What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2025-02-07 · 384 added, 163 removed, 1506 unchanged (27% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

$ in millions, except per share amounts December 31, 2024 September 30, 2024

$ in millions, except per share amounts March 31, 2025 September 30, 2024

Cash and cash equivalents $ 9,662 $ 10,998

32 unchanged sentences

650,000,000 shares authorized;

250,025,894 shares issued and 204,582,573 shares outstanding as of December 31, 2024;

250,076,677 shares issued and 203,143,164 shares outstanding as of March 31, 2025;

249,972,182 shares issued and 203,291,449 shares outstanding as of September 30, 2024

2 unchanged sentences

Treasury stock, at cost;

45,443,321 and 46,680,733 common shares as of December 31, 2024 and September 30, 2024, respectively

46,933,513 and 46,680,733 common shares as of March 31, 2025 and September 30, 2024, respectively

( 3,244 ) ( 3,051 )

9 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

in millions, except per share amounts

2025 2024 2025 2024

Asset management and related administrative fees $ 1,725 $ 1,516 $ 3,468 $ 2,923

5 unchanged sentences

Investment banking

216 179 541 360

Interest income

963 1,049 1,990 2,102

Total revenues

3,845 3,638 7,880 7,158

Interest expense

( 442 ) ( 520 ) ( 940 ) ( 1,027 )

3,403 3,118 6,940 6,131

Non-interest expenses:

Compensation, commissions and benefits

2,204 2,043 4,476 3,964

Non-compensation expenses:

Communications and information processing

184 165 362 315

Occupancy and equipment

74 73 147 145

Business development

64 60 132 121

Investment sub-advisory fees

1 unchanged sentence

Bank loan provision for credit losses

102 70 212 165

Total non-compensation expenses 528 466 1,044 928

1 unchanged sentence

Pre-tax income

671 609 1,420 1,239

Provision for income taxes

176 133 325 265

Net income 495 476 1,095 974

6 unchanged sentences

Weighted-average common shares outstanding – basic

204.3 208.3 204.0 208.4

Weighted-average common and common equivalent shares outstanding – diluted

208.7 213.4 208.9 213.5

$ 495 $ 476 $ 1,095 $ 974

Other comprehensive income/(loss), net of tax:

Available-for-sale securities

95 ( 26 ) ( 11 ) 244

Currency translations, net of the impact of net investment hedges 19 ( 11 ) ( 34 ) 18

Cash flow hedges

( 5 ) 6 1 ( 15 )

Total other comprehensive income/(loss), net of tax

109 ( 31 ) ( 44 ) 247

Total comprehensive income $ 604 $ 445 $ 1,051 $ 1,221

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions, except per share amounts 2025 2024 2025 2024

1 unchanged sentence

Balance beginning of period

$ 79 $ 79 $ 79 $ 79

Share issuances

6 unchanged sentences

Balance beginning of period

3,125 3,158 3,251 3,143

Share-based compensation amortization 53 55 145 144

3 unchanged sentences

Balance end of period

3,151 3,186 3,151 3,186

Retained earnings:

2 unchanged sentences

Net income attributable to Raymond James Financial, Inc.

495 476 1,095 974

Common and preferred stock cash dividends declared (see Note 17)

13 unchanged sentences

Other comprehensive income/(loss), net of tax

109 ( 31 ) ( 44 ) 247

Balance end of period

7 unchanged sentences

Balance end of period

15 ( 5 ) 15 ( 5 )

Total shareholders’ equity

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended December 31,

Six months ended March 31,

$ in millions 2025 2024

Cash flows from operating activities:

$ 1,095 $ 974

Adjustments to reconcile net income to net cash provided by operating activities:

1 unchanged sentence

Deferred income taxes, net 46 ( 26 )

Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments ( 4 ) ( 12 )

Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments

Provisions for credit losses and legal and regulatory matters, net

Share-based compensation expense 147 147

Unrealized gain on company-owned life insurance policies, net of expenses

Other 31 ( 8 )

Unrealized (gains)/losses on company-owned life insurance policies, net of expenses

Net change in:

19 unchanged sentences

( 87 ) ( 99 )

Sales/(purchases) of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, net

Renewable energy tax credit equity investments — ( 15 )

3 unchanged sentences

Cash flows from financing activities:

Increase/(decrease) in bank deposits

( 160 ) 1,194

Increase in bank deposits

Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 459 ) ( 412 )

5 unchanged sentences

( 650 ) ( 750 )

Proceeds from short-term borrowings, net — 200

Other financing, net ( 5 ) ( 1 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended December 31,

Six months ended March 31,

$ in millions 2025 2024

19 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

March 31, 2025

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

30 unchanged sentences

adjustments (1)

Balance as of December 31, 2024

Balance as of March 31, 2025

Assets at fair value on a recurring basis:

16 unchanged sentences

Foreign exchange — 15 — — 15

Other — — 6 — 6

Total derivative assets 5 355 6 ( 274 ) 92

13 unchanged sentences

Agency MBS and CMOs

— 124 — — 124

Total debt securities 153 685 — — 838

3 unchanged sentences

Interest rate 4 349 — ( 106 ) 247

Other — — 2 — 2

Foreign exchange — 1 — — 1

Total derivative liabilities 4 350 — ( 106 ) 248

68 unchanged sentences

In the following tables, gains/(losses) on trading and derivative instruments are reported in “ Principal transactions ” and gains/(losses) on other investments are reported in “ Other ” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.

