rjf1231q124supplement

5 Quarterly Financial Supplement Fiscal first quarter of 2024 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 $ in millions, except per share amounts December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Asset management and related administrative fees $ 1,242 $ 1,302 $ 1,373 $ 1,446 $ 1,407 13 % (3) % Brokerage revenues: Securities commissions 352 369 356 382 383 9 % — % Principal transactions 132 127 105 98 139 5 % 42 % Total brokerage revenues 484 496 461 480 522 8 % 9 % Account and service fees 289 258 264 314 319 10 % 2 % Investment banking 141 154 151 202 181 28 % (10) % Interest income 827 915 987 1,019 1,053 27 % 3 % Other 44 32 57 54 38 (14) % (30) % Total revenues 3,027 3,157 3,293 3,515 3,520 16 % — % Interest expense (241) (284) (386) (462) (507) 110 % 10 % Net revenues 2,786 2,873 2,907 3,053 3,013 8 % (1) % Non-interest expenses: Compensation, commissions and benefits 1,736 1,820 1,851 1,892 1,921 11 % 2 % Non-compensation expenses: Communications and information processing 139 153 149 158 150 8 % (5) % Occupancy and equipment 66 68 68 69 72 9 % 4 % Business development 56 54 66 66 61 9 % (8) % Investment sub-advisory fees 34 36 40 41 40 18 % (2) % Professional fees 32 38 35 40 32 — % (20) % Bank loan provision for credit losses 14 28 54 36 12 (14) % (67) % Other (1) 57 119 158 166 95 67 % (43) % Total non-compensation expenses 398 496 570 576 462 16 % (20) % Total non-interest expenses 2,134 2,316 2,421 2,468 2,383 12 % (3) % Pre-tax income 652 557 486 585 630 (3) % 8 % Provision for income taxes 143 130 117 151 132 (8) % (13) % Net income 509 427 369 434 498 (2) % 15 % Preferred stock dividends 2 2 — 2 1 (50) % (50) % Net income available to common shareholders $ 507 $ 425 $ 369 $ 432 $ 497 (2) % 15 % Earnings per common share – basic (2) $ 2.36 $ 1.97 $ 1.75 $ 2.07 $ 2.38 1 % 15 % Earnings per common share – diluted (2) $ 2.30 $ 1.93 $ 1.71 $ 2.02 $ 2.32 1 % 15 % Weighted-average common shares outstanding – basic 214.7 214.3 210.1 208.3 208.6 (3) % — % Weighted-average common and common equivalent shares outstanding – diluted 220.4 219.2 214.8 213.8 213.8 (3) % — % 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 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Total assets $ 77,047 $ 79,180 $ 77,633 $ 78,360 $ 80,130 4 % 2 % Total common equity attributable to Raymond James Financial, Inc. $ 9,736 $ 9,875 $ 9,870 $ 10,135 $ 10,711 10 % 6 % Book value per share (3) $ 45.28 $ 46.67 $ 47.34 $ 48.54 $ 51.32 13 % 6 % Tangible book value per share (3) (4) $ 36.87 $ 38.14 $ 38.71 $ 40.03 $ 42.81 16 % 7 % Capital ratios: Tier 1 leverage 11.3 % 11.5 % 11.4 % 11.9 % 12.1 % (5) Tier 1 capital 20.3 % 20.1 % 20.6 % 21.4 % 21.6 % (5) Common equity tier 1 20.0 % 19.9 % 20.4 % 21.2 % 21.5 % (5) Total capital 21.6 % 21.4 % 22.0 % 22.8 % 23.0 % (5) Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Adjusted pre-tax income (4) $ 649 $ 585 $ 526 $ 619 $ 653 1 % 5 % Adjusted net income available to common shareholders (4) $ 505 $ 446 $ 399 $ 457 $ 514 2 % 12 % Adjusted earnings per common share – basic (2) (4) $ 2.35 $ 2.07 $ 1.89 $ 2.19 $ 2.46 5 % 12 % Adjusted earnings per common share – diluted (2) (4) $ 2.29 $ 2.03 $ 1.85 $ 2.13 $ 2.40 5 % 13 % Return on common equity (6) 21.3 % 17.3 % 14.9 % 17.3 % 19.1 % Adjusted return on common equity (4) (6) 21.2 % 18.2 % 16.1 % 18.3 % 19.7 % Adjusted return on tangible common equity (4) (6) 26.1 % 22.3 % 19.7 % 22.2 % 23.8 % Pre-tax margin (7) 23.4 % 19.4 % 16.7 % 19.2 % 20.9 % Adjusted pre-tax margin (4) (7) 23.3 % 20.4 % 18.1 % 20.3 % 21.7 % Total compensation ratio (8) 62.3 % 63.3 % 63.7 % 62.0 % 63.8 % Adjusted total compensation ratio (4) (8) 61.7 % 62.8 % 62.7 % 61.4 % 63.4 % Effective tax rate 21.9 % 23.3 % 24.1 % 25.8 % 21.0 % 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 Client asset metrics ($ in billions) December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Client assets under administration $ 1,169.7 $ 1,224.4 $ 1,280.9 $ 1,256.5 $ 1,370.6 17 % 9 % Private Client Group assets under administration $ 1,114.3 $ 1,171.1 $ 1,227.0 $ 1,201.2 $ 