rjf0930q422supplement

Quarterly Financial Supplement Fourth quarter & 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 Twelve months ended in millions, except per share amounts September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,366 $ 1,382 $ 1,464 $ 1,427 $ 1,290 (6) % (10) % $ 4,868 $ 5,563 14 % Brokerage revenues: Securities commissions 412 425 422 385 357 (13) % (7) % 1,651 1,589 (4) % Principal transactions 129 133 142 128 124 (4) % (3) % 561 527 (6) % Total brokerage revenues 541 558 564 513 481 (11) % (6) % 2,212 2,116 (4) % Account and service fees 170 177 179 211 266 56 % 26 % 635 833 31 % Investment banking 364 425 235 223 217 (40) % (3) % 1,143 1,100 (4) % Interest income 215 225 242 374 667 210 % 78 % 823 1,508 83 % Other (1) 74 51 27 30 80 8 % 167 % 229 188 (18) % Total revenues 2,730 2,818 2,711 2,778 3,001 10 % 8 % 9,910 11,308 14 % Interest expense (35) (37) (38) (60) (170) 386 % 183 % (150) (305) 103 % Net revenues 2,695 2,781 2,673 2,718 2,831 5 % 4 % 9,760 11,003 13 % Non-interest expenses: Compensation, commissions and benefits (2) (3) 1,775 1,884 1,852 1,834 1,759 (1) % (4) % 6,584 7,329 11 % Non-compensation expenses: Communications and information processing 114 112 127 129 138 21 % 7 % 429 506 18 % Occupancy and equipment 60 59 62 65 66 10 % 2 % 232 252 9 % Business development 36 35 34 58 59 64 % 2 % 111 186 68 % Investment sub-advisory fees 37 38 40 38 36 (3) % (5) % 130 152 17 % Professional fees (2) 37 28 27 38 38 3 % — % 122 131 7 % Bank loan provision/(benefit) for credit losses (4) 5 (11) 21 56 34 580 % (39) % (32) 100 NM Losses on extinguishment of debt (5) — — — — — — % — % 98 — (100) % Other (1) (2) (4) 71 78 77 85 85 20 % — % 295 325 10 % Total non-compensation expenses 360 339 388 469 456 27 % (3) % 1,385 1,652 19 % Total non-interest expenses 2,135 2,223 2,240 2,303 2,215 4 % (4) % 7,969 8,981 13 % Pre-tax income 560 558 433 415 616 10 % 48 % 1,791 2,022 13 % Provision for income taxes 131 112 110 114 177 35 % 55 % 388 513 32 % Net income 429 446 323 301 439 2 % 46 % 1,403 1,509 8 % Preferred stock dividends — — — 2 2 NM — % — 4 NM Net income available to common shareholders $ 429 $ 446 $ 323 $ 299 $ 437 2 % 46 % $ 1,403 $ 1,505 7 % Earnings per common share – basic (6) $ 2.08 $ 2.16 $ 1.56 $ 1.41 $ 2.03 (2) % 44 % $ 6.81 $ 7.16 5 % Earnings per common share – diluted (6) $ 2.02 $ 2.10 $ 1.52 $ 1.38 $ 1.98 (2) % 43 % $ 6.63 $ 6.98 5 % Weighted-average common shares outstanding – basic 205.5 206.3 207.7 210.7 215.0 5 % 2 % 205.7 209.9 2 % Weighted-average common and common equivalent shares outstanding – diluted 211.7 212.4 213.0 215.7 220.6 4 % 2 % 211.2 215.3 2 % 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 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Total assets $ 61,891 $ 68,461 $ 73,101 $ 86,111 $ 80,951 31 % (6) % Total common equity attributable to Raymond James Financial, Inc. $ 8,245 $ 8,600 $ 8,602 $ 9,395 $ 9,338 13 % (1) % Book value per share (7) $ 40.08 $ 41.45 $ 41.38 $ 43.60 $ 43.41 8 % — % Tangible book value per share (7) (8) $ 36.11 $ 37.55 $ 36.46 $ 35.79 $ 34.94 (3) % (2) % Capital ratios: Tier 1 leverage 12.6 % 12.1 % 11.1 % 10.8 % 10.3 % (9) Tier 1 capital 25.0 % 25.9 % 23.9 % 20.2 % 19.2 % (9) Common equity tier 1 25.0 % 25.9 % 23.9 % 20.0 % 19.0 % (9) Total capital 26.2 % 27.0 % 25.0 % 21.5 % 20.5 % (9) Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Adjusted pre-tax income (8) $ 587 $ 579 $ 464 $ 480 $ 646 10 % 35 % $ 1,971 $ 2,169 10 % Adjusted net income available to common shareholders (8) $ 450 $ 462 $ 346 $ 348 $ 459 2 % 32 % $ 1,540 $ 1,615 5 % Adjusted earnings per common share – basic (6) (8) $ 2.18 $ 2.23 $ 1.67 $ 1.65 $ 2.13 (2) % 29 % $ 7.48 $ 7.68 3 % Adjusted earnings per common share – diluted (6) (8) $ 2.12 $ 2.17 $ 1.62 $ 1.61 $ 2.08 (2) % 29 % $ 7.28 $ 7.49 3 % Return on common equity (10) 21.3 % 21.2 % 15.0 % 13.3 % 18.7 % 18.4 % 17.0 % Adjusted return on common equity (8) (10) 22.3 % 21.9 % 16.1 % 15.4 % 19.6 % 20.0 % 18.2 % Adjusted return on tangible common equity (8) (10) 24.8 % 24.3 % 18.0 % 18.1 % 24.1 % 22.2 % 21.1 % Pre-tax margin (11) 20.8 % 20.1 % 16.2 % 15.3 % 21.8 % 18.4 % 18.4 % Adjusted pre-tax margin (8) (11) 21.8 % 20.8 % 17.4 % 17.7 % 22.8 % 20.2 % 19.7 % Total compensation ratio (12) 65.9 % 67.7 % 69.3 % 67.5 % 62.1 % 67.5 % 66.6 % Adjusted total compensation ratio (8) (12) 65.3 % 67.3 % 68.8 % 66.8 % 61.5 % 67.0 % 66.1 % Effective tax rate 23.4 % 20.1 % 25.4 % 27.5 % 28.7 % 21.7 % 25.4 % 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 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Client asset metrics ($ in billions): Client assets under administration $ 1,178.7 $ 1,257.8 $ 1,256.1 $ 1,125.3 $ 1,093.1 (7) % (3) % Private Client Group assets under administration $ 1,115.4 $ 1,199.8 $ 1,198.3 $ 1,068.8 $ 1,039.0 (7) % (3) % Private Client Group assets in fee-based accounts $ 627.1 $ 677.8 $ 678.0 $ 606.7 $ 586.0 (7) % (3) % Financial assets under management $ 191.9 $ 203.2 $ 193.7 $ 182.4 $ 173.8 (9) % (5) % Clients' domestic cash sweep balances ($ in millions): Raymond James Bank Deposit Program (“RJBDP”): (13) Bank segment (13) (14) $ 31,410 $ 33,097 $ 33,570 $ 36,646 $ 38,705 23 % 6 % Third-party banks 24,496 24,316 25,887 25,478 21,964 (10) % (14) % Subtotal RJBDP 55,906 57,413 59,457 62,124 60,669 9 % (2) % Client Interest Program 10,762 16,065 17,013 13,717 6,445 (40) % (53) % Total clients’ domestic cash sweep balances $ 66,668 $ 73,478 $ 76,470 $ 75,841 $ 67,114 1 % (12) % Three months ended Twelve months ended September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average yield on RJBDP - third-party banks (15) 0.29 % 0.28 % 0.32 % 0.88 % 1.85 % 0.30 % 0.82 % As of % change from September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Private Client Group financial advisors: Employees 3,461 3,447 3,601 3,615 3,638 5 % 1 % Independent contractors (16) 5,021 5,017 5,129 5,001 5,043 — % 1 % Total advisors (16) 8,482 8,464 8,730 8,616 8,681 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,142 $ 1,162 $ 1,245 $ 1,214 $ 1,089 (5) % (10) % $ 4,056 $ 4,710 16 % Brokerage revenues: Mutual and other fund products 172 171 166 149 134 (22) % (10) % 670 620 (7) % Insurance and annuity products 118 111 110 109 108 (8) % (1) % 438 438 — % Equities, ETFs, and fixed income products 100 115 121 115 107 7 % (7) % 438 458 5 % Total brokerage revenues 390 397 397 373 349 (11) % (6) % 1,546 1,516 (2) % Account and service fees: Mutual fund and annuity service fees 110 114 109 102 103 (6) % 1 % 408 428 5 % RJBDP fees: (13) Bank segment (13) 49 50 49 79 179 265 % 127 % 183 357 95 % Third-party banks 18 17 20 56 109 506 % 95 % 76 202 166 % Client account and other fees 44 49 53 59 59 34 % — % 157 220 40 % Total account and service fees 221 230 231 296 450 104 % 52 % 824 1,207 46 % Investment banking 14 13 9 6 10 (29) % 67 % 47 38 (19) % Interest income 32 33 37 68 111 247 % 63 % 123 249 102 % All other 5 7 6 11 8 60 % (27) % 25 32 28 % Total revenues 1,804 1,842 1,925 1,968 2,017 12 % 2 % 6,621 7,752 17 % Interest expense (3) (3) (3) (10) (26) 767 % 160 % (10) (42) 320 % Net revenues 1,801 1,839 1,922 1,958 1,991 11 % 2 % 6,611 7,710 17 % Non-interest expenses: Financial advisor compensation and benefits 1,151 1,187 1,231 1,187 1,091 (5) % (8) % 4,204 4,696 12 % Administrative compensation and benefits 255 283 289 306 321 26 % 5 % 1,015 1,199 18 % Total compensation, commissions and benefits 1,406 1,470 1,520 1,493 1,412 — % (5) % 5,219 5,895 13 % Non-compensation expenses 173 174 189 214 208 20 % (3) % 643 785 22 % Total non-interest expenses 1,579 1,644 1,709 1,707 1,620 3 % (5) % 5,862 6,680 14 % Pre-tax income $ 222 $ 195 $ 213 $ 251 $ 371 67 % 48 % $ 749 $ 1,030 38 % 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Brokerage revenues: Fixed income $ 118 $ 120 $ 125 $ 107 $ 96 (19) % (10) % $ 515 $ 448 (13) % Equity 33 39 41 32 30 (9) % (6) % 145 142 (2) % Total brokerage revenues 151 159 166 139 126 (17) % (9) % 660 590 (11) % Investment banking: Merger & acquisition and advisory 215 271 139 147 152 (29) % 3 % 639 709 11 % Equity underwriting 89 97 52 36 25 (72) % (31) % 285 210 (26) % Debt underwriting 46 44 35 34 30 (35) % (12) % 172 143 (17) % Total investment banking 350 412 226 217 207 (41) % (5) % 1,096 1,062 (3) % Interest income 4 5 5 6 20 400 % 233 % 16 36 125 % Affordable housing investments business revenues 48 35 15 21 56 17 % 167 % 105 127 21 % All other 4 5 4 3 9 125 % 200 % 18 21 17 % Total revenues 557 616 416 386 418 (25) % 8 % 1,895 1,836 (3) % Interest expense (3) (2) (3) (3) (19) 533 % 533 % (10) (27) 170 % Net revenues 554 614 413 383 399 (28) % 4 % 1,885 1,809 (4) % Non-interest expenses: Compensation, commissions and benefits 288 331 253 243 238 (17) % (2) % 1,055 1,065 1 % Non-compensation expenses 83 82 73 79 95 14 % 20 % 298 329 10 % Total non-interest expenses 371 413 326 322 333 (10) % 3 % 1,353 1,394 3 % Pre-tax income $ 183 $ 201 $ 87 $ 61 $ 66 (64) % 8 % $ 532 $ 415 (22) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (17) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Interest income $ 179 $ 187 $ 199 $ 296 $ 527 194 % 78 % $ 684 $ 1,209 77 % Interest expense (10) (10) (10) (26) (110) 1,000 % 323 % (42) (156) 271 % Net interest income 169 177 189 270 417 147 % 54 % 642 1,053 64 % All other 7 6 8 6 11 57 % 83 % 30 31 3 % Net revenues 176 183 197 276 428 143 % 55 % 672 1,084 61 % Non-interest expenses: Compensation and benefits 13 13 14 21 36 177 % 71 % 51 84 65 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 5 (11) 21 56 34 580 % (39) % (32) 100 NM RJBDP fees to Private Client Group (13) 49 50 49 79 179 265 % 127 % 183 357 95 % All other 28 29 30 46 56 100 % 22 % 103 161 56 % Total non-compensation expenses 82 68 100 181 269 228 % 49 % 254 618 143 % Total non-interest expenses 95 81 114 202 305 221 % 51 % 305 702 130 % Pre-tax income $ 81 $ 102 $ 83 $ 74 $ 123 52 % 66 % $ 367 $ 382 4 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Interest income $ 2 $ 1 $ 3 $ 6 $ 15 650 % 150 % $ 8 $ 25 213 % Net gains/(losses) on private equity investments (1) 18 5 (2) (3) 9 (50) % NM 74 9 (88) % All other (1) 2 5 — 2 NM NM 6 9 50 % Total revenues 19 8 6 3 26 37 % 767 % 88 43 (51) % Interest expense (21) (23) (24) (24) (22) 5 % (8) % (96) (93) (3) % Net revenues (2) (15) (18) (21) 4 NM NM (8) (50) (525) % Non-interest expenses: Compensation and all other (1) 38 32 35 43 31 (18) % (28) % 140 141 1 % Losses on extinguishment of debt (5) — — — — — — % — % 98 — (100) % Total non-interest expenses 38 32 35 43 31 (18) % (28) % 238 141 (41) % Pre-tax loss $ (40) $ (47) $ (53) $ (64) $ (27) 33 % 58 % $ (246) $ (191) 