Cash Flow Statement

Operating Cash Flow

-71%

10Y

+76%

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	79	70	79	76	72	75	86	96	124	130	128	143	134	137	151	157	184	208	214	229	227	238	250	247	247	249	235	235	186	159	153	140	184	202	228	267	292	279	278	264	252	282	296	315	326	333	367	398	423	461	480	490	499	509	502	482	495	487	529	570	557	614	636	608	739	787	857	987	1 005	1 032	1 034	1 053	961	874	818	862	1 048	1 183	1 403	1 537	1 505	1 499	1 509	1 572	1 676	1 744	1 739	1 728	1 777	1 900	2 068	2 170	2 189	2 133	2 135	2 098
Depreciation & Amortization	28	27	23	23	23	20	18	17	17	17	17	18	17	16	18	18	19	20	19	20	21	21	23	24	25	27	28	29	31	33	35	38	42	39	40	37	35	40	40	41	41	48	51	58	64	62	66	67	66	66	64	64	66	67	68	70	70	71	72	74	78	81	84	87	90	94	99	102	105	108	112	116	117	119	119	121	125	128	134	137	139	142	145	150	157	163	165	167	171	174	179	184	186	190	195	197
Change in Deffered Taxes	13	(8)	(16)	(25)	(20)	(23)	(15)	(8)	(10)	(4)	(5)	(1)	(9)	(10)	(15)	(9)	(4)	(14)	(6)	(9)	(10)	(2)	(12)	(16)	(12)	9	32	18	20	(14)	(45)	(51)	(70)	(51)	(26)	(21)	(13)	(33)	(6)	2	10	21	2	15	12	17	(32)	(38)	(55)	(57)	(35)	(35)	(38)	(33)	(24)	(13)	(11)	(33)	(59)	(55)	(84)	(82)	(12)	98	131	144	117	2	11	(4)	(23)	(13)	(36)	(14)	(39)	(37)	2	(50)	(37)	(41)	(52)	10	(16)	(5)	(32)	(61)	(88)	(122)	(110)	(94)	(83)	(39)	(11)	(59)	(52)	(52)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	10	15	30	21	23	25	37	36	32	21	42	32	39	50	32	42	44	44	42	45	45	43	41	43	44	50	56	56	59	62	62	65	66	65	70	71	73	75	71	71	74	75	79	89	91	94	109	114	110	108	99	98	108	112	112	118	121	121	120	120	120	126	132	154	167	178	192	208	221	235	237	246	246	246	254	257	254	252	254	240
Other Non-Cash Items	(308)	(306)	45	(216)	(125)	(365)	54	11	(155)	171	47	(504)	32	(78)	60	(175)	(543)	(653)	53	302	787	823	45	527	71	72	107	111	176	192	216	212	151	175	138	114	113	138	104	96	72	39	(154)	(145)	(146)	(164)	75	56	66	45	77	87	99	98	99	130	140	132	98	106	200	242	155	137	40	49	160	263	241	215	245	132	413	429	480	451	155	199	141	176	331	491	549	550	475	347	394	351	262	189	28	165	278	255	263	212
Cash Taxes Paid	53	47	43	61	59	55	64	61	79	99	76	84	98	77	114	101	102	121	130	136	155	168	177	172	176	0	135	210	218	233	138	145	165	161	161	159	170	195	194	198	186	164	177	177	149	185	190	257	286	316	319	308	349	373	379	346	294	278	304	284	324	337	349	344	287	297	231	232	336	334	390	389	378	297	246	304	318	379	437	382	482	488	524	525	620	674	565	576	549	577	664	649	664	626	651	661