1,310.5 18 % 9 % Private Client Group assets in fee-based accounts $ 633.1 $ 666.3 $ 697.0 $ 683.2 $ 746.6 18 % 9 % Financial assets under management $ 185.9 $ 194.4 $ 200.7 $ 196.4 $ 215.0 16 % 9 % Net new assets metrics (9) ($ in millions) Three months ended December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Domestic Private Client Group net new assets (10) $ 23,226 $ 21,473 $ 14,386 $ 14,169 $ 21,575 Domestic Private Client Group net new assets growth — annualized (10) 9.8 % 8.4 % 5.4 % 5.0 % 7.8 % As of % change from Private Client Group financial advisors December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Employees 3,631 3,628 3,654 3,693 3,718 2 % 1 % Independent contractors (10) 5,068 5,098 5,050 5,019 4,992 (1) % (1) % Total advisors (10) 8,699 8,726 8,704 8,712 8,710 — % — % Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) As of % change from December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 39,098 $ 37,682 $ 27,915 $ 25,355 $ 23,912 (39) % (6) % Third-party banks 18,231 9,408 16,923 15,858 17,820 (2) % 12 % Subtotal RJBDP 57,329 47,090 44,838 41,213 41,732 (27) % 1 % Client Interest Program 3,053 2,385 1,915 1,620 1,765 (42) % 9 % Total clients’ domestic cash sweep balances 60,382 49,475 46,753 42,833 43,497 (28) % 2 % Enhanced Savings Program (12) — 2,746 11,225 13,592 14,476 NM 7 % Total clients’ domestic cash sweep and Enhanced Savings Program balances $ 60,382 $ 52,221 $ 57,978 $ 56,425 $ 57,973 (4) % 3 % Net interest income and RJBDP fees ($ in millions) Three months ended % change from December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Net interest income and RJBDP fees (third-party banks) $ 723 $ 731 $ 708 $ 711 $ 698 (3) % (2) % Average yield on RJBDP - third-party banks (13) 2.72 % 3.25 % 3.37 % 3.60 % 3.66 % 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Asset management and related administrative fees $ 1,053 $ 1,102 $ 1,164 $ 1,226 $ 1,191 13 % (3) % Brokerage revenues: Mutual and other fund products 128 135 135 142 136 6 % (4) % Insurance and annuity products 104 113 103 119 125 20 % 5 % Equities, ETFs, and fixed income products 113 116 111 115 121 7 % 5 % Total brokerage revenues 345 364 349 376 382 11 % 2 % Account and service fees: Mutual fund and annuity service fees 98 105 103 109 106 8 % (3) % RJBDP fees: (11) Bank segment (11) 268 311 277 237 223 (17) % (6) % Third-party banks 137 100 107 154 152 11 % (1) % Client account and other fees 60 56 59 56 65 8 % 16 % Total account and service fees 563 572 546 556 546 (3) % (2) % Investment banking 9 9 9 8 11 22 % 38 % Interest income 109 117 114 115 118 8 % 3 % All other 6 9 25 8 4 (33) % (50) % Total revenues 2,085 2,173 2,207 2,289 2,252 8 % (2) % Interest expense (22) (29) (25) (24) (26) 18 % 8 % Net revenues 2,063 2,144 2,182 2,265 2,226 8 % (2) % Non-interest expenses: Financial advisor compensation and benefits 1,075 1,118 1,151 1,193 1,190 11 % — % Administrative compensation and benefits 342 345 355 348 379 11 % 9 % Total compensation, commissions and benefits 1,417 1,463 1,506 1,541 1,569 11 % 2 % Non-compensation expenses 212 240 265 247 218 3 % (12) % Total non-interest expenses 1,629 1,703 1,771 1,788 1,787 10 % — % Pre-tax income $ 434 $ 441 $ 411 $ 477 $ 439 1 % (8) % 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Brokerage revenues: Fixed income $ 100 $ 96 $ 78 $ 71 $ 102 2 % 44 % Equity 34 34 32 30 38 12 % 27 % Total brokerage revenues 134 130 110 101 140 4 % 39 % Investment banking: Merger & acquisition and advisory 102 87 88 141 118 16 % (16) % Equity underwriting 15 29 25 16 26 73 % 63 % Debt underwriting 16 29 28 37 26 63 % (30) % Total investment banking 133 145 141 194 170 28 % (12) % Interest income 23 21 21 23 23 — % — % Affordable housing investments business revenues 24 23 21 41 23 (4) % (44) % All other 4 3 4 3 4 — % 33 % Total revenues 318 322 297 362 360 13 % (1) % Interest expense (23) (20) (21) (21) (22) (4) % 5 % Net revenues 295 302 276 341 338 15 % (1) % Non-interest expenses: Compensation, commissions and benefits 213 231 220 238 238 12 % — % Non-compensation expenses 98 105 90 110 97 (1) % (12) % Total non-interest expenses 311 336 310 348 335 8 % (4) % Pre-tax income/(loss) $ (16) $ (34) $ (34) $ (7) $ 3 NM NM 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Asset management and related administrative fees: Managed programs $ 134 $ 140 $ 146 $ 153 $ 150 12 % (2) % Administration and other 63 66 71 73 74 17 % 1 % Total asset management and related administrative fees 197 206 217 226 224 14 % (1) % Account and service fees 5 6 5 5 6 20 % 20 % All other 5 4 4 5 5 — % — % Net revenues 207 216 226 236 235 14 % — % Non-interest expenses: Compensation, commissions and benefits 47 52 51 48 53 13 % 10 % Non-compensation expenses 80 82 86 88 89 11 % 1 % Total non-interest expenses 127 134 137 136 142 12 % 4 % Pre-tax income $ 80 $ 82 $ 89 $ 100 $ 93 16 % (7) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Interest income $ 676 $ 749 $ 826 $ 847 $ 872 29 % 3 % Interest expense (185) (219) (329) (408) (446) 141 % 9 % Net interest income 491 530 497 439 426 (13) % (3) % All other 17 10 17 12 15 (12) % 25 % Net revenues 508 540 514 451 441 (13) % (2) % Non-interest expenses: Compensation and benefits 40 48 48 41 43 8 % 5 % Non-compensation expenses: Bank loan provision for credit losses 14 28 54 36 12 (14) % (67) % RJBDP fees to Private Client Group (11) 268 311 277 237 223 (17) % (6) % All other 50 62 69 59 71 42 % 20 % Total non-compensation expenses 332 401 400 332 306 (8) % (8) % Total non-interest expenses 372 449 448 373 349 (6) % (6) % Pre-tax income $ 136 $ 91 $ 66 $ 78 $ 92 (32) % 18 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Interest income $ 30 $ 36 $ 37 $ 44 $ 49 63 % 11 % All other 3 1 2 3 2 (33) % (33) % Total revenues 33 37 39 47 51 55 % 9 % Interest expense (24) (27) (24) (22) (25) 4 % 14 % Net revenues 9 10 15 25 26 189 % 4 % Non-interest expenses: Compensation and benefits 18 26 27 24 17 (6) % (29) % Insurance settlement received (1) (32) — — — — 100 % — % All other 5 7 34 64 6 20 % (91) % Total non-interest expenses (9) 33 61 88 23 NM (74) % Pre-tax income/(loss) $ 18 $ (23) $ (46) $ (63) $ 3 (83) % NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (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 As of % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Total assets $ 57,623 $ 60,400 $ 59,506 $ 60,041 $ 61,517 7 % 2 % Bank loans, net: Raymond James Bank $ 31,690 $ 31,425 $ 30,834 $ 30,906 $ 31,092 (2) % 1 % TriState Capital Bank 12,376 12,258 12,511 12,869 13,090 6 % 2 % Total bank loans, net $ 44,066 $ 43,683 $ 43,345 $ 43,775 $ 44,182 — % 1 % Bank loan allowance for credit losses $ 408 $ 415 $ 456 $ 474 $ 479 17 % 1 % Bank loan allowance for credit losses as a % of total loans held for investment 0.92 % 0.94 % 1.04 % 1.07 % 1.08 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (15) 1.64 % 1.67 % 1.90 % 2.03 % 2.06 % Total nonperforming assets $ 61 $ 99 $ 127 $ 128 $ 164 169 % 28 % Nonperforming assets as a % of total assets 0.11 % 0.16 % 0.21 % 0.21 % 0.27 % Total criticized loans $ 447 $ 403 $ 411 $ 518 $ 485 9 % (6) % Criticized loans as a % of loans held for investment 1.01 % 0.92 % 0.94 % 1.17 % 1.09 % Total bank deposits $ 51,979 $ 54,229 $ 53,768 $ 54,199 $ 55,393 7 % 2 % As of % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Securities-based loans (16) $ 14,885 $ 14,227 $ 14,227 $ 14,606 $ 14,647 (2) % — % Commercial and industrial loans 11,405 11,259 10,663 10,406 10,503 (8) % 1 % Commercial real estate loans 6,929 7,054 7,091 7,221 7,331 6 % 2 % Real estate investment trust loans 1,680 1,717 1,715 1,668 1,697 1 % 2 % Residential mortgage loans 7,818 8,079 8,422 8,662 8,861 13 % 2 % Tax-exempt loans 1,667 1,643 1,548 1,541 1,411 (15) % (8) % Total loans held for investment 44,384 43,979 43,666 44,104 44,450 — % 1 % Held for sale loans 90 119 135 145 211 134 % 46 % Total loans held for sale and investment 44,474 44,098 43,801 44,249 44,661 — % 1 % Allowance for credit losses (408) (415) (456) (474) (479) 17 % 1 % Bank loans, net $ 44,066 $ 43,683 $ 43,345 $ 43,775 $ 44,182 — % 1 % Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Net interest margin (net yield on interest-earning assets) 