Raymond James sets 20%+ pre-tax margin target, reports $54B H1 net new assets

Filed May 27, 2026 · Period ending May 27, 2026 · ~1 min read

Key Changes

• high

  Firm targets 20% adjusted pre-tax margin and 20%+ adjusted return on tangible common equity, assuming current markets, mid-single digit investment banking growth, and continued advisor recruiting.

  Exhibit 99.1 verify on EDGAR →
• high

  Private Client Group added $54 billion in domestic net new assets in the first six months of fiscal 2026, with 9,076 advisors managing $1.7 trillion in client assets (61% fee-based).

  Exhibit 99.1 verify on EDGAR →
• high

  Since fiscal 2020, the company generated $10.8 billion in net income, returning 57% to shareholders ($2.1B dividends, $4.1B buybacks) and investing 43% in growth.

  Exhibit 99.1 verify on EDGAR →