Raymond James Beats Q3 Revenue and EPS

Raymond James Financial beat expectations in Q3 CY2025, reporting $3.73 billion in revenue, up 7.7% year‑over‑year, and non‑GAAP EPS of $3.11. Net profit margin cooled to 15.2% from 16.1%, and earnings grew 3.4% year‑over‑year, below its five‑year pace. Management highlighted record scale and recruiting—8,943 advisors and $407 million of trailing‑12 production from recruited advisors, representing roughly $58 billion of client assets (about $68 billion including RIA and custody inflows)—which CEO Paul Shoukry likened to a 'medium‑sized acquisition.' Tangible book value per share rose to $54.12 (up 13.3% YoY), and the firm cited consistent share buybacks; analysts and management project longer‑term growth of roughly 9% earnings and 7.7% revenue annually. Investors should weigh recruitment‑led organic growth and buyback support against softer margins and slower near‑term earnings momentum.