22 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (18) (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 (14) As of % change from $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Total assets $ 36,154 $ 37,789 $ 38,167 $ 55,562 $ 56,737 57 % 2 % Bank loans, net: Raymond James Bank $ 24,994 $ 26,132 $ 27,883 $ 30,053 $ 31,109 24 % 4 % TriState Capital Bank — — — 11,790 12,130 NM 3 % Total bank loans, net $ 24,994 $ 26,132 $ 27,883 $ 41,843 $ 43,239 73 % 3 % Bank loan allowance for credit losses $ 320 $ 308 $ 328 $ 377 $ 396 24 % 5 % Bank loan allowance for credit losses as a % of total loans held for investment 1.27 % 1.18 % 1.17 % 0.90 % 0.91 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (19) 2.25 % 2.13 % 2.11 % 1.73 % 1.73 % Total nonperforming assets $ 74 $ 74 $ 104 $ 92 $ 74 — % (20) % Nonperforming assets as a % of total assets 0.20 % 0.20 % 0.27 % 0.17 % 0.13 % Total criticized loans $ 824 $ 735 $ 735 $ 687 $ 496 (40) % (28) % Criticized loans as a % of loans held for investment 3.27 % 2.75 % 2.63 % 1.63 % 1.14 % As of % change from $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Securities-based loans (20) $ 6,106 $ 6,563 $ 6,904 $ 15,312 $ 15,297 151 % — % Commercial and industrial loans 8,440 8,608 9,067 10,897 11,173 32 % 3 % Commercial real estate loans 2,872 2,992 3,321 6,354 6,549 128 % 3 % Real estate investment trust loans 1,112 1,189 1,408 1,416 1,592 43 % 12 % Residential mortgage loans 5,318 5,568 5,945 6,728 7,386 39 % 10 % Tax-exempt loans 1,321 1,290 1,287 1,347 1,501 14 % 11 % Total loans held for investment 25,169 26,210 27,932 42,054 43,498 73 % 3 % Held for sale loans 145 230 279 166 137 (6) % (17) % Total loans held for sale and investment 25,314 26,440 28,211 42,220 43,635 72 % 3 % Allowance for credit losses (320) (308) (328) (377) (396) 24 % 5 % Bank loans, net $ 24,994 $ 26,132 $ 27,883 $ 41,843 $ 43,239 73 % 3 % Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Bank loan provision/(benefit) for credit losses (4) $ 5 $ (11) $ 21 $ 56 $ 34 580 % (39) % $ (32) $ 100 NM Net charge-offs $ 7 $ 1 $ 1 $ 10 $ 14 100 % 40 % $ 13 $ 26 100 % Net interest margin (net yield on interest-earning assets) 1.92 % 1.92 % 2.01 % 2.41 % 2.91 % 1.95 % 2.39 % 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. Beginning with our fiscal third quarter of 2022, 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Net income available to common shareholders $ 429 $ 446 $ 323 $ 299 $ 437 $ 1,403 $ 1,505 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 11 14 16 17 48 58 Other acquisition-related compensation (2) 1 — — 2 — 1 2 Total “Compensation, commissions and benefits” expense 14 11 14 18 17 49 60 Professional fees (2) 5 2 5 4 1 10 12 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 26 — — 26 Other: Amortization of identifiable intangible assets (21) 7 8 6 8 11 21 33 Initial provision for credit losses on acquired lending commitments (4) — — — 5 — — 5 All other acquisition-related expenses (2) 1 — 6 4 1 2 11 Total “Other” expense 8 8 12 17 12 23 49 Total expenses related to acquisitions 27 21 31 65 30 82 147 Losses on extinguishment of debt (5) — — — — — 98 — Pre-tax impact of non-GAAP adjustments 27 21 31 65 30 180 147 Tax effect of non-GAAP adjustments (6) (5) (8) (16) (8) (43) (37) Total non-GAAP adjustments, net of tax 21 16 23 49 22 137 110 Adjusted net income available to common shareholders (8) $ 450 $ 462 $ 346 $ 348 $ 459 $ 1,540 $ 1,615 Pre-tax income $ 560 $ 558 $ 433 $ 415 $ 616 $ 1,791 $ 2,022 Pre-tax impact of non-GAAP adjustments (as detailed