8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 27, 2022

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida	1-9109		59-1517485
(State or other jurisdiction of incorporation)	(Commission File Number)		(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 or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock	RJF PrA	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock	RJF PrB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

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.

☐

Item 2.02 Results of Operations and Financial Condition

On July 27, 2022, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal third quarter ended June 30, 2022. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal third quarter ended June 30, 2022 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

The information in this Current Report, including any exhibits hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following are filed as exhibits to this report:

Exhibit No.

99.1 Press release, dated July 27, 2022, issued by Raymond James Financial, Inc.

99.2 Financial Supplement Fiscal Third Quarter 2022 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fiscal Third Quarter 2022 of Raymond James Financial, Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RAYMOND JAMES FINANCIAL, INC.
Date: July 27, 2022	By:	/s/ Paul M. Shoukry
		Paul M. Shoukry
		Chief Financial Officer and Treasurer

EX-99.1

July 27, 2022	FOR IMMEDIATE RELEASE
	Media Contact: Steve Hollister, 727.567.2824
	Investor Contact: Kristina Waugh, 727.567.7654
	raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS THIRD QUARTER

OF FISCAL 2022 RESULTS

•Domestic Private Client Group net new asset(1) growth of 9.4% over the prior 12 months and 5.4% annualized for the fiscal third quarter

•Quarterly net revenues of $2.72 billion, up 10% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Quarterly net income available to common shareholders of $299 million, or $1.38 per diluted share, and quarterly adjusted net income available to common shareholders of $348 million(2), or $1.61 per diluted share(2)

•Client assets under administration of $1.13 trillion and financial assets under management of $182.4 billion(3)

•Record net loans in the Bank segment(4) of $41.8 billion(3), which includes 8% sequential growth at Raymond James Bank and $11.8 billion of loans acquired with TriState Capital Bank(4), up 75% over June 2021 and 50% over March 2022

•Net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks of $370 million during the quarter, up 102% over the prior year’s fiscal third quarter and 65% over the preceding quarter

•For the first 9 months of fiscal 2022, annualized return on common equity of 16.3%, annualized return on tangible common equity of 18.7%(2), and annualized adjusted return on tangible common equity of 20.1%(2)

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $2.72 billion and net income available to common shareholders of $299 million, or $1.38 per diluted share, for the fiscal third quarter ended June 30, 2022. Excluding $65 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $348 million(2), or $1.61 per diluted share(2).

Quarterly net revenues grew 10% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by the benefit of higher short-term interest rates on RJBDP fees from third-party banks and net interest income, which more than offset the declines in total brokerage revenues and investment banking revenues resulting from the challenging market environment. Asset management and related administrative fees increased 13% over the prior year’s fiscal third quarter and declined 3% compared to the preceding quarter.

Quarterly net income available to common shareholders declined 3% compared to the prior year’s fiscal third quarter and 7% compared to the preceding quarter, reflecting increased business development expenses and a higher bank loan provision for credit losses. The growth of business development expenses was primarily attributable to advisor recognition events and conferences as well as increased business travel during the quarter. The higher bank loan provision for credit losses during the quarter was largely driven by the 8% sequential growth of net loans at Raymond James Bank, a weaker macroeconomic outlook, and the $26 million initial provision for credit losses on loans arising from the acquisition of TriState Capital Holdings. This initial provision reflects the purchase accounting requirement to record TriState Capital’s loans at fair value as of the closing date and establish

Please refer to the footnotes at the end of this press release for additional information.

1

an allowance for loan losses associated with those acquired loans in the first operating period after closing. The effective tax rate for the quarter increased to 27.5%, primarily attributable to nondeductible losses on the corporate owned life insurance portfolio.

For the first nine months of the fiscal year, record net revenues of $8.17 billion increased 16%, record earnings per diluted share of $4.99 increased 8%, and adjusted earnings per diluted share of $5.41(2) increased 5% over the first nine months of fiscal 2021. All four operating segments generated record net revenues, and the Private Client Group, Capital Markets, and Asset Management segments generated record pre-tax income during the first nine months of the fiscal year.

“Despite the challenging economic conditions during the quarter, our solid financial performance reinforces our diversified and client-focused business model. Furthermore, strong financial advisor retention and recruiting results helped us achieve attractive organic growth, with domestic Private Client Group net new asset(1) growth of 9.4% over the prior 12 months,” said Chair and CEO Paul Reilly. “We closed on our acquisitions of TriState Capital Holdings and SumRidge Partners on June 1 and July 1, respectively. I’m pleased to welcome both firms to the Raymond James family and look forward to the unique capabilities they both bring to the firm. Despite sharp equity market declines in the quarter, which are expected to negatively impact asset-based revenues in the fiscal fourth quarter, we are well positioned for the expected continued rise in short-term interest rates. Our strong balance sheet provides flexibility in this challenging and uncertain market environment.”

Segment Results

Private Client Group

•Record quarterly net revenues of $1.96 billion, up 15% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Record quarterly pre-tax income of $251 million, up 29% over the prior year’s fiscal third quarter and 18% over the preceding quarter

•Private Client Group assets under administration of $1.07 trillion, down 3% compared to June 2021 and 11% compared to March 2022

•Private Client Group assets in fee-based accounts of $606.7 billion, down 2% compared to June 2021 and 11% compared to March 2022

•Private Client Group financial advisors of 8,616(5) increased 203 over June 2021 and decreased 114 compared to March 2022, reflecting the transfer of 188 advisors during the quarter, primarily from one firm, to our Registered Investment Advisor & Custody Services (“RCS”) division where advisors are not included in the advisor count but client assets are generally retained. Adjusting for these transfers, the number of financial advisors increased 74 over the preceding quarter

•Clients’ domestic cash sweep balances of $75.8 billion, up 20% over June 2021 and down 1% compared to March 2022

Record quarterly net revenues grew 15% over the prior-year quarter principally driven by the year-over-year increases in asset management and related administrative fees, RJBDP fees, and net interest income. Sequentially, quarterly net revenues grew 2% as higher RJBDP fees and net interest income more than offset the sequential declines in asset management and related administrative fees and brokerage revenues.

“Financial advisor retention and recruiting remain strong across our multiple affiliation options,” said Reilly. “Adjusting for the transfer of 188 advisors during the quarter, primarily from one firm, to our RCS division where advisors are not included in our advisor count but assets are generally retained, the number of financial advisors increased 74 over the preceding quarter.”

Please refer to the footnotes at the end of this press release for additional information.

2

Capital Markets

•Quarterly net revenues of $383 million, down 14% compared to the prior year’s fiscal third quarter and 7% compared to the preceding quarter

•Quarterly pre-tax income of $61 million, down 47% compared to the prior year’s fiscal third quarter and 30% compared to the preceding quarter

•Quarterly investment banking revenues of $217 million, down 18% compared to the prior year’s fiscal third quarter and 4% compared to the preceding quarter given the challenging market environment

Quarterly net revenues declined 14% compared to the prior-year and 7% compared to the preceding quarter, largely driven by lower fixed income brokerage revenues and equity underwriting revenues.

“In the Capital Markets segment, activity continues to be negatively impacted by increased geopolitical and macroeconomic uncertainties,” said Reilly. “The M&A pipeline remains healthy, but market conditions will heavily influence the pace of closings. Following quarter-end, we completed the acquisition of SumRidge Partners, a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities.”

Asset Management(4)

•Quarterly net revenues of $228 million, up 1% over the prior year’s fiscal third quarter and down 3% compared to the preceding quarter

•Quarterly pre-tax income of $93 million, down 11% compared to the prior year’s fiscal third quarter and 10% compared to the preceding quarter

Financial assets under management of $182.4 billion(3) declined 5% compared to June 2021 and 6% compared to March 2022. The decrease in financial assets under management was primarily attributable to the decline in the equity markets, as the S&P 500 index declined 16% during the quarter, which more than offset net inflows and the benefit from the acquisition of Chartwell Investment Partners(4).

Bank(4)

•Record quarterly net revenues of $276 million, up 63% over the prior year’s fiscal third quarter and 40% over the preceding quarter

•Quarterly pre-tax income of $74 million, down 29% compared to the prior year’s fiscal third quarter and 11% compared to the preceding quarter, largely due to the aforementioned loan loss provision

•Record net loans of $41.8 billion(3), which includes 8% sequential growth for Raymond James Bank and $11.8 billion of loans acquired with TriState Capital Bank(4), up 75% over June 2021 and 50% over March 2022

•Bank segment net interest margin (NIM) of 2.41% for the quarter, up 49 basis points over the prior year’s fiscal third quarter and 40 basis points over the preceding quarter

The Bank segment includes Raymond James Bank and TriState Capital Bank(4), acquired on June 1, 2022. Bank segment net revenue growth was due to higher loan balances, including nearly $11.8 billion of loans acquired with TriState Capital Bank, and NIM expansion during the quarter. In addition to the acquired TriState Capital loans, Raymond James Bank generated strong, broad-based loan growth of 8% over the preceding quarter. The Bank segment’s NIM increased 40 basis points during the quarter to 2.41%, and further NIM expansion is expected from the Federal Reserve’s recent and anticipated future interest rate increases. Despite revenue growth, pre-tax income declined compared to the prior-year quarter due to a higher bank loan loss provision in the current quarter, largely driven by strong loan growth at Raymond James Bank, a weaker macroeconomic outlook, and an initial $26 million provision for credit losses on acquired loans from TriState Capital Bank, in contrast to the bank loan benefit for credit losses in the prior-year quarter. The credit quality of the loan portfolio remained strong, with criticized loans as a percent of total loans held for investment ending the quarter at 1.63%, down from 4.07% at June 2021 and 2.63% at March 2022.

Please refer to the footnotes at the end of this press release for additional information.

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Other

Subsequent to the closing of TriState Capital Holdings, the firm repurchased approximately 1.14 million shares of common stock for $100 million at an average price of approximately $88 per share in June. As of July 27, 2022, approximately $900 million remained available under the Board’s approved share repurchase authorization. At the end of the quarter, the total capital ratio was 21.4%(6) and the tier 1 leverage ratio was 10.8%(6), both well above the regulatory requirements.

A conference call to discuss the results will take place tomorrow morning, Thursday, July 28, at 8:15 a.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. For a listen-only connection to the conference call, please dial: 800-786-6705 (conference code: 22019800). An audio replay of the call will be available at the same location until October 27, 2022.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,600 financial advisors. Total client assets are $1.13 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available atwww.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release 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 flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions (including our acquisition of SumRidge Partners, LLC completed on July 1, 2022), divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “expects,” “anticipates,” and future or conditional verbs such as “will,” 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 Reports 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.

Please refer to the footnotes at the end of this press release for additional information.

4

RAYMOND JAMES FINANCIAL, INC. Fiscal Third Quarter of 2022 Selected Financial Highlights
(Unaudited)

Summary results of operations

	Three months ended						% change from
$ in millions, except per share amounts	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Net revenues	$	2,718	$	2,471	$	2,673	10%	2%
Pre-tax income	$	415	$	385	$	433	8%	(4)%
Net income available to common shareholders	$	299	$	307	$	323	(3)%	(7)%
Earnings per common share: (7) (8)
Basic	$	1.41	$	1.49	$	1.56	(5)%	(10)%
Diluted	$	1.38	$	1.45	$	1.52	(5)%	(9)%
Non-GAAP measures: (2)
Adjusted pre-tax income	$	480	$	507	$	464	(5)%	3%
Adjusted net income available to common shareholders	$	348	$	399	$	346	(13)%	1%
Adjusted earnings per common share – basic (7) (8)	$	1.65	$	1.94	$	1.67	(15)%	(1)%
Adjusted earnings per common share – diluted (7) (8)	$	1.61	$	1.88	$	1.62	(14)%	(1)%

	Nine months ended
$ in millions, except per share amounts	June 30, 2022		June 30, 2021		% change
Net revenues	$	8,172	$	7,065	16%
Pre-tax income	$	1,406	$	1,231	14%
Net income available to common shareholders	$	1,068	$	974	10%
Earnings per common share: (7) (8)
Basic	$	5.12	$	4.73	8%
Diluted	$	4.99	$	4.61	8%
Non-GAAP measures: (2)
Adjusted pre-tax income	$	1,523	$	1,384	10%
Adjusted net income available to common shareholders	$	1,156	$	1,090	6%
Adjusted earnings per common share – basic (7) (8)	$	5.55	$	5.29	5%
Adjusted earnings per common share – diluted (7) (8)	$	5.41	$	5.16	5%

Please refer to the footnotes at the end of this press release for additional information.

5

RAYMOND JAMES FINANCIAL, INC.             

