Form 8-K

8-K — RAYMOND JAMES FINANCIAL INC

Accession: 0000720005-26-000046

Filed: 2026-04-22

Period: 2026-04-22

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-20260422.htm (Primary)

EX-99.1 — EX-99.1 PRESS RELEASE DATED APRIL 22, 2026 (rjf20260331q226earnings.htm)

EX-99.2 — EX-99.2 FINANCIAL SUPPLEMENT FISCAL SECOND QUARTER OF 2026 OF RJF (rjf0331q226supplement.htm)

EX-99.3 — EX-99.3 EARNINGS PRESENTATION FISCAL SECOND QUARTER 2026 OF RJF (rjf0331q226presentation.htm)

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8-K

8-K (Primary)

Filename: rjf-20260422.htm · Sequence: 1

rjf-20260422

0000720005false00007200052026-04-222026-04-22

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

April 22, 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 April 22, 2026, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal second quarter ended March 31, 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 second quarter ended March 31, 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 April 22, 2026, issued by Raymond James Financial, Inc.

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

99.3 Earnings Presentation Fiscal Second Quarter 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: April 22, 2026

By:

/s/ Jonathan W. Oorlog, Jr.

Jonathan W. Oorlog, Jr.

Chief Financial Officer

EX-99.1 — EX-99.1 PRESS RELEASE DATED APRIL 22, 2026

EX-99.1

Filename: rjf20260331q226earnings.htm · Sequence: 2

Document

April 22, 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 FISCAL SECOND QUARTER OF

2026 RESULTS

•Record quarterly net revenues of $3.86 billion, up 13% over the prior year’s fiscal second quarter and 3% over the preceding quarter

•Quarterly net income available to common shareholders of $542 million, or $2.72 per diluted share; quarterly adjusted net income available to common shareholders of $564 million(1), or $2.83 per diluted share(1)

•Domestic Private Client Group net new assets(2) of $23.0 billion for the fiscal second quarter, or annualized growth from beginning of quarter assets of 5.8%

•Client assets under administration of $1.76 trillion, up 15% over March 2025 and down 1% compared to December 2025

•Record quarter-end Private Client Group assets in fee-based accounts of $1.04 trillion, up 20% over March 2025 and up slightly over December 2025

•Record net bank loans of $54.8 billion; Securities-based loans of $23.0 billion, up 31% over March 2025 and 6% over December 2025

•Annualized return on common equity and annualized adjusted return on tangible common equity of 17.3% and 20.9%(1), respectively, for the fiscal second quarter

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.86 billion and net income available to common shareholders of $542 million, or $2.72 per diluted share, for the fiscal second quarter ended March 31, 2026. Quarterly adjusted net income available to common shareholders, which excluded $22 million of acquisition-related expenses, net of tax, was $564 million(1), or $2.83 per diluted share(1).

“We generated record results for the first half of the fiscal year by leveraging the firm’s expertise and resources to support advisors and their clients during this period of market uncertainty. Our ongoing focus and disciplined execution have led to record PCG fee-based assets and annualized net new asset growth of 7% for the first half of the fiscal year,” said CEO Paul Shoukry. “We continue to develop industry-leading technology solutions, including increasing AI integration, to improve efficiency and provide our financial professionals with more time to serve their clients. Looking ahead, financial advisor recruiting activity across all our affiliation options remains robust, and the investment banking pipeline continues to be strong.”

Record quarterly net revenues increased 13% over the prior year’s fiscal second quarter, largely driven by continued growth in asset management and related administrative fees which increased 17% to over $2.0 billion. Compared to the preceding quarter, net revenues reflect strong growth in investment banking revenues and higher brokerage revenues. Quarterly pre-tax income increased 1% over the preceding quarter while net income available to common shareholders decreased 4% due to a higher effective tax rate. For the fiscal second quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 17.3% and 20.9%(1), respectively.

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

For the first six months of the fiscal year, record net revenues of $7.59 billion increased 9%, record earnings per diluted share of $5.51 increased 6%, and record adjusted earnings per diluted share of $5.69(1) increased 6% over the first six months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first six months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 17.7% and annualized adjusted return on tangible common equity was 21.2%(1).

Segment Results

Private Client Group

•Record quarterly net revenues of $2.81 billion, up 13% over the prior year’s fiscal second quarter and 2% over the preceding quarter

•Quarterly pre-tax income of $416 million, down 3% compared to the prior year’s fiscal second quarter and 5% compared to the preceding quarter

•Domestic Private Client Group net new assets(2) of $23.0 billion for the fiscal second quarter, or annualized growth from beginning of the quarter assets of 5.8%

•Private Client Group assets under administration of $1.70 trillion, up 15% over March 2025 and down 1% compared to December 2025

•Record quarter-end Private Client Group assets in fee-based accounts of $1.04 trillion, up 20% over March 2025 and up slightly over December 2025

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $57.8 billion, approximating the prior year’s fiscal second quarter level and down 1% compared to the preceding quarter

Quarterly net revenues rose 13% year-over-year primarily driven by higher asset management and related administrative fees which grew 17% to $1.71 billion, mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the impact of lower interest-related revenues and certain costs associated with our continued investments in growth.

Capital Markets

•Quarterly net revenues of $464 million, up 17% over the prior year’s fiscal second quarter and 22% over the preceding quarter

•Quarterly investment banking revenues of $272 million, up 31% over the prior year’s fiscal second quarter and 36% over the preceding quarter

•Quarterly pre-tax income of $51 million

Quarterly net revenues increased 17% over the prior year period, driven predominantly by higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 22% largely due to higher debt and equity underwriting revenues, M&A and advisory revenues and fixed income brokerage revenues. During the quarter, we completed the acquisition of GreensLedge Holdings LLC.

Asset Management

•Record quarterly net revenues of $327 million, up 13% over the prior year’s fiscal second quarter and just above the preceding quarter

•Quarterly pre-tax income of $137 million, up 13% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Record quarter-end financial assets under management of $282.4 billion, up 15% over March 2025 and 1% over December 2025

Record quarterly net revenues increased 13% year-over-year largely driven by higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.

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

Bank

•Quarterly net revenues of $486 million, up 12% over the prior year’s fiscal second quarter and approximating the preceding quarter level

•Quarterly pre-tax income of $166 million, up 42% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Record net bank loans of $54.8 billion, up 14% over March 2025 and 3% over December 2025

•Bank segment net interest margin (“NIM”) of 2.81% for the quarter, up 14 basis points over the prior year’s fiscal second quarter and unchanged from the preceding quarter

Net bank loans grew 14% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 31% and 10%, respectively. Bank segment net interest income increased 13% over the prior year quarter due to loan growth, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in assets. NIM remained stable with the preceding quarter at 2.81%. The credit quality of the loan portfolio remains strong.

Other Matters

The effective tax rate for the quarter was 26.0%, which includes the unfavorable impact of nondeductible losses in the corporate-owned life insurance portfolio in the quarter.

During the fiscal second quarter, the firm repurchased $400 million of common stock at an average price of $155 per share, and paid $81 million to redeem preferred stock. As of March 31, 2026, $1.5 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.0%(3) and the tier 1 leverage ratio was 12.4%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, April 22, 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. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).

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 $1.76 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 Report 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 Second Quarter of 2026

Selected Financial Highlights

(Unaudited)

Summary results of operations

Three months ended % change from

$ in millions, except per share amounts

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Net revenues $ 3,859 $ 3,403

$ 3,735 13% 3%

Pre-tax income $ 735 $ 671 $ 728 10% 1%

Net income available to common shareholders $ 542 $ 493 $ 562 10% (4)%

Earnings per common share: (4)

Basic $ 2.76 $ 2.41 $ 2.85 15% (3)%

Diluted $ 2.72 $ 2.36 $ 2.79 15% (3)%

Non-GAAP measures: (1)

Adjusted pre-tax income

$ 762 $ 690 $ 748 10% 2%

Adjusted net income available to common shareholders $ 564 $ 507 $ 577 11% (2)%

Adjusted earnings per common share – basic (4)

$ 2.88 $ 2.48 $ 2.92 16% (1)%

Adjusted earnings per common share – diluted (4)

$ 2.83 $ 2.42 $ 2.86 17% (1)%

Six months ended

$ in millions, except per share amounts March 31,

2026 March 31,

2025 % change

Net revenues $ 7,594 $ 6,940

Pre-tax income $ 1,463 $ 1,420 3%

Net income available to common shareholders $ 1,104 $ 1,092 1%

Earnings per common share: (4)

Basic $ 5.61 $ 5.34 5%

Diluted $ 5.51 $ 5.22 6%

Non-GAAP measures: (1)

Adjusted pre-tax income $ 1,510 $ 1,459 3%

Adjusted net income available to common shareholders $ 1,141 $ 1,121 2%

Adjusted earnings per common share – basic (4)

$ 5.80 $ 5.49 6%

Adjusted earnings per common share – diluted (4)

$ 5.69 $ 5.36 6%

Three months ended Six months ended

Other selected financial highlights March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Return on common equity (5)

17.3 % 16.4 % 18.0 % 17.7 % 18.4 %

Adjusted return on common equity (1) (5)

18.0 % 16.9 % 18.5 % 18.2 % 18.9 %

Adjusted return on tangible common equity (1) (5)

20.9 % 19.7 % 21.4 % 21.2 % 22.1 %

Pre-tax margin (6)

19.0 % 19.7 % 19.5 % 19.3 % 20.5 %

Adjusted pre-tax margin (1) (6)

19.7 % 20.3 % 20.0 % 19.9 % 21.0 %

Total compensation ratio (7)

65.8 % 64.8 % 65.6 % 65.7 % 64.5 %

Adjusted total compensation ratio (1) (7)

65.7 % 64.5 % 65.4 % 65.5 % 64.3 %

Effective tax rate 26.0 % 26.2 % 22.7 % 24.3 % 22.9 %

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2026

Consolidated Statements of Income

(Unaudited)

Three months ended % change from

in millions, except per share amounts March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Revenues:

Asset management and related administrative fees $ 2,016 $ 1,725 $ 1,999 17% 1%

Brokerage revenues:

Securities commissions 507 431 486 18% 4%

Principal transactions 136 149 126 (9)% 8%

Total brokerage revenues 643 580 612 11% 5%

Account and service fees 311 321 308 (3)% 1%

Investment banking 279 216 208 29% 34%

Interest income 960 963 1,007 —% (5)%

Other 53 40 42 33% 26%

Total revenues 4,262 3,845 4,176 11% 2%

Interest expense (403) (442) (441) (9)% (9)%

Net revenues 3,859 3,403 3,735 13% 3%

Non-interest expenses:

Compensation, commissions and benefits

2,541 2,204 2,450 15% 4%

Non-compensation expenses:

