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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to 
Commission File Number: 1-9109
RAYMOND JAMES FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Florida 59-1517485
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
880 Carillon Parkway, St. Petersburg, Florida 33716
(Address of principal executive offices)    (Zip Code)
(727) 567-1000
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueRJFNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐                              No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
194,883,034 shares of common stock as of May 4, 2026

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

INDEX
  PAGE
PART IFINANCIAL INFORMATION 
Item 1.
 Condensed Consolidated Statements of Financial Condition (Unaudited)
 Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
 Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
 Condensed Consolidated Statements of Cash Flows (Unaudited)
 
Note 1 - Organization and basis of presentation
Note 2 - Update of significant accounting policies
Note 3 - Acquisitions
Note 4 - Fair value
Note 5 - Available-for-sale securities
Note 6 - Derivative assets and derivative liabilities
Note 7 - Collateralized agreements and financings
Note 8 - Bank loans, net
Note 9 - Loans to financial advisors, net
Note 10 - Variable interest entities
Note 11 - Goodwill and identifiable intangible assets, net
Note 12 - Other assets
Note 13 - Leases
Note 14 - Bank deposits
Note 15 - Other borrowings
Note 16 - Income taxes
Note 17 - Commitments, contingencies and guarantees
Note 18 - Shareholders’ equity
Note 19 - Revenues
Note 20 - Interest income and interest expense
Note 21 - Share-based compensation
Note 22 - Regulatory capital requirements
Note 23 - Earnings per share
Note 24 - Segment information
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Item 4.Mine Safety Disclosures
Item 5.
Item 6.

2
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
$ in millions, except per share amountsMarch 31, 2026September 30, 2025
Assets:
Cash and cash equivalents$11,219 $11,389 
Assets segregated for regulatory purposes and restricted cash 3,745 3,398 
Collateralized agreements608 698 
Financial instruments, at fair value:
Trading assets ($1,353 and $1,248 pledged as collateral)
1,434 1,538 
Available-for-sale securities ($8 and $9 pledged as collateral)
6,402 6,888 
Derivative assets71 68 
Other investments ($20 and $8 pledged as collateral)
399 390 
Brokerage client receivables, net3,300 2,821 
Other receivables, net1,812 1,814 
Bank loans, net54,833 51,567 
Loans to financial advisors, net1,894 1,626 
Deferred income taxes, net
549 671 
Goodwill and identifiable intangible assets, net
1,983 1,847 
Other assets 3,695 3,515 
Total assets$91,944 $88,230 
Liabilities and shareholders’ equity:
Bank deposits$62,423 $58,897 
Collateralized financings1,142 1,111 
Financial instrument liabilities, at fair value:
Trading liabilities726 891 
Derivative liabilities198 190 
Brokerage client payables6,607 5,853 
Accrued compensation, commissions and benefits2,110 2,603 
Other payables1,907 1,961 
Other borrowings700 700 
Senior notes payable3,521 3,520 
Total liabilities79,334 75,726 
Commitments and contingencies (see Note 17)
Shareholders’ equity
Preferred stock— 79 
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 194,643,210 shares outstanding as of March 31, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025
3 3 
Additional paid-in capital3,156 3,235 
Retained earnings14,487 13,604 
Treasury stock, at cost; 55,440,958 and 51,944,574 common shares as of March 31, 2026 and September 30, 2025, respectively
(4,711)(4,022)
Accumulated other comprehensive loss(368)(396)
Total equity attributable to Raymond James Financial, Inc.12,567 12,503 
Noncontrolling interests43 1 
Total shareholders’ equity12,610 12,504 
Total liabilities and shareholders’ equity$91,944 $88,230 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
3
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
 Three months ended March 31,Six months ended March 31,
in millions, except per share amounts
2026202520262025
Revenues:  
Asset management and related administrative fees$2,016 $1,725 $4,015 $3,468 
Brokerage revenues:
Securities commissions507 431 993 871 
Principal transactions136 149 262 268 
Total brokerage revenues643 580 1,255 1,139 
Account and service fees311 321 619 663 
Investment banking
279 216 487 541 
Interest income
960 963 1,967 1,990 
Other
53 40 95 79 
Total revenues
4,262 3,845 8,438 7,880 
Interest expense
(403)(442)(844)(940)
Net revenues
3,859 3,403 7,594 6,940 
Non-interest expenses:
  
Compensation, commissions and benefits
2,541 2,204 4,991 4,476 
Non-compensation expenses:
Communications and information processing
206 184 400 362 
Occupancy and equipment
80 74 160 147 
Business development
75 64 156 132 
Investment sub-advisory fees
63 54 126 107 
Professional fees
36 34 73 68 
Bank loan provision for credit losses
5 16 2 16 
Other
118 102 223 212 
Total non-compensation expenses583 528 1,140 1,044 
Total non-interest expenses3,124 2,732 6,131 5,520 
Pre-tax income
735 671 1,463 1,420 
Provision for income taxes
191 176 356 325 
Net income544 495 1,107 1,095 
Preferred stock dividends2 2 3 3 
Net income available to common shareholders$542 $493 $1,104 $1,092 
Earnings per common share – basic
$2.76 $2.41 $5.61 $5.34 
Earnings per common share – diluted
$2.72 $2.36 $5.51 $5.22 
Weighted-average common shares outstanding – basic
196.1204.3196.6204.0
Weighted-average common and common equivalent shares outstanding – diluted
199.2208.7200.3208.9
Net income
$544 $495 $1,107 $1,095 
Other comprehensive income/(loss), net of tax:  
Available-for-sale securities
(10)95 33 (11)
Currency translations, net of the impact of net investment hedges(10)19 (3)(34)
Cash flow hedges
— (5)(2)1 
Total other comprehensive income/(loss), net of tax
(20)109 28 (44)
Total comprehensive income$524 $604 $1,135 $1,051 
    
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
4
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
 Three months ended March 31,Six months ended March 31,
$ in millions, except per share amounts2026202520262025
Preferred stock:
Balance beginning of period
$79 $79 $79 $79 
Redemption of preferred stock(79)— (79)— 
Balance end of period
— 79 — 79 
Common stock, par value $.01 per share:
  
Balance beginning of period
3 3 3 2 
Share issuances
— — — 1 
Balance end of period
3 3 3 3 
Additional paid-in capital:
Balance beginning of period
3,106 3,125 3,235 3,251 
Share-based compensation amortization52 53 129 145 
Net activity under employee stock plans
(2)(27)(208)(245)
Balance end of period
3,156 3,151 3,156 3,151 
Retained earnings:
  
Balance beginning of period
14,051 12,378 13,604 11,894 
Net income attributable to Raymond James Financial, Inc.
544 495 1,107 1,095 
Common and preferred stock cash dividends declared (see Note 18)
(108)(104)(224)(220)
Balance end of period
14,487 12,769 14,487 12,769 
Treasury stock:
  
Balance beginning of period
(4,321)(3,007)(4,022)(3,051)
Purchases
(406)(253)(821)(314)
Reissuances under employee stock plans
16 16 132 121 
Balance end of period
(4,711)(3,244)(4,711)(3,244)
Accumulated other comprehensive income/(loss):  
Balance beginning of period
(348)(655)(396)(502)
Other comprehensive income/(loss), net of tax
(20)109 28 (44)
Balance end of period
(368)(546)(368)(546)
Total equity attributable to Raymond James Financial, Inc.
$12,567 $12,212 $12,567 $12,212 
Noncontrolling interests:
Balance beginning of period
4 6 1 (6)
Increase from acquisition of majority interest in GreensLedge Holdings LLC
40 — 40 — 
All other net changes in noncontrolling interests
(1)9 2 21 
Balance end of period
43 15 43 15 
Total shareholders’ equity
$12,610 $12,227 $12,610 $12,227 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
5
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended March 31,
$ in millions20262025
Cash flows from operating activities:
  
Net income
$1,107 $1,095 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
  
Depreciation and amortization99 94 
Deferred income taxes, net112 46 
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments
(3)(1)
Provisions for credit losses and legal and regulatory matters, net
21 24 
Share-based compensation expense133 147 
Unrealized gains on corporate-owned life insurance policies, net of expenses
10 31 
Other27 21 
Net change in:
  
Collateralized agreements, net of collateralized financings121 45 
Loans (provided to) financial advisors, net of repayments(286)(102)
Brokerage client receivables and other receivables, net(479)(140)
Trading instruments, net(62)(69)
Derivative instruments, net10 116 
Other assets(44)23 
Brokerage client payables and other payables621 38 
Accrued compensation, commissions and benefits(493)(407)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale195 (14)
Net cash provided by operating activities
1,089 947 
Cash flows from investing activities:
  
Increase in bank loans, net
(3,572)(2,334)
Proceeds from sales of loans held for investment116 83 
Purchases of available-for-sale securities
(409)(300)
Available-for-sale securities maturations, repayments and redemptions
935 1,009 
Proceeds from sales of available-for-sale securities
— 78 
Cash paid for acquisition, net of cash acquired
(92)— 
Additions to property and equipment
(91)(87)
Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock— 9 
Other investing activities, net(89)(54)
Net cash used in investing activities
(3,202)(1,596)
Cash flows from financing activities:
Increase in bank deposits
3,526 393 
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements(918)(459)
Dividends on common and preferred stock
(221)(211)
Employee stock purchases and exercise of stock options
23 19 
Redemption of preferred stock(81)— 
Proceeds from Federal Home Loan Bank (“FHLB”) advances
300 450 
Repayments of FHLB advances
(300)(650)
Other financing, net(10)(5)
Net cash provided by/(used in) financing activities
2,319 (463)
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
6
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended March 31,
$ in millions20262025
Currency adjustment:  
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes (29)(149)
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash
177 (1,261)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year14,787 14,348 
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period$14,964 $13,087 
Cash and cash equivalents$11,219 $9,662 
Cash and cash equivalents segregated for regulatory purposes and restricted cash 3,745 3,425 
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period$14,964 $13,087 
Supplemental disclosures of cash flow information:  
Cash paid for interest$845 $948 
Cash paid for income taxes, net$275 $373 
Cash outflows for lease liabilities$67 $66 
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases
$52 $54 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
7
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2026

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization

Raymond James Financial, Inc. (“RJF” or the “firm”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products.  The firm also provides corporate and retail banking services and trust services. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2025 Form 10-K”) for the year ended September 30, 2025, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation.

Accounting estimates and assumptions

Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented.

The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2025 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements.


NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES

A summary of our significant accounting policies is included in Note 2 of our 2025 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2025.

8
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 3 – ACQUISITIONS

GreensLedge Holdings LLC

During the three months ended March 31, 2026, we completed our acquisition of a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured products advisory and placement services. The acquisition was funded using cash on hand as of the acquisition date. GreensLedge’s results of operations have been included in our Capital Markets segment prospectively beginning March 1, 2026.

The GreensLedge acquisition resulted in the addition of $129 million of goodwill and $30 million of identifiable intangible assets. The goodwill associated with this acquisition primarily represents synergies from combining GreensLedge with our existing businesses and is deductible for tax purposes over 15 years. The identifiable intangible assets primarily relate to client relationships and have a weighted-average useful life of seven years.

See Notes 2 and 10 of our 2025 Form 10-K and Note 11 of this Form 10-Q for additional information about our goodwill and identifiable intangible assets, including the related accounting policies.

Clark Capital Management Group, Inc.