Three months ended December 31, 2024

Three months ended March 31, 2025

Level 3 instruments at fair value

16 unchanged sentences

$ — $ 8 $ — $ —

Three months ended December 31, 2023

Six months ended March 31, 2025

Level 3 instruments at fair value

Financial assets

Trading assets Derivative assets Other investments

$ in millions Other Other All other

Fair value beginning of period

Total gains/(losses) included in earnings

Purchases and contributions

Sales and distributions ( 42 ) — —

Into Level 3 — — —

Out of Level 3 — — —

Fair value end of period

Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period

Three months ended March 31, 2024

Level 3 instruments at fair value

Financial assets

Trading assets Other investments

8 unchanged sentences

Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period

As of both December 31, 2024 and September 30, 2024, 12 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.

As of both December 31, 2024 and September 30, 2024, Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2024

Level 3 instruments at fair value

Financial assets

Trading assets Other investments

$ in millions Other All other

Fair value beginning of period

Total gains/(losses) included in earnings

Purchases and contributions

Sales and distributions

Into Level 3 — —

Out of Level 3 — —

Fair value end of period

Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period

As of March 31, 2025, 11 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.

As of September 30, 2024, 12 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.

As of both March 31, 2025 and September 30, 2024, Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.

Investments in private equity measured at net asset value per share

1 unchanged sentence

We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Our private equity portfolio as of December 31, 2024 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.

Our private equity portfolio as of March 31, 2025 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.

Our investments cannot be redeemed directly with the funds.

Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

$ in millions Recorded value Unfunded commitment

December 31, 2024

March 31, 2025

Private equity investments measured at NAV $ 109 $ 33

5 unchanged sentences

Total private equity investments $ 109

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Financial instruments measured at fair value on a nonrecurring basis

4 unchanged sentences

(weighted-average)

December 31, 2024

March 31, 2025

Residential mortgage loans $ 2 $ 7 $ 9 Collateral or

4 unchanged sentences

Recovery rate 28 % - 33 % ( 33 %)

Loans held for sale $ 23 $ — $ 23 N/A N/A N/A

Loans held for sale $ 103 $ — $ 103 N/A (2)

September 30, 2024

7 unchanged sentences

Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the table.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(2) See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2024 Form 10-K for information on the valuation techniques used in the valuation of our loans held for sale measured at fair value on a nonrecurring basis.

Financial instruments not recorded at fair value

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition.

The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at December 31, 2024 and September 30, 2024.

This table excludes financial instruments that are carried at amounts which approximate fair value.

1 unchanged sentence

$ in millions Level 2 Level 3 Total estimated fair value Carrying amount

December 31, 2024

March 31, 2025

Financial assets:

23 unchanged sentences

unrealized losses Fair value

December 31, 2024

March 31, 2025

Agency residential MBS $ 3,833 $ 1 $ ( 339 ) $ 3,495

17 unchanged sentences

Total available-for-sale securities $ 8,906 $ 7 $ ( 653 ) $ 8,260

The amortized costs and fair values in the preceding table exclude $ 23 million of accrued interest on available-for-sale securities as of both December 31, 2024 and September 30, 2024 which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

The amortized costs and fair values in the preceding table exclude $ 21 million and $ 23 million of accrued interest on available-for-sale securities as of March 31, 2025 and September 30, 2024, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.

5 unchanged sentences

Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties.

As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 4.0 years as of December 31, 2024.

December 31, 2024

As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of March 31, 2025.

March 31, 2025

$ in millions Within one year After one but

60 unchanged sentences

losses Fair value Unrealized

December 31, 2024

March 31, 2025

Agency residential MBS

21 unchanged sentences

$ 515 $ — $ 7,311 $ ( 653 ) $ 7,826 $ ( 653 )

At December 31, 2024, of the 851 available-for-sale securities in an unrealized loss position, 41 were in a continuous unrealized loss position for less than 12 months and 810 securities were in a continuous unrealized loss position for greater than 12 months.

At December 31, 2024, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 3.99 billion and $ 2.43 billion, respectively, and fair values of $ 3.57 billion and $ 2.14 billion, respectively.

During the three months ended December 31, 2024, we received proceeds of $ 78 million from sales of available-for-sale securities resulting in $ 2 million of losses.

Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the three months ended December 31, 2024.

During the three months ended December 31, 2023, there were no sales of available-for-sale securities.

At March 31, 2025, of the 819 available-for-sale securities in an unrealized loss position, 27 were in a continuous unrealized loss position for less than 12 months and 792 securities were in a continuous unrealized loss position for greater than 12 months.

At March 31, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 3.86 billion and $ 2.34 billion, respectively, and fair values of $ 3.50 billion and $ 2.09 billion, respectively.

During the six months ended March 31, 2025, we received proceeds of $ 78 million from sales of available-for-sale securities resulting in $ 2 million of losses.

Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the six months ended March 31, 2025.

During the three months ended March 31, 2025 and the three and six months ended March 31, 2024, there were no sales of available-for-sale securities.

RAYMOND JAMES FINANCIAL, INC.

7 unchanged sentences

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

December 31, 2024 September 30, 2024

March 31, 2025 September 30, 2024

$ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount

31 unchanged sentences

See Note 17 for additional information.

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

3 unchanged sentences

$ ( 2 ) $ 28 $ 61 $ ( 15 )

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three months ended December 31, 2024 and 2