what is considered a normalized environment, particularly in the middle market and sponsor-driven client segments.
- Legal expenses increased due to defense costs associated with a putative class action lawsuit related to cash sweep programs.
- Non-compensation expenses rose by 3% sequentially, driven by higher professional fees and business development expenses.
- The Asset Management segment's margin was impacted by acquisition-related expenses from the Clark Capital acquisition.
- The company faces challenges in predicting the timing of transaction activity in the Capital Markets segment.
Good evening, and welcome to Raymond James Financial's fiscal third quarter 2026 earnings call. This call is being recorded and will be available for replay for 30 days on the company's Investor Relations website.
I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us. With me on the call today, our Chief Executive Officer, Paul Shoukry; and Chief Financial Officer, Butch Oorlog. This presentation being reviewed today is available on Raymond James' Investor Relations website. (Operator Instructions)
Calling your attention to slide 2. Please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions, and our level of success in integrating acquired businesses, anticipated results of litigation and
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