On April 30, 2026, we completed our acquisition of all outstanding shares of Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions. The acquisition was funded using cash on hand as of the acquisition date. Clark Capital will become one of our independent boutique investment managers under Raymond James Investment Management in our Asset Management segment.
9
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)




NOTE 4 – FAIR VALUE

Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. See Notes 2 and 4 of our 2025 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis.
$ in millionsLevel 1Level 2Level 3 
Netting
adjustments (1)
Balance as of March 31, 2026
Assets at fair value on a recurring basis:
    
Trading assets:     
Municipal and provincial obligations$11 $306 $— $— $317 
Corporate obligations15 580 — — 595 
Government and agency obligations40 87 — — 127 
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)— 214 — — 214 
Non-agency CMOs and ABS— 142 — — 142 
Total debt securities66 1,329 — — 1,395 
Equity securities12 6 — — 18 
Brokered certificates of deposit— 19 — — 19 
Other— — 2 — 2 
Total trading assets78 1,354 2 — 1,434 
Available-for-sale securities (2)
423 5,979 — — 6,402 
Derivative assets:
Interest rate
12 263 — (214)61 
Foreign exchange— 10 — — 10 
Total derivative assets12 273 — (214)71 
All other investments:
Government and agency obligations (3)
86 — — — 86 
Other193 2 7 — 202 
Total all other investments279 2 7 — 288 
Other assets – client-owned fractional shares
188 — — — 188 
Subtotal980 7,608 9 (214)8,383 
Other investments – private equity – measured at net asset value (“NAV”)
111 
Total assets at fair value on a recurring basis$980 $7,608 $9 $(214)$8,494 
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations$4 $— $— $— $4 
Corporate obligations— 469 — — 469 
Government and agency obligations212 — — — 212 
Total debt securities216 469 — — 685 
Equity securities39 1 — — 40 
Other liabilities
— — 1 — 1 
Total trading liabilities255 470 1 — 726 
Derivative liabilities – interest rate
9 272 — (83)198 
Other payables – repurchase liabilities related to client-owned fractional shares
188 — — — 188 
Total liabilities at fair value on a recurring basis $452 $742 $1 $(83)$1,112 



10
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


$ in millionsLevel 1Level 2Level 3 
Netting
adjustments (1)
Balance as of September 30, 2025
Assets at fair value on a recurring basis:
    
Trading assets:    
Municipal and provincial obligations
$6 $403 $— $— $409 
Corporate obligations
11 659 — — 670 
Government and agency obligations
41 108 — — 149 
Agency MBS, CMOs, and ABS— 231 — — 231 
Non-agency CMOs and ABS— 36 — — 36 
Total debt securities
58 1,437 — — 1,495 
Equity securities
17 3 — — 20 
Brokered certificates of deposit
— 19 — — 19 
Other
— — 4 — 4 
Total trading assets75 1,459 4 — 1,538 
Available-for-sale securities (2)
430 6,458 — — 6,888 
Derivative assets:
Interest rate2 304 — (239)67 
Foreign exchange— 1 — — 1 
Total derivative assets2 305 — (239)68 
All other investments:
Government and agency obligations (3)
92 — — — 92 
Other185 1 7 — 193 
Total all other investments277 1 7 — 285 
Other assets – client-owned fractional shares
171 — — — 171 
Subtotal
955 8,223 11 (239)8,950 
Other investments – private equity – measured at NAV
105 
Total assets at fair value on a recurring basis
$955 $8,223 $11 $(239)$9,055 
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations$3 $— $— $— $3 
Corporate obligations— 651 — — 651 
Government and agency obligations164 — — — 164 
Agency MBS and CMOs
— 42 — — 42 
Total debt securities167 693 — — 860 
Equity securities
31 — — — 31 
Total trading liabilities198 693 — — 891 
Derivative liabilities:
Interest rate3 306 — (123)186 
Foreign exchange
— 2 — — 2 
Other
— — 2 — 2 
Total derivative liabilities3 308 2 (123)190 
Other payables – repurchase liabilities related to client-owned fractional shares
171 — — — 171 
Total liabilities at fair value on a recurring basis
$372 $1,001 $2 $(123)$1,252 

(1)Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information.
(2)Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S. Treasury securities (“U.S. Treasuries”). See Note 5 for further information.
(3)These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations.

11
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Level 3 recurring fair value measurements

The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.
Three months ended March 31, 2026
Level 3 instruments at fair value
Financial assetsFinancial liabilities
Trading assetsDerivative assetsAll other investmentsTrading liabilities
$ in millionsOtherOtherOtherOther
Fair value beginning of period
$4 $— $7 $— 
Total gains/(losses) included in earnings— 1 — 1 
Purchases and contributions
25 — — — 
Sales and distributions(27)(1)— — 
Transfers:
   
Into Level 3— — — — 
Out of Level 3— — — — 
Fair value end of period
$2 $— $7 $1 
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$— $— $— $1 

Six months ended March 31, 2026
Level 3 instruments at fair value
Financial assetsFinancial liabilities
Trading assetsDerivative assets
All other investments
Trading liabilitiesDerivative liabilities
$ in millionsOtherOther
Other
OtherOther
Fair value beginning of period
$4 $— $7 $— $(2)
Total gains/(losses) included in earnings
1 2 — 1 1 
Purchases and contributions
50 — — — — 
Sales and distributions(53)(2)— — 1 
Transfers:
Into Level 3— — — — — 
Out of Level 3— — — — — 
Fair value end of period
$2 $— $7 $1 $— 
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$— $— $— $1 $— 

12
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Three months ended March 31, 2025
Level 3 instruments at fair value
Financial assets
Financial liabilities
 Trading assetsDerivative assets
All other investments
Derivative liabilities
$ in millionsOtherOther
Other
Other
Fair value beginning of period
$2 $— $7 $(2)
Total gains/(losses) included in earnings1 6 — 2 
Purchases and contributions
21 — — — 
Sales and distributions
(23)— — — 
Transfers:
Into Level 3— — — — 
Out of Level 3— — — — 
Fair value end of period
$1 $6 $7 $— 
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$— $8 $— $— 
Six months ended March 31, 2025
Level 3 instruments at fair value
Financial assets
Trading assetsDerivative assets
All other investments
$ in millionsOtherOther
Other
Fair value beginning of period
$3 $4 $7 
Total gains/(losses) included in earnings
1 2 — 
Purchases and contributions
39 — — 
Sales and distributions
(42)— — 
Transfers:
Into Level 3— — — 
Out of Level 3— — — 
Fair value end of period
$1 $6 $7 
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period
$— $2 $— 

As of March 31, 2026, 9% of our assets and 1% of our liabilities were measured at fair value on a recurring basis. As of September 30, 2025, 10% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both March 31, 2026 and September 30, 2025, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis.

Investments in private equity measured at net asset value per share

As more fully described in Note 2 of our 2025 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Our private equity portfolio as of March 31, 2026 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments. Our investments cannot be redeemed directly with the funds. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

13
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.
$ in millionsRecorded valueUnfunded commitment
March 31, 2026
Private equity investments measured at NAV$111 $36 
Private equity investments not measured at NAV7 
Total private equity investments
$118 
September 30, 2025
Private equity investments measured at NAV$105 $38 
Private equity investments not measured at NAV7 
Total private equity investments$112 

Financial instruments measured at fair value on a nonrecurring basis

The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.
$ in millionsLevel 2Level 3Total fair valueValuation technique(s)Unobservable inputRange
(weighted-average)
March 31, 2026
Bank loans:
Residential mortgage loans$4 $7 $11 
Collateral or
discounted cash flow (1)
Prepayment rate
7 yrs. - 12 yrs. (10.6 yrs.)
Corporate loans$— $155 $155 
Collateral or
 discounted cash flow (1)
Recovery rate
55% - 87% (74%)
Loans held for sale$5 $— $5 
N/A (2)
N/AN/A
September 30, 2025
Bank loans:
Residential mortgage loans$5 $7 $12 
Collateral or
discounted cash flow (1)
Prepayment rate
7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans$— $179 $179 
Collateral or
 discounted cash flow (1)
Recovery rate
24% - 96% (76%)
Loans held for sale$31 $— $31 N/AN/AN/A

(1)The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the table.
(2)See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2025 Form 10-K for information on the valuation techniques used in the valuation of our loans held for sale measured at fair value on a nonrecurring basis.

14
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Financial instruments not recorded at fair value

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at March 31, 2026 and September 30, 2025. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 3 of our 2025 Form 10-K for a discussion of our financial instruments that are not recorded at fair value.
$ in millionsLevel 2Level 3Total estimated fair valueCarrying amount
March 31, 2026
Financial assets:
    
Bank loans, net
$193 $54,173 $54,366 $54,662 
Financial liabilities:
 
Bank deposits - certificates of deposit$2,320 $— $2,320 $2,320 
Senior notes payable$3,187 $— $3,187 $3,521 
September 30, 2025
Financial assets:
Bank loans, net
$386 $50,362 $50,748 $51,345 
Financial liabilities:
 
Bank deposits - certificates of deposit$1,943 $— $1,943 $1,937 
Senior notes payable$3,299 $— $3,299 $3,520 


NOTE 5 – AVAILABLE-FOR-SALE SECURITIES

The following table details the amortized costs and fair values of our available-for-sale securities. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 4 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.
$ in millionsCost basisGross
unrealized gains		Gross
unrealized losses		Fair value
March 31, 2026    
Agency residential MBS$3,322 $2 $(239)$3,085 
Agency commercial MBS1,055 — (71)984 
Agency CMOs1,393 1 (140)1,254 
U.S. Treasuries422 1 — 423 
Other agency obligations153 — (1)152 
Non-agency residential MBS450 — (31)419 
Corporate bonds69 1 — 70 
Other16 — (1)15 
Total available-for-sale securities$6,880 $5 $(483)$6,402 
September 30, 2025    
Agency residential MBS$3,531 $3 $(265)$3,269 
Agency commercial MBS1,223 — (85)1,138 
Agency CMOs1,421 3 (147)1,277 
U.S. Treasuries429 1 — 430 
Other agency obligations229 — (2)227 
Non-agency residential MBS484 1 (32)453 
Corporate bonds79 1 (1)79 
Other14 1 — 15 
Total available-for-sale securities$7,410 $10 $(532)$6,888 

The amortized costs and fair values in the preceding table exclude $17 million and $18 million of accrued interest on available-for-sale securities as of March 31, 2026 and September 30, 2025, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


See Note 7 for additional information regarding available-for-sale securities pledged with the FHLB and Federal Reserve Bank (“FRB”).

