Good afternoon, and welcome to the 2026 Annual Meeting of Shareholders of Raymond James Financial. I'm Raymond James Board Executive Chair, Paul Reilly, and I will be presiding at this meeting. On behalf of the directors, officers, and associates of Raymond James Financial, it's my pleasure to welcome you. The proxy materials, presentation slide, and rules of conduct are available to you in the virtual shareholder meeting room. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end of the meeting. Only validated shareholders may ask questions in the designated field on the web portal of the virtual shareholder meeting. We may not be able to answer every question, but we'll do our best to provide reasonably as many as possible. Out of consideration for others, please limit yourself to one question.
Please note this meeting is being recorded. However, no one attending via the webcast is permitted to use any audio recording device. Notice of this meeting was contained in our proxy materials, made available electronically or mailed on January 7, 2026, to shareholders of record on December 17, 2025. In accordance with our bylaws, I hereby appoint Ms. Ann Marie Davis, our Company Secretary, as the meeting's Inspector of Elections. Ann Marie, will you please announce the number of shares known to be present, either in person or in proxy?
Certainly, Paul. Over 186,384,610 shares of common stock of the company are represented at the meeting, either in person or by proxy, representing more than 94% of the 197,469,899 shares of common stock outstanding on the record date of December seventeenth, 2025. Accordingly, a quorum is present and voting.
Thank you, Ann Marie. Because holders of a majority of the outstanding capital stock entitled to vote at the meeting are present, in person or by proxy, I declare a quorum to be present, and that this meeting has been duly convened for purposes of transacting such business as may properly come before it. And now, this Annual Meeting of Shareholders of Raymond James Financial, I call it to order. The following directors are attending the virtual meeting: Mark Begor , Marlene Debel, Jeff Edwards, Ben Esty, Art Garcia, Anne Gates, Ray McDaniel, Rod McGeary, Cecily Mistarz , Raj Seshadri, Paul Shoukry, and myself, Paul Reilly . And welcome as well, the following representatives of KPMG, our independent auditors, who are attending this virtual meeting and are available to answer questions that might be appropriately directed to them today. Joe Santucci, our Lead Engagement Partner, and Chris Hosmer, our other Audit Partner.
Moving to items of business for the meeting, I will present the proposals included in our proxy statement for your consideration. While shareholders are given an opportunity to cast their votes, I will invite Paul Shoukry to deliver the CEO's report before the polls close. We will begin to answer relevant questions submitted by verified shareholders after Paul's report. There are 5 agenda items set forth in the proxy statement. First, to elect 12 director nominees named in the proxy. The board has nominated the following 12 directors to serve on the company's Board of Directors until the annual meeting of shareholders in 2027 and until their successors shall be elected and qualified. The proxy statement contains information on their backgrounds and experience. They are Marc Bajer, Marlene Debel, Jeff Edwards, Ben Esty, Art Garcia, Anne Gates, Raymond McDaniel, Rod McGeary, Cecelia Stewart, and Paul C.
tReilly, Raj Seshadri, and Paul Shoukry. Second, to hold an advisory, non-binding vote on the company's executive compensation. Shareholders are given the opportunity to cast a non-binding advisory vote on the company's compensation for 2025. Third, to approve the amended and restated 2012 Stock Incentive Plan. Shareholders are asked to approve the amendments to our equity incentive plan, including the increase of number of shares authorized for issuance over the term of the plan. Fourth, to approve the amended and restated 2003 Employee Stock Purchase Plan. Shareholders are asked to approve certain amendments to, and an extension of the term of our Employee Stock Purchase Plan. Fifth, to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for fiscal 2026. KPMG has served as the company's independent registered public accounting firm since 2001.
As a reminder, if any shareholder would like to ask a question regarding any of the proposals, please submit your question through the web portal. The polls are now open. If you have logged into the virtual meeting as a shareholder using your control number and not as a guest, you may vote your shares. Any shareholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button and following the instructions there... Shareholders who have not sent in proxies or voted via telephone or internet and do not want to change their vote, do not need to take any further action. While we tabulate the votes, I'd like to introduce our CEO, Paul Shoukry, to provide a brief review of our 2025 results and key strategic initiatives. Paul?
