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REVENUES | 9 Months Ended
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Jun. 30, 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 June 30, 2026
$ in millions |  | Private Client Group |  | Capital Markets |  | Asset Management |  | Bank |  | Other and intersegment eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Asset management and related administrative fees |  | $ | 1,734 |  |  | $ | — |  |  | $ | 352 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 2,075 |
Brokerage revenues: |  |  |  |  |  |  |  |  |  |  |  |
Securities commissions: |  |  |  |  |  |  |  |  |  |  |  |
Mutual and other fund products |  | 170 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | 173 |
Insurance and annuity products |  | 142 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142 |
Equities, exchange-traded funds (“ETFs”) and fixed income products |  | 145 |  |  | 48 |  |  | — |  |  | — |  |  | (5) |  |  | 188 |
Subtotal securities commissions |  | 457 |  |  | 50 |  |  | 1 |  |  | — |  |  | (5) |  |  | 503 |
Principal transactions (1) |  | 28 |  |  | 99 |  |  | — |  |  | — |  |  | (1) |  |  | 126 |
Total brokerage revenues |  | 485 |  |  | 149 |  |  | 1 |  |  | — |  |  | (6) |  |  | 629 |
Account and service fees: |  |  |  |  |  |  |  |  |  |  |  |
Mutual fund and other investment products |  | 149 |  |  | 1 |  |  | 3 |  |  | — |  |  | — |  |  | 153 |
RJBDP fees |  | 283 |  |  | 2 |  |  | — |  |  | — |  |  | (187) |  |  | 98 |
Client account and other fees |  | 78 |  |  | 2 |  |  | 3 |  |  | — |  |  | (18) |  |  | 65 |
Total account and service fees |  | 510 |  |  | 5 |  |  | 6 |  |  | — |  |  | (205) |  |  | 316 |
Investment banking: |  |  |  |  |  |  |  |  |  |  |  |
Merger & acquisition and advisory |  | — |  |  | 150 |  |  | — |  |  | — |  |  | (3) |  |  | 147 |
Equity underwriting |  | 9 |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 59 |
Debt underwriting |  | — |  |  | 85 |  |  | — |  |  | — |  |  | — |  |  | 85 |
Total investment banking |  | 9 |  |  | 285 |  |  | — |  |  | — |  |  | (3) |  |  | 291 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Affordable housing investments business revenues |  | — |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |
All other (1) |  | 8 |  |  | 1 |  |  | 1 |  |  | 16 |  |  | (4) |  |  | 22 |
Total other |  | 8 |  |  | 36 |  |  | 1 |  |  | 16 |  |  | (4) |  |  | 57 |
Total non-interest revenues |  | 2,746 |  |  | 475 |  |  | 360 |  |  | 16 |  |  | (229) |  |  | 3,368 |
Interest income (1) |  | 115 |  |  | 25 |  |  | 2 |  |  | 831 |  |  | 21 |  |  | 994 |
Total revenues |  | 2,861 |  |  | 500 |  |  | 362 |  |  | 847 |  |  | (208) |  |  | 4,362 |
Interest expense |  | (20) |  |  | (23) |  |  | — |  |  | (359) |  |  | (32) |  |  | (434) |
Net revenues |  | $ | 2,841 |  |  | $ | 477 |  |  | $ | 362 |  |  | $ | 488 |  |  | $ | (240) |  |  | $ | 3,928 |
(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
|  | Three months ended June 30, 2025
$ in millions |  | Private Client Group |  | Capital Markets |  | Asset Management |  | Bank |  | Other and intersegment eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Asset management and related administrative fees |  | $ | 1,462 |  |  | $ | — |  |  | $ | 280 |  |  | $ | — |  |  | $ | (9) |  |  | $ | 1,733 |
Brokerage revenues: |  |  |  |  |  |  |  |  |  |  |  |
Securities commissions: |  |  |  |  |  |  |  |  |  |  |  |
Mutual and other fund products |  | 146 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 148 |
Insurance and annuity products |  | 129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129 |
Equities, ETFs and fixed income products |  | 115 |  |  | 41 |  |  | 1 |  |  | — |  |  | (3) |  |  | 154 |
Subtotal securities commissions |  | 390 |  |  | 42 |  |  | 2 |  |  | — |  |  | (3) |  |  | 431 |
Principal transactions (1) |  | 30 |  |  | 96 |  |  | — |  |  | 2 |  |  | — |  |  | 128 |
Total brokerage revenues |  | 420 |  |  | 138 |  |  | 2 |  |  | 2 |  |  | (3) |  |  | 559 |
Account and service fees: |  |  |  |  |  |  |  |  |  |  |  |
Mutual fund and other investment products |  | 126 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 129 |
RJBDP fees |  | 303 |  |  | 2 |  |  | — |  |  | — |  |  | (195) |  |  | 110 |
