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SHAREHOLDERS' EQUITY
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred stock

On January 2, 2026, we redeemed all 80,500 outstanding shares of our Series B Preferred Stock, which triggered the redemption of the related depositary shares, each representing a 1/40th interest of a share of Series B Preferred Stock, for an aggregate redemption value of $81 million. For further details regarding our preferred stock see Note 19 of our 2025 Form 10‑K.

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock.

$ in millionsMarch 31, 2026September 30, 2025
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding—80,500
Carrying value$— $79 
Aggregate liquidation preference$— $81 

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and six months ended March 31, 2026 and 2025.
 Three months ended March 31,Six months ended March 31,
$ in millions, except per share amounts2026202520262025
Dividends declared:
Total dividends declared (1)
$2 $2 $3 $3 
Dividends declared per preferred share
$— $15.94 $15.94 $31.88 
Dividends paid:
Total dividends paid (1)
$3 $2 $4 $3 
Dividends paid per preferred share
$15.94 $15.94 $31.88 $31.88 

(1)Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended March 31, 2026 included the $2 million excess of the redemption value of our Series B Preferred Stock over the carrying value, which was reported as an increase to preferred dividends and reduced net income available to common shareholders.
Common equity

The following table presents the changes in our common shares outstanding for the three and six months ended March 31, 2026 and 2025.
 Three months ended March 31,Six months ended March 31,
Shares in millions
2026202520262025
Balance beginning of period
197.0 204.6 198.1 203.3 
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization
(2.5)(1.7)(5.0)(2.0)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures0.1 0.2 1.5 1.8 
Balance end of period
194.6 203.1 194.6 203.1 

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 21 of this Form 10-Q and Note 22 of our 2025 Form 10-K for additional information on these programs.
Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In December 2025, our Board of Directors authorized common stock repurchases of up to $2 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended March 31, 2026, we repurchased 2.5 million shares of our common stock for $400 million at an average price of $155 per share. During the six months ended March 31, 2026, we repurchased 5.0 million shares of our common stock for $800 million at an average price of $158 per share. As of March 31, 2026, $1.5 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.
 Three months ended March 31,Six months ended March 31,
 2026202520262025
Dividends per common share - declared$0.54 $0.50 $1.08 $1.00 
Dividends per common share - paid$0.54 $0.50 $1.04 $0.95 

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.
 Three months ended March 31,Six months ended March 31,
2026202520262025
Dividend payout ratio
19.9 %21.2 %19.6 %19.2 %

We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by our regulators on dividends to the parent from our subsidiaries. See Note 22 of this Form 10-Q for additional information on our regulatory capital requirements.
Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
$ in millionsNet investment hedgesCurrency translationsSubtotal: net investment hedges and currency translationsAvailable- for-sale securitiesCash flow hedgesTotal
Three months ended March 31, 2026
AOCI as of beginning of period$174 $(179)$(5)$(348)$5 $(348)
OCI:
OCI before reclassifications and taxes22 (26)(4)(12)2 (14)
Amounts reclassified from AOCI, before tax— — — — (2)(2)
Pre-tax net OCI22 (26)(4)(12)— (16)
Income tax effect(6)— (6)2 — (4)
OCI for the period, net of tax16 (26)(10)(10)— (20)
AOCI as of end of period$190 $(205)$(15)$(358)$5 $(368)
Six months ended March 31, 2026
AOCI as of beginning of period$184 $(196)$(12)$(391)$7 $(396)
OCI:
OCI before reclassifications and taxes9 (9)— 44 2 46 
Amounts reclassified from AOCI, before tax— — — — (5)(5)
Pre-tax net OCI9 (9)— 44 (3)41 
Income tax effect(3)— (3)(11)1 (13)
OCI for the period, net of tax6 (9)(3)33 (2)28 
AOCI as of end of period$190 $(205)$(15)$(358)$5 $(368)
Three months ended March 31, 2025
AOCI as of beginning of period$202 $(279)$(77)$(591)$13 $(655)
OCI:
OCI before reclassifications and taxes4 16 20 125 (2)143 
Amounts reclassified from AOCI, before tax— — — — (5)(5)
Pre-tax net OCI4 16 20 125 (7)138 
Income tax effect(1)— (1)(30)2 (29)
OCI for the period, net of tax3 16 19 95 (5)109 
AOCI as of end of period$205 $(263)$(58)$(496)$8 $(546)
Six months ended March 31, 2025
AOCI as of beginning of period$145 $(169)$(24)$(485)$7 $(502)
OCI:
OCI before reclassifications and taxes79 (94)(15)(19)13 (21)
Amounts reclassified from AOCI, before tax— — — 2 (12)(10)
Pre-tax net OCI79 (94)(15)(17)1 (31)
Income tax effect(19)— (19)6 — (13)
OCI for the period, net of tax60 (94)(34)(11)1 (44)
AOCI as of end of period$205 $(263)$(58)$(496)$8 $(546)

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2026 and three months ended March 31, 2025 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the six months ended March 31, 2025 were recorded in “Other revenue” and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.
Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2025 Form 10-K. In addition, see Note 6 of this Form 10-Q for additional information on these derivatives.