Communications and information processing 206 184 194 12% 6%

Occupancy and equipment 80 74 80 8% —%

Business development 75 64 81 17% (7)%

Investment sub-advisory fees 63 54 63 17% —%

Professional fees 36 34 37 6% (3)%

Bank loan provision/(benefit) for credit losses 5 16 (3) (69)% NM

Other 118 102 105 16% 12%

Total non-compensation expenses 583 528 557 10% 5%

Total non-interest expenses 3,124 2,732 3,007 14% 4%

Pre-tax income

735 671 728 10% 1%

Provision for income taxes 191 176 165 9% 16%

Net income 544 495 563 10% (3)%

Preferred stock dividends 2 2 1 —% 100%

Net income available to common shareholders $ 542 $ 493 $ 562 10% (4)%

Earnings per common share – basic (4)

$ 2.76 $ 2.41 $ 2.85 15% (3)%

Earnings per common share – diluted (4)

$ 2.72 $ 2.36 $ 2.79 15% (3)%

Weighted-average common shares outstanding – basic 196.1 204.3 197.1 (4)% (1)%

Weighted-average common and common equivalent shares outstanding – diluted 199.2 208.7 201.4 (5)% (1)%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2026

Consolidated Statements of Income

(Unaudited)

Six months ended

in millions, except per share amounts March 31,

2026 March 31,

2025 % change

Revenues:

Asset management and related administrative fees $ 4,015 $ 3,468 16%

Brokerage revenues:

Securities commissions 993 871 14%

Principal transactions 262 268 (2)%

Total brokerage revenues 1,255 1,139 10%

Account and service fees 619 663 (7)%

Investment banking 487 541 (10)%

Interest income 1,967 1,990 (1)%

Other 95 79 20%

Total revenues 8,438 7,880 7%

Interest expense (844) (940) (10)%

Net revenues 7,594 6,940 9%

Non-interest expenses:

Compensation, commissions and benefits

4,991 4,476 12%

Non-compensation expenses:

Communications and information processing 400 362 10%

Occupancy and equipment 160 147 9%

Business development 156 132 18%

Investment sub-advisory fees 126 107 18%

Professional fees 73 68 7%

Bank loan provision for credit losses 2 16 (88)%

Other 223 212 5%

Total non-compensation expenses 1,140 1,044 9%

Total non-interest expenses 6,131 5,520 11%

Pre-tax income

1,463 1,420 3%

Provision for income taxes 356 325 10%

Net income 1,107 1,095 1%

Preferred stock dividends 3 3 —%

Net income available to common shareholders $ 1,104 $ 1,092 1%

Earnings per common share – basic (4)

$ 5.61 $ 5.34 5%

Earnings per common share – diluted (4)

$ 5.51 $ 5.22 6%

Weighted-average common shares outstanding – basic 196.6 204.0 (4)%

Weighted-average common and common equivalent shares outstanding – diluted 200.3 208.9 (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 Second Quarter of 2026

(Unaudited)

As of % change from

$ in billions, except per share amounts

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Total assets $ 91.9 $ 83.1 $ 88.8 11% 3%

Total common equity attributable to Raymond James Financial, Inc. $ 12.6 $ 12.1 $ 12.5 4% 1%

Book value per share (8)

$ 64.58 $ 59.74 $ 63.41 8% 2%

Tangible book value per share (1) (8)

$ 55.14 $ 51.29 $ 54.82 8% 1%

Capital ratios:

Tier 1 leverage 12.4 %

(3)

13.3 % 12.7 %

Tier 1 capital 22.9 %

(3)

23.5 % 23.2 %

Common equity tier 1 22.9 %

(3)

23.3 % 23.0 %

Total capital 24.0 %

(3)

24.8 % 24.3 %

As of % change from

Client asset metrics ($ in billions)

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Client assets under administration $ 1,762.9 $ 1,535.9 $ 1,773.1 15% (1)%

Private Client Group assets under administration $ 1,699.0 $ 1,475.5 $ 1,708.5 15% (1)%

Private Client Group assets in fee-based accounts $ 1,043.2 $ 872.8 $ 1,040.1 20% —%

Financial assets under management $ 282.4 $ 245.0 $ 280.8 15% 1%

Three months ended Six months ended

Net new assets metrics ($ in millions)

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Domestic Private Client Group net new assets (2)

$ 22,954 $ 8,830 $ 30,828 $ 53,782 $ 22,850

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

5.8 % 2.6 % 8.0 % 7.0 % 3.3 %

As of % change from

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

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Raymond James Bank Deposit Program (“RJBDP”): (9)

Bank segment $ 29,829 $ 25,783 $ 27,819 16% 7%

Third-party banks 13,597 16,813 15,996 (19)% (15)%

Subtotal RJBDP 43,426 42,596 43,815 2% (1)%

Client Interest Program 1,843 1,656 1,815 11% 2%

Total clients’ domestic cash sweep balances

45,269 44,252 45,630 2% (1)%

Enhanced Savings Program (“ESP”) (10)

12,493 13,507 12,448 (8)% —%

Total clients’ domestic cash sweep and ESP balances $ 57,762 $ 57,759 $ 58,078 —% (1)%

Net interest income and RJBDP fees

($ in millions)

Three months ended % change from Six months ended

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025 % change

Net interest income and RJBDP fees (third-party banks) $ 650 $ 651 $ 667 —% (3)% $ 1,317 $ 1,324 (1)%

Average yield on RJBDP - third-party banks (11)

2.70 % 3.00 % 2.76 % 2.73 % 3.06 %

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

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest

Fiscal Second 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

March 31, 2026 March 31, 2025 December 31, 2025

$ 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 $ 5,376 $ 47 3.57 % $ 5,823 $ 62 4.26 % $ 5,321 $ 52 3.85 %

Available-for-sale securities 6,956 39 2.28 % 8,352 48 2.26 % 7,276 42 2.29 %

Loans held for sale and investment: (12)

Loans held for investment:

Securities-based loans (“SBL”) (13)

22,199 295 5.31 % 17,110 260 6.08 % 20,626 296 5.62 %

Commercial and industrial (“C&I”) loans 10,587 157 5.90 % 10,371 168 6.50 % 10,701 168 6.16 %

Commercial real estate (“CRE”) loans 7,810 115 5.88 % 7,599 124 6.52 % 7,718 121 6.13 %

Real estate investment trust (“REIT”) loans 1,725 26 6.02 % 1,713 30 7.02 % 1,718 29 6.59 %

Residential mortgage loans 10,684 110 4.12 % 9,732 96 3.91 % 10,467 107 4.10 %

Tax-exempt loans (14)

1,132 7 3.37 % 1,277 8 3.37 % 1,148 8 3.41 %

Loans held for sale 220 3 5.75 % 231 4 6.67 % 304 5 6.69 %

Total loans held for sale and investment 54,357 713 5.26 % 48,033 690 5.76 % 52,682 734 5.49 %

All other interest-earning assets 245 3 4.62 % 234 2 5.09 % 241 3 4.85 %

Interest-earning assets — Bank segment $ 66,934 $ 802 4.81 % $ 62,442 $ 802 5.15 % $ 65,520 $ 831 5.00 %

All other segments

Cash and cash equivalents $ 4,601 $ 39 3.47 % $ 4,004 $ 42 4.27 % $ 5,109 $ 49 3.81 %

Assets segregated for regulatory purposes and restricted cash 3,747 31 3.38 % 3,425 36 4.23 % 3,897 35 3.56 %

Trading assets — debt securities 1,399 19 5.60 % 1,433 19 5.28 % 1,570 22 5.47 %

Brokerage client receivables 2,688 41 6.12 % 2,371 41 7.11 % 2,617 43 6.56 %

All other interest-earning assets 3,043 28 3.65 % 2,477 23 3.81 % 2,928 27 3.53 %

Interest-earning assets — all other segments $ 15,478 $ 158 4.14 % $ 13,710 $ 161 4.77 % $ 16,121 $ 176 4.31 %

Total interest-earning assets $ 82,412 $ 960 4.68 % $ 76,152 $ 963 5.08 % $ 81,641 $ 1,007 4.86 %

INTEREST-BEARING LIABILITIES

Bank Segment

Bank deposits:

Money market and savings accounts (9)

$ 36,315 $ 119 1.33 % $ 32,905 $ 144 1.78 % $ 35,027 $ 131 1.49 %

Interest-bearing demand deposits (10)

21,831 183 3.42 % 20,872 208 4.04 % 22,144 204 3.66 %

Certificates of deposit 2,226 22 3.96 % 2,064 24 4.59 % 1,961 20 4.13 %

Total bank deposits (15)

60,372 324 2.18 % 55,841 376 2.73 % 59,132 355 2.39 %

Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities 753 6 2.95 % 1,064 7 2.69 % 751 6 2.85 %

Interest-bearing liabilities — Bank segment $ 61,125 $ 330 2.19 % $ 56,905 $ 383 2.73 % $ 59,883 $ 361 2.40 %

All other segments

Trading liabilities — debt securities $ 817 $ 12 5.99 % $ 824 $ 10 5.10 % $ 932 $ 12 5.25 %

Brokerage client payables 5,337 10 0.77 % 4,683 17 1.45 % 5,042 14 1.09 %

Senior notes payable 3,521 43 4.91 % 2,040 23 4.50 % 3,521 43 4.91 %

All other interest-bearing liabilities (15)

1,087 8 2.90 % 1,146 9 3.60 % 1,272 11 3.19 %

Interest-bearing liabilities — all other segments $ 10,762 $ 73 2.74 % $ 8,693 $ 59 2.80 % $ 10,767 $ 80 2.95 %

Total interest-bearing liabilities $ 71,887 $ 403 2.27 % $ 65,598 $ 442 2.74 % $ 70,650 $ 441 2.48 %

Firmwide net interest income $ 557 $ 521 $ 566

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

Bank segment 2.81 % 2.67 % 2.81 %

Firmwide 2.74 % 2.77 % 2.75 %

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

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest

Fiscal Second Quarter of 2026

(Unaudited)

Six months ended

March 31, 2026 March 31, 2025

$ in millions Average

balance Interest Annualizedaverage

rate Average

balance Interest Annualizedaverage

rate

INTEREST-EARNING ASSETS

Bank segment

Cash and cash equivalents $ 5,348 $ 99 3.71 % $ 6,141 $ 138 4.47 %

Available-for-sale securities 7,117 81 2.28 % 8,555 97 2.26 %

Loans held for sale and investment: (12)

Loans held for investment:

SBL (13)

21,404 591 5.46 % 16,794 530 6.24 %

C&I loans 10,645 325 6.03 % 10,248 346 6.69 %

CRE loans 7,763 236 6.01 % 7,620 259 6.72 %

REIT loans 1,721 55 6.31 % 1,683 61 7.18 %

Residential mortgage loans 10,575 217 4.11 % 9,633 187 3.87 %

Tax-exempt loans (14)