Client account and other fees |  | 72 |  |  | 2 |  |  | 2 |  |  | — |  |  | (13) |  |  | 63 |
Total account and service fees |  | 501 |  |  | 4 |  |  | 5 |  |  | — |  |  | (208) |  |  | 302 |
Investment banking: |  |  |  |  |  |  |  |  |  |  |  |
Merger & acquisition and advisory |  | — |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | 105 |
Equity underwriting |  | 9 |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | 47 |
Debt underwriting |  | — |  |  | 60 |  |  | — |  |  | — |  |  | — |  |  | 60 |
Total investment banking |  | 9 |  |  | 203 |  |  | — |  |  | — |  |  | — |  |  | 212 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Affordable housing investments business revenues |  | — |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | 33 |
All other (1) |  | 5 |  |  | — |  |  | 1 |  |  | 16 |  |  | (9) |  |  | 13 |
Total other |  | 5 |  |  | 33 |  |  | 1 |  |  | 16 |  |  | (9) |  |  | 46 |
Total non-interest revenues |  | 2,397 |  |  | 378 |  |  | 288 |  |  | 18 |  |  | (229) |  |  | 2,852 |
Interest income (1) |  | 114 |  |  | 27 |  |  | 3 |  |  | 823 |  |  | 23 |  |  | 990 |
Total revenues |  | 2,511 |  |  | 405 |  |  | 291 |  |  | 841 |  |  | (206) |  |  | 3,842 |
Interest expense |  | (23) |  |  | (24) |  |  | — |  |  | (383) |  |  | (14) |  |  | (444) |
Net revenues |  | $ | 2,488 |  |  | $ | 381 |  |  | $ | 291 |  |  | $ | 458 |  |  | $ | (220) |  |  | $ | 3,398 |
(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
|  | Nine months ended June 30, 2026
$ in millions |  | Private Client Group |  | Capital Markets |  | Asset Management |  | Bank |  | Other and intersegment eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Asset management and related administrative fees |  | $ | 5,138 |  |  | $ | 1 |  |  | $ | 983 |  |  | $ | — |  |  | $ | (32) |  |  | $ | 6,090 |
Brokerage revenues: |  |  |  |  |  |  |  |  |  |  |  |
Securities commissions: |  |  |  |  |  |  |  |  |  |  |  |
Mutual and other fund products |  | 510 |  |  | 6 |  |  | 3 |  |  | — |  |  | (1) |  |  | 518 |
Insurance and annuity products |  | 406 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 406 |
Equities, ETFs and fixed income products |  | 440 |  |  | 144 |  |  | — |  |  | — |  |  | (12) |  |  | 572 |
Subtotal securities commissions |  | 1,356 |  |  | 150 |  |  | 3 |  |  | — |  |  | (13) |  |  | 1,496 |
Principal transactions (1) |  | 87 |  |  | 296 |  |  | — |  |  | 7 |  |  | (2) |  |  | 388 |
Total brokerage revenues |  | 1,443 |  |  | 446 |  |  | 3 |  |  | 7 |  |  | (15) |  |  | 1,884 |
Account and service fees: |  |  |  |  |  |  |  |  |  |  |  |
Mutual fund and other investment products |  | 443 |  |  | 2 |  |  | 11 |  |  | — |  |  | (2) |  |  | 454 |
RJBDP fees |  | 852 |  |  | 5 |  |  | — |  |  | — |  |  | (565) |  |  | 292 |
Client account and other fees |  | 223 |  |  | 6 |  |  | 8 |  |  | — |  |  | (48) |  |  | 189 |
Total account and service fees |  | 1,518 |  |  | 13 |  |  | 19 |  |  | — |  |  | (615) |  |  | 935 |
Investment banking: |  |  |  |  |  |  |  |  |  |  |  |
Merger & acquisition and advisory |  | — |  |  | 408 |  |  | — |  |  | — |  |  | (3) |  |  | 405 |
Equity underwriting |  | 24 |  |  | 137 |  |  | — |  |  | — |  |  | — |  |  | 161 |
Debt underwriting |  | — |  |  | 212 |  |  | — |  |  | — |  |  | — |  |  | 212 |
Total investment banking |  | 24 |  |  | 757 |  |  | — |  |  | — |  |  | (3) |  |  | 778 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Affordable housing investments business revenues |  | — |  |  | 94 |  |  | — |  |  | — |  |  | — |  |  | 94 |
All other (1) |  | 20 |  |  | 2 |  |  | 2 |  |  | 40 |  |  | (6) |  |  | 58 |
Total other |  | 20 |  |  | 96 |  |  | 2 |  |  | 40 |  |  | (6) |  |  | 152 |
Total non-interest revenues |  | 8,143 |  |  | 1,313 |  |  | 1,007 |  |  | 47 |  |  | (671) |  |  | 9,839 |
Interest income (1) |  | 336 |  |  | 80 |  |  | 8 |  |  | 2,464 |  |  | 73 |  |  | 2,961 |
Total revenues |  | 8,479 |  |  | 1,393 |  |  | 1,015 |  |  | 2,511 |  |  | (598) |  |  | 12,800 |
Interest expense |  | (60) |  |  | (72) |  |  | — |  |  | (1,050) |  |  | (96) |  |  | (1,278) |
Net revenues |  | $ | 8,419 |  |  | $ | 1,321 |  |  | $ | 1,015 |  |  | $ | 1,461 |  |  | $ | (694) |  |  | $ | 11,522 |
(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.
