Raymond James Financial Inc

Record performance + strong profitability (good) - Q3 FY26 results: record quarterly revenues of $3.93B (+16% YoY), pretax income $750M (+33% YoY), and EPS $3.01 (diluted, record); adjusted EPS $3.14. - Margins/ROE: adjusted pretax margin 19.9% (in line with guidance ~20%); annualized ROE 18.8% and annualized adjusted ROTCE 23.5%. - Through first 9 months, the firm is on a pace to exceed prior-year records.

Client asset growth + adviser recruiting momentum (good/surprising in scale) - PCG client AUA/AUA record: $1.86T (+18% YoY; +9% QoQ). - Net new assets (domestic): $21.7B in the quarter (~5.5% annualized growth rate). - Recruiting remains exceptional: recruited advisers with $156M trailing-12 production and ~$23B client assets during the quarter; $393M production / $56B assets in the first 9 months. - Adviser satisfaction is very high: 97% satisfaction (management cites best-in-industry). - Impact: growth strategy appears to be working across multiple affiliation options (not reliant on one channel).

AI rollout is live—adoption strong, but productivity impact still unquantified (opportunity + uncertainty) - Completed enterprise rollout of “Raymond” AI assistant (full rollout June 15). - By call time: 6,500 unique users and 99.5% satisfaction; also launched an AI Academy with ~20,000 users completing training. - Management’s stance: AI will not replace advisers; advisers using AI will replace those who don’t. - Costs: firm is investing as part of > $1.1B annual technology spend (explicitly framed as disciplined). - Uncertainty (important): leadership says it’s too early to quantify productivity uplift or cost savings—investors should expect execution/ROI measurement to come later.