Fiscal Third Quarter of 2022

Consolidated Statements of Income (Unaudited)
	Three months ended						% change from
in millions, except per share amounts	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Revenues:
Asset management and related administrative fees	$	1,427	$	1,262	$	1,464	13%	(3)%
Brokerage revenues:
Securities commissions	385		415		422		(7)%	(9)%
Principal transactions	128		137		142		(7)%	(10)%
Total brokerage revenues	513		552		564		(7)%	(9)%
Account and service fees	211		161		179		31%	18%
Investment banking	223		276		235		(19)%	(5)%
Interest income	374		205		242		82%	55%
Other (9)	30		55		27		(45)%	11%
Total revenues	2,778		2,511		2,711		11%	2%
Interest expense	(60)		(40)		(38)		50%	58%
Net revenues	2,718		2,471		2,673		10%	2%
Non-interest expenses:
Compensation, commissions and benefits (10) (11)	1,834		1,661		1,852		10%	(1)%
Non-compensation expenses:
Communications and information processing	129		109		127		18%	2%
Occupancy and equipment	65		58		62		12%	5%
Business development	58		31		34		87%	71%
Investment sub-advisory fees	38		34		40		12%	(5)%
Professional fees (10)	38		30		27		27%	41%
Bank loan provision/(benefit) for credit losses (12)	56		(19)		21		NM	167%
Losses on extinguishment of debt (13)	—		98		—		(100)%	—%
Other (9) (10) (12)	85		84		77		1%	10%
Total non-compensation expenses	469		425		388		10%	21%
Total non-interest expenses	2,303		2,086		2,240		10%	3%
Pre-tax income	415		385		433		8%	(4)%
Provision for income taxes	114		78		110		46%	4%
Net income	301		307		323		(2)%	(7)%
Preferred stock dividends	2		—		—		NM	NM
Net income available to common shareholders	$	299	$	307	$	323	(3)%	(7)%
Earnings per common share – basic (7) (8)	$	1.41	$	1.49	$	1.56	(5)%	(10)%
Earnings per common share – diluted (7) (8)	$	1.38	$	1.45	$	1.52	(5)%	(9)%
Weighted-average common shares outstanding – basic (7)	210.7		205.8		207.7		2%	1%
Weighted-average common and common equivalent shares outstanding – diluted (7)	215.7		211.7		213.0		2%	1%

Please refer to the footnotes at the end of this press release for additional information.

6

RAYMOND JAMES FINANCIAL, INC.             

Fiscal Third Quarter of 2022

Consolidated Statements of Income (Unaudited)
	Nine months ended
in millions, except per share amounts	June 30, 2022		June 30, 2021		% change
Revenues:
Asset management and related administrative fees	$	4,273	$	3,502	22%
Brokerage revenues:
Securities commissions	1,232		1,239		(1)%
Principal transactions	403		432		(7)%
Total brokerage revenues	1,635		1,671		(2)%
Account and service fees	567		465		22%
Investment banking	883		779		13%
Interest income	841		608		38%
Other (9)	108		155		(30)%
Total revenues	8,307		7,180		16%
Interest expense	(135)		(115)		17%
Net revenues	8,172		7,065		16%
Non-interest expenses:
Compensation, commissions and benefits (10) (11)	5,570		4,809		16%
Non-compensation expenses:
Communications and information processing	368		315		17%
Occupancy and equipment	186		172		8%
Business development	127		75		69%
Investment sub-advisory fees	116		93		25%
Professional fees (10)	93		85		9%
Bank loan provision/(benefit) for credit losses (12)	66		(37)		NM
Losses on extinguishment of debt (13)	—		98		(100)%
Other (9) (10) (12)	240		224		7%
Total non-compensation expenses	1,196		1,025		17%
Total non-interest expenses	6,766		5,834		16%
Pre-tax income	1,406		1,231		14%
Provision for income taxes	336		257		31%
Net income	1,070		974		10%
Preferred stock dividends	2		—		NM
Net income available to common shareholders	$	1,068	$	974	10%
Earnings per common share – basic (7) (8)	$	5.12	$	4.73	8%
Earnings per common share – diluted (7) (8)	$	4.99	$	4.61	8%
Weighted-average common shares outstanding – basic (7)	208.1		205.8		1%
Weighted-average common and common equivalent shares outstanding – diluted (7)	213.5		210.9		1%

Please refer to the footnotes at the end of this press release for additional information.

7

RAYMOND JAMES FINANCIAL, INC.	Consolidated Selected Key Metrics
Fiscal Third Quarter of 2022	(Unaudited)

	As of										% change from
$ in millions, except per share amounts	June 30, 2022				June 30, 2021			March 31, 2022			June 30, 2021	March 31, 2022
Total assets	$	86,111			$	57,161		$	73,101		51%	18%
Total common equity attributable to Raymond James Financial, Inc.	$	9,395			$	7,863		$	8,602		19%	9%
Book value per share (7) (14)	$	43.60			$	38.28		$	41.38		14%	5%
Tangible book value per share (2) (7) (14)	$	35.79			$	34.36		$	36.46		4%	(2)%
Capital ratios:
Tier 1 leverage	10.8		%	(6)	12.6		%	11.1		%
Tier 1 capital	20.1		%	(6)	24.4		%	23.9		%
Common equity tier 1	20.1		%	(6)	24.4		%	23.9		%
Total capital	21.4		%	(6)	25.6		%	25.0		%

	Three months ended						Nine months ended
	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
Return on common equity (15)	13.3	%	15.9	%	15.0	%	16.3	%	17.4	%
Adjusted return on common equity (2) (15)	15.4	%	20.5	%	16.1	%	17.6	%	19.3	%
Adjusted return on tangible common equity (2) (15)	18.1	%	22.9	%	18.0	%	20.1	%	21.4	%
Pre-tax margin (16)	15.3	%	15.6	%	16.2	%	17.2	%	17.4	%
Adjusted pre-tax margin (2) (16)	17.7	%	20.5	%	17.4	%	18.6	%	19.6	%
Total compensation ratio (17)	67.5	%	67.2	%	69.3	%	68.2	%	68.1	%
Adjusted total compensation ratio (2) (17)	66.8	%	66.7	%	68.8	%	67.6	%	67.6	%
Effective tax rate	27.5	%	20.3	%	25.4	%	23.9	%	20.9	%

Client asset metrics ($ in billions)	As of						% change from
	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Client assets under administration	$	1,125.3	$	1,165.0	$	1,256.1	(3)%	(10)%
Private Client Group assets under administration	$	1,068.8	$	1,102.9	$	1,198.3	(3)%	(11)%
Private Client Group assets in fee-based accounts	$	606.7	$	616.7	$	678.0	(2)%	(11)%
Financial assets under management (3)	$	182.4	$	191.0	$	193.7	(5)%	(6)%

Clients’ domestic cash sweep balances ($ in millions)	As of						% change from
	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Raymond James Bank Deposit    Program (“RJBDP”): (18)
Bank segment (4)(18)	$	36,646	$	29,253	$	33,570	25%	9%
Third-party banks	25,478		25,080		25,887		2%	(2)%
Subtotal RJBDP	62,124		54,333		59,457		14%	4%
Client Interest Program	13,717		8,610		17,013		59%	(19)%
Total clients’ domestic cash sweep balances	$	75,841	$	62,943	$	76,470	20%	(1)%

	Three months ended						Nine months ended
	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
Average yield on RJBDP - third-party banks (19)	0.88	%	0.29	%	0.32	%	0.50	%	0.30	%

Private Client Group financial advisors	As of			% change from
	June 30, 2022	June 30, 2021	March 31, 2022	June 30, 2021	March 31, 2022
Employees	3,615	3,423	3,601	6%	—%
Independent contractors (5)	5,001	4,990	5,129	—%	(2)%
Total advisors (5)	8,616	8,413	8,730	2%	(1)%

Please refer to the footnotes at the end of this press release for additional information.

8

RAYMOND JAMES FINANCIAL, INC.	Consolidated Net Interest
Fiscal Third Quarter of 2022	(Unaudited)

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

Consolidated Net Interest
	Three months ended
	June 30, 2022						June 30, 2021						March 31, 2022
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
Interest-earning assets:
Cash and cash equivalents	$	5,548	$	10	0.76	%	$	5,644	$	3	0.20	%	$	5,919	$	3	0.20	%
Assets segregated for regulatory purposes and restricted cash	17,337		28		0.63	%	9,016		3		0.16	%	19,522		7		0.15	%
Available-for-sale securities	9,972		37		1.47	%	8,041		20		0.96	%	8,869		25		1.16	%
Brokerage client receivables	2,555		24		3.87	%	2,363		19		3.33	%	2,558		21		3.29	%
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
Commercial and industrial (“C&I”) loans	9,606		76		3.14	%	7,936		50		2.51	%	8,783		54		2.49	%
Commercial real estate (“CRE”) loans	4,338		36		3.30	%	2,748		18		2.59	%	3,150		20		2.56	%
Real estate investment trust (“REIT”) loans	1,379		11		3.20	%	1,327		9		2.53	%	1,324		9		2.48	%
Tax-exempt loans (20)	1,329		8		3.16	%	1,294		9		3.33	%	1,289		9		3.18	%
Residential mortgage loans	6,334		44		2.77	%	5,126		34		2.70	%	5,770		38		2.69	%
Securities-based loans and other	9,854		78		3.09	%	5,208		29		2.22	%	6,753		39		2.31	%
Loans held for sale	222		2		3.08	%	142		1		2.92	%	268		2		2.94	%
Total bank loans, net	33,062		255		3.08	%	23,781		150		2.54	%	27,337		171		2.53	%
All other interest-earning assets	2,617		20		3.19	%	2,288		10		1.51	%	2,192		15		2.64	%
Total interest-earning assets	$	71,091	$	374	2.11	%	$	51,133	$	205	1.60	%	$	66,397	$	242	1.48	%
Interest-bearing liabilities:
Bank deposits:
Savings and money market accounts	$	36,875	$	11	0.12	%	$	28,744	$	—	0.01	%	$	32,886	$	1	0.01	%
Interest-bearing checking accounts	2,126		6		1.15	%	164		1		1.83	%	211		1		1.10	%
Certificates of deposit	842		3		1.58	%	883		4		1.91	%	733		3		1.83	%
Total bank deposits	39,843		20		0.21	%	29,791		5		0.08	%	33,830		5		0.06	%
Brokerage client payables	16,892		3		0.08	%	10,486		1		0.03	%	21,405		—		0.01	%
Other borrowings	1,045		6		2.06	%	860		4		2.19	%	856		4		2.15	%
Senior notes payable	2,037		23		4.44	%	2,211		25		4.49	%	2,037		23		4.44	%
All other interest-bearing liabilities	1,025		8		2.39	%	602		5		1.12	%	707		6		1.93	%
Total interest-bearing liabilities	$	60,842	$	60	0.40	%	$	43,950	$	40	0.34	%	$	58,835	$	38	0.26	%
Net interest income			$	314					$	165					$	204

Please refer to the footnotes at the end of this press release for additional information.

9

RAYMOND JAMES FINANCIAL, INC.	Consolidated Net Interest
Fiscal Third Quarter of 2022	(Unaudited)

Consolidated Net Interest
	Nine months ended
	June 30, 2022						June 30, 2021
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
Interest-earning assets:
Cash and cash equivalents	$	5,819	$	16	0.37	%	$	5,548	$	9	0.22	%
Assets segregated for regulatory purposes and restricted cash	15,879		39		0.32	%	8,307		11		0.18	%
Available-for-sale securities	9,116		84		1.23	%	7,837		64		1.08	%
Brokerage client receivables	2,533		66		3.50	%	2,222		56		3.38	%
Bank loans, net of unearned income and deferred expenses:
Loans held for investment:
C&I loans	8,989		185		2.72	%	7,670		149		2.57	%
CRE loans	3,476		76		2.90	%	2,665		52		2.57	%
REIT loans	1,278		27		2.76	%	1,290		25		2.49	%
Tax-exempt loans (20)	1,305		25		3.18	%	1,253		25		3.34	%
Residential mortgage loans	5,850		119		2.72	%	5,044		103		2.73	%
Securities-based loans and other	7,630		152		2.62	%	4,709		80		2.24	%
Loans held for sale	243		6		2.98	%	153		3		2.54	%
Total bank loans, net	28,771		590		2.74	%	22,784		437		2.57	%
All other interest-earning assets	2,472		46		2.52	%	2,264		31		1.79	%
Total interest-earning assets	$	64,590	$	841	1.74	%	$	48,962	$	608	1.66	%
Interest-bearing liabilities:
Bank deposits:
Savings and money market accounts	$	33,807	$	13	0.05	%	$	27,573	$	2	0.01	%
Interest-bearing checking accounts	833		8		1.21	%	159		2		1.88	%
Certificates of deposit	806		10		1.76	%	911		13		1.90	%
Total bank deposits	35,446		31		0.12	%	28,643		17		0.08	%
Brokerage client payables	16,741		4		0.03	%	9,765		3		0.03	%
Other borrowings	919		15		2.13	%	863		14		2.20	%
Senior notes payable	2,037		69		4.44	%	2,115		73		4.62	%
All other interest-bearing liabilities	787		16		2.08	%	591		8		1.05	%
Total interest-bearing liabilities	$	55,930	$	135	0.32	%	$	41,977	$	115	0.36	%
Net interest income			$	706					$	493

Please refer to the footnotes at the end of this press release for additional information.

