Form 8-K

8-K — RAYMOND JAMES FINANCIAL INC

Accession: 0000720005-26-000080

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0000720005

SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — rjf-20261028.htm (Primary)

EX-99.1 — EX-99.1 PRESS RELEASE DATED OCTOBER 28, 2026 (rjf20260930q426earnings.htm)

EX-99.2 — EX-99.2 FINANCIAL SUPPLEMENT FOURTH QUARTER AND FISCAL 2026 OF RJF (rjf0930q426supplement.htm)

EX-99.3 — EX-99.3 EARNINGS PRESENTATION FOURTH QUARTER AND FISCAL 2026 OF RJF (rjf0930q426presentation.htm)

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8-K

8-K (Primary)

Filename: rjf-20261028.htm · Sequence: 1

rjf-20261028

0000720005false00007200052026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

October 28, 2026

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida

1-9109

59-1517485

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

880 Carillon Parkway

St. Petersburg

Florida

33716

(Address of principal executive offices)

(Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

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

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

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $.01 par value RJF New York Stock Exchange

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

Emerging growth company ☐

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

☐

Item 2.02 Results of Operations and Financial Condition

On October 28, 2026, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal fourth quarter and year ended September 30, 2026. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal fourth quarter and year ended September 30, 2026 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

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

Item 9.01 Financial Statements and Exhibits

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

Exhibit No.

99.1 Press release, dated October 28, 2026, issued by Raymond James Financial, Inc.

99.2 Financial Supplement Fourth Quarter & Fiscal 2026 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fourth Quarter & Fiscal 2026 of Raymond James Financial, Inc.

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

SIGNATURES

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

RAYMOND JAMES FINANCIAL, INC.

Date: October 28, 2026

By:

/s/ Jonathan W. Oorlog, Jr.

Jonathan W. Oorlog, Jr.

Chief Financial Officer

EX-99.1 — EX-99.1 PRESS RELEASE DATED OCTOBER 28, 2026

EX-99.1

Filename: rjf20260930q426earnings.htm · Sequence: 2

Document

October 28, 2026 FOR IMMEDIATE RELEASE

Media Contact: Steve Hollister, 727.567.2824

Investor Contact: Kristina Waugh, 727.567.7654

raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS FOURTH QUARTER AND FISCAL

2026 RESULTS

•Record annual net revenues of $15.79 billion, record net income available to common shareholders of $2.37 billion, and record earnings per diluted share of $11.91 for fiscal 2026

•Record quarter-end client assets under administration of $1.94 trillion and record quarter-end Private Client Group (PCG) assets in fee-based accounts of $1.16 trillion, up 12% and 15%, respectively, over September 2025

•Returned approximately $1.7 billion of capital to shareholders through the combination of common share repurchases and dividends paid in fiscal 2026

•Record quarterly net revenues of $4.27 billion, up 15% over the prior year’s fiscal fourth quarter and 9% over the preceding quarter

•Record quarterly net income available to common shareholders of $666 million and record diluted earnings per share of $3.40, up 15% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter; record quarterly adjusted net income available to common shareholders of $703 million(1), or a record $3.59 per diluted share(1)

•Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, or growth from beginning of the year assets of 6.4%

•Quarterly combined net interest income and Raymond James Bank Deposit Program (RJBDP) third-party bank fees of $674 million, up 3% over the prior year’s fiscal fourth quarter and 2% over the preceding quarter

•Annualized return on common equity and annualized adjusted return on tangible common equity of 20.6% and 26.6%(1), respectively, for the fiscal fourth quarter; Return on common equity of 18.7% and adjusted return on tangible common equity of 23.0%(1) for fiscal 2026

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $4.27 billion and net income available to common shareholders of $666 million, or $3.40 per diluted share, for the fiscal fourth quarter ended September 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $37 million of acquisition-related expenses, net of tax, was $703 million(1), or $3.59 per diluted share(1).

“We delivered our sixth consecutive year of record annual revenues and earnings, a testament to our resilient, diversified businesses anchored by our Private Client Group," said CEO Paul Shoukry. “We ended the fiscal year with record Private Client Group assets in fee-based accounts, up 15% year-over-year, and domestic Private Client Group net new assets of $98 billion, up 88% over fiscal 2025, reflecting solid financial advisor retention and record recruiting results. We generated an adjusted return on tangible common equity of 23%(1) for the year while investing in long-term growth and maintaining very strong capital levels. These results reflect our advisor- and client-focused values coupled with our robust capabilities and resources. As we enter fiscal 2027, while there are several geopolitical and macroeconomic uncertainties, we are well positioned with record client asset levels, a strong investment banking pipeline, and attractive growth opportunities across our businesses."

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

Record quarterly net revenues increased 15% over the prior year’s fiscal fourth quarter, largely driven by robust growth in asset management and related administrative fees, which grew 23% to $2.31 billion. Compared to the preceding quarter, quarterly net revenues grew 9%, primarily driven by higher asset management and related administrative fees, as well as increases in investment banking revenues and affordable housing investments business revenues. Record quarterly pre-tax income increased 15% over the preceding quarter and record net income available to common shareholders increased 12%. For the fiscal fourth quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 20.6% and 26.6%(1), respectively.

For the fiscal year, record net revenues of $15.79 billion increased 12% and record earnings per diluted share of $11.91 and record adjusted earnings per diluted share of $12.41(1) each increased 16% over fiscal 2025. The Private Client Group and the Asset Management segments generated record net revenues, and the Asset Management and Bank segments generated record pre-tax income in fiscal 2026. Return on common equity was 18.7% and adjusted return on tangible common equity was 23.0%(1) for fiscal 2026.

Segment Results

Private Client Group

•Record quarterly net revenues of $3.06 billion, up 15% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter

•Quarterly pre-tax income of $458 million, up 10% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter

•Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, up 88% compared to fiscal 2025, reflecting growth from beginning of the year assets of 6.4%

•Record quarter-end Private Client Group assets in fee-based accounts of $1.16 trillion, up 15% over September 2025 and 1% over June 2026

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.0 billion, up 3% over September 2025 and down 1% compared to June 2026

•Record annual net revenues of $11.48 billion and annual pre-tax income of $1.74 billion, up 13% and 1%, respectively, compared to fiscal 2025

Record quarterly net revenues rose 15% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 21% to $1.92 billion mainly due to market appreciation and net inflows into fee-based accounts. Quarterly pre-tax income increased 10% year-over-year, as growth in asset management fee revenue was partially offset by higher financial advisor commissions tied to strong compensable revenue growth and increased expenses supporting record recruiting results.

Capital Markets

•Quarterly net revenues of $549 million, up 7% over the prior year’s fiscal fourth quarter and 15% over the preceding quarter

•Quarterly investment banking revenues of $361 million, up 17% over the prior year’s fiscal fourth quarter and 27% over the preceding quarter

•Quarterly pre-tax income of $106 million, up 18% over the prior year’s fiscal fourth quarter and 121% over the preceding quarter

•Annual net revenues of $1.87 billion and annual pre-tax income of $214 million, up 6% and 47%, respectively, over fiscal 2025

Quarterly net revenues increased 7% over the prior-year period, driven by higher M&A and advisory revenues which were partially offset by lower fixed income brokerage revenues. Sequentially, quarterly net revenues grew 15%, largely due to higher M&A and advisory revenues, affordable housing investments business revenues and debt underwriting revenues, partially offset by lower fixed income brokerage revenues.

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

Asset Management

•Record quarterly net revenues of $409 million, up 30% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter

•Record quarterly pre-tax income of $170 million, up 29% over the prior year’s fiscal fourth quarter and 19% over the preceding quarter

•Financial assets under management of $342.9 billion, up 25% over September 2025 and down 1% compared to June 2026.

•Record annual net revenues of $1.42 billion and record annual pre-tax income of $593 million, up 20% and 18%, respectively, over fiscal 2025

Record quarterly net revenues increased 30% year-over-year, primarily driven by higher financial assets under management resulting from market appreciation and net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3) during our fiscal third quarter of 2026.

Bank

•Quarterly net revenues of $483 million, up 5% over the prior year’s fiscal fourth quarter and down 1% compared to the preceding quarter

•Quarterly pre-tax income of $180 million, up 35% over the prior year’s fiscal fourth quarter and down 13% compared to the preceding quarter

•Quarterly bank loan benefit for credit losses of $8 million

•Record net bank loans of $57.5 billion, up 11% over September 2025 and 2% over June 2026

•Securities-based loans of $26.2 billion, up $6.4 billion, or 32%, over September 2025

•Annual net revenues of $1.94 billion and record annual pre-tax income of $725 million, up 9% and 48%, respectively, over fiscal 2025

Record net bank loans grew 11% over the prior-year quarter, driven by continued growth in securities-based loans and residential mortgage loans, which rose by 32% and 12%, respectively. Net interest margin of 2.60% for the quarter was down 11 basis points compared to both the prior year’s fiscal fourth quarter and the preceding quarter. The credit quality of the loan portfolio remains strong.

Other Matters

During the fiscal year, the firm repurchased $1.25 billion of common stock at an average price of $156 per share, including $50 million of common stock repurchased in the fiscal fourth quarter. As of September 30, 2026, $1.05 billion remained available under the Board of Directors’ approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.2%(4) and the tier 1 leverage ratio was 12.1%(4), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, October 28, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. To access the conference call by telephone, dial 1.833.461.5787 (toll-free) or 1.585.542.9983 (international/U.S. toll) and reference conference ID 737 557 641.

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

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.94 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (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, 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.

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2026

Selected Financial Highlights

(Unaudited)

Summary results of operations

Three months ended % change from

$ in millions, except per share amounts

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Net revenues $ 4,269 $ 3,727

$ 3,928 15% 9%

Pre-tax income $ 862 $ 731 $ 750 18% 15%

Net income available to common shareholders $ 666 $ 603 $ 595 10% 12%

Earnings per common share: (5)

Basic $ 3.46 $ 3.03 $ 3.06 14% 13%

Diluted $ 3.40 $ 2.95 $ 3.01 15% 13%

Non-GAAP measures: (1)

Adjusted pre-tax income

$ 909 $ 770 $ 782 18% 16%

Adjusted net income available to common shareholders $ 703 $ 635 $ 620 11% 13%

Adjusted earnings per common share – basic (5)

$ 3.65 $ 3.19 $ 3.19 14% 14%

Adjusted earnings per common share – diluted (5)

$ 3.59 $ 3.11 $ 3.14 15% 14%

Twelve months ended

$ in millions, except per share amounts September 30,

2026 September 30,

2025 % change

Net revenues $ 15,791 $ 14,065

12%

Pre-tax income $ 3,075 $ 2,714 13%

Net income available to common shareholders $ 2,365 $ 2,130 11%

Earnings per common share: (5)

Basic $ 12.13 $ 10.53 15%

Diluted $ 11.91 $ 10.30 16%

Non-GAAP measures: (1)

Adjusted pre-tax income $ 3,201 $ 2,811 14%

Adjusted net income available to common shareholders $ 2,464 $ 2,205 12%

Adjusted earnings per common share – basic (5)

$ 12.63 $ 10.90 16%

Adjusted earnings per common share – diluted (5)

$ 12.41 $ 10.66 16%

Three months ended Twelve months ended

Other selected financial highlights September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Return on common equity (6)

20.6 % 19.6 % 18.8 % 18.7 % 17.7 %

Adjusted return on common equity (1) (6)