Cash Interest Paid	156	119	77	64	49	55	49	46	53	43	48	63	81	102	117	140	173	221	294	349	401	452	498	540	544	0	397	548	437	445	59	31	49	45	60	63	62	61	55	58	59	71	92	107	109	121	107	104	103	102	101	104	104	106	106	106	109	112	114	119	135	120	156	152	163	190	201	235	264	282	283	260	228	193	164	160	148	159	145	151	145	169	323	498	730	1 044	1 310	1 593	1 876	2 027	2 119	2 119	2 018	1 938	1 853	1 777
Change in Working Capital	109	141	(77)	154	95	228	132	83	238	118	(286)	531	79	226	127	134	429	462	(282)	(666)	(1 002)	(1 240)	142	(5)	314	437	(175)	31	(87)	135	16	(376)	(153)	(376)	(1 401)	(67)	(263)	(373)	1 141	(77)	121	294	196	408	243	341	183	(44)	117	182	(78)	125	130	(119)	253	239	(233)	(263)	(1 214)	(709)	(231)	(60)	(988)	(1 441)	(1 555)	(2 303)	(349)	(667)	(1 064)	(792)	(791)	(390)	2 045	1 925	2 676	4 015	497	2 063	5 006	647	2 838	6 951	(2 115)	(3 044)	(4 794)	(10 639)	(5 724)	(1 959)	(920)	(90)	(37)	(38)	(474)	(371)	(107)	(861)
Cash from Operating Activities	(80) N/A	(77) +5%	54 N/A	10 -81%	44 +329%	(66) N/A	276 N/A	198 -28%	214 +8%	432 +102%	(100) N/A	186 N/A	254 +36%	291 +15%	340 +17%	126 -63%	84 -33%	23 -72%	(2) N/A	(124) -7 165%	24 N/A	(160) N/A	449 N/A	778 +73%	645 -17%	793 +23%	227 -71%	424 +87%	326 -23%	505 +55%	374 -26%	(38) N/A	155 N/A	(12) N/A	(1 021) -8 630%	330 N/A	164 -50%	50 -69%	1 558 +2 992%	326 -79%	495 +52%	684 +38%	391 -43%	649 +66%	498 -23%	589 +18%	660 +12%	438 -34%	617 +41%	698 +13%	508 -27%	731 +44%	755 +3%	522 -31%	899 +72%	908 +1%	461 -49%	394 -15%	(573) N/A	(14) +98%	520 N/A	795 +53%	(125) N/A	(510) -308%	(554) -9%	(1 229) -122%	884 N/A	687 -22%	298 -57%	559 +88%	577 +3%	898 +56%	3 500 +290%	3 333 -5%	4 054 +22%	5 412 +33%	1 827 -66%	3 523 +93%	6 647 +89%	2 456 -63%	4 761 +94%	9 093 +91%	72 -99%	(777) N/A	(2 518) -224%	(8 446) -235%	(3 514) +58%	165 N/A	1 180 +615%	2 079 +76%	2 155 +4%	2 442 +13%	2 168 -11%	2 148 -1%	2 434 +13%	1 594 -35%
Investing Cash Flow
Capital Expenditures	(22)	(24)	(26)	(30)	(34)	(32)	(29)	(29)	(29)	(22)	(22)	(19)	(21)	(24)	(30)	(38)	(32)	(34)	(27)	(28)	(32)	(35)	(46)	(43)	(46)	(51)	(51)	(58)	(54)	(45)	(36)	(26)	(26)	(25)	(22)	(26)	(25)	(33)	(37)	(41)	(52)	(63)	(78)	(83)	(93)	(90)	(73)	(67)	(57)	(51)	(60)	(61)	(58)	(68)	(74)	(94)	(103)	(109)	(122)	(168)	(187)	(188)	(190)	(148)	(137)	(133)	(134)	(125)	(123)	(140)	(138)	(147)	(150)	(133)	(124)	(113)	(115)	(126)	(74)	(68)	(54)	(43)	(91)	(99)	(118)	(145)	(173)	(196)	(203)	(206)	(205)	(196)	(193)	(194)	(188)	(193)