10

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

	Three months ended						% change from
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Net revenues:
Private Client Group	$	1,958	$	1,696	$	1,922	15%	2%
Capital Markets	383		446		413		(14)%	(7)%
Asset Management (4)	228		225		234		1%	(3)%
Bank (4)	276		169		197		63%	40%
Other (21)	(21)		2		(18)		NM	(17)%
Intersegment eliminations	(106)		(67)		(75)		(58)%	(41)%
Total net revenues	$	2,718	$	2,471	$	2,673	10%	2%
Pre-tax income/(loss):
Private Client Group	$	251	$	195	$	213	29%	18%
Capital Markets	61		115		87		(47)%	(30)%
Asset Management (4)	93		105		103		(11)%	(10)%
Bank (4)	74		104		83		(29)%	(11)%
Other (21)	(64)		(134)		(53)		52%	(21)%
Pre-tax income	$	415	$	385	$	433	8%	(4)%

	Nine months ended
$ in millions	June 30, 2022		June 30, 2021		% change
Net revenues:
Private Client Group	$	5,719	$	4,810	19%
Capital Markets	1,410		1,331		6%
Asset Management (4)	698		629		11%
Bank (4)	656		496		32%
Other (21)	(54)		(6)		(800)%
Intersegment eliminations	(257)		(195)		(32)%
Total net revenues	$	8,172	$	7,065	16%
Pre-tax income/(loss):
Private Client Group	$	659	$	527	25%
Capital Markets	349		349		—%
Asset Management (4)	303		275		10%
Bank (4)	259		286		(9)%
Other (21)	(164)		(206)		20%
Pre-tax income	$	1,406	$	1,231	14%

Please refer to the footnotes at the end of this press release for additional information.

11

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Private Client Group
	Three months ended						% change from
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Revenues:
Asset management and related administrative fees	$	1,214	$	1,050	$	1,245	16%	(2)%
Brokerage revenues:
Mutual and other fund products	149		167		166		(11)%	(10)%
Insurance and annuity products	109		113		110		(4)%	(1)%
Equities, ETFs and fixed income products	115		110		121		5%	(5)%
Total brokerage revenues	373		390		397		(4)%	(6)%
Account and service fees:
Mutual fund and annuity service fees	102		105		109		(3)%	(6)%
RJBDP fees: (18)
Bank segment (18)	79		47		49		68%	61%
Third-party banks	56		18		20		211%	180%
Client account and other fees	59		39		53		51%	11%
Total account and service fees	296		209		231		42%	28%
Investment banking	6		11		9		(45)%	(33)%
Interest income	68		31		37		119%	84%
All other	11		7		6		57%	83%
Total revenues	1,968		1,698		1,925		16%	2%
Interest expense	(10)		(2)		(3)		400%	233%
Net revenues	1,958		1,696		1,922		15%	2%
Non-interest expenses:
Financial advisor compensation and benefits	1,187		1,082		1,231		10%	(4)%
Administrative compensation and benefits	306		251		289		22%	6%
Total compensation, commissions and benefits	1,493		1,333		1,520		12%	(2)%
Non-compensation expenses	214		168		189		27%	13%
Total non-interest expenses	1,707		1,501		1,709		14%	—%
Pre-tax income	$	251	$	195	$	213	29%	18%

Please refer to the footnotes at the end of this press release for additional information.

12

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Private Client Group
	Nine months ended
$ in millions	June 30, 2022		June 30, 2021		% change
Revenues:
Asset management and related administrative fees	$	3,621	$	2,914	24%
Brokerage revenues:
Mutual and other fund products	486		498		(2)%
Insurance and annuity products	330		320		3%
Equities, ETFs and fixed income products	351		338		4%
Total brokerage revenues	1,167		1,156		1%
Account and service fees:
Mutual fund and annuity service fees	325		298		9%
RJBDP fees: (18)
Bank segment (18)	178		134		33%
Third-party banks	93		58		60%
Client account and other fees	161		113		42%
Total account and service fees	757		603		26%
Investment banking	28		33		(15)%
Interest income	138		91		52%
All other	24		20		20%
Total revenues	5,735		4,817		19%
Interest expense	(16)		(7)		129%
Net revenues	5,719		4,810		19%
Non-interest expenses:
Financial advisor compensation and benefits	3,605		3,053		18%
Administrative compensation and benefits	878		760		16%
Total compensation, commissions and benefits	4,483		3,813		18%
Non-compensation expenses	577		470		23%
Total non-interest expenses	5,060		4,283		18%
Pre-tax income	$	659	$	527	25%

Please refer to the footnotes at the end of this press release for additional information.

13

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Capital Markets
	Three months ended						% change from
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Revenues:
Brokerage revenues:
Fixed income	$	107	$	124	$	125	(14)%	(14)%
Equity	32		36		41		(11)%	(22)%
Total brokerage revenues	139		160		166		(13)%	(16)%
Investment banking:
Merger & acquisition and advisory	147		153		139		(4)%	6%
Equity underwriting	36		69		52		(48)%	(31)%
Debt underwriting	34		43		35		(21)%	(3)%
Total investment banking	217		265		226		(18)%	(4)%
Interest income	6		4		5		50%	20%
Tax credit fund revenues	21		17		15		24%	40%
All other	3		3		4		—%	(25)%
Total revenues	386		449		416		(14)%	(7)%
Interest expense	(3)		(3)		(3)		—%	—%
Net revenues	383		446		413		(14)%	(7)%
Non-interest expenses:
Compensation, commissions and benefits	243		256		253		(5)%	(4)%
Non-compensation expenses	79		75		73		5%	8%
Total non-interest expenses	322		331		326		(3)%	(1)%
Pre-tax income	$	61	$	115	$	87	(47)%	(30)%

	Nine months ended
$ in millions	June 30, 2022		June 30, 2021		% change
Revenues:
Brokerage revenues:
Fixed income	$	352	$	397	(11)%
Equity	112		112		—%
Total brokerage revenues	464		509		(9)%
Investment banking:
Merger & acquisition and advisory	557		424		31%
Equity underwriting	185		196		(6)%
Debt underwriting	113		126		(10)%
Total investment banking	855		746		15%
Interest income	16		12		33%
Tax credit fund revenues	71		57		25%
All other	12		14		(14)%
Total revenues	1,418		1,338		6%
Interest expense	(8)		(7)		14%
Net revenues	1,410		1,331		6%
Non-interest expenses:
Compensation, commissions and benefits	827		767		8%
Non-compensation expenses	234		215		9%
Total non-interest expenses	1,061		982		8%
Pre-tax income	$	349	$	349	—%

Please refer to the footnotes at the end of this press release for additional information.

14

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Asset Management (4)
	Three months ended						% change from
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Revenues:
Asset management and related administrative fees:
Managed programs	$	145	$	148	$	149	(2)%	(3)%
Administration and other	75		70		77		7%	(3)%
Total asset management and related administrative fees	220		218		226		1%	(3)%
Account and service fees	5		4		6		25%	(17)%
All other	3		3		2		—%	50%
Net revenues	228		225		234		1%	(3)%
Non-interest expenses:
Compensation, commissions and benefits	49		43		47		14%	4%
Non-compensation expenses	86		77		84		12%	2%
Total non-interest expenses	135		120		131		13%	3%
Pre-tax income	$	93	$	105	$	103	(11)%	(10)%

	Nine months ended
$ in millions	June 30, 2022		June 30, 2021		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	445	$	414	7%
Administration and other	228		193		18%
Total asset management and related administrative fees	673		607		11%
Account and service fees	17		13		31%
All other	8		9		(11)%
Net revenues	698		629		11%
Non-interest expenses:
Compensation, commissions and benefits	142		138		3%
Non-compensation expenses	253		216		17%
Total non-interest expenses	395		354		12%
Pre-tax income	$	303	$	275	10%

Please refer to the footnotes at the end of this press release for additional information.

15

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Bank (4)
	Three months ended						% change from
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Revenues:
Interest income	$	296	$	172	$	199	72%	49%
Interest expense	(26)		(11)		(10)		136%	160%
Net interest income	270		161		189		68%	43%
All other	6		8		8		(25)%	(25)%
Net revenues	276		169		197		63%	40%
Non-interest expenses:
Compensation and benefits	21		13		14		62%	50%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses	56		(19)		21		NM	167%
RJBDP fees to Private Client Group (18)	79		47		49		68%	61%
All other	46		24		30		92%	53%
Total non-compensation expenses	181		52		100		248%	81%
Total non-interest expenses	202		65		114		211%	77%
Pre-tax income	$	74	$	104	$	83	(29)%	(11)%

	Nine months ended
$ in millions	June 30, 2022		June 30, 2021		% change
Revenues:
Interest income	$	682	$	505	35%
Interest expense	(46)		(32)		44%
Net interest income	636		473		34%
All other	20		23		(13)%
Net revenues	656		496		32%
Non-interest expenses:
Compensation and benefits	48		38		26%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses	66		(37)		NM
RJBDP fees to Private Client Group (18)	178		134		33%
All other	105		75		40%
Total non-compensation expenses	349		172		103%
Total non-interest expenses	397		210		89%
Pre-tax income	$	259	$	286	(9)%

Please refer to the footnotes at the end of this press release for additional information.

16

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Other (21)
	Three months ended						% change from
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2021	March 31, 2022
Revenues:
Interest income	$	6	$	—	$	3	NM	100%
Net gains/(losses) on private equity investments (9)	(3)		24		(2)		NM	(50)%
All other	—		4		5		(100)%	(100)%
Total revenues	3		28		6		(89)%	(50)%
Interest expense	(24)		(26)		(24)		(8)%	—%
Net revenues	(21)		2		(18)		NM	(17)%
Non-interest expenses:
Compensation and all other (9)	43		38		35		13%	23%
Losses on extinguishment of debt (13)	—		98		—		(100)%	—%
Total non-interest expenses	43		136		35		(68)%	23%
Pre-tax loss	$	(64)	$	(134)	$	(53)	52%	(21)%

	Nine months ended
$ in millions	June 30, 2022		June 30, 2021		% change
Revenues:
Interest income	$	10	$	6	67%
Net gains on private equity investments (9)	—		56		(100)%
All other	7		7		—%
Total revenues	17		69		(75)%
Interest expense	(71)		(75)		(5)%
Net revenues	(54)		(6)		(800)%
Non-interest expenses:
Compensation and all other (9)	110		102		8%
Losses on extinguishment of debt (13)	—		98		(100)%
Total non-interest expenses	110		200		(45)%
Pre-tax loss	$	(164)	$	(206)	20%

Please refer to the footnotes at the end of this press release for additional information.

17

RAYMOND JAMES FINANCIAL, INC.	Bank Segment Selected Key Metrics
Fiscal Third Quarter of 2022	(Unaudited)

Bank Segment (4)

Our Bank segment includes Raymond James Bank and TriState Capital Bank.

	As of									% change from
$ in millions	June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2021	March 31, 2022
Total assets (3)	$	55,562		$	34,363		$	38,167		62%	46%
Bank loans, net: (3)
Raymond James Bank	$	30,053		$	23,896		$	27,883		26%	8%
TriState Capital Bank	11,790			—			—			NM	NM
Total bank loans, net (3)	$	41,843		$	23,896		$	27,883		75%	50%
Bank loan allowance for credit losses	$	377		$	322		$	328		17%	15%
Bank loan allowance for credit losses as a % of loans held for investment	0.90		%	1.34		%	1.17		%
Total nonperforming assets (3)	$	92		$	43		$	104		114%	(12)%
Nonperforming assets as a % of total assets	0.17		%	0.13		%	0.27		%
Total criticized loans (3)	$	687		$	980		$	735		(30)%	(7)%
Criticized loans as a % of loans held for investment	1.63		%	4.07		%	2.63		%

	Three months ended									% change from		Nine months ended
$ in millions	June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2021	March 31, 2022	June 30, 2022			June 30, 2021			% change
Bank loan provision/(benefit) for credit losses (12)	$	56		$	(19)		$	21		NM	167%	$	66		$	(37)		NM
Net charge-offs	$	10		$	4		$	1		NM	NM	$	12		$	6		100%
Net interest margin (net yield on interest-earning assets)	2.41		%	1.92		%	2.01		%			2.14		%	1.96		%

Please refer to the footnotes at the end of this press release for additional information.