above) 27 21 31 65 30 180 147 Adjusted pre-tax income (8) $ 587 $ 579 $ 464 $ 480 $ 646 $ 1,971 $ 2,169 Compensation, commissions and benefits expense $ 1,775 $ 1,884 $ 1,852 $ 1,834 $ 1,759 $ 6,584 $ 7,329 Less: Total compensation-related acquisition expenses (as detailed above) 14 11 14 18 17 49 60 Adjusted “Compensation, commissions and benefits” expense (8) $ 1,761 $ 1,873 $ 1,838 $ 1,816 $ 1,742 $ 6,535 $ 7,269 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 Twelve months ended September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Pre-tax margin (11) 20.8 % 20.1 % 16.2 % 15.3 % 21.8 % 18.4 % 18.4 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (3) 0.6 % 0.4 % 0.5 % 0.6 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.4 % 0.5 % 0.7 % 0.6 % 0.5 % 0.5 % Professional fees (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 % — % — % 0.2 % Other: Amortization of identifiable intangible assets (21) 0.2 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % 0.3 % 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 0.2 % 0.3 % 0.5 % 0.6 % 0.4 % 0.2 % 0.5 % Total expenses related to acquisitions 1.0 % 0.7 % 1.2 % 2.4 % 1.0 % 0.8 % 1.3 % Losses on extinguishment of debt (5) — % — % — % — % — % 1.0 % — % Total non-GAAP adjustments 1.0 % 0.7 % 1.2 % 2.4 % 1.0 % 1.8 % 1.3 % Adjusted pre-tax margin (8) (11) 21.8 % 20.8 % 17.4 % 17.7 % 22.8 % 20.2 % 19.7 % Total compensation ratio (12) 65.9 % 67.7 % 69.3 % 67.5 % 62.1 % 67.5 % 66.6 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (3) 0.6 % 0.4 % 0.5 % 0.6 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.4 % 0.5 % 0.7 % 0.6 % 0.5 % 0.5 % Adjusted total compensation ratio (8) (12) 65.3 % 67.3 % 68.8 % 66.8 % 61.5 % 67.0 % 66.1 % 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 Twelve months ended Earnings per common share (6) September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Basic $ 2.08 $ 2.16 $ 1.56 $ 1.41 $ 2.03 $ 6.81 $ 7.16 Impact of non-GAAP adjustments on basic earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.04 0.07 0.08 0.08 0.23 0.28 Other acquisition-related compensation (2) 0.01 — — 0.01 — 0.01 0.01 Total “Compensation, commissions and benefits” expense 0.07 0.04 0.07 0.09 0.08 0.24 0.29 Professional fees (2) 0.02 0.01 0.02 0.02 — 0.05 0.06 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 (21) 0.03 0.04 0.03 0.04 0.05 0.10 0.16 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 0.01 0.05 Total “Other” expense 0.04 0.04 0.06 0.08 0.06 0.11 0.23 Total expenses related to acquisitions 0.13 0.09 0.15 0.31 0.14 0.40 0.70 Losses on extinguishment of debt (5) — — — — — 0.48 — Tax effect of non-GAAP adjustments (0.03) (0.02) (0.04) (0.07) (0.04) (0.21) (0.18) Total non-GAAP adjustments, net of tax 0.10 0.07 0.11 0.24 0.10 0.67 0.52 Adjusted basic (8) $ 2.18 $ 2.23 $ 1.67 $ 1.65 $ 2.13 $ 7.48 $ 7.68 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 Twelve months ended Earnings per common share (6) September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Diluted $ 2.02 $ 2.10 $ 1.52 $ 1.38 $ 1.98 $ 6.63 $ 6.98 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.05 0.06 0.07 0.08 0.23 0.27 Other acquisition-related compensation (2) 0.01 — — 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.07 0.05 0.06 0.08 0.08 0.23 0.28 Professional fees (2) 0.02 0.01 0.02 0.02 — 0.05 0.06 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 (21) 0.03 0.03 0.03 0.04 0.05 0.10 0.15 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 0.01 0.05 Total “Other” expense 0.04 0.03 0.06 0.08 0.06 