Other Items	(40)	42	14	78	151	119	39	32	5	(35)	(117)	(162)	(260)	(356)	(414)	(740)	(1 044)	(1 217)	(2 016)	(1 972)	(3 340)	(3 369)	(2 942)	(3 304)	(3 023)	(2 936)	(2 825)	(3 148)	(1 379)	(311)	(991)	2 185	1 993	1 262	2 389	180	201	(23)	(363)	(781)	(1 502)	(2 842)	(2 654)	(2 587)	(2 077)	(409)	(579)	(708)	(1 266)	(1 892)	(2 037)	(2 296)	(2 142)	(1 396)	(2 094)	(2 159)	(2 386)	(3 180)	(2 796)	(2 996)	(3 030)	(3 346)	(3 186)	(3 208)	(3 169)	(3 069)	(3 342)	(2 810)	(2 448)	(2 224)	(1 759)	(1 719)	(2 927)	(3 398)	(4 861)	(5 493)	(5 217)	(4 996)	(5 066)	(5 504)	(5 052)	(7 059)	(7 060)	(6 163)	(4 949)	(1 819)	(101)	412	139	(893)	(763)	(1 533)	(2 262)	(2 915)	(4 133)	(5 056)
Cash from Investing Activities	(62) N/A	18 N/A	(12) N/A	48 N/A	118 +146%	87 -26%	10 -89%	3 -70%	(24) N/A	(56) -138%	(139) -147%	(180) -30%	(281) -56%	(380) -35%	(444) -17%	(778) -75%	(1 077) -38%	(1 250) -16%	(2 043) -63%	(2 000) +2%	(3 373) -69%	(3 404) -1%	(2 988) +12%	(3 347) -12%	(3 069) +8%	(2 987) +3%	(2 876) +4%	(3 205) -11%	(1 433) +55%	(356) +75%	(1 026) -188%	2 159 N/A	1 967 -9%	1 238 -37%	2 366 +91%	154 -93%	176 +14%	(55) N/A	(400) -624%	(822) -106%	(1 554) -89%	(2 905) -87%	(2 731) +6%	(2 670) +2%	(2 170) +19%	(499) +77%	(652) -31%	(775) -19%	(1 323) -71%	(1 943) -47%	(2 097) -8%	(2 357) -12%	(2 200) +7%	(1 464) +33%	(2 168) -48%	(2 252) -4%	(2 489) -11%	(3 289) -32%	(2 918) +11%	(3 163) -8%	(3 216) -2%	(3 534) -10%	(3 376) +4%	(3 355) +1%	(3 306) +1%	(3 202) +3%	(3 476) -9%	(2 935) +16%	(2 571) +12%	(2 364) +8%	(1 897) +20%	(1 866) +2%	(3 077) -65%	(3 531) -15%	(4 985) -41%	(5 606) -12%	(5 332) +5%	(5 122) +4%	(5 140) 0%	(5 572) -8%	(5 106) +8%	(7 102) -39%	(7 151) -1%	(6 262) +12%	(5 067) +19%	(1 964) +61%	(274) +86%	216 N/A	(64) N/A	(1 099) -1 617%	(968) +12%	(1 729) -79%	(2 455) -42%	(3 109) -27%	(4 321) -39%	(5 249) -21%
Financing Cash Flow
Net Issuance of Common Stock	11	10	3	2	(27)	(27)	(17)	(18)	14	14	13	17	19	20	23	27	27	27	28	28	36	36	38	26	(34)	(35)	(35)	(35)	25	22	21	23	13	17	16	26	40	38	24	(2)	353	357	376	409	52	50	44	31	25	25	25	24	29	14	(41)	(43)	(188)	(175)	(119)	(123)	24	25	23	31	29	34	1	(462)	(498)	(592)	(713)	(250)	(414)	(317)	(210)	(216)	(78)	(128)	(97)	(131)	(77)	(128)	(164)	(308)	(670)	(911)	(856)	(867)	(707)	(611)	(938)	(924)	(994)	(1 208)	(1 334)	(1 663)