The following table details the contractual maturities, amortized costs, fair values and current yields for our available-for-sale securities.  Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of March 31, 2026.
 March 31, 2026
$ in millionsWithin one yearAfter one but
within five years		After five but
within ten years		After ten yearsTotal
Agency residential MBS
     
Amortized cost
$1 $343 $1,620 $1,358 $3,322 
Fair value$1 $325 $1,492 $1,267 $3,085 
Weighted-average yield
2.21 %1.21 %1.32 %3.07 %2.02 %
Agency commercial MBS
Amortized cost
$200 $802 $9 $44 $1,055 
Fair value$198 $742 $8 $36 $984 
Weighted-average yield
1.62 %1.30 %1.16 %1.86 %1.38 %
Agency CMOs
 
Amortized cost
$— $— $31 $1,362 $1,393 
Fair value$— $— $29 $1,225 $1,254 
Weighted-average yield
— %— %1.47 %2.41 %2.39 %
U.S. Treasuries
Amortized cost
$244 $178 $— $— $422 
Fair value$245 $178 $— $— $423 
Weighted-average yield
3.93 %3.85 %— %— %3.90 %
Other agency obligations
Amortized cost
$32 $113 $— $8 $153 
Fair value$33 $112 $— $7 $152 
Weighted-average yield
3.10 %3.45 %— %3.07 %3.36 %
Non-agency residential MBS
Amortized cost
$— $— $— $450 $450 
Fair value$— $— $— $419 $419 
Weighted-average yield
— %— %— %4.03 %4.03 %
Corporate bonds
Amortized cost
$8 $44 $17 $— $69 
Fair value$8 $45 $17 $— $70 
Weighted-average yield
5.25 %4.69 %4.99 %— %4.83 %
Other
Amortized cost
$— $— $6 $10 $16 
Fair value$— $— $5 $10 $15 
Weighted-average yield
— %— %6.78 %6.40 %6.53 %
Total available-for-sale securities
Amortized cost
$485 $1,480 $1,683 $3,232 $6,880 
Fair value$485 $1,402 $1,551 $2,964 $6,402 
Weighted-average yield
2.94 %1.85 %1.37 %2.91 %2.31 %

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.
 Less than 12 months12 months or moreTotal
$ in millionsFair valueUnrealized
losses		Fair valueUnrealized
losses		Fair valueUnrealized
losses
March 31, 2026
Agency residential MBS
$200 $(1)$2,690 $(238)$2,890 $(239)
Agency commercial MBS
5 — 976 (71)981 (71)
Agency CMOs
156 (1)908 (139)1,064 (140)
U.S. Treasuries50 — 8 — 58 — 
Other agency obligations43 — 109 (1)152 (1)
Non-agency residential MBS19 — 366 (31)385 (31)
Corporate bonds5 — 13 — 18 — 
Other 1 — 4 (1)5 (1)
Total$479 $(2)$5,074 $(481)$5,553 $(483)
September 30, 2025
Agency residential MBS
$23 $— $2,994 $(265)$3,017 $(265)
Agency commercial MBS
— — 1,129 (85)1,129 (85)
Agency CMOs
2 — 978 (147)980 (147)
U.S. Treasuries215 — 9 — 224 — 
Other agency obligations— — 227 (2)227 (2)
Non-agency residential MBS— — 380 (32)380 (32)
Corporate bonds— — 15 (1)15 (1)
Other1 — 5 — 6 — 
Total
$241 $— $5,737 $(532)$5,978 $(532)

At March 31, 2026, of the 789 available-for-sale securities in an unrealized loss position, 47 were in a continuous unrealized loss position for less than 12 months and 742 securities were in a continuous unrealized loss position for greater than 12 months.

During the three and six months ended March 31, 2026 and three months ended March 31, 2025, there were no sales of available-for-sale securities. During the six months ended March 31, 2025, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from accumulated other comprehensive income/loss (“AOCI”) to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the six months ended March 31, 2025.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 6 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES

Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2025 Form 10-K.

Derivative balances included on our financial statements

The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.
March 31, 2026September 30, 2025
$ in millionsDerivative assetsDerivative liabilitiesNotional amountDerivative assetsDerivative liabilitiesNotional amount
Derivatives not designated as hedging instruments
Interest rate (1)
$275 $281 $20,547 $306 $309 $20,446 
Foreign exchange3 — 525 — 2 539 
Other— — 973 — 2 1,096 
Subtotal278 281 22,045 306 313 22,081 
Derivatives designated as hedging instruments
Interest rate
— — 400 — — 850 
Foreign exchange
7 — 1,258 1 — 1,242 
Subtotal
7 — 1,658 1 — 2,092 
Total gross fair value/notional amount
285 281 $23,703 307 313 $24,173 
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting
(61)(61)(92)(92)
Cash collateral netting
(153)(22)(147)(31)
Total amounts offset
(214)(83)(239)(123)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition
$71 $198 $68 $190 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments
(1)— (1)— 
Total
$70 $198 $67 $190 

(1)Included to-be-announced security contracts that are accounted for as derivatives.

The following table details the gains/(losses) included in AOCI, net of income taxes, on derivatives designated as hedging instruments. These amounts do not include any offsetting gains/(losses) on the related hedged item. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 18 for additional information.
 Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Interest rate (cash flow hedges)$— $(5)$(2)$1 
Foreign exchange (net investment hedges)16 3 6 60 
Total gains/(losses) included in AOCI, net of taxes
$16 $(2)$4 $61 

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2026 and 2025. We expect to reclassify $6 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is two years.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item.
$ in millionsThree months ended March 31,Six months ended March 31,
Location of gains/(losses)
2026202520262025
Interest rate
Principal transactions/other revenue
$3 $4 $6 $7 
Foreign exchange (1)
Principal transactions/other revenue
$9 $(13)$8 $48 
OtherPrincipal transactions$1 $8 $3 $2 

(1)The impacts included in our Condensed Consolidated Statements of Income and Comprehensive Income of these amounts net of the gains/(losses) on the related hedged item were net gains of $1 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, and net gains of $3 million and $4 million for the six months ended March 31, 2026 and 2025, respectively.

Risks associated with our derivatives and related risk mitigation

Credit risk

We are exposed to credit losses primarily in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis.  We may require initial margin or collateral from counterparties, generally in the form of cash or marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. We also enter into derivatives with clients, typically interest rate derivatives, to which either of our bank subsidiaries have provided loans. Such derivatives are generally collateralized by marketable securities or other assets of the client.

Interest rate and foreign exchange risk

We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives.  On a daily basis, we monitor our risk exposure on our derivatives based on established sensitivity-based and foreign exchange spot limits.

Derivatives with credit-risk-related contingent features

Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt. If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either March 31, 2026 or September 30, 2025.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 7 – COLLATERALIZED AGREEMENTS AND FINANCINGS

Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions, and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2025 Form 10-K.

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.
Collateralized agreementsCollateralized financings
$ in millionsReverse repurchase agreementsSecurities borrowedTotalRepurchase agreementsSecurities loanedTotal
March 31, 2026
Gross amounts of recognized assets/liabilities$272 $336 $608 $361 $781 $1,142 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition272 336 608 361 781 1,142 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(272)(336)(608)(361)(781)(1,142)
Net amounts$— $— $— $— $— $— 
September 30, 2025
Gross amounts of recognized assets/liabilities$302 $396 $698 $325 $786 $1,111 
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition— — — — — — 
Net amounts included in the Condensed Consolidated Statements of Financial Condition302 396 698 325 786 1,111 
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition(302)(372)(674)(325)(768)(1,093)
Net amounts$— $24 $24 $— $18 $18 

The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition.

Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents our repurchase agreements and securities lending transactions accounted for as secured borrowings by type of collateral. Such secured borrowings have no stated maturity and are generally overnight and continuous.
$ in millionsMarch 31, 2026September 30, 2025
Repurchase agreements:
Government and agency obligations$157 $125 
Agency MBS and agency CMOs204 200 
Total repurchase agreements$361 $325 
Securities loaned:
Equity securities781 786 
Total collateralized financings$1,142 $1,111 

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Collateral received and pledged

We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties.

In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements.

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.
$ in millionsMarch 31, 2026September 30, 2025
Collateral we received that was available to be delivered or repledged$4,347 $4,003 
Collateral that we delivered or repledged $2,025 $2,080 

Encumbered assets

We pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for such purposes and whether third parties had the right to deliver or repledge such assets.
$ in millionsMarch 31, 2026September 30, 2025
Had the right to deliver or repledge$1,381 $1,265 
Did not have the right to deliver or repledge$66 $66 

We pledge certain of our bank loans and available-for-sale securities at the FHLB and FRB as security for the repayment of certain borrowings, to secure capacity for additional borrowings as needed, and to participate in certain deposit programs. The FHLB and the FRB do not have the ability to sell or repledge such loans and securities. For additional information regarding our outstanding FHLB advances see Note 15. The following table presents information about our assets that have been pledged at the FHLB or FRB.
$ in millionsMarch 31, 2026September 30, 2025
Assets pledged at the FHLB or FRB:
Available-for-sale securities$2,216 $2,435 
Bank loans33,602 31,014 
Total assets pledged at the FHLB or FRB
$35,818 $33,449 

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 8 – BANK LOANS, NET

Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities, or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to bank loans and the allowance for credit losses.

Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost less the allowance for credit losses (“ACL”) or fair value where applicable.

The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.
$ in millionsMarch 31, 2026September 30, 2025
SBL$23,007 $19,775 
C&I loans10,489 10,777 
CRE loans7,972 7,840 
REIT loans1,695 1,690 
Residential mortgage loans10,789 10,295 
Tax-exempt loans1,123 1,226 
Total loans held for investment55,075 51,603 
Held for sale loans198 416 
Total loans held for sale and investment55,273 52,019 
Allowance for credit losses(440)(452)
Bank loans, net
$54,833 $51,567 
ACL as a % of total loans held for investment0.80 %0.88 %
Accrued interest receivable on bank loans (included in “Other receivables, net”)$211 $216 

See Note 7 for additional information regarding bank loans pledged with the FHLB and FRB.

Held for sale loans

We originated or purchased $717 million and $1.21 billion of loans held for sale during the three and six months ended March 31, 2026, respectively, and $1.01 billion and $1.72 billion during the three and six months ended March 31, 2025, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $122 million and $299 million during the three and six months ended March 31, 2026, respectively, and $497 million and $662 million during the three and six months ended March 31, 2025, respectively. Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2026 and 2025.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Purchases and sales of loans held for investment

The following table presents purchases and sales of loans held for investment by portfolio segment.
$ in millionsC&I loansCRE loansResidential mortgage loansTotal
Three months ended March 31, 2026
Purchases$123 $— $2 $125 
Sales$20 $— $— $20 
Six months ended March 31, 2026
Purchases$288 $— $16 $304 
Sales$104 $— $— $104 
Three months ended March 31, 2025
Purchases$404 $— $67 $471 
Sales$29 $13 $— $42 
Six months ended March 31, 2025
Purchases$646 $— $132 $778 
Sales$77 $13 $— $90 

Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2025 Form 10-K, corporate loan sales generally occur as part of our credit management activities.

Past due, nonaccrual, and modified loans

The following table presents information on delinquency status of our loans held for investment.
$ in millions30-89 days and accruing90 days or more and accruing Total past due and accruingNonaccrual with allowanceNonaccrual with no allowanceCurrent and accruingTotal loans held for investment
March 31, 2026      
SBL$6 $— $6 $— $— $23,001 $23,007 
C&I loans— — — 31 19 10,439 10,489 
CRE loans— — — 113 8 7,851 7,972 
REIT loans— — — — — 1,695 1,695 
Residential mortgage loans2 — 2 — 11 10,776 10,789 
Tax-exempt loans— — — — — 1,123 1,123 
Total loans held for investment$8 $— $8 $144 $38 $54,885 $55,075 
September 30, 2025      
SBL$1 $— $1 $— $— $19,774 $19,775 
C&I loans1 — 1 39 5 10,732 10,777 
CRE loans— — — 101 9 7,730 7,840 
REIT loans— — — 19 — 1,671 1,690 
Residential mortgage loans5 — 5 — 13 10,277 10,295 
Tax-exempt loans— — — — — 1,226 1,226 
Total loans held for investment$7 $— $7 $159 $27 $51,410 $51,603 

The preceding table included $75 million and $109 million at March 31, 2026 and September 30, 2025, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2025 Form 10-K, in the normal course of business, we may modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Loans to borrowers experiencing financial difficulty modified during each of the three and six months ended March 31, 2026 and 2025 were not significant.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Collateral-dependent loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.
$ in millionsNature of collateralMarch 31, 2026September 30, 2025
C&I loansCommercial real estate and other business assets$17 $13 
CRE loans (1)
Office, hospitality, industrial, multi-family residential, and medical office real estate$278 $165 
REIT loans (1)
Office real estate$— $113 
Residential mortgage loansSingle family homes$4 $9 

(1) During the six months ended March 31, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

Credit quality indicators

The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators.  These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows:

Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral and generally are performing in accordance with the contractual terms.

Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification.

Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values.

Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted.  We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification.

24
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.
As of and for the six months ended March 31, 2026
Loans by origination fiscal year
$ in millions20262025202420232022PriorRevolving loansTotal
SBL
Risk rating:
Pass$8$15$57$156$24$72$22,621$22,953
Special mention (1)
——————5454
Substandard
————————
Doubtful————————
Total SBL$8$15$57$156$24$72$22,675$23,007
Gross charge-offs
$—$—$—$—$—$—$—$—
C&I loans
Risk rating:
Pass$336$617$838$330$956$4,028$3,292$10,397
Special mention—2—121—1025
Substandard——1——431357
Doubtful—————9110
Total C&I loans$336$619$839$342$957$4,080$3,316$10,489
Gross charge-offs
$—$1$—$—$—$—$—$1
CRE loans
Risk rating:
Pass$705$1,480$633$812$1,390$1,788$729$7,537
Special mention——426114——144
Substandard———5174143—268
Doubtful—————23—23
Total CRE loans$705$1,480$637$889$1,578$1,954$729$7,972
Gross charge offs
$—$—$—$—$12$2$—$14
REIT loans
Risk rating:
Pass$105$324$68$146$58$297$697$1,695
Special mention————————
Substandard————————
Doubtful————————
Total REIT loans$105$324$68$146$58$297$697$1,695
Gross charge-offs
$—$—$—$—$—$—$—$—
Residential mortgage loans
Risk rating:
Pass$1,066$1,729$1,113$1,367$2,419$3,031$38$10,763
Special mention——1135—10
Substandard———1510—16
Doubtful————————
Total residential mortgage loans$1,066$1,729$1,114$1,369$2,427$3,046$38$10,789
Gross charge-offs
$—$—$—$—$—$—$—$—
Tax-exempt loans
Risk rating:
Pass$55$49$—$57$194$768$—$1,123
Special mention————————
Substandard————————
Doubtful————————
Total tax-exempt loans$55$49$—$57$194$768$—$1,123
Gross charge-offs
$—$—$—$—$—$—$—$—

(1)As of March 31, 2026, this balance related to a loan which was collateralized by private securities.
25
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


As of and for the year ended September 30, 2025
Loans by origination fiscal year
$ in millions20252024202320222021PriorRevolving loansTotal
SBL
Risk rating:
Pass$21$62$30$20$29$43$19,485$19,690
Special mention (1)
——————8585
Substandard
————————
Doubtful————————
Total SBL$21$62$30$20$29$43$19,570$19,775
Gross charge-offs
$—$—$—$—$—$—$—$—
C&I loans
Risk rating:
Pass$746$743$366$1,016$849$3,495$3,455$10,670
Special mention——161——320
Substandard—1——2642087
Doubtful
————————
Total C&I loans$746$744$382$1,017$851$3,559$3,478$10,777
Gross charge-offs
$—$—$—$—$—$32$1$33
CRE loans
Risk rating:
Pass$1,333$789$1,023$1,698$599$1,473$612$7,527
Special mention——2590—7—122
Substandard——2786—55—168
Doubtful—————23—23
Total CRE loans$1,333$789$1,075$1,874$599$1,558$612$7,840
Gross charge-offs
$—$—$—$—$—$11$1$12
REIT loans
Risk rating:
Pass$289$128$158$59$113$241$570$1,558
Special mention————————
Substandard——19—113——132
Doubtful————————
Total REIT loans$289$128$177$59$226$241$570$1,690
Gross charge-offs
$—$—$—$—$—$—$—$—
Residential mortgage loans
Risk rating:
Pass$1,810$1,206$1,465$2,511$1,389$1,849$42$10,272
Special mention———113—5
Substandard———6—12—18
Doubtful————————
Total residential mortgage loans$1,810$1,206$1,465$2,518$1,390$1,864$42$10,295
Gross charge-offs
$—$—$—$—$—$1$—$1
Tax-exempt loans
Risk rating:
Pass$49$62$57$215$144$699$—$1,226
Special mention————————
Substandard————————
Doubtful————————
Total tax-exempt loans$49$62$57$215$144$699$—$1,226
Gross charge-offs
$—$—$—$—$—$—$—$—

(1)As of September 30, 2025, this balance related to a loan which was collateralized by private securities.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.
March 31, 2026
Loans by origination fiscal year
$ in millions20262025202420232022PriorRevolving loansTotal
FICO score:
Below 600$2$5$4$11$16$24$—$62
600 - 69964745760901203468
700 - 7997911,3646987621,3661,657286,666
800 +2082863535369551,24273,587
FICO score not available1—2——3—6
Total$1,066$1,729$1,114$1,369$2,427$3,046$38$10,789
LTV ratio:
Below 80%$708$1,212$804$968$1,864$2,364$37$7,957
80%+35851731040156368212,832
Total$1,066$1,729$1,114$1,369$2,427$3,046$38$10,789

September 30, 2025
Loans by origination fiscal year
$ in millions20252024202320222021PriorRevolving loansTotal
FICO score:
Below 600$5$5$11$17$7$18$—$63
600 - 6997460669643905434
700 - 7991,4247478151,4197441,026296,204
800 +30639257298659472783,585
FICO score not available121—23—9
Total$1,810$1,206$1,465$2,518$1,390$1,864$42$10,295
LTV ratio:
Below 80%$1,271$874$1,037$1,926$1,100$1,432$41$7,681
80%+53933242859229043212,614
Total$1,810$1,206$1,465$2,518$1,390$1,864$42$10,295


27
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Allowance for credit losses

The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.
$ in millionsSBLC&I loans
CRE loans (1)
REIT loans (1)
Residential mortgage loansTax-exempt loansTotal
Three months ended March 31, 2026     
Balance at beginning of period
$7 $146 $176 $48 $62 $1 $440 
Provision/(benefit) for credit losses(1)(2)36 (29)1 — 5 
Net (charge-offs)/recoveries:
      
Charge-offs— — (6)— — — (6)
Recoveries— — — — 1 — 1 
Net (charge-offs)/recoveries
— — (6)— 1 — (5)
Foreign exchange translation adjustment
— — — — — — — 
Balance at end of period
$6 $144 $206 $19 $64 $1 $440 
Six months ended March 31, 2026
Balance at beginning of period
$8 $148 $182 $52 $61 $1 $452 
Provision/(benefit) for credit losses(2)(3)38 (33)2 — 2 
Net (charge-offs)/recoveries:
     
Charge-offs— (1)(14)— — — (15)
Recoveries— — — — 1 — 1 
Net (charge-offs)/recoveries
— (1)(14)— 1 — (14)
Foreign exchange translation adjustment
— — — — — — — 
Balance at end of period
$6 $144 $206 $19 $64 $1 $440 
ACL by loan portfolio segment as a % of total ACL1.4 %32.8 %46.8 %4.3 %14.5 %0.2 %100.0 %
Three months ended March 31, 2025
Balance at beginning of period
$5 $176 $177 $27 $65 $2 $452 
Provision/(benefit) for credit losses2 4 11 5 (5)(1)16 
Net (charge-offs)/recoveries:
     
Charge-offs— (9)(8)— — — (17)
Recoveries— 1 1 — — — 2 
Net (charge-offs)/recoveries— (8)(7)— — — (15)
Foreign exchange translation adjustment
(1)— — — — (1)
Balance at end of period
$7 $171 $181 $32 $60 $1 $452 
Six months ended March 31, 2025
Balance at beginning of period
$6 $173 $188 $23 $65 $2 $457 
Provision/(benefit) for credit losses1 11 1 9 (5)(1)16 
Net (charge-offs)/recoveries:
    
Charge-offs— (13)(8)— — (21)
Recoveries— 1 1 — — 2 
Net charge-offs
— (12)(7)— — — (19)
Foreign exchange translation adjustment
— (1)(1)— — (2)
Balance at end of period
$7 $171 $181 $32 $60 $1 $452 
ACL by loan portfolio segment as a % of total ACL1.5 %37.9 %40.0 %7.1 %13.3 %0.2 %100.0 %

(1) During the three and six months ended March 31, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

The allowance for credit losses on held for investment bank loans remained flat during the three months ended March 31, 2026, primarily resulting from a $5 million bank loan provision for credit losses, offset by net charge-offs. The allowance for credit losses on held for investment bank loans decreased $12 million during the six months ended March 31, 2026, primarily resulting from net charge-offs during the period, partially offset by a $2 million bank loan provision for credit losses. The bank loan provision for credit losses for the three months ended March 31, 2026 primarily reflected the impacts of a weakened economic outlook towards the end of the period, specific reserves on certain CRE loans, and loan downgrades primarily related to our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio. The bank loan provision for credit losses for the six months ended March 31, 2026, primarily reflected the impacts of specific reserves
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


and loan downgrades in our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $23 million as of March 31, 2026 and $24 million at both December 31, 2025 and September 30, 2025.


NOTE 9 – LOANS TO FINANCIAL ADVISORS, NET

Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.
$ in millionsMarch 31, 2026September 30, 2025
Affiliated with the firm as of period-end (1)
$1,932 $1,658 
No longer affiliated with the firm as of period-end (2)
7 7 
Total loans to financial advisors1,939 1,665 
Allowance for credit losses(45)(39)
Loans to financial advisors, net$1,894 $1,626 
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)
$16 $12 
Allowance for credit losses as a percent of total loans to financial advisors
2.32 %2.34 %

(1)These loans were predominantly current.
(2)These loans were on nonaccrual status and predominantly past due for a period of 180 days or more.

The increase in the allowance for credit losses as of March 31, 2026 compared with September 30, 2025 was primarily due to loan growth.

NOTE 10 – VARIABLE INTEREST ENTITIES

A VIE requires consolidation by the entity’s primary beneficiary.  We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2025 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs.

VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and other funds that qualify for tax credits and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs.  The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.
$ in millionsAggregate assetsAggregate liabilities
March 31, 2026  
LIHTC funds
$81 $20 
Restricted Stock Trust Fund
31 31 
Total$112 $51 
September 30, 2025  
LIHTC funds
$74 $20 
Restricted Stock Trust Fund
19 19 
Total$93 $39 

29
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table.
$ in millionsMarch 31, 2026September 30, 2025
Assets:  
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash$23 $19 
Other assets58 55 
Total assets
$81 $74 
Liabilities:  
Other payables$13 $13 
Total liabilities
$13 $13 
Noncontrolling interests
$4 $1 

VIEs where we hold a variable interest but are not the primary beneficiary

As discussed in Note 2 of our 2025 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs primarily include certain LIHTC funds, certain other investments for which we receive tax credits, our interests in certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.