21.7 % 20.6 % 19.6 % 19.4 % 18.3 %

Adjusted return on tangible common equity (1) (6)

26.6 % 23.9 % 23.5 % 23.0 % 21.3 %

Pre-tax margin (7)

20.2 % 19.6 % 19.1 % 19.5 % 19.3 %

Adjusted pre-tax margin (1) (7)

21.3 % 20.7 % 19.9 % 20.3 % 20.0 %

Total compensation ratio (8)

65.0 % 64.2 % 65.7 % 65.5 % 64.5 %

Adjusted total compensation ratio (1) (8)

64.6 % 64.0 % 65.5 % 65.3 % 64.3 %

Effective tax rate 22.7 % 17.4 % 20.7 % 23.0 % 21.3 %

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2026

Consolidated Statements of Income

(Unaudited)

Three months ended % change from

in millions, except per share amounts September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Revenues:

Asset management and related administrative fees $ 2,307 $ 1,877 $ 2,075 23% 11%

Brokerage revenues:

Securities commissions 507 473 503 7% 1%

Principal transactions 107 133 126 (20)% (15)%

Total brokerage revenues 614 606 629 1% (2)%

Account and service fees 333 297 316 12% 5%

Investment banking 370 316 291 17% 27%

Interest income 1,034 1,014 994 2% 4%

Other 81 80 57 1% 42%

Total revenues 4,739 4,190 4,362 13% 9%

Interest expense (470) (463) (434) 2% 8%

Net revenues 4,269 3,727 3,928 15% 9%

Non-interest expenses:

Compensation, commissions and benefits

2,774 2,394 2,579 16% 8%

Non-compensation expenses:

Communications and information processing 208 199 203 5% 2%

Occupancy and equipment 87 84 85 4% 2%

Business development 95 82 95 16% —%

Investment sub-advisory fees 70 60 63 17% 11%

Professional fees 56 53 63 6% (11)%

Bank loan provision/(benefit) for credit losses (8) 6 (26) NM 69%

Other 125 118 116 6% 8%

Total non-compensation expenses 633 602 599 5% 6%

Total non-interest expenses 3,407 2,996 3,178 14% 7%

Pre-tax income

862 731 750 18% 15%

Provision for income taxes 196 127 155 54% 26%

Net income 666 604 595 10% 12%

Preferred stock dividends — 1 — (100)% —%

Net income available to common shareholders $ 666 $ 603 $ 595 10% 12%

Earnings per common share – basic (5)

$ 3.46 $ 3.03 $ 3.06 14% 13%

Earnings per common share – diluted (5)

$ 3.40 $ 2.95 $ 3.01 15% 13%

Weighted-average common shares outstanding – basic 192.1 199.0 194.0 (3)% (1)%

Weighted-average common and common equivalent shares outstanding – diluted 195.6 203.8 197.2 (4)% (1)%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2026

Consolidated Statements of Income

(Unaudited)

Twelve months ended

in millions, except per share amounts September 30,

2026 September 30,

2025 % change

Revenues:

Asset management and related administrative fees $ 8,397 $ 7,078 19%

Brokerage revenues:

Securities commissions 2,003 1,775 13%

Principal transactions 495 529 (6)%

Total brokerage revenues 2,498 2,304 8%

Account and service fees 1,268 1,262 —%

Investment banking 1,148 1,069 7%

Interest income 3,995 3,994 —%

Other 233 205 14%

Total revenues 17,539 15,912 10%

Interest expense (1,748) (1,847) (5)%

Net revenues 15,791 14,065 12%

Non-interest expenses:

Compensation, commissions and benefits

10,344 9,072 14%

Non-compensation expenses:

Communications and information processing 811 752 8%

Occupancy and equipment 332 308 8%

Business development 346 291 19%

Investment sub-advisory fees 259 223 16%

Professional fees 192 163 18%

Bank loan provision/(benefit) for credit losses (32) 37 NM

Other (9)

464 505 (8)%

Total non-compensation expenses 2,372 2,279 4%

Total non-interest expenses 12,716 11,351 12%

Pre-tax income

3,075 2,714 13%

Provision for income taxes 707 579 22%

Net income 2,368 2,135 11%

Preferred stock dividends 3 5 (40)%

Net income available to common shareholders $ 2,365 $ 2,130 11%

Earnings per common share – basic (5)

$ 12.13 $ 10.53 15%

Earnings per common share – diluted (5)

$ 11.91 $ 10.30 16%

Weighted-average common shares outstanding – basic 194.8 202.0 (4)%

Weighted-average common and common equivalent shares outstanding – diluted 198.3 206.6 (4)%

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

RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics

Fiscal Fourth Quarter of 2026

(Unaudited)

As of % change from

$ in billions, except per share amounts

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Total assets $ 94.4 $ 88.2 $ 94.2 7% —%

Total common equity attributable to Raymond James Financial, Inc. $ 13.1 $ 12.4 $ 12.7 6% 3%

Book value per share (10)

$ 68.38 $ 62.72 $ 66.11 9% 3%

Tangible book value per share (1) (10)

$ 55.96 $ 54.12 $ 53.74 3% 4%

Capital ratios:

Tier 1 leverage 12.1 %

(4)

13.1 % 11.7 %

Tier 1 capital 23.2 %

(4)

23.0 % 21.5 %

Common equity tier 1 23.2 %

(4)

22.9 % 21.5 %

Total capital 24.2 %

(4)

24.1 % 22.5 %

As of % change from

Client asset metrics ($ in billions)

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Client assets under administration $ 1,935.3 $ 1,730.6 $ 1,922.4 12% 1%

Private Client Group assets under administration $ 1,870.9 $ 1,666.5 $ 1,856.5 12% 1%

Private Client Group assets in fee-based accounts $ 1,163.0 $ 1,008.1 $ 1,153.8 15% 1%

Financial assets under management (3)

$ 342.9 $ 274.9 $ 345.0 25% (1)%

Three months ended Twelve months ended

Net new assets metrics ($ in millions)

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Domestic Private Client Group net new assets (2)

$ 22,841 $ 17,930 $ 21,692 $ 98,315 $ 52,431

Domestic Private Client Group net new assets growth — annualized (2)

5.3 % 5.0 % 5.5 % 6.4 % 3.8 %

As of % change from

Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Raymond James Bank Deposit Program (“RJBDP”): (11)

Bank segment $ 24,711 $ 26,555 $ 26,004 (7)% (5)%

Third-party banks 16,437 14,761 16,243 11% 1%

Subtotal RJBDP 41,148 41,316 42,247 —% (3)%

Client Interest Program 1,771 1,572 1,677 13% 6%

Total clients’ domestic cash sweep balances

42,919 42,888 43,924 —% (2)%

Enhanced Savings Program (“ESP”) (12)

15,039 13,465 14,911 12% 1%

Total clients’ domestic cash sweep and ESP balances $ 57,958 $ 56,353 $ 58,835 3% (1)%

Net interest income and RJBDP fees

($ in millions)

Three months ended % change from Twelve months ended

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 % change

Net interest income and RJBDP fees (third-party banks) $ 674 $ 653 $ 658 3% 2% $ 2,649 $ 2,633 1%

Average yield on RJBDP - third-party banks (13)

2.81 % 2.91 % 2.75 % 2.76 % 3.01 %

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

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest

Fiscal Fourth Quarter of 2026

(Unaudited)

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

Three months ended

September 30, 2026 September 30, 2025 June 30, 2026

$ in millions Average

balance Interest Annualized

average

rate Average

balance Interest Annualized

average

rate Average

balance Interest Annualized

average

rate

INTEREST-EARNING ASSETS

Bank segment

Cash and cash equivalents $ 6,143 $ 56 3.59 % $ 5,564 $ 60 4.30 % $ 5,570 $ 50 3.56 %

Available-for-sale securities 7,174 47 2.62 % 7,611 43 2.28 % 6,966 43 2.44 %

Loans held for sale and investment: (14)

Loans held for investment:

Securities-based loans (“SBL”) (15)

25,354 346 5.34 % 18,961 289 5.96 % 23,904 319 5.28 %

Residential mortgage loans 11,413 122 4.29 % 10,154 103 4.05 % 11,051 116 4.18 %

Commercial and industrial (“C&I”) loans 9,751 145 5.85 % 10,614 174 6.40 % 10,156 150 5.83 %

Commercial real estate (“CRE”) loans 7,505 112 5.83 % 7,709 127 6.44 % 7,825 115 5.85 %

Real estate investment trust (“REIT”) loans 1,541 24 5.97 % 1,662 31 7.06 % 1,645 24 5.92 %

Tax-exempt loans (16)

1,131 8 3.49 % 1,257 9 3.47 % 1,114 8 3.38 %

Loans held for sale 113 1 5.67 % 232 4 7.00 % 214 4 6.69 %

Total loans held for sale and investment 56,808 758 5.26 % 50,589 737 5.72 % 55,909 736 5.23 %

All other interest-earning assets 233 3 4.58 % 239 3 5.06 % 229 2 4.36 %

Interest-earning assets — Bank segment $ 70,358 $ 864 4.84 % $ 64,003 $ 843 5.19 % $ 68,674 $ 831 4.81 %

All other segments

Cash and cash equivalents $ 4,631 $ 42 3.56 % $ 4,444 $ 48 4.23 % $ 4,287 $ 38 3.54 %

Assets segregated for regulatory purposes and restricted cash 3,244 27 3.35 % 3,634 35 3.91 % 3,764 32 3.41 %

Trading assets — debt securities 1,386 19 5.48 % 1,409 18 5.23 % 1,423 20 5.51 %

Brokerage client receivables 3,014 47 6.15 % 2,448 43 6.94 % 2,907 44 6.13 %

All other interest-earning assets 3,514 35 3.78 % 2,755 27 3.83 % 3,198 29 3.76 %

Interest-earning assets — all other segments $ 15,789 $ 170 4.23 % $ 14,690 $ 171 4.62 % $ 15,579 $ 163 4.22 %

Total interest-earning assets $ 86,147 $ 1,034 4.73 % $ 78,693 $ 1,014 5.08 % $ 84,253 $ 994 4.70 %

INTEREST-BEARING LIABILITIES

Bank Segment

Bank deposits:

Money market and savings accounts (11)

$ 34,016 $ 122 1.42 % $ 33,517 $ 143 1.69 % $ 35,552 $ 120 1.36 %

Interest-bearing demand deposits (12)

26,151 235 3.57 % 22,262 227 4.03 % 23,768 207 3.47 %

Certificates of deposit 3,421 34 3.93 % 1,855 20 4.27 % 2,715 27 3.90 %

Total bank deposits (17)

63,588 391 2.44 % 57,634 390 2.68 % 62,035 354 2.28 %

Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities 826 6 3.03 % 818 11 2.02 % 784 5 2.94 %

Interest-bearing liabilities — Bank segment $ 64,414 $ 397 2.45 % $ 58,452 $ 401 2.71 % $ 62,819 $ 359 2.29 %

All other segments

Trading liabilities — debt securities $ 774 $ 11 5.42 % $ 883 $ 12 5.39 % $ 734 $ 11 5.73 %

Brokerage client payables 5,274 13 0.94 % 4,882 14 1.20 % 5,524 13 0.97 %

Senior notes payable 3,522 43 4.91 % 2,362 27 4.65 % 3,522 43 4.91 %

All other interest-bearing liabilities (17)

