UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2026

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-9109

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida	59-1517485
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

880 Carillon Parkway, St. Petersburg, Florida 33716

(Address of principal executive offices)    (Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐                              No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

192,361,711 shares of common stock as of August 3, 2026

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

INDEX
		PAGE
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Financial Condition (Unaudited)	3
	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)	4
	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows (Unaudited)	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	Note 1 - Organization and basis of presentation	8
	Note 2 - Update of significant accounting policies	8
	Note 3 - Acquisitions	9
	Note 4 - Fair value	10
	Note 5 - Available-for-sale securities	15
	Note 6 - Derivative assets and derivative liabilities	18
	Note 7 - Collateralized agreements and financings	20
	Note 8 - Bank loans, net	22
	Note 9 - Loans to financial advisors, net	29
	Note 10 - Variable interest entities	29
	Note 11 - Goodwill and identifiable intangible assets, net	30
	Note 12 - Other assets	31
	Note 13 - Leases	31
	Note 14 - Bank deposits	32
	Note 15 - Other borrowings	33
	Note 16 - Income taxes	34
	Note 17 - Commitments, contingencies and guarantees	35
	Note 18 - Shareholders’ equity	37
	Note 19 - Revenues	40
	Note 20 - Interest income and interest expense	44
	Note 21 - Share-based compensation	44
	Note 22 - Regulatory capital requirements	45
	Note 23 - Earnings per share	47
	Note 24 - Segment information	48
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	95
Item 4.	Controls and Procedures	95
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	96
Item 1A.	Risk Factors	96
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	96
Item 3.	Defaults Upon Senior Securities	97
Item 4.	Mine Safety Disclosures	97
Item 5.	Other Information	97
Item 6.	Exhibits	97
	Signatures	98

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

$ in millions, except per share amounts	June 30, 2026		September 30, 2025
Assets:
Cash and cash equivalents	$	9,977	$	11,389
Assets segregated for regulatory purposes and restricted cash	3,277		3,398
Collateralized agreements	1,165		698
Financial instruments, at fair value:
Trading assets ($1,410 and $1,248 pledged as collateral)	1,627		1,538
Available-for-sale securities ($8 and $9 pledged as collateral)	6,496		6,888
Derivative assets	32		68
Other investments ($20 and $8 pledged as collateral)	383		390
Brokerage client receivables, net	3,331		2,821
Other receivables, net	2,465		1,814
Bank loans, net	56,227		51,567
Loans to financial advisors, net	2,069		1,626
Deferred income taxes, net	465		671
Goodwill and identifiable intangible assets, net	2,608		1,847
Other assets	4,115		3,515
Total assets	$	94,237	$	88,230
Liabilities and shareholders’ equity:
Bank deposits	$	63,319	$	58,897
Collateralized financings	829		1,111
Financial instrument liabilities, at fair value:
Trading liabilities	891		891
Derivative liabilities	215		190
Brokerage client payables	6,882		5,853
Accrued compensation, commissions and benefits	2,555		2,603
Other payables	2,291		1,961
Other borrowings	950		700
Senior notes payable	3,522		3,520
Total liabilities	81,454		75,726
Commitments and contingencies (see Note 17)
Shareholders’ equity
Preferred stock	—		79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 192,124,666 shares outstanding as of June 30, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025	3		3
Additional paid-in capital	3,204		3,235
Retained earnings	14,977		13,604
Treasury stock, at cost; 57,959,502 and 51,944,574 common shares as of June 30, 2026 and September 30, 2025, respectively	(5,104)		(4,022)
Accumulated other comprehensive loss	(381)		(396)
Total equity attributable to Raymond James Financial, Inc.	12,699		12,503
Noncontrolling interests	84		1
Total shareholders’ equity	12,783		12,504
Total liabilities and shareholders’ equity	$	94,237	$	88,230

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

3

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

	Three months ended June 30,				Nine months ended June 30,
in millions, except per share amounts	2026		2025		2026		2025
Revenues:
Asset management and related administrative fees	$	2,075	$	1,733	$	6,090	$	5,201
Brokerage revenues:
Securities commissions	503		431		1,496		1,302
Principal transactions	126		128		388		396
Total brokerage revenues	629		559		1,884		1,698
Account and service fees	316		302		935		965
Investment banking	291		212		778		753
Interest income	994		990		2,961		2,980
Other	57		46		152		125
Total revenues	4,362		3,842		12,800		11,722
Interest expense	(434)		(444)		(1,278)		(1,384)
Net revenues	3,928		3,398		11,522		10,338
Non-interest expenses:
Compensation, commissions and benefits	2,579		2,202		7,570		6,678
Non-compensation expenses:
Communications and information processing	203		191		603		553
Occupancy and equipment	85		77		245		224
Business development	95		77		251		209
Investment sub-advisory fees	63		56		189		163
Professional fees	63		42		136		110
Bank loan provision/(benefit) for credit losses	(26)		15		(24)		31
Other	116		175		339		387
Total non-compensation expenses	599		633		1,739		1,677
Total non-interest expenses	3,178		2,835		9,309		8,355
Pre-tax income	750		563		2,213		1,983
Provision for income taxes	155		127		511		452
Net income	595		436		1,702		1,531
Preferred stock dividends	—		1		3		4
Net income available to common shareholders	$	595	$	435	$	1,699	$	1,527
Earnings per common share – basic	$	3.06	$	2.16	$	8.67	$	7.51
Earnings per common share – diluted	$	3.01	$	2.12	$	8.52	$	7.35
Weighted-average common shares outstanding – basic	194.0		201.2		195.7		203.0
Weighted-average common and common equivalent shares outstanding – diluted	197.2		205.5		199.1		207.6
Net income	$	595	$	436	$	1,702	$	1,531
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	(10)		53		23		42
Currency translations, net of the impact of net investment hedges	(2)		58		(5)		24
Cash flow hedges	(1)		(3)		(3)		(2)
Total other comprehensive income/(loss), net of tax	(13)		108		15		64
Total comprehensive income	$	582	$	544	$	1,717	$	1,595

    

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

4

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

	Three months ended June 30,				Nine months ended June 30,
$ in millions, except per share amounts	2026		2025		2026		2025
Preferred stock:
Balance beginning of period	$	—	$	79	$	79	$	79
Redemption of preferred stock	—		—		(79)		—
Balance end of period	—		79		—		79
Common stock, par value $.01 per share:
Balance beginning of period	3		3		3		2
Share issuances	—		—		—		1
Balance end of period	3		3		3		3
Additional paid-in capital:
Balance beginning of period	3,156		3,151		3,235		3,251
Share-based compensation amortization	48		50		177		195
Net activity under employee stock plans	—		1		(208)		(244)
Balance end of period	3,204		3,202		3,204		3,202
Retained earnings:
Balance beginning of period	14,487		12,769		13,604		11,894
Net income attributable to Raymond James Financial, Inc.	595		436		1,702		1,531
Common and preferred stock cash dividends declared (see Note 18)	(105)		(101)		(329)		(321)
Balance end of period	14,977		13,104		14,977		13,104
Treasury stock:
Balance beginning of period	(4,711)		(3,244)		(4,022)		(3,051)
Purchases	(403)		(452)		(1,224)		(766)
Reissuances under employee stock plans	10		5		142		126
Balance end of period	(5,104)		(3,691)		(5,104)		(3,691)
Accumulated other comprehensive income/(loss):
Balance beginning of period	(368)		(546)		(396)		(502)
Other comprehensive income/(loss), net of tax	(13)		108		15		64
Balance end of period	(381)		(438)		(381)		(438)
Total equity attributable to Raymond James Financial, Inc.	$	12,699	$	12,259	$	12,699	$	12,259
Noncontrolling interests:
Balance beginning of period	43		15		1		(6)
Increase from acquisition of majority interest in GreensLedge Holdings LLC	—		—		40		—
All other net changes in noncontrolling interests	41		(13)		43		8
Balance end of period	84		2		84		2
Total shareholders’ equity	$	12,783	$	12,261	$	12,783	$	12,261

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

5

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine months ended June 30,
$ in millions	2026		2025
Cash flows from operating activities:
Net income	$	1,702	$	1,531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	154		143
Deferred income taxes, net	129		(4)
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	(8)		(19)
Provisions for credit losses and legal and regulatory matters, net	(3)		107
Share-based compensation expense	183		199
Unrealized gains on corporate-owned life insurance policies, net of expenses	(152)		(68)
Other	34		23
Net change in:
Collateralized agreements, net of collateralized financings	(750)		(247)
Loans provided to financial advisors, net of repayments	(471)		(194)
Brokerage client receivables and other receivables, net	(1,139)		(170)
Trading instruments, net	(21)		77
Derivative instruments, net	93		31
Other assets	68		78
Brokerage client payables and other payables	909		331
Accrued compensation, commissions and benefits	(86)		(109)
Proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans held for sale	201		(71)
Net cash provided by operating activities	843		1,638
Cash flows from investing activities:
Increase in bank loans, net	(5,509)		(4,044)
Proceeds from sales of loans held for investment	615		218
Purchases of available-for-sale securities	(947)		(480)
Available-for-sale securities maturations, repayments and redemptions	1,324		1,531
Proceeds from sales of available-for-sale securities	40		78
Cash paid for acquisitions, net of cash acquired	(484)		—
Additions to property and equipment	(153)		(144)
Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock	—		8
Equity method investments, net of distributions received	(86)		(24)
Other investing activities, net	(94)		(41)
Net cash used in investing activities	(5,294)		(2,898)
Cash flows from financing activities:
Increase in bank deposits	4,422		1,239
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(1,319)		(914)
Dividends on common and preferred stock	(326)		(314)
Employee stock purchases and exercise of stock options	33		26
Redemption of preferred stock	(81)		—
Proceeds from FHLB advances	400		750
Repayments of FHLB advances	(400)		(950)
Proceeds from short-term borrowings	250		—
Other financing, net	(11)		(8)
Net cash provided by/(used in) financing activities	2,968		(171)

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

6

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Nine months ended June 30,
$ in millions	2026		2025
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	(50)		48
Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	(1,533)		(1,383)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	14,787		14,348
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	13,254	$	12,965
Cash and cash equivalents	$	9,977	$	9,195
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,277		3,770
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	13,254	$	12,965
Supplemental disclosures of cash flow information:
Cash paid for interest	$	1,259	$	1,394
Cash paid for income taxes, net	$	362	$	510
Cash outflows for lease liabilities	$	101	$	99
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases	$	91	$	78
Non-cash acquisition-related contingent consideration	$	177	$	—

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

7

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

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

June 30, 2026

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization

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

Basis of presentation

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

Accounting estimates and assumptions

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

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

NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES

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

8

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

NOTE 3 – ACQUISITIONS

During the nine months ended June 30, 2026, we completed our acquisition of a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured products advisory and placement services. The acquisition was funded using cash on hand as of the acquisition date. GreensLedge’s results of operations have been included in our Capital Markets segment prospectively beginning March 1, 2026.

The GreensLedge acquisition resulted in the recognition of $131 million of goodwill and $31 million of identifiable intangible assets. Goodwill recognized in the acquisition primarily represents expected synergies from combining GreensLedge with our existing businesses and is deductible for tax purposes over 15 years. The identifiable intangible assets acquired primarily consist of customer relationships and have a weighted-average useful life of seven years.

During the three months ended June 30, 2026, we completed our acquisition of all outstanding shares of Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions. The acquisition was funded using cash on hand as of the acquisition date. Clark Capital’s results of operations have been included in our Asset Management segment prospectively beginning May 1, 2026.

The Clark Capital acquisition resulted in the recognition of approximately $305 million of goodwill and approximately $330 million of identifiable intangible assets, based on our preliminary estimates of their acquisition-date fair values. Goodwill recognized in the acquisition primarily represents expected synergies from combining Clark Capital with our existing businesses and is not deductible for tax purposes. The identifiable intangible assets acquired primarily consist of customer relationships, including non-amortizing intangibles with a preliminary acquisition-date fair value of approximately $32 million. The amortizing identifiable intangible assets have a weighted-average useful life of 16 years. We consider the estimated fair values of the identifiable intangible assets and associated deferred tax liabilities, as well as goodwill to be provisional as of June 30, 2026, as we continue to refine the estimates and related assumptions used to measure such amounts. We expect to finalize the purchase accounting during our fourth fiscal quarter of 2026.

A portion of the purchase price for the Clark Capital and GreensLedge acquisitions is contingent upon the achievement of specified revenue-based performance targets and is payable over a period ranging from five to seven years. The aggregate maximum potential contingent consideration payable for such acquisitions is $275 million. The acquisition-date fair value of the contingent consideration for each acquisition was included in the respective purchase consideration for the acquisitions and recorded as a liability in “Other payables” on the Condensed Consolidated Statements of Financial Condition. The contingent consideration liabilities are subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in “Other” expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. As of June 30, 2026, the contingent consideration liabilities for the Clark Capital and GreensLedge acquisitions had an aggregate fair value of $180 million. See Note 4 for additional information regarding the fair value of our acquisition-related contingent consideration liabilities.