1,140 15 3.39 % 1,291 17 3.37 %

Loans held for sale 262 8 6.30 % 221 8 6.95 %

Total loans held for sale and investment 53,510 1,447 5.37 % 47,490 1,408 5.89 %

All other interest-earning assets 243 6 4.73 % 239 6 5.45 %

Interest-earning assets — Bank segment $ 66,218 $ 1,633 4.90 % $ 62,425 $ 1,649 5.25 %

All other segments

Cash and cash equivalents $ 4,855 $ 88 3.65 % $ 4,056 $ 90 4.47 %

Assets segregated for regulatory purposes and restricted cash 3,820 66 3.48 % 3,539 78 4.39 %

Trading assets — debt securities 1,476 41 5.57 % 1,414 38 5.35 %

Brokerage client receivables 2,652 84 6.34 % 2,389 86 7.23 %

All other interest-earning assets 2,986 55 3.59 % 2,529 49 3.86 %

Interest-earning assets — all other segments $ 15,789 $ 334 4.23 % $ 13,927 $ 341 4.90 %

Total interest-earning assets $ 82,007 $ 1,967 4.77 % $ 76,352 $ 1,990 5.19 %

INTEREST-BEARING LIABILITIES

Bank Segment

Bank deposits:

Money market and savings accounts (9)

$ 35,664 $ 250 1.41 % $ 32,725 $ 312 1.92 %

Interest-bearing demand deposits (10)

21,989 387 3.54 % 20,897 437 4.19 %

Certificates of deposit 2,092 42 4.04 % 2,260 52 4.59 %

Total bank deposits (15)

59,745 679 2.29 % 55,882 801 2.88 %

FHLB advances and all other interest-bearing liabilities 752 12 2.90 % 1,078 15 2.69 %

Interest-bearing liabilities — Bank segment $ 60,497 $ 691 2.30 % $ 56,960 $ 816 2.88 %

All other segments

Trading liabilities — debt securities $ 869 $ 24 5.64 % $ 842 $ 21 5.08 %

Brokerage client payables 5,189 24 0.93 % 4,732 37 1.55 %

Senior notes payable 3,521 86 4.91 % 2,040 46 4.50 %

All other interest-bearing liabilities (15)

1,181 19 3.05 % 1,141 20 3.68 %

Interest-bearing liabilities — all other segments $ 10,760 $ 153 2.85 % $ 8,755 $ 124 2.85 %

Total interest-bearing liabilities $ 71,257 $ 844 2.38 % $ 65,715 $ 940 2.88 %

Firmwide net interest income $ 1,123 $ 1,050

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

Bank segment 2.81 % 2.63 %

Firmwide 2.75 % 2.76 %

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Three months ended % change from

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Net revenues:

Private Client Group $ 2,810 $ 2,486 $ 2,768 13% 2%

Capital Markets 464 396 380 17% 22%

Asset Management 327 289 326 13% —%

Bank 486 434 487 12% —%

Other (16)

(1) 13 (1) NM —%

Intersegment eliminations (227) (215) (225) 6% 1%

Total net revenues

$ 3,859 $ 3,403 $ 3,735 13% 3%

Pre-tax income/(loss):

Private Client Group $ 416 $ 431 $ 439 (3)% (5)%

Capital Markets 51 36 9 42% 467%

Asset Management 137 121 143 13% (4)%

Bank 166 117 173 42% (4)%

Other (16)

(35) (34) (36) (3)% 3%

Pre-tax income

$ 735 $ 671 $ 728 10% 1%

Six months ended

$ in millions March 31,

2026 March 31,

2025 % change

Net revenues:

Private Client Group $ 5,578 $ 5,034 11%

Capital Markets 844 876 (4)%

Asset Management 653 583 12%

Bank 973 859 13%

Other (16)

(2) 25 NM

Intersegment eliminations (452) (437) 3%

Total net revenues $ 7,594 $ 6,940 9%

Pre-tax income/(loss):

Private Client Group $ 855 $ 893 (4)%

Capital Markets 60 110 (45)%

Asset Management 280 246 14%

Bank 339 235 44%

Other (16)

(71) (64) (11)%

Pre-tax income $ 1,463 $ 1,420 3%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Private Client Group

Three months ended % change from

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Revenues:

Asset management and related administrative fees $ 1,711 $ 1,457 $ 1,693 17% 1%

Brokerage revenues:

Mutual and other fund products 176 152 164 16% 7%

Insurance and annuity products 132 117 132 13% —%

Equities, exchange-traded funds (“ETFs”) and fixed income products 180 150 174 20% 3%

Total brokerage revenues 488 419 470 16% 4%

Account and service fees:

Mutual fund and other investment products 152 130 142 17% 7%

RJBDP fees: (9)

Bank segment 187 183 188 2% (1)%

Third-party banks 93 130 101 (28)% (8)%

Client account and other fees 74 66 71 12% 4%

Total account and service fees 506 509 502 (1)% 1%

Investment banking 7 9 8 (22)% (13)%

Interest income 107 110 114 (3)% (6)%

All other 8 6 4 33% 100%

Total revenues 2,827 2,510 2,791 13% 1%

Interest expense (17) (24) (23) (29)% (26)%

Net revenues 2,810 2,486 2,768 13% 2%

Non-interest expenses:

Financial advisor compensation:

Commissions, benefits and other compensation 1,554 1,322 1,512 18% 3%

Recruiting and retention-related compensation (17)

111 89 107 25% 4%

Total financial advisor compensation 1,665 1,411 1,619 18% 3%

Administrative compensation and benefits 443 388 432 14% 3%

Total compensation, commissions and benefits 2,108 1,799 2,051 17% 3%

Non-compensation expenses 286 256 278 12% 3%

Total non-interest expenses 2,394 2,055 2,329 16% 3%

Pre-tax income $ 416 $ 431 $ 439 (3)% (5)%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Private Client Group

Six months ended

$ in millions March 31,

2026 March 31,

2025 % change

Revenues:

Asset management and related administrative fees $ 3,404 $ 2,933 16%

Brokerage revenues:

Mutual and other fund products 340 304 12%

Insurance and annuity products 264 235 12%

Equities, ETFs and fixed income products 354 313 13%

Total brokerage revenues 958 852 12%

Account and service fees:

Mutual fund and other investment products 294 256 15%

RJBDP fees: (9)

Bank segment 375 370 1%

Third-party banks 194 274 (29)%

Client account and other fees 145 136 7%

Total account and service fees 1,008 1,036 (3)%

Investment banking 15 17 (12)%

Interest income 221 236 (6)%

All other 12 11 9%

Total revenues 5,618 5,085 10%

Interest expense (40) (51) (22)%

Net revenues 5,578 5,034 11%

Non-interest expenses:

Financial advisor compensation:

Commissions, benefits and other compensation 3,066 2,647 16%

Recruiting and retention-related compensation (17)

218 177 23%

Total financial advisor compensation 3,284 2,824 16%

Administrative compensation and benefits 875 806 9%

Total compensation, commissions and benefits 4,159 3,630 15%

Non-compensation expenses 564 511 10%

Total non-interest expenses 4,723 4,141 14%

Pre-tax income $ 855 $ 893 (4)%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Capital Markets

Three months ended % change from

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Revenues:

Brokerage revenues:

Fixed income $ 104 $ 116 $ 91 (10)% 14%

Equity 52 45 50 16% 4%

Total brokerage revenues 156 161 141 (3)% 11%

Investment banking:

Merger & acquisition and advisory 139 129 119 8% 17%

Equity underwriting 56 31 31 81% 81%

Debt underwriting 77 47 50 64% 54%

Total investment banking 272 207 200 31% 36%

Interest income 27 28 28 (4)% (4)%

Affordable housing investments business revenues 28 20 31 40% (10)%

All other 6 4 4 50% 50%

Total revenues 489 420 404 16% 21%

Interest expense (25) (24) (24) 4% 4%

Net revenues 464 396 380 17% 22%

Non-interest expenses:

Compensation, commissions and benefits

293 262 261 12% 12%

Non-compensation expenses 120 98 110 22% 9%

Total non-interest expenses 413 360 371 15% 11%

Pre-tax income $ 51 $ 36 $ 9 42% 467%

Six months ended

$ in millions March 31,

2026 March 31,

2025 % change

Revenues:

Brokerage revenues:

Fixed income $ 195 $ 201 (3)%

Equity 102 86 19%

Total brokerage revenues 297 287 3%

Investment banking:

Merger & acquisition and advisory 258 355 (27)%

Equity underwriting 87 66 32%

Debt underwriting 127 103 23%

Total investment banking 472 524 (10)%

Interest income 55 57 (4)%

Affordable housing investments business revenues 59 49 20%

All other 10 9 11%

Total revenues 893 926 (4)%

Interest expense (49) (50) (2)%

Net revenues 844 876 (4)%

Non-interest expenses:

Compensation, commissions and benefits 554 563 (2)%

Non-compensation expenses 230 203 13%

Total non-interest expenses 784 766 2%

Pre-tax income $ 60 $ 110 (45)%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Asset Management

Three months ended % change from

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Revenues:

Asset management and related administrative fees:

Managed programs $ 211 $ 187 $ 211 13% —%

Administration and other 104 91 105 14% (1)%

Total asset management and related administrative fees

315 278 316 13% —%

Account and service fees 7 6 6 17% 17%

All other 5 5 4 —% 25%

Net revenues 327 289 326 13% —%

Non-interest expenses:

Compensation, commissions and benefits

65 57 59 14% 10%

Non-compensation expenses 125 111 124 13% 1%

Total non-interest expenses 190 168 183 13% 4%

Pre-tax income

$ 137 $ 121 $ 143 13% (4)%

Six months ended

$ in millions March 31,

2026 March 31,

2025 % change

Revenues:

Asset management and related administrative fees:

Managed programs $ 422 $ 376 12%

Administration and other 209 184 14%

Total asset management and related administrative fees 631 560 13%

Account and service fees 13 12 8%

All other 9 11 (18)%

Net revenues 653 583 12%

Non-interest expenses:

Compensation, commissions and benefits 124 115 8%

Non-compensation expenses 249 222 12%

Total non-interest expenses 373 337 11%

Pre-tax income $ 280 $ 246 14%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Bank

Three months ended % change from

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Revenues:

Interest income $ 802 $ 802 $ 831 —% (3)%

Interest expense (330) (383) (361) (14)% (9)%

Net interest income 472 419 470 13% —%

All other 14 15 17 (7)% (18)%

Net revenues 486 434 487 12% —%

Non-interest expenses:

Compensation and benefits 47 45 48 4% (2)%

Non-compensation expenses:

Bank loan provision/(benefit) for credit losses 5 16 (3) (69)% NM

RJBDP fees to Private Client Group (9)