0.11 0.22 Total expenses related to acquisitions 0.13 0.09 0.14 0.30 0.14 0.39 0.68 Losses on extinguishment of debt (5) — — — — — 0.46 — Tax effect of non-GAAP adjustments (0.03) (0.02) (0.04) (0.07) (0.04) (0.20) (0.17) Total non-GAAP adjustments, net of tax 0.10 0.07 0.10 0.23 0.10 0.65 0.51 Adjusted diluted (8) $ 2.12 $ 2.17 $ 1.62 $ 1.61 $ 2.08 $ 7.28 $ 7.49 Book value per share As of $ in millions, except per share amounts September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Total common equity attributable to Raymond James Financial, Inc. $ 8,245 $ 8,600 $ 8,602 $ 9,395 $ 9,338 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 882 874 1,110 1,810 1,931 Deferred tax liabilities, net (64) (65) (88) (128) (108) Tangible common equity attributable to Raymond James Financial, Inc. (8) $ 7,427 $ 7,791 $ 7,580 $ 7,713 $ 7,515 Common shares outstanding 205.7 207.5 207.9 215.5 215.1 Book value per share (7) $ 40.08 $ 41.45 $ 41.38 $ 43.60 $ 43.41 Tangible book value per share (7) (8) $ 36.11 $ 37.55 $ 36.46 $ 35.79 $ 34.94 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average common equity (22) $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 9,367 $ 7,635 $ 8,836 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 7 8 9 23 27 Other acquisition-related compensation (2) 1 — — 1 — — 1 Total “Compensation, commissions and benefits” expense 7 6 7 9 9 23 28 Professional fees (2) 3 1 3 2 1 4 6 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 13 — — 10 Other: Amortization of identifiable intangible assets (21) 3 4 3 4 5 9 16 Initial provision for credit losses on acquired lending commitments (4) — — — 3 — — 2 All other acquisition-related expenses (2) 1 — 3 2 — 1 6 Total “Other” expense 4 4 6 9 5 10 24 Total expenses related to acquisitions 14 11 16 33 15 37 68 Losses on extinguishment of debt (5) — — — — — 39 — Tax effect of non-GAAP adjustments (3) (3) (4) (8) (4) (18) (17) Total non-GAAP adjustments, net of tax 11 8 12 25 11 58 51 Adjusted average common equity (8) (22) $ 8,065 $ 8,431 $ 8,613 $ 9,024 $ 9,378 $ 7,693 $ 8,887 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average common equity (22) $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 9,367 $ 7,635 $ 8,836 Less: Average goodwill and identifiable intangible assets, net 872 878 992 1,460 1,871 809 1,322 Average deferred tax liabilities, net (60) (64) (77) (108) (118) (53) (91) Average tangible common equity (8) (22) $ 7,242 $ 7,609 $ 7,686 $ 7,647 $ 7,614 $ 6,879 $ 7,605 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 7 8 9 23 27 Other acquisition-related compensation (2) 1 — — 1 — — 1 Total “Compensation, commissions and benefits” expense 7 6 7 9 9 23 28 Professional fees (2) 3 1 3 2 1 4 6 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 13 — — 10 Other: Amortization of identifiable intangible assets (21) 3 4 3 4 5 9 16 Initial provision for credit losses on acquired lending commitments (4) — — — 3 — — 2 All other acquisition-related expenses (2) 1 — 3 2 — 1 6 Total “Other” expense 4 4 6 9 5 10 24 Total expenses related to acquisitions 14 11 16 33 15 37 68 Losses on extinguishment of debt (5) — — — — — 39 — Tax effect of non-GAAP adjustments (3) (3) (4) (8) (4) (18) (17) Total non-GAAP adjustments, net of tax 11 8 12 25 11 58 51 Adjusted average tangible common equity (8) (22) $ 7,253 $ 7,617 $ 7,698 $ 7,672 $ 7,625 $ 6,937 $ 7,656 Return on equity (10) 21.3 % 21.2 % 15.0 % 13.3 % 18.7 % 18.4 % 17.0 % Adjusted return on equity (8) (10) 22.3 % 21.9 % 16.1 % 15.4 % 19.6 % 20.0 % 18.2 % Return on