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

9

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

NOTE 4 – FAIR VALUE

Our “Financial instruments” and “Financial instrument liabilities,” as well as certain other assets and other payables on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. See Notes 2 and 4 of our 2025 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis.

$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of June 30, 2026
Assets at fair value on a recurring basis:
Trading assets:
Municipal and provincial obligations	$	13	$	394	$	—	$	—	$	407
Corporate obligations	14		539		—		—		553
Government and agency obligations	45		75		—		—		120
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)	—		379		—		—		379
Non-agency CMOs and ABS	—		93		—		—		93
Total debt securities	72		1,480		—		—		1,552
Equity securities	10		4		—		—		14
Brokered certificates of deposit	—		58		—		—		58
Other	—		—		3		—		3
Total trading assets	82		1,542		3		—		1,627
Available-for-sale securities (2)	531		5,965		—		—		6,496
Derivative assets:
Interest rate	3		257		—		(229)		31
Foreign exchange	—		1		—		—		1
Total derivative assets	3		258		—		(229)		32
All other investments:
Government and agency obligations (3)	60		—		—		—		60
Other	199		5		7		—		211
Total all other investments	259		5		7		—		271
Other assets – client-owned fractional shares	216		—		—		—		216
Subtotal	1,091		7,770		10		(229)		8,642
Other investments – private equity – measured at net asset value (“NAV”)									112
Total assets at fair value on a recurring basis	$	1,091	$	7,770	$	10	$	(229)	$	8,754
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	4	$	—	$	—	$	—	$	4
Corporate obligations	—		481		—		—		481
Government and agency obligations	215		—		—		—		215
Agency MBS and CMOs	—		123		—		—		123
Total debt securities	219		604		—		—		823
Equity securities	68		—		—		—		68
Total trading liabilities	287		604		—		—		891
Derivative liabilities:
Interest rate	3		268		—		(57)		214
Foreign exchange	—		1		—		—		1
Total derivative liabilities	3		269		—		(57)		215
Other payables:
Repurchase liabilities related to client-owned fractional shares	216		—		—		—		216
Acquisition-related contingent consideration	—		—		180		—		180
Total other payables	216		—		180		—		396
Total liabilities at fair value on a recurring basis	$	506	$	873	$	180	$	(57)	$	1,502

10

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

$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of September 30, 2025
Assets at fair value on a recurring basis:
Trading assets:
Municipal and provincial obligations	$	6	$	403	$	—	$	—	$	409
Corporate obligations	11		659		—		—		670
Government and agency obligations	41		108		—		—		149
Agency MBS, CMOs, and ABS	—		231		—		—		231
Non-agency CMOs and ABS	—		36		—		—		36
Total debt securities	58		1,437		—		—		1,495
Equity securities	17		3		—		—		20
Brokered certificates of deposit	—		19		—		—		19
Other	—		—		4		—		4
Total trading assets	75		1,459		4		—		1,538
Available-for-sale securities (2)	430		6,458		—		—		6,888
Derivative assets:
Interest rate	2		304		—		(239)		67
Foreign exchange	—		1		—		—		1
Total derivative assets	2		305		—		(239)		68
All other investments:
Government and agency obligations (3)	92		—		—		—		92
Other	185		1		7		—		193
Total all other investments	277		1		7		—		285
Other assets – client-owned fractional shares	171		—		—		—		171
Subtotal	955		8,223		11		(239)		8,950
Other investments – private equity – measured at NAV									105
Total assets at fair value on a recurring basis	$	955	$	8,223	$	11	$	(239)	$	9,055
Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	3	$	—	$	—	$	—	$	3
Corporate obligations	—		651		—		—		651
Government and agency obligations	164		—		—		—		164
Agency MBS and CMOs	—		42		—		—		42
Total debt securities	167		693		—		—		860
Equity securities	31		—		—		—		31
Total trading liabilities	198		693		—		—		891
Derivative liabilities:
Interest rate	3		306		—		(123)		186
Foreign exchange	—		2		—		—		2
Other	—		—		2		—		2
Total derivative liabilities	3		308		2		(123)		190
Other payables – repurchase liabilities related to client-owned fractional shares	171		—		—		—		171
Total liabilities at fair value on a recurring basis	$	372	$	1,001	$	2	$	(123)	$	1,252

(1)Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information.

(2)Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S. Treasury securities (“U.S. Treasuries”). See Note 5 for further information.

(3)These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations.

11

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

Level 3 recurring fair value measurements

The following tables present the changes in fair value for Level 3 financial assets and financial liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions,” gains/(losses) on other investments are reported in “Other” revenues, and gains/(losses) on acquisition-related contingent consideration are reported in “Other” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.

Three months ended June 30, 2026 Level 3 instruments at fair value
	Financial assets				Financial liabilities
	Trading assets		All other investments		Trading liabilities		Acquisition-related contingent consideration
$ in millions
Fair value beginning of period	$	2	$	7	$	(1)	$	(28)
Total gains/(losses) included in earnings	—		—		1		(3)
Purchases and contributions	9		—		—		(149)
Sales and distributions	(8)		—		—		—
Transfers:
Into Level 3	—		—		—		—
Out of Level 3	—		—		—		—
Fair value end of period	$	3	$	7	$	—	$	(180)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—	$	—	$	(3)

Nine months ended June 30, 2026 Level 3 instruments at fair value
	Financial assets				Financial liabilities
	Trading assets		All other investments		Derivative liabilities		Acquisition-related contingent consideration
$ in millions
Fair value beginning of period	$	4	$	7	$	(2)	$	—
Total gains/(losses) included in earnings	1		—		1		(3)
Purchases and contributions	59		—		—		(177)
Sales and distributions	(61)		—		1		—
Transfers:
Into Level 3	—		—		—		—
Out of Level 3	—		—		—		—
Fair value end of period	$	3	$	7	$	—	$	(180)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—	$	—	$	(3)

Three months ended June 30, 2025 Level 3 instruments at fair value
	Financial assets
$ in millions	Trading assets		Derivative assets		All other investments
Fair value beginning of period	$	1	$	6	$	7
Total gains/(losses) included in earnings	1		(5)		—
Purchases and contributions	27		—		—
Sales and distributions	(27)		—		—
Transfers:
Into Level 3	—		—		—
Out of Level 3	—		—		—
Fair value end of period	$	2	$	1	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	(5)	$	—

12

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

Nine months ended June 30, 2025 Level 3 instruments at fair value
	Financial assets
$ in millions	Trading assets		Derivative assets		All other investments
Fair value beginning of period	$	3	$	4	$	7
Total gains/(losses) included in earnings	2		(3)		—
Purchases and contributions	66		—		—
Sales and distributions	(69)		—		—
Transfers:
Into Level 3	—		—		—
Out of Level 3	—		—		—
Fair value end of period	$	2	$	1	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	(2)	$	—

Our acquisition-related contingent consideration liabilities in the preceding tables are attributable to acquisitions completed during fiscal 2026. Refer to Note 3 for further information regarding those acquisitions and the related contingent consideration arrangements. The fair values of these liabilities were determined using probability-weighted expected cash flow or Monte Carlo simulation techniques, as applicable, discounted to present value. Significant unobservable inputs used in these measurements included the estimated amount and timing of projected cash flows, the likelihood of achieving the specified revenue-based performance targets, and the discount rate. Significant increases or decreases in any of these inputs, individually or in combination, could result in a higher or lower fair value measurement. As of June 30, 2026, the weighted-average discount rate used in the fair value measurement of our acquisition-related contingent consideration liabilities was 15%.

As of June 30, 2026, 9% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of September 30, 2025, 10% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both June 30, 2026 and September 30, 2025, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis. As of June 30, 2026 and September 30, 2025, Level 3 liabilities represented 12% and less than 1% of our liabilities measured at fair value on a recurring basis, respectively.

Investments in private equity measured at net asset value per share

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

Our private equity portfolio as of June 30, 2026 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments. Our investments cannot be redeemed directly with the funds. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.

$ in millions	Recorded value		Unfunded commitment
June 30, 2026
Private equity investments measured at NAV	$	112	$	34
Private equity investments not measured at NAV	7
Total private equity investments	$	119
September 30, 2025
Private equity investments measured at NAV	$	105	$	38
Private equity investments not measured at NAV	7
Total private equity investments	$	112

13

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

Financial instruments measured at fair value on a nonrecurring basis

The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as Level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.

$ in millions	Level 2		Level 3		Total fair value		Valuation technique(s)	Unobservable input	Range (weighted-average)
June 30, 2026
Bank loans:
Residential mortgage loans	$	1	$	7	$	8	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.6 yrs.)
Corporate loans	$	—	$	133	$	133	Collateral or  discounted cash flow (1)	Recovery rate	38% - 87% (70%)
Loans held for sale	$	38	$	—	$	38	N/A (2)	N/A	N/A
September 30, 2025
Bank loans:
Residential mortgage loans	$	5	$	7	$	12	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	179	$	179	Collateral or  discounted cash flow (1)	Recovery rate	24% - 96% (76%)
Loans held for sale	$	31	$	—	$	31	N/A (2)	N/A	N/A

(1)The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the preceding table.

(2)See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2025 Form 10-K for information on the valuation techniques used in the valuation of our loans held for sale measured at fair value on a nonrecurring basis.

Financial instruments not recorded at fair value

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at June 30, 2026 and September 30, 2025. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 3 of our 2025 Form 10-K for a discussion of our financial instruments that are not recorded at fair value.

$ in millions	Level 2		Level 3		Total estimated fair value		Carrying amount
June 30, 2026
Financial assets:
Bank loans, net	$	96	$	55,529	$	55,625	$	56,048
Financial liabilities:
Bank deposits - certificates of deposit	$	3,312	$	—	$	3,312	$	3,326
Senior notes payable	$	3,216	$	—	$	3,216	$	3,522
September 30, 2025
Financial assets:
Bank loans, net	$	386	$	50,362	$	50,748	$	51,345
Financial liabilities:
Bank deposits - certificates of deposit	$	1,943	$	—	$	1,943	$	1,937
Senior notes payable	$	3,299	$	—	$	3,299	$	3,520

14

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

NOTE 5 – AVAILABLE-FOR-SALE SECURITIES

The following table details the amortized costs and fair values of our available-for-sale securities. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 4 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.

$ in millions	Cost basis		Gross unrealized gains		Gross unrealized losses		Fair value
June 30, 2026
Agency residential MBS	$	3,306	$	2	$	(247)	$	3,061
Agency commercial MBS	950		—		(70)		880
Agency CMOs	1,546		1		(142)		1,405
U.S. Treasuries	532		—		(1)		531
Other agency obligations	139		—		(2)		137
Non-agency residential MBS	434		—		(33)		401
Corporate bonds	65		1		—		66
Other	15		1		(1)		15
Total available-for-sale securities	$	6,987	$	5	$	(496)	$	6,496
September 30, 2025
Agency residential MBS	$	3,531	$	3	$	(265)	$	3,269
Agency commercial MBS	1,223		—		(85)		1,138
Agency CMOs	1,421		3		(147)		1,277
U.S. Treasuries	429		1		—		430
Other agency obligations	229		—		(2)		227
Non-agency residential MBS	484		1		(32)		453
Corporate bonds	79		1		(1)		79
Other	14		1		—		15
Total available-for-sale securities	$	7,410	$	10	$	(532)	$	6,888

The amortized costs and fair values in the preceding table exclude $19 million and $18 million of accrued interest on available-for-sale securities as of June 30, 2026 and September 30, 2025, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 7 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.

15

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

The following table details the contractual maturities, amortized costs, fair values and current yields for our available-for-sale securities.  Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.8 years as of June 30, 2026.