3.36 % 3.63 % 3.26 % 2.87 % 2.74 % Bank loan provision for credit losses $ 14 $ 28 $ 54 $ 36 $ 12 (14) % (67) % Net charge-offs $ 2 $ 20 $ 15 $ 17 $ 8 300 % (53) % 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 a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net income available to common shareholders $ 507 $ 425 $ 369 $ 432 $ 497 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 18 17 18 17 11 Other acquisition-related compensation — — 10 — — Total “Compensation, commissions and benefits” expense 18 17 28 17 11 Communication and information processing — — — 2 — Professional fees — — 1 3 1 Other — Amortization of identifiable intangible assets (18) 11 11 11 12 11 Total expenses related to acquisitions 29 28 40 34 23 Other — Insurance settlement received (1) (32) — — — — Pre-tax impact of non-GAAP adjustments (3) 28 40 34 23 Tax effect of non-GAAP adjustments 1 (7) (10) (9) (6) Total non-GAAP adjustments, net of tax (2) 21 30 25 17 Adjusted net income available to common shareholders (4) $ 505 $ 446 $ 399 $ 457 $ 514 Pre-tax income $ 652 $ 557 $ 486 $ 585 $ 630 Pre-tax impact of non-GAAP adjustments (as detailed above) (3) 28 40 34 23 Adjusted pre-tax income (4) $ 649 $ 585 $ 526 $ 619 $ 653 Compensation, commissions and benefits expense $ 1,736 $ 1,820 $ 1,851 $ 1,892 $ 1,921 Less: Total compensation-related acquisition expenses (as detailed above) 18 17 28 17 11 Adjusted “Compensation, commissions and benefits” expense (4) $ 1,718 $ 1,803 $ 1,823 $ 1,875 $ 1,910 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 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Pre-tax margin (7) 23.4 % 19.4 % 16.7 % 19.2 % 20.9 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.6 % 0.5 % 0.7 % 0.6 % 0.4 % Other acquisition-related compensation — % — % 0.3 % — % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.5 % 1.0 % 0.6 % 0.4 % Communications and information processing — % — % — % — % — % Professional fees — % — % — % 0.1 % — % Other — Amortization of identifiable intangible assets (18) 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 1.0 % 1.0 % 1.4 % 1.1 % 0.8 % Other — Insurance settlement received (1) (1.1) % — % — % — % — % Total non-GAAP adjustments (0.1) % 1.0 % 1.4 % 1.1 % 0.8 % Adjusted pre-tax margin (4) (7) 23.3 % 20.4 % 18.1 % 20.3 % 21.7 % Total compensation ratio (8) 62.3 % 63.3 % 63.7 % 62.0 % 63.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.6 % 0.5 % 0.7 % 0.6 % 0.4 % Other acquisition-related compensation — % — % 0.3 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.5 % 1.0 % 0.6 % 0.4 % Adjusted total compensation ratio (4) (8) 61.7 % 62.8 % 62.7 % 61.4 % 63.4 % 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 Earnings per common share (2) December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Diluted $ 2.30 $ 1.93 $ 1.71 $ 2.02 $ 2.32 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.08 0.08 0.09 0.08 0.05 Other acquisition-related compensation — — 0.05 — — Total “Compensation, commissions and benefits” expense 0.08 0.08 0.14 0.08 0.05 Communications and information processing — — — 0.01 — Professional fees — — — 0.01 0.01 Other — Amortization of identifiable intangible assets (18) 0.06 0.05 0.05 0.05 0.05 Total expenses related to acquisitions 0.14 0.13 0.19 0.15 0.11 Other — Insurance settlement received (1) (0.15) — — — — Tax effect of non-GAAP adjustments — (0.03) (0.05) (0.04) (0.03) Total non-GAAP adjustments, net of tax (0.01) 0.10 0.14 0.11 0.08 Adjusted diluted (4) $ 2.29 $ 2.03 $ 1.85 $ 2.13 $ 2.40 Book value per share As of $ in millions, except per share amounts December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 9,736 $ 9,875 $ 9,870 $ 10,135 $ 10,711 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,938 1,932 1,928 1,907 1,908 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (128) (129) (131) (132) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 7,927 $ 8,071 $ 8,071 $ 8,359 $ 8,935 Common shares outstanding 215.0 211.6 208.5 208.8 208.7 Book value per share (3) $ 45.28 $ 46.67 $ 47.34 $ 48.54 $ 51.32 Tangible book value per share (3) (4) $ 36.87 $ 