瑞杰金融 2025年度报告

T H E P O W E RO F P E R S O N A L® It’s recognizing how to help someonemake a difference, because we know whatmade all the difference for them. It’s seeing how to approach a business’sfuture, because we’ve been to the placewhere it began. It’s ideas – big, longheld ornot-yet-imagined – brought to lifewhen professional becomes personal. Relationships are where our firm started, andthey’re still the purpose driving us forward andsolidifying our strength. Caring about clients – understanding their uniqueperspectives, envisioning their biggest goalsalongside them, imagining all the ways an ambitionor an institution could grow – makes us moreproficient, more dynamic, more invested. It gives us a degree of human insight that amplifiesour professional rigor and broadens our alreadyrobust capabilities, creating the conditions forimpactful results. Simply, we’re professionals who are exceedinglycapable, but also deeply committed to connectingwith people – so that, together, we can pursuelimitless possibilities. In fiscal 2025, we generated record net revenues of $14.1 billionand record pre-tax income of $2.7 billion, representing 10%and 3% growth, respectively, over fiscal 2024. Additionally,we achieved a return on common equity of 17.7% and anadjusted return on tangible common equity of 21.3%(1)– bothstrong results particularly given our robust capital position.The fiscal year ended with total common equity attributable toRJF of $12.4 billion and book value per share of $62.72, whichincreased 7% and 10%, respectively, over September 2024. Ourcapital ratios remained well above regulatory requirements,with a total capital ratio of 24.1% and tier 1 leverage ratio of13.1% at the end of the year, providing significant flexibility tocontinue being opportunistic and investing in growth. Built on a foundation forged in long-term,disciplined management and guided byour core values, Raymond James againdelivered record results in fiscal 2025,reflecting the unwavering commitment ofadvisors, bankers and our associates toproviding exceptional service to clients. At the heart of our collective success, building and nurturingmeaningful personal relationships with clients and eachother remains essential to the long-term prosperity of clients,our financial professionals and associates, and the firm.Our enduring values – always putting clients first, makingdecisions for the long term, having integrity and valuingindependence – continue to guide every decision we makeand position us for sustainable growth. Over the long term, our capital deployment priorities remainunwavering: investing in organic growth, which we believedelivers the best returns for our shareholders over time;selectively making acquisitions; paying an ongoing dividend;and repurchasing our common stock. The firm returned morethan $1.5 billion to shareholders through the combination ofcommon stock dividends and share repurchases. The quarterlycommon stock dividend increased in the year approximately11% to $0.50 per share and we repurchased 7.4 million sharesfor $1.1 billion, an average price of approximately $148 pershare. Subsequent to the fiscal year end, the board approvedan 8% increase of the quarterly dividend on our common stockto $0.54 per share and a share repurchase authorization of upto $2 billion, which replaces the previous authorization under This year, we celebrated 150 consecutive quarters ofprofitability and continued that trend through the fourthquarter. Since our founding, Raymond James has remainedresilient, thriving in strong markets and navigating periods ofvolatility … whether global market uncertainty or regulatoryshifts. Our long-term record of profitability illustrates thestrength and adaptability of our diverse and complementarybusinesses, and stands as a testament to our values andlong-term focus. in millions, except per share amounts needs of their most sophisticated clients. About 370 advisorshave completed our Private Wealth Advisor program, whichcontinues to attract strong interest due to its client benefitsand contribution to business growth. Recognizing the growingdemand and importance for private investment productalternatives for high-net-worth clients, we are actively expandingour support for alternative investments. This includes theaddition of nearly 40 new products to our catalogue, enhancingboth advisor capabilities and client experience. RaymondJames maintains a strategic focus on delivering a best-in-classcomprehensive suite of investment options. which $105 million remained available as of December 2, 2025.We are committed to driving long-term growth and deployingexcess capital to generate attractive returns for shareholders. Reviewing our segment results, the Private Client Group(PCG), our largest business, generated record net revenues of$10.2 billion, an increase of 8% over fiscal 2024, and pre-taxincome of $1.7 billion, a 4% decline compared to fiscal 2024.Despite the impacts of lower short-term interest r