1,210 6 1.89 % 1,277 9 2.79 % 1,169 8 3.05 %

Interest-bearing liabilities — all other segments $ 10,780 $ 73 2.67 % $ 9,404 $ 62 2.68 % $ 10,949 $ 75 2.78 %

Total interest-bearing liabilities $ 75,194 $ 470 2.48 % $ 67,856 $ 463 2.71 % $ 73,768 $ 434 2.36 %

Firmwide net interest income $ 564 $ 551 $ 560

Net interest margin (net yield on interest-earning assets)

Bank segment 2.60 % 2.71 % 2.71 %

Firmwide 2.60 % 2.78 % 2.67 %

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

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest

Fiscal Fourth Quarter of 2026

(Unaudited)

Twelve months ended

September 30, 2026 September 30, 2025

$ in millions Average

balance Interest Average rate Average

balance Interest Average rate

INTEREST-EARNING ASSETS

Bank segment

Cash and cash equivalents $ 5,604 $ 205 3.63 % $ 5,860 $ 257 4.37 %

Available-for-sale securities 7,094 171 2.41 % 8,174 185 2.27 %

Loans held for sale and investment: (14)

Loans held for investment:

SBL (15)

23,023 1,256 5.38 % 17,666 1,095 6.11 %

Residential mortgage loans 10,905 455 4.17 % 9,839 388 3.94 %

C&I loans 10,298 620 5.94 % 10,383 692 6.57 %

CRE loans 7,713 463 5.92 % 7,678 512 6.57 %

REIT loans 1,657 103 6.13 % 1,685 122 7.12 %

Tax-exempt loans (16)

1,131 31 3.41 % 1,276 35 3.40 %

Loans held for sale 213 13 6.32 % 232 16 6.97 %

Total loans held for sale and investment 54,940 2,941 5.31 % 48,759 2,860 5.81 %

All other interest-earning assets 237 11 4.61 % 237 13 5.30 %

Interest-earning assets — Bank segment $ 67,875 $ 3,328 4.87 % $ 63,030 $ 3,315 5.22 %

All other segments

Cash and cash equivalents $ 4,661 $ 168 3.60 % $ 4,164 $ 182 4.36 %

Assets segregated for regulatory purposes and restricted cash 3,668 125 3.42 % 3,585 149 4.16 %

Trading assets — debt securities 1,436 80 5.55 % 1,388 75 5.43 %

Brokerage client receivables 2,807 175 6.24 % 2,413 171 7.09 %

All other interest-earning assets 3,174 119 3.68 % 2,591 102 3.87 %

Interest-earning assets — all other segments $ 15,746 $ 667 4.22 % $ 14,141 $ 679 4.79 %

Total interest-earning assets $ 83,621 $ 3,995 4.75 % $ 77,171 $ 3,994 5.14 %

INTEREST-BEARING LIABILITIES

Bank Segment

Bank deposits:

Money market and savings accounts (11)

$ 35,221 $ 492 1.40 % $ 33,196 $ 601 1.81 %

Interest-bearing demand deposits (12)

23,482 829 3.53 % 21,328 877 4.11 %

Certificates of deposit 2,582 103 3.97 % 2,034 91 4.47 %

Total bank deposits (17)

61,285 1,424 2.32 % 56,558 1,569 2.77 %

FHLB advances and all other interest-bearing liabilities 779 23 2.95 % 955 31 2.74 %

Interest-bearing liabilities — Bank segment $ 62,064 $ 1,447 2.33 % $ 57,513 $ 1,600 2.78 %

All other segments

Trading liabilities — debt securities $ 804 $ 46 5.65 % $ 846 $ 44 5.23 %

Brokerage client payables 5,284 50 0.95 % 4,808 66 1.38 %

Senior notes payable 3,521 172 4.91 % 2,121 96 4.54 %

All other interest-bearing liabilities (17)

1,188 33 2.75 % 1,202 41 3.41 %

Interest-bearing liabilities — all other segments $ 10,797 $ 301 2.79 % $ 8,977 $ 247 2.76 %

Total interest-bearing liabilities $ 72,861 $ 1,748 2.40 % $ 66,490 $ 1,847 2.78 %

Firmwide net interest income $ 2,247 $ 2,147

Net interest margin (net yield on interest-earning assets)

Bank segment 2.73 % 2.68 %

Firmwide 2.69 % 2.78 %

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Three months ended % change from

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Net revenues:

Private Client Group $ 3,056 $ 2,660 $ 2,841 15% 8%

Capital Markets 549 513 477 7% 15%

Asset Management

409 314 362 30% 13%

Bank 483 459 488 5% (1)%

Other (18)

(4) 12 (7) NM 43%

Intersegment eliminations (224) (231) (233) (3)% (4)%

Total net revenues

$ 4,269 $ 3,727 $ 3,928 15% 9%

Pre-tax income/(loss):

Private Client Group $ 458 $ 416 $ 423 10% 8%

Capital Markets 106 90 48 18% 121%

Asset Management

170 132 143 29% 19%

Bank 180 133 206 35% (13)%

Other (18)

(52) (40) (70) (30)% 26%

Pre-tax income

$ 862 $ 731 $ 750 18% 15%

Twelve months ended

$ in millions September 30,

2026 September 30,

2025 % change

Net revenues:

Private Client Group $ 11,475 $ 10,182 13%

Capital Markets 1,870 1,770 6%

Asset Management 1,424 1,188 20%

Bank 1,944 1,776 9%

Other (18)

(13) 46 NM

Intersegment eliminations (909) (897) 1%

Total net revenues $ 15,791 $ 14,065 12%

Pre-tax income/(loss):

Private Client Group $ 1,736 $ 1,720 1%

Capital Markets (9)

214 146 47%

Asset Management 593 503 18%

Bank 725 491 48%

Other (18)

(193) (146) (32)%

Pre-tax income $ 3,075 $ 2,714 13%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Private Client Group

Three months ended % change from

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Revenues:

Asset management and related administrative fees $ 1,919 $ 1,585 $ 1,734 21% 11%

Brokerage revenues:

Mutual and other fund products 171 155 170 10% 1%

Insurance and annuity products 157 147 142 7% 11%

Equities, exchange-traded funds (“ETFs”) and fixed income products 170 163 173 4% (2)%

Total brokerage revenues 498 465 485 7% 3%

Account and service fees:

Mutual fund and other investment products 155 136 149 14% 4%

RJBDP fees: (11)

Bank segment 178 191 185 (7)% (4)%

Third-party banks 110 102 98 8% 12%

Client account and other fees 78 67 78 16% —%

Total account and service fees 521 496 510 5% 2%

Investment banking 9 9 9 —% —%

Interest income 118 118 115 —% 3%

All other 9 13 8 (31)% 13%

Total revenues 3,074 2,686 2,861 14% 7%

Interest expense (18) (26) (20) (31)% (10)%

Net revenues 3,056 2,660 2,841 15% 8%

Non-interest expenses:

Financial advisor compensation:

Commissions, benefits and other compensation 1,719 1,434 1,566 20% 10%

Recruiting and retention-related compensation (19)

125 98 117 28% 7%

Total financial advisor compensation 1,844 1,532 1,683 20% 10%

Administrative compensation and benefits 461 419 441 10% 5%

Total compensation, commissions and benefits 2,305 1,951 2,124 18% 9%

Non-compensation expenses 293 293 294 —% —%

Total non-interest expenses 2,598 2,244 2,418 16% 7%

Pre-tax income $ 458 $ 416 $ 423 10% 8%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Private Client Group

Twelve months ended

$ in millions September 30,

2026 September 30,

2025 % change

Revenues:

Asset management and related administrative fees $ 7,057 $ 5,980 18%

Brokerage revenues:

Mutual and other fund products 681 605 13%

Insurance and annuity products 563 511 10%

Equities, ETFs and fixed income products 697 621 12%

Total brokerage revenues 1,941 1,737 12%

Account and service fees:

Mutual fund and other investment products 598 518 15%

RJBDP fees: (11)

Bank segment 738 754 (2)%

Third-party banks 402 486 (17)%

Client account and other fees 301 275 9%

Total account and service fees 2,039 2,033 —%

Investment banking 33 35 (6)%

Interest income 454 468 (3)%

All other 29 29 —%

Total revenues 11,553 10,282 12%

Interest expense (78) (100) (22)%

Net revenues 11,475 10,182 13%

Non-interest expenses:

Financial advisor compensation:

Commissions, benefits and other compensation 6,351 5,398 18%

Recruiting and retention-related compensation (19)

460 372 24%

Total financial advisor compensation 6,811 5,770 18%

Administrative compensation and benefits 1,777 1,614 10%

Total compensation, commissions and benefits 8,588 7,384 16%

Non-compensation expenses 1,151 1,078 7%

Total non-interest expenses 9,739 8,462 15%

Pre-tax income $ 1,736 $ 1,720 1%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Capital Markets

Three months ended % change from

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Revenues:

Brokerage revenues:

Fixed income $ 71 $ 99 $ 99 (28)% (28)%

Equity 47 41 50 15% (6)%

Total brokerage revenues 118 140 149 (16)% (21)%

Investment banking:

Merger & acquisition and advisory 218 163 150 34% 45%

Equity underwriting 41 46 50 (11)% (18)%

Debt underwriting 102 100 85 2% 20%

Total investment banking 361 309 285 17% 27%

Interest income 27 27 25 —% 8%

Affordable housing investments business revenues 63 58 35 9% 80%

All other 5 4 6 25% (17)%

Total revenues 574 538 500 7% 15%

Interest expense (25) (25) (23) —% 9%

Net revenues 549 513 477 7% 15%

Non-interest expenses:

Compensation, commissions and benefits

310 303 300 2% 3%

Non-compensation expenses 133 120 129 11% 3%

Total non-interest expenses 443 423 429 5% 3%

Pre-tax income $ 106 $ 90 $ 48 18% 121%

Twelve months ended

$ in millions September 30,

2026 September 30,

2025 % change

Revenues:

Brokerage revenues:

Fixed income $ 365 $ 397 (8)%

Equity 199 168 18%

Total brokerage revenues 564 565 —%

Investment banking:

Merger & acquisition and advisory 626 623 —%

Equity underwriting 178 150 19%

Debt underwriting 314 263 19%

Total investment banking 1,118 1,036 8%

Interest income 107 111 (4)%

Affordable housing investments business revenues 157 140 12%

All other 21 17 24%

Total revenues 1,967 1,869 5%

Interest expense (97) (99) (2)%

Net revenues 1,870 1,770 6%

Non-interest expenses:

Compensation, commissions and benefits 1,164 1,128 3%

Non-compensation expenses (9)

492 496 (1)%

Total non-interest expenses 1,656 1,624 2%

Pre-tax income $ 214 $ 146 47%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Asset Management

Three months ended % change from

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Revenues:

Asset management and related administrative fees:

Managed programs $ 257 $ 204 $ 230 26% 12%

Administration and other 141 99 122 42% 16%

Total asset management and related administrative fees

398 303 352 31% 13%

Account and service fees 7 6 6 17% 17%

All other 4 5 4 (20)% —%

Net revenues 409 314 362 30% 13%

Non-interest expenses:

Compensation, commissions and benefits

82 60 76 37% 8%

Non-compensation expenses 157 122 143 29% 10%

Total non-interest expenses 239 182 219 31% 9%

Pre-tax income

$ 170 $ 132 $ 143 29% 19%

Twelve months ended

$ in millions September 30,

2026 September 30,

2025 % change

Revenues:

