Raymond James Financial Inc

Record performance across the firm (good) - Q4 FY2026: Record net revenues $4.27B (+15% YoY); pretax income $862M (+18% YoY); net income $666M; EPS (diluted) $3.40 and adjusted EPS $3.59. - Full year FY2026: Company emphasized record net revenues and record net income, marking the 6th consecutive year of record annual results (key signal of sustained execution and diversification).

Private Client Group (PCG) momentum + adviser satisfaction (good/surprising) - PCG Q4: Pretax income $458M on record net revenues $3.06B (+15% YoY), driven by higher AUA/AAU (assets under administration) from market appreciation, retention, and net new assets. - Client assets: Record quarter-end PCG client assets $1.87T (+12% YoY); up 1% QoQ. - Net new assets (full-year domestic): $98B, +88% YoY; 6.4% of beginning-of-year assets. - Recruiting strength: Trailing-12-month production from recruited advisers $538M and $82B client assets at prior firms. - Adviser service surprise: Satisfaction survey hit all-time high 96%, with 87% reporting improvement over already-strong levels.

Capital Markets: strong Investment Banking; headwinds in fixed income (mixed/negative) - Q4 Capital Markets: Net revenues $549M; pretax income $106M. - Drivers: Higher M&A/advisory activity and affordable housing investment business seasonality/strength. - Headwind: Lower fixed income brokerage revenues due to rising rates and higher market volatility, particularly municipal securities pressure. - Investment Banking theme: Management calls the pipeline strong and says they’re well positioned for future growth, supported by continued platform investment.