38.14 $ 38.71 $ 40.03 $ 42.81 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Average common equity (19) $ 9,537 $ 9,806 $ 9,873 $ 10,003 $ 10,423 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 9 9 9 6 Other acquisition-related compensation — — 4 — — Total “Compensation, commissions and benefits” expense 9 9 13 9 6 Communications and information processing — — — 1 — Professional fees — — 1 2 — Other — Amortization of identifiable intangible assets (18) 5 6 6 6 6 Total expenses related to acquisitions 14 15 20 18 12 Other — Insurance settlement received (1) (16) — — — — Tax effect of non-GAAP adjustments 1 (4) (5) (5) (3) Total non-GAAP adjustments, net of tax (1) 11 15 13 9 Adjusted average common equity (4) (19) $ 9,536 $ 9,817 $ 9,888 $ 10,016 $ 10,432 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Average common equity (19) $ 9,537 $ 9,806 $ 9,873 $ 10,003 $ 10,423 Less: Average goodwill and identifiable intangible assets, net 1,935 1,936 1,930 1,918 1,908 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (129) (128) (130) (132) Average tangible common equity (4) (19) $ 7,730 $ 7,999 $ 8,071 $ 8,215 $ 8,647 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 9 9 9 6 Other acquisition-related compensation — — 4 — — Total “Compensation, commissions and benefits” expense 9 9 13 9 6 Communications and information processing — — — 1 — Professional fees — — 1 2 — Other — Amortization of identifiable intangible assets (18) 5 6 6 6 6 Total expenses related to acquisitions 14 15 20 18 12 Other — Insurance settlement received (1) (16) — — — — Tax effect of non-GAAP adjustments 1 (4) (5) (5) (3) Total non-GAAP adjustments, net of tax (1) 11 15 13 9 Adjusted average tangible common equity (4) (19) $ 7,729 $ 8,010 $ 8,086 $ 8,228 $ 8,656 Return on common equity (6) 21.3 % 17.3 % 14.9 % 17.3 % 19.1 % Adjusted return on common equity (4) (6) 21.2 % 18.2 % 16.1 % 18.3 % 19.7 % Return on tangible common equity (4) (6) 26.2 % 21.3 % 18.3 % 21.0 % 23.0 % Adjusted return on tangible common equity (4) (6) 26.1 % 22.3 % 19.7 % 22.2 % 23.8 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) The three months ended December 31, 2022 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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. (2) 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 December 31, 2022, June 30, 2023, September 30, 2023, and December 31, 2023, and $2 million for the three months ended March 31, 2023. (3) 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. (4) 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. (5) Estimated. (6) 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. 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. (7) 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. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) 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. The Domestic Private Client Group net new asset growth — annualized percentage is based on the beginning Domestic Private Client Group assets under administration balance for the indicated period. (10) These metrics include the impact of the departure of approximately 60 financial advisors and approximately $5 billion of assets under administration, representing the portion of advisors previously associated through a single relationship in the firm’s independent contractors division whose affiliation with the firm ended in the fiscal third quarter of 2023. (11) 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. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. Fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Consolidated Statement of Financial Condition. (13) 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. (14) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (16) 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. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions 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. (18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (19) 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. 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. 18