Thank you, Paul, and good afternoon. Thank you all for joining us. We truly value your continued support of Raymond James. Starting off as we always do, with our core values. More than just words on a page, our core values help define how we work every day and how we treat each other and our clients. A significant contributor to our long-term success has been our commitment to the values that have defined Raymond James since the beginning: client first, integrity, independence, and thinking long term. These continue to be the heart of our business, guiding our decisions, making in both positive and adverse conditions. Now I'll discuss some of the highlights from fiscal 2025. Raymond James generated annual net revenues of $14.1 billion and net income available to common shareholders of $2.13 billion.
This marked our fifth consecutive year of record annual results in very different market environments, demonstrating our consistent focus on generating sustainable growth over the long term through deep personal relationships across our diverse and complementary businesses. Our strong financial performance was driven by record net revenues in the Private Client Group and record net revenues and pre-tax income in the Asset Management segment. Once again, our record achievements in varied market environments showcase the strength of our diverse and complementary businesses. We're also continuing the tradition of long-standing profitability, reaching 152 consecutive quarters of profitability in the fiscal first quarter. As we look ahead, we are focused on driving growth throughout the organization. First, it's in to increase our market share in each one of our businesses. We have critical mass in each business and continued headroom to grow.
Second, to increase collaboration across the firm to help our financial professionals differentiate themselves with their clients by providing deeper and broader financial advice. Third, to invest in tools and resources that are critical to be competitive. We're investing over $1 billion a year in technology, and most of that is in wealth management. And finally, enhancing our infrastructure to protect clients and the firm as cybersecurity threats continue to evolve. Of course, all of these initiatives will require hiring, developing, and retaining the very best people who are aligned with our core values. As it relates to our technology priorities, we continue to focus on technology enablement and providing leading tools for our advisors. Highlighting this is our newly launched proprietary digital AI operations agent named Rai, which builds on our service-focused, long-term AI strategy.
The firm's suite of AI-based tools and technologies is focused on empowering financial advisors and professionals across the firm by applying artificial intelligence to enhance the service models in secure, scalable applications. We are excited about the opportunities AI will present for our advisors, bankers, and clients. Our values are deeply woven into our culture, and they come to life through our value proposition, the Power of Personal. In a world that is becoming increasingly impersonal, genuine connection has never mattered more. Technology accelerates, processes automate, and interactions are reduced to clicks and screens. Yet at Raymond James, we believe progress should strengthen relationships, not replace them. That's why we're tripling down on the personal, grounding everything we do in meaningful connections, whether between an individual and the professional who supports their goals, or a business and the team that helps bring a client's vision to life.
That concludes my CEO report. At this time, I'll turn the call back over to Executive Chair, Paul Reilly. Paul?
Thank you, Paul. First, I would be remiss if I did not thank Gordon Johnson for his 15 years of valuable comments and insights to our board and management committee. He will be sorely missed. At this time, I will address questions from shareholders. I remind you that the rules of conduct for our meeting are available in the virtual shareholder meeting room. If any shareholder would like to ask a question and has not yet done so, please submit your question through the web portal. We will attempt to answer as many questions as time will allow, but only, only questions that are relevant to the subject of the meeting will be addressed. We will pause to gather questions. There having been no questions posted, that concludes the Q&A portion of our meeting today.
Now that everyone has had the opportunity to vote, I declare the polls for the 2026 annual meeting of shareholders to be closed. Would the Inspector of Election please announce the results of voting by those present in person and by proxy?
...All proposals set forth in the proxy statement were approved by the shareholders. First, the twelve nominees to the Board of Directors of the company were elected. Each of the nominees received favorable votes of at least 153,842,626 shares, representing at least 95% of the shares voted. Second, the proposal to approve the advisory non-binding resolution relating to the company's executive compensation was approved by a favorable vote of 152,565,344 shares, representing 94.7% of the shares voted. Third, the proposal to approve the amended and restated 2012 stock incentive plan was approved by a favorable vote of 154,030,336, representing 95.3% of the shares voted.
Fourth, the proposal to approve the amended and restated 2003 Employee Stock Purchase Plan was approved by a favorable vote of 160,853,246 shares, representing 99.3% of the shares voted. Fifth, the proposal to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending September 30, 2026, was approved by a favorable vote of 167,415,196 shares, representing 95.3% of the shares voted. That concludes my report. I'll turn it back over to Executive Chair Paul Reilly.
Thank you, Ann Marie. Everyone, that concludes our annual shareholders meeting. Thank you for-