18

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2022	(Unaudited)

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 provides 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. Certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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						Nine months ended
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
Net income available to common shareholders	$	299	$	307	$	323	$	1,068	$	974
Non-GAAP adjustments:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits:
Acquisition-related retention (11)	16		13		14		41		35
Other acquisition-related compensation (10)	2		—		—		2		—
Total “Compensation, commissions and benefits” expense	18		13		14		43		35
Professional fees (10)	4		4		5		11		5
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (12)	26		—		—		26		—
Other:
Amortization of identifiable intangible assets (22)	8		7		6		22		14
Initial provision for credit losses on acquired lending commitments (12)	5		—		—		5		—
All other acquisition-related expenses (10)	4		—		6		10		1
Total “Other” expense	17		7		12		37		15
Total expenses related to acquisitions	65		24		31		117		55
Losses on extinguishment of debt (13)	—		98		—		—		98
Pre-tax impact of non-GAAP adjustments	65		122		31		117		153
Tax effect of non-GAAP adjustments	(16)		(30)		(8)		(29)		(37)
Total non-GAAP adjustments, net of tax	49		92		23		88		116
Adjusted net income available to common shareholders (2)	$	348	$	399	$	346	$	1,156	$	1,090
Pre-tax income	$	415	$	385	$	433	$	1,406	$	1,231
Pre-tax impact of non-GAAP adjustments (as detailed above)	65		122		31		117		153
Adjusted pre-tax income (2)	$	480	$	507	$	464	$	1,523	$	1,384
Compensation, commissions and benefits expense	$	1,834	$	1,661	$	1,852	$	5,570	$	4,809
Less: Total compensation-related acquisition expenses (as detailed above)	18		13		14		43		35
Adjusted “Compensation, commissions and benefits” expense (2)	$	1,816	$	1,648	$	1,838	$	5,527	$	4,774

Please refer to the footnotes at the end of this press release for additional information.

19

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2022	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
	Three months ended						Nine months ended
	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
Pre-tax margin (16)	15.3	%	15.6	%	16.2	%	17.2	%	17.4	%
Impact of non-GAAP adjustments on pre-tax margin:
Compensation, commissions and benefits:
Acquisition-related retention (11)	0.6	%	0.5	%	0.5	%	0.5	%	0.5	%
Other acquisition-related compensation (10)	0.1	%	—	%	—	%	0.1	%	—	%
Total “Compensation, commissions and benefits” expense	0.7	%	0.5	%	0.5	%	0.6	%	0.5	%
Professional fees (10)	0.1	%	0.2	%	0.2	%	0.1	%	0.1	%
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (12)	1.0	%	—	%	—	%	0.3	%	—	%
Other:
Amortization of identifiable intangible assets (22)	0.3	%	0.3	%	0.2	%	0.2	%	0.2	%
Initial provision for credit losses on acquired lending commitments (12)	0.2	%	—	%	—	%	0.1	%	—	%
All other acquisition-related expenses (10)	0.1	%	—	%	0.3	%	0.1	%	—	%
Total “Other” expense	0.6	%	0.3	%	0.5	%	0.4	%	0.2	%
Total expenses related to acquisitions	2.4	%	1.0	%	1.2	%	1.4	%	0.8	%
Losses on extinguishment of debt (13)	—	%	3.9	%	—	%	—	%	1.4	%
Total non-GAAP adjustments	2.4	%	4.9	%	1.2	%	1.4	%	2.2	%
Adjusted pre-tax margin (2)(16)	17.7	%	20.5	%	17.4	%	18.6	%	19.6	%
Total compensation ratio (17)	67.5	%	67.2	%	69.3	%	68.2	%	68.1	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (11)	0.6	%	0.5	%	0.5	%	0.5	%	0.5	%
Other acquisition-related compensation (10)	0.1	%	—	%	—	%	0.1	%	—	%
Total “Compensation, commissions and benefits” expenses related to acquisitions	0.7	%	0.5	%	0.5	%	0.6	%	0.5	%
Adjusted total compensation ratio (2) (17)	66.8	%	66.7	%	68.8	%	67.6	%	67.6	%

Please refer to the footnotes at the end of this press release for additional information.

20

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2022	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
	Three months ended						Nine months ended
Earnings per common share (7) (8)	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
Basic	$	1.41	$	1.49	$	1.56	$	5.12	$	4.73
Impact of non-GAAP adjustments on basic earnings per common share:
Compensation, commissions and benefits:
Acquisition-related retention (11)	0.08		0.06		0.07		0.20		0.17
Other acquisition-related compensation (10)	0.01		—		—		0.01		—
Total “Compensation, commissions and benefits” expense	0.09		0.06		0.07		0.21		0.17
Professional fees (10)	0.02		0.02		0.02		0.05		0.02
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (12)	0.12		—		—		0.13		—
Other:
Amortization of identifiable intangible assets (22)	0.04		0.04		0.03		0.11		0.07
Initial provision for credit losses on acquired lending commitments (12)	0.02		—		—		0.02		—
All other acquisition-related expenses (10)	0.02		—		0.03		0.05		—
Total “Other” expense	0.08		0.04		0.06		0.18		0.07
Total expenses related to acquisitions	0.31		0.12		0.15		0.57		0.26
Losses on extinguishment of debt (13)	—		0.48		—		—		0.48
Tax effect of non-GAAP adjustments	(0.07)		(0.15)		(0.04)		(0.14)		(0.18)
Total non-GAAP adjustments, net of tax	0.24		0.45		0.11		0.43		0.56
Adjusted basic (2)	$	1.65	$	1.94	$	1.67	$	5.55	$	5.29
Diluted	$	1.38	$	1.45	$	1.52	$	4.99	$	4.61
Impact of non-GAAP adjustments on diluted earnings per common share:
Compensation, commissions and benefits:
Acquisition-related retention (11)	0.07		0.06		0.06		0.19		0.17
Other acquisition-related compensation (10)	0.01		—		—		0.01		—
Total “Compensation, commissions and benefits” expense	0.08		0.06		0.06		0.20		0.17
Professional fees (10)	0.02		0.02		0.02		0.05		0.02
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (12)	0.12		—		—		0.12		—
Other:
Amortization of identifiable intangible assets (22)	0.04		0.03		0.03		0.11		0.07
Initial provision for credit losses on acquired lending commitments (12)	0.02		—		—		0.02		—
All other acquisition-related expenses (10)	0.02		—		0.03		0.05		0.01
Total “Other” expense	0.08		0.03		0.06		0.18		0.08
Total expenses related to acquisitions	0.30		0.11		0.14		0.55		0.27
Losses on extinguishment of debt (13)	—		0.46		—		—		0.46
Tax effect of non-GAAP adjustments	(0.07)		(0.14)		(0.04)		(0.13)		(0.18)
Total non-GAAP adjustments, net of tax	0.23		0.43		0.10		0.42		0.55
Adjusted diluted (2)	$	1.61	$	1.88	$	1.62	$	5.41	$	5.16

Please refer to the footnotes at the end of this press release for additional information.

21

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2022	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Book value per share	As of
$ in millions, except per share amounts	June 30, 2022		June 30, 2021		March 31, 2022
Total common equity attributable to Raymond James Financial, Inc.	$	9,395	$	7,863	$	8,602
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,810		862		1,110
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(128)		(56)		(88)
Tangible common equity attributable to Raymond James Financial, Inc.	$	7,713	$	7,057	$	7,580
Common shares outstanding (7)	215.5		205.4		207.9
Book value per share (7) (14)	$	43.60	$	38.28	$	41.38
Tangible book value per share (2) (7) (14)	$	35.79	$	34.36	$	36.46

Return on common equity	Three months ended						Nine months ended
$ in millions	June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
Average common equity (23)	$	8,999	$	7,728	$	8,601	$	8,711	$	7,483
Impact of non-GAAP adjustments on average common equity:
Compensation, commissions and benefits:
Acquisition-related retention (11)	8		6		7		19		16
Other acquisition-related compensation (10)	1		—		—		1		—
Total “Compensation, commissions and benefits” expense	9		6		7		20		16
Professional fees (10)	2		2		3		5		2
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (12)	13		—		—		7		—
Other:
Amortization of identifiable intangible assets (22)	4		4		3		11		6
Initial provision for credit losses on acquired lending commitments (12)	3		—		—		1		—
All other acquisition-related expenses (10)	2		—		3		4		1
Total “Other” expense	9		4		6		16		7
Total expenses related to acquisitions	33		12		16		48		25
Losses on extinguishment of debt (13)	—		49		—		—		25
Tax effect of non-GAAP adjustments	(8)		(15)		(4)		(12)		(12)
Total non-GAAP adjustments, net of tax	25		46		12		36		38
Adjusted average common equity (2) (23)	$	9,024	$	7,774	$	8,613	$	8,747	$	7,521

Please refer to the footnotes at the end of this press release for additional information.

22

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2022	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
	Three months ended									Nine months ended
$ in millions	June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021
Average common equity (23)	$	8,999		$	7,728		$	8,601		$	8,711		$	7,483
Less:
Average goodwill and identifiable intangible assets, net	1,460			865			992			1,169			791
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(108)			(56)			(77)			(86)			(51)
Average tangible common equity (2) (23)	$	7,647		$	6,919		$	7,686		$	7,628		$	6,743
Impact of non-GAAP adjustments on average tangible common equity:
Compensation, commissions and benefits:
Acquisition-related retention (11)	8			6			7			19			16
Other acquisition-related compensation (10)	1			—			—			1			—
Total “Compensation, commissions and benefits” expense	9			6			7			20			16
Professional fees (10)	2			2			3			5			2
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (12)	13			—			—			7			—
Other:
Amortization of identifiable intangible assets (22)	4			4			3			11			6
Initial provision for credit losses on acquired lending commitments (12)	3			—			—			1			—
All other acquisition-related expenses (10)	2			—			3			4			1
Total “Other” expense	9			4			6			16			7
Total expenses related to acquisitions	33			12			16			48			25
Losses on extinguishment of debt (13)	—			49			—			—			25
Tax effect of non-GAAP adjustments	(8)			(15)			(4)			(12)			(12)
Total non-GAAP adjustments, net of tax	25			46			12			36			38
Adjusted average tangible common equity (2) (23)	$	7,672		$	6,965		$	7,698		$	7,664		$	6,781
Return on common equity (15)	13.3		%	15.9		%	15.0		%	16.3		%	17.4		%
Adjusted return on common equity (2) (15)	15.4		%	20.5		%	16.1		%	17.6		%	19.3		%
Return on tangible common equity (2) (15)	15.6		%	17.7		%	16.8		%	18.7		%	19.3		%
Adjusted return on tangible common equity (2)(15)	18.1		%	22.9		%	18.0		%	20.1		%	21.4		%

Please refer to the footnotes at the end of this press release for additional information.

23

RAYMOND JAMES FINANCIAL, INC.                             

Fiscal Third Quarter of 2022                                 Footnotes

(1)	Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees and other fees.
(2)	These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation.
(3)	These metrics include the impact of the acquisition of TriState Capital Holdings, Inc. (“TriState Capital”). As of June 30, 2022, the impact was $9.4 billion on financial assets under management, $14.9 billion on Bank segment total assets, $11.8 billion on bank loans, net, $2 million on nonperforming assets, and $33 million on criticized loans.
(4)	On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly owned subsidiaries, TriState Capital Bank, a Pennsylvania-chartered state bank, and Chartwell Investment Partners, LLC (“Chartwell”), a registered investment adviser. As a result of our acquisition of TriState, we renamed our Raymond James Bank segment to Bank segment, which includes the results of Raymond James Bank and, since June 1, 2022, TriState Capital Bank. TriState Capital Bank will continue to operate as a separately branded firm and as an independently-chartered bank. Chartwell has been integrated into our Asset Management segment and its results of operations have been included in our results prospectively from the closing date of June 1, 2022.
(5)	This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.
(6)	Estimated.
(7)	During our fiscal fourth quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split.
(8)	Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period.
(9)	Other revenues included $24 million and $56 million of private equity gains for the three and nine months ended June 30, 2021, respectively, which were included in our Other segment. Of these amounts, $10 million and $20 million for the three and nine months ended June 30, 2021, respectively, were attributable to noncontrolling interests and were offset in Other expenses.
(10)	Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation.
(11)	Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with our current and prior-year acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.
(12)	Our results for the three and nine months ended June 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision/(benefit) for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date.
(13)	Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026 which occurred during our fiscal third quarter of 2021.
(14)	Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes.
(15)	Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity 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 return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period.
(16)	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.
(17)	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.

24

RAYMOND JAMES FINANCIAL, INC.                             

Fiscal Third Quarter of 2022                                 Footnotes

(18)	We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. Fees earned by the Private Client Group on deposits held by our Bank segment are eliminated in consolidation.
(19)	Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.
(20)	The average yield is presented on a tax-equivalent basis for each respective period.
(21)	The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt.
(22)	Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.
(23)	Average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. 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. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. 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.