	June 30, 2026
$ in millions	Within one year			After one but within five years			After five but within ten years			After ten years			Total
Agency residential MBS
Amortized cost	$	1		$	413		$	1,567		$	1,325		$	3,306
Fair value	$	1		$	390		$	1,428		$	1,242		$	3,061
Weighted-average yield	2.18		%	1.18		%	1.35		%	3.39		%	2.14		%
Agency commercial MBS
Amortized cost	$	161		$	738		$	8		$	43		$	950
Fair value	$	159		$	680		$	7		$	34		$	880
Weighted-average yield	1.65		%	1.28		%	1.21		%	1.83		%	1.37		%
Agency CMOs
Amortized cost	$	—		$	—		$	29		$	1,517		$	1,546
Fair value	$	—		$	—		$	27		$	1,378		$	1,405
Weighted-average yield	—		%	—		%	1.46		%	2.67		%	2.64		%
U.S. Treasuries
Amortized cost	$	205		$	327		$	—		$	—		$	532
Fair value	$	205		$	326		$	—		$	—		$	531
Weighted-average yield	3.98		%	3.96		%	—		%	—		%	3.97		%
Other agency obligations
Amortized cost	$	27		$	105		$	—		$	7		$	139
Fair value	$	27		$	103		$	—		$	7		$	137
Weighted-average yield	3.08		%	3.85		%	—		%	3.06		%	3.66		%
Non-agency residential MBS
Amortized cost	$	—		$	—		$	—		$	434		$	434
Fair value	$	—		$	—		$	—		$	401		$	401
Weighted-average yield	—		%	—		%	—		%	3.96		%	3.96		%
Corporate bonds
Amortized cost	$	8		$	48		$	9		$	—		$	65
Fair value	$	8		$	48		$	10		$	—		$	66
Weighted-average yield	4.20		%	4.62		%	5.66		%	—		%	4.72		%
Other
Amortized cost	$	—		$	—		$	5		$	10		$	15
Fair value	$	—		$	—		$	5		$	10		$	15
Weighted-average yield	—		%	—		%	1.99		%	6.30		%	4.84		%
Total available-for-sale securities
Amortized cost	$	402		$	1,631		$	1,618		$	3,336		$	6,987
Fair value	$	400		$	1,547		$	1,477		$	3,072		$	6,496
Weighted-average yield	2.98		%	2.06		%	1.37		%	3.12		%	2.46		%

16

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

The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.

	Less than 12 months				12 months or more				Total
$ in millions	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
June 30, 2026
Agency residential MBS	$	365	$	(3)	$	2,526	$	(244)	$	2,891	$	(247)
Agency commercial MBS	5		—		871		(70)		876		(70)
Agency CMOs	401		(3)		871		(139)		1,272		(142)
U.S. Treasuries	243		(1)		8		—		251		(1)
Other agency obligations	43		(1)		95		(1)		138		(2)
Non-agency residential MBS	12		—		355		(33)		367		(33)
Corporate bonds	5		—		9		—		14		—
Other	1		—		5		(1)		6		(1)
Total	$	1,075	$	(8)	$	4,740	$	(488)	$	5,815	$	(496)
September 30, 2025
Agency residential MBS	$	23	$	—	$	2,994	$	(265)	$	3,017	$	(265)
Agency commercial MBS	—		—		1,129		(85)		1,129		(85)
Agency CMOs	2		—		978		(147)		980		(147)
U.S. Treasuries	215		—		9		—		224		—
Other agency obligations	—		—		227		(2)		227		(2)
Non-agency residential MBS	—		—		380		(32)		380		(32)
Corporate bonds	—		—		15		(1)		15		(1)
Other	1		—		5		—		6		—
Total	$	241	$	—	$	5,737	$	(532)	$	5,978	$	(532)

At June 30, 2026, of the 830 available-for-sale securities in an unrealized loss position, 97 were in a continuous unrealized loss position for less than 12 months and 733 securities were in a continuous unrealized loss position for greater than 12 months.

During the three and nine months ended June 30, 2026, we received proceeds of $40 million from sales of available-for-sale securities resulting in insignificant gains. There were no sales of available-for-sale securities during the three months ended June 30, 2025. During the nine months ended June 30, 2025, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from accumulated other comprehensive income/loss (“AOCI”) to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the nine months ended June 30, 2025.

17

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

NOTE 6 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES

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

Derivative balances included on our financial statements

The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.

	June 30, 2026						September 30, 2025
$ in millions	Derivative assets		Derivative liabilities		Notional amount		Derivative assets		Derivative liabilities		Notional amount
Derivatives not designated as hedging instruments
Interest rate	$	260	$	271	$	19,145	$	306	$	309	$	20,446
Foreign exchange	—		1		416		—		2		539
Other	—		—		921		—		2		1,096
Subtotal	260		272		20,482		306		313		22,081
Derivatives designated as hedging instruments
Interest rate	—		—		300		—		—		850
Foreign exchange	1		—		1,247		1		—		1,242
Subtotal	1		—		1,547		1		—		2,092
Total gross fair value/notional amount	261		272		$	22,029	307		313		$	24,173
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting	(34)		(34)				(92)		(92)
Cash collateral netting	(195)		(23)				(147)		(31)
Total amounts offset	(229)		(57)				(239)		(123)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition	$	32	$	215			$	68	$	190
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments	(2)		—				(1)		—
Total	$	30	$	215			$	67	$	190

The following table details the gains/(losses) included in AOCI, net of income taxes, on derivatives designated as hedging instruments. These amounts do not include any offsetting gains/(losses) on the related hedged item. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 18 for additional information.

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2026		2025		2026		2025
Interest rate (cash flow hedges)	$	(1)	$	(3)	$	(3)	$	(2)
Foreign exchange (net investment hedges)	23		(46)		29		14
Total gains/(losses) included in AOCI, net of taxes	$	22	$	(49)	$	26	$	12

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2026 and 2025. We expect to reclassify $5 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is two years.

18

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

The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item.

$ in millions		Three months ended June 30,				Nine months ended June 30,
	Location of gains/(losses)	2026		2025		2026		2025
Interest rate	Principal transactions/other revenue	$	2	$	4	$	8	$	11
Foreign exchange (1)	Principal transactions/other revenue	$	6	$	(48)	$	14	$	—
Other	Principal transactions	$	—	$	(6)	$	3	$	(3)

(1)The impacts included in our Condensed Consolidated Statements of Income and Comprehensive Income of these amounts net of the gains/(losses) on the related hedged item were net gains of $1 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and net gains of $4 million and $7 million for the nine months ended June 30, 2026 and 2025, respectively.

Risks associated with our derivatives and related risk mitigation

Credit risk

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

Interest rate and foreign exchange risk

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

Derivatives with credit-risk-related contingent features

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

19

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

NOTE 7 – COLLATERALIZED AGREEMENTS AND FINANCINGS

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

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.

	Collateralized agreements						Collateralized financings
$ in millions	Reverse repurchase agreements		Securities borrowed		Total		Repurchase agreements		Securities loaned		Total
June 30, 2026
Gross amounts of recognized assets/liabilities	$	316	$	849	$	1,165	$	265	$	564	$	829
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	316		849		1,165		265		564		829
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(316)		(827)		(1,143)		(265)		(551)		(816)
Net amounts	$	—	$	22	$	22	$	—	$	13	$	13
September 30, 2025
Gross amounts of recognized assets/liabilities	$	302	$	396	$	698	$	325	$	786	$	1,111
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	302		396		698		325		786		1,111
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(302)		(372)		(674)		(325)		(768)		(1,093)
Net amounts	$	—	$	24	$	24	$	—	$	18	$	18

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

Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents our repurchase agreements and securities lending transactions accounted for as secured borrowings by type of collateral. Such secured borrowings have no stated maturity and are generally overnight and continuous.

$ in millions	June 30, 2026		September 30, 2025
Repurchase agreements:
Government and agency obligations	$	82	$	125
Agency MBS and agency CMOs	183		200
Total repurchase agreements	$	265	$	325
Securities loaned:
Equity securities	564		786
Total collateralized financings	$	829	$	1,111

20

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

Collateral received and pledged

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

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

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.

$ in millions	June 30, 2026		September 30, 2025
Collateral we received that was available to be delivered or repledged	$	4,974	$	4,003
Collateral that we delivered or repledged	$	2,221	$	2,080

Encumbered assets

We pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for such purposes and whether third parties had the right to deliver or repledge such assets.

$ in millions	June 30, 2026		September 30, 2025
Had the right to deliver or repledge	$	1,438	$	1,265
Did not have the right to deliver or repledge	$	40	$	66

We pledge certain of our bank loans and available-for-sale securities at the FHLB and FRB as security for the repayment of certain borrowings, to secure capacity for additional borrowings as needed, and to participate in certain deposit programs. The FHLB and the FRB do not have the ability to sell or repledge such loans and securities. For additional information regarding our outstanding FHLB advances see Note 15. The following table presents information about our assets that have been pledged at the FHLB or FRB.

$ in millions	June 30, 2026		September 30, 2025
Assets pledged at the FHLB or FRB:
Available-for-sale securities	$	2,046	$	2,435
Bank loans	35,935		31,014
Total assets pledged at the FHLB or FRB	$	37,981	$	33,449

21

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

NOTE 8 – BANK LOANS, NET

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

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

The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.

$ in millions	June 30, 2026			September 30, 2025
SBL	$	24,767		$	19,775
C&I loans	10,040			10,777
CRE loans	7,689			7,840
REIT loans	1,671			1,690
Residential mortgage loans	11,223			10,295
Tax-exempt loans	1,101			1,226
Total loans held for investment	56,491			51,603
Held for sale loans	134			416
Total loans held for sale and investment	56,625			52,019
Allowance for credit losses	(398)			(452)
Bank loans, net	$	56,227		$	51,567
ACL as a % of total loans held for investment	0.70		%	0.88		%
Accrued interest receivable on bank loans (included in “Other receivables, net”)	$	218		$	216

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

Held for sale loans

We originated or purchased $585 million and $1.80 billion of loans held for sale during the three and nine months ended June 30, 2026, respectively, and $877 million and $2.59 billion during the three and nine months ended June 30, 2025, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $123 million and $422 million during the three and nine months ended June 30, 2026, respectively, and $197 million and $859 million during the three and nine months ended June 30, 2025, respectively. Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2026 and 2025.

22

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

Purchases and sales of loans held for investment

The following table presents purchases and sales of loans held for investment by portfolio segment.

$ in millions	C&I loans		CRE loans		REIT loans		Residential mortgage loans		Total
Three months ended June 30, 2026
Purchases	$	102	$	—	$	—	$	4	$	106
Sales	$	510	$	—	$	—	$	1	$	511
Nine months ended June 30, 2026
Purchases	$	390	$	—	$	—	$	20	$	410
Sales	$	614	$	—	$	—	$	1	$	615
Three months ended June 30, 2025
Purchases	$	156	$	—	$	14	$	94	$	264
Sales	$	103	$	—	$	—	$	—	$	103
Nine months ended June 30, 2025
Purchases	$	802	$	—	$	14	$	226	$	1,042
Sales	$	180	$	13	$	—	$	—	$	193

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

Past due, nonaccrual, and modified loans

The following table presents information on delinquency status of our loans held for investment.

$ in millions	30-89 days and accruing		90 days or more and accruing		Total past due and accruing		Nonaccrual with allowance		Nonaccrual with no allowance		Current and accruing		Total loans held for investment
June 30, 2026
SBL	$	—	$	—	$	—	$	—	$	—	$	24,767	$	24,767
C&I loans	—		—		—		27		18		9,995		10,040
CRE loans	—		—		—		93		7		7,589		7,689
REIT loans	—		—		—		—		—		1,671		1,671
Residential mortgage loans	10		—		10		—		6		11,207		11,223
Tax-exempt loans	—		—		—		—		—		1,101		1,101
Total loans held for investment	$	10	$	—	$	10	$	120	$	31	$	56,330	$	56,491
September 30, 2025
SBL	$	1	$	—	$	1	$	—	$	—	$	19,774	$	19,775
C&I loans	1		—		1		39		5		10,732		10,777
CRE loans	—		—		—		101		9		7,730		7,840
REIT loans	—		—		—		19		—		1,671		1,690
Residential mortgage loans	5		—		5		—		13		10,277		10,295
Tax-exempt loans	—		—		—		—		—		1,226		1,226
Total loans held for investment	$	7	$	—	$	7	$	159	$	27	$	51,410	$	51,603

The preceding table included $66 million and $109 million at June 30, 2026 and September 30, 2025, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2025 Form 10-K, in the normal course of business, we may modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Loans to borrowers experiencing financial difficulty modified during each of the three and nine months ended June 30, 2026 and 2025 were not significant.

23

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

Collateral-dependent loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.

$ in millions	Nature of collateral	June 30, 2026		September 30, 2025
C&I loans	Commercial real estate and other business assets	$	31	$	13
CRE loans (1)	Office, multi-family residential, retail, hospitality, and industrial real estate	$	302	$	165
REIT loans (1)	Office real estate	$	—	$	113
Residential mortgage loans	Single family homes	$	3	$	9

(1) During the nine months ended June 30, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

Credit quality indicators

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

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

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

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

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

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

24

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

The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.