Asset management and related administrative fees:

Managed programs $ 909 $ 769 18%

Administration and other 472 374 26%

Total asset management and related administrative fees 1,381 1,143 21%

Account and service fees 26 23 13%

All other 17 22 (23)%

Net revenues 1,424 1,188 20%

Non-interest expenses:

Compensation, commissions and benefits 282 229 23%

Non-compensation expenses 549 456 20%

Total non-interest expenses 831 685 21%

Pre-tax income $ 593 $ 503 18%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Bank

Three months ended % change from

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Revenues:

Interest income $ 864 $ 843 $ 831 2% 4%

Interest expense (397) (401) (359) (1)% 11%

Net interest income 467 442 472 6% (1)%

All other 16 17 16 (6)% —%

Net revenues 483 459 488 5% (1)%

Non-interest expenses:

Compensation and benefits 49 46 47 7% 4%

Non-compensation expenses:

Bank loan provision/(benefit) for credit losses (8) 6 (26) NM 69%

RJBDP fees to Private Client Group (11)

178 191 185 (7)% (4)%

All other 84 83 76 1% 11%

Total non-compensation expenses 254 280 235 (9)% 8%

Total non-interest expenses 303 326 282 (7)% 7%

Pre-tax income $ 180 $ 133 $ 206 35% (13)%

Twelve months ended

$ in millions September 30,

2026 September 30,

2025 % change

Revenues:

Interest income $ 3,328 $ 3,315 —%

Interest expense (1,447) (1,600) (10)%

Net interest income 1,881 1,715 10%

All other 63 61 3%

Net revenues 1,944 1,776 9%

Non-interest expenses:

Compensation and benefits 191 184 4%

Non-compensation expenses:

Bank loan provision/(benefit) for credit losses (32) 37 NM

RJBDP fees to Private Client Group (11)

738 754 (2)%

All other 322 310 4%

Total non-compensation expenses 1,028 1,101 (7)%

Total non-interest expenses 1,219 1,285 (5)%

Pre-tax income $ 725 $ 491 48%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Fourth Quarter of 2026

(Unaudited)

Other (18)

Three months ended % change from

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Revenues:

Interest income $ 32 $ 37 $ 34 (14)% (6)%

All other 4 — 4 NM —%

Total revenues 36 37 38 (3)% (5)%

Interest expense (40) (25) (45) 60% (11)%

Net revenues (4) 12 (7) NM 43%

Non-interest expenses:

Compensation and benefits 29 35 30 (17)% (3)%

All other 19 17 33 12% (42)%

Total non-interest expenses 48 52 63 (8)% (24)%

Pre-tax loss

$ (52) $ (40) $ (70) (30)% 26%

Twelve months ended

$ in millions September 30,

2026 September 30,

2025 % change

Revenues:

Interest income $ 142 $ 139 2%

All other 18 7 157%

Total revenues 160 146 10%

Interest expense (173) (100) 73%

Net revenues (13) 46 NM

Non-interest expenses:

Compensation and benefits 119 147 (19)%

All other 61 45 36%

Total non-interest expenses 180 192 (6)%

Pre-tax loss

$ (193) $ (146) (32)%

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

RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics

Fiscal Fourth Quarter of 2026

(Unaudited)

Bank Segment

As of % change from

$ in billions

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Total assets $ 70.1 $ 65.3 $ 70.1 7% —%

Bank loans, net $ 57.5 $ 51.6 $ 56.2 11% 2%

Bank deposits $ 63.3 $ 58.9 $ 63.3 7% —%

As of % change from

$ in millions

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025 June 30,

2026

Bank loan allowance for credit losses $ 384 $ 452 $ 398 (15)% (4)%

Total nonperforming assets $ 155 $ 187 $ 152 (17)% 2%

Total criticized loans $ 634 $ 660 $ 593 (4)% 7%

Bank loan allowance for credit losses as a % of total loans held for investment 0.66 % 0.88 % 0.70 %

Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (20)

1.67 % 1.88 % 1.69 %

Nonperforming assets as a % of total assets 0.22 % 0.29 % 0.22 %

Criticized loans as a % of total loans held for investment 1.10 % 1.28 % 1.05 %

Three months ended Twelve months ended

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Net interest margin (net yield on interest-earning assets) 2.60 % 2.71 % 2.71 % 2.73 % 2.68 %

Bank loan provision/(benefit) for credit losses $ (8) $ 6 $ (26) $ (32) $ 37

Net charge-offs $ 6 $ 19 $ 15 $ 35 $ 41

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Fourth Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

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

Three months ended Twelve months ended

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Net income available to common shareholders $ 666 $ 603 $ 595 $ 2,365 $ 2,130

Non-GAAP adjustments:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (21)

9 6 8 30 31

Other acquisition-related compensation 6 4 — 7 4

Total “Compensation, commissions and benefits” expense 15 10 8 37 35

Communications and information processing 3 2 2 9 2

Professional fees 3 8 5 14 10

Other:

Amortization of identifiable intangible assets (22)

16 10 14 50 41

All other acquisition-related expenses 10 9 3 16 9

Total “Other” expense 26 19 17 66 50

Total pre-tax impact of non-GAAP adjustments related to acquisitions 47 39 32 126 97

Tax effect of non-GAAP adjustments

(10) (7) (7) (27) (22)

Total non-GAAP adjustments, net of tax

37 32 25 99 75

Adjusted net income available to common shareholders (1)

$ 703 $ 635 $ 620 $ 2,464 $ 2,205

Pre-tax income

$ 862 $ 731 $ 750 $ 3,075 $ 2,714

Pre-tax impact of non-GAAP adjustments (as detailed above)

47 39 32 126 97

Adjusted pre-tax income (1)

$ 909 $ 770 $ 782 $ 3,201 $ 2,811

Compensation, commissions and benefits expense $ 2,774 $ 2,394 $ 2,579 $ 10,344 $ 9,072

Less: Total compensation-related acquisition expenses (as detailed above) 15 10 8 37 35

Adjusted “Compensation, commissions and benefits” expense (1)

$ 2,759 $ 2,384 $ 2,571 $ 10,307 $ 9,037

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Fourth Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Three months ended Twelve months ended

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Pre-tax margin (7)

20.2 % 19.6 % 19.1 % 19.5 % 19.3 %

Impact of non-GAAP adjustments on pre-tax margin:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (21)

0.2 % 0.1 % 0.2 % 0.2 % 0.2 %

Other acquisition-related compensation 0.2 % 0.1 % — % — % — %

Total “Compensation, commissions and benefits” expense 0.4 % 0.2 % 0.2 % 0.2 % 0.2 %

Communications and information processing 0.1 % 0.1 % — % 0.1 % — %

Professional fees 0.1 % 0.2 % 0.1 % 0.1 % 0.1 %

Other:

Amortization of identifiable intangible assets (22)

0.4 % 0.3 % 0.4 % 0.3 % 0.3 %

All other acquisition-related expenses 0.1 % 0.3 % 0.1 % 0.1 % 0.1 %

Total “Other” expense 0.5 % 0.6 % 0.5 % 0.4 % 0.4 %

Total pre-tax impact of non-GAAP adjustments related to acquisitions 1.1 % 1.1 % 0.8 % 0.8 % 0.7 %

Adjusted pre-tax margin (1) (7)

21.3 % 20.7 % 19.9 % 20.3 % 20.0 %

Total compensation ratio (8)

65.0 % 64.2 % 65.7 % 65.5 % 64.5 %

Less the impact of non-GAAP adjustments on compensation ratio:

Acquisition-related retention (21)

0.2 % 0.1 % 0.2 % 0.2 % 0.2 %

Other acquisition-related compensation 0.2 % 0.1 % — % — % — %

Total “Compensation, commissions and benefits” expenses related to acquisitions 0.4 % 0.2 % 0.2 % 0.2 % 0.2 %

Adjusted total compensation ratio (1) (8)

64.6 % 64.0 % 65.5 % 65.3 % 64.3 %

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Fourth Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Three months ended Twelve months ended

Earnings per common share (5)

September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Basic $ 3.46 $ 3.03 $ 3.06 $ 12.13 $ 10.53

Impact of non-GAAP adjustments on basic earnings per common share:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (21)

0.05 0.03 0.04 0.15 0.15

Other acquisition-related compensation 0.03 0.02 — 0.04 0.02

Total “Compensation, commissions and benefits” expense 0.08 0.05 0.04 0.19 0.17

Communications and information processing 0.02 0.01 0.01 0.05 0.01

Professional fees 0.02 0.04 0.03 0.07 0.05

Other:

Amortization of identifiable intangible assets (22)

0.07 0.05 0.07 0.25 0.20

All other acquisition-related expenses 0.05 0.05 0.02 0.08 0.05

Total “Other” expense 0.12 0.10 0.09 0.33 0.25

Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.24 0.20 0.17 0.64 0.48

Tax effect of non-GAAP adjustments

(0.05) (0.04) (0.04) (0.14) (0.11)

Total non-GAAP adjustments, net of tax 0.19 0.16 0.13 0.50 0.37

Adjusted basic (1)

$ 3.65 $ 3.19 $ 3.19 $ 12.63 $ 10.90

Diluted $ 3.40 $ 2.95 $ 3.01 $ 11.91 $ 10.30

Impact of non-GAAP adjustments on diluted earnings per common share:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (21)

0.05 0.03 0.04 0.15 0.15

Other acquisition-related compensation 0.03 0.02 — 0.04 0.02

Total “Compensation, commissions and benefits” expense 0.08 0.05 0.04 0.19 0.17

Communications and information processing 0.02 0.01 0.01 0.05 0.01

Professional fees 0.02 0.04 0.03 0.07 0.05

Other:

Amortization of identifiable intangible assets (22)

0.07 0.05 0.07 0.25 0.20

All other acquisition-related expenses 0.05 0.04 0.02 0.08 0.04

Total “Other” expense 0.12 0.09 0.09 0.33 0.24

Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.24 0.19 0.17 0.64 0.47

Tax effect of non-GAAP adjustments

(0.05) (0.03) (0.04) (0.14) (0.11)

Total non-GAAP adjustments, net of tax 0.19 0.16 0.13 0.50 0.36

Adjusted diluted (1)

$ 3.59 $ 3.11 $ 3.14 $ 12.41 $ 10.66

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Fourth Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Book value per share As of

$ in millions, except per share amounts September 30,

2026 September 30,

2025 June 30,

2026

Total common equity attributable to Raymond James Financial, Inc. $ 13,128 $ 12,424 $ 12,699

Less non-GAAP adjustments:

Goodwill and identifiable intangible assets, net

2,618 1,847 2,608

Deferred tax liabilities related to goodwill and identifiable intangible assets, net (235) (144) (232)

Tangible common equity attributable to Raymond James Financial, Inc. (1)

$ 10,745 $ 10,721 $ 10,323

Common shares outstanding 192.0 198.1 192.1

Book value per share (10)

$ 68.38 $ 62.72 $ 66.11

Tangible book value per share (1) (10)

$ 55.96 $ 54.12 $ 53.74

Return on common equity Three months ended Twelve months ended

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Average common equity (23)

$ 12,914 $ 12,302 $ 12,633 $ 12,662 $ 12,035

Impact of non-GAAP adjustments on average common equity:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (21)