25

EX-99.2

Quarterly Financial Supplement Third quarter of fiscal 2022 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from Nine months ended in millions, except per share amounts June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,262 $ 1,366 $ 1,382 $ 1,464 $ 1,427 13 % (3) % $ 3,502 $ 4,273 22 % Brokerage revenues: Securities commissions 415 412 425 422 385 (7) % (9) % 1,239 1,232 (1) % Principal transactions 137 129 133 142 128 (7) % (10) % 432 403 (7) % Total brokerage revenues 552 541 558 564 513 (7) % (9) % 1,671 1,635 (2) % Account and service fees 161 170 177 179 211 31 % 18 % 465 567 22 % Investment banking 276 364 425 235 223 (19) % (5) % 779 883 13 % Interest income 205 215 225 242 374 82 % 55 % 608 841 38 % Other (1) 55 74 51 27 30 (45) % 11 % 155 108 (30) % Total revenues 2,511 2,730 2,818 2,711 2,778 11 % 2 % 7,180 8,307 16 % Interest expense (40) (35) (37) (38) (60) 50 % 58 % (115) (135) 17 % Net revenues 2,471 2,695 2,781 2,673 2,718 10 % 2 % 7,065 8,172 16 % Non-interest expenses: Compensation, commissions and benefits (2) (3) 1,661 1,775 1,884 1,852 1,834 10 % (1) % 4,809 5,570 16 % Non-compensation expenses: Communications and information processing 109 114 112 127 129 18 % 2 % 315 368 17 % Occupancy and equipment 58 60 59 62 65 12 % 5 % 172 186 8 % Business development 31 36 35 34 58 87 % 71 % 75 127 69 % Investment sub-advisory fees 34 37 38 40 38 12 % (5) % 93 116 25 % Professional fees (2) 30 37 28 27 38 27 % 41 % 85 93 9 % Bank loan provision/(benefit) for credit losses (4) (19) 5 (11) 21 56 NM 167 % (37) 66 NM Losses on extinguishment of debt (5) 98 — — — — (100) % — % 98 — (100) % Other (1) (2) 84 71 78 77 85 1 % 10 % 224 240 7 % Total non-compensation expenses 425 360 339 388 469 10 % 21 % 1,025 1,196 17 % Total non-interest expenses 2,086 2,135 2,223 2,240 2,303 10 % 3 % 5,834 6,766 16 % Pre-tax income 385 560 558 433 415 8 % (4) % 1,231 1,406 14 % Provision for income taxes 78 131 112 110 114 46 % 4 % 257 336 31 % Net income 307 429 446 323 301 (2) % (7) % 974 1,070 10 % Preferred stock dividends — — — — 2 NM NM — 2 NM Net income available to common shareholders $ 307 $ 429 $ 446 $ 323 $ 299 (3) % (7) % $ 974 $ 1,068 10 % Earnings per common share – basic (6) (7) $ 1.49 $ 2.08 $ 2.16 $ 1.56 $ 1.41 (5) % (10) % $ 4.73 $ 5.12 8 % Earnings per common share – diluted (6) (7) $ 1.45 $ 2.02 $ 2.10 $ 1.52 $ 1.38 (5) % (9) % $ 4.61 $ 4.99 8 % Weighted-average common shares outstanding – basic (6) 205.8 205.5 206.3 207.7 210.7 2 % 1 % 205.8 208.1 1 % Weighted-average common and common equivalent shares outstanding – diluted (6) 211.7 211.7 212.4 213.0 215.7 2 % 1 % 210.9 213.5 1 % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Total assets $ 57,161 $ 61,891 $ 68,461 $ 73,101 $ 86,111 51 % 18 % Total common equity attributable to Raymond James Financial, Inc. $ 7,863 $ 8,245 $ 8,600 $ 8,602 $ 9,395 19 % 9 % Book value per share (6) (8) $ 38.28 $ 40.08 $ 41.45 $ 41.38 $ 43.60 14 % 5 % Tangible book value per share (6) (8) (9) $ 34.36 $ 36.11 $ 37.55 $ 36.46 $ 35.79 4 % (2) % Capital ratios: Tier 1 leverage 12.6 % 12.6 % 12.1 % 11.1 % 10.8 % (10) Tier 1 capital 24.4 % 25.0 % 25.9 % 23.9 % 20.1 % (10) Common equity tier 1 24.4 % 25.0 % 25.9 % 23.9 % 20.1 % (10) Total capital 25.6 % 26.2 % 27.0 % 25.0 % 21.4 % (10) Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Adjusted pre-tax income (9) $ 507 $ 587 $ 579 $ 464 $ 480 (5) % 3 % $ 1,384 $ 1,523 10 % Adjusted net income available to common shareholders (9) $ 399 $ 450 $ 462 $ 346 $ 348 (13) % 1 % $ 1,090 $ 1,156 6 % Adjusted earnings per common share – basic (6) (7) (9) $ 1.94 $ 2.18 $ 2.23 $ 1.67 $ 1.65 (15) % (1) % $ 5.29 $ 5.55 5 % Adjusted earnings per common share – diluted (6) (7) (9) $ 1.88 $ 2.12 $ 2.17 $ 1.62 $ 1.61 (14) % (1) % $ 5.16 $ 5.41 5 % Return on common equity (11) 15.9 % 21.3 % 21.2 % 15.0 % 13.3 % 17.4 % 16.3 % Adjusted return on common equity (9) (11) 20.5 % 22.3 % 21.9 % 16.1 % 15.4 % 19.3 % 17.6 % Adjusted return on tangible common equity (9) (11) 22.9 % 24.8 % 24.3 % 18.0 % 18.1 % 21.4 % 20.1 % Pre-tax margin (12) 15.6 % 20.8 % 20.1 % 16.2 % 15.3 % 17.4 % 17.2 % Adjusted pre-tax margin (9) (12) 20.5 % 21.8 % 20.8 % 17.4 % 17.7 % 19.6 % 18.6 % Total compensation ratio (13) 67.2 % 65.9 % 67.7 % 69.3 % 67.5 % 68.1 % 68.2 % Adjusted total compensation ratio (9) (13) 66.7 % 65.3 % 67.3 % 68.8 % 66.8 % 67.6 % 67.6 % Effective tax rate 20.3 % 23.4 % 20.1 % 25.4 % 27.5 % 20.9 % 23.9 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Client asset metrics ($ in billions): Client assets under administration $ 1,165.0 $ 1,178.7 $ 1,257.8 $ 1,256.1 $ 1,125.3 (3) % (10) % Private Client Group assets under administration $ 1,102.9 $ 1,115.4 $ 1,199.8 $ 1,198.3 $ 1,068.8 (3) % (11) % Private Client Group assets in fee-based accounts $ 616.7 $ 627.1 $ 677.8 $ 678.0 $ 606.7 (2) % (11) % Financial assets under management (14) $ 191.0 $ 191.9 $ 203.2 $ 193.7 $ 182.4 (5) % (6) % Clients' domestic cash sweep balances ($ in millions): Raymond James Bank Deposit Program (“RJBDP”): (15) Bank segment (15) (16) $ 29,253 $ 31,410 $ 33,097 $ 33,570 $ 36,646 25 % 9 % Third-party banks 25,080 24,496 24,316 25,887 25,478 2 % (2) % Subtotal RJBDP 54,333 55,906 57,413 59,457 62,124 14 % 4 % Client Interest Program 8,610 10,762 16,065 17,013 13,717 59 % (19) % Total clients’ domestic cash sweep balances $ 62,943 $ 66,668 $ 73,478 $ 76,470 $ 75,841 20 % (1) % Three months ended Nine months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average yield on RJBDP - third-party banks (17) 0.29 % 0.29 % 0.28 % 0.32 % 0.88 % 0.30 % 0.50 % As of % change from June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Private Client Group financial advisors: Employees 3,423 3,461 3,447 3,601 3,615 6 % — % Independent contractors (18) 4,990 5,021 5,017 5,129 5,001 — % (2) % Total advisors (18) 8,413 8,482 8,464 8,730 8,616 2 % (1) % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,050 $ 1,142 $ 1,162 $ 1,245 $ 1,214 16 % (2) % $ 2,914 $ 3,621 24 % Brokerage revenues: Mutual and other fund products 167 172 171 166 149 (11) % (10) % 498 486 (2) % Insurance and annuity products 113 118 111 110 109 (4) % (1) % 320 330 3 % Equities, ETFs, and fixed income products 110 100 115 121 115 5 % (5) % 338 351 4 % Total brokerage revenues 390 390 397 397 373 (4) % (6) % 1,156 1,167 1 % Account and service fees: Mutual fund and annuity service fees 105 110 114 109 102 (3) % (6) % 298 325 9 % RJBDP fees: (15) Bank segment (15) 47 49 50 49 79 68 % 61 % 134 178 33 % Third-party banks 18 18 17 20 56 211 % 180 % 58 93 60 % Client account and other fees 39 44 49 53 59 51 % 11 % 113 161 42 % Total account and service fees 209 221 230 231 296 42 % 28 % 603 757 26 % Investment banking 11 14 13 9 6 (45) % (33) % 33 28 (15) % Interest income 31 32 33 37 68 119 % 84 % 91 138 52 % All other 7 5 7 6 11 57 % 83 % 20 24 20 % Total revenues 1,698 1,804 1,842 1,925 1,968 16 % 2 % 4,817 5,735 19 % Interest expense (2) (3) (3) (3) (10) 400 % 233 % (7) (16) 129 % Net revenues 1,696 1,801 1,839 1,922 1,958 15 % 2 % 4,810 5,719 19 % Non-interest expenses: Financial advisor compensation and benefits 1,082 1,151 1,187 1,231 1,187 10 % (4) % 3,053 3,605 18 % Administrative compensation and benefits 251 255 283 289 306 22 % 6 % 760 878 16 % Total compensation, commissions and benefits 1,333 1,406 1,470 1,520 1,493 12 % (2) % 3,813 4,483 18 % Non-compensation expenses 168 173 174 189 214 27 % 13 % 470 577 23 % Total non-interest expenses 1,501 1,579 1,644 1,709 1,707 14 % — % 4,283 5,060 18 % Pre-tax income $ 195 $ 222 $ 195 $ 213 $ 251 29 % 18 % $ 527 $ 659 25 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Brokerage revenues: Fixed income $ 124 $ 118 $ 120 $ 125 $ 107 (14) % (14) % $ 397 $ 352 (11) % Equity 36 33 39 41 32 (11) % (22) % 112 112 — % Total brokerage revenues 160 151 159 166 139 (13) % (16) % 509 464 (9) % Investment banking: Merger & acquisition and advisory 153 215 271 139 147 (4) % 6 % 424 557 31 % Equity underwriting 69 89 97 52 36 (48) % (31) % 196 185 (6) % Debt underwriting 43 46 44 35 34 (21) % (3) % 126 113 (10) % Total investment banking 265 350 412 226 217 (18) % (4) % 746 855 15 % Interest income 4 4 5 5 6 50 % 20 % 12 16 33 % Tax credit fund revenues 17 48 35 15 21 24 % 40 % 57 71 25 % All other 3 4 5 4 3 — % (25) % 14 12 (14) % Total revenues 449 557 616 416 386 (14) % (7) % 1,338 1,418 6 % Interest expense (3) (3) (2) (3) (3) — % — % (7) (8) 14 % Net revenues 446 554 614 413 383 (14) % (7) % 1,331 1,410 6 % Non-interest expenses: Compensation, commissions and benefits 256 288 331 253 243 (5) % (4) % 767 827 8 % Non-compensation expenses 75 83 82 73 79 5 % 8 % 215 234 9 % Total non-interest expenses 331 371 413 326 322 (3) % (1) % 982 1,061 8 % Pre-tax income $ 115 $ 183 $ 201 $ 87 $ 61 (47) % (30) % $ 349 $ 349 — % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Asset management and related administrative fees: Managed programs $ 148 $ 156 $ 151 $ 149 $ 145 (2) % (3) % $ 414 $ 445 7 % Administration and other 70 74 76 77 75 7 % (3) % 193 228 18 % Total asset management and related administrative fees 218 230 227 226 220 1 % (3) % 607 673 11 % Account and service fees 4 5 6 6 5 25 % (17) % 13 17 31 % All other 3 3 3 2 3 — % 50 % 9 8 (11) % Net revenues 225 238 236 234 228 1 % (3) % 629 698 11 % Non-interest expenses: Compensation, commissions and benefits 43 44 46 47 49 14 % 4 % 138 142 3 % Non-compensation expenses 77 80 83 84 86 12 % 2 % 216 253 17 % Total non-interest expenses 120 124 129 131 135 13 % 3 % 354 395 12 % Pre-tax income $ 105 $ 114 $ 107 $ 103 $ 93 (11) % (10) % $ 275 $ 303 10 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (16) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Interest income $ 172 $ 179 $ 187 $ 199 $ 296 72 % 49 % $ 505 $ 682 35 % Interest expense (11) (10) (10) (10) (26) 136 % 160 % (32) (46) 44 % Net interest income 161 169 177 189 270 68 % 43 % 473 636 34 % All other 8 7 6 8 6 (25) % (25) % 23 20 (13) % Net revenues 169 176 183 197 276 63 % 40 % 496 656 32 % Non-interest expenses: Compensation and benefits 13 13 13 14 21 62 % 50 % 38 48 26 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses (19) 5 (11) 21 56 NM 167 % (37) 66 NM RJBDP fees to Private Client Group (15) 47 49 50 49 79 68 % 61 % 134 178 33 % All other 24 28 29 30 46 92 % 53 % 75 105 40 % Total non-compensation expenses 52 82 68 100 181 248 % 81 % 172 349 103 % Total non-interest expenses 65 95 81 114 202 211 % 77 % 210 397 89 % Pre-tax income $ 104 $ 81 $ 102 $ 83 $ 74 (29) % (11) % $ 286 $ 259 (9) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (16) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Interest income $ — $ 2 $ 1 $ 3 $ 6 NM 100 % $ 6 $ 10 67 % Net gains/(losses) on private equity investments (1) 24 18 5 (2) (3) NM (50) % 56 — (100) % All other 4 (1) 2 5 — (100) % (100) % 7 7 — % Total revenues 28 19 8 6 3 (89) % (50) % 69 17 (75) % Interest expense (26) (21) (23) (24) (24) (8) % — % (75) (71) (5) % Net revenues 2 (2) (15) (18) (21) NM (17) % (6) (54) (800) % Non-interest expenses: Compensation and all other (1) 38 38 32 35 43 13 % 23 % 102 110 8 % Losses on extinguishment of debt (5) 98 — — — — (100) % — % 98 — (100) % Total non-interest expenses 136 38 32 35 43 (68) % 23 % 200 110 (45) % Pre-tax loss $ (134) $ (40) $ (47) $ (53) $ (64) 52 % (21) % $ (206) $ (164) 20 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (19) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Our Bank segment includes Raymond James Bank and TriState Capital Bank. Bank Segment (16) As of % change from $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Total assets (14) $ 34,363 $ 36,154 $ 37,789 $ 38,167 $ 55,562 62 % 46 % Bank loans, net: (14) Raymond James Bank $ 23,896 $ 24,994 $ 26,132 $ 27,883 $ 30,053 26 % 8 % TriState Capital Bank — — — — 11,790 NM NM Total bank loans, net (14) $ 23,896 $ 24,994 $ 26,132 $ 27,883 $ 41,843 75 % 50 % Bank loan allowance for credit losses $ 322 $ 320 $ 308 $ 328 $ 377 17 % 15 % Bank loan allowance for credit losses as a % of loans held for investment 1.34 % 1.27 % 1.18 % 1.17 % 0.90 % Total nonperforming assets (14) $ 43 $ 74 $ 74 $ 104 $ 92 114 % (12) % Nonperforming assets as a % of total assets 0.13 % 0.20 % 0.20 % 0.27 % 0.17 % Total criticized loans (14) $ 980 $ 824 $ 735 $ 735 $ 687 (30) % (7) % Criticized loans as a % of loans held for investment 4.07 % 3.27 % 2.75 % 2.63 % 1.63 % As of % change from $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Commercial and industrial loans $ 8,011 $ 8,440 $ 8,608 $ 9,067 $ 10,897 36 % 20 % Commercial real estate loans 2,728 2,872 2,992 3,321 6,354 133 % 91 % Real estate investment trust loans 1,270 1,112 1,189 1,408 1,416 11 % 1 % Tax-exempt loans 1,320 1,321 1,290 1,287 1,347 2 % 5 % Residential mortgage loans 5,170 5,318 5,568 5,945 6,728 30 % 13 % Securities-based loans and other 5,582 6,106 6,563 6,904 15,312 174 % 122 % Total loans held for investment 24,081 25,169 26,210 27,932 42,054 75 % 51 % Held for sale loans 137 145 230 279 166 21 % (41) % Total loans held for sale and investment 24,218 25,314 26,440 28,211 42,220 74 % 50 % Allowance for credit losses (322) (320) (308) (328) (377) 17 % 15 % Bank loans, net (14) $ 23,896 $ 24,994 $ 26,132 $ 27,883 $ 41,843 75 % 50 % Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Bank loan provision/(benefit) for credit losses (4) $ (19) $ 5 $ (11) $ 21 $ 56 NM 167 % $ (37) $ 66 NM Net charge-offs $ 4 $ 7 $ 1 $ 1 $ 10 NM NM $ 6 $ 12 100 % Net interest margin (net yield on interest-earning assets) 1.92 % 1.92 % 1.92 % 2.01 % 2.41 % 1.96 % 2.14 % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 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 provides 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. Certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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 for those periods which include non-GAAP adjustments. Three months ended Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Net income available to common shareholders $ 307 $ 429 $ 446 $ 323 $ 299 $ 974 $ 1,068 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (3) 13 13 11 14 16 35 41 Other acquisition-related compensation (2) — 1 — — 2 — 2 Total “Compensation, commissions and benefits” expense 13 14 11 14 18 35 43 Professional fees (2) 4 5 2 5 4 5 11 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 26 — 26 Other: Amortization of identifiable intangible assets (20) 7 7 8 6 8 14 22 Initial provision for credit losses on acquired lending commitments (4) — — — — 5 — 5 All other acquisition-related expenses (2) — 1 — 6 4 1 10 Total “Other” expense 7 8 8 12 17 15 37 Total expenses related to acquisitions 24 27 21 31 65 55 117 Losses on extinguishment of debt (5) 98 — — — — 98 — Pre-tax impact of non-GAAP adjustments 122 27 21 31 65 153 117 Tax effect of non-GAAP adjustments (30) (6) (5) (8) (16) (37) (29) Total non-GAAP adjustments, net of tax 92 21 16 23 49 116 88 Adjusted net income available to common shareholders (9) $ 399 $ 450 $ 462 $ 346 $ 348 $ 1,090 $ 1,156 Pre-tax income $ 385 $ 560 $ 558 $ 433 $ 415 $ 1,231 $ 1,406 Pre-tax impact of non-GAAP adjustments (as detailed above) 122 27 21 31 65 153 117 Adjusted pre-tax income (9) $ 507 $ 587 $ 579 $ 464 $ 480 $ 1,384 $ 1,523 Compensation, commissions and benefits expense $ 1,661 $ 1,775 $ 1,884 $ 1,852 $ 1,834 $ 4,809 $ 5,570 Less: Total compensation-related acquisition expenses (as detailed above) 13 14 11 14 18 35 43 Adjusted “Compensation, commissions and benefits” expense (9) $ 1,648 $ 1,761 $ 1,873 $ 1,838 $ 1,816 $ 4,774 $ 5,527 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Pre-tax margin (12) 15.6 % 20.8 % 20.1 % 16.2 % 15.3 % 17.4 % 17.2 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (3) 0.5 % 0.6 % 0.4 % 0.5 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % — % 0.1 % — % 0.1 % Total “Compensation, commissions and benefits” expense 0.5 % 0.6 % 0.4 % 0.5 % 0.7 % 0.5 % 0.6 % Professional fees (2) 0.2 % 0.2 % — % 0.2 % 0.1 % 0.1 % 0.1 % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — % — % — % — % 1.0 % — % 0.3 % Other: Amortization of identifiable intangible assets (20) 0.3 % 0.2 % 0.3 % 0.2 % 0.3 % 0.2 % 0.2 % Initial provision for credit losses on acquired lending commitments (4) — % — % — % — % 0.2 % — % 0.1 % All other acquisition-related expenses (2) — % — % — % 0.3 % 0.1 % — % 0.1 % Total “Other” expense 0.3 % 0.2 % 0.3 % 0.5 % 0.6 % 0.2 % 0.4 % Total expenses related to acquisitions 1.0 % 1.0 % 0.7 % 1.2 % 2.4 % 0.8 % 1.4 % Losses on extinguishment of debt (5) 3.9 % — % — % — % — % 1.4 % — % Total non-GAAP adjustments 4.9 % 1.0 % 0.7 % 1.2 % 2.4 % 2.2 % 1.4 % Adjusted pre-tax margin (9) (12) 20.5 % 21.8 % 20.8 % 17.4 % 17.7 % 19.6 % 18.6 % Total compensation ratio (13) 67.2 % 65.9 % 67.7 % 69.3 % 67.5 % 68.1 % 68.2 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (3) 0.5 % 0.6 % 0.4 % 0.5 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % — % 0.1 % — % 0.1 % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.5 % 0.6 % 0.4 % 0.5 % 0.7 % 0.5 % 0.6 % Adjusted total compensation ratio (9) (13) 66.7 % 65.3 % 67.3 % 68.8 % 66.8 % 67.6 % 67.6 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (6) (7) June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Basic $ 1.49 $ 2.08 $ 2.16 $ 1.56 $ 1.41 $ 4.73 $ 5.12 Impact of non-GAAP adjustments on basic earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.06 0.04 0.07 0.08 0.17 0.20 Other acquisition-related compensation (2) — 0.01 — — 0.01 — 0.01 Total “Compensation, commissions and benefits” expense 0.06 0.07 0.04 0.07 0.09 0.17 0.21 Professional fees (2) 0.02 0.02 0.01 0.02 0.02 0.02 0.05 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 0.12 — 0.13 Other: Amortization of identifiable intangible assets (20) 0.04 0.03 0.04 0.03 0.04 0.07 0.11 Initial provision for credit losses on acquired lending commitments (4) — — — — 0.02 — 0.02 All other acquisition-related expenses (2) — 0.01 — 0.03 0.02 — 0.05 Total “Other” expense 0.04 0.04 0.04 0.06 0.08 0.07 0.18 Total expenses related to acquisitions 0.12 0.13 0.09 0.15 0.31 0.26 0.57 Losses on extinguishment of debt (5) 0.48 — — — — 0.48 — Tax effect of non-GAAP adjustments (0.15) (0.03) (0.02) (0.04) (0.07) (0.18) (0.14) Total non-GAAP adjustments, net of tax 0.45 0.10 0.07 0.11 0.24 0.56 0.43 Adjusted basic (9) $ 1.94 $ 2.18 $ 2.23 $ 1.67 $ 1.65 $ 5.29 $ 5.55 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 14