	As of and for the nine months ended June 30, 2026
	Loans by origination fiscal year
$ in millions	2026		2025		2024		2023		2022		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	17	$	11	$	43	$	31	$	24	$	70	$	24,532	$	24,728
Special mention (1)	—		—		—		—		—		—		39		39
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	17	$	11	$	43	$	31	$	24	$	70	$	24,571	$	24,767
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

C&I loans
Risk rating:
Pass	$	559	$	576	$	704	$	288	$	879	$	3,301	$	3,658	$	9,965
Special mention	—		1		—		12		—		—		—		13
Substandard	—		—		1		—		—		32		8		41
Doubtful	—		—		—		—		—		20		1		21
Total C&I loans	$	559	$	577	$	705	$	300	$	879	$	3,353	$	3,667	$	10,040
Gross charge-offs	$	—	$	1	$	—	$	—	$	1	$	7	$	—	$	9

CRE loans
Risk rating:
Pass	$	870	$	1,486	$	527	$	773	$	1,227	$	1,534	$	819	$	7,236
Special mention	—		—		4		54		90		—		—		148
Substandard	—		—		22		50		83		127		—		282
Doubtful	—		—		—		—		—		23		—		23
Total CRE loans	$	870	$	1,486	$	553	$	877	$	1,400	$	1,684	$	819	$	7,689
Gross charge offs	$	—	$	—	$	—	$	—	$	19	$	3	$	—	$	22

REIT loans
Risk rating:
Pass	$	231	$	304	$	68	$	109	$	58	$	284	$	617	$	1,671
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	231	$	304	$	68	$	109	$	58	$	284	$	617	$	1,671
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgage loans
Risk rating:
Pass	$	1,802	$	1,677	$	1,072	$	1,316	$	2,365	$	2,925	$	40	$	11,197
Special mention	—		—		1		1		4		5		—		11
Substandard	—		—		—		1		4		10		—		15
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,802	$	1,677	$	1,073	$	1,318	$	2,373	$	2,940	$	40	$	11,223
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Tax-exempt loans
Risk rating:
Pass	$	55	$	49	$	—	$	57	$	185	$	755	$	—	$	1,101
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	55	$	49	$	—	$	57	$	185	$	755	$	—	$	1,101
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)As of June 30, 2026, this balance was related to a loan which was collateralized by private securities.

25

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

	As of and for the year ended September 30, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	21	$	62	$	30	$	20	$	29	$	43	$	19,485	$	19,690
Special mention (1)	—		—		—		—		—		—		85		85
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	21	$	62	$	30	$	20	$	29	$	43	$	19,570	$	19,775
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

C&I loans
Risk rating:
Pass	$	746	$	743	$	366	$	1,016	$	849	$	3,495	$	3,455	$	10,670
Special mention	—		—		16		1		—		—		3		20
Substandard	—		1		—		—		2		64		20		87
Doubtful	—		—		—		—		—		—		—		—
Total C&I loans	$	746	$	744	$	382	$	1,017	$	851	$	3,559	$	3,478	$	10,777
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	32	$	1	$	33

CRE loans
Risk rating:
Pass	$	1,333	$	789	$	1,023	$	1,698	$	599	$	1,473	$	612	$	7,527
Special mention	—		—		25		90		—		7		—		122
Substandard	—		—		27		86		—		55		—		168
Doubtful	—		—		—		—		—		23		—		23
Total CRE loans	$	1,333	$	789	$	1,075	$	1,874	$	599	$	1,558	$	612	$	7,840
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	11	$	1	$	12

REIT loans
Risk rating:
Pass	$	289	$	128	$	158	$	59	$	113	$	241	$	570	$	1,558
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		19		—		113		—		—		132
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	289	$	128	$	177	$	59	$	226	$	241	$	570	$	1,690
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgage loans
Risk rating:
Pass	$	1,810	$	1,206	$	1,465	$	2,511	$	1,389	$	1,849	$	42	$	10,272
Special mention	—		—		—		1		1		3		—		5
Substandard	—		—		—		6		—		12		—		18
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,810	$	1,206	$	1,465	$	2,518	$	1,390	$	1,864	$	42	$	10,295
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1

Tax-exempt loans
Risk rating:
Pass	$	49	$	62	$	57	$	215	$	144	$	699	$	—	$	1,226
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	49	$	62	$	57	$	215	$	144	$	699	$	—	$	1,226
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

26

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

We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.

	June 30, 2026
	Loans by origination fiscal year
$ in millions	2026		2025		2024		2023		2022		Prior		Revolving loans		Total
FICO score:
Below 600	$	2	$	4	$	10	$	9	$	16	$	25	$	—	$	66
600 - 699	77		61		44		67		111		116		7		483
700 - 799	1,412		982		636		721		1,293		1,585		27		6,656
800 +	310		630		381		521		953		1,211		6		4,012
FICO score not available	1		—		2		—		—		3		—		6
Total	$	1,802	$	1,677	$	1,073	$	1,318	$	2,373	$	2,940	$	40	$	11,223
LTV ratio:
Below 80%	$	1,178	$	1,178	$	775	$	930	$	1,823	$	2,280	$	40	$	8,204
80%+	624		499		298		388		550		660		—		3,019
Total	$	1,802	$	1,677	$	1,073	$	1,318	$	2,373	$	2,940	$	40	$	11,223

	September 30, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
FICO score:
Below 600	$	5	$	5	$	11	$	17	$	7	$	18	$	—	$	63
600 - 699	74		60		66		96		43		90		5		434
700 - 799	1,424		747		815		1,419		744		1,026		29		6,204
800 +	306		392		572		986		594		727		8		3,585
FICO score not available	1		2		1		—		2		3		—		9
Total	$	1,810	$	1,206	$	1,465	$	2,518	$	1,390	$	1,864	$	42	$	10,295
LTV ratio:
Below 80%	$	1,271	$	874	$	1,037	$	1,926	$	1,100	$	1,432	$	41	$	7,681
80%+	539		332		428		592		290		432		1		2,614
Total	$	1,810	$	1,206	$	1,465	$	2,518	$	1,390	$	1,864	$	42	$	10,295

27

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

Allowance for credit losses

The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.

$ in millions	SBL			C&I loans			CRE loans (1)			REIT loans (1)			Residential mortgage loans			Tax-exempt loans			Total
Three months ended June 30, 2026
Balance at beginning of period	$	6		$	144		$	206		$	19		$	64		$	1		$	440
Provision/(benefit) for credit losses	(1)			(15)			(6)			(4)			—			—			(26)
Net (charge-offs)/recoveries:
Charge-offs	—			(8)			(8)			—			—			—			(16)
Recoveries	—			—			1			—			—			—			1
Net charge-offs	—			(8)			(7)			—			—			—			(15)
Foreign exchange translation adjustment	—			—			(1)			—			—			—			(1)
Balance at end of period	$	5		$	121		$	192		$	15		$	64		$	1		$	398
Nine months ended June 30, 2026
Balance at beginning of period	$	8		$	148		$	182		$	52		$	61		$	1		$	452
Provision/(benefit) for credit losses	(3)			(18)			32			(37)			2			—			(24)
Net (charge-offs)/recoveries:
Charge-offs	—			(9)			(22)			—			—			—			(31)
Recoveries	—			—			1			—			1			—			2
Net (charge-offs)/recoveries	—			(9)			(21)			—			1			—			(29)
Foreign exchange translation adjustment	—			—			(1)			—			—			—			(1)
Balance at end of period	$	5		$	121		$	192		$	15		$	64		$	1		$	398
ACL by loan portfolio segment as a % of total ACL	1.3		%	30.3		%	48.2		%	3.8		%	16.1		%	0.3		%	100.0		%
Three months ended June 30, 2025
Balance at beginning of period	$	7		$	171		$	181		$	32		$	60		$	1		$	452
Provision/(benefit) for credit losses	(1)			12			(1)			4			1			—			15
Net (charge-offs)/recoveries:
Charge-offs	—			(4)			—			—			—			—			(4)
Recoveries	—			1			—			—			—			—			1
Net charge-offs	—			(3)			—			—			—			—			(3)
Foreign exchange translation adjustment	—			1			—			—			—			—			1
Balance at end of period	$	6		$	181		$	180		$	36		$	61		$	1		$	465
Nine months ended June 30, 2025
Balance at beginning of period	$	6		$	173		$	188		$	23		$	65		$	2		$	457
Provision/(benefit) for credit losses	—			23			—			13			(4)			(1)			31
Net (charge-offs)/recoveries:
Charge-offs	—			(17)			(8)			—			—			—			(25)
Recoveries	—			2			1			—			—			—			3
Net charge-offs	—			(15)			(7)			—			—			—			(22)
Foreign exchange translation adjustment	—			—			(1)			—			—			—			(1)
Balance at end of period	$	6		$	181		$	180		$	36		$	61		$	1		$	465
ACL by loan portfolio segment as a % of total ACL	1.3		%	39.0		%	38.7		%	7.7		%	13.1		%	0.2		%	100.0		%

(1) During the nine months ended June 30, 2026, a certain loan and the associated allowance was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

The allowance for credit losses on held for investment bank loans decreased $42 million and $54 million during the three and nine months ended June 30, 2026, respectively, primarily due to a $26 million and $24 million bank loan benefit for credit losses, respectively, and net charge-offs of $15 million and $29 million, respectively. The bank loan benefit for credit losses for the three and nine months ended June 30, 2026 primarily reflected net paydowns in our corporate loan portfolio, improved credit quality within our loan portfolio, and, for the nine-month period, an improved macroeconomic outlook.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $22 million, $23 million, and $24 million at June 30, 2026, March 31, 2026, and September 30, 2025, respectively.

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

NOTE 9 – LOANS TO FINANCIAL ADVISORS, NET

Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.

$ in millions	June 30, 2026			September 30, 2025
Affiliated with the firm as of period-end (1)	$	2,108		$	1,658
No longer affiliated with the firm as of period-end (2)	8			7
Total loans to financial advisors	2,116			1,665
Allowance for credit losses	(47)			(39)
Loans to financial advisors, net	$	2,069		$	1,626
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)	$	17		$	12
Allowance for credit losses as a percent of total loans to financial advisors	2.22		%	2.34		%

(1)These loans were predominantly current.

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

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

NOTE 10 – VARIABLE INTEREST ENTITIES

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

VIEs where we are the primary beneficiary

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

$ in millions	Aggregate assets		Aggregate liabilities
June 30, 2026
LIHTC funds	$	284	$	145
Restricted Stock Trust Fund	30		30
Total	$	314	$	175
September 30, 2025
LIHTC funds	$	74	$	20
Restricted Stock Trust Fund	19		19
Total	$	93	$	39

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

The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table.

$ in millions	June 30, 2026		September 30, 2025
Assets:
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash	$	24	$	19
Other assets	260		55
Total assets	$	284	$	74
Liabilities:
Other payables	$	136	$	13
Total liabilities	$	136	$	13
Noncontrolling interests	$	42	$	1

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

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

Aggregate assets, liabilities, and risk of loss

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.

	June 30, 2026						September 30, 2025
$ in millions	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
LIHTC funds	$	10,222	$	3,028	$	77	$	9,680	$	3,031	$	133
Private Equity Interests	3,216		976		112		3,043		948		105
Other	830		244		137		596		217		115
Total	$	14,268	$	4,248	$	326	$	13,319	$	4,196	$	353

NOTE 11 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. During the nine months ended June 30, 2026, we acquired GreensLedge and Clark Capital, which resulted in an increase in our goodwill and identifiable intangible assets. See Note 3 for additional information on these acquisitions and the related goodwill and identifiable intangibles assets. See Notes 2 and 10 of our 2025 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

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

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

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

NOTE 12 - OTHER ASSETS

The following table details the components of other assets as of the dates indicated. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to certain of these components.

$ in millions	June 30, 2026		September 30, 2025
Investments in corporate-owned life insurance policies	$	1,795	$	1,575
Property and equipment, net	714		670
ROU lease assets	617		583
Prepaid expenses	252		218
Investments in FHLB and FRB stock	103		103
Client-owned fractional shares	216		171
All other	418		195
Total other assets	$	4,115	$	3,515

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

NOTE 13 – LEASES

The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 13 of our 2025 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.

$ in millions	June 30, 2026		September 30, 2025
ROU lease assets (included in “Other assets”)	$	617	$	583
Lease liabilities (included in “Other payables”)	$	568	$	538

Lease liabilities as of June 30, 2026 excluded $94 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence later in fiscal year 2026 through fiscal year 2027 with lease terms of up to 11 years.

Lease expense

The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2026		2025		2026		2025
Lease costs	$	41	$	37	$	117	$	110
Variable lease costs	$	10	$	7	$	25	$	20

Variable lease costs in the preceding table included payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities.

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

NOTE 14 – BANK DEPOSITS

Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits held by our bank subsidiaries. The following table presents a summary of bank deposits, excluding affiliate deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.

	June 30, 2026				September 30, 2025
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	34,132	1.33	%	$	33,881	1.60	%
Interest-bearing demand deposits	25,254		3.52	%	22,532		3.86	%
Certificates of deposit	3,326		3.92	%	1,937		4.21	%
Non-interest-bearing demand deposits	607		—		547		—
Total bank deposits	$	63,319	2.35	%	$	58,897	2.56	%

Total bank deposits included $26.00 billion and $26.56 billion as of June 30, 2026 and September 30, 2025, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), and substantially all of these deposits were included in money market and savings accounts in the preceding table. Total bank deposits in the preceding table included $14.91 billion and $13.47 billion of deposits as of June 30, 2026 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. Substantially all of the ESP balances were reflected in interest-bearing demand deposits in the preceding table.

The following table details the amount of total bank deposits (which excluded affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period end.

