Direct Answer
Raymond James Financial reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Private Client Group is the largest, with $10.3 billion of revenue (65% of the total), followed by Rj Bank at $3.4 billion (21%). 81% of revenue came from the United States.
How Does Raymond James Financial Make Money?
Private Client Group supplies 65% of revenue, so Raymond James Financial's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Capital Markets grew fastest (+18.7%) and Rj Bank slowest (-5.0%), so the revenue mix tilts toward Capital Markets while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Private Client Group | $10.3 billion | $9.6 billion | 64.6% | 7.4% |
| Rj Bank | $3.4 billion | $3.6 billion | 21.2% | -5.0% |
| Capital Markets | $1.9 billion | $1.6 billion | 11.7% | 18.7% |
| Asset Management | $1.2 billion | $1.0 billion | 7.5% | 15.7% |
Where Does Raymond James Financial's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $12.9 billion | $11.7 billion | 80.9% | 9.7% |
| Canada | $645 million | $599 million | 4.1% | 7.7% |
| Europe | $549 million | $494 million | 3.5% | 11.1% |
What the Segment Figures Do Not Show
The rows above add up to 105% of Raymond James Financial's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Raymond James Financial reported in the segment note and revenue disclosures of its Form 10-K filed November 25, 2025 (accession 0000720005-25-000093), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Raymond James Financial's business segments?
In its fiscal 2025 Form 10-K, Raymond James Financial reports revenue for Private Client Group, Rj Bank, Capital Markets and Asset Management.
Which part of Raymond James Financial brings in the most revenue?
Private Client Group, with $10.3 billion of revenue in fiscal 2025, or 65% of the total.
How much of Raymond James Financial's revenue comes from outside the United States?
19% in fiscal 2025, by the geographic breakdown Raymond James Financial reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.