5 3 4 14 16

Other acquisition-related compensation 3 2 — 2 1

Total “Compensation, commissions and benefits” expense 8 5 4 16 17

Communications and information processing 1 1 1 4 —

Professional fees 2 4 3 7 3

Other:

Amortization of identifiable intangible assets (22)

8 5 7 23 21

All other acquisition-related expenses 5 5 2 5 1

Total “Other” expense 13 10 9 28 22

Total pre-tax impact of non-GAAP adjustments related to acquisitions 24 20 17 55 42

Tax effect of non-GAAP adjustments

(5) (4) (4) (12) (10)

Total non-GAAP adjustments, net of tax 19 16 13 43 32

Adjusted average common equity (1) (23)

$ 12,933 $ 12,318 $ 12,646 $ 12,705 $ 12,067

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Fourth Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Three months ended Twelve months ended

$ in millions September 30,

2026 September 30,

2025 June 30,

2026 September 30,

2025

Average common equity (23)

$ 12,914 $ 12,302 $ 12,633 $ 12,662 $ 12,035

Less:

Average goodwill and identifiable intangible assets, net 2,613 1,854 2,296 2,179 1,861

Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (233) (144) (190) (181) (141)

Average tangible common equity (1) (23)

$ 10,534 $ 10,592 $ 10,527 $ 10,664 $ 10,315

Impact of non-GAAP adjustments on average tangible common equity:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (21)

5 3 4 14 16

Other acquisition-related compensation 3 2 — 2 1

Total “Compensation, commissions and benefits” expense 8 5 4 16 17

Communications and information processing 1 1 1 4 —

Professional fees 2 4 3 7 3

Other:

Amortization of identifiable intangible assets (22)

8 5 7 23 21

All other acquisition-related expenses 5 5 2 5 1

Total “Other” expense 13 10 9 28 22

Total pre-tax impact of non-GAAP adjustments related to acquisitions 24 20 17 55 42

Tax effect of non-GAAP adjustments

(5) (4) (4) (12) (10)

Total non-GAAP adjustments, net of tax 19 16 13 43 32

Adjusted average tangible common equity (1) (23)

$ 10,553 $ 10,608 $ 10,540 $ 10,707 $ 10,347

Return on common equity (6)

20.6 % 19.6 % 18.8 % 18.7 % 17.7 %

Adjusted return on common equity (1) (6)

21.7 % 20.6 % 19.6 % 19.4 % 18.3 %

Return on tangible common equity (1) (6)

25.3 % 22.8 % 22.6 % 22.2 % 20.6 %

Adjusted return on tangible common equity (1) (6)

26.6 % 23.9 % 23.5 % 23.0 % 21.3 %

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2026 Footnotes

(1) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.

(2)

Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.

(3) On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion.

(4) Estimated.

(5)

Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, and $3 million for each of the twelve months ended September 30, 2026 and 2025.

(6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.

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

(8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.

(9)

Results for the twelve months ended September 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the twelve months ended September 30, 2025.

(10) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period.

(11)

We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

(12)

Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release.

(13) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.

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

(15) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market.

(16) The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.

(17)

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.”

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2026 Footnotes

(18)

The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.

(19)

PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 21). Such awards are expensed over the requisite service period (typically between 5 and 10 years).

(20) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

(21) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.

(22) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.

(23)

Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

EX-99.2 — EX-99.2 FINANCIAL SUPPLEMENT FOURTH QUARTER AND FISCAL 2026 OF RJF

EX-99.2

Filename: rjf0930q426supplement.htm · Sequence: 3

rjf0930q426supplement

Quarterly Financial Supplement Fourth quarter and fiscal 2026 results

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

Three months ended % change from Twelve months ended in millions, except per share amounts September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,877 $ 1,999 $ 2,016 $ 2,075 $ 2,307 23 % 11 % $ 7,078 $ 8,397 19 % Brokerage revenues: Securities commissions 473 486 507 503 507 7 % 1 % 1,775 2,003 13 % Principal transactions 133 126 136 126 107 (20) % (15) % 529 495 (6) % Total brokerage revenues 606 612 643 629 614 1 % (2) % 2,304 2,498 8 % Account and service fees 297 308 311 316 333 12 % 5 % 1,262 1,268 — % Investment banking 316 208 279 291 370 17 % 27 % 1,069 1,148 7 % Interest income 1,014 1,007 960 994 1,034 2 % 4 % 3,994 3,995 — % Other 80 42 53 57 81 1 % 42 % 205 233 14 % Total revenues 4,190 4,176 4,262 4,362 4,739 13 % 9 % 15,912 17,539 10 % Interest expense (463) (441) (403) (434) (470) 2 % 8 % (1,847) (1,748) (5) % Net revenues 3,727 3,735 3,859 3,928 4,269 15 % 9 % 14,065 15,791 12 % Non-interest expenses: Compensation, commissions and benefits 2,394 2,450 2,541 2,579 2,774 16 % 8 % 9,072 10,344 14 % Non-compensation expenses: Communications and information processing 199 194 206 203 208 5 % 2 % 752 811 8 % Occupancy and equipment 84 80 80 85 87 4 % 2 % 308 332 8 % Business development 82 81 75 95 95 16 % — % 291 346 19 % Investment sub-advisory fees 60 63 63 63 70 17 % 11 % 223 259 16 % Professional fees 53 37 36 63 56 6 % (11) % 163 192 18 % Bank loan provision/(benefit) for credit losses 6 (3) 5 (26) (8) NM 69 % 37 (32) NM Other (1) 118 105 118 116 125 6 % 8 % 505 464 (8) % Total non-compensation expenses 602 557 583 599 633 5 % 6 % 2,279 2,372 4 % Total non-interest expenses 2,996 3,007 3,124 3,178 3,407 14 % 7 % 11,351 12,716 12 % Pre-tax income 731 728 735 750 862 18 % 15 % 2,714 3,075 13 % Provision for income taxes 127 165 191 155 196 54 % 26 % 579 707 22 % Net income 604 563 544 595 666 10 % 12 % 2,135 2,368 11 % Preferred stock dividends 1 1 2 — — (100) % — % 5 3 (40) % Net income available to common shareholders $ 603 $ 562 $ 542 $ 595 $ 666 10 % 12 % $ 2,130 $ 2,365 11 % Earnings per common share – basic (2) $ 3.03 $ 2.85 $ 2.76 $ 3.06 $ 3.46 14 % 13 % $ 10.53 $ 12.13 15 % Earnings per common share – diluted (2) $ 2.95 $ 2.79 $ 2.72 $ 3.01 $ 3.40 15 % 13 % $ 10.30 $ 11.91 16 % Weighted-average common shares outstanding – basic 199.0 197.1 196.1 194.0 192.1 (3) % (1) % 202.0 194.8 (4) % Weighted-average common and common equivalent shares outstanding – diluted 203.8 201.4 199.2 197.2 195.6 (4) % (1) % 206.6 198.3 (4) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in billions, except per share amounts September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Total assets $ 88.2 $ 88.8 $ 91.9 $ 94.2 $ 94.4 7 % — % Total common equity attributable to Raymond James Financial, Inc. $ 12.4 $ 12.5 $ 12.6 $ 12.7 $ 13.1 6 % 3 % Book value per share (3) $ 62.72 $ 63.41 $ 64.58 $ 66.11 $ 68.38 9 % 3 % Tangible book value per share (3) (4) $ 54.12 $ 54.82 $ 55.14 $ 53.74 $ 55.96 3 % 4 % Capital ratios: Tier 1 leverage 13.1 % 12.7 % 12.4 % 11.7 % 12.1 % (5) Tier 1 capital 23.0 % 23.2 % 22.9 % 21.5 % 23.2 % (5) Common equity tier 1 22.9 % 23.0 % 22.9 % 21.5 % 23.2 % (5) Total capital 24.1 % 24.3 % 24.0 % 22.5 % 24.2 % (5) $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Adjusted pre-tax income (4) $ 770 $ 748 $ 762 $ 782 $ 909 18 % 16 % $ 2,811 $ 3,201 14 % Adjusted net income available to common shareholders (4) $ 635 $ 577 $ 564 $ 620 $ 703 11 % 13 % $ 2,205 $ 2,464 12 % Adjusted earnings per common share – basic (2) (4) $ 3.19 $ 2.92 $ 2.88 $ 3.19 $ 3.65 14 % 14 % $ 10.90 $ 12.63 16 % Adjusted earnings per common share – diluted (2) (4) $ 3.11 $ 2.86 $ 2.83 $ 3.14 $ 3.59 15 % 14 % $ 10.66 $ 12.41 16 % Return on common equity (6) 19.6 % 18.0 % 17.3 % 18.8 % 20.6 % 17.7 % 18.7 % Adjusted return on common equity (4) (6) 20.6 % 18.5 % 18.0 % 19.6 % 21.7 % 18.3 % 19.4 % Adjusted return on tangible common equity (4) (6) 23.9 % 21.4 % 20.9 % 23.5 % 26.6 % 21.3 % 23.0 % Pre-tax margin (7) 19.6 % 19.5 % 19.0 % 19.1 % 20.2 % 19.3 % 19.5 % Adjusted pre-tax margin (4) (7) 20.7 % 20.0 % 19.7 % 19.9 % 21.3 % 20.0 % 20.3 % Total compensation ratio (8) 64.2 % 65.6 % 65.8 % 65.7 % 65.0 % 64.5 % 65.5 % Adjusted total compensation ratio (4) (8) 64.0 % 65.4 % 65.7 % 65.5 % 64.6 % 64.3 % 65.3 % Effective tax rate 17.4 % 22.7 % 26.0 % 20.7 % 22.7 % 21.3 % 23.0 % Three months ended % change from Twelve months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Client assets under administration $ 1,730.6 $ 1,773.1 $ 1,762.9 $ 1,922.4 $ 1,935.3 12 % 1 % Private Client Group assets under administration $ 1,666.5 $ 1,708.5 $ 1,699.0 $ 1,856.5 $ 1,870.9 12 % 1 % Private Client Group assets in fee-based accounts $ 1,008.1 $ 1,040.1 $ 1,043.2 $ 1,153.8 $ 1,163.0 15 % 1 % Financial assets under management (9) $ 274.9 $ 280.8 $ 282.4 $ 345.0 $ 342.9 25 % (1) % Three months ended Twelve months ended Net new assets metrics (10) ($ in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Domestic Private Client Group net new assets $ 17,930 $ 30,828 $ 22,954 $ 21,692 $ 22,841 $ 52,431 $ 98,315 Domestic Private Client Group net new assets growth — annualized 5.0 % 8.0 % 5.8 % 5.5 % 5.3 % 3.8 % 6.4 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 26,555 $ 27,819 $ 29,829 $ 26,004 $ 24,711 (7) % (5) % Third-party banks 14,761 15,996 13,597 16,243 16,437 11 % 1 % Subtotal RJBDP 41,316 43,815 43,426 42,247 41,148 — % (3) % Client Interest Program 1,572 1,815 1,843 1,677 1,771 13 % 6 % Total clients’ domestic cash sweep balances 42,888 45,630 45,269 43,924 42,919 — % (2) % Enhanced Savings Program ("ESP") (12) 13,465 12,448 12,493 14,911 15,039 12 % 1 % Total clients’ domestic cash sweep and ESP balances $ 56,353 $ 58,078 $ 57,762 $ 58,835 $ 57,958 3 % (1) % Three months ended % change from Twelve months ended Net interest income and RJBDP fees ($ in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Net interest income and RJBDP fees (third-party banks) $ 653 $ 667 $ 650 $ 658 $ 674 3 % 2 % $ 2,633 $ 2,649 1 % Average yield on RJBDP - third-party banks (13) 2.91 % 2.76 % 2.70 % 2.75 % 2.81 % 3.01 % 2.76 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,585 $ 1,693 $ 1,711 $ 1,734 $ 1,919 21 % 11 % $ 5,980 $ 7,057 18 % Brokerage revenues: Mutual and other fund products 155 164 176 170 171 10 % 1 % 605 681 13 % Insurance and annuity products 147 132 132 142 157 7 % 11 % 511 563 10 % Equities, ETFs, and fixed income products 163 174 180 173 170 4 % (2) % 621 697 12 % Total brokerage revenues 465 470 488 485 498 7 % 3 % 1,737 1,941 12 % Account and service fees: Mutual fund and other investment products 136 142 152 149 155 14 % 4 % 518 598 15 % RJBDP fees: (11) Bank segment 191 188 187 185 178 (7) % (4) % 754 738 (2) % Third-party banks 102 101 93 98 110 8 % 12 % 486 402 (17) % Client account and other fees 67 71 74 78 78 16 % — % 275 301 9 % Total account and service fees 496 502 506 510 521 5 % 2 % 2,033 2,039 — % Investment banking 9 8 7 9 9 — % — % 35 33 (6) % Interest income 118 114 107 115 118 — % 3 % 468 454 (3) % All other 13 4 8 8 9 (31) % 13 % 29 29 — % Total revenues 2,686 2,791 2,827 2,861 3,074 14 % 7 % 10,282 11,553 12 % Interest expense (26) (23) (17) (20) (18) (31) % (10) % (100) (78) (22) % Net revenues 2,660 2,768 2,810 2,841 3,056 15 % 8 % 10,182 11,475 13 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,434 1,512 1,554 1,566 1,719 20 % 10 % 5,398 6,351 18 % Recruiting and retention-related compensation (14) 98 107 111 117 125 28 % 7 % 372 460 24 % Total financial advisor compensation 1,532 1,619 1,665 1,683 1,844 20 % 10 % 5,770 6,811 18 % Administrative compensation and benefits 419 432 443 441 461 10 % 5 % 1,614 1,777 10 % Total compensation, commissions and benefits 1,951 2,051 2,108 2,124 2,305 18 % 9 % 7,384 8,588 16 % Non-compensation expenses 293 278 286 294 293 — % — % 1,078 1,151 7 % Total non-interest expenses 2,244 2,329 2,394 2,418 2,598 16 % 7 % 8,462 9,739 15 % Pre-tax income $ 416 $ 439 $ 416 $ 423 $ 458 10 % 8 % $ 1,720 $ 1,736 1 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Brokerage revenues: Fixed income $ 99 $ 91 $ 104 $ 99 $ 71 (28) % (28) % $ 397 $ 365 (8) % Equity 41 50 52 50 47 15 % (6) % 168 199 18 % Total brokerage revenues 140 141 156 149 118 (16) % (21) % 565 564 — % Investment banking: Merger & acquisition and advisory 163 119 139 150 218 34 % 45 % 623 626 — % Equity underwriting 46 31 56 50 41 (11) % (18) % 150 178 19 % Debt underwriting 100 50 77 85 102 2 % 20 % 263 314 19 % Total investment banking 309 200 272 285 361 17 % 27 % 1,036 1,118 8 % Interest income 27 28 27 25 27 — % 8 % 111 107 (4) % Affordable housing investments business revenues 58 31 28 35 63 9 % 80 % 140 157 12 % All other 4 4 6 6 5 25 % (17) % 17 21 24 % Total revenues 538 404 489 500 574 7 % 15 % 1,869 1,967 5 % Interest expense (25) (24) (25) (23) (25) — % 9 % (99) (97) (2) % Net revenues 513 380 464 477 549 7 % 15 % 1,770 1,870 6 % Non-interest expenses: Compensation, commissions and benefits 303 261 293 300 310 2 % 3 % 1,128 1,164 3 % Non-compensation expenses (1) 120 110 120 129 133 11 % 3 % 496 492 (1) % Total non-interest expenses 423 371 413 429 443 5 % 3 % 1,624 1,656 2 % Pre-tax income $ 90 $ 9 $ 51 $ 48 $ 106 18 % 121 % $ 146 $ 214 47 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Interest income $ 843 $ 831 $ 802 $ 831 $ 864 2 % 4 % $ 3,315 $ 3,328 — % Interest expense (401) (361) (330) (359) (397) (1) % 11 % (1,600) (1,447) (10) % Net interest income 442 470 472 472 467 6 % (1) % 1,715 1,881 10 % All other 17 17 14 16 16 (6) % — % 61 63 3 % Net revenues 459 487 486 488 483 5 % (1) % 1,776 1,944 9 % Non-interest expenses: Compensation and benefits 46 48 47 47 49 7 % 4 % 184 191 4 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 6 (3) 5 (26) (8) NM 69 % 37 (32) NM RJBDP fees to Private Client Group (11) 191 188 187 185 178 (7) % (4) % 754 738 (2) % All other 83 81 81 76 84 1 % 11 % 310 322 4 % Total non-compensation expenses 280 266 273 235 254 (9) % 8 % 1,101 1,028 (7) % Total non-interest expenses 326 314 320 282 303 (7) % 7 % 1,285 1,219 (5) % Pre-tax income $ 133 $ 173 $ 166 $ 206 $ 180 35 % (13) % $ 491 $ 725 48 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Interest income $ 37 $ 42 $ 34 $ 34 $ 32 (14) % (6) % $ 139 $ 142 2 % All other — 1 9 4 4 NM — % 7 18 157 % Total revenues 37 43 43 38 36 (3) % (5) % 146 160 10 % Interest expense (25) (44) (44) (45) (40) 60 % (11) % (100) (173) 73 % Net revenues 12 (1) (1) (7) (4) NM 43 % 46 (13) NM Non-interest expenses: Compensation and benefits 35 31 29 30 29 (17) % (3) % 147 119 (19) % All other 17 4 5 33 19 12 % (42) % 45 61 36 % Total non-interest expenses 52 35 34 63 48 (8) % (24) % 192 180 (6) % Pre-tax loss $ (40) $ (36) $ (35) $ (70) $ (52) (30) % 26 % $ (146) $ (193) (32) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (15) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in billions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Total assets $ 65.3 $ 66.7 $ 69.0 $ 70.1 $ 70.1 7 % — % Bank deposits $ 58.9 $ 60.2 $ 62.4 $ 63.3 $ 63.3 7 % — % As of % change from $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Bank loans by portfolio segment: Securities-based loans (16) $ 19,775 $ 21,667 $ 23,007 $ 24,767 $ 26,178 32 % 6 % Residential mortgage loans 10,295 10,567 10,789 11,223 11,570 12 % 3 % Commercial and industrial loans 10,777 10,801 10,489 10,040 9,798 (9) % (2) % Commercial real estate loans 7,840 7,753 7,972 7,689 7,432 (5) % (3) % Real estate investment trust loans 1,690 1,779 1,695 1,671 1,668 (1) % — % Tax-exempt loans 1,226 1,148 1,123 1,101 1,103 (10) % — % Total loans held for investment 51,603 53,715 55,075 56,491 57,749 12 % 2 % Held for sale loans 416 168 198 134 96 (77) % (28) % Total loans held for sale and investment 52,019 53,883 55,273 56,625 57,845 11 % 2 % Allowance for credit losses (452) (440) (440) (398) (384) (15) % (4) % Bank loans, net $ 51,567 $ 53,443 $ 54,833 $ 56,227 $ 57,461 11 % 2 % Total nonperforming assets $ 187 $ 208 $ 183 $ 152 $ 155 (17) % 2 % Total criticized loans $ 660 $ 611 $ 607 $ 593 $ 634 (4) % 7 % Bank loan allowance for credit losses as a % of total loans held for investment 0.88 % 0.82 % 0.80 % 0.70 % 0.66 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (17) 1.88 % 1.82 % 1.83 % 1.69 % 1.67 % Nonperforming assets as a % of total assets 0.29 % 0.31 % 0.27 % 0.22 % 0.22 % Criticized loans as a % of total loans held for investment 1.28 % 1.14 % 1.10 % 1.05 % 1.10 % Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Net interest margin (net yield on interest-earning assets) 2.71 % 2.81 % 2.81 % 2.71 % 2.60 % 2.68 % 2.73 % Bank loan provision/(benefit) for credit losses $ 6 $ (3) $ 5 $ (26) $ (8) $ 37 $ (32) Net charge-offs $ 19 $ 9 $ 5 $ 15 $ 6 $ 41 $ 35 RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior- period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non- GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Net income available to common shareholders $ 603 $ 562 $ 542 $ 595 $ 666 $ 2,130 $ 2,365 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 6 7 6 8 9 31 30 Other acquisition-related compensation 4 — 1 — 6 4 7 Total “Compensation, commissions and benefits” expense 10 7 7 8 15 35 37 Communications and information processing 2 1 3 2 3 2 9 Professional fees 8 2 4 5 3 10 14 Other: Amortization of identifiable intangible assets (19) 10 10 10 14 16 41 50 All other acquisition-related expenses 9 — 3 3 10 9 16 Total “Other” expense 19 10 13 17 26 50 66 Total pre-tax impact of non-GAAP adjustments related to acquisitions 39 20 27 32 47 97 126 Tax effect of non-GAAP adjustments (7) (5) (5) (7) (10) (22) (27) Total non-GAAP adjustments, net of tax 32 15 22 25 37 75 99 Adjusted net income available to common shareholders (4) $ 635 $ 577 $ 564 $ 620 $ 703 $ 2,205 $ 2,464 Pre-tax income $ 731 $ 728 $ 735 $ 750 $ 862 $ 2,714 $ 3,075 Pre-tax impact of non-GAAP adjustments (as detailed above) 39 20 27 32 47 97 126 Adjusted pre-tax income (4) $ 770 $ 748 $ 762 $ 782 $ 909 $ 2,811 $ 3,201 Compensation, commissions and benefits expense $ 2,394 $ 2,450 $ 2,541 $ 2,579 $ 2,774 $ 9,072 $ 10,344 Less: Total compensation-related acquisition expenses (as detailed above) (18) 10 7 7 8 15 35 37 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,384 $ 2,443 $ 2,534 $ 2,571 $ 2,759 $ 9,037 $ 10,307 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Twelve months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Pre-tax margin (7) 19.6 % 19.5 % 19.0 % 19.1 % 20.2 % 19.3 % 19.5 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation 0.1 % — % — % — % 0.2 % — % — % Total “Compensation, commissions and benefits” expense 0.2 % 0.2 % 0.1 % 0.2 % 0.4 % 0.2 % 0.2 % Communications and information processing 0.1 % — % 0.1 % — % 0.1 % — % 0.1 % Professional fees 0.2 % — % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % Other: Amortization of identifiable intangible assets (19) 0.3 % 0.3 % 0.3 % 0.4 % 0.4 % 0.3 % 0.3 % All other acquisition-related expenses 0.3 % — % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % Total “Other” expense 0.6 % 0.3 % 0.4 % 0.5 % 0.5 % 0.4 % 0.4 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 1.1 % 0.5 % 0.7 % 0.8 % 1.1 % 0.7 % 0.8 % Adjusted pre-tax margin (4) (7) 20.7 % 20.0 % 19.7 % 19.9 % 21.3 % 20.0 % 20.3 % Total compensation ratio (8) 64.2 % 65.6 % 65.8 % 65.7 % 65.0 % 64.5 % 65.5 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (18) 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation 0.1 % — % — % — % 0.2 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.2 % 0.2 % 0.1 % 0.2 % 0.4 % 0.2 % 0.2 % Adjusted total compensation ratio (4) (8) 64.0 % 65.4 % 65.7 % 65.5 % 64.6 % 64.3 % 65.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Twelve months ended Earnings per common share (2) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Diluted $ 2.95 $ 2.79 $ 2.72 $ 3.01 $ 3.40 $ 10.30 $ 11.91 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.03 0.03 0.03 0.04 0.05 0.15 0.15 Other acquisition-related compensation 0.02 — — — 0.03 0.02 0.04 Total “Compensation, commissions and benefits” expense 0.05 0.03 0.03 0.04 0.08 0.17 0.19 Communications and information processing 0.01 — 0.02 0.01 0.02 0.01 0.05 Professional fees 0.04 0.01 0.02 0.03 0.02 0.05 0.07 Other: Amortization of identifiable intangible assets (19) 0.05 0.05 0.05 0.07 0.07 0.20 0.25 All other acquisition-related expenses 0.04 — 0.02 0.02 0.05 0.04 0.08 Total “Other” expense 0.09 0.05 0.07 0.09 0.12 0.24 0.33 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.19 0.09 0.14 0.17 0.24 0.47 0.64 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.03) (0.04) (0.05) (0.11) (0.14) Total non-GAAP adjustments, net of tax 0.16 0.07 0.11 0.13 0.19 0.36 0.50 Adjusted diluted (4) $ 3.11 $ 2.86 $ 2.83 $ 3.14 $ 3.59 $ 10.66 $ 12.41 Book value per share As of $ in millions, except per share amounts September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,424 $ 12,491 $ 12,567 $ 12,699 $ 13,128 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,847 1,838 1,983 2,608 2,618 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (144) (146) (147) (232) (235) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 10,721 $ 10,799 $ 10,731 $ 10,323 $ 10,745 Common shares outstanding 198.1 197.0 194.6 192.1 192.0 Book value per share (3) $ 62.72 $ 63.41 $ 64.58 $ 66.11 $ 68.38 Tangible book value per share (3) (4) $ 54.12 $ 54.82 $ 55.14 $ 53.74 $ 55.96 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (20) $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 12,914 $ 12,035 $ 12,662 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 3 4 3 4 5 16 14 Other acquisition-related compensation 2 — 1 — 3 1 2 Total “Compensation, commissions and benefits” expense 5 4 4 4 8 17 16 Communications and information processing 1 1 1 1 1 — 4 Professional fees 4 1 2 3 2 3 7 Other: Amortization of identifiable intangible assets (19) 5 5 5 7 8 21 23 All other acquisition-related expenses 5 — 2 2 5 1 5 Total “Other” expense 10 5 7 9 13 22 28 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 11 14 17 24 42 55 Tax effect of non-GAAP adjustments (4) (3) (3) (4) (5) (10) (12) Total non-GAAP adjustments, net of tax 16 8 11 13 19 32 43 Adjusted average common equity (4) (20) $ 12,318 $ 12,466 $ 12,540 $ 12,646 $ 12,933 $ 12,067 $ 12,705 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (20) $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 12,914 $ 12,035 $ 12,662 Less: Average goodwill and identifiable intangible assets, net 1,854 1,843 1,911 2,296 2,613 1,861 2,179 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (144) (145) (147) (190) (233) (141) (181) Average tangible common equity (4) (20) $ 10,592 $ 10,760 $ 10,765 $ 10,527 $ 10,534 $ 10,315 $ 10,664 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 3 4 3 4 5 16 14 Other acquisition-related compensation 2 — 1 — 3 1 2 Total “Compensation, commissions and benefits” expense 5 4 4 4 8 17 16 Communications and information processing 1 1 1 1 1 — 4 Professional fees 4 1 2 3 2 3 7 Other: Amortization of identifiable intangible assets (19) 5 5 5 7 8 21 23 All other acquisition-related expenses 5 — 2 2 5 1 5 Total “Other” expense 10 5 7 9 13 22 28 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 11 14 17 24 42 55 Tax effect of non-GAAP adjustments (4) (3) (3) (4) (5) (10) (12) Total non-GAAP adjustments, net of tax 16 8 11 13 19 32 43 Adjusted average tangible common equity (4) (20) $ 10,608 $ 10,768 $ 10,776 $ 10,540 $ 10,553 $ 10,347 $ 10,707 Return on common equity (6) 19.6 % 18.0 % 17.3 % 18.8 % 20.6 % 17.7 % 18.7 % Adjusted return on common equity (4) (6) 20.6 % 18.5 % 18.0 % 19.6 % 21.7 % 18.3 % 19.4 % Return on tangible common equity (4) (6) 22.8 % 20.9 % 20.1 % 22.6 % 25.3 % 20.6 % 22.2 % Adjusted return on tangible common equity (4) (6) 23.9 % 21.4 % 20.9 % 23.5 % 26.6 % 21.3 % 23.0 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the twelve months ended September 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the twelve months ended September 30, 2025. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2025, December 31, 2025, June 30, 2026, and September 30, 2026, an insignificant amount for the three months ended March 31, 2026, and $3 million for each of the twelve months ended September 30, 2025 and 2026. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion. (10) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (11) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest- bearing demand deposits in our net interest disclosures in this release. (13) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. (14) PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 18). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (15) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. RAYMOND JAMES FINANCIAL, INC. 18