Net Issuance of Debt	138	98	(13)	2	(38)	162	4	21	(118)	(273)	7	(9)	117	161	384	532	855	984	1 775	2 128	3 421	3 591	2 730	2 826	2 824	2 468	5 265	2 608	540	(286)	(241)	(1 555)	(1 490)	(913)	(783)	(365)	(90)	636	(1 676)	1 211	2 359	2 033	1 543	1 932	961	772	622	977	1 210	1 577	1 279	1 585	1 476	839	1 878	1 525	1 297	2 601	2 791	3 378	3 986	3 487	4 196	3 974	2 651	2 926	1 595	2 613	2 900	2 732	2 334	1 003	8 895	3 645	5 009	5 273	(800)	4 831	5 556	6 189	5 319	7 072	6 327	5 212	7 370	3 628	2 651	3 364	264	583	1 761	407	1 110	2 648	4 117	5 532
Cash Paid for Dividends	(18)	(19)	(19)	(18)	(18)	(18)	(18)	(18)	(18)	(19)	(21)	(23)	(23)	(26)	(26)	(29)	(33)	(34)	(38)	(40)	(43)	(46)	(49)	(50)	(52)	(52)	(53)	(53)	(53)	(54)	(54)	(54)	(56)	(56)	(56)	(59)	(61)	(63)	(63)	(63)	(63)	(65)	(69)	(70)	(73)	(75)	(77)	(79)	(82)	(85)	(88)	(91)	(95)	(100)	(103)	(107)	(110)	(111)	(113)	(118)	(120)	(124)	(127)	(128)	(135)	(139)	(151)	(166)	(175)	(187)	(191)	(195)	(199)	(202)	(205)	(209)	(211)	(214)	(218)	(223)	(240)	(255)	(277)	(298)	(320)	(343)	(355)	(371)	(374)	(377)	(383)	(391)	(401)	(409)	(416)	(423)
Other	0	0	0	0	0	0	0	0	0	0	9	9	9	9	28	42	26	65	72	57	46	66	66	85	85	48	36	70	88	53	32	6	23	42	110	98	94	104	35	44	15	30	29	22	34	26	26	28	35	8	8	0	3	(8)	(8)	0	0	(11)	(17)	(44)	(41)	(33)	(27)	(6)	(9)	(16)	(25)	(19)	(20)	(65)	(57)	0	(57)	(5)	(1)	0	0	(5)	(9)	(14)	(14)	(8)	(7)	(3)	(4)	(4)	(2)	(2)	(1)	(2)	(2)	(8)	(6)	(8)	(6)	(9)
Cash from Financing Activities	130 N/A	89 -31%	(29) N/A	(14) +50%	(84) -486%	118 N/A	(31) N/A	(14) +54%	(122) -768%	(277) -126%	8 N/A	(6) N/A	122 N/A	164 +35%	409 +149%	572 +40%	875 +53%	1 043 +19%	1 837 +76%	2 174 +18%	3 460 +59%	3 647 +5%	2 785 -24%	2 887 +4%	2 823 -2%	2 429 -14%	5 213 +115%	2 590 -50%	599 -77%	(264) N/A	(242) +8%	(1 581) -554%	(1 509) +5%	(910) +40%	(712) +22%	(299) +58%	(17) +94%	714 N/A	(1 679) N/A	1 190 N/A	2 664 +124%	2 355 -12%	1 879 -20%	2 292 +22%	974 -58%	773 -21%	615 -20%	957 +55%	1 188 +24%	1 525 +28%	1 224 -20%	1 518 +24%	1 413 -7%	746 -47%	1 726 +131%	1 358 -21%	983 -28%	2 304 +134%	2 541 +10%	3 094 +22%	3 848 +24%	3 355 -13%	4 065 +21%	3 870 -5%	2 536 -34%	2 805 +11%	1 420 -49%	1 966 +38%	2 207 +12%	1 888 -14%	1 373 -27%	501 -64%	8 225 +1 542%	3 121 -62%	4 593 +47%	4 847 +6%	(1 089) N/A	4 484 N/A	5 232 +17%	5 821 +11%	4 988 -14%	6 681 +34%	5 879 -12%	4 603 -22%	6 376 +39%	2 370 -63%	1 438 -39%	2 124 +48%	(818) N/A	(407) +50%	438 N/A	(916) N/A	(291) +68%	1 023 N/A	2 361 +131%	3 437 +46%
Change in Cash
Effect of Foreign Exchange Rates	(5)	(2)	(3)	0	7	7	10	10	6	3	5	6	5	5	5	3	2	4	2	(1)	2	9	3	8	0	(8)	(1)	(8)	(2)	(9)	(2)	4	5	11	1	(2)	0	1	(1)	0	(2)	(4)	1	(1)	(4)	(7)	(7)	(6)	(14)	(20)	(32)	(44)	(70)	(67)	(55)	(67)	(16)	(13)	0	15	5	21	47	50	23	(7)	(33)	(81)	(34)	2	(23)	53	(74)	(38)	1	53	176	142	76	6	(66)	(327)	(590)	(378)	(283)	45	239	139	48	(51)	175	(154)	(41)	167	(35)	208
