REVENUES (Tables)

3 Months Ended

Dec. 31, 2025

Revenues [Abstract]

Disaggregation of Revenue

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments.

	Three months ended December 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,693	$	—	$	316	$	—	$	(10)	$	1,999
Brokerage revenues:
Securities commissions:
Mutual and other fund products	164		2		1		—		—		167
Insurance and annuity products	132		—		—		—		—		132
Equities, exchange-traded funds (“ETFs”) and fixed income products	144		46		—		—		(3)		187
Subtotal securities commissions	440		48		1		—		(3)		486
Principal transactions (1)	30		93		—		4		(1)		126
Total brokerage revenues	470		141		1		4		(4)		612
Account and service fees:
Mutual fund and other investment products	142		1		4		—		(1)		146
RJBDP fees	289		1		—		—		(189)		101
Client account and other fees	71		2		2		—		(14)		61
Total account and service fees	502		4		6		—		(204)		308
Investment banking:
Merger & acquisition and advisory	—		119		—		—		—		119
Equity underwriting	8		31		—		—		—		39
Debt underwriting	—		50		—		—		—		50
Total investment banking	8		200		—		—		—		208
Other:
Affordable housing investments business revenues	—		31		—		—		—		31
All other (1)	4		—		—		13		(6)		11
Total other	4		31		—		13		(6)		42
Total non-interest revenues	2,677		376		323		17		(224)		3,169
Interest income (1)	114		28		3		831		31		1,007
Total revenues	2,791		404		326		848		(193)		4,176
Interest expense	(23)		(24)		—		(361)		(33)		(441)
Net revenues	$	2,768	$	380	$	326	$	487	$	(226)	$	3,735

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

	Three months ended December 31, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,476	$	—	$	282	$	—	$	(15)	$	1,743
Brokerage revenues:
Securities commissions:
Mutual and other fund products	152		2		1		—		(1)		154
Insurance and annuity products	118		—		—		—		—		118
Equities, ETFs and fixed income products	133		38		1		—		(4)		168
Subtotal securities commissions	403		40		2		—		(5)		440
Principal transactions (1)	30		86		—		3		—		119
Total brokerage revenues	433		126		2		3		(5)		559
Account and service fees:
Mutual fund and other investment products	126		—		4		—		—		130
RJBDP fees	331		1		—		—		(188)		144
Client account and other fees	70		3		2		—		(7)		68
Total account and service fees	527		4		6		—		(195)		342
Investment banking:
Merger & acquisition and advisory	—		226		—		—		—		226
Equity underwriting	8		35		—		—		—		43
Debt underwriting	—		56		—		—		—		56
Total investment banking	8		317		—		—		—		325
Other:
Affordable housing investments business revenues	—		29		—		—		—		29
All other (1)	5		1		—		8		(4)		10
Total other	5		30		—		8		(4)		39
Total non-interest revenues	2,449		477		290		11		(219)		3,008
Interest income (1)	126		29		4		847		21		1,027
Total revenues	2,575		506		294		858		(198)		4,035
Interest expense	(27)		(26)		—		(433)		(12)		(498)
Net revenues	$	2,548	$	480	$	294	$	425	$	(210)	$	3,537

(1)    These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.