Financial services firm Raymond James Financial (NYSE: RJF) reported revenue ahead of Wall Street’s expectations in Q1 CY2026, with sales up 25.2% year on year to $4.26 billion. Its non-GAAP profit of $2.83 per share was 2.5% above analysts’ consensus estimates.

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Company Overview

Founded in 1962 and headquartered in St. Petersburg, Florida, Raymond James Financial (NYSE: RJF) is a diversified financial services company that provides wealth management, investment banking, asset management, and banking services to individuals and institutions.

Revenue Growth

Examining a company’s long-term performance can provide clues about its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Thankfully, Raymond James’s 12.2% annualized revenue growth over the last five years was solid. Its growth beat the average financials company and shows its offerings resonate with customers, a helpful starting point for our analysis.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Raymond James’s annualized revenue growth of 11.8% over the last two years aligns with its five-year trend, suggesting its demand was predictably strong. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Raymond James reported robust year-on-year revenue growth of 25.2%, and its $4.26 billion of revenue topped Wall Street estimates by 13%.

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Tangible Book Value Per Share (TBVPS)

Financial firms generate earnings through diverse intermediation activities, making them fundamentally balance sheet-driven enterprises. Investors focus on balance sheet quality and consistent book value compounding when evaluating these multifaceted financial institutions.

This explains why tangible book value per share (TBVPS) is a premier metric for the sector. TBVPS provides concrete per-share net worth that investors can trust when evaluating companies with complex, multi-faceted business models. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to the complexity of multiple business lines, M&A activity, or accounting rules that vary across different financial services segments.

Raymond James’s TBVPS grew at a solid 11% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 12.6% annually over the last two years from $43.46 to $55.14 per share.

Tangible Book Value Per Share (TBVPS)

Financial firms are valued based on their balance sheet strength and ability to compound book value across diverse business lines.

When analyzing this sector, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value and provides insight into the institution’s capital position across diverse operations. EPS can become murky due to the complexity of multiple revenue streams, acquisition impacts, or accounting flexibility across different financial services, and book value resists financial engineering manipulation.

Raymond James’s TBVPS grew at a solid 11% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 12.6% annually over the last two years from $43.46 to $55.14 per share.

Key Takeaways from Raymond James’s Q1 Results

We were impressed by how significantly Raymond James blew past analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $154.50 immediately after reporting.

Big picture, is Raymond James a buy here and now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).