187 183 188 2% (1)%

All other 81 73 81 11% —%

Total non-compensation expenses 273 272 266 —% 3%

Total non-interest expenses 320 317 314 1% 2%

Pre-tax income $ 166 $ 117 $ 173 42% (4)%

Six months ended

$ in millions March 31,

2026 March 31,

2025 % change

Revenues:

Interest income $ 1,633 $ 1,649 (1)%

Interest expense (691) (816) (15)%

Net interest income 942 833 13%

All other 31 26 19%

Net revenues 973 859 13%

Non-interest expenses:

Compensation and benefits 95 91 4%

Non-compensation expenses:

Bank loan provision for credit losses 2 16 (88)%

RJBDP fees to Private Client Group (9)

375 370 1%

All other 162 147 10%

Total non-compensation expenses 539 533 1%

Total non-interest expenses 634 624 2%

Pre-tax income $ 339 $ 235 44%

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

RAYMOND JAMES FINANCIAL, INC. Segment Results

Fiscal Second Quarter of 2026

(Unaudited)

Other (16)

Three months ended % change from

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Revenues:

Interest income $ 34 $ 34 $ 42 —% (19)%

All other 9 4 1 125% 800%

Total revenues 43 38 43 13% —%

Interest expense (44) (25) (44) 76% —%

Net revenues (1) 13 (1) NM —%

Non-interest expenses:

Compensation and benefits 29 40 31 (28)% (6)%

All other 5 7 4 (29)% 25%

Total non-interest expenses 34 47 35 (28)% (3)%

Pre-tax loss

$ (35) $ (34) $ (36) (3)% 3%

Six months ended

$ in millions March 31,

2026 March 31,

2025 % change

Revenues:

Interest income $ 76 $ 68 12%

All other 10 7 43%

Total revenues 86 75 15%

Interest expense (88) (50) 76%

Net revenues (2) 25 NM

Non-interest expenses:

Compensation and benefits 60 76 (21)%

All other 9 13 (31)%

Total non-interest expenses 69 89 (22)%

Pre-tax loss

$ (71) $ (64) (11)%

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 Second Quarter of 2026

(Unaudited)

Bank Segment

As of % change from

$ in billions

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Total assets $ 69.0 $ 62.7 $ 66.7 10% 3%

Bank loans, net $ 54.8 $ 48.3 $ 53.4 14% 3%

Bank deposits $ 62.4 $ 56.4 $ 60.2 11% 4%

As of % change from

$ in millions

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2025 December 31,

2025

Bank loan allowance for credit losses $ 440 $ 452 $ 440 (3)% —%

Total nonperforming assets $ 183 $ 214 $ 208 (14)% (12)%

Total criticized loans $ 607 $ 551 $ 611 10% (1)%

Bank loan allowance for credit losses as a % of total loans held for investment 0.80 % 0.93 % 0.82 %

Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18)

1.83 % 1.94 % 1.82 %

Nonperforming assets as a % of total assets 0.27 % 0.34 % 0.31 %

Criticized loans as a % of total loans held for investment 1.10 % 1.14 % 1.14 %

Three months ended Six months ended

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Net interest margin (net yield on interest-earning assets) 2.81 % 2.67 % 2.81 % 2.81 % 2.63 %

Bank loan provision/(benefit) for credit losses $ 5 $ 16 $ (3) $ 2 $ 16

Net charge-offs $ 5 $ 15 $ 9 $ 14 $ 19

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Second 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 Six months ended

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Net income available to common shareholders $ 542 $ 493 $ 562 $ 1,104 $ 1,092

Non-GAAP adjustments:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (19)

6 8 7 13 16

Other acquisition-related compensation 1 — — 1 —

Total “Compensation, commissions and benefits” expense 7 8 7 14 16

Communications and information processing 3 — 1 4 —

Professional fees 4 1 2 6 2

Other:

Amortization of identifiable intangible assets (20)

10 10 10 20 21

All other acquisition-related expenses 3 — — 3 —

Total “Other” expense 13 10 10 23 21

Total pre-tax impact of non-GAAP adjustments related to acquisitions 27 19 20 47 39

Tax effect of non-GAAP adjustments

(5) (5) (5) (10) (10)

Total non-GAAP adjustments, net of tax

22 14 15 37 29

Adjusted net income available to common shareholders (1)

$ 564 $ 507 $ 577 $ 1,141 $ 1,121

Pre-tax income

$ 735 $ 671 $ 728 $ 1,463 $ 1,420

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

27 19 20 47 39

Adjusted pre-tax income (1)

$ 762 $ 690 $ 748 $ 1,510 $ 1,459

Compensation, commissions and benefits expense $ 2,541 $ 2,204 $ 2,450 $ 4,991 $ 4,476

Less: Total compensation-related acquisition expenses (as detailed above) 7 8 7 14 16

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

$ 2,534 $ 2,196 $ 2,443 $ 4,977 $ 4,460

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Second Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Three months ended Six months ended

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Pre-tax margin (6)

19.0 % 19.7 % 19.5 % 19.3 % 20.5 %

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

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (19)

0.1 % 0.3 % 0.2 % 0.2 % 0.2 %

Other acquisition-related compensation — % — % — % — % — %

Total “Compensation, commissions and benefits” expense 0.1 % 0.3 % 0.2 % 0.2 % 0.2 %

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

Professional fees 0.1 % — % — % 0.1 % — %

Other:

Amortization of identifiable intangible assets (20)

0.3 % 0.3 % 0.3 % 0.3 % 0.3 %

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

Total “Other” expense 0.4 % 0.3 % 0.3 % 0.3 % 0.3 %

Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.7 % 0.6 % 0.5 % 0.6 % 0.5 %

Adjusted pre-tax margin (1) (6)

19.7 % 20.3 % 20.0 % 19.9 % 21.0 %

Total compensation ratio (7)

65.8 % 64.8 % 65.6 % 65.7 % 64.5 %

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

Acquisition-related retention (19)

0.1 % 0.3 % 0.2 % 0.2 % 0.2 %

Other acquisition-related compensation — % — % — % — % — %

Total “Compensation, commissions and benefits” expenses related to acquisitions 0.1 % 0.3 % 0.2 % 0.2 % 0.2 %

Adjusted total compensation ratio (1) (7)

65.7 % 64.5 % 65.4 % 65.5 % 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 Second Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Three months ended Six months ended

Earnings per common share (4)

March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Basic $ 2.76 $ 2.41 $ 2.85 $ 5.61 $ 5.34

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

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (19)

0.03 0.04 0.04 0.07 0.08

Other acquisition-related compensation 0.01 — — — —

Total “Compensation, commissions and benefits” expense 0.04 0.04 0.04 0.07 0.08

Communications and information processing 0.02 — — 0.02 —

Professional fees 0.02 — 0.01 0.03 0.01

Other:

Amortization of identifiable intangible assets (20)

0.05 0.05 0.05 0.10 0.10

All other acquisition-related expenses 0.02 — — 0.02 —

Total “Other” expense 0.07 0.05 0.05 0.12 0.10

Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.15 0.09 0.10 0.24 0.19

Tax effect of non-GAAP adjustments

(0.03) (0.02) (0.03) (0.05) (0.04)

Total non-GAAP adjustments, net of tax 0.12 0.07 0.07 0.19 0.15

Adjusted basic (1)

$ 2.88 $ 2.48 $ 2.92 $ 5.80 $ 5.49

Diluted $ 2.72 $ 2.36 $ 2.79 $ 5.51 $ 5.22

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

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (19)

0.03 0.04 0.03 0.06 0.08

Other acquisition-related compensation — — — — —

Total “Compensation, commissions and benefits” expense 0.03 0.04 0.03 0.06 0.08

Communications and information processing 0.02 — — 0.02 —

Professional fees 0.02 — 0.01 0.03 0.01

Other:

Amortization of identifiable intangible assets (20)

0.05 0.05 0.05 0.10 0.10

All other acquisition-related expenses 0.02 — — 0.02 —

Total “Other” expense 0.07 0.05 0.05 0.12 0.10

Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.14 0.09 0.09 0.23 0.19

Tax effect of non-GAAP adjustments

(0.03) (0.03) (0.02) (0.05) (0.05)

Total non-GAAP adjustments, net of tax 0.11 0.06 0.07 0.18 0.14

Adjusted diluted (1)

$ 2.83 $ 2.42 $ 2.86 $ 5.69 $ 5.36

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Second 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 March 31,

2026 March 31,

2025 December 31,

2025

Total common equity attributable to Raymond James Financial, Inc. $ 12,567 $ 12,133 $ 12,491

Less non-GAAP adjustments:

Goodwill and identifiable intangible assets, net

1,983 1,855 1,838

Deferred tax liabilities related to goodwill and identifiable intangible assets, net (147) (140) (146)

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

$ 10,731 $ 10,418 $ 10,799

Common shares outstanding 194.6 203.1 197.0

Book value per share (8)

$ 64.58 $ 59.74 $ 63.41

Tangible book value per share (1) (8)

$ 55.14 $ 51.29 $ 54.82

Return on common equity Three months ended Six months ended

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Average common equity (21)

$ 12,529 $ 11,989 $ 12,458 $ 12,494 $ 11,857

Impact of non-GAAP adjustments on average common equity:

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (19)

3 4 4 7 8

Other acquisition-related compensation 1 — — — —

Total “Compensation, commissions and benefits” expense 4 4 4 7 8

Communications and information processing 1 — 1 1 —

Professional fees 2 1 1 3 1

Other:

Amortization of identifiable intangible assets (20)

5 5 5 10 11

All other acquisition-related expenses 2 — — 1 —

Total “Other” expense 7 5 5 11 11

Total pre-tax impact of non-GAAP adjustments related to acquisitions 14 10 11 22 20

Tax effect of non-GAAP adjustments

(3) (3) (3) (5) (5)

Total non-GAAP adjustments, net of tax 11 7 8 17 15

Adjusted average common equity (1) (21)

$ 12,540 $ 11,996 $ 12,466 $ 12,511 $ 11,872

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

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures

Fiscal Second Quarter of 2026

(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Three months ended Six months ended

$ in millions March 31,

2026 March 31,

2025 December 31,

2025 March 31,

2026 March 31,

2025

Average common equity (21)

$ 12,529 $ 11,989 $ 12,458 $ 12,494 $ 11,857

Less:

Average goodwill and identifiable intangible assets, net 1,911 1,857 1,843 1,889 1,866

Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (147) (140) (145) (145) (139)

Average tangible common equity (1) (21)

$ 10,765 $ 10,272 $ 10,760 $ 10,750 $ 10,130

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

Expenses related to acquisitions:

Compensation, commissions and benefits:

Acquisition-related retention (19)

3 4 4 7 8

Other acquisition-related compensation 1 — — — —

Total “Compensation, commissions and benefits” expense 4 4 4 7 8

Communications and information processing 1 — 1 1 —

Professional fees 2 1 1 3 1

Other:

Amortization of identifiable intangible assets (20)

5 5 5 10 11

All other acquisition-related expenses 2 — — 1 —

Total “Other” expense 7 5 5 11 11

Total pre-tax impact of non-GAAP adjustments related to acquisitions 14 10 11 22 20

Tax effect of non-GAAP adjustments

(3) (3) (3) (5) (5)

Total non-GAAP adjustments, net of tax 11 7 8 17 15

Adjusted average tangible common equity (1) (21)

$ 10,776 $ 10,279 $ 10,768 $ 10,767 $ 10,145

Return on common equity (5)

17.3 % 16.4 % 18.0 % 17.7 % 18.4 %

Adjusted return on common equity (1) (5)

18.0 % 16.9 % 18.5 % 18.2 % 18.9 %

Return on tangible common equity (1) (5)

20.1 % 19.2 % 20.9 % 20.5 % 21.6 %

Adjusted return on tangible common equity (1) (5)

20.9 % 19.7 % 21.4 % 21.2 % 22.1 %

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second 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) Estimated.