Aggregate assets, liabilities, and risk of loss

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.
 March 31, 2026September 30, 2025
$ in millionsAggregate
assets		Aggregate
liabilities		Our risk
of loss		Aggregate
assets		Aggregate
liabilities		Our risk
of loss
LIHTC funds$10,626 $3,198 $57 $9,680 $3,031 $133 
Private Equity Interests3,113 923 111 3,043 948 105 
Other
813 235 139 596 217 115 
Total$14,552 $4,356 $307 $13,319 $4,196 $353 


NOTE 11 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. During the six months ended March 31, 2026, we acquired GreensLedge, which resulted in an increase in our goodwill and identifiable intangible assets. See Note 3 for additional information on this acquisition and the related goodwill and identifiable intangibles assets. See Notes 2 and 10 of our 2025 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired.  We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2026 evaluation date, evaluating balances as of December 31, 2025. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

Our qualitative assessments considered macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets. We also considered regulatory changes, as well as company-specific factors such as market capitalization, reporting unit specific results, and changes in key personnel and strategy. Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since such assessments that would cause us to update this impairment testing.
30
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


NOTE 12 - OTHER ASSETS

The following table details the components of other assets as of the dates indicated. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to certain of these components.
$ in millionsMarch 31, 2026September 30, 2025
Investments in corporate-owned life insurance policies
$1,610 $1,575 
Property and equipment, net683 670 
ROU lease assets
597 583 
Prepaid expenses241 218 
Investments in FHLB and FRB stock103 103 
Client-owned fractional shares188 171 
All other273 195 
Total other assets$3,695 $3,515 

See Note 12 of our 2025 Form 10-K for additional information regarding our property and equipment and Note 13 of this Form 10-Q and Note 13 of our 2025 Form 10-K for additional information regarding our leases.


NOTE 13 – LEASES

The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 13 of our 2025 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.
$ in millionsMarch 31, 2026September 30, 2025
ROU lease assets (included in “Other assets”)
$597 $583 
Lease liabilities (included in “Other payables”)
$552 $538 

Lease liabilities as of March 31, 2026 excluded $98 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence later in fiscal year 2026 through fiscal year 2027 with lease terms ranging from 3 to 11 years.

Lease expense

The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.
Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Lease costs$39 $37 $76 $73 
Variable lease costs$6 $7 $15 $13 
Variable lease costs in the preceding table included payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 14 – BANK DEPOSITS

Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits held by our bank subsidiaries. The following table presents a summary of bank deposits, excluding affiliate deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.
March 31, 2026September 30, 2025
$ in millionsBalanceWeighted-average rateBalanceWeighted-average rate
Money market and savings accounts$37,532 1.30 %$33,881 1.60 %
Interest-bearing demand deposits22,032 3.38 %22,532 3.86 %
Certificates of deposit2,320 3.90 %1,937 4.21 %
Non-interest-bearing demand deposits539 — 547 — 
Total bank deposits$62,423 2.14 %$58,897 2.56 %

Total bank deposits included $29.83 billion and $26.56 billion as of March 31, 2026 and September 30, 2025, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), and substantially all of these deposits were included in money market and savings accounts in the preceding table. Interest-bearing demand deposits in the preceding table included $12.49 billion and $13.47 billion of deposits as of March 31, 2026 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account.

The following table details the amount of total bank deposits (which excluded affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period end.
$ in millionsMarch 31, 2026September 30, 2025
FDIC-insured bank deposits$52,188 $49,117 
Bank deposits exceeding FDIC insurance limit (1) (2)
10,235 9,780 
Total bank deposits$62,423 $58,897 
FDIC-insured bank deposits as a % of total bank deposits84 %83 %

(1)Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.
(2)Excluded affiliate deposits exceeding the FDIC insurance limit of $1.50 billion and $1.24 billion as of March 31, 2026 and September 30, 2025, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of March 31, 2026.
$ in millionsMarch 31, 2026
Three months or less
$70 
Over three through six months
51 
Over six through twelve months
21 
Over twelve months278 
Total certificates of deposit that exceeded the FDIC insurance limit (1)
$420 

(1)Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.

32
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


The maturities by fiscal year of our certificates of deposit as of March 31, 2026 are presented in the following table.
$ in millions
Remainder of 2026$1,140 
2027635 
2028408 
202962 
203050 
Thereafter25 
Total certificates of deposit$2,320 

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.
Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Money market and savings accounts$115 $140 $242 $304 
Interest-bearing demand deposits182 206 385 434 
Certificates of deposit22 24 42 52 
Total interest expense on deposits$319 $370 $669 $790 

During the six months ended March 31, 2026 and 2025, we used an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate. This interest rate swap matured during the three months ended March 31, 2026 and was not renewed. See Note 2 of our 2025 Form 10-K for information regarding this interest rate swap, which was designated and accounted for as a cash flow hedge.


NOTE 15 – OTHER BORROWINGS
 
The following table details the components of our other borrowings.
March 31, 2026September 30, 2025
$ in millionsWeighted-average interest rateMaturity dateBalanceWeighted-average interest rateMaturity dateBalance
FHLB advances:
Floating rate - term
3.91 %June 2026 - September 2027$400 4.44 %December 2025 - December 2026$500 
Fixed rate3.99 %December 2027 - December 2028300 4.10 %December 2028200 
Total FHLB advances$700 $700 

FHLB advances

We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities. The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (“SOFR”) and reset daily. We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. See Note 2 of our 2025 Form 10-K and Note 6 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 7 of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.

Credit Facility

RJF and RJ&A are parties to a revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which both RJ&A or RJF have the ability to borrow. The Credit Facility has a term through September 2030 and provides for maximum borrowings of up to $1 billion. The interest rates on borrowings under the Credit Facility are variable and based on SOFR, as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of March 31, 2026 or September 30, 2025. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”). Based upon RJF’s credit rating as of March 31, 2026, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125% per annum.
33
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



Other

In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes. Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of March 31, 2026 or September 30, 2025. The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.

A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of March 31, 2026, the clearing organization is under no contractual obligation to lend to us under this arrangement. We also have other collateralized financings included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition. See Note 7 for information regarding our other collateralized financing arrangements.


NOTE 16 – INCOME TAXES

The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items.  We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax.  These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 17 of our 2025 Form 10-K.

Effective income tax rate

Our effective income tax rate of 24.3% for the six months ended March 31, 2026, compared with 21.3% for our fiscal year 2025. The increase in the effective income tax rate was primarily driven by non-deductible valuation losses recognized on our corporate-owned life insurance in the current-year period compared with nontaxable valuation gains recognized in fiscal 2025, as well as the favorable impact on our fiscal 2025 effective income tax rate of the release of accruals for uncertain tax positions following the expiration of applicable statutes of limitations that did not reoccur in the current-year period. For additional information regarding our fiscal 2025 effective income tax rate, refer to Note 17 of our 2025 Form 10-K.

Uncertain tax positions

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $11 million due to expiration of statutes of limitations of federal and state tax returns.

NOTE 17 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments and contingencies

Underwriting commitments

In the normal course of business, we enter into commitments for debt and equity underwritings. As of March 31, 2026, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Lending commitments and other credit-related financial instruments

We have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments.

The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.
$ in millionsMarch 31, 2026September 30, 2025
SBL and other consumer lines of credit$63,401 $56,048 
Commercial lines of credit
$5,415 $5,441 
Unfunded lending commitments
$523 $716 
Standby letters of credit
$233 $217 

SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards. These amounts reflect the maximum credit availability, contingent upon borrowers meeting applicable collateral posting requirements. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are unconditionally cancelable and we reserve the right to not make any advances or may terminate these lines at any time.

Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the current expected credit losses model provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2025 Form 10-K and Note 8 of this Form 10-Q for additional information regarding this allowance for credit losses related to unfunded lending commitments.

RJ&A enters into margin lending arrangements which allow clients to borrow against the value of qualifying securities. Such loans are extended on a demand basis and are generally not committed facilities. Margin loans are collateralized by the securities held in the client’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require clients to deposit additional collateral or reduce balances as necessary.

We offer loans to prospective financial advisors for recruiting and retention purposes. See Note 2 of our 2025 Form 10-K and Note 9 of this Form 10-Q for additional information regarding our loans to financial advisors. These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer. We had unfunded commitments of $19 million for loans to financial advisors who have met such conditions as of March 31, 2026.

Investment commitments

We had unfunded commitments of $132 million as of March 31, 2026, to various investments, primarily held by Raymond James Bank and TriState Capital Bank, and to certain renewable energy tax credit investments.

Other commitments

Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of March 31, 2026, RJAHI had committed approximately $294 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.



35
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $500 thousand per client for securities and cash held in client accounts, including a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies.

For information regarding our lease commitments see Note 13 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 13 of our 2025 Form 10-K.

Legal and regulatory matters contingencies

In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution.

RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations (“SROs”). Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things, which can also result in the imposition of such sanctions.

We may contest liability and/or the amount of damages, as appropriate, in each pending matter. The level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material.

For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period.

There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of March 31, 2026, the estimated upper end of the range of reasonably possible aggregate loss was approximately $10 million in excess of the aggregate accruals for such matters.  Refer to Note 2 of our 2025 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 18 – 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.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


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.
38
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



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.

39
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


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.


NOTE 19 – 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.


40
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


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.

41
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


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.

42
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


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.
43
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


NOTE 20 – INTEREST INCOME AND INTEREST EXPENSE

For further information about our significant accounting policies related to interest income and interest expense see Notes 2 and 21 of our 2025 Form 10-K. The following table details the components of interest income and interest expense.
 Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Interest income:  
Cash and cash equivalents$86 $104 $187 $228 
Assets segregated for regulatory purposes and restricted cash 31 36 66 78 
Trading assets — debt securities19 19 41 38 
Available-for-sale securities
39 48 81 97 
Brokerage client receivables41 41 84 86 
Bank loans, net713 690 1,447 1,408 
All other31 25 61 55 
Total interest income
$960 $963 $1,967 $1,990 
Interest expense:  
Bank deposits
$319 $370 669 $790 
Trading liabilities — debt securities12 10 24 21 
Brokerage client payables
10 17 24 37 
Other borrowings5 7 10 14 
Senior notes payable43 23 86 46 
All other14 15 31 32 
Total interest expense
$403 $442 $844 $940 
Net interest income$557 $521 $1,123 $1,050 
Less: Bank loan provision for credit losses
5 16 2 16 
Net interest income after bank loan provision for credit losses
$552 $505 $1,121 $1,034 

Interest expense related to bank deposits in the preceding table excluded interest expense associated with affiliate deposits, which has been eliminated in consolidation.


NOTE 21 – SHARE-BASED COMPENSATION

We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (the “Plan”), for our employees, Board of Directors, and independent contractor financial advisors. On February 19, 2026 our shareholders approved an amendment to the Plan increasing the number of authorized shares by 2.6 million, to a total of 99.0 million shares. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2025 Form 10-K.  Other information related to our share-based awards is presented in Note 22 of our 2025 Form 10-K.

Restricted stock units

During the three and six months ended March 31, 2026, we granted approximately 97 thousand and 1.6 million RSUs, respectively, with a weighted-average grant-date fair value of $161.23 and $156.62, respectively, compared with approximately 572 thousand and 1.8 million RSUs granted during the three and six months ended March 31, 2025, respectively, with a weighted-average grant-date fair value of $159.65 and $163.04, respectively. For the three and six months ended March 31, 2026, total share-based compensation amortization related to RSUs was $52 million and $128 million, respectively, compared with $52 million and $143 million for the three and six months ended March 31, 2025, respectively.

As of March 31, 2026, there were $423 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2026. These costs are expected to be recognized over a weighted-average period of three years.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


NOTE 22 – REGULATORY CAPITAL REQUIREMENTS

RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries, and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements.  Failure to meet applicable capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results.

As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”).

Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of March 31, 2026, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 23 of our 2025 Form 10-K.

The following table presents regulatory capital ratio requirements for RJF as of March 31, 2026 and September 30, 2025.
 
Required ratio (1)
Well-capitalized
March 31, 2026September 30, 2025
$ in millionsRatioAmountRatioAmount
RJF:
   
Tier 1 leverage4.0 %
N/A (2)
12.4 %$11,044 13.1 %$11,156 
Tier 1 capital
8.5 %6.0 %22.9 %$11,044 23.0 %$11,156 
CET1 capital
7.0 %
N/A (2)
22.9 %$11,044 22.9 %$11,081 
Total capital10.5 %10.0 %24.0 %$11,568 24.1 %$11,687 

(1)The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%.
(2)The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs.