$ in millions	June 30, 2026			September 30, 2025
FDIC-insured bank deposits	$	52,461		$	49,117
Bank deposits exceeding FDIC insurance limit (1) (2)	10,858			9,780
Total bank deposits	$	63,319		$	58,897
FDIC-insured bank deposits as a % of total bank deposits	83		%	83		%

(1)Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.

(2)Excluded affiliate deposits exceeding the FDIC insurance limit of $1.34 billion and $1.24 billion as of June 30, 2026 and September 30, 2025, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of June 30, 2026.

$ in millions	June 30, 2026
Three months or less	$	73
Over three through six months	92
Over six through twelve months	32
Over twelve months	313
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	510

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

32

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

The maturities by fiscal year of our certificates of deposit as of June 30, 2026 are presented in the following table.

	$ in millions
Remainder of 2026	$	652
2027	1,413
2028	877
2029	228
2030	88
Thereafter	68
Total certificates of deposit	$	3,326

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2026		2025		2026		2025
Money market and savings accounts	$	117	$	142	$	359	$	446
Interest-bearing demand deposits	204		212		589		646
Certificates of deposit	27		19		69		71
Total interest expense on deposits	$	348	$	373	$	1,017	$	1,163

During the nine months ended June 30, 2026 and 2025, we used an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate. This interest rate swap matured during the three months ended March 31, 2026 and was not renewed. See Note 2 of our 2025 Form 10-K for information regarding this interest rate swap, which was designated and accounted for as a cash flow hedge.

NOTE 15 – OTHER BORROWINGS

The following table details the components of our other borrowings.

	June 30, 2026					September 30, 2025
$ in millions	Weighted-average interest rate		Maturity date	Balance		Weighted-average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term	3.89	%	December 2026 - September 2027	$	300	4.44	%	December 2025 - December 2026	$	500
Fixed rate	4.04	%	December 2027 - December 2028	400		4.10	%	December 2028	200
Total FHLB advances				700					700
Secured and unsecured lines of credit	4.30	%	Overnight	250		N/A		N/A	—
Total other borrowings				$	950				$	700

FHLB advances

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

33

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

Credit Facility

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

Other

In addition to the Credit Facility, we maintain various uncommitted secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes. As of June 30, 2026, $250 million was outstanding under our secured and unsecured lines of credit compared with no borrowings outstanding under our lines of credit as of September 30, 2025. Borrowings during the period were generally day-to-day. The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.

A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of June 30, 2026, the clearing organization is under no contractual obligation to lend to us under this arrangement. We also have other collateralized financings included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition. See Note 7 for information regarding our other collateralized financing arrangements.

NOTE 16 – INCOME TAXES

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

Effective income tax rate

Our effective income tax rate was 23.1% for the nine months ended June 30, 2026, compared with 21.3% for our fiscal year 2025. The increase in the effective income tax rate was primarily driven by lower share-based compensation deductions in the current-year period compared with fiscal 2025, as well as the favorable impact on our fiscal 2025 effective income tax rate of the release of accruals for uncertain tax positions following the expiration of applicable statutes of limitations that did not reoccur in the current-year period. For additional information regarding our fiscal 2025 effective income tax rate, refer to Note 17 of our 2025 Form 10-K.

Uncertain tax positions

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $13 million due to expiration of statutes of limitations of federal and state tax returns.

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

NOTE 17 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments and contingencies

Underwriting commitments

In the normal course of business, we enter into commitments for debt and equity underwritings. As of June 30, 2026, we had four such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Lending commitments and other credit-related financial instruments

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

The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.

$ in millions	June 30, 2026		September 30, 2025
SBL and other consumer lines of credit	$	68,139	$	56,048
Commercial lines of credit	$	5,150	$	5,441
Unfunded lending commitments	$	534	$	716
Standby letters of credit	$	234	$	217

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

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

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

We offer loans to prospective financial advisors for recruiting and retention purposes. See Note 2 of our 2025 Form 10-K and Note 9 of this Form 10-Q for additional information regarding our loans to financial advisors. These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer. We had unfunded commitments of $14 million for loans to financial advisors who have met such conditions as of June 30, 2026.

Investment commitments

As of June 30, 2026, we had unfunded commitments of $148 million, primarily related to investments held by Raymond James Bank and TriState Capital Bank and certain renewable energy tax credit investments.

35

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

Other commitments

Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of June 30, 2026, RJAHI had committed approximately $185 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.

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

For information regarding our lease commitments see Note 13 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 13 of our 2025 Form 10-K. For information regarding our contingent consideration related to our acquisitions see Note 3 and Note 4 of this Form 10-Q.

Legal and regulatory matters contingencies

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

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

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

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

There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2026, the estimated upper end of the range of reasonably possible aggregate loss was approximately $10 million in excess of the aggregate accruals for such matters.  Refer to Note 2 of our 2025 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.

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

NOTE 18 – SHAREHOLDERS’ EQUITY

Preferred stock

On January 2, 2026, we redeemed all 80,500 outstanding shares of our 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”), which triggered the redemption of the related depositary shares, each representing a 1/40th interest of a share of Series B Preferred Stock, for an aggregate redemption value of $81 million. For further details regarding our preferred stock see Note 19 of our 2025 Form 10‑K.

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock.

$ in millions	June 30, 2026		September 30, 2025
Series B Preferred Stock:
Shares outstanding	—		80,500
Carrying value	$	—	$	79
Aggregate liquidation preference	$	—	$	81

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and nine months ended June 30, 2026 and 2025.

	Three months ended June 30,				Nine months ended June 30,
$ in millions, except per share amounts	2026		2025		2026		2025
Dividends declared:
Total dividends declared (1)	$	—	$	1	$	3	$	4
Dividends declared per preferred share	$	—	$	15.94	$	15.94	$	47.82
Dividends paid:
Total dividends paid (1)	$	—	$	1	$	4	$	4
Dividends paid per preferred share	$	—	$	15.94	$	31.88	$	47.82

(1)Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the nine months ended June 30, 2026 included the $2 million excess of the redemption value of our Series B Preferred Stock over the carrying value, which was reported as an increase to preferred dividends and reduced net income available to common shareholders.

Common equity

The following table presents the changes in our common shares outstanding for the three and nine months ended June 30, 2026 and 2025.

	Three months ended June 30,		Nine months ended June 30,
Shares in millions	2026	2025	2026	2025
Balance beginning of period	194.6	203.1	198.1	203.3
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization	(2.6)	(3.3)	(7.7)	(5.3)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures	0.1	0.2	1.7	2.0
Balance end of period	192.1	200.0	192.1	200.0

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 21 of this Form 10-Q and Note 22 of our 2025 Form 10-K for additional information on these programs.

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

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In December 2025, our Board of Directors authorized common stock repurchases of up to $2 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended June 30, 2026, we repurchased 2.6 million shares of our common stock for $400 million at an average price of $152 per share. During the nine months ended June 30, 2026, we repurchased 7.7 million shares of our common stock for $1.2 billion. As of June 30, 2026, $1.1 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.

	Three months ended June 30,				Nine months ended June 30,
	2026		2025		2026		2025
Dividends per common share - declared	$	0.54	$	0.50	$	1.62	$	1.50
Dividends per common share - paid	$	0.54	$	0.50	$	1.58	$	1.45

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.

	Three months ended June 30,				Nine months ended June 30,
	2026		2025		2026		2025
Dividend payout ratio	17.9	%	23.6	%	19.0	%	20.4	%

We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by our regulators on dividends to the parent from our subsidiaries. See Note 22 of this Form 10-Q for additional information on our regulatory capital requirements.

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

Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.

$ in millions	Net investment hedges		Currency translations		Subtotal: net investment hedges and currency translations		Available- for-sale securities		Cash flow hedges		Total
Three months ended June 30, 2026
AOCI as of beginning of period	$	190	$	(205)	$	(15)	$	(358)	$	5	$	(368)
OCI:
OCI before reclassifications and taxes	29		(25)		4		(13)		1		(8)
Amounts reclassified from AOCI, before tax	—		—		—		—		(2)		(2)
Pre-tax net OCI	29		(25)		4		(13)		(1)		(10)
Income tax effect	(6)		—		(6)		3		—		(3)
OCI for the period, net of tax	23		(25)		(2)		(10)		(1)		(13)
AOCI as of end of period	$	213	$	(230)	$	(17)	$	(368)	$	4	$	(381)
Nine months ended June 30, 2026
AOCI as of beginning of period	$	184	$	(196)	$	(12)	$	(391)	$	7	$	(396)
OCI:
OCI before reclassifications and taxes	38		(34)		4		31		3		38
Amounts reclassified from AOCI, before tax	—		—		—		—		(7)		(7)
Pre-tax net OCI	38		(34)		4		31		(4)		31
Income tax effect	(9)		—		(9)		(8)		1		(16)
OCI for the period, net of tax	29		(34)		(5)		23		(3)		15
AOCI as of end of period	$	213	$	(230)	$	(17)	$	(368)	$	4	$	(381)
Three months ended June 30, 2025
AOCI as of beginning of period	$	205	$	(263)	$	(58)	$	(496)	$	8	$	(546)
OCI:
OCI before reclassifications and taxes	(60)		104		44		71		—		115
Amounts reclassified from AOCI, before tax	—		—		—		—		(4)		(4)
Pre-tax net OCI	(60)		104		44		71		(4)		111
Income tax effect	14		—		14		(18)		1		(3)
OCI for the period, net of tax	(46)		104		58		53		(3)		108
AOCI as of end of period	$	159	$	(159)	$	—	$	(443)	$	5	$	(438)
Nine months ended June 30, 2025
AOCI as of beginning of period	$	145	$	(169)	$	(24)	$	(485)	$	7	$	(502)
OCI:
OCI before reclassifications and taxes	19		10		29		52		13		94
Amounts reclassified from AOCI, before tax	—		—		—		2		(16)		(14)
Pre-tax net OCI	19		10		29		54		(3)		80
Income tax effect	(5)		—		(5)		(12)		1		(16)
OCI for the period, net of tax	14		10		24		42		(2)		64
AOCI as of end of period	$	159	$	(159)	$	—	$	(443)	$	5	$	(438)

Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2026 and three months ended June 30, 2025 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the nine months ended June 30, 2025 were recorded in “Other revenue” and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

39

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

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2025 Form 10-K. In addition, see Note 6 of this Form 10-Q for additional information on these derivatives.

NOTE 19 – REVENUES

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 24 of this Form 10-Q for additional information on our segments.

	Three months ended June 30, 2026
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,734	$	—	$	352	$	—	$	(11)	$	2,075
Brokerage revenues:
Securities commissions:
Mutual and other fund products	170		2		1		—		—		173
Insurance and annuity products	142		—		—		—		—		142
Equities, exchange-traded funds (“ETFs”) and fixed income products	145		48		—		—		(5)		188
Subtotal securities commissions	457		50		1		—		(5)		503
Principal transactions (1)	28		99		—		—		(1)		126
Total brokerage revenues	485		149		1		—		(6)		629
Account and service fees:
Mutual fund and other investment products	149		1		3		—		—		153
RJBDP fees	283		2		—		—		(187)		98
Client account and other fees	78		2		3		—		(18)		65
Total account and service fees	510		5		6		—		(205)		316
Investment banking:
Merger & acquisition and advisory	—		150		—		—		(3)		147
Equity underwriting	9		50		—		—		—		59
Debt underwriting	—		85		—		—		—		85
Total investment banking	9		285		—		—		(3)		291
Other:
Affordable housing investments business revenues	—		35		—		—		—		35
All other (1)	8		1		1		16		(4)		22
Total other	8		36		1		16		(4)		57
Total non-interest revenues	2,746		475		360		16		(229)		3,368
Interest income (1)	115		25		2		831		21		994
Total revenues	2,861		500		362		847		(208)		4,362
Interest expense	(20)		(23)		—		(359)		(32)		(434)
Net revenues	$	2,841	$	477	$	362	$	488	$	(240)	$	3,928

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

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

	Three months ended June 30, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,462	$	—	$	280	$	—	$	(9)	$	1,733
Brokerage revenues:
Securities commissions:
Mutual and other fund products	146		1		1		—		—		148
Insurance and annuity products	129		—		—		—		—		129
Equities, ETFs and fixed income products	115		41		1		—		(3)		154
Subtotal securities commissions	390		42		2		—		(3)		431
Principal transactions (1)	30		96		—		2		—		128
Total brokerage revenues	420		138		2		2		(3)		559
Account and service fees:
Mutual fund and other investment products	126		—		3		—		—		129
RJBDP fees	303		2		—		—		(195)		110
Client account and other fees	72		2		2		—		(13)		63
Total account and service fees	501		4		5		—		(208)		302
Investment banking:
Merger & acquisition and advisory	—		105		—		—		—		105
Equity underwriting	9		38		—		—		—		47
Debt underwriting	—		60		—		—		—		60
Total investment banking	9		203		—		—		—		212
Other:
Affordable housing investments business revenues	—		33		—		—		—		33
All other (1)	5		—		1		16		(9)		13
Total other	5		33		1		16		(9)		46
Total non-interest revenues	2,397		378		288		18		(229)		2,852
Interest income (1)	114		27		3		823		23		990
Total revenues	2,511		405		291		841		(206)		3,842
Interest expense	(23)		(24)		—		(383)		(14)		(444)
Net revenues	$	2,488	$	381	$	291	$	458	$	(220)	$	3,398