(17) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (18) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (20) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19

EX-99.3 — EX-99.3 EARNINGS PRESENTATION FOURTH QUARTER AND FISCAL 2026 OF RJF

EX-99.3

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rjf0930q426presentation

Fourth Quarter and Fiscal 2026 Results October 28, 2026

Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (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," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, 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. 2

Strategic Overview Paul Shoukry Chief Executive Officer, Raymond James Financial 3

4 4Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $4.3B Net revenues $1.94T Client assets under administration $50M Common share repurchases 20.2% Pre-tax margin 21.3% Adjusted pre-tax margin(1) $1.16T PCG assets in fee-based accounts $104M Common stock dividends $22.8B | 5.3% growth rate Domestic PCG net new assets(2)$3.40 Diluted EPS $3.59 Adjusted diluted EPS(1) 12.1% Tier 1 leverage ratio(3) $58.0B Clients' domestic cash sweep and ESP balances 20.6% Return on common equity 26.6% Adjusted ROTCE(1) $2.9B RJF corporate cash(4) $57.5B Bank loans, net Note: As of and for the three months ended September 30, 2026. (1)These are non-GAAP financial measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (2)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees and other fees. The domestic PCG net new asset annualized growth rate is based on the beginning domestic PCG assets under administration balance for the indicated period. (3)Estimated. (4)This amount reflects cash and cash equivalents held directly at the parent company.

Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5

Summary results of operations $ in millions, except per share amounts ($) vs. 4Q25 vs. 3Q26 ($) vs. FY 20254Q26 FY 2026 Net revenues 4,269 15% 9% 15,791 12% Pre-tax income 862 18% 15% 3,075 13% Adjusted pre-tax income* 909 18% 16% 3,201 14% Net income available to common shareholders 666 10% 12% 2,365 11% Adjusted net income available to common shareholders* 703 11% 13% 2,464 12% Earnings per common share — diluted 3.40 15% 13% 11.91 16% Adjusted earnings per common share — diluted* 3.59 15% 14% 12.41 16% Other selected financial highlights: 4Q26 4Q25 3Q26 FY 2026 FY 2025 Pre-tax margin 20.2 % 19.6% 19.1% 19.5 % 19.3% Adjusted pre-tax margin* 21.3 % 20.7% 19.9% 20.3 % 20.0% Return on common equity — annualized 20.6 % 19.6% 18.8% 18.7 % 17.7% Adjusted return on common equity — annualized* 21.7 % 20.6% 19.6% 19.4 % 18.3% Adjusted return on tangible common equity — annualized* 26.6 % 23.9% 23.5% 23.0 % 21.3% 6 *These are non-GAAP financial measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. Financial summary Record result

$ in millions ($) vs. 4Q25 vs. 3Q26 ($) vs. 4Q26 FY 2026 FY 2025 Net revenues: Private Client Group 3,056 15% 8% 11,475 13% Capital Markets 549 7% 15% 1,870 6% Asset Management 409 30% 13% 1,424 20% Bank 483 5% (1)% 1,944 9% Consolidated net revenues 4,269 15% 9% 15,791 12% Pre-tax income: Private Client Group 458 10% 8% 1,736 1% Capital Markets* 106 18% 121% 214 47% Asset Management 170 29% 19% 593 18% Bank 180 35% (13)% 725 48% Consolidated pre-tax income 862 18% 15% 3,075 13% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. *Results for FY 2025 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment Segment results 7 Record Result

Consolidated net revenues 8 $ in millions 4Q26 vs. 4Q25 vs. 3Q26 Asset management and related administrative fees $ 2,307 23% 11% Brokerage revenues 614 1% (2)% Account and service fees 333 12% 5% Investment banking 370 17% 27% Interest income 1,034 2% 4% Other 81 1% 42% Total revenues 4,739 13% 9% Interest expense (470) 2% 8% Net revenues $ 4,269 15% 9%

Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP) BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 26.6 27.8 29.8 26.0 24.7 14.8 16.0 13.6 16.2 16.4 1.6 1.8 1.8 1.7 1.8 13.5 12.4 12.5 14.9 15.0 56.4 58.1 57.8 58.8 58.0 3.7% 3.7% 3.7% 3.4% 3.4% RJBDP - Bank Segment* RJBDP - Third-Party Banks* Client Interest Program ESP** 4Q25 1Q26 2Q26 3Q26 4Q26 Note: May not total due to rounding. *We earn fees from the Raymond James Bank Deposit Program (RJBDP), a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. **Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. Year-over-year change: 3% Sequential change: (1)%

Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. $ IN MILLIONS 653 667 650 658 674 551 566 557 560 564 102 101 93 98 110 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 4Q25 1Q26 2Q26 3Q26 4Q26 NET INTEREST MARGIN (NIM) 2.71% 2.81% 2.81% 2.71% 2.60% 2.78% 2.75% 2.74% 2.67% 2.60% Firmwide NIM Bank Segment NIM 4Q25 1Q26 2Q26 3Q26 4Q26 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 2.91% 2.76% 2.70% 2.75% 2.81% 4Q25 1Q26 2Q26 3Q26 4Q26 Year-over-year change: 3% Sequential change: 2%

Consolidated expenses 11 $ in millions 4Q26 vs. 4Q25 vs. 3Q26 Compensation, commissions and benefits $ 2,774 16% 8% Non-compensation expenses: Communications and information processing 208 5% 2% Occupancy and equipment 87 4% 2% Business development 95 16% —% Investment sub-advisory fees 70 17% 11% Professional fees 56 6% (11)% Bank loan benefit for credit losses (8) NM 69% Other 125 6% 8% Total non-compensation expenses 633 5% 6% Total non-interest expenses $ 3,407 14% 7% (1) These are non-GAAP financial measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (2) Pre-provision non-compensation expenses represent total non-compensation expenses excluding the bank loan provision (benefit) for credit losses and non-compensation expenses excluded from our non-GAAP financial measures. NON-COMPENSATION EXPENSES $ IN MILLIONS 602 557 583 599 633 567 547 558 601 609 Non-compensation expenses Pre-provision adjusted non-compensation expenses ⁽¹⁾⁽²⁾ 4Q25 1Q26 2Q26 3Q26 4Q26 TOTAL COMPENSATION RATIO (%) 64.2 65.6 65.8 65.7 65.0 64.0 65.4 65.7 65.5 64.6 Total Compensation Ratio Adjusted Total Compensation Ratio ⁽¹⁾ 4Q25 1Q26 2Q26 3Q26 4Q26