As of March 31, 2026, RJF’s regulatory capital decreased compared with September 30, 2025, primarily due to share repurchases, dividends, goodwill and intangible assets arising from the GreensLedge acquisition (see Note 3 for further information), and the redemption of our Series B preferred shares, partially offset by positive earnings. RJF’s tier 1 capital and total capital ratios decreased slightly compared with September 30, 2025 resulting from the decrease in regulatory capital, partially offset by the impact of a decrease in risk-weighted assets. RJF’s tier 1 leverage ratio at March 31, 2026 decreased compared to September 30, 2025 due to an increase in average assets and the decrease in regulatory capital. The increase in average assets was primarily driven by increases in average bank loans.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of March 31, 2026 and September 30, 2025. Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.
 
Required ratio (1)
Well-capitalized
March 31, 2026September 30, 2025
$ in millionsRatioAmountRatioAmount
Raymond James Bank:
  
Tier 1 leverage4.0 %5.0 %8.1 %$3,580 8.0 %$3,434 
Tier 1 capital
8.5 %8.0 %14.5 %$3,580 13.9 %$3,434 
CET1 capital
7.0 %6.5 %14.5 %$3,580 13.9 %$3,434 
Total capital10.5 %10.0 %15.8 %$3,890 15.2 %$3,743 
TriState Capital Bank:
  
Tier 1 leverage4.0 %5.0 %7.4 %$1,750 7.6 %$1,661 
Tier 1 capital
8.5 %8.0 %18.6 %$1,750 16.8 %$1,661 
CET1 capital
7.0 %6.5 %18.6 %$1,750 16.8 %$1,661 
Total capital10.5 %10.0 %19.3 %$1,817 17.5 %$1,732 

(1)The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%.

Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A.
$ in millionsMarch 31, 2026September 30, 2025
Raymond James & Associates, Inc.:
  
(Alternative Method elected)
  
Net capital as a percent of aggregate debit items
30.1 %30.3 %
Net capital$1,077 $1,030 
Less: required net capital(72)(68)
Excess net capital$1,005 $962 

As of March 31, 2026, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 23 – EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share.
 Three months ended March 31,Six months ended March 31,
$ in millions, except per share amounts
2026202520262025
Income for basic earnings per common share:
  
Net income available to common shareholders$542 $493 $1,104 $1,092 
Less allocation of earnings and dividends to participating securities
— (1)(1)(2)
Net income available to common shareholders after participating securities$542 $492 $1,103 $1,090 
Income for diluted earnings per common share:
  
Net income available to common shareholders$542 $493 $1,104 $1,092 
Less allocation of earnings and dividends to participating securities
— (1)(1)(2)
Net income available to common shareholders after participating securities$542 $492 $1,103 $1,090 
Common shares:
  
Average common shares in basic computation
196.1 204.3 196.6 204.0 
Dilutive effect of outstanding stock options and certain RSUs
3.1 4.4 3.7 4.9 
Average common and common equivalent shares used in diluted computation199.2 208.7 200.3 208.9 
Earnings per common share:
  
Basic$2.76 $2.41 $5.61 $5.34 
Diluted$2.72 $2.36 $5.51 $5.22 
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive
0.1 1.0 — 1.4 

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of restricted stock awards and certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2026 and 2025.  Undistributed earnings are allocated to participating securities based upon their right to share in earnings as if all earnings for the period had been distributed.


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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



NOTE 24 – SEGMENT INFORMATION

We currently operate through the following five segments: Private Client Group (“PCG”); Capital Markets; Asset Management; Bank; and Other.

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 25 of our 2025 Form 10-K.

The following tables present information concerning operations in these segments.
$ in millions
Private Client Group
Capital Markets
Asset Management
Bank
Other and intersegment eliminations
Total
Three months ended March 31, 2026
Revenues:
Non-interest revenues (1)
$2,720 $462 $324 $14 $(218)$3,302 
Net interest income
90 2 3 472 (10)557 
Net revenues
2,810 464 327 486 (228)3,859 
Non-interest expenses:
Compensation, commissions and benefits
2,108 293 65 47 28 2,541 
Bank loan provision for credit losses
— — — 5 — 5 
All other (1)
286 120 125 268 (221)578 
Total non-interest expense2,394 413 190 320 (193)3,124 
Total pre-tax income/(loss)
$416 $51 $137 $166 $(35)$735 
Three months ended March 31, 2025
Revenues:
Non-interest revenues (1)
$2,400 $392 $286 $15 $(211)$2,882 
Net interest income86 4 3 419 9 521 
Net revenues
2,486 396 289 434 (202)3,403 
Non-interest expenses:
Compensation, commissions and benefits1,799 262 57 45 41 2,204 
Bank loan provision for credit losses
— — — 16 — 16 
All other (1)
256 98 111 256 (209)512 
Total non-interest expense2,055 360 168 317 (168)2,732 
Total pre-tax income/(loss)
$431 $36 $121 $117 $(34)$671 

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $187 million and $183 million of RJBDP fees paid to PCG for the three months ended March 31, 2026 and 2025, respectively. Such fees were eliminated in consolidation.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotal
Six months ended March 31, 2026
Revenues:
Non-interest revenues (1)
$5,397 $838 $647 $31 $(442)$6,471 
Net interest income
181 6 6 942 (12)1,123 
Net revenues
5,578 844 653 973 (454)7,594 
Non-interest expenses:
Compensation, commissions and benefits
4,159 554 124 95 59 4,991 
Bank loan provision for credit losses
— — — 2 — 2 
All other (1)
564 230 249 537 (442)1,138 
Total non-interest expense4,723 784 373 634 (383)6,131 
Total pre-tax income/(loss)
$855 $60 $280 $339 $(71)$1,463 
Six months ended March 31, 2025
Revenues:
Non-interest revenues (1)
$4,849 $869 $576 $26 $(430)$5,890 
Net interest income
185 7 7 833 18 1,050 
Net revenues
5,034 876 583 859 (412)6,940 
Non-interest expenses:
Compensation, commissions and benefits
3,630 563 115 91 77 4,476 
Bank loan provision for credit losses
— — — 16 — 16 
All other (1)
511 203 222 517 (425)1,028 
Total non-interest expense4,141 766 337 624 (348)5,520 
Total pre-tax income/(loss)
$893 $110 $246 $235 $(64)$1,420 

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $375 million and $370 million of RJBDP fees paid to PCG for the six months ended March 31, 2026 and 2025, respectively. Such fees were eliminated in consolidation.

No individual client accounted for more than 10% of revenues in any of the periods presented.

The following table presents our total assets on a segment basis.
$ in millionsMarch 31, 2026September 30, 2025
Total assets:
Private Client Group$14,563 $14,007 
Capital Markets
3,775 3,426 
Asset Management595 632 
Bank68,986 65,263 
Other4,025 4,902 
Total$91,944 $88,230 
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)



Substantially all of our operations are located in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S.  The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.
 Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Net revenues:  
U.S.$3,528 $3,116 $6,937 $6,338 
Canada191 161 376 325 
Europe140 126 281 277 
Total net revenues
$3,859 $3,403 $7,594 $6,940 
Pre-tax income/(loss): 
U.S.$706 $637 $1,399 $1,329 
Canada40 35 79 74 
Europe(11)(1)(15)17 
Total pre-tax income
$735 $671 $1,463 $1,420 
The following table presents our total assets by major geographic area in which they were held.
$ in millionsMarch 31, 2026September 30, 2025
Total assets:
U.S.$85,384 $82,289 
Canada3,492 3,182 
Europe3,068 2,759 
Total$91,944 $88,230 

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
INDEX
 PAGE
Factors affecting “forward-looking statements”
Introduction
Executive overview
Reconciliation of non-GAAP financial measures to GAAP financial measures
Net interest analysis
Results of operations
Private Client Group
Capital Markets
Asset Management
Bank
Other
Statement of financial condition analysis
Liquidity and capital resources
Regulatory
Critical accounting estimates
Accounting standards update
Risk management

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
FACTORS AFFECTING “FORWARD-LOOKING STATEMENTS”

Certain statements made in this Quarterly Report on Form 10-Q may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flows and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “estimates,” “projects,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties, and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Report on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

INTRODUCTION

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of our operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and accompanying notes to condensed consolidated financial statements. Where “NM” is used in various percentage change computations, the computed percentage change has been determined to be not meaningful.

We operate as a financial holding company and bank holding company. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets, and commercial and residential credit trends.  Overall market conditions, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control.  These factors affect the financial decisions made by market participants, including investors, borrowers, and competitors, impacting their level of participation in the financial markets. These factors also impact the level of investment banking activity and asset valuations, which ultimately affect our business results.

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
EXECUTIVE OVERVIEW

Summary results of operations
 Three months ended March 31,Six months ended March 31,
$ in millions, except per share amounts20262025% change20262025% change
Net revenues$3,859 $3,403 13 %$7,594 $6,940 9 %
Compensation, commissions and benefits expense
$2,541 $2,204 15 %$4,991 $4,476 12 %
Non-compensation expenses
$583 $528 10 %$1,140 $1,044 9 %
Pre-tax income$735 $671 10 %$1,463 $1,420 3 %
Net income available to common shareholders$542 $493 10 %$1,104 $1,092 1 %
Earnings per common share – basic$2.76 $2.41 15 %$5.61 $5.34 5 %
Earnings per common share – diluted$2.72 $2.36 15 %$5.51 $5.22 6 %
Non-GAAP measures:
Adjusted net income available to common shareholders (1)
$564 $507 11 %$1,141 $1,121 2 %
Adjusted earnings per common share - diluted (1)
$2.83 $2.42 17 %$5.69 $5.36 6 %
Three months ended March 31,Six months ended March 31,
Other selected financial highlights2026202520262025
Pre-tax margin
19.0 %19.7 %19.3 %20.5 %
Adjusted pre-tax margin (1)
19.7 %20.3 %19.9 %21.0 %
Annualized return on common equity (“ROCE”)
17.3 %16.4 %17.7 %18.4 %
Adjusted annualized ROCE (1)
18.0 %16.9 %18.2 %18.9 %
Annualized return on tangible common equity (“ROTCE”) (1)
20.1 %19.2 %20.5 %21.6 %
Adjusted annualized ROTCE (1)
20.9 %19.7 %21.2 %22.1 %
Total compensation ratio
65.8 %64.8 %65.7 %64.5 %
Adjusted total compensation ratio (1)
65.7 %64.5 %65.5 %64.3 %
Effective income tax rate
26.0 %26.2 %24.3 %22.9 %

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

For our fiscal second quarter of 2026, we generated net revenues of $3.86 billion, an increase of 13% compared with the prior-year quarter, and pre-tax income of $735 million, an increase of 10%. Our net income available to common shareholders of $542 million increased 10% compared with the prior-year quarter and our earnings per diluted share were $2.72, an increase of 15%. Our ROCE was 17.3%, up from 16.4% for the prior-year quarter, and our ROTCE was 20.1%(1), compared with 19.2%(1) for the prior-year quarter.

For the three months ended March 31, 2026, adjusted net income available to common shareholders, which excluded the impact of $22 million of acquisition-related expenses, net of tax, was $564 million(1), an increase of 11% compared with adjusted net income available to common shareholders for the prior-year quarter. Our adjusted earnings per diluted share were $2.83(1), an increase of 17% compared with the prior-year quarter. Adjusted ROCE was 18.0%(1), compared with 16.9%(1) for the prior-year quarter, and adjusted ROTCE was 20.9%(1), compared with 19.7%(1) for the prior-year quarter.