(4)

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 an insignificant amount for the three months ended March 31, 2026, $1 million for each of the three months ended December 31 and March 31, 2025, and $1 million and $2 million for the six months ended March 31, 2026 and 2025, respectively.

(5) 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.

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

(7) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period 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.

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

(9)

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.

(10)

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.

(11) 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.

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

(13) 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.

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

(15)

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.”

(16)

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.

(17)

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 19). Such awards are expensed over the requisite service period (typically between 5 and 10 years).

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2026 Footnotes

(19) 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.

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

(21)

Average common equity 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 three, 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 three. 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 FISCAL SECOND QUARTER OF 2026 OF RJF

EX-99.2

Filename: rjf0331q226supplement.htm · Sequence: 3

rjf0331q226supplement

Quarterly Financial Supplement Fiscal second quarter of 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 Six months ended in millions, except per share amounts March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Revenues: Asset management and related administrative fees $ 1,725 $ 1,733 $ 1,877 $ 1,999 $ 2,016 17 % 1 % $ 3,468 $ 4,015 16 % Brokerage revenues: Securities commissions 431 431 473 486 507 18 % 4 % 871 993 14 % Principal transactions 149 128 133 126 136 (9) % 8 % 268 262 (2) % Total brokerage revenues 580 559 606 612 643 11 % 5 % 1,139 1,255 10 % Account and service fees 321 302 297 308 311 (3) % 1 % 663 619 (7) % Investment banking 216 212 316 208 279 29 % 34 % 541 487 (10) % Interest income 963 990 1,014 1,007 960 — % (5) % 1,990 1,967 (1) % Other 40 46 80 42 53 33 % 26 % 79 95 20 % Total revenues 3,845 3,842 4,190 4,176 4,262 11 % 2 % 7,880 8,438 7 % Interest expense (442) (444) (463) (441) (403) (9) % (9) % (940) (844) (10) % Net revenues 3,403 3,398 3,727 3,735 3,859 13 % 3 % 6,940 7,594 9 % Non-interest expenses: Compensation, commissions and benefits 2,204 2,202 2,394 2,450 2,541 15 % 4 % 4,476 4,991 12 % Non-compensation expenses: Communications and information processing 184 191 199 194 206 12 % 6 % 362 400 10 % Occupancy and equipment 74 77 84 80 80 8 % — % 147 160 9 % Business development 64 77 82 81 75 17 % (7) % 132 156 18 % Investment sub-advisory fees 54 56 60 63 63 17 % — % 107 126 18 % Professional fees 34 42 53 37 36 6 % (3) % 68 73 7 % Bank loan provision/(benefit) for credit losses 16 15 6 (3) 5 (69) % NM 16 2 (88) % Other (1) 102 175 118 105 118 16 % 12 % 212 223 5 % Total non-compensation expenses 528 633 602 557 583 10 % 5 % 1,044 1,140 9 % Total non-interest expenses 2,732 2,835 2,996 3,007 3,124 14 % 4 % 5,520 6,131 11 % Pre-tax income 671 563 731 728 735 10 % 1 % 1,420 1,463 3 % Provision for income taxes 176 127 127 165 191 9 % 16 % 325 356 10 % Net income 495 436 604 563 544 10 % (3) % 1,095 1,107 1 % Preferred stock dividends 2 1 1 1 2 — % 100 % 3 3 — % Net income available to common shareholders $ 493 $ 435 $ 603 $ 562 $ 542 10 % (4) % $ 1,092 $ 1,104 1 % Earnings per common share – basic (2) $ 2.41 $ 2.16 $ 3.03 $ 2.85 $ 2.76 15 % (3) % $ 5.34 $ 5.61 5 % Earnings per common share – diluted (2) $ 2.36 $ 2.12 $ 2.95 $ 2.79 $ 2.72 15 % (3) % $ 5.22 $ 5.51 6 % Weighted-average common shares outstanding – basic 204.3 201.2 199.0 197.1 196.1 (4) % (1) % 204.0 196.6 (4) % Weighted-average common and common equivalent shares outstanding – diluted 208.7 205.5 203.8 201.4 199.2 (5) % (1) % 208.9 200.3 (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 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 Total assets $ 83.1 $ 84.8 $ 88.2 $ 88.8 $ 91.9 11 % 3 % Total common equity attributable to Raymond James Financial, Inc. $ 12.1 $ 12.2 $ 12.4 $ 12.5 $ 12.6 4 % 1 % Book value per share (3) $ 59.74 $ 60.90 $ 62.72 $ 63.41 $ 64.58 8 % 2 % Tangible book value per share (3) (4) $ 51.29 $ 52.32 $ 54.12 $ 54.82 $ 55.14 8 % 1 % Capital ratios: Tier 1 leverage 13.3 % 13.1 % 13.1 % 12.7 % 12.4 % (5) Tier 1 capital 23.5 % 22.9 % 23.0 % 23.2 % 22.9 % (5) Common equity tier 1 23.3 % 22.7 % 22.9 % 23.0 % 22.9 % (5) Total capital 24.8 % 24.2 % 24.1 % 24.3 % 24.0 % (5) $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Adjusted pre-tax income (4) $ 690 $ 582 $ 770 $ 748 $ 762 10 % 2 % $ 1,459 $ 1,510 3 % Adjusted net income available to common shareholders (4) $ 507 $ 449 $ 635 $ 577 $ 564 11 % (2) % $ 1,121 $ 1,141 2 % Adjusted earnings per common share – basic (2) (4) $ 2.48 $ 2.23 $ 3.19 $ 2.92 $ 2.88 16 % (1) % $ 5.49 $ 5.80 6 % Adjusted earnings per common share – diluted (2) (4) $ 2.42 $ 2.18 $ 3.11 $ 2.86 $ 2.83 17 % (1) % $ 5.36 $ 5.69 6 % Return on common equity (6) 16.4 % 14.3 % 19.6 % 18.0 % 17.3 % 18.4 % 17.7 % Adjusted return on common equity (4) (6) 16.9 % 14.8 % 20.6 % 18.5 % 18.0 % 18.9 % 18.2 % Adjusted return on tangible common equity (4) (6) 19.7 % 17.2 % 23.9 % 21.4 % 20.9 % 22.1 % 21.2 % Pre-tax margin (7) 19.7 % 16.6 % 19.6 % 19.5 % 19.0 % 20.5 % 19.3 % Adjusted pre-tax margin (4) (7) 20.3 % 17.1 % 20.7 % 20.0 % 19.7 % 21.0 % 19.9 % Total compensation ratio (8) 64.8 % 64.8 % 64.2 % 65.6 % 65.8 % 64.5 % 65.7 % Adjusted total compensation ratio (4) (8) 64.5 % 64.5 % 64.0 % 65.4 % 65.7 % 64.3 % 65.5 % Effective tax rate 26.2 % 22.6 % 17.4 % 22.7 % 26.0 % 22.9 % 24.3 % Three months ended % change from Six 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) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 Client assets under administration $ 1,535.9 $ 1,637.1 $ 1,730.6 $ 1,773.1 $ 1,762.9 15 % (1) % Private Client Group assets under administration $ 1,475.5 $ 1,574.2 $ 1,666.5 $ 1,708.5 $ 1,699.0 15 % (1) % Private Client Group assets in fee-based accounts $ 872.8 $ 943.9 $ 1,008.1 $ 1,040.1 $ 1,043.2 20 % — % Financial assets under management $ 245.0 $ 263.2 $ 274.9 $ 280.8 $ 282.4 15 % 1 % Three months ended Six months ended Net new assets metrics (9) ($ in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Domestic Private Client Group net new assets $ 8,830 $ 11,651 $ 17,930 $ 30,828 $ 22,954 $ 22,850 $ 53,782 Domestic Private Client Group net new assets growth — annualized 2.6 % 3.4 % 5.0 % 8.0 % 5.8 % 3.3 % 7.0 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 Raymond James Bank Deposit Program (“RJBDP”): (10) Bank segment (10) $ 25,783 $ 26,635 $ 26,555 $ 27,819 $ 29,829 16 % 7 % Third-party banks 16,813 13,878 14,761 15,996 13,597 (19) % (15) % Subtotal RJBDP 42,596 40,513 41,316 43,815 43,426 2 % (1) % Client Interest Program 1,656 1,640 1,572 1,815 1,843 11 % 2 % Total clients’ domestic cash sweep balances 44,252 42,153 42,888 45,630 45,269 2 % (1) % Enhanced Savings Program ("ESP") (11) 13,507 13,027 13,465 12,448 12,493 (8) % — % Total clients’ domestic cash sweep and ESP balances $ 57,759 $ 55,180 $ 56,353 $ 58,078 $ 57,762 — % (1) % Three months ended % change from Six months ended Net interest income and RJBDP fees ($ in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Net interest income and RJBDP fees (third-party banks) $ 651 $ 656 $ 653 $ 667 $ 650 — % (3) % $ 1,324 $ 1,317 (1) % Average yield on RJBDP - third-party banks (12) 3.00 % 2.96 % 2.91 % 2.76 % 2.70 % 3.06 % 2.73 % 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 Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Revenues: Asset management and related administrative fees $ 1,457 $ 1,462 $ 1,585 $ 1,693 $ 1,711 17 % 1 % $ 2,933 $ 3,404 16 % Brokerage revenues: Mutual and other fund products 152 146 155 164 176 16 % 7 % 304 340 12 % Insurance and annuity products 117 129 147 132 132 13 % — % 235 264 12 % Equities, ETFs, and fixed income products 150 145 163 174 180 20 % 3 % 313 354 13 % Total brokerage revenues 419 420 465 470 488 16 % 4 % 852 958 12 % Account and service fees: Mutual fund and other investment products 130 126 136 142 152 17 % 7 % 256 294 15 % RJBDP fees: (10) Bank segment 183 193 191 188 187 2 % (1) % 370 375 1 % Third-party banks 130 110 102 101 93 (28) % (8) % 274 194 (29) % Client account and other fees 66 72 67 71 74 12 % 4 % 136 145 7 % Total account and service fees 509 501 496 502 506 (1) % 1 % 1,036 1,008 (3) % Investment banking 9 9 9 8 7 (22) % (13) % 17 15 (12) % Interest income 110 114 118 114 107 (3) % (6) % 236 221 (6) % All other 6 5 13 4 8 33 % 100 % 11 12 9 % Total revenues 2,510 2,511 2,686 2,791 2,827 13 % 1 % 5,085 5,618 10 % Interest expense (24) (23) (26) (23) (17) (29) % (26) % (51) (40) (22) % Net revenues 2,486 2,488 2,660 2,768 2,810 13 % 2 % 5,034 5,578 11 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,322 1,317 1,434 1,512 1,554 18 % 3 % 2,647 3,066 16 % Recruiting and retention-related compensation (13) 89 97 98 107 111 25 % 4 % 177 218 23 % Total financial advisor compensation 1,411 1,414 1,532 1,619 1,665 18 % 3 % 2,824 3,284 16 % Administrative compensation and benefits 388 389 419 432 443 14 % 3 % 806 875 9 % Total compensation, commissions and benefits 1,799 1,803 1,951 2,051 2,108 17 % 3 % 3,630 4,159 15 % Non-compensation expenses 256 274 293 278 286 12 % 3 % 511 564 10 % Total non-interest expenses 2,055 2,077 2,244 2,329 2,394 16 % 3 % 4,141 4,723 14 % Pre-tax income $ 431 $ 411 $ 416 $ 439 $ 416 (3) % (5) % $ 893 $ 855 (4) % 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 Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Revenues: Brokerage revenues: Fixed income $ 116 $ 97 $ 99 $ 91 $ 104 (10) % 14 % $ 201 $ 195 (3) % Equity 45 41 41 50 52 16 % 4 % 86 102 19 % Total brokerage revenues 161 138 140 141 156 (3) % 11 % 287 297 3 % Investment banking: Merger & acquisition and advisory 129 105 163 119 139 8 % 17 % 355 258 (27) % Equity underwriting 31 38 46 31 56 81 % 81 % 66 87 32 % Debt underwriting 47 60 100 50 77 64 % 54 % 103 127 23 % Total investment banking 207 203 309 200 272 31 % 36 % 524 472 (10) % Interest income 28 27 27 28 27 (4) % (4) % 57 55 (4) % Affordable housing investments business revenues 20 33 58 31 28 40 % (10) % 49 59 20 % All other 4 4 4 4 6 50 % 50 % 9 10 11 % Total revenues 420 405 538 404 489 16 % 21 % 926 893 (4) % Interest expense (24) (24) (25) (24) (25) 4 % 4 % (50) (49) (2) % Net revenues 396 381 513 380 464 17 % 22 % 876 844 (4) % Non-interest expenses: Compensation, commissions and benefits 262 262 303 261 293 12 % 12 % 563 554 (2) % Non-compensation expenses (1) 98 173 120 110 120 22 % 9 % 203 230 13 % Total non-interest expenses 360 435 423 371 413 15 % 11 % 766 784 2 % Pre-tax income/(loss) $ 36 $ (54) $ 90 $ 9 $ 51 42 % 467 % $ 110 $ 60 (45) % 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 Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Revenues: Interest income $ 802 $ 823 $ 843 $ 831 $ 802 — % (3) % $ 1,649 $ 1,633 (1) % Interest expense (383) (383) (401) (361) (330) (14) % (9) % (816) (691) (15) % Net interest income 419 440 442 470 472 13 % — % 833 942 13 % All other 15 18 17 17 14 (7) % (18) % 26 31 19 % Net revenues 434 458 459 487 486 12 % — % 859 973 13 % Non-interest expenses: Compensation and benefits 45 47 46 48 47 4 % (2) % 91 95 4 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 16 15 6 (3) 5 (69) % NM 16 2 (88) % RJBDP fees to Private Client Group (10) 183 193 191 188 187 2 % (1) % 370 375 1 % All other 73 80 83 81 81 11 % — % 147 162 10 % Total non-compensation expenses 272 288 280 266 273 — % 3 % 533 539 1 % Total non-interest expenses 317 335 326 314 320 1 % 2 % 624 634 2 % Pre-tax income $ 117 $ 123 $ 133 $ 173 $ 166 42 % (4) % $ 235 $ 339 44 % 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 Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2025 March 31, 2026 % change Revenues: Interest income $ 34 $ 34 $ 37 $ 42 $ 34 — % (19) % $ 68 $ 76 12 % All other 4 — — 1 9 125 % 800 % 7 10 43 % Total revenues 38 34 37 43 43 13 % — % 75 86 15 % Interest expense (25) (25) (25) (44) (44) 76 % — % (50) (88) 76 % Net revenues 13 9 12 (1) (1) NM — % 25 (2) NM Non-interest expenses: Compensation and benefits 40 36 35 31 29 (28) % (6) % 76 60 (21) % All other 7 15 17 4 5 (29) % 25 % 13 9 (31) % Total non-interest expenses 47 51 52 35 34 (28) % (3) % 89 69 (22) % Pre-tax loss $ (34) $ (42) $ (40) $ (36) $ (35) (3) % 3 % $ (64) $ (71) (11) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in billions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 Total assets $ 62.7 $ 63.6 $ 65.3 $ 66.7 $ 69.0 10 % 3 % Bank deposits $ 56.4 $ 57.2 $ 58.9 $ 60.2 $ 62.4 11 % 4 % As of % change from $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 December 31, 2025 Bank loans by portfolio segment: Securities-based loans (15) $ 17,608 $ 18,497 $ 19,775 $ 21,667 $ 23,007 31 % 6 % Commercial and industrial loans 10,462 10,754 10,777 10,801 10,489 — % (3) % Commercial real estate loans 7,569 7,777 7,840 7,753 7,972 5 % 3 % Real estate investment trust loans 1,794 1,735 1,690 1,779 1,695 (6) % (5) % Residential mortgage loans 9,801 9,976 10,295 10,567 10,789 10 % 2 % Tax-exempt loans 1,268 1,311 1,226 1,148 1,123 (11) % (2) % Total loans held for investment 48,502 50,050 51,603 53,715 55,075 14 % 3 % Held for sale loans 223 255 416 168 198 (11) % 18 % Total loans held for sale and investment 48,725 50,305 52,019 53,883 55,273 13 % 3 % Allowance for credit losses (452) (465) (452) (440) (440) (3) % — % Bank loans, net $ 48,273 $ 49,840 $ 51,567 $ 53,443 $ 54,833 14 % 3 % Total nonperforming assets $ 214 $ 214 $ 187 $ 208 $ 183 (14) % (12) % Total criticized loans $ 551 $ 572 $ 660 $ 611 $ 607 10 % (1) % Bank loan allowance for credit losses as a % of total loans held for investment 0.93 % 0.93 % 0.88 % 0.82 % 0.80 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (16) 1.94 % 1.96 % 1.88 % 1.82 % 1.83 % Nonperforming assets as a % of total assets 0.34 % 0.34 % 0.29 % 0.31 % 0.27 % Criticized loans as a % of total loans held for investment 1.14 % 1.14 % 1.28 % 1.14 % 1.10 % Three months ended Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Net interest margin (net yield on interest-earning assets) 2.67 % 2.74 % 2.71 % 2.81 % 2.81 % 2.63 % 2.81 % Bank loan provision/(benefit) for credit losses $ 16 $ 15 $ 6 $ (3) $ 5 $ 16 $ 2 Net charge-offs $ 15 $ 3 $ 19 $ 9 $ 5 $ 19 $ 14 RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non- GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Net income available to common shareholders $ 493 $ 435 $ 603 $ 562 $ 542 $ 1,092 $ 1,104 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 8 9 6 7 6 16 13 Other acquisition-related compensation — — 4 — 1 — 1 Total “Compensation, commissions and benefits” expense 8 9 10 7 7 16 14 Communications and information processing — — 2 1 3 — 4 Professional fees 1 — 8 2 4 2 6 Other: Amortization of identifiable intangible assets (18) 10 10 10 10 10 21 20 All other acquisition-related expenses — — 9 — 3 — 3 Total “Other” expense 10 10 19 10 13 21 23 Total pre-tax impact of non-GAAP adjustments related to acquisitions 19 19 39 20 27 39 47 Tax effect of non-GAAP adjustments (5) (5) (7) (5) (5) (10) (10) Total non-GAAP adjustments, net of tax 14 14 32 15 22 29 37 Adjusted net income available to common shareholders (4) $ 507 $ 449 $ 635 $ 577 $ 564 $ 1,121 $ 1,141 Pre-tax income $ 671 $ 563 $ 731 $ 728 $ 735 $ 1,420 $ 1,463 Pre-tax impact of non-GAAP adjustments (as detailed above) 19 19 39 20 27 39 47 Adjusted pre-tax income (4) $ 690 $ 582 $ 770 $ 748 $ 762 $ 1,459 $ 1,510 Compensation, commissions and benefits expense $ 2,204 $ 2,202 $ 2,394 $ 2,450 $ 2,541 $ 4,476 $ 4,991 Less: Total compensation-related acquisition expenses (as detailed above) (17) 8 9 10 7 7 16 14 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,196 $ 2,193 $ 2,384 $ 2,443 $ 2,534 $ 4,460 $ 4,977 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 Six months ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Pre-tax margin (7) 19.7 % 16.6 % 19.6 % 19.5 % 19.0 % 20.5 % 19.3 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.3 % 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % Other acquisition-related compensation — % — % 0.1 % — % — % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % 0.2 % Communications and information processing — % — % 0.1 % — % 0.1 % — % — % Professional fees — % — % 0.2 % — % 0.1 % — % 0.1 % Other: Amortization of identifiable intangible assets (18) 0.3 % 0.2 % 0.3 % 0.3 % 0.3 % 0.3 % 0.3 % All other acquisition-related expenses — % — % 0.3 % — % 0.1 % — % — % Total “Other” expense 0.3 % 0.2 % 0.6 % 0.3 % 0.4 % 0.3 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.6 % 0.5 % 1.1 % 0.5 % 0.7 % 0.5 % 0.6 % Adjusted pre-tax margin (4) (7) 20.3 % 17.1 % 20.7 % 20.0 % 19.7 % 21.0 % 19.9 % Total compensation ratio (8) 64.8 % 64.8 % 64.2 % 65.6 % 65.8 % 64.5 % 65.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.3 % 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % Other acquisition-related compensation — % — % 0.1 % — % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % 0.2 % Adjusted total compensation ratio (4) (8) 64.5 % 64.5 % 64.0 % 65.4 % 65.7 % 64.3 % 65.5 % 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 Six months ended Earnings per common share (2) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Diluted $ 2.36 $ 2.12 $ 2.95 $ 2.79 $ 2.72 $ 5.22 $ 5.51 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.04 0.04 0.03 0.03 0.03 0.08 0.06 Other acquisition-related compensation — — 0.02 — — — — Total “Compensation, commissions and benefits” expense 0.04 0.04 0.05 0.03 0.03 0.08 0.06 Communications and information processing — — 0.01 — 0.02 — 0.02 Professional fees — — 0.04 0.01 0.02 0.01 0.03 Other: Amortization of identifiable intangible assets (18) 0.05 0.04 0.05 0.05 0.05 0.10 0.10 All other acquisition-related expenses — — 0.04 — 0.02 — 0.02 Total “Other” expense 0.05 0.04 0.09 0.05 0.07 0.10 0.12 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.08 0.19 0.09 0.14 0.19 0.23 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.03) (0.02) (0.03) (0.05) (0.05) Total non-GAAP adjustments, net of tax 0.06 0.06 0.16 0.07 0.11 0.14 0.18 Adjusted diluted (4) $ 2.42 $ 2.18 $ 3.11 $ 2.86 $ 2.83 $ 5.36 $ 5.69 Book value per share As of $ in millions, except per share amounts March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,133 $ 12,180 $ 12,424 $ 12,491 $ 12,567 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,855 1,860 1,847 1,838 1,983 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (140) (143) (144) (146) (147) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 10,418 $ 10,463 $ 10,721 $ 10,799 $ 10,731 Common shares outstanding 203.1 200.0 198.1 197.0 194.6 Book value per share (3) $ 59.74 $ 60.90 $ 62.72 $ 63.41 $ 64.58 Tangible book value per share (3) (4) $ 51.29 $ 52.32 $ 54.12 $ 54.82 $ 55.14 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 Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Average common equity (19) $ 11,989 $ 12,157 $ 12,302 $ 12,458 $ 12,529 $ 11,857 $ 12,494 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 4 5 3 4 3 8 7 Other acquisition-related compensation — — 2 — 1 — — Total “Compensation, commissions and benefits” expense 4 5 5 4 4 8 7 Communications and information processing — — 1 1 1 — 1 Professional fees 1 — 4 1 2 1 3 Other: Amortization of identifiable intangible assets (18) 5 5 5 5 5 11 10 All other acquisition-related expenses — — 5 — 2 — 1 Total “Other” expense 5 5 10 5 7 11 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 10 20 11 14 20 22 Tax effect of non-GAAP adjustments (3) (3) (4) (3) (3) (5) (5) Total non-GAAP adjustments, net of tax 7 7 16 8 11 15 17 Adjusted average common equity (4) (19) $ 11,996 $ 12,164 $ 12,318 $ 12,466 $ 12,540 $ 11,872 $ 12,511 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 Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Average common equity (19) $ 11,989 $ 12,157 $ 12,302 $ 12,458 $ 12,529 $ 11,857 $ 12,494 Less: Average goodwill and identifiable intangible assets, net 1,857 1,858 1,854 1,843 1,911 1,866 1,889 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (140) (142) (144) (145) (147) (139) (145) Average tangible common equity (4) (19) $ 10,272 $ 10,441 $ 10,592 $ 10,760 $ 10,765 $ 10,130 $ 10,750 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 4 5 3 4 3 8 7 Other acquisition-related compensation — — 2 — 1 — — Total “Compensation, commissions and benefits” expense 4 5 5 4 4 8 7 Communications and information processing — — 1 1 1 — 1 Professional fees 1 — 4 1 2 1 3 Other: Amortization of identifiable intangible assets (18) 5 5 5 5 5 11 10 All other acquisition-related expenses — — 5 — 2 — 1 Total “Other” expense 5 5 10 5 7 11 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 10 20 11 14 20 22 Tax effect of non-GAAP adjustments (3) (3) (4) (3) (3) (5) (5) Total non-GAAP adjustments, net of tax 7 7 16 8 11 15 17 Adjusted average tangible common equity (4) (19) $ 10,279 $ 10,448 $ 10,608 $ 10,768 $ 10,776 $ 10,145 $ 10,767 Return on common equity (6) 16.4 % 14.3 % 19.6 % 18.0 % 17.3 % 18.4 % 17.7 % Adjusted return on common equity (4) (6) 16.9 % 14.8 % 20.6 % 18.5 % 18.0 % 18.9 % 18.2 % Return on tangible common equity (4) (6) 19.2 % 16.7 % 22.8 % 20.9 % 20.1 % 21.6 % 20.5 % Adjusted return on tangible common equity (4) (6) 19.7 % 17.2 % 23.9 % 21.4 % 20.9 % 22.1 % 21.2 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the three months ended June 30, 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. (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 March 31, September 30, and December 31, 2025, an insignificant amount for the three months ended June 30, 2025 and March 31, 2026, and $2 million and $1 million for the six months ended March 31, 2025 and 2026, respectively. (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) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (10) 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. (11) 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. (12) 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. (13) 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 17). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (14) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) 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) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (17) 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. RAYMOND JAMES FINANCIAL, INC. 18