(1)    These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

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

	Nine months ended June 30, 2026
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	5,138	$	1	$	983	$	—	$	(32)	$	6,090
Brokerage revenues:
Securities commissions:
Mutual and other fund products	510		6		3		—		(1)		518
Insurance and annuity products	406		—		—		—		—		406
Equities, ETFs and fixed income products	440		144		—		—		(12)		572
Subtotal securities commissions	1,356		150		3		—		(13)		1,496
Principal transactions (1)	87		296		—		7		(2)		388
Total brokerage revenues	1,443		446		3		7		(15)		1,884
Account and service fees:
Mutual fund and other investment products	443		2		11		—		(2)		454
RJBDP fees	852		5		—		—		(565)		292
Client account and other fees	223		6		8		—		(48)		189
Total account and service fees	1,518		13		19		—		(615)		935
Investment banking:
Merger & acquisition and advisory	—		408		—		—		(3)		405
Equity underwriting	24		137		—		—		—		161
Debt underwriting	—		212		—		—		—		212
Total investment banking	24		757		—		—		(3)		778
Other:
Affordable housing investments business revenues	—		94		—		—		—		94
All other (1)	20		2		2		40		(6)		58
Total other	20		96		2		40		(6)		152
Total non-interest revenues	8,143		1,313		1,007		47		(671)		9,839
Interest income (1)	336		80		8		2,464		73		2,961
Total revenues	8,479		1,393		1,015		2,511		(598)		12,800
Interest expense	(60)		(72)		—		(1,050)		(96)		(1,278)
Net revenues	$	8,419	$	1,321	$	1,015	$	1,461	$	(694)	$	11,522

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

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

	Nine months ended June 30, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	4,395	$	1	$	840	$	—	$	(35)	$	5,201
Brokerage revenues:
Securities commissions:
Mutual and other fund products	450		5		3		—		(1)		457
Insurance and annuity products	364		—		—		—		—		364
Equities, ETFs and fixed income products	371		117		3		—		(10)		481
Subtotal securities commissions	1,185		122		6		—		(11)		1,302
Principal transactions (1)	87		303		—		6		—		396
Total brokerage revenues	1,272		425		6		6		(11)		1,698
Account and service fees:
Mutual fund and other investment products	382		—		10		—		(1)		391
RJBDP fees	947		5		—		—		(568)		384
Client account and other fees	208		6		7		—		(31)		190
Total account and service fees	1,537		11		17		—		(600)		965
Investment banking:
Merger & acquisition and advisory	—		460		—		—		—		460
Equity underwriting	26		104		—		—		—		130
Debt underwriting	—		163		—		—		—		163
Total investment banking	26		727		—		—		—		753
Other:
Affordable housing investments business revenues	—		82		—		—		—		82
All other (1)	16		1		1		38		(13)		43
Total other	16		83		1		38		(13)		125
Total non-interest revenues	7,246		1,247		864		44		(659)		8,742
Interest income (1)	350		84		10		2,472		64		2,980
Total revenues	7,596		1,331		874		2,516		(595)		11,722
Interest expense	(74)		(74)		—		(1,199)		(37)		(1,384)
Net revenues	$	7,522	$	1,257	$	874	$	1,317	$	(632)	$	10,338

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

At June 30, 2026 and September 30, 2025, net receivables related to contracts with customers were $564 million and $532 million, respectively.

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

NOTE 20 – INTEREST INCOME AND INTEREST EXPENSE

For further information about our significant accounting policies related to interest income and interest expense see Notes 2 and 21 of our 2025 Form 10-K. The following table details the components of interest income and interest expense.

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2026		2025		2026		2025
Interest income:
Cash and cash equivalents	$	88	$	103	$	275	$	331
Assets segregated for regulatory purposes and restricted cash	32		36		98		114
Trading assets — debt securities	20		19		61		57
Available-for-sale securities	43		45		124		142
Brokerage client receivables	44		42		128		128
Bank loans, net	736		715		2,183		2,123
All other	31		30		92		85
Total interest income	$	994	$	990	$	2,961	$	2,980
Interest expense:
Bank deposits	$	348	$	373	1,017		$	1,163
Trading liabilities — debt securities	11		11		35		32
Brokerage client payables	13		15		37		52
Other borrowings	6		7		16		21
Senior notes payable	43		23		129		69
All other	13		15		44		47
Total interest expense	$	434	$	444	$	1,278	$	1,384
Net interest income	$	560	$	546	$	1,683	$	1,596
Less: Bank loan provision/(benefit) for credit losses	(26)		15		(24)		31
Net interest income after bank loan provision/(benefit) for credit losses	$	586	$	531	$	1,707	$	1,565

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

NOTE 21 – SHARE-BASED COMPENSATION

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

Restricted stock units

During the three and nine months ended June 30, 2026, we granted approximately 67 thousand and 1.7 million RSUs, respectively, with a weighted-average grant-date fair value of $153.48 and $156.50, respectively, compared with approximately 110 thousand and 2.0 million RSUs granted during the three and nine months ended June 30, 2025, respectively, with a weighted-average grant-date fair value of $148.72 and $162.23, respectively. For the three and nine months ended June 30, 2026, total share-based compensation amortization related to RSUs was $48 million and $176 million, respectively, compared with $49 million and $192 million for the three and nine months ended June 30, 2025, respectively.

As of June 30, 2026, there were $383 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2026. These costs are expected to be recognized over a weighted-average period of three years.

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

NOTE 22 – REGULATORY CAPITAL REQUIREMENTS

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

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

Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of June 30, 2026, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 23 of our 2025 Form 10-K.

The following table presents regulatory capital ratio requirements for RJF as of June 30, 2026 and September 30, 2025.

	Required ratio (1)		Well-capitalized		June 30, 2026				September 30, 2025
$ in millions					Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		11.7	%	$	10,651	13.1	%	$	11,156
Tier 1 capital	8.5	%	6.0	%	21.5	%	$	10,651	23.0	%	$	11,156
CET1 capital	7.0	%	N/A (2)		21.5	%	$	10,651	22.9	%	$	11,081
Total capital	10.5	%	10.0	%	22.5	%	$	11,126	24.1	%	$	11,687

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

(2)The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs.

As of June 30, 2026, RJF’s regulatory capital decreased compared with September 30, 2025, primarily due to share repurchases, dividends, goodwill and intangible assets arising from our current-year acquisitions (see Note 3 for further information), and the redemption of our Series B preferred stock, partially offset by positive earnings. RJF’s tier 1 capital and total capital ratios decreased compared with September 30, 2025 resulting from the decrease in regulatory capital and an increase in risk-weighted assets. The increase in risk-weighted assets was primarily driven by increases in other assets, including investments in corporate-owned life insurance policies. RJF’s tier 1 leverage ratio at June 30, 2026 decreased compared to September 30, 2025 due to an increase in average assets and the decrease in regulatory capital. The increase in average assets was primarily driven by increases in average bank loans.

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

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of June 30, 2026 and September 30, 2025. Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.

	Required ratio (1)		Well-capitalized		June 30, 2026				September 30, 2025
$ in millions					Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.0	%	$	3,612	8.0	%	$	3,434
Tier 1 capital	8.5	%	8.0	%	15.1	%	$	3,612	13.9	%	$	3,434
CET1 capital	7.0	%	6.5	%	15.1	%	$	3,612	13.9	%	$	3,434
Total capital	10.5	%	10.0	%	16.4	%	$	3,911	15.2	%	$	3,743
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.4	%	$	1,796	7.6	%	$	1,661
Tier 1 capital	8.5	%	8.0	%	18.5	%	$	1,796	16.8	%	$	1,661
CET1 capital	7.0	%	6.5	%	18.5	%	$	1,796	16.8	%	$	1,661
Total capital	10.5	%	10.0	%	19.1	%	$	1,859	17.5	%	$	1,732

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

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

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A.

$ in millions	June 30, 2026			September 30, 2025
Raymond James & Associates, Inc.:
(Alternative Method elected)
Net capital as a percent of aggregate debit items	21.4		%	30.3		%
Net capital	$	984		$	1,030
Less: required net capital	(92)			(68)
Excess net capital	$	892		$	962

As of June 30, 2026, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

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

NOTE 23 – EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share.

	Three months ended June 30,				Nine months ended June 30,
$ in millions, except per share amounts	2026		2025		2026		2025
Income for basic earnings per common share:
Net income available to common shareholders	$	595	$	435	$	1,699	$	1,527
Less allocation of earnings and dividends to participating securities	(1)		—		(2)		(2)
Net income available to common shareholders after participating securities	$	594	$	435	$	1,697	$	1,525
Income for diluted earnings per common share:
Net income available to common shareholders	$	595	$	435	$	1,699	$	1,527
Less allocation of earnings and dividends to participating securities	(1)		—		(2)		(2)
Net income available to common shareholders after participating securities	$	594	$	435	$	1,697	$	1,525
Common shares:
Average common shares in basic computation	194.0		201.2		195.7		203.0
Dilutive effect of outstanding stock options and certain RSUs	3.2		4.3		3.4		4.6
Average common and common equivalent shares used in diluted computation	197.2		205.5		199.1		207.6
Earnings per common share:
Basic	$	3.06	$	2.16	$	8.67	$	7.51
Diluted	$	3.01	$	2.12	$	8.52	$	7.35
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	0.1		1.1		—		1.1

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of restricted stock awards and certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2026 and 2025.  Undistributed earnings are allocated to participating securities based upon their right to share in earnings as if all earnings for the period had been distributed.

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

NOTE 24 – SEGMENT INFORMATION

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

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

The following tables present information concerning operations in these segments.

$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Three months ended June 30, 2026
Revenues:
Non-interest revenues (1)	$	2,746	$	475	$	360	$	16	$	(229)	$	3,368
Net interest income	95		2		2		472		(11)		560
Net revenues	2,841		477		362		488		(240)		3,928
Non-interest expenses:
Compensation, commissions and benefits	2,124		300		76		47		32		2,579
Bank loan benefit for credit losses	—		—		—		(26)		—		(26)
All other (1)	294		129		143		261		(202)		625
Total non-interest expense	2,418		429		219		282		(170)		3,178
Total pre-tax income/(loss)	$	423	$	48	$	143	$	206	$	(70)	$	750
Three months ended June 30, 2025
Revenues:
Non-interest revenues (1)	$	2,397	$	378	$	288	$	18	$	(229)	$	2,852
Net interest income	91		3		3		440		9		546
Net revenues	2,488		381		291		458		(220)		3,398
Non-interest expenses:
Compensation, commissions and benefits	1,803		262		54		47		36		2,202
Bank loan provision for credit losses	—		—		—		15		—		15
All other (1)	274		173		112		273		(214)		618
Total non-interest expense	2,077		435		166		335		(178)		2,835
Total pre-tax income/(loss)	$	411	$	(54)	$	125	$	123	$	(42)	$	563

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $185 million and $193 million of RJBDP fees paid to PCG for the three months ended June 30, 2026 and 2025, respectively. Such fees were eliminated in consolidation.

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

$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Nine months ended June 30, 2026
Revenues:
Non-interest revenues (1)	$	8,143	$	1,313	$	1,007	$	47	$	(671)	$	9,839
Net interest income	276		8		8		1,414		(23)		1,683
Net revenues	8,419		1,321		1,015		1,461		(694)		11,522
Non-interest expenses:
Compensation, commissions and benefits	6,283		854		200		142		91		7,570
Bank loan benefit for credit losses	—		—		—		(24)		—		(24)
All other (1)	858		359		392		798		(644)		1,763
Total non-interest expense	7,141		1,213		592		916		(553)		9,309
Total pre-tax income/(loss)	$	1,278	$	108	$	423	$	545	$	(141)	$	2,213
Nine months ended June 30, 2025
Revenues:
Non-interest revenues (1)	$	7,246	$	1,247	$	864	$	44	$	(659)	$	8,742
Net interest income	276		10		10		1,273		27		1,596
Net revenues	7,522		1,257		874		1,317		(632)		10,338
Non-interest expenses:
Compensation, commissions and benefits	5,433		825		169		138		113		6,678
Bank loan provision for credit losses	—		—		—		31		—		31
All other (1)	785		376		334		790		(639)		1,646
Total non-interest expense	6,218		1,201		503		959		(526)		8,355
Total pre-tax income/(loss)	$	1,304	$	56	$	371	$	358	$	(106)	$	1,983

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $560 million and $563 million of RJBDP fees paid to PCG for the nine months ended June 30, 2026 and 2025, respectively. Such fees were eliminated in consolidation.

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

The following table presents our total assets on a segment basis.