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (6) (7) June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Diluted $ 1.45 $ 2.02 $ 2.10 $ 1.52 $ 1.38 $ 4.61 $ 4.99 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.06 0.05 0.06 0.07 0.17 0.19 Other acquisition-related compensation (2) — 0.01 — — 0.01 — 0.01 Total “Compensation, commissions and benefits” expense 0.06 0.07 0.05 0.06 0.08 0.17 0.20 Professional fees (2) 0.02 0.02 0.01 0.02 0.02 0.02 0.05 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 0.12 — 0.12 Other: Amortization of identifiable intangible assets (20) 0.03 0.03 0.03 0.03 0.04 0.07 0.11 Initial provision for credit losses on acquired lending commitments (4) — — — — 0.02 — 0.02 All other acquisition-related expenses (2) — 0.01 — 0.03 0.02 0.01 0.05 Total “Other” expense 0.03 0.04 0.03 0.06 0.08 0.08 0.18 Total expenses related to acquisitions 0.11 0.13 0.09 0.14 0.30 0.27 0.55 Losses on extinguishment of debt (5) 0.46 — — — — 0.46 — Tax effect of non-GAAP adjustments (0.14) (0.03) (0.02) (0.04) (0.07) (0.18) (0.13) Total non-GAAP adjustments, net of tax 0.43 0.10 0.07 0.10 0.23 0.55 0.42 Adjusted diluted (9) $ 1.88 $ 2.12 $ 2.17 $ 1.62 $ 1.61 $ 5.16 $ 5.41 Book value per share As of $ in millions, except per share amounts June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Total common equity attributable to Raymond James Financial, Inc. $ 7,863 $ 8,245 $ 8,600 $ 8,602 $ 9,395 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 862 882 874 1,110 1,810 Deferred tax liabilities, net (56) (64) (65) (88) (128) Tangible common equity attributable to Raymond James Financial, Inc. $ 7,057 $ 7,427 $ 7,791 $ 7,580 $ 7,713 Common shares outstanding (6) 205.4 205.7 207.5 207.9 215.5 Book value per share (6) (8) $ 38.28 $ 40.08 $ 41.45 $ 41.38 $ 43.60 Tangible book value per share (6) (8) (9) $ 34.36 $ 36.11 $ 37.55 $ 36.46 $ 35.79 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average common equity (21) $ 7,728 $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 7,483 $ 8,711 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 6 7 8 16 19 Other acquisition-related compensation (2) — 1 — — 1 — 1 Total “Compensation, commissions and benefits” expense 6 7 6 7 9 16 20 Professional fees (2) 2 3 1 3 2 2 5 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 13 — 7 Other: Amortization of identifiable intangible assets (20) 4 3 4 3 4 6 11 Initial provision for credit losses on acquired lending commitments (4) — — — — 3 — 1 All other acquisition-related expenses (2) — 1 — 3 2 1 4 Total “Other” expense 4 4 4 6 9 7 16 Total expenses related to acquisitions 12 14 11 16 33 25 48 Losses on extinguishment of debt (5) 49 — — — — 25 — Tax effect of non-GAAP adjustments (15) (3) (3) (4) (8) (12) (12) Total non-GAAP adjustments, net of tax 46 11 8 12 25 38 36 Adjusted average common equity (9) (21) $ 7,774 $ 8,065 $ 8,431 $ 8,613 $ 9,024 $ 7,521 $ 8,747 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average common equity (21) $ 7,728 $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 7,483 $ 8,711 Less: Average goodwill and identifiable intangible assets, net 865 872 878 992 1,460 791 1,169 Average deferred tax liabilities, net (56) (60) (64) (77) (108) (51) (86) Average tangible common equity (9) (21) $ 6,919 $ 7,242 $ 7,609 $ 7,686 $ 7,647 $ 6,743 $ 7,628 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 6 7 8 16 19 Other acquisition-related compensation (2) — 1 — — 1 — 1 Total “Compensation, commissions and benefits” expense 6 7 6 7 9 16 20 Professional fees (2) 2 3 1 3 2 2 5 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 13 — 7 Other: Amortization of identifiable intangible assets (20) 4 3 4 3 4 6 11 Initial provision for credit losses on acquired lending commitments (4) — — — — 3 — 1 All other acquisition-related expenses (2) — 1 — 3 2 1 4 Total “Other” expense 4 4 4 6 9 7 16 Total expenses related to acquisitions 12 14 11 16 33 25 48 Losses on extinguishment of debt (5) 49 — — — — 25 — Tax effect of non-GAAP adjustments (15) (3) (3) (4) (8) (12) (12) Total non-GAAP adjustments, net of tax 46 11 8 12 25 38 36 Adjusted average tangible common equity (9) (21) $ 6,965 $ 7,253 $ 7,617 $ 7,698 $ 7,672 $ 6,781 $ 7,664 Return on equity (11) 15.9 % 21.3 % 21.2 % 15.0 % 13.3 % 17.4 % 16.3 % Adjusted return on equity (9) (11) 20.5 % 22.3 % 21.9 % 16.1 % 15.4 % 19.3 % 17.6 % Return on tangible common equity (9) (11) 17.7 % 23.7 % 23.4 % 16.8 % 15.6 % 19.3 % 18.7 % Adjusted return on tangible common equity (9) (11) 22.9 % 24.8 % 24.3 % 18.0 % 18.1 % 21.4 % 20.1 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Other revenues included $24 million, $18 million, and $56 million of private equity gains for the three months ended June 30, 2021, three months ended September 30, 2021, and nine months ended June 30, 2021, respectively, which were included in our Other segment. Of these amounts $10 million, $5 million, and $20 million of the gains for the three months ended June 30, 2021, three months ended September 30, 2021, and nine months ended June 30, 2021, respectively, were attributable to noncontrolling interests and were offset in Other expenses. Net gains/(losses) on private equity investments for all other periods presented were insignificant. (2) Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation. (3) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with our current and prior-year acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (4) Our results for the three and nine months ended June 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision/(benefit) for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date. (5) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026 which occurred during our fiscal third quarter of 2021. (6) During our fiscal fourth quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. (7) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. (8) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes. (9) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. (10) Estimated. (11) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity 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 return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. (12) 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. (13) 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. (14) These metrics include the impact of the acquisition of TriState Capital Holdings, Inc. (“TriState Capital”). As of June 30, 2022, the impact was $9.4 billion on financial assets under management, $14.9 billion on Bank segment total assets, $11.8 billion on bank loans, net, $2 million on nonperforming assets, and $33 million on criticized loans. (15) We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. Fees earned by the Private Client Group on deposits held by our Bank segment are eliminated in consolidation. (16) On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly owned subsidiaries, TriState Capital Bank, a Pennsylvania-chartered state bank, and Chartwell Investment Partners, LLC (“Chartwell”), a registered investment adviser. As a result of our acquisition of TriState, we renamed our Raymond James Bank segment to Bank segment, which includes the results of Raymond James Bank and, since June 1, 2022, TriState Capital Bank. TriState Capital Bank will continue to operate as a separately branded firm and as an independently- chartered bank. Chartwell has been integrated into our Asset Management segment and its results of operations have been included in our results prospectively from the closing date of June 1, 2022. (17) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. RAYMOND JAMES FINANCIAL, INC. 18

