Raymond James reported a historically strong QQ1 2025 with record net revenues of $3.54 billion and net income of $599 million, translating to diluted EPS of $2.86 (GAAP) and $2.93 on an adjusted basis. The diversified mix—Private Client Group (PCG), Capital Markets, Asset Management, and Bank—supported a resilient top line even as the quarter faced seasonality (two fewer billing days) and a notable one-time departure in ICD that reduced AUA by about $5 billion. Management highlighted continued advisor recruiting momentum, a robust pipeline, and disciplined capital deployment as key drivers of longer‑term growth. AUM rose 14% year over year to $1.56 trillion, with PCG AUA at a record $877 billion and RCS assets at $188 billion (up 28% YoY). The quarter showcased strong M&A revenues, a testament to Raymond James’s long-term strategy to scale through selective acquisitions while maintaining a conservative balance sheet. Looking ahead, management signaled near-term headwinds in asset management fees due to calendar effects, a bank NIM influenced by rate actions, and the ongoing emphasis on technology investments to improve advisor productivity. The plan remains to reach a 10% Tier 1 leverage ratio and to remain opportunistic on acquisitions, balanced against buyback discipline. The dividend was raised 11% to $0.50 per share, underscoring capital return while maintaining liquidity for growth initiatives.