On this page of StockholderLetter.com we present the latest annual shareholder letter from RAYMOND JAMES FINANCIAL INC — ticker symbol RJF. Reading current and past RJF letters to shareholders can bring important insights into the investment thesis.

 •  1/8/2025 Letter Continued (Full PDF)
 •  1/11/2023 RJF Stockholder Letter
 •  1/8/2024 RJF Stockholder Letter
 •  More "Investment Brokerages" Category Stockholder Letters
 •  RJF Benford's Law Stock Score = 89

RJF Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT 2024
D E E P R O OTS
ENDURING GROWTH

DEEP ROOTS
CONTENTS
4
9
10
12
MESSAGE FROM
THE CHAIR
AND CEO
2024
AT-A-GLANCE
OUR MISSION
AND VALUES
THE YEAR
IN REVIEW
20
24
26
27
CORPORATE
LEADERSHIP
10-YEAR FINANCIAL
SUMMARY
CORPORATE AND
SHAREHOLDER
INFORMATION
ANNUAL REPORT
ON FORM 10-K

ANNUAL REPORT 2024
When a company   s roots run deep,
change becomes more than an
inevitability or something to simply
prepare for.
Change can be a challenge, but from
a position of steady strength, it can
also be a choice. Something we
shape, for our own firm and
for the industry around us.
ENDURING GROWTH
Because the purpose and principles
of Raymond James are firmly
planted, we can weather uncertainty,
but more important, we can
determine the ways we grow into
the future     how fast, how far,
how broadly and with whom.
In 2024, we announced and
implemented changes that were
years in the making.
3

A MESSAGE FROM OUR CHAIR
AND CHIEF EXECUTIVE OFFICER
F
or over six decades, Raymond James has steadfastly
upheld our core values: putting clients first, acting
with integrity, valuing independence and thinking
long-term. These principles are not just words on a page;
they are embodied daily by our advisors and associates.
Despite higher interest costs and a challenging capital
markets backdrop, we achieved record net revenues and
earnings in fiscal 2024, driven by rising equity markets and
strong organic growth. Once again, our record results in
varied market environments showcase the strength of our
Private Client Group (PCG), which is balanced by diverse and
complementary businesses.
Record net revenues of $12.8 billion increased 10%, record
In fiscal 2024, Raymond James achieved our fourth
consecutive year with record results. Our strong financial
results were driven by record revenues and pre-tax income in
the Private Client Group and Asset Management segments.
above regulatory requirements, with a total capital ratio
(1)
4
pre-tax income of $2.6 billion increased 16% and record net
income available to common shareholders of $2.06 billion
increased 19% compared to fiscal 2023.
Additionally, we generated a return on common equity of
18.9% and an adjusted return on tangible common equity of
23.3%(1)     both strong results particularly given our robust
capital position. We ended the year with total common
equity attributable to RJF of $11.6 billion and book value per
share of $57.03, which increased 14% and 17%, respectively,
over September 2023. Our capital ratios remained well
of 24.1% and tier 1 leverage ratio of 12.8% at the end of
the year, providing significant flexibility to continue being
opportunistic and investing in growth.
Adjusted return on tangible common equity is a non-GAAP financial measure. Please see the    Reconciliation of non-GAAP financial measures to GAAP financial
measures    in    Part II, Item 7     Management   s discussion and analysis of financial condition and results of operations    of our 2024 Form 10-K for a reconciliation
of this measure to the most directly comparable GAAP measure and other required disclosures.
ANNUAL REPORT 2024

   Our values are
not just words on
a page. They are
embodied daily by
our advisors and
associates.   
In fiscal 2024, the firm returned $1.3 billion to shareholders through the combination of
common stock dividends and share repurchases. The quarterly common stock dividend
increased in the year approximately 7% to $0.45 per quarter and we repurchased
7.7 million shares for $900 million, an average price of approximately $117 per share.
Subsequent to the fiscal year end, the board approved an 11% increase of the quarterly
dividend on our common stock to $0.50 per share and a share repurchase authorization
of up to $1.5 billion, which replaces the previous authorization under which $644 million
remained available. Over the long term, our capital deployment priorities remain
steadfast: investing in organic growth, which we believe delivers the best returns for our
shareholders over time; selectively making acquisitions; paying an ongoing dividend;
and repurchasing our common stock. We are committed to driving long-term growth
and deploying excess capital to generate attractive returns for our shareholders.
PAUL REILLY,
CEO AND CHAIR
OF THE BOARD
Reviewing our segment results, the Private Client Group, our largest business,
generated record net revenues of $9.5 billion, an increase of 9% over fiscal 2023,
and record pre-tax income of $1.8 billion, a 1% increase over fiscal 2023. Record net
revenues were driven primarily by higher client asset levels. Fiscal 2024 concluded
with PCG assets under administration of $1.5 trillion and PCG assets in fee-based
accounts of $875 billion, up 25% and 28%, respectively, compared to the end of fiscal
2023. In addition to higher equity markets, client assets were boosted by strong net
inflows, which included healthy domestic PCG net new assets of $61 billion, or 5.5% of
beginning-of-period assets, driven by strong financial advisor retention and recruiting.
We ended the year with nearly 8,800 financial advisors affiliated with the firm. Despite
a competitive environment, our regrettable attrition remained very low in fiscal 2024.
Meanwhile, financial advisors totaling approximately $335 million of trailing 12-month
production and approximately $57 billion of assets at their prior firms joined Raymond
James    domestic employee and independent contractor channels during the year. Our
recruiting pipeline is strong across all affiliation options as our client-first values and
leading technology, product, and service offerings continue to resonate with current
and prospective advisors.
Fiscal year financial highlights
in millions, except per share amounts
Net Revenues
Net Income Available to Common Shareholders
Earnings per Common Share (Diluted)
Total Common Equity Attributable to RJF
Common Shares Outstanding
Book Value per Share
2024
2023
% CHANGE
$12,821
$2,063
$9.70
$11,619
$1,733
$7.97
10 %
19 %
22 %
$11,594
203.3
$57.03
$10,135
208.8
$48.54
14 %
(3) %
17 %
ALL DATA AS OF FISCAL YEAR ENDED SEPTEMBER 30, 2024
DEEP ROOTS

ENDURING GROWTH
5



 1/8/2025 Letter Continued (Full PDF)