Raymond James Financial, Inc.

Strong financial performance (records) + capital strength - Fiscal Q3’26 net revenues: $3.93B, +16% YoY and +2% QoQ; pretax income: $750M (+33% YoY; +2% QoQ). - Net income to common: $595M; EPS (diluted): $3.01; adjusted EPS: $3.14 (record). - Profitability: adjusted pretax margin 19.9% (~20% guidance); annualized ROE 18.8%, annualized adjusted ROTCE 23.5%. - Balance sheet/capital: Tier 1 leverage 11.7%; excess liquidity/capital with about $1.5B excess capital capacity before reaching a 10% Tier 1 target.

Wealth franchise momentum: adviser recruiting, retention focus, and AUA growth - Private Client Group client assets at quarter end: $1.86T, +9% QoQ and +18% YoY (record). - Domestic net new assets (NNA): $21.7B in Q3, 5.5% annualized growth rate—management emphasized this is supported by robust adviser recruiting pipeline plus high retention. - CEO highlighted adviser satisfaction ~97% (best in industry claim) as the “foundation” for sustainable organic growth. - Surprising/positive: recruiting remains strong and described as broad-based across multiple affiliation options/channels (not dependent on a single catalyst).

Technology/AI rollout: early adoption signals are very positive, but monetization is not quantified - Completed full rollout of Raymond (AI assistant); June 15 full rollout with 6,500 unique users by the call date and 99.5% satisfaction; plus an AI Academy with ~20,000 trained/completed across modules. - Strategy: use AI to free advisers/associates from administrative work to deepen client relationships. - Forecast/expectation: firm said it’s too early to size productivity uplift or cost-down benefit into a percentage—expect significant impact long-term, but near-term quantification is not provided. - Risk/challenge: AI investment costs exist; management said they’re closely managing model/usage costs but did not give a numerical ROI or expense reduction target.