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SEGMENT INFORMATION
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. The segments are determined based on the manner in which financial information is evaluated by management as well as the services provided and the distribution channels served. Our Chief Executive Officer is the firm’s chief operating decision maker (“CODM”). The CODM regularly reviews segment pre-tax income and its significant components in comparison to expected results as part of evaluating segment performance and determining how to allocate our resources. The financial results of our segments are presented using the same policies as those described in Note 2. Segment results include allocations of most corporate expenses to each segment. Refer to the following discussion of the Other segment for a description of the corporate expenses that are not allocated to segments. Intersegment revenues, expenses, receivables, and payables are eliminated upon consolidation.

The PCG segment provides financial planning, investment advisory, and securities transaction services in the U.S., Canada, and the U.K. for which we generally charge either asset-based fees or sales commissions. The PCG segment also earns revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products. The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose products we distribute and from banks to which we sweep a portion of our clients’ cash deposits as part of the RJBDP, our multi-bank sweep program. The segment also includes net interest earnings primarily on assets segregated for regulatory purposes, margin loans provided to clients, cash balances, and securities borrowing transactions, net of interest paid on client cash balances in the Client Interest Program and securities lending transactions. In the following table, “All other” non-interest expenses for our PCG segment primarily included communications and information processing expenses, occupancy and equipment expenses, business development expenses, and professional fees.

Our Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature that generally qualify for tax credits. We primarily conduct these activities in the U.S., Canada, and Europe. In the following table, “All other” non-interest expenses for our Capital Markets segment primarily included communications and information processing expenses, business development expenses, provisions for certain legal and regulatory matters, professional fees, and occupancy and equipment expenses.

Our Asset Management segment earns asset management and related administrative fees for providing asset management, portfolio management, and related administrative services to retail and institutional clients. This segment oversees a portion of our fee-based assets under administration for our PCG clients through our Asset Management Services division. This segment also provides asset management services through Raymond James Investment Management for certain retail accounts managed on behalf of third-party institutions, institutional accounts, and proprietary mutual funds that we manage. This segment also earns asset management and related administrative fees through services provided by Raymond James Trust, N.A. and Raymond James Trust Company of New Hampshire. In the following table, “All other” non-interest expenses for our Asset Management segment primarily included investment sub-advisory fees and communications and information processing expenses.

Our Bank segment provides various types of loans, including SBL, corporate loans, residential mortgage loans, and tax-exempt loans. This segment is active in corporate loan syndications and participations and lending directly to clients. This segment also provides FDIC-insured deposit accounts, including to clients of our broker-dealer subsidiaries, and other retail and corporate deposit and liquidity management products and services. This segment generates net interest income principally through the interest income earned on loans and an investment portfolio of available-for-sale securities, which is offset by the interest expense it pays on client deposits and on its borrowings. In the following table, “All other” non-interest expenses for our Bank segment primarily included RJBDP fees paid to PCG and communications and information processing expenses.

The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to operating segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.
The following table presents information concerning operations in these segments, inclusive of our acquisitions.
$ in millions
Private Client Group
Capital Markets
Asset Management
Bank
Other and intersegment eliminations
Total
Year ended September 30, 2025
Revenues:
Non-interest revenues (1)
$9,814 $1,758 $1,175 $61 $(890)$11,918 
Net interest income (2)
368 12 13 1,715 39 2,147 
Net revenues
10,182 1,770 1,188 1,776 (851)14,065 
Non-interest expenses:
Compensation, commissions and benefits
7,384 1,128 229 184 147 9,072 
Bank loan provision for credit losses— — — 37 — 37 
All other (1)
1,078 496 456 1,064 (852)2,242 
Total non-interest expense8,462 1,624 685 1,285 (705)11,351 
Total pre-tax income/(loss)
$1,720 $146 $503 $491 $(146)$2,714 
Year ended September 30, 2024
Revenues:
Non-interest revenues (1)
$9,098 $1,466 $1,013 $60 $(946)$10,691 
Net interest income361 6 14 1,656 93 2,130 
Net revenues
9,459 1,472 1,027 1,716 (853)12,821 
Non-interest expenses:
Compensation, commissions and benefits6,700 1,002 223 180 108 8,213 
Bank loan provision for credit losses— — — 45 — 45 
All other (1)
974 403 383 1,111 (951)1,920 
Total non-interest expense7,674 1,405 606 1,336 (843)10,178 
Total pre-tax income/(loss)
$1,785 $67 $421 $380 $(10)$2,643 
Year ended September 30, 2023
Revenues:
Non-interest revenues (1)
$8,299 $1,211 $875 $56 $(1,197)$9,244 
Net interest income355 3 10 1,957 $50 2,375 
Net revenues
8,654 1,214 885 2,013 $(1,147)11,619 
Non-interest expenses:
Compensation, commissions and benefits5,927 902 198 177 95 7,299 
Bank loan provision for credit losses— $— — 132 — 132 
All other (1)
964 403 336 1,333 $(1,128)1,908 
Total non-interest expense6,891 1,305 534 1,642 $(1,033)9,339 
Total pre-tax income/(loss)
$1,763 $(91)$351 $371 $(114)$2,280 

(1)“Non-interest revenues” and “All other” non-interest expenses for the PCG and Bank segments, respectively, included $754 million, $824 million, and $1.09 billion of RJBDP fees paid to PCG for the years ended September 30, 2025, 2024, and 2023, respectively. Such fees were eliminated in consolidation.
(2)Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reallocation of interest income from the Other segment to the PCG segment. Prior-period segment results have not been conformed to the current-period presentation.

No individual client accounted for more than 10% of revenues in any of the years presented.
The following table presents our total assets on a segment basis.
September 30,
$ in millions20252024
Total assets:
Private Client Group $14,007 $13,413 
Capital Markets 3,426 3,518 
Asset Management 632 616 
Bank65,263 62,367 
Other4,902 3,078 
Total$88,230 $82,992 

We have operations in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S.  The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.
 Year ended September 30,
$ in millions202520242023
Net revenues:  
U.S.$12,871 $11,728 $10,609 
Canada645 599 563 
Europe549 494 447 
Total net revenues
$14,065 $12,821 $11,619 
Pre-tax income/(loss):  
U.S.$2,608 $2,534 $2,193 
Canada122 125 108 
Europe(16)(16)(21)
Total pre-tax income
$2,714 $2,643 $2,280 

The following table presents our total assets by major geographic area in which they were held.
September 30,
$ in millions20252024
Total assets: 
U.S. $82,289 $77,033 
Canada3,182 3,347 
Europe2,759 2,612 
Total$88,230 $82,992