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CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)
 12 Months Ended
Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)
As more fully described in Note 1, RJF (or the “Parent”) is a financial holding company whose subsidiaries are engaged in various financial services activities. The Parent’s primary activities include investments in subsidiaries and corporate investments, including cash management, company-owned life insurance policies and private equity investments. The primary source of operating cash available to the Parent is provided by dividends from its subsidiaries.

The broker-dealer subsidiaries of the Parent, including RJ&A our principal domestic broker-dealer, and certain other subsidiaries are required to maintain a minimum amount of net capital due to regulatory requirements. RJ&A is further required by certain covenants in its borrowing agreements to maintain minimum net capital equal to 10% of aggregate debit balances. At September 30, 2024, each of these subsidiaries exceeded their minimum net capital requirements (see Note 24 for additional information).

Of the Parent’s net assets as of September 30, 2024, approximately $128 million of its investment in RJ&A, Raymond James Financial Services, Inc., and SumRidge Partners, LLC was available for distribution to the Parent without further regulatory approvals. As of September 30, 2024, approximately $3.9 billion of the net assets of our U.S. broker-dealer subsidiaries and bank subsidiaries were restricted from distribution to the Parent due to regulatory or other restrictions without prior approval of the respective entity’s regulator. In addition, a large portion of our non-U.S. subsidiaries’ net assets was held to meet regulatory requirements and was not available for use by the Parent.
Cash and cash equivalents of $2.16 billion and $2.08 billion as of September 30, 2024 and 2023, respectively, were held directly by RJF in depository accounts at third-party financial institutions, unrestricted cash held in depository accounts at Raymond James Bank, or were loaned by the Parent to RJ&A, which RJ&A had invested on behalf of RJF, or otherwise deployed in its normal business activities. The loan to RJ&A, which totaled $1.43 billion and $1.39 billion as of September 30, 2024 and 2023, respectively, is included in “Intercompany receivables from subsidiaries” in the following table. RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $298 million and $294 million as of September 30, 2024 and 2023, respectively. The portion of this total that was available on demand without restrictions, which amounted to $253 million and $240 million as of September 30, 2024 and 2023, is included in “Cash and cash equivalents” in the following table.

See Notes 16, 17, 19 and 24 for additional information regarding borrowings, commitments, contingencies and guarantees, and regulatory capital requirements of the Parent and its subsidiaries.

In the following tables, “bank subsidiaries” refers to Raymond James Bank and TriState Capital Bank, including its holding company which is a subsidiary of RJF. The following table presents the Parent’s statements of financial condition.
September 30,
$ in millions20242023
Assets:
Cash and cash equivalents $761 $717 
Assets segregated for regulatory purposes and restricted cash ($1 and $1 at fair value)
46 43 
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)1,682 1,590 
Investments in consolidated subsidiaries:
Bank subsidiaries4,829 4,124 
Non-bank subsidiaries6,322 5,787 
Goodwill and identifiable intangible assets, net68 32 
All other 1,418 1,090 
Total assets$15,126 $13,383 
Liabilities and equity:
Accrued compensation, commissions and benefits$1,168 $879 
Intercompany payables to subsidiaries:
Bank subsidiaries— 7 
Non-bank subsidiaries8 34 
Senior notes payable2,040 2,039 
All other237 210 
Total liabilities3,453 3,169 
Equity11,673 10,214 
Total liabilities and equity$15,126 $13,383 
The following table presents the Parent’s statements of income.
Year ended September 30,
$ in millions202420232022
Revenues:
Dividends from non-bank subsidiaries$911 $874 $2,002 
Dividends from bank subsidiaries500 375 60 
Interest from subsidiaries98 84 23 
Interest income25 20 3 
All other21 18 17 
Total revenues1,555 1,371 2,105 
Interest expense(94)(93)(93)
Net revenues1,461 1,278 2,012 
Non-interest expenses:
Compensation, commissions and benefits
96 86 98 
Non-compensation expenses:
Communications and information processing8 9 6 
Occupancy and equipment1 1 1 
Business development23 21 20 
Intercompany allocations and charges7 2 (8)
Professional fees
7 7 17 
Other38 3 47 
Total non-compensation expenses84 43 83 
Total non-interest expenses180 129 181 
Pre-tax income before equity in undistributed net income of subsidiaries
1,281 1,149 1,831 
Income tax benefit(98)(35)(20)
Income before equity in undistributed net income of subsidiaries1,379 1,184 1,851 
Equity in undistributed net income of subsidiaries (1)
689 555 (342)
Net income2,068 1,739 1,509 
Preferred stock dividends5 6 4 
Net income available to common shareholders$2,063 $1,733 $1,505 

(1)The year ended September 30, 2022 included significant dividends from RJ&A to RJF, which were in excess of net income for the period.
The following table presents the Parent’s statements of cash flows.
Year ended September 30,
$ in millions202420232022
Cash flows from operating activities:
Net income$2,068 $1,739 $1,509 
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain)/loss on investments
(1)2 1 
Unrealized (gain)/loss on company-owned life insurance policies, net of expenses(224)(95)159 
Equity in undistributed net income of subsidiaries(689)(555)342 
Other148 158 161 
Net change in:
Intercompany receivables(54)1 (23)
Other assets— 93 40 
Intercompany payables(47)24 (18)
Other payables45 34 3 
Accrued compensation, commissions and benefits289 164 (82)
Net cash provided by operating activities1,535 1,565 2,092 
Cash flows from investing activities:
Investments in subsidiaries, net
(50)(149)(1,092)
(Advances to)/repayments from subsidiaries, net(66)(40)(723)
Investment in note receivable— — (125)
Proceeds from sales of investments— — 7 
Purchase of investments in company-owned life insurance policies, net(51)(65)(63)
Net cash (used in) investing activities
(167)(254)(1,996)
Cash flows from financing activities:
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements(984)(862)(216)
Dividends on common and preferred stock(383)(355)(277)
Redemption of preferred stock
— (40)— 
Exercise of stock options and employee stock purchases46 46 52 
Net cash used in financing activities(1,321)(1,211)(441)
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash47 100 (345)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year759 659 1,004 
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year$806 $759 $659 
Cash and cash equivalents$761 $717 $629 
Cash and cash equivalents segregated for regulatory purposes and restricted cash45 42 30 
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year$806 $759 $659 
Supplemental disclosures of cash flow information:
Cash paid for interest$94 $65 $117 
Cash paid for income taxes, net (1)
$40 $9 $24 
Common stock issued as consideration for TriState Capital acquisition$— $— $778 
Restricted stock awards issued as consideration for TriState Capital acquisition$— $— $28 
Preferred stock issued as consideration for TriState Capital acquisition$— $— $120 
Effective settlement of note receivable for TriState Capital acquisition$— $— $123