Financial services firm Raymond James Financial (NYSE: RJF) missed Wall Street’s revenue expectations in Q4 CY2025, but sales rose 5.6% year on year to $3.74 billion. Its non-GAAP profit of $2.86 per share was 1.1% above analysts’ consensus estimates.
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Raymond James (RJF) Q4 CY2025 Highlights:
- Assets Under Management: $280.8 billion (15.1% year-on-year growth)
- Revenue: $3.74 billion vs analyst estimates of $3.77 billion (5.6% year-on-year growth, 0.9% miss)
- Pre-tax Profit: $728 million (19.5% margin)
- Adjusted EPS: $2.86 vs analyst estimates of $2.83 (1.1% beat)
- Tangible Book Value per Share: $54.82 vs analyst estimates of $54.76 (12.3% year-on-year growth, in line)
- Market Capitalization: $33.33 billion
Company Overview
Founded in 1962 and headquartered in St. Petersburg, Florida, Raymond James Financial (NYSE: RJF) is a diversified financial services company that provides wealth management, investment banking, asset management, and banking services to individuals and institutions.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can have short-term success, but a top-tier one grows for years. Luckily, Raymond James’s revenue grew at a solid 11.7% compounded annual growth rate over the last five years. Its growth surpassed the average financials company and shows its offerings resonate with customers, a great starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Raymond James’s annualized revenue growth of 9.7% over the last two years is below its five-year trend, but we still think the results were respectable. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Raymond James’s revenue grew by 5.6% year on year to $3.74 billion, missing Wall Street’s estimates.
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Tangible Book Value Per Share (TBVPS)
Financial institutions manage complex balance sheets spanning various financial activities. Valuations reflect this complexity, emphasizing balance sheet quality and long-term book value compounding across multiple revenue streams.
When analyzing this sector, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value and provides insight into the institution’s capital position across diverse operations. Traditional metrics like EPS are helpful but face distortion from the complexity of diversified operations, M&A activity, and various accounting rules that can obscure true performance across multiple business lines.
Raymond James’s TBVPS grew at a solid 11.6% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 14% annually over the last two years from $42.19 to $54.82 per share.
Tangible Book Value Per Share (TBVPS)
Financial firms profit by providing a wide range of services, making them fundamentally balance sheet-driven enterprises with multiple intermediation roles. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these multifaceted institutions.
This is why we consider tangible book value per share (TBVPS) an important metric for the sector. TBVPS represents the real net worth per share across all business segments, providing a clear measure of shareholder equity regardless of the complexity of operations. EPS can become murky due to the complexity of multiple revenue streams, acquisition impacts, or accounting flexibility across different financial services, and book value resists financial engineering manipulation.
Raymond James’s TBVPS grew at a solid 11.6% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 14% annually over the last two years from $42.19 to $54.82 per share.
Key Takeaways from Raymond James’s Q4 Results
We struggled to find many positives in these results. Overall, this was a weaker quarter. The stock traded down 4.3% to $161 immediately following the results.
Should you buy the stock or not? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