(18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (19) Average common equity 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 three, 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 three. 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 FISCAL SECOND QUARTER 2026 OF RJF

EX-99.3

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rjf0331q226presentation

Fiscal 2Q26 Results April 22, 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 or divestitures, and our level of success in 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 Report 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 2Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $3.9B Net revenues $1.76T Client assets under administration $400M Common share repurchases 19.0% Pre-tax margin 19.7% Adjusted pre-tax margin(1) $1.04T PCG assets in fee-based accounts $107M Common stock dividends $23.0B | 5.8% growth rate Domestic PCG net new assets(2)$2.72 Diluted EPS $2.83 Adjusted diluted EPS(1) 12.4% Tier 1 leverage ratio(3) $57.8B Clients' domestic cash sweep and ESP balances 17.3% Return on common equity 20.9% Adjusted ROTCE(1) $3.0B RJF corporate cash(4) $54.8B Bank loans, net Note: As of and for the three months ended March 31, 2026. (1)These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (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 includes cash and cash equivalents held directly at the parent company, as well as cash loaned by the parent company to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

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

Summary results of operations $ in millions, except per share amounts ($) vs. 2Q25 vs. 1Q26 ($) vs. FYTD 20262Q26 FYTD 2026 Net revenues 3,859 13% 3% 7,594 9% Pre-tax income 735 10% 1% 1,463 3% Adjusted pre-tax income* 762 10% 2% 1,510 3% Net income available to common shareholders 542 10% (4)% 1,104 1% Adjusted net income available to common shareholders* 564 11% (2)% 1,141 2% Earnings per common share — diluted 2.72 15% (3)% 5.51 6% Adjusted earnings per common share — diluted* 2.83 17% (1)% 5.69 6% Other selected financial highlights: 2Q26 2Q25 1Q26 FYTD 2026 FYTD 2026 Pre-tax margin 19.0 % 19.7% 19.5% 19.3 % 20.5% Adjusted pre-tax margin* 19.7 % 20.3% 20.0% 19.9 % 21.0% Return on common equity — annualized 17.3 % 16.4% 18.0% 17.7 % 18.4% Adjusted return on common equity — annualized* 18.0 % 16.9% 18.5% 18.2 % 18.9% Adjusted return on tangible common equity — annualized* 20.9 % 19.7% 21.4% 21.2 % 22.1% 6 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Financial summary Record result

$ in millions ($) vs. 2Q25 vs. 1Q26 FYTD ($) FYTD (%) 2Q26 2026 2026 Net revenues: Private Client Group 2,810 13% 2% 5,578 11% Capital Markets 464 17% 22% 844 (4)% Asset Management 327 13% —% 653 12% Bank 486 12% —% 973 13% Consolidated net revenues 3,859 13% 3% 7,594 9% Pre-tax income: Private Client Group 416 (3)% (5)% 855 (4)% Capital Markets 51 42% 467% 60 (45)% Asset Management 137 13% (4)% 280 14% Bank 166 42% (4)% 339 44% Consolidated pre-tax income 735 10% 1% 1,463 3% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Segment results 7 Record Result

Consolidated net revenues 8 $ in millions 2Q26 vs. 2Q25 vs. 1Q26 Asset management and related administrative fees $ 2,016 17% 1% Brokerage revenues 643 11% 5% Account and service fees 311 (3)% 1% Investment banking 279 29% 34% Interest income 960 —% (5)% Other 53 33% 26% Total revenues 4,262 11% 2% Interest expense (403) (9)% (9)% Net revenues $ 3,859 13% 3%

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) 25.8 26.6 26.6 27.8 29.8 16.8 13.9 14.8 16.0 13.6 1.7 1.6 1.6 1.8 1.8 13.5 13.0 13.5 12.4 12.5 57.8 55.2 56.4 58.1 57.8 4.2% 3.8% 3.7% 3.7% 3.7% RJBDP - Bank Segment* RJBDP - Third-Party Banks* Client Interest Program ESP** 2Q25 3Q25 4Q25 1Q26 2Q26 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: —% 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 651 656 653 667 650 521 546 551 566 557 130 110 102 101 93 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 2Q25 3Q25 4Q25 1Q26 2Q26 NET INTEREST MARGIN (NIM) 2.67% 2.74% 2.71% 2.81% 2.81% 2.77% 2.83% 2.78% 2.75% 2.74% Firmwide NIM Bank Segment NIM 2Q25 3Q25 4Q25 1Q26 2Q26 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 3.00% 2.96% 2.91% 2.76% 2.70% 2Q25 3Q25 4Q25 1Q26 2Q26 Year-over-year change: —% Sequential change: (3)%

Consolidated expenses 11 $ in millions 2Q26 vs. 2Q25 vs. 1Q26 Compensation, commissions and benefits $ 2,541 15% 4% Non-compensation expenses: Communications and information processing 206 12% 6% Occupancy and equipment 80 8% —% Business development 75 17% (7)% Investment sub-advisory fees 63 17% —% Professional fees 36 6% (3)% Bank loan benefit for credit losses 5 (69)% NM Other 118 16% 12% Total non-compensation expenses 583 10% 5% Total non-interest expenses $ 3,124 14% 4% *Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. **This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures.***Results for 3Q25 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. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 528 633 602 557 583 Impact of Legal Matter*** 2Q25 3Q25*** 4Q25 1Q26 2Q26 TOTAL COMPENSATION RATIO* 64.8% 64.8% 64.2% 65.6% 65.8% 64.5% 64.5% 64.0% 65.4% 65.7% Total Compensation Ratio Adjusted Total Compensation Ratio** 2Q25 3Q25 4Q25 1Q26 2Q26 575