(18) This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. (19) The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt. (20) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (21) Average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. 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. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. 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. RAYMOND JAMES FINANCIAL, INC. 19

EX-99.3

Fiscal 3Q22 Results July 27, 2022

Forward-looking statements Certain statements made in this presentation and the associated conference call 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 flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions (including our acquisition of SumRidge Partners, LLC completed on July 1, 2022), divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” 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, is 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 Reports 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. 2

Overview of Results Paul Reilly Chair & CEO, Raymond James Financial 3

Fiscal 3Q22 highlights 4 Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. $ in millions, except per share amounts 3Q22 vs. 3Q21 vs. 2Q22 As reported: Net revenues $ 2,718 10% 2% Net income available to common shareholders $ 299 (3)% (7)% Earnings per common share - diluted $ 1.38 (5)% (9)% 3Q21 2Q22 Return on common equity 13.3 % 15.9% 15.0% vs. 3Q21 vs. 2Q22 Non-GAAP measures*: Adjusted net income available to common shareholders $ 348 (13)% 1% Adjusted earnings per common share - diluted $ 1.61 (14)% (1)% 3Q21 2Q22 Adjusted return on common equity 15.4 % 20.5% 16.1% Adjusted return on tangible common equity 18.1 % 22.9% 18.0%

Fiscal 3Q22 key metrics 5 $ in billions 3Q22 vs. 3Q21 vs. 2Q22 Client assets under administration $ 1,125.3 (3)% (10)% Private Client Group (PCG) assets under administration $ 1,068.8 (3)% (11)% PCG assets in fee-based accounts $ 606.7 (2)% (11)% Financial assets under management* $ 182.4 (5)% (6)% Total clients' domestic cash sweep balances $ 75.8 20% (1)% PCG financial advisors** 8,616 2% (1)% Bank loans, net: Raymond James Bank RECORD $ 30.1 26% 8% TriState Capital Bank RECORD $ 11.8 NM NM Total bank loans, net* RECORD $ 41.8 75% 50% *These metrics include the impact of the acquisition of TriState Capital Holdings, including TriState Capital Bank and Chartwell Investment Partners LLC, which was completed on June 1. As of June 30, 2022, the impact was $11.8 billion on bank loans, net and $9.4 billion on financial assets under management. **Includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services ("RCS") division during our fiscal third quarter. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.

Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank. Fiscal 3Q22 segment results 6 $ in millions 3Q22 vs. 3Q21 vs. 2Q22 Net revenues: Private Client Group RECORD $ 1,958 15% 2% Capital Markets $ 383 (14)% (7)% Asset Management $ 228 1% (3)% Bank RECORD $ 276 63% 40% Consolidated net revenues $ 2,718 10% 2% Pre-tax income: Private Client Group RECORD $ 251 29% 18% Capital Markets $ 61 (47)% (30)% Asset Management $ 93 (11)% (10)% Bank $ 74 (29)% (11)% Consolidated pre-tax income $ 415 8% (4)%

FYTD 2022 highlights (9 months) 7 Note: FYTD 2022 is from the period October 1, 2021 to June 30, 2022. FYTD 2021 is from the period October 1, 2020 to June 30, 2021. All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. * These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. $ in millions, except per share amounts FYTD 2022 vs. FYTD 2021 As reported: Net revenues RECORD $ 8,172 16% Net income available to common shareholders RECORD $ 1,068 10% Earnings per common share - diluted RECORD $ 4.99 8% FYTD 2021 Return on common equity 16.3 % 17.4% vs. FYTD 2021 Non-GAAP measures*: Adjusted net income available to common shareholders $ 1,156 6% Adjusted earnings per common share - diluted $ 5.41 5% FYTD 2021 Adjusted return on common equity 17.6 % 19.3% Adjusted return on tangible common equity 20.1 % 21.4%

FYTD 2022 segment results (9 months) 8 $ in millions FYTD 2022 vs. FYTD 2021 Net revenues: Private Client Group RECORD $ 5,719 19% Capital Markets RECORD $ 1,410 6% Asset Management RECORD $ 698 11% Bank RECORD $ 656 32% Consolidated net revenues RECORD $ 8,172 16% Pre-tax income: Private Client Group RECORD $ 659 25% Capital Markets RECORD $ 349 —% Asset Management RECORD $ 303 10% Bank $ 259 (9)% Consolidated pre-tax income RECORD $ 1,406 14% Note: FYTD 2022 is from the period October 1, 2021 to June 30, 2022. FYTD 2021 is from the period October 1, 2020 to June 30, 2021. Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank.

Financial Review Paul Shoukry Chief Financial Officer, Raymond James Financial 9

Consolidated net revenues 10 $ in millions 3Q22 vs. 3Q21 vs. 2Q22 Asset management and related administrative fees $ 1,427 13% (3)% Brokerage revenues 513 (7)% (9)% Account and service fees 211 31% 18% Investment banking 223 (19)% (5)% Interest income 374 82% 55% Other 30 (45)% 11% Total revenues 2,778 11% 2% Interest expense (60) 50% 58% Net revenues $ 2,718 10% 2%

Domestic cash sweep balances 11 C lie nt s' D om es tic C as h S w ee p B al an ce s ($ B ) C ash S w eep B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 29.3 31.4 33.1 33.6 36.6 25.1 24.5 24.3 25.9 25.5 8.6 10.8 16.1 17.0 13.762.9 66.7 73.5 76.5 75.8 6.1% 6.3% 6.5% 7.0% 7.8% RJBDP - Bank Segment* RJBDP - Third-Party Banks* Client Interest Program 3Q21 4Q21 1Q22 2Q22 3Q22 Note: May not total due to rounding. *Raymond James Bank Deposit Program (RJBDP) is a multi-bank sweep program in which clients' cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, which includes Raymond James Bank and TriState Capital Bank, as well as various third-party banks. Year-over-year change: 20% Sequential change: (1)%

Net interest income & RJBDP fees (third-party banks) 12 Note: Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank. *As reported in Account and Service Fees in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. $ IN MILLIONS 183 198 205 224 370 165 180 188 204 31418 18 17 20 56 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 3Q21 4Q21 1Q22 2Q22 3Q22 NET INTEREST MARGIN (NIM) 1.92% 1.92% 1.92% 2.01% 2.41% 1.31% 1.33% 1.29% 1.25% 1.77% Firmwide NIM Bank Segment NIM 3Q21 4Q21 1Q22 2Q22 3Q22 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 0.29% 0.29% 0.28% 0.32% 0.88% 3Q21 4Q21 1Q22 2Q22 3Q22 Year-over-year change: 102% Sequential change: 65%

Consolidated expenses 13 $ in millions 3Q22 vs. 3Q21 vs. 2Q22 Compensation, commissions and benefits $ 1,834 10% (1)% Non-compensation expenses: Communications and information processing 129 18% 2% Occupancy and equipment 65 12% 5% Business development 58 87% 71% Investment sub-advisory fees 38 12% (5)% Professional fees 38 27% 41% Bank loan provision/(benefit) for credit losses 56 NM 167% Other 85 1% 10% Total non-compensation expenses 469 10% 21% Total non-interest expenses $ 2,303 10% 3% Note: See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. *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. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 425 360 339 388 469 3Q21 4Q21 1Q22 2Q22 3Q22 TOTAL COMPENSATION RATIO* 67.2% 65.9% 67.7% 69.3% 67.5% 66.7% 65.3% 67.3% 68.8% 66.8% Adjusted Total Compensation Ratio Total Compensation Ratio 3Q21 4Q21 1Q22 2Q22 3Q22

* This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 14 15.6% 20.8% 20.1% 16.2% 15.3% 20.5% 21.8% 20.8% 17.4% 17.7% Pre-Tax Margin (GAAP) Pre-Tax Margin (Adjusted)* 3Q21 4Q21 1Q22 2Q22 3Q22

Other financial information 15 Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. *This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. $ in millions, except per share amounts 3Q22 vs. 3Q21 vs. 2Q22 Total assets $ 86,111 51% 18% RJF corporate cash* $ 2,028 30% (9)% Total common equity attributable to RJF $ 9,395 19% 9% Book value per share $ 43.60 14% 5% Tangible book value per share** $ 35.79 4% (2)% Weighted-average common and common equivalent shares outstanding – diluted 215.7 2% 1% 3Q21 2Q22 Tier 1 leverage ratio*** 10.8 % 12.6% 11.1% Tier 1 capital ratio*** 20.1 % 24.4% 23.9% Common equity tier 1 ratio*** 20.1 % 24.4% 23.9% Total capital ratio*** 21.4 % 25.6% 25.0% Effective tax rate 27.5 % 20.3% 25.4%