*This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 12 19.6% 19.5% 19.0% 19.1% 20.2% 20.7% 20.0% 19.7% 19.9% 21.3% Pre-Tax Margin Adjusted Pre-Tax Margin* 4Q25 1Q26 2Q26 3Q26 4Q26

Other financial information 13 *This amount includes cash and cash equivalents held directly at the parent company, as well as any cash loaned by the parent company to RJ&A, which RJ&A may invest on behalf of RJF or otherwise deploy in its normal business activities. **This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non- GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. $ in billions except per share amounts 4Q26 vs. 4Q25 vs. 3Q26 Total assets $ 94.4 7% —% RJF corporate cash* $ 2.9 (22)% 16% Bank loans, net $ 57.5 11% 2% Total common equity attributable to RJF $ 13.1 6% 3% Book value per share $ 68.38 9% 3% Tangible book value per share** $ 55.96 3% 4% Weighted-average common and common equivalent shares outstanding — diluted (shares in millions) 195.6 (4)% (1)% 4Q25 3Q26 Tier 1 leverage ratio*** 12.1 % 13.1% 11.7% Tier 1 capital ratio*** 23.2 % 23.0% 21.5% Common equity tier 1 ratio*** 23.2 % 22.9% 21.5% Total capital ratio*** 24.2 % 24.1% 22.5% Effective tax rate 22.7 % 17.4% 20.7%

$1.7B of share repurchases and dividends paid over FY 2026 Capital management 14 SHARE REPURCHASES AND DIVIDENDS PAID $ IN MILLIONS 451 511 507 506 154350 400 400 400 50 101 111 107 106 104 Share Repurchases* Dividends Paid** 4Q25 1Q26 2Q26 3Q26 4Q26 Number of Shares Repurchased* (millions) 2.1 2.5 2.6 2.6 0.3 Average Share Price of Shares Repurchased* $166 $162 $155 $152 $166 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates the amount remaining as of September 30, 2026 under the Board of Directors' $2.0 billion common stock repurchase authorization approved on December 3, 2025. $1.05B remains under current common stock repurchase authorization***

Appendix 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 16 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 return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. Note: Please refer to the footnotes on slide 24 for additional information. continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 24 for additional information. continued on next slide Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Net income available to common shareholders $ 603 $ 562 $ 542 $ 595 $ 666 $ 2,130 $ 2,365 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 6 7 6 8 9 31 30 Other acquisition-related compensation 4 — 1 — 6 4 7 Total “Compensation, commissions and benefits” expense 10 7 7 8 15 35 37 Communications and information processing 2 1 3 2 3 2 9 Professional fees 8 2 4 5 3 10 14 Other: Amortization of identifiable intangible assets (2) 10 10 10 14 16 41 50 All other acquisition-related expenses 9 — 3 3 10 9 16 Total “Other” expense 19 10 13 17 26 50 66 Total non-compensation expenses 29 13 20 24 32 62 89 Total pre-tax impact of non-GAAP adjustments related to acquisitions 39 20 27 32 47 97 126 Tax effect of non-GAAP adjustments (7) (5) (5) (7) (10) (22) (27) Total non-GAAP adjustments, net of tax 32 15 22 25 37 75 99 Adjusted net income available to common shareholders $ 635 $ 577 $ 564 $ 620 $ 703 $ 2,205 $ 2,464 Pre-tax income $ 731 $ 728 $ 735 $ 750 $ 862 $ 2,714 $ 3,075 Pre-tax impact of non-GAAP adjustments (as detailed above) 39 20 27 32 47 97 126 Adjusted pre-tax income $ 770 $ 748 $ 762 $ 782 $ 909 $ 2,811 $ 3,201 17

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Pre-tax margin (3) 19.6 % 19.5 % 19.0 % 19.1 % 20.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % Other acquisition-related compensation 0.1 % — % — % — % 0.2 % Total “Compensation, commissions and benefits” expense 0.2 % 0.2 % 0.1 % 0.2 % 0.4 % Communications and information processing 0.1 % — % 0.1 % — % 0.1 % Professional fees 0.2 % — % 0.1 % 0.1 % 0.1 % Other: Amortization of identifiable intangible assets (2) 0.3 % 0.3 % 0.3 % 0.4 % 0.4 % All other acquisition-related expenses 0.3 % — % 0.1 % 0.1 % 0.1 % Total “Other” expense 0.6 % 0.3 % 0.4 % 0.5 % 0.5 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 1.1 % 0.5 % 0.7 % 0.8 % 1.1 % Adjusted pre-tax margin (3) 20.7 % 20.0 % 19.7 % 19.9 % 21.3 % Note: Please refer to the footnotes on slide 24 for additional information. continued on next slide18

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 19 Note: Please refer to the footnotes on slide 24 for additional information. continued on next slide Three months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Compensation, commissions and benefits expense $ 2,394 $ 2,450 $ 2,541 $ 2,579 $ 2,774 Less: Total compensation-related acquisition expenses (1) 10 7 7 8 15 Adjusted compensation, commissions and benefits expense $ 2,384 $ 2,443 $ 2,534 $ 2,571 $ 2,759 Total compensation ratio (4) 64.2 % 65.6 % 65.8 % 65.7 % 65.0 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % Other acquisition-related compensation 0.1 % — % — % — % 0.2 % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.2 % 0.2 % 0.1 % 0.2 % 0.4 % Adjusted total compensation ratio (4) 64.0 % 65.4 % 65.7 % 65.5 % 64.6 % Non-compensation expenses $ 602 $ 557 $ 583 $ 599 $ 633 Less: Bank loan provision/(benefit) for credit losses 6 (3) 5 (26) (8) Less: Total non-compensation-related acquisition expenses (as detailed on slide 17) 29 13 20 24 32 Pre-provision adjusted non-compensation expenses (5) $ 567 $ 547 $ 558 $ 601 $ 609

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 24 for additional information. Three months ended Twelve months ended Earnings per common share (6) September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Diluted $ 2.95 $ 3.01 $ 3.40 $ 10.30 $ 11.91 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.03 0.04 0.05 0.15 0.15 Other acquisition-related compensation 0.02 — 0.03 0.02 0.04 Total “Compensation, commissions and benefits” expense 0.05 0.04 0.08 0.17 0.19 Communications and information processing 0.01 0.01 0.02 0.01 0.05 Professional fees 0.04 0.03 0.02 0.05 0.07 Other: Amortization of identifiable intangible assets (2) 0.05 0.07 0.07 0.20 0.25 All other acquisition-related expenses 0.04 0.02 0.05 0.04 0.08 Total “Other” expense 0.09 0.09 0.12 0.24 0.33 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.19 0.17 0.24 0.47 0.64 Tax effect of non-GAAP adjustments (0.03) (0.04) (0.05) (0.11) (0.14) Total non-GAAP adjustments, net of tax 0.16 0.13 0.19 0.36 0.50 Adjusted diluted $ 3.11 $ 3.14 $ 3.59 $ 10.66 $ 12.41 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 24 for additional information. Book value per share As of $ in millions, except per share amounts September 30, 2025 June 30, 2026 September 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,424 $ 12,699 $ 13,128 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,847 2,608 2,618 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (144) (232) (235) Tangible common equity attributable to Raymond James Financial, Inc. $ 10,721 $ 10,323 $ 10,745 Common shares outstanding 198.1 192.1 192.0 Book value per share (7) $ 62.72 $ 66.11 $ 68.38 Tangible book value per share (7) $ 54.12 $ 53.74 $ 55.96 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 24 for additional information. Three months ended Twelve months ended $ in millions September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (8) $ 12,302 $ 12,633 $ 12,914 $ 12,035 $ 12,662 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 3 4 5 16 14 Other acquisition-related compensation 2 — 3 1 2 Total “Compensation, commissions and benefits” expense 5 4 8 17 16 Communications and information processing 1 1 1 — 4 Professional fees 4 3 2 3 7 Other: Amortization of identifiable intangible assets (2) 5 7 8 21 23 All other acquisition-related expenses 5 2 5 1 5 Total “Other” expense 10 9 13 22 28 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 17 24 42 55 Tax effect of non-GAAP adjustments (4) (4) (5) (10) (12) Total non-GAAP adjustments, net of tax 16 13 19 32 43 Adjusted average common equity (8) $ 12,318 $ 12,646 $ 12,933 $ 12,067 $ 12,705 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Return on tangible common equity Three months ended Twelve months ended $ in millions September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (8) $ 12,302 $ 12,633 $ 12,914 $ 12,035 $ 12,662 Less: Average goodwill and identifiable intangible assets, net 1,854 2,296 2,613 1,861 2,179 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (144) (190) (233) (141) (181) Average tangible common equity (8) $ 10,592 $ 10,527 $ 10,534 $ 10,315 $ 10,664 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 3 4 5 16 14 Other acquisition-related compensation 2 — 3 1 2 Total “Compensation, commissions and benefits” expense 5 4 8 17 16 Communications and information processing 1 1 1 — 4 Professional fees 4 3 2 3 7 Other: Amortization of identifiable intangible assets (2) 5 7 8 21 23 All other acquisition-related expenses 5 2 5 1 5 Total “Other” expense 10 9 13 22 28 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 17 24 42 55 Tax effect of non-GAAP adjustments (4) (4) (5) (10) (12) Total non-GAAP adjustments, net of tax 16 13 19 32 43 Adjusted average tangible common equity (8) $ 10,608 $ 10,540 $ 10,553 $ 10,347 $ 10,707 Return on common equity (9) 19.6 % 18.8 % 20.6 % 17.7 % 18.7 % Adjusted return on common equity (9) 20.6 % 19.6 % 21.7 % 18.3 % 19.4 % Return on tangible common equity (ROTCE) (9) 22.8 % 22.6 % 25.3 % 20.6 % 22.2 % Adjusted ROTCE (9) 23.9 % 23.5 % 26.6 % 21.3 % 23.0 % Note: Please refer to the footnotes on slide 24 for additional information.

Footnotes 24 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (3) 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. (4) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (5) Pre-provision non-compensation expenses represent total non-compensation expenses excluding the bank loan provision (benefit) for credit losses and expenses otherwise excluded from our non-GAAP financial measures. (6) 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. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2025, June 30, 2026, and September 30, 2026, and $3 million for each of the twelve months ended September 30, 2025 and 2026. (7) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (8) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. (9) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.

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v3.26.3

Cover Page

Oct. 28, 2026

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8-K

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Oct. 28, 2026

Entity Registrant Name

RAYMOND JAMES FINANCIAL, INC.

Entity Incorporation, State or Country Code

Entity File Number

1-9109

Entity Tax Identification Number

59-1517485

Entity Address, Address Line One

880 Carillon Parkway

Entity Address, City or Town

St. Petersburg

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33716

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727

Local Phone Number

567-1000

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