RJF · 10-Q · 2026Q2 · Full report

Capital Markets Performance

RAYMOND JAMES FINANCIAL INC · 2026-08-05 · Importance 59 · Surprise 48

Capital Markets net revenues increased 25% year over year to $477 million in the quarter and 5% to $1.32 billion for the first nine months. Investment banking revenue increased 40% in the quarter, driven by more completed mergers and acquisitions and advisory transactions, higher debt and equity underwriting activity, and larger individual transactions. Year-to-date investment banking revenue increased 4%, with stronger debt and equity underwriting partly offset by lower mergers and acquisitions and advisory revenue compared with the prior-year period. Equity brokerage revenue increased 8% in the quarter and 5% year to date as client activity improved.

Key facts

• Capital Markets segment net revenues for quarter ended June 30, 2026: $477 million, increased 25% year-over-year; pre-tax income $48 million versus prior-year pre-tax loss of $54 million source
• Capital Markets investment banking revenues increased $82 million, or 40%, in the quarter ended June 30, 2026 versus prior-year quarter source