J P M O R G A N North America Equity Research 22 July 2026 Raymond James F3Q26 Revenues Slightly Ahead With Another Quarter of Solid Recruiting Gains; Margins Mostly Steady But Some Expense Puts and Takes; Executing on AI Capabilities Raymond James (RJF) reported F3Q26 (June) adj. EPS of $3.14, ahead of our model and Bloomberg consensus expectations, driven by slightly better top-line trends (investment banking) and below-the-line items (tax). F3Q26 recruitment trends were healthy at $21.7bn but decelerated ...