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REVENUES (Tables)

9 Months Ended

Jun. 30, 2026

Revenues [Abstract]

Disaggregation of Revenue

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.

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- References

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