*Results for 3Q25 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 and reduced consolidated pre-tax margin by 1.7%. Absent this legal provision, pre-tax margin would have been 18.3% and adjusted pre-tax margin would have been 18.8%. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 12 19.7% 16.6% 19.6% 19.5% 19.0% 20.3% 17.1% 20.7% 20.0% 19.7% Pre-Tax Margin Adjusted Pre-Tax Margin** 2Q25 3Q25* 4Q25 1Q26 2Q26

Other financial information 13 *This amount includes cash and cash equivalents held directly at the parent company, as well as parent cash loaned by the parent company to RJ&A, which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. $ in billions except per share amounts 2Q26 vs. 2Q25 vs. 1Q26 Total assets $ 91.9 11% 3% RJF corporate cash* $ 3.0 21% (9)% Bank loans, net $ 54.8 14% 3% Total common equity attributable to RJF $ 12.6 4% 1% Book value per share $ 64.58 8% 2% Tangible book value per share** $ 55.14 8% 1% Weighted-average common and common equivalent shares outstanding — diluted (shares in millions) 199.2 (5)% (1)% 2Q25 1Q26 Tier 1 leverage ratio*** 12.4 % 13.3% 12.7% Tier 1 capital ratio*** 22.9 % 23.5% 23.2% Common equity tier 1 ratio*** 22.9 % 23.3% 23.0% Total capital ratio*** 24.0 % 24.8% 24.3% Effective tax rate 26.0 % 26.2% 22.7%

$2.38B of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 354 553 451 511 507 250 451 350 400 400 104 102 101 111 107 Share Repurchases* Dividends Paid** 2Q25 3Q25 4Q25 1Q26 2Q26 Number of Shares Repurchased* (thousands) 1,716 3,286 2,107 2,473 2,574 Average Share Price of Shares Repurchased* $146 $137 $166 $162 $155 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates the amount remaining as of March 31, 2026 under the Board of Directors' $2.0 billion common stock repurchase authorization approved on December 3, 2025. $1.5B 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 for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 25 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 25 for additional information. continued on next slide Three months ended Six months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Net income available to common shareholders $ 493 $ 435 $ 603 $ 562 $ 542 $ 1,092 $ 1,104 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 8 9 6 7 6 16 13 Other acquisition-related compensation — — 4 — 1 — 1 Total “Compensation, commissions and benefits” expense 8 9 10 7 7 16 14 Communications and information processing — — 2 1 3 — 4 Professional fees 1 — 8 2 4 2 6 Other: Amortization of identifiable intangible assets (2) 10 10 10 10 10 21 20 All other acquisition-related expenses — — 9 — 3 — 3 Total “Other” expense 10 10 19 10 13 21 23 Total pre-tax impact of non-GAAP adjustments related to acquisitions 19 19 39 20 27 39 47 Tax effect of non-GAAP adjustments (5) (5) (7) (5) (5) (10) (10) Total non-GAAP adjustments, net of tax 14 14 32 15 22 29 37 Adjusted net income available to common shareholders $ 507 $ 449 $ 635 $ 577 $ 564 $ 1,121 $ 1,141 Pre-tax income $ 671 $ 563 $ 731 $ 728 $ 735 $ 1,420 $ 1,463 Pre-tax impact of non-GAAP adjustments (as detailed above) 19 19 39 20 27 39 47 Adjusted pre-tax income $ 690 $ 582 $ 770 $ 748 $ 762 $ 1,459 $ 1,510 17

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Pre-tax margin (3) 19.7 % 16.6 % 19.6 % 19.5 % 19.0 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.3 % 0.3 % 0.1 % 0.2 % 0.1 % Other acquisition-related compensation — % — % 0.1 % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.3 % 0.2 % 0.2 % 0.1 % Communications and information processing — % — % 0.1 % — % 0.1 % Professional fees — % — % 0.2 % — % 0.1 % Other: Amortization of identifiable intangible assets (2) 0.3 % 0.2 % 0.3 % 0.3 % 0.3 % All other acquisition-related expenses — % — % 0.3 % — % 0.1 % Total “Other” expense 0.3 % 0.2 % 0.6 % 0.3 % 0.4 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.6 % 0.5 % 1.1 % 0.5 % 0.7 % Adjusted pre-tax margin (3) 20.3 % 17.1 % 20.7 % 20.0 % 19.7 % Note: Please refer to the footnotes on slide 25 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 25 for additional information. continued on next slide Three months ended $ in millions March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Compensation, commissions and benefits expense $ 2,204 $ 2,202 $ 2,394 $ 2,450 $ 2,541 Less: Total compensation-related acquisition expenses (1) 8 9 10 7 7 Adjusted compensation, commissions and benefits expense $ 2,196 $ 2,193 $ 2,384 $ 2,443 $ 2,534 Total compensation ratio (4) 64.8 % 64.8 % 64.2 % 65.6 % 65.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.3 % 0.3 % 0.1 % 0.2 % 0.1 % Other acquisition-related compensation — % — % 0.1 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.3 % 0.2 % 0.2 % 0.1 % Adjusted total compensation ratio (4) 64.5 % 64.5 % 64.0 % 65.4 % 65.7 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Six months ended Earnings per common share (5) March 31, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Basic $ 2.41 $ 2.85 $ 2.76 $ 5.34 $ 5.61 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.04 0.04 0.03 0.08 0.07 Other acquisition-related compensation — — 0.01 — — Total “Compensation, commissions and benefits” expense 0.04 0.04 0.04 0.08 0.07 Communications and information processing — — 0.02 — 0.02 Professional fees — 0.01 0.02 0.01 0.03 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.10 0.10 All other acquisition-related expenses — — 0.02 — 0.02 Total “Other” expense 0.05 0.05 0.07 0.10 0.12 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.10 0.15 0.19 0.24 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.03) (0.04) (0.05) Total non-GAAP adjustments, net of tax 0.07 0.07 0.12 0.15 0.19 Adjusted basic $ 2.48 $ 2.92 $ 2.88 $ 5.49 $ 5.80 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Six months ended Earnings per common share (5) March 31, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Diluted $ 2.36 $ 2.79 $ 2.72 $ 5.22 $ 5.51 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.04 0.03 0.03 0.08 0.06 Other acquisition-related compensation — — — — — Total “Compensation, commissions and benefits” expense 0.04 0.03 0.03 0.08 0.06 Communications and information processing — — 0.02 — 0.02 Professional fees — 0.01 0.02 0.01 0.03 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.10 0.10 All other acquisition-related expenses — — 0.02 — 0.02 Total “Other” expense 0.05 0.05 0.07 0.10 0.12 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.09 0.14 0.19 0.23 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.03) (0.05) (0.05) Total non-GAAP adjustments, net of tax 0.06 0.07 0.11 0.14 0.18 Adjusted diluted $ 2.42 $ 2.86 $ 2.83 $ 5.36 $ 5.69 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 25 for additional information. Book value per share As of $ in millions, except per share amounts March 31, 2025 December 31, 2025 March 31, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,133 $ 12,491 $ 12,567 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,855 1,838 1,983 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (140) (146) (147) Tangible common equity attributable to Raymond James Financial, Inc. $ 10,418 $ 10,799 $ 10,731 Common shares outstanding 203.1 197.0 194.6 Book value per share (6) $ 59.74 $ 63.41 $ 64.58 Tangible book value per share (6) $ 51.29 $ 54.82 $ 55.14 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Six months ended $ in millions March 31, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Average common equity (7) $ 11,989 $ 12,458 $ 12,529 $ 11,857 $ 12,494 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 4 4 3 8 7 Other acquisition-related compensation — — 1 — — Total “Compensation, commissions and benefits” expense 4 4 4 8 7 Communications and information processing — 1 1 — 1 Professional fees 1 1 2 1 3 Other: Amortization of identifiable intangible assets (2) 5 5 5 11 10 All other acquisition-related expenses — — 2 — 1 Total “Other” expense 5 5 7 11 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 11 14 20 22 Tax effect of non-GAAP adjustments (3) (3) (3) (5) (5) Total non-GAAP adjustments, net of tax 7 8 11 15 17 Adjusted average common equity (7) $ 11,996 $ 12,466 $ 12,540 $ 11,872 $ 12,511 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Return on tangible common equity Three months ended Six months ended $ in millions March 31, 2025 December 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Average common equity (7) $ 11,989 $ 12,458 $ 12,529 $ 11,857 $ 12,494 Less: Average goodwill and identifiable intangible assets, net 1,857 1,843 1,911 1,866 1,889 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (140) (145) (147) (139) (145) Average tangible common equity (7) $ 10,272 $ 10,760 $ 10,765 $ 10,130 $ 10,750 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 4 4 3 8 7 Other acquisition-related compensation — — 1 — — Total “Compensation, commissions and benefits” expense 4 4 4 8 7 Communications and information processing — 1 1 — 1 Professional fees 1 1 2 1 3 Other: Amortization of identifiable intangible assets (2) 5 5 5 11 10 All other acquisition-related expenses — — 2 — 1 Total “Other” expense 5 5 7 11 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 11 14 20 22 Tax effect of non-GAAP adjustments (3) (3) (3) (5) (5) Total non-GAAP adjustments, net of tax 7 8 11 15 17 Adjusted average tangible common equity (7) $ 10,279 $ 10,768 $ 10,776 $ 10,145 $ 10,767 Return on common equity (8) 16.4 % 18.0 % 17.3 % 18.4 % 17.7 % Adjusted return on common equity (8) 16.9 % 18.5 % 18.0 % 18.9 % 18.2 % Return on tangible common equity (ROTCE) (8) 19.2 % 20.9 % 20.1 % 21.6 % 20.5 % Adjusted ROTCE (8) 19.7 % 21.4 % 20.9 % 22.1 % 21.2 % Note: Please refer to the footnotes on slide 25 for additional information.

Footnotes 25 (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) 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 an insignificant amount for the three months ended March 31, 2026, $1 million for each of the three months ended December 31 and March 31, 2025, and $1 million and $2 million for the six months ended March 31, 2026 and 2025, respectively. (6) 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. (7) 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 three, 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 three. 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. (8) 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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v3.26.1

Cover Page

Apr. 22, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Apr. 22, 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

Entity Address, State or Province

Entity Address, Postal Zip Code

33716

City Area Code

727

Local Phone Number

567-1000

Written Communications

false

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false

Pre-commencement Tender Offer

false

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false

Title of 12(b) Security

Common Stock, $.01 par value

Trading Symbol

RJF

Security Exchange Name

NYSE

Entity Emerging Growth Company

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Entity Central Index Key

0000720005

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