$ in millions	June 30, 2026		September 30, 2025
Total assets:
Private Client Group	$	14,975	$	14,007
Capital Markets	3,912		3,426
Asset Management	1,263		632
Bank	70,054		65,263
Other	4,033		4,902
Total	$	94,237	$	88,230

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

Substantially all of our operations are located in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S.  The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2026		2025		2026		2025
Net revenues:
U.S.	$	3,589	$	3,107	$	10,526	$	9,445
Canada	189		149		565		474
Europe	150		142		431		419
Total net revenues	$	3,928	$	3,398	$	11,522	$	10,338
Pre-tax income/(loss):
U.S.	$	715	$	546	$	2,114	$	1,875
Canada	41		23		120		97
Europe	(6)		(6)		(21)		11
Total pre-tax income	$	750	$	563	$	2,213	$	1,983

The following table presents our total assets by major geographic area in which they were held.

$ in millions	June 30, 2026		September 30, 2025
Total assets:
U.S.	$	87,770	$	82,289
Canada	3,596		3,182
Europe	2,871		2,759
Total	$	94,237	$	88,230

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RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INDEX
	PAGE
Factors affecting “forward-looking statements”	52
Introduction	52
Executive overview	53
Reconciliation of non-GAAP financial measures to GAAP financial measures	56
Net interest analysis	59
Results of operations
Private Client Group	65
Capital Markets	69
Asset Management	70
Bank	73
Other	74
Statement of financial condition analysis	75
Liquidity and capital resources	75
Regulatory	81
Critical accounting estimates	82
Accounting standards update	83
Risk management	84

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

FACTORS AFFECTING “FORWARD-LOOKING STATEMENTS”

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

INTRODUCTION

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

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

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

EXECUTIVE OVERVIEW

Summary results of operations

	Three months ended June 30,						Nine months ended June 30,
$ in millions, except per share amounts	2026		2025		% change		2026		2025		% change
Net revenues	$	3,928	$	3,398	16	%	$	11,522	$	10,338	11	%
Compensation, commissions and benefits expense	$	2,579	$	2,202	17	%	$	7,570	$	6,678	13	%
Non-compensation expenses	$	599	$	633	(5)	%	$	1,739	$	1,677	4	%
Pre-tax income	$	750	$	563	33	%	$	2,213	$	1,983	12	%
Net income available to common shareholders	$	595	$	435	37	%	$	1,699	$	1,527	11	%
Earnings per common share – basic	$	3.06	$	2.16	42	%	$	8.67	$	7.51	15	%
Earnings per common share – diluted	$	3.01	$	2.12	42	%	$	8.52	$	7.35	16	%
Non-GAAP measures:
Adjusted net income available to common shareholders (1)	$	620	$	449	38	%	$	1,761	$	1,570	12	%
Adjusted earnings per common share - diluted (1)	$	3.14	$	2.18	44	%	$	8.83	$	7.55	17	%

	Three months ended June 30,				Nine months ended June 30,
Other selected financial highlights	2026		2025		2026		2025
Pre-tax margin	19.1	%	16.6	%	19.2	%	19.2	%
Adjusted pre-tax margin (1)	19.9	%	17.1	%	19.9	%	19.7	%
Annualized return on common equity (“ROCE”)	18.8	%	14.3	%	18.1	%	17.1	%
Adjusted annualized ROCE (1)	19.6	%	14.8	%	18.7	%	17.5	%
Annualized return on tangible common equity (“ROTCE”) (1)	22.6	%	16.7	%	21.3	%	19.9	%
Adjusted annualized ROTCE (1)	23.5	%	17.2	%	22.0	%	20.5	%
Total compensation ratio	65.7	%	64.8	%	65.7	%	64.6	%
Adjusted total compensation ratio (1)	65.5	%	64.5	%	65.5	%	64.4	%
Effective income tax rate	20.7	%	22.6	%	23.1	%	22.8	%

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

For our fiscal third quarter of 2026, we generated net revenues of $3.93 billion, an increase of 16% compared with the prior-year quarter, and pre-tax income of $750 million, an increase of 33%. Our net income available to common shareholders of $595 million increased 37% compared with the prior-year quarter and our earnings per diluted share were $3.01, an increase of 42%. Our ROCE was 18.8%, up from 14.3% for the prior-year quarter, and our ROTCE was 22.6%(1), compared with 16.7%(1) for the prior-year quarter.

For the three months ended June 30, 2026, adjusted net income available to common shareholders, which excluded the impact of $25 million of acquisition-related expenses, net of tax, was $620 million(1), an increase of 38% compared with adjusted net income available to common shareholders for the prior-year quarter. Our adjusted earnings per diluted share were $3.14(1), an increase of 44% compared with the prior-year quarter. Adjusted ROCE was 19.6%(1), compared with 14.8%(1) for the prior-year quarter, and adjusted ROTCE was 23.5%(1), compared with 17.2%(1) for the prior-year quarter.

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees, reflecting growth in PCG fee-based client assets resulting from market appreciation and net new assets driven by financial advisor recruiting and retention. Net revenues also increased due to higher investment banking revenues largely driven by higher mergers & acquisitions and advisory and debt underwriting revenues, and higher brokerage revenues due to an increase in client activity in our PCG segment.

(1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures.

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

Compensation, commissions and benefits expense increased 17%, primarily due to an increase in commissions expense resulting from higher asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs related to our growth, including incremental compensation expense associated with our current-year acquisitions of Clark Capital and GreensLedge and higher PCG financial advisor recruiting and retention-related compensation. Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.7% compared with 64.8% for the prior-year quarter. Our adjusted total compensation ratio, which excluded acquisition-related compensation expenses, was 65.5%(1) compared with 64.5%(1) for the prior-year quarter. The increase in the total compensation ratio primarily resulted from changes in our revenue mix compared with the prior-year quarter, as revenues with a higher associated direct compensation expense, including asset management and related administrative fees, increased, while interest-related revenues in the PCG segment, which have little associated direct compensation expense, decreased.

Non-compensation expenses decreased 5%, primarily due to a $58 million prior-year quarter expense associated with the settlement of a certain legal matter which did not reoccur, as well as the impact of a bank loan benefit for credit losses of $26 million for the current quarter compared with a provision of $15 million for the prior-year quarter. These decreases were partially offset by higher professional fees, reflecting an increase in external legal fees during the current quarter, and an increase in expenses related to our growth, including incremental expenses associated with our acquisitions of Clark Capital and GreensLedge in fiscal 2026 and higher business development expenses.

Our effective income tax rate was 20.7% for our fiscal third quarter of 2026, a decrease from 22.6% for the prior-year quarter largely due to higher non-taxable valuation gains on our corporate-owned life insurance policies reflected in the current quarter compared with the prior-year quarter.

We continue to maintain strong levels of liquidity and capital. As of June 30, 2026, our tier 1 leverage ratio was 11.7% and total capital ratio was 22.5%, both well above regulatory capital requirements. We also continue to have substantial liquidity with $2.5 billion of RJF corporate cash(2) as of June 30, 2026. Consistent with our long‑term strategic priorities and disciplined acquisition approach, during the current quarter we deployed capital and liquidity in connection with our acquisition of Clark Capital. During the three months ended June 30, 2026, we repurchased $400 million of our common stock at an average price of $152 per share under the Board’s common stock repurchase authorization, leaving $1.1 billion available under such authorization as of June 30, 2026. We believe our strong capital and liquidity positions enable us to continue to invest in growth across our businesses and remain opportunistic in our capital deployment.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

For the nine months ended June 30, 2026, we generated net revenues of $11.52 billion, an increase of 11% compared with the prior-year period, and pre-tax income of $2.21 billion, an increase of 12%. Our net income available to common shareholders of $1.70 billion was 11% higher than the prior-year period and our earnings per diluted share were $8.52, an increase of 16%. Our annualized ROCE was 18.1%, up from 17.1% for the prior-year period, and our annualized ROTCE was 21.3%(1), compared with 19.9%(1) for the prior-year period.

For the nine months ended June 30, 2026, adjusted net income available to common shareholders, which excluded the impact of $62 million of acquisition-related expenses, net of tax, was $1.76 billion(1), an increase of 12% compared with adjusted net income available to common shareholders for the prior-year period. Our adjusted earnings per diluted share were $8.83(1), an increase of 17% compared with the prior-year period. Adjusted annualized ROCE was 18.7%(1), compared with 17.5%(1) for the prior-year period, and adjusted annualized ROTCE was 22.0%(1), compared with 20.5%(1) for the prior-year period.

The increase in net revenues compared with the prior-year period was primarily due to higher asset management and related administrative fees, reflecting growth in PCG fee-based client assets resulting from market appreciation and net new assets driven by financial advisor recruiting and retention. Brokerage revenues also increased compared with the prior-year period largely due to an increase in client activity in our PCG segment, as well as higher trailing revenues primarily due to higher client asset values.

(1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures.

(2)For additional information, please see the “Liquidity and capital resources - Sources of liquidity” section in this MD&A.

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

Compensation, commissions and benefits expense increased 13%, primarily due to higher commissions expense resulting from an increase in asset management and related administrative fees and brokerage revenues in the PCG segment and an increase in compensation costs to support our growth, including PCG financial advisor recruiting and retention-related compensation. Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.7%, compared with 64.6% for the prior-year period. Our adjusted total compensation ratio, which excluded acquisition-related compensation expenses, was 65.5%(1), compared with 64.4%(1) for the prior-year period. For the year‑to‑date period, the increase in the total compensation ratio primarily reflected a shift in our revenue mix, as revenues with a higher associated direct compensation expense increased, including asset management and related administrative fees and brokerage revenues, while interest‑related revenues in the PCG segment, which have little associated direct compensation expense, decreased compared with the prior-year period.

Non-compensation expenses increased 4%, primarily due to an increase in expenses related to our growth, including higher communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses, including those related to financial advisor recruiting, higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs, and higher occupancy and equipment expenses. These increases were partially offset by the aforementioned $58 million prior-year period expense associated with the settlement of a certain legal matter which did not reoccur, as well as the impact of a bank loan benefit for credit losses of $24 million for the current-year period compared with a provision of $31 million for the prior-year period.

Our effective income tax rate was 23.1% for the nine months ended June 30, 2026, a slight increase from 22.8% for the prior-year period, primarily due to a lower benefit related to share-based compensation that settled during the current-year period compared with the prior-year period, partially offset by higher non-taxable valuation gains on our corporate-owned life insurance policies reflected in the current-year period compared with the prior-year period.

During the nine months ended June 30, 2026, we repurchased $1.2 billion of our common stock under the Board of Directors’ common stock repurchase authorization.

(1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures.

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that ROTCE is meaningful to investors as it facilitates comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

	Three months ended June 30,				Nine months ended June 30,
$ in millions	2026		2025		2026		2025
Net income available to common shareholders	$	595	$	435	$	1,699	$	1,527
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention	8		9		21		25
Other acquisition-related compensation	—		—		1		—
Total “Compensation, commissions and benefits” expense	8		9		22		25
Communications and information processing	2		—		6		—
Professional fees	5		—		11		2
Other:
Amortization of identifiable intangible assets	14		10		34		31
All other acquisition-related expenses	3		—		6		—
Total “Other” expense	17		10		40		31
Total pre-tax impact of non-GAAP adjustments related to acquisitions	32		19		79		58
Tax effect of non-GAAP adjustments	(7)		(5)		(17)		(15)
Total non-GAAP adjustments, net of tax	25		14		62		43
Adjusted net income available to common shareholders	$	620	$	449	$	1,761	$	1,570
Pre-tax income	$	750	$	563	$	2,213	$	1,983
Pre-tax impact of non-GAAP adjustments (as detailed above)	32		19		79		58
Adjusted pre-tax income	$	782	$	582	$	2,292	$	2,041
Compensation, commissions and benefits expense	$	2,579	$	2,202	$	7,570	$	6,678
Less: Total compensation-related acquisition expenses (as detailed above)	8		9		22		25
Adjusted compensation, commissions and benefits expense	$	2,571	$	2,193	$	7,548	$	6,653

