RJFMEDIUM SIGNALFINANCIAL10-K

Raymond James reduced share buybacks by roughly half while growing operating cash flow and expanding client assets under administration across both major segments.

The substantial reduction in share buybacks to $128M suggests management is either preserving capital for strategic investments or responding to valuation concerns, despite healthy cash flow generation. The company continues to demonstrate operational strength with growing advisor headcount and expanding client assets, indicating solid business momentum in wealth management operations.

Comparing 2025-11-25 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS

Raymond James delivered solid operational performance with operating cash flow growing to $2.4B, reflecting strong underlying business fundamentals. However, management significantly reduced capital returns to shareholders through share buybacks, cutting the program roughly in half to $128M. This shift in capital allocation strategy, combined with continued business expansion evidenced by growing advisor networks and client assets, suggests management may be positioning for future opportunities while maintaining financial flexibility.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-52.9%
$272.0M→$128.0M

Buyback activity reduced 52.9% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+12.9%
$2.2B→$2.4B

Operating cash flow grew 12.9% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-26
ADDED
Form 10-K summary 168 Signatures 169 2 RAYMOND JAMES FINANCIAL, INC.
The firm also provides corporate and retail banking services and trust services.
) and, to a lesser extent, in Canada, the United Kingdom ( UK ), and other parts of Europe.
Total client assets under administration ( AUA ) in our PCG segment as of September 30, 2025 were $1.67 trillion, of which $1.01 trillion related to fee-based accounts ( fee-based AUA ).
We had 8,943 employee and independent contractor financial advisors affiliated with us as of September 30, 2025.
AUA associated with firms in our RCS division totaled $217.3 billion as of September 30, 2025.
We recognize revenue from providing the following products and services through this segment: Asset management and related administrative fees We earn asset management and related administrative fees in this segment for performing asset management, portfolio management, and related investment services for retail clients for assets invested in fee-based accounts.
Brokerage revenues We earn revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products.
We also earn commissions for executing and clearing transactions for clients, primarily in listed and over-the-counter equity securities, including exchange-traded funds ( ETFs ), options, and fixed income products.
Such revenues are primarily earned for services performed for retail clients whose assets are invested in brokerage accounts.
REMOVED
Form 10-K summary 175 Signatures 176 2 RAYMOND JAMES FINANCIAL, INC.
The firm also provides corporate and retail banking services, and trust services.
) and, to a lesser extent, in Canada, the United Kingdom ( U.K.
Total client assets under administration ( AUA ) in our PCG segment as of September 30, 2024 were $1.51 trillion, of which $875.2 billion related to fee-based accounts ( fee-based AUA ).
We had 8,787 employee and independent contractor financial advisors affiliated with us as of September 30, 2024.
AUA associated with firms in our RCS division totaled $180.7 billion as of September 30, 2024.
We provide the following products and services through this segment: Investment services for which we charge sales commissions or asset-based fees based on established schedules.
Portfolio management services for which we charge either a fee computed as a percentage of the assets in the client s account or a flat periodic fee.
Support to third-party mutual fund and annuity companies, including sales and marketing support, distribution, and accounting and administrative services.
Administrative services to banks to which we sweep a portion of our clients cash deposits as part of the Raymond James Bank Deposit Program ( RJBDP ), our multi-bank sweep program.
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