tangible common equity (8) (10) 23.7 % 23.4 % 16.8 % 15.6 % 23.0 % 20.4 % 19.8 % Adjusted return on tangible common equity (8) (10) 24.8 % 24.3 % 18.0 % 18.1 % 24.1 % 22.2 % 21.1 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Other revenues included $18 million, $5 million, $9 million, $74 million, and $9 million of net private equity gains for the three months ended September 30, 2021, December 31, 2021, and September 30, 2022, and years ended September 30, 2021 and 2022, respectively, as well as $2 million and $3 million of net private equity losses for the three months ended March 31, 2022 and June 30, 2022, respectively. These amounts were included in our Other segment. For the three months and year ended September 30, 2021, $5 million and $25 million, respectively, of such gains were attributable to noncontrolling interests and were offset in "Other" expenses. Amounts attributable to noncontrolling interests were insignificant for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, and September 30, 2022, and the year ended September 30, 2022. (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 acquisitions in the current year and in prior years. 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 months ended June 30, 2022 and twelve months ended September 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) 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. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2021, December 31, 2021, June 30, 2022, and September 30, 2022, $0 for the three months ended March 31, 2022, and $2 million and $3 million for the twelve months ended September 30, 2021 and 2022, respectively. (7) 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. (8) 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. Beginning with our fiscal third quarter of 2022, certain non-GAAP financial measures were 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. (9) Estimated. (10) 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. (11) 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. (12) 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. (13) 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. (14) 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. TriState Capital Bank and Chartwell have been integrated into our Bank and Asset Management segments, respectively, and their results of operations have been included in our results prospectively from the closing date of June 1, 2022. TriState Capital Bank will continue to operate as a separately branded firm and as an independently-chartered bank. (15) 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. (16) 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. RAYMOND JAMES FINANCIAL, INC. 18

(17) On July 1, 2022, we completed our acquisition of SumRidge Partners, LLC (“SumRidge Partners”). SumRidge Partners has been integrated into our Capital Markets segment, and its results of operations have been included in our results prospectively from the closing date of July 1, 2022. (18) 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 and any losses on the extinguishment of such debt. (19) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (20) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. (21) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (22) 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 fiscal year, 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 five, 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 five. 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