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

	Three months ended June 30,						Nine months ended June 30,
$ in millions, except per share amounts	2026			2025			2026			2025
Pre-tax margin	19.1		%	16.6		%	19.2		%	19.2		%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention	0.2		%	0.3		%	0.2		%	0.2		%
Other acquisition-related compensation	—		%	—		%	—		%	—		%
Total “Compensation, commissions and benefits” expense	0.2		%	0.3		%	0.2		%	0.2		%
Communications and information processing	—		%	—		%	—		%	—		%
Professional fees	0.1		%	—		%	0.1		%	—		%
Other:
Amortization of identifiable intangible assets	0.4		%	0.2		%	0.3		%	0.3		%
All other acquisition-related expenses	0.1		%	—		%	0.1		%	—		%
Total “Other” expense	0.5		%	0.2		%	0.4		%	0.3		%
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.8		%	0.5		%	0.7		%	0.5		%
Adjusted pre-tax margin	19.9		%	17.1		%	19.9		%	19.7		%
Total compensation ratio	65.7		%	64.8		%	65.7		%	64.6		%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention	0.2		%	0.3		%	0.2		%	0.2		%
Other acquisition-related compensation	—		%	—		%	—		%	—		%
Total “Compensation, commissions and benefits” expenses related to acquisitions	0.2		%	0.3		%	0.2		%	0.2		%
Adjusted total compensation ratio	65.5		%	64.5		%	65.5		%	64.4		%
Diluted earnings per common share	$	3.01		$	2.12		$	8.52		$	7.35
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention	0.04			0.04			0.11			0.12
Other acquisition-related compensation	—			—			—			—
Total “Compensation, commissions and benefits” expense	0.04			0.04			0.11			0.12
Communications and information processing	0.01			—			0.03			—
Professional fees	0.03			—			0.06			0.01
Other:
Amortization of identifiable intangible assets	0.07			0.04			0.17			0.14
All other acquisition-related expenses	0.02			—			0.03			—
Total “Other” expense	0.09			0.04			0.20			0.14
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.17			0.08			0.40			0.27
Tax effect of non-GAAP adjustments	(0.04)			(0.02)			(0.09)			(0.07)
Total non-GAAP adjustments, net of tax	0.13			0.06			0.31			0.20
Adjusted diluted earnings per common share	$	3.14		$	2.18		$	8.83		$	7.55

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

	Three months ended June 30,						Nine months ended June 30,
$ in millions	2026			2025			2026			2025
Average common equity	$	12,633		$	12,157		$	12,545		$	11,938
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention	4			5			10			12
Other acquisition-related compensation	—			—			1			—
Total “Compensation, commissions and benefits” expense	4			5			11			12
Communications and information processing	1			—			3			—
Professional fees	3			—			5			1
Other:
Amortization of identifiable intangible assets	7			5			16			16
All other acquisition-related expenses	2			—			2			—
Total “Other” expense	9			5			18			16
Total pre-tax impact of non-GAAP adjustments related to acquisitions	17			10			37			29
Tax effect of non-GAAP adjustments	(4)			(3)			(8)			(7)
Total non-GAAP adjustments, net of tax	13			7			29			22
Adjusted average common equity	$	12,646		$	12,164		$	12,574		$	11,960
Average common equity	$	12,633		$	12,157		$	12,545		$	11,938
Less:
Average goodwill and identifiable intangible assets, net	2,296			1,858			2,069			1,865
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(190)			(142)			(168)			(140)
Average tangible common equity	$	10,527		$	10,441		$	10,644		$	10,213
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention	4			5			10			12
Other acquisition-related compensation	—			—			1			—
Total “Compensation, commissions and benefits” expense	4			5			11			12
Communications and information processing	1			—			3			—
Professional fees	3			—			5			1
Other:
Amortization of identifiable intangible assets	7			5			16			16
All other acquisition-related expenses	2			—			2			—
Total “Other” expense	9			5			18			16
Total pre-tax impact of non-GAAP adjustments related to acquisitions	17			10			37			29
Tax effect of non-GAAP adjustments	(4)			(3)			(8)			(7)
Total non-GAAP adjustments, net of tax	13			7			29			22
Adjusted average tangible common equity	$	10,540		$	10,448		$	10,673		$	10,235
Return on common equity	18.8		%	14.3		%	18.1		%	17.1		%
Adjusted return on common equity	19.6		%	14.8		%	18.7		%	17.5		%
Return on tangible common equity	22.6		%	16.7		%	21.3		%	19.9		%
Adjusted return on tangible common equity	23.5		%	17.2		%	22.0		%	20.5		%

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

Diluted earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period or, in the case of adjusted diluted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period.

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

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

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

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

NET INTEREST ANALYSIS

The Fed funds target rate began our fiscal 2025 at a range of 4.75% to 5.00%. The Fed lowered the federal funds target rate by 75 basis points during fiscal 2025 and an additional 50 basis points thus far in fiscal 2026, for a total decrease of 125 basis points since the beginning of fiscal 2025. These rate cuts brought the target range to 3.50% to 3.75% by the end of our fiscal first quarter of 2026, where it remained through our fiscal third quarter of 2026.

The following table details the Fed’s short-term interest rate activity since the beginning of our fiscal year 2025.

RJF fiscal quarter ended	Effective date of interest rate action	Decrease in interest rates (in basis points)	Fed funds target rate
September 30, 2024	September 19, 2024	(50)	4.75% - 5.00%
December 31, 2024	November 8, 2024	(25)	4.50% - 4.75%
December 31, 2024	December 19, 2024	(25)	4.25% - 4.50%
September 30, 2025	September 18, 2025	(25)	4.00% - 4.25%
December 31, 2025	October 30, 2025	(25)	3.75% - 4.00%
December 31, 2025	December 11, 2025	(25)	3.50% - 3.75%

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

Given the relationship between our interest-sensitive assets and liabilities (primarily held in our PCG, Bank, and Other segments) and the nature of fees we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), our financial results are sensitive to changes in interest rates. Increases in short-term interest rates have historically resulted in an increase in our net earnings, and we expect decreases in short-term interest rates to generally reduce our net earnings, although there may be offsetting indirect favorable impacts on certain non-interest-related components of net revenues. As it relates to our net interest income, the magnitude of the effect of a decrease in interest rates depends on a number of factors impacting balances, asset yields, and the cost of funding. The magnitude of the impact on our net interest margin depends on the yields on interest-earning assets relative to the cost of interest-bearing liabilities, including deposit rates paid to clients on their cash balances.

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

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

Net interest income and RJBDP fees from third-party banks

	Three months ended June 30,						Nine months ended June 30,
$ in millions	2026		2025		% change		2026		2025		% change
Net interest income	$	560	$	546	3	%	$	1,683	$	1,596	5	%
RJBDP fees from third-party banks	98		110		(11)	%	292		384		(24)	%
Net interest income and RJBDP fees from third-party banks	$	658	$	656	—	%	$	1,975	$	1,980	—	%

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

For the three months ended June 30, 2026, combined net interest income and RJBDP fees from third-party banks was $658 million, a slight increase compared with the prior-year quarter, primarily driven by the impact from growth in average interest-earning assets in the Bank segment, particularly securities-based and residential mortgage loans. These increases were partially offset by the impacts from lower short-term interest rates, incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, and lower average RJBDP balances swept to third-party banks.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

For the nine months ended June 30, 2026, combined net interest income and RJBDP fees from third-party banks was $1.98 billion, a slight decrease compared with the prior-year period, primarily due to the impacts from lower short-term interest rates, lower average RJBDP balances swept to third-party banks, and incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, partially offset by the impact from growth in average interest-earning assets in the Bank segment, particularly securities‑based and residential mortgage loans.

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

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

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

	Three months ended June 30,
	2026						2025
$ in millions	Average daily balance		Interest		Annualized average rate		Average daily balance		Interest		Annualized average rate
Interest-earning assets:
Bank segment:
Cash and cash equivalents	$	5,570	$	50	3.56	%	$	5,598	$	59	4.24	%
Available-for-sale securities	6,966		43		2.44	%	7,980		45		2.27	%
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL	23,904		319		5.28	%	18,100		276		6.04	%
C&I loans	10,156		150		5.83	%	10,418		172		6.53	%
CRE loans	7,825		115		5.85	%	7,764		126		6.42	%
REIT loans	1,645		24		5.92	%	1,712		30		7.04	%
Residential mortgage loans	11,051		116		4.18	%	9,934		98		3.96	%
Tax-exempt loans (3)	1,114		8		3.38	%	1,266		9		3.39	%
Loans held for sale	214		4		6.69	%	255		4		6.98	%
Total loans held for sale and investment	55,909		736		5.23	%	49,449		715		5.76	%
All other interest-earning assets	229		2		4.36	%	231		4		5.27	%
Interest-earning assets — Bank segment	$	68,674	$	831	4.81	%	$	63,258	$	823	5.18	%
All other segments:
Cash and cash equivalents	$	4,287	$	38	3.54	%	$	4,152	$	44	4.24	%
Assets segregated for regulatory purposes and restricted cash	3,764		32		3.41	%	3,628		36		3.95	%
Trading assets — debt securities	1,423		20		5.51	%	1,335		19		5.73	%
Brokerage client receivables	2,907		44		6.13	%	2,427		42		6.97	%
All other interest-earning assets	3,198		29		3.76	%	2,535		26		3.93	%
Interest-earning assets — all other segments	$	15,579	$	163	4.22	%	$	14,077	$	167	4.72	%
Total interest-earning assets	$	84,253	$	994	4.70	%	$	77,335	$	990	5.10	%
Interest-bearing liabilities:
Bank segment:
Bank deposits:
Money market and savings accounts	$	35,552	$	120	1.36	%	$	33,814	$	146	1.73	%
Interest-bearing demand deposits	23,768		207		3.47	%	21,246		213		4.03	%
Certificates of deposit	2,715		27		3.90	%	1,763		19		4.34	%
Total bank deposits (4)	62,035		354		2.28	%	56,823		378		2.67	%
FHLB advances and all other interest-bearing liabilities	784		5		2.94	%	847		5		2.79	%
Interest-bearing liabilities — Bank segment	$	62,819	$	359	2.29	%	$	57,670	$	383	2.67	%
All other segments:
Trading liabilities — debt securities	$	734	$	11	5.73	%	$	818	$	11	5.35	%
Brokerage client payables	5,524		13		0.97	%	4,882		15		1.24	%
Senior notes payable	3,522		43		4.91	%	2,040		23		4.50	%
All other interest-bearing liabilities (4)	1,169		8		3.05	%	1,272		12		3.83	%
Interest-bearing liabilities — all other segments	$	10,949	$	75	2.78	%	$	9,012	$	61	2.72	%
Total interest-bearing liabilities	$	73,768	$	434	2.36	%	$	66,682	$	444	2.68	%
Firmwide net interest income			$	560					$	546
Net interest margin (net yield on interest-earning assets)
Bank segment					2.71	%					2.74	%
Firmwide					2.67	%					2.83	%

(1)Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.

(2)Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis.

(3)The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the periods presented.

(4)The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.”

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

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately.

	Three months ended June 30,
	2026 compared to 2025
	Increase/(decrease) due to
$ in millions	Volume		Rate		Total
Interest-earning assets:	Interest income
Bank segment:
Cash and cash equivalents	$	—	$	(9)	$	(9)
Available-for-sale securities	(5)		3		(2)
Loans held for sale and investment:
Loans held for investment:
SBL	77		(34)		43
C&I loans	(4)		(18)		(22)
CRE loans	1		(12)		(11)
REIT loans	(1)		(5)		(6)
Residential mortgage loans	12		6		18
Tax-exempt loans	(1)		—		(1)
Loans held for sale	—		—		—
Total loans held for sale and investment	84		(63)		21
All other interest-earning assets	—		(2)		(2)
Interest-earning assets — Bank segment	$	79	$	(71)	$	8
All other segments:
Cash and cash equivalents	$	1	$	(7)	$	(6)
Assets segregated for regulatory purposes and restricted cash	1		(5)		(4)
Trading assets — debt securities	1		—		1
Brokerage client receivables	7		(5)		2
All other interest-earning assets	4		(1)		3
Interest-earning assets — all other segments	$	14	$	(18)	$	(4)
Total interest-earning assets	$	93	$	(89)	$	4
Interest-bearing liabilities:	Interest expense
Bank segment:
Bank deposits:
Money market and savings accounts	$	7	$	(33)	$	(26)
Interest-bearing demand deposits	24		(30)		(6)
Certificates of deposit	10		(2)		8
Total bank deposits	41		(65)		(24)
FHLB advances and all other interest-bearing liabilities	—		—		—
Interest-bearing liabilities — Bank segment	$	41	$	(65)	$	(24)
All other segments:
Trading liabilities — debt securities	$	(1)	$	1	$	—
Brokerage client payables	1		(3)		(2)
Senior notes payable	18		2		20
All other interest-bearing liabilities	(1)		(3)		(4)
Interest-bearing liabilities — all other segments	$	17	$	(3)	$	14
Total interest-bearing liabilities	$	58	$	(68)	$	(10)
Change in firmwide net interest income	$	35	$	(21)	$	14

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

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

	Nine months ended June 30,
	2026						2025
$ in millions	Average daily balance		Interest		Annualized average rate		Average daily balance		Interest		Annualized average rate
Interest-earning assets:
Bank segment:
Cash and cash equivalents	$	5,422	$	149	3.65	%	$	5,960	$	197	4.40	%
Available-for-sale securities	7,067		124		2.34	%	8,363		142		2.27	%
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL	22,237		910		5.39	%	17,229		806		6.17	%
C&I loans	10,482		475		5.96	%	10,305		518		6.64	%
CRE loans	7,784		351		5.95	%	7,668		385		6.62	%
REIT loans	1,696