Net Change in Cash	(17) N/A	28 N/A	11 -61%	44 +302%	85 +92%	146 +72%	265 +81%	197 -26%	73 -63%	102 +39%	(225) N/A	6 N/A	100 +1 651%	80 -20%	310 +286%	(77) N/A	(115) -50%	(180) -56%	(205) -14%	49 N/A	113 +130%	92 -19%	249 +171%	326 +31%	399 +23%	226 -43%	2 563 +1 033%	(199) N/A	(509) -156%	(124) +76%	(895) -622%	544 N/A	618 +14%	327 -47%	634 +94%	183 -71%	323 +77%	711 +120%	(522) N/A	694 N/A	1 602 +131%	130 -92%	(460) N/A	271 N/A	(702) N/A	857 N/A	617 -28%	614 0%	468 -24%	260 -44%	(398) N/A	(153) +62%	(102) +33%	(264) -159%	402 N/A	(53) N/A	(1 061) -1 905%	(604) +43%	(951) -57%	(68) +93%	1 157 N/A	637 -45%	611 -4%	54 -91%	(1 302) N/A	(1 633) -25%	(1 205) +26%	(363) +70%	(100) +72%	85 N/A	30 -65%	(414) N/A	8 574 N/A	2 885 -66%	3 663 +27%	4 706 +28%	(4 418) N/A	3 027 N/A	6 815 +125%	2 711 -60%	4 577 +69%	8 345 +82%	(1 790) N/A	(2 814) -57%	(1 492) +47%	(7 995) -436%	(2 111) +74%	2 644 N/A	346 -87%	522 +51%	1 800 +245%	(357) N/A	(619) -73%	229 N/A	439 +92%	(10) N/A
Free Cash Flow
Free Cash Flow	(102) N/A	(100) +2%	28 N/A	(19) N/A	10 N/A	(97) N/A	247 N/A	169 -32%	185 +10%	411 +122%	(122) N/A	168 N/A	233 +39%	267 +15%	310 +16%	88 -72%	52 -41%	(10) N/A	(29) -184%	(152) -423%	(9) +94%	(195) -2 093%	403 N/A	735 +82%	599 -19%	742 +24%	176 -76%	367 +108%	272 -26%	460 +69%	339 -26%	(64) N/A	129 N/A	(36) N/A	(1 044) -2 783%	304 N/A	139 -54%	18 -87%	1 521 +8 398%	285 -81%	442 +55%	621 +41%	314 -50%	567 +81%	405 -29%	499 +23%	587 +18%	372 -37%	560 +51%	646 +15%	448 -31%	670 +50%	697 +4%	454 -35%	825 +82%	814 -1%	358 -56%	285 -20%	(695) N/A	(182) +74%	333 N/A	607 +82%	(315) N/A	(658) -109%	(691) -5%	(1 362) -97%	750 N/A	562 -25%	175 -69%	419 +139%	439 +5%	751 +71%	3 350 +346%	3 200 -4%	3 930 +23%	5 299 +35%	1 712 -68%	3 397 +98%	6 573 +93%	2 388 -64%	4 707 +97%	9 050 +92%	(19) N/A	(876) -4 511%	(2 636) -201%	(8 591) -226%	(3 687) +57%	(31) +99%	977 N/A	1 873 +92%	1 950 +4%	2 246 +15%	1 975 -12%	1 954 -1%	2 246 +15%	1 401 -38%

Income Statement Balance Sheet Cash Flow Statement

Raymond James Financial Inc
NYSE:RJF

Cash Flow Statement

Cash Flow Statement
Raymond James Financial Inc

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Raymond James Financial Inc NYSE:RJF

Cash Flow Statement

Cash Flow Statement Raymond James Financial Inc

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Raymond James Financial Inc
NYSE:RJF

Cash Flow Statement
Raymond James Financial Inc