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of the current-year billing period compared with the prior-year billing period. The increase in PCG client assets in fee-based accounts resulted from market-driven appreciation and net new assets to the firm since the prior-year period driven by financial advisor recruiting and retention. Net revenues also increased due to higher investment banking revenues primarily driven by higher underwriting revenues and higher brokerage revenues due to an increase in client activity in our PCG segment.

Compensation, commissions and benefits expense increased 15%, primarily due to an increase in commissions expense resulting from higher asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses. Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.8% compared with 64.8% for the prior-year quarter. Our adjusted total compensation ratio, which excluded acquisition-related compensation expenses, was 65.7%(1) compared with 64.5%(1) for the prior-year quarter. The increase in the total compensation ratio primarily resulted from changes in our revenue mix compared with the prior-year quarter, as revenues with a higher associated direct compensation expense increased compared with the prior-year quarter, while interest-related revenues, which have little associated direct compensation, were relatively flat.

Non-compensation expenses increased 10%, primarily due to an increase in expenses to support our growth, including communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses primarily related to financial advisor recruiting, and higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs.

Our effective income tax rate was 26.0% for our fiscal second quarter of 2026, a slight decrease from 26.2% for the prior-year quarter.

We continue to maintain strong levels of liquidity and capital. As of March 31, 2026, our tier 1 leverage ratio was 12.4% and total capital ratio was 24.0%, both well above regulatory capital requirements. We also continue to have substantial liquidity with $3.0 billion of RJF corporate cash(2) as of March 31, 2026. Consistent with our long‑term strategic priorities and disciplined acquisition approach, we deployed capital in connection with our acquisition of GreensLedge during the current quarter, and subsequent to quarter-end, our acquisition of Clark Capital, which closed in April 2026. During the three months ended March 31, 2026, we repurchased $400 million of our common stock at an average price of $155 per share under the Board’s common stock repurchase authorization, leaving $1.5 billion available under such authorization as of March 31, 2026. We believe our strong capital and liquidity positions enable us to continue to invest in growth across our businesses and remain opportunistic in our capital deployment.









(1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures.
(2)For additional information, please see the “Liquidity and capital resources - Sources of liquidity” section in this MD&A.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis


Six months ended March 31, 2026 compared with the six months ended March 31, 2025

For the six months ended March 31, 2026, we generated net revenues of $7.59 billion, an increase of 9% compared with the prior-year period, and pre-tax income of $1.46 billion, an increase of 3%. Our net income available to common shareholders of $1.10 billion was 1% higher than the prior-year period and our earnings per diluted share were $5.51, an increase of 6%. Our annualized ROCE was 17.7%, down from 18.4% for the prior-year period, and our annualized ROTCE was 20.5%(1), compared with 21.6%(1) for the prior-year period.

For the six months ended March 31, 2026, adjusted net income available to common shareholders, which excluded the impact of $37 million of acquisition-related expenses, net of tax, was $1.14 billion(1), an increase of 2% compared with adjusted net income available to common shareholders for the prior-year period. Our adjusted earnings per diluted share were $5.69(1), an increase of 6% compared with the prior-year period. Adjusted annualized ROCE was 18.2%(1), compared with 18.9%(1) for the prior-year period, and adjusted annualized ROTCE was 21.2%(1), compared with 22.1%(1) for the prior-year period.

The increase in net revenues compared with the prior-year period was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of each of the current-year quarterly billing periods compared with the prior-year billing periods. The increase in PCG client assets in fee-based accounts resulted from market-driven appreciation and net new assets to the firm since the prior-year period driven by financial advisor recruiting and retention. Brokerage revenues also increased compared with the prior-year period largely due to an increase in client activity in our PCG segment, as well as higher trailing revenues primarily due to higher client asset values. Mutual fund service fees also increased primarily due to higher average mutual fund assets. Offsetting these increases, investment banking revenues decreased primarily due to lower merger & acquisition and advisory revenues compared with a strong prior-year period, particularly in the fiscal first quarter. Combined net interest income and RJBDP fees from third-party banks decreased slightly compared with the prior-year period primarily due to a decline in RJBDP fees from third-party banks, partially offset by higher net interest income.

Compensation, commissions and benefits expense increased 12%, primarily due to higher commissions expenses resulting from an increase in asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses. Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.7%, compared with 64.5% for the prior-year period. Our adjusted compensation ratio, which excluded acquisition-related compensation expenses, was 65.5%(1), compared with 64.3% for the prior-year period. For the year‑to‑date period, the increase in the total compensation ratio primarily reflected a shift in our revenue mix, driven by growth in compensable asset management and related administrative fees and brokerage revenues outpacing non-compensable interest‑related revenues, as well as lower investment banking revenues where decreases generally have an adverse impact on our firmwide compensation ratio.

Non-compensation expenses increased 9%, primarily due to an increase in expenses to support our growth, including communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses primarily related to financial advisor recruiting, and higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs.

Our effective income tax rate was 24.3% for the six months ended March 31, 2026, an increase from 22.9% for the prior-year period, primarily due to a lower benefit related to share-based compensation that settled during the current-year period compared with the prior-year period.

During the six months ended March 31, 2026, we repurchased $800 million of our common stock at an average price of $158 per share under the Board of Directors’ common stock repurchase authorization.










(1)ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted annualized ROCE, adjusted annualized ROTCE, and adjusted compensation ratio are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.
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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that ROTCE is meaningful to investors as it facilitates comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
Three months ended March 31,Six months ended March 31,
$ in millions
2026202520262025
Net income available to common shareholders$542 $493 $1,104 $1,092 
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention
6 8 13 16 
Other acquisition-related compensation 1 — 1 — 
Total “Compensation, commissions and benefits” expense7 8 14 16 
Communications and information processing3 — 4 — 
Professional fees
4 1 6 2 
Other:
Amortization of identifiable intangible assets
10 10 20 21 
All other acquisition-related expenses
3 — 3 — 
Total “Other” expense13 10 23 21 
Total pre-tax impact of non-GAAP adjustments related to acquisitions27 19 47 39 
Tax effect of non-GAAP adjustments(5)(5)(10)(10)
Total non-GAAP adjustments, net of tax 22 14 37 29 
Adjusted net income available to common shareholders $564 $507 $1,141 $1,121 
Pre-tax income$735 $671 $1,463 $1,420 
Pre-tax impact of non-GAAP adjustments (as detailed above)
27 19 47 39 
Adjusted pre-tax income $762 $690 $1,510 $1,459 
Compensation, commissions and benefits expense$2,541 $2,204 $4,991 $4,476 
Less: Total compensation-related acquisition expenses (as detailed above)
7 8 14 16 
Adjusted compensation, commissions and benefits expense
$2,534 $2,196 $4,977 $4,460 
56
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Three months ended March 31,Six months ended March 31,
$ in millions, except per share amounts
2026202520262025
Pre-tax margin
19.0 %19.7 %19.3 %20.5 %
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention
0.1 %0.3 %0.2 %0.2 %
Other acquisitions-related compensation
— %— %— %— %
Total “Compensation, commissions and benefits” expense
0.1 %0.3 %0.2 %0.2 %
Communications and information processing0.1 %— %— %— %
Professional fees
0.1 %— %0.1 %— %
Other:
Amortization of identifiable intangible assets
0.3 %0.3 %0.3 %0.3 %
All other acquisition-related expenses0.1 %— %— %— %
Total “Other” expense0.4 %0.3 %0.3 %0.3 %
Total pre-tax impact of non-GAAP adjustments related to acquisitions0.7 %0.6 %0.6 %0.5 %
Adjusted pre-tax margin19.7 %20.3 %19.9 %21.0 %
Total compensation ratio65.8 %64.8 %65.7 %64.5 %
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention0.1 %0.3 %0.2 %0.2 %
Other acquisition-related compensation— %— %— %— %
Total “Compensation, commissions and benefits” expenses related to acquisitions0.1 %0.3 %0.2 %0.2 %
Adjusted total compensation ratio65.7 %64.5 %65.5 %64.3 %
Diluted earnings per common share$2.72 $2.36 $5.51 $5.22 
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention
0.03 0.04 0.06 0.08 
Other acquisition-related compensation— — — — 
Total “Compensation, commissions and benefits” expense0.03 0.04 0.06 0.08 
Communications and information processing0.02 — 0.02 — 
Professional fees0.02 — 0.03 0.01 
Other:
Amortization of identifiable intangible assets
0.05 0.05 0.10 0.10 
All other acquisition-related expenses0.02 — 0.02 — 
Total “Other” expense0.07 0.05 0.12 0.10 
Total pre-tax impact of non-GAAP adjustments related to acquisitions0.14 0.09 0.23 0.19 
Tax effect of non-GAAP adjustments(0.03)(0.03)(0.05)(0.05)
Total non-GAAP adjustments, net of tax0.11 0.06 0.18 0.14 
Adjusted diluted earnings per common share$2.83 $2.42 $5.69 $5.36 
57
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Three months ended March 31,Six months ended March 31,
$ in millions2026202520262025
Average common equity$12,529 $11,989 $12,494 $11,857 
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention
3 4 7 8 
Other acquisition-related compensation1 — — — 
Total “Compensation, commissions and benefits” expense4 4 7 8 
Communications and information processing1 — 1 — 
Professional fees2 1 3 1 
Other:
Amortization of identifiable intangible assets
5 5 10 11 
All other acquisition-related expenses2 — 1 — 
Total “Other” expense7 5 11 11 
Total pre-tax impact of non-GAAP adjustments related to acquisitions14 10 22 20 
Tax effect of non-GAAP adjustments(3)(3)(5)(5)
Total non-GAAP adjustments, net of tax11 7 17 15 
Adjusted average common equity$12,540 $11,996 $12,511 $11,872 
Average common equity$12,529 $11,989 $12,494 $11,857 
Less:
Average goodwill and identifiable intangible assets, net1,911 1,857 1,889 1,866 
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net(147)(140)(145)(139)
Average tangible common equity$10,765 $10,272 $10,750 $10,130 
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention
3 4 7 8 
Other acquisition-related compensation1 — — — 
Total “Compensation, commissions and benefits” expense4 4 7 8 
Communications and information processing1 — 1 — 
Professional fees2 1 3 1 
Other:
Amortization of identifiable intangible assets
5 5 10 11 
All other acquisition-related expenses2 — 1 — 
Total “Other” expense7 5 11 11 
Total pre-tax impact of non-GAAP adjustments related to acquisitions14 10 22 20 
Tax effect of non-GAAP adjustments(3)(3)(5)(5)
Total non-GAAP adjustments, net of tax11 7 17 15 
Adjusted average tangible common equity$10,776 $10,279 $10,767 $10,145 
Return on common equity17.3 %16.4 %17.7 %18.4 %
Adjusted return on common equity18.0 %16.9 %18.2 %18.9 %
Return on tangible common equity20.1 %19.2 %20.5 %21.6 %
Adjusted return on tangible common equity20.9 %19.7 %21.2 %22.1 %


58
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Diluted earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period or, in the case of adjusted diluted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period.

Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.

Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.

Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to RJF as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. Average common equity for the year-to-date period is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by three. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

ROCE is computed by dividing annualized net income available to common shareholders for the period indicated by average common equity for each respective period or, in the case of ROTCE, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted ROCE is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted ROTCE, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period.

