Total Revenue

2.1% increase ( " " " vs " )

The 2.1% increase, from $3,762M in Q3 2024 to $3,842M in Q3 2025, reflects modest organic growth driven by improved performance in several segments such as Asset Management, Capital Markets, and Brokerage—building on prior period gains—even as challenges in the Bank segment continued from previous quarters ( " " " vs " ).

Private Client Group

1.6% increase ( " " vs " )

Rising from $2,448M to $2,488M, the modest growth is attributed to steady asset-based fee enhancements and net asset inflows consistent with previous trends, supported by ongoing adviser retention and recruiting efforts, though growth was tempered relative to more robust periods ( " " vs " ).

Capital Markets

5.8% increase ( " " vs " )

Increasing from $360M to $381M, the improvement is driven by better performance in investment banking advisory and fixed income brokerage revenues—continuing a strong pipeline from previous quarters—despite sequential volatility from market uncertainties noted earlier ( " " vs " ).

Asset Management

9.8% increase ( " " vs " )

The segment’s revenue rose from $265M to $291M, mainly due to higher financial assets under management resulting from market appreciation and net inflows, echoing earlier period performance with increased fee-based activities and revenue growth, even though sequential declines in billable days had been recorded previously ( " " vs " ).

Bank

47.9% decline ( " " vs " )

Dropping from $879M to $458M, the severe decline is linked to lower interest income as well as reduced average yields on interest-bearing liabilities, reflecting adjustments in credit metrics and structural changes that have been evolving from prior quarters’ challenges ( " " vs " ).

Brokerage Revenues

5.1% increase ( " " vs " )

Increasing from $532M to $559M, the moderate uptick is driven by higher client activity in both equity and fixed income transactions, which builds on earlier period momentum in client-driven revenue despite previous quarters showing even stronger growth in some areas ( " " vs " ).

Non-Compensation Expenses

FY 2025

$2.1 billion " "

$2,100,000,000 "

no change

Effective Tax Rate

FY 2025

25% "

24% "

lowered

Asset Management and Related Administrative Fees

Q4 2025

no prior guidance

9% increase "

no prior guidance

Net Interest Income and RJBDP Fees

Q4 2025

no prior guidance

-2% decline "

no prior guidance

Pretax Margin Target

Q4 2025

no prior guidance

20% "

no prior guidance

Advisor Recruiting

Pipeline growth, conversion lags and attrition were discussed in Q1 and Q2 with strong pipelines and moderate attrition noted " " " " " "

Q3 highlighted the largest acceleration in pipeline growth with continued conversion lags and stable retention despite competitive pressures " " "

Accelerating recruiting momentum while maintaining controlled attrition, with conversion lags remaining a consistent factor " " "

Investment Banking & M&A Pipeline Outlook

Q1 and Q2 emphasized a strong pipeline with record M&A revenues in Q1 and market uncertainty, including tariff concerns slowing deal closings in Q2 " " " " " "

Q3 expressed optimism with a strong, motivated pipeline and pent‐up demand offsetting previous uncertainties " "

Improving sentiment and deal momentum as market uncertainties ease, underscoring the sector’s resilience " "

Fee‐Based Asset & Net New Asset Growth

Q1 showed record fee‐based asset growth and strong net new asset generation while Q2 reported moderate fee‐based gains and improving NNA " " " "

Q3 reported fee‐based assets growing at a higher rate relative to overall assets and modest net new asset growth despite competitive pressures " "

A continued strategic shift toward fee‐based revenues with steady NNA growth, supporting long‐term stability " "

Capital Management & Share Repurchase

Q1 focused on disciplined capital deployment with opportunistic buybacks while Q2 resumed share repurchases to leverage excess capital and sustain liquidity " " " " " "

Q3 maintained robust capital liquidity with deliberate share repurchase activity alongside ongoing investment in growth initiatives " " "

Sustained disciplined capital management with consistent share repurchases, balancing growth investments with shareholder returns " " "

Banking Performance: Loan Growth & Credit Quality

Q1 highlighted growing securities‐based loans and cautious C&I expansion, and Q2 reported record loan balances driven by SBL growth amid subdued corporate loan demand " " " " " "

Q3 posted moderate loan growth—3% overall driven by securities-based lending and residential mortgage expansion—with stable credit metrics maintained across portfolios " " "

Consistent loan growth with a focus on higher-margin segments while preserving a strong credit profile across periods " " "

Macroeconomic & Regulatory Uncertainties

Q1 had minimal discussion, while Q2 addressed tariff risks, interest rate impacts and emerging digital (and AI) initiatives " " " "

Q3 provided an expanded view on tariff adjustments, greater client adaptation to higher interest rates and proactive monitoring of digital asset regulatory developments " " "

Emerging focus with increased nuance and optimism as external uncertainties moderate, and digital assets gain regulatory clarity " " "

Competitive Pressures from PE‐Backed Roll‐Ups

Q1 noted aggressive PE-backed activity impacting strategic fit " , and Q2 highlighted the value of stability amidst PE pressures "

Q3 detailed intense competition from PE-backed roll‐ups with concerns over high valuations, while noting hints of moderation in aggressiveness "

Persistent competitive pressures that remain a concern, though early signs of moderation in the aggressiveness of PE‐backed roll‐ups are emerging "

Elevated Expense Growth & Margin Pressure

Q1 reported sustainable operating margins with controlled expense growth and long-term investment discipline " " , while Q2 noted margin pressure from escalating expenses but maintained steady performance " "

Q3 revealed higher non-compensation expenses (impacted by legal reserves and seasonal costs) resulting in margin pressure, though adjusted margins remain near targets " "

Increasing expense pressures in Q3 are challenging margins, even as the company works to adjust and maintain its long-term targets " "

Potential Acquisitions & Strategic Investments

Q1 conveyed cautious acquisition activity with challenges in finding strategic fits, and Q2 re-evaluated deals leading to a greater focus on share repurchases due to fewer suitable opportunities " " " "

Q3 featured proactive strategic investments (eg, the FNZ investment) and a continued disciplined search for culturally and strategically aligned acquisitions " "

A shift toward more proactive strategic investments while continuing to maintain strict discipline for acquisitions, enhancing future growth prospects " "