|  | Nine months ended June 30, 2025
$ in millions |  | Private Client Group |  | Capital Markets |  | Asset Management |  | Bank |  | Other and intersegment eliminations |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Asset management and related administrative fees |  | $ | 4,395 |  |  | $ | 1 |  |  | $ | 840 |  |  | $ | — |  |  | $ | (35) |  |  | $ | 5,201 |
Brokerage revenues: |  |  |  |  |  |  |  |  |  |  |  |
Securities commissions: |  |  |  |  |  |  |  |  |  |  |  |
Mutual and other fund products |  | 450 |  |  | 5 |  |  | 3 |  |  | — |  |  | (1) |  |  | 457 |
Insurance and annuity products |  | 364 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 364 |
Equities, ETFs and fixed income products |  | 371 |  |  | 117 |  |  | 3 |  |  | — |  |  | (10) |  |  | 481 |
Subtotal securities commissions |  | 1,185 |  |  | 122 |  |  | 6 |  |  | — |  |  | (11) |  |  | 1,302 |
Principal transactions (1) |  | 87 |  |  | 303 |  |  | — |  |  | 6 |  |  | — |  |  | 396 |
Total brokerage revenues |  | 1,272 |  |  | 425 |  |  | 6 |  |  | 6 |  |  | (11) |  |  | 1,698 |
Account and service fees: |  |  |  |  |  |  |  |  |  |  |  |
Mutual fund and other investment products |  | 382 |  |  | — |  |  | 10 |  |  | — |  |  | (1) |  |  | 391 |
RJBDP fees |  | 947 |  |  | 5 |  |  | — |  |  | — |  |  | (568) |  |  | 384 |
Client account and other fees |  | 208 |  |  | 6 |  |  | 7 |  |  | — |  |  | (31) |  |  | 190 |
Total account and service fees |  | 1,537 |  |  | 11 |  |  | 17 |  |  | — |  |  | (600) |  |  | 965 |
Investment banking: |  |  |  |  |  |  |  |  |  |  |  |
Merger & acquisition and advisory |  | — |  |  | 460 |  |  | — |  |  | — |  |  | — |  |  | 460 |
Equity underwriting |  | 26 |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | 130 |
Debt underwriting |  | — |  |  | 163 |  |  | — |  |  | — |  |  | — |  |  | 163 |
Total investment banking |  | 26 |  |  | 727 |  |  | — |  |  | — |  |  | — |  |  | 753 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Affordable housing investments business revenues |  | — |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | 82 |
All other (1) |  | 16 |  |  | 1 |  |  | 1 |  |  | 38 |  |  | (13) |  |  | 43 |
Total other |  | 16 |  |  | 83 |  |  | 1 |  |  | 38 |  |  | (13) |  |  | 125 |
Total non-interest revenues |  | 7,246 |  |  | 1,247 |  |  | 864 |  |  | 44 |  |  | (659) |  |  | 8,742 |
Interest income (1) |  | 350 |  |  | 84 |  |  | 10 |  |  | 2,472 |  |  | 64 |  |  | 2,980 |
Total revenues |  | 7,596 |  |  | 1,331 |  |  | 874 |  |  | 2,516 |  |  | (595) |  |  | 11,722 |
Interest expense |  | (74) |  |  | (74) |  |  | — |  |  | (1,199) |  |  | (37) |  |  | (1,384) |
Net revenues |  | $ | 7,522 |  |  | $ | 1,257 |  |  | $ | 874 |  |  | $ | 1,317 |  |  | $ | (632) |  |  | $ | 10,338 |
(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. At June 30, 2026 and September 30, 2025, net receivables related to contracts with customers were $564 million and $532 million, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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