$458M of dividends paid and share repurchases over the past 5 quarters Capital management 16 DIVIDENDS PAID AND SHARE REPURCHASES* $ IN MILLIONS 102 54 60 71 171 48 100 54 54 60 71 71 Share Repurchases* Dividends Paid 3Q21 4Q21 1Q22 2Q22 3Q22 Number of Shares Repurchased* (thousands) 563 — — — 1,136 Average Share Price of Shares Repurchased* $85.70 — — — $87.98 Note: All share and per share information has been retroactively adjusted to reflect the September 21, 2021 3-for-2 stock split. * Under the Board of Directors' share repurchase authorization. ~$900M remains under current share repurchase authorization

Bank segment key credit trends 17 $ in millions 3Q22 vs. 3Q21 vs. 2Q22 Bank loan provision/(benefit) for credit losses* $ 56 NM 167% Net charge-offs $ 10 NM NM 3Q21 2Q22 Nonperforming assets as a % of total assets 0.17 % 0.13% 0.27% Bank loan allowance for credit losses as a % of loans held for investment 0.90 % 1.34% 1.17% Criticized loans as a % of loans held for investment 1.63 % 4.07% 2.63% Note: Our Bank segment includes Raymond James Bank and TriState Capital Bank *3Q22 provision included an initial provision for credit losses on loans acquired as part of our TriState Capital acquisition of $26 million

Outlook 18

Appendix 19

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 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 provides 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. Certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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. Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide21 Three months ended Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Net income available to common shareholders: $ 307 $ 429 $ 446 $ 323 $ 299 $ 974 $ 1,068 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (1) 13 13 11 14 16 35 41 Other acquisition-related compensation (2) — 1 — — 2 — 2 Total “Compensation, commissions and benefits” expense 13 14 11 14 18 35 43 Professional fees (2) 4 5 2 5 4 5 11 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — — — — 26 — 26 Other: Amortization of identifiable intangible assets (4) 7 7 8 6 8 14 22 Initial provision for credit losses on acquired lending commitments (3) — — — — 5 — 5 All other acquisition-related expenses (2) — 1 — 6 4 1 10 Total “Other” expense 7 8 8 12 17 15 37 Total expenses related to acquisitions 24 27 21 31 65 55 117 Losses on extinguishment of debt (5) 98 — — — — 98 — Pre-tax impact of non-GAAP adjustments 122 27 21 31 65 153 117 Tax effect of non-GAAP adjustments (30) (6) (5) (8) (16) (37) (29) Total non-GAAP adjustments, net of tax 92 21 16 23 49 116 88 Adjusted net income attributable to common shareholders $ 399 $ 450 $ 462 $ 346 $ 348 $ 1,090 $ 1,156 Pre-tax income $ 385 $ 560 $ 558 $ 433 $ 415 $ 1,231 $ 1,406 Pre-tax impact of non-GAAP adjustments (as detailed above) 122 27 21 31 65 153 117 Adjusted pre-tax income $ 507 $ 587 $ 579 $ 464 $ 480 $ 1,384 $ 1,523

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Pre-tax margin (6) 15.6 % 20.8 % 20.1 % 16.2 % 15.3 % 17.4 % 17.2 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (1) 0.5 % 0.6 % 0.4 % 0.5 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % — % 0.1 % — % 0.1 % Total “Compensation, commissions and benefits” expense 0.5 % 0.6 % 0.4 % 0.5 % 0.7 % 0.5 % 0.6 % Professional fees (2) 0.2 % 0.2 % — % 0.2 % 0.1 % 0.1 % 0.1 % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — % — % — % — % 1.0 % — % 0.3 % Other: Amortization of identifiable intangible assets (4) 0.3 % 0.2 % 0.3 % 0.2 % 0.3 % 0.2 % 0.2 % Initial provision for credit losses on acquired lending commitments (3) — % — % — % — % 0.2 % — % 0.1 % All other acquisition-related expenses (2) — % — % — % 0.3 % 0.1 % — % 0.1 % Total “Other” expense 0.3 % 0.2 % 0.3 % 0.5 % 0.6 % 0.2 % 0.4 % Total expenses related to acquisitions 1.0 % 1.0 % 0.7 % 1.2 % 2.4 % 0.8 % 1.4 % Losses on extinguishment of debt (5) 3.9 % — % — % — % — % 1.4 % — % Total non-GAAP adjustments, net of tax 4.9 % 1.0 % 0.7 % 1.2 % 2.4 % 2.2 % 1.4 % Adjusted pre-tax margin (6) 20.5 % 21.8 % 20.8 % 17.4 % 17.7 % 19.6 % 18.6 % Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide22

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Total compensation ratio (7) 67.2 % 65.9 % 67.7 % 69.3 % 67.5 % Less the impact of non-GAAP adjustments on compensation ratio: Compensation, commissions and benefits: Acquisition-related retention (1) 0.5 % 0.6 % 0.4 % 0.5 % 0.6 % Other acquisition-related compensation (2) — % — % — % — % 0.1 % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.5 % 0.6 % 0.4 % 0.5 % 0.7 % Adjusted total compensation ratio (7) 66.7 % 65.3 % 67.3 % 68.8 % 66.8 % Three months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Compensation, commissions and benefits expense 1,661 $ 1,775 $ 1,884 1,852 1,834 Less: Compensation, commissions and benefits: Acquisition-related retention (1) 13 13 11 14 16 Other acquisition-related compensation (2) — 1 — — 2 Total “Compensation, commissions and benefits” expenses related to acquisitions 13 14 11 14 18 Adjusted compensation, commissions and benefits expense $ 1,648 $ 1,761 $ 1,873 $ 1,838 $ 1,816

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 29 for additional information. Three months ended Nine months ended Earnings per common share (8) (9) June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Basic $ 1.49 $ 1.56 1.41 $ 4.73 $ 5.12 Impact of non-GAAP adjustments on basic earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (1) 0.06 0.07 0.08 0.17 0.20 Other acquisition-related compensation (2) — — 0.01 — 0.01 Total “Compensation, commissions and benefits” expense 0.06 0.07 0.09 0.17 0.21 Professional fees (2) 0.02 0.02 0.02 0.02 0.05 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on — — 0.12 — 0.13 Other: Amortization of identifiable intangible assets (4) 0.04 0.03 0.04 0.07 0.11 Initial provision for credit losses on acquired lending commitments (3) — — 0.02 — 0.02 All other acquisition-related expenses (2) — 0.03 0.02 — 0.05 Total “Other” expense 0.04 0.06 0.08 0.07 0.18 Total expenses related to acquisitions 0.12 0.15 0.31 0.26 0.57 Losses on extinguishment of debt (5) 0.48 — — 0.48 — Tax effect of non-GAAP adjustments (0.15) (0.04) (0.07) (0.18) (0.14) Total non-GAAP adjustments, net of tax 0.45 0.11 0.24 0.56 0.43 Adjusted basic (9) $ 1.94 $ 1.67 $ 1.65 $ 5.29 $ 5.55 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended Nine months ended Earnings per common share (8) (9) June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Diluted $ 1.45 $ 1.52 1.38 $ 4.61 4.99 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (1) 0.06 0.06 0.07 0.17 0.19 Other acquisition-related compensation (2) — — 0.01 — 0.01 Total “Compensation, commissions and benefits” expense 0.06 0.06 0.08 0.17 0.20 Professional fees (2) 0.02 0.02 0.02 0.02 0.05 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on — — 0.12 — 0.12 Other: Amortization of identifiable intangible assets (4) 0.03 0.03 0.04 0.07 0.11 Initial provision for credit losses on acquired lending commitments (3) — — 0.02 — 0.02 All other acquisition-related expenses (2) — 0.03 0.02 0.01 0.05 Total “Other” expense 0.03 0.06 0.08 0.08 0.18 Total expenses related to acquisitions 0.11 0.14 0.30 0.27 0.55 Losses on extinguishment of debt (5) 0.46 — — 0.46 — Tax effect of non-GAAP adjustments (0.14) (0.04) (0.07) (0.18) (0.13) Total non-GAAP adjustments, net of tax 0.43 0.10 0.23 0.55 0.29 Adjusted diluted (9) $ 1.88 $ 1.62 $ 1.61 $ 5.16 $ 5.41

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 26 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Book value per share As of $ in millions, except per share amounts June 30, 2021 March 31, 2022 June 30, 2022 Total equity attributable to Raymond James Financial, Inc. $ 7,863 $ 8,602 $ 9,395 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 862 1,110 1,810 Deferred tax liabilities, net (56) (88) (128) Tangible common equity attributable to Raymond James Financial, Inc. $ 7,057 $ 7,580 $ 7,713 Common shares outstanding (8) 205.4 207.9 215.5 Book value per share (8) (10) $ 38.28 $ 41.38 $ 43.60 Tangible book value per share (8) (10) $ 34.36 $ 36.46 $ 35.79

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 27 Note: Please refer to the footnotes on slide 29 for additional information. Return on common equity Three months ended Nine months ended $ in millions June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average common equity (11) $ 7,728 $ 8,601 $ 8,999 $ 7,483 $ 8,711 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (1) 6 7 8 16 19 Other acquisition-related compensation (2) — — 1 — 1 Total “Compensation, commissions and benefits” expense 6 7 9 16 20 Professional fees (2) 2 3 2 2 5 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — — 13 — 7 Other: Amortization of identifiable intangible assets (4) 4 3 4 6 11 Initial provision for credit losses on acquired lending commitments (3) — — 3 — 1 All other acquisition-related expenses (2) — 3 2 1 4 Total “Other” expense 4 6 9 7 16 Total expenses related to acquisitions 12 16 33 25 48 Losses on extinguishment of debt (5) 49 — — 25 — Tax effect of non-GAAP adjustments (15) (4) (8) (12) (12) Total non-GAAP adjustments, net of tax $ 46 $ 12 $ 25 $ 38 $ 36 Adjusted average common equity (11) $ 7,774 $ 8,613 $ 9,024 $ 7,521 $ 8,747 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 28 Note: Please refer to the footnotes on slide 29 for additional information. Return on equity Three months ended Nine months ended $ in millions June 30, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average common equity (11) $ 7,728 $ 8,601 $ 8,999 $ 7,483 $ 8,711 Less: Average goodwill and identifiable intangible assets, net 865 992 1,460 791 1,169 Average deferred tax liabilities, net (56) (77) (108) (51) (86) Total non-GAAP adjustment 809 915 1,352 740 1,083 Average tangible common equity (11) $ 6,919 $ 7,686 $ 7,647 $ 6,743 $ 7,628 Impact on non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (1) 6 7 8 16 19 Other acquisition-related compensation (2) — — 1 — 1 Total “Compensation, commissions and benefits” expense 6 7 9 16 20 Professional fees (2) 2 3 2 2 5 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — — 13 — 7 Other: Amortization of identifiable intangible assets (4) 4 3 4 6 11 Initial provision for credit losses on acquired lending commitments (3) — — 3 — 1 All other acquisition-related expenses (2) — 3 2 1 4 Total “Other” expense 4 6 9 7 16 Total expenses related to acquisitions 12 16 33 25 48 Losses on extinguishment of debt (5) 49 — — 25 — Tax effect of non-GAAP adjustments (15) (4) (8) (12) (12) Total non-GAAP adjustments, net of tax $ 46 $ 12 $ 25 $ 38 $ 36 Adjusted average tangible common equity (11) $ 6,965 $ 7,698 $ 7,672 $ 6,781 $ 7,664 Return on common equity (12) 15.9 % 15.0 % 13.3 % 17.4 % 16.3 % Adjusted return on common equity (12) 20.5 % 16.1 % 15.4 % 19.3 % 17.6 % Return on tangible common equity (12) 17.7 % 16.8 % 15.6 % 19.3 % 18.7 % Adjusted return on tangible common equity (12) 22.9 % 18.0 % 18.1 % 21.4 % 20.1 %

Footnotes 29 (1) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with our current and prior-year acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation. (3) Our results for the three and nine months ended June 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision/(benefit) for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date. (4) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (5) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026 which occurred during our fiscal third quarter of 2021. (6) 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. (7) 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. (8) During our fourth fiscal quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. (9) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. (10) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes. (11) Average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. 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. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. 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. (12) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity 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 return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period.

XML

Cover Page	Jul. 27, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 27, 2022
Entity Registrant Name	RAYMOND JAMES FINANCIAL, INC.
Entity Incorporation, State or Country Code	FL
Entity File Number	1-9109
Entity Tax Identification Number	59-1517485
Entity Address, Address Line One	880 Carillon Parkway
Entity Address, City or Town	St. Petersburg
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33716
City Area Code	727
Local Phone Number	567-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000720005
Amendment Flag	false
Common Stock, $.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	RJF
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock
Trading Symbol	RJF PrA
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock
Trading Symbol	RJF PrB
Security Exchange Name	NYSE