NET INTEREST ANALYSIS

The Fed funds target rate began our fiscal 2025 at a range of 4.75% to 5.00%. The Fed lowered the federal funds target rate by 75 basis points during fiscal 2025 and an additional 50 basis points thus far in fiscal 2026, for a total decrease of 125 basis points since the beginning of fiscal 2025. These rate cuts brought the target range to 3.50% to 3.75% by the end of our fiscal first quarter of 2026, where it remained through our fiscal second quarter of 2026. The Fed has indicated that it intends to closely monitor market conditions to determine whether it will consider making any adjustments to short-term interest rates during the remainder of our fiscal 2026.

The following table details the Fed’s short-term interest rate activity since the beginning of our fiscal year 2025.
RJF fiscal quarter endedEffective date of interest rate action
Decrease
in interest rates
(in basis points)
Fed funds target rate
September 30, 2024September 19, 2024(50)
4.75% - 5.00%
December 31, 2024November 8, 2024(25)4.50% - 4.75%
December 31, 2024December 19, 2024(25)
4.25% - 4.50%
September 30, 2025September 18, 2025(25)
4.00% - 4.25%
December 31, 2025October 30, 2025(25)
3.75% - 4.00%
December 31, 2025December 11, 2025(25)
3.50% - 3.75%
59
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Given the relationship between our interest-sensitive assets and liabilities (primarily held in our PCG, Bank, and Other segments) and the nature of fees we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), our financial results are sensitive to changes in interest rates. Increases in short-term interest rates have historically resulted in an increase in our net earnings, and we expect decreases in short-term interest rates to generally reduce our net earnings, although there may be offsetting indirect favorable impacts on certain non-interest-related components of net revenues. As it relates to our net interest income, the magnitude of the effect of a decrease in interest rates depends on a number of factors impacting balances, asset yields, and the cost of funding. The magnitude of the impact on our net interest margin depends on the yields on interest-earning assets relative to the cost of interest-bearing liabilities, including deposit rates paid to clients on their cash balances.

Decreases in short-term interest rates generally result in a decrease to our RJBDP fees earned from third-party banks, although the magnitude of the impact may also be impacted by demand for cash balances by third-party banks and the rate paid to clients on their cash sweep balances. Rates paid to clients on their cash balances are generally impacted by the level of short-term interest rates, as well as competitive industry dynamics and the demand for client cash. Additionally, any future changes to regulatory rules or interpretations governing the fees the firm earns on cash sweep balances could also impact the rates we pay to clients on cash balances. In recent fiscal years, we have sought to continue to meet client demand for higher yields on cash balances, without sacrificing the benefits of FDIC insurance on such balances, by providing FDIC-insured deposit products leveraging our bank subsidiaries or through initiatives offered within the RJBDP. Such programs include our ESP, where such deposits are held by Raymond James Bank, offer enhanced rates, and offer FDIC coverage of up to $50 million for certain accounts, as well as initiatives offered from time to time within the RJBDP program which may offer enhanced rates to clients on certain balances within the program.

Refer to the discussion of our net interest income within the “Management’s Discussion and Analysis - Results of Operations” of our PCG, Bank, and Other segments, where applicable. Also refer to “Management’s Discussion and Analysis - Results of Operations - Private Client Group - Clients’ domestic cash sweep balances” for further information on the RJBDP.

Net interest income and RJBDP fees from third-party banks
 Three months ended March 31,Six months ended March 31,
$ in millions20262025% change20262025% change
Net interest income
$557 $521 7 %$1,123 $1,050 7 %
RJBDP fees from third-party banks
93 130 (28)%194 274 (29)%
Net interest income and RJBDP fees from third-party banks
$650 $651 — %$1,317 $1,324 (1)%

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

For the three months ended March 31, 2026, combined net interest income and RJBDP fees from third-party banks was $650 million, a slight decrease compared with the prior-year quarter, primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, which largely offset the impacts from growth in average interest-earning assets in the Bank segment, including significant growth in securities‑based and residential mortgage loans, and a favorable mix shift in interest-earning assets, primarily from available-for-sale securities to loans.

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

For the six months ended March 31, 2026, combined net interest income and RJBDP fees from third-party banks was $1.32 billion, a slight decrease compared with the prior-year period, primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, partially offset by the impacts from growth in average interest-earning assets in the Bank segment, including significant growth in securities‑based and residential mortgage loans, and a favorable mix shift in interest-earning assets, primarily from available-for-sale securities to loans.


60
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The following table presents our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025
 Three months ended March 31,
 20262025
$ in millionsAverage
daily
balance		InterestAnnualized
average
rate		Average
daily
balance		InterestAnnualized
average
rate
Interest-earning assets:     
Bank segment:
Cash and cash equivalents$5,376$473.57 %$5,823$624.26 %
Available-for-sale securities6,956392.28 %8,352482.26 %
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL22,199 295 5.31 %17,110 260 6.08 %
C&I loans10,587 157 5.90 %10,371 168 6.50 %
CRE loans7,810 115 5.88 %7,599 124 6.52 %
REIT loans1,725 26 6.02 %1,713 30 7.02 %
Residential mortgage loans10,684 110 4.12 %9,732 96 3.91 %
Tax-exempt loans (3)
1,132 7 3.37 %1,277 8 3.37 %
Loans held for sale220 3 5.75 %231 4 6.67 %
Total loans held for sale and investment54,357 713 5.26 %48,033 690 5.76 %
All other interest-earning assets245 3 4.62 %234 2 5.09 %
Interest-earning assets — Bank segment$66,934 $802 4.81 %$62,442 $802 5.15 %
All other segments:
Cash and cash equivalents$4,601 $39 3.47 %$4,004 $42 4.27 %
Assets segregated for regulatory purposes and restricted cash3,747 31 3.38 %3,425 36 4.23 %
Trading assets — debt securities1,399 19 5.60 %1,433 19 5.28 %
Brokerage client receivables2,688 41 6.12 %2,371 41 7.11 %
All other interest-earning assets3,043 28 3.65 %2,477 23 3.81 %
Interest-earning assets — all other segments$15,478 $158 4.14 %$13,710 $161 4.77 %
Total interest-earning assets$82,412 $960 4.68 %$76,152 $963 5.08 %
Interest-bearing liabilities:  
Bank segment:
Bank deposits:
Money market and savings accounts$36,315 $119 1.33 %$32,905 $144 1.78 %
Interest-bearing demand deposits21,831 183 3.42 %20,872 208 4.04 %
Certificates of deposit2,226 22 3.96 %2,064 24 4.59 %
Total bank deposits (4)
60,372 324 2.18 %55,841 376 2.73 %
FHLB advances and all other interest-bearing liabilities753 6 2.95 %1,064 7 2.69 %
Interest-bearing liabilities — Bank segment$61,125 $330 2.19 %$56,905 $383 2.73 %
All other segments:
Trading liabilities — debt securities$817 $12 5.99 %$824 $10 5.10 %
Brokerage client payables5,337 10 0.77 %4,683 17 1.45 %
Senior notes payable3,521 43 4.91 %2,040 23 4.50 %
All other interest-bearing liabilities (4)
1,087 8 2.90 %1,146 9 3.60 %
Interest-bearing liabilities — all other segments$10,762 $73 2.74 %$8,693 $59 2.80 %
Total interest-bearing liabilities$71,887 $403 2.27 %$65,598 $442 2.74 %
Firmwide net interest income$557 $521 
Net interest margin (net yield on interest-earning assets)
Bank segment2.81 %2.67 %
Firmwide2.74 %2.77 %

(1)Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.
(2)Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis.
(3)The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the periods presented.
(4)The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.”
61
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis
Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately.
Three months ended March 31,
2026 compared to 2025
 Increase/(decrease) due to
$ in millionsVolumeRateTotal
Interest-earning assets:Interest income
Bank segment:   
Cash and cash equivalents$(5)$(10)$(15)
Available-for-sale securities(9)— (9)
Loans held for sale and investment:
Loans held for investment:
SBL68 (33)35 
C&I loans4 (15)(11)
CRE loans3 (12)(9)
REIT loans— (4)(4)
Residential mortgage loans9 5 14 
Tax-exempt loans(1)— (1)
Loans held for sale— (1)(1)
Total loans held for sale and investment83 (60)23 
All other interest-earning assets— 1 1 
Interest-earning assets — Bank segment$69 $(69)$— 
All other segments:
Cash and cash equivalents$5 $(8)$(3)
Assets segregated for regulatory purposes and restricted cash2 (7)(5)
Trading assets — debt securities— — — 
Brokerage client receivables6 (6)— 
All other interest-earning assets6 (1)5 
Interest-earning assets — all other segments$19 $(22)$(3)
Total interest-earning assets$88 $(91)$(3)
   
Interest-bearing liabilities:Interest expense
Bank segment:
Bank deposits:
Money market and savings accounts$13 $(38)$(25)
Interest-bearing demand deposits9 (34)(25)
Certificates of deposit1 (3)(2)
Total bank deposits23 (75)(52)
FHLB advances and all other interest-bearing liabilities(2)1 (1)
Interest-bearing liabilities — Bank segment$21 $(74)$(53)
All other segments:
Trading liabilities — debt securities$— $2 $2 
Brokerage client payables2 (9)(7)
Senior notes payable18 2 20 
All other interest-bearing liabilities— (1)(1)
Interest-bearing liabilities — all other segments$20 $(6)$14 
Total interest-bearing liabilities$41 $(80)$(39)
Change in firmwide net interest income$47 $(11)$36 
62
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Six months ended March 31, 2026 compared with the six months ended March 31, 2025
 Six months ended March 31,
 20262025
$ in millionsAverage
daily
balance		InterestAnnualized
average
rate		Average
daily
balance		InterestAnnualized
average
rate
Interest-earning assets:
Bank segment:
Cash and cash equivalents$5,348$993.71 %$6,141$1384.47 %
Available-for-sale securities7,117812.28 %8,555972.26 %
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL21,404 591 5.46 %16,794 530 6.24 %
C&I loans10,645 325 6.03 %10,248 346 6.69 %
CRE loans7,763 236 6.01 %7,620 259 6.72 %
REIT loans1,721 55 6.31 %1,683 61 7.18 %
Residential mortgage loans10,575 217 4.11 %9,633 187 3.87 %
Tax-exempt loans (3)
1,140 15 3.39 %1,291 17 3.37 %
Loans held for sale262 8 6.30 %221 8 6.95 %
Total loans held for sale and investment53,510 1,447 5.37 %47,490 1,408 5.89 %
All other interest-earning assets243 6 4.73 %239 6 5.45 %
Interest-earning assets — Bank segment$66,218 $1,633 4.90 %$62,425 $1,649 5.25 %
All other segments:
Cash and cash equivalents$4,855 $88 3.65 %$4,056 $90 4.47 %
Assets segregated for regulatory purposes and restricted cash3,820 66 3.48 %3,539 78 4.39 %
Trading assets — debt securities1,476 41 5.57 %1,414 38 5.35 %
Brokerage client receivables2,652 84 6.34 %2,389 86 7.23 %
All other interest-earning assets2,986 55 3.59 %2,529 49 3.86 %
Interest-earning assets — all other segments$15,789 $334 4.23 %$13,927 $341 4.90 %
Total interest-earning assets$82,007 $1,967 4.77 %$76,352 $1,990 5.19 %
Interest-bearing liabilities:
Bank segment:
Bank deposits:
Money market and savings accounts$35,664 $250 1.41 %$32,725 $312 1.92 %
Interest-bearing demand deposits21,989 387 3.54 %20,897 437 4.19 %
Certificates of deposit2,092 42 4.04 %2,260 52 4.59 %
Total bank deposits (4)
59,745 679 2.29 %55,882 801 2.88 %
FHLB advances and all other interest-bearing liabilities752 12 2.90 %1,078 15 2.69 %
Interest-bearing liabilities — Bank segment$60,497 $691 2.30 %$56,960 $816 2.88 <