v3.26.1
REVENUES
 6 Months Ended
Mar. 31, 2026
Revenues [Abstract]  
REVENUES REVENUES
The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 24 of this Form 10-Q for additional information on our segments.
Three months ended March 31, 2026
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,711 $1 $315 $— $(11)$2,016 
Brokerage revenues:
Securities commissions:
Mutual and other fund products176 2 1 — (1)178 
Insurance and annuity products132 — — — — 132 
Equities, exchange-traded funds (“ETFs”) and fixed income products
151 50 — — (4)197 
Subtotal securities commissions459 52 1 — (5)507 
Principal transactions (1)
29 104 — 3 — 136 
Total brokerage revenues488 156 1 3 (5)643 
Account and service fees:
Mutual fund and other investment products
152 — 4 — (1)155 
RJBDP fees280 2 — — (189)93 
Client account and other fees74 2 3 — (16)63 
Total account and service fees506 4 7 — (206)311 
Investment banking:
Merger & acquisition and advisory— 139 — — — 139 
Equity underwriting7 56 — — — 63 
Debt underwriting— 77 — — — 77 
Total investment banking7 272 — — — 279 
Other:
Affordable housing investments business revenues— 28 — — — 28 
All other (1)
8 1 1 11 4 25 
Total other8 29 1 11 4 53 
Total non-interest revenues2,720 462 324 14 (218)3,302 
Interest income (1)
107 27 3 802 21 960 
Total revenues2,827 489 327 816 (197)4,262 
Interest expense(17)(25)— (330)(31)(403)
Net revenues$2,810 $464 $327 $486 $(228)$3,859 

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
Three months ended March 31, 2025
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$1,457 $1 $278 $— $(11)$1,725 
Brokerage revenues:
Securities commissions:
Mutual and other fund products152 2 1 — — 155 
Insurance and annuity products117 — — — — 117 
Equities, ETFs and fixed income products123 38 1 — (3)159 
Subtotal securities commissions392 40 2 — (3)431 
Principal transactions (1)
27 121 — 1 — 149 
Total brokerage revenues419 161 2 1 (3)580 
Account and service fees:
Mutual fund and other investment products
130 — 3 — (1)132 
RJBDP fees313 2 — — (185)130 
Client account and other fees66 1 3 — (11)59 
Total account and service fees509 3 6 — (197)321 
Investment banking:
Merger & acquisition and advisory— 129 — — — 129 
Equity underwriting9 31 — — — 40 
Debt underwriting— 47 — — — 47 
Total investment banking9 207 — — — 216 
Other:
Affordable housing investments business revenues— 20 — — — 20 
All other (1)
6 — — 14 — 20 
Total other6 20 — 14 — 40 
Total non-interest revenues2,400 392 286 15 (211)2,882 
Interest income (1)
110 28 3 802 20 963 
Total revenues2,510 420 289 817 (191)3,845 
Interest expense(24)(24)— (383)(11)(442)
Net revenues$2,486 $396 $289 $434 $(202)$3,403 

(1)    These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
Six months ended March 31, 2026
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$3,404 $1 $631 $— $(21)$4,015 
Brokerage revenues:
Securities commissions:
Mutual and other fund products340 4 2 — (1)345 
Insurance and annuity products264 — — — — 264 
Equities, ETFs and fixed income products295 96 — — (7)384 
Subtotal securities commissions899 100 2 — (8)993 
Principal transactions (1)
59 197 — 7 (1)262 
Total brokerage revenues958 297 2 7 (9)1,255 
Account and service fees:
Mutual fund and other investment products
294 1 8 — (2)301 
RJBDP fees569 3 — — (378)194 
Client account and other fees145 4 5 — (30)124 
Total account and service fees1,008 8 13 — (410)619 
Investment banking:
Merger & acquisition and advisory— 258 — — — 258 
Equity underwriting15 87 — — — 102 
Debt underwriting— 127 — — — 127 
Total investment banking15 472 — — — 487 
Other:
Affordable housing investments business revenues— 59 — — — 59 
All other (1)
12 1 1 24 (2)36 
Total other12 60 1 24 (2)95 
Total non-interest revenues5,397 838 647 31 (442)6,471 
Interest income (1)
221 55 6 1,633 52 1,967 
Total revenues5,618 893 653 1,664 (390)8,438 
Interest expense(40)(49)— (691)(64)(844)
Net revenues$5,578 $844 $653 $973 $(454)$7,594 

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
Six months ended March 31, 2025
$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Revenues:
Asset management and related administrative fees$2,933 $1 $560 $— $(26)$3,468 
Brokerage revenues:
Securities commissions:
Mutual and other fund products304 4 2 — (1)309 
Insurance and annuity products235 — — — — 235 
Equities, ETFs and fixed income products256 76 2 — (7)327 
Subtotal securities commissions795 80 4 — (8)871 
Principal transactions (1)
57 207 — 4 — 268 
Total brokerage revenues852 287 4 4 (8)1,139 
Account and service fees:
Mutual fund and other investment products
256 — 7 — (1)262 
RJBDP fees644 3 — — (373)274 
Client account and other fees136 4 5 — (18)127 
Total account and service fees1,036 7 12 — (392)663 
Investment banking:
Merger & acquisition and advisory— 355 — — — 355 
Equity underwriting17 66 — — — 83 
Debt underwriting— 103 — — — 103 
Total investment banking17 524 — — — 541 
Other:
Affordable housing investments business revenues— 49 — — — 49 
All other (1)
11 1 — 22 (4)30 
Total other11 50 — 22 (4)79 
Total non-interest revenues4,849 869 576 26 (430)5,890 
Interest income (1)
236 57 7 1,649 41 1,990 
Total revenues5,085 926 583 1,675 (389)7,880 
Interest expense(51)(50)— (816)(23)(940)
Net revenues$5,034 $876 $583 $859 $(412)$6,940 

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
At March 31, 2026 and September 30, 2025, net receivables related to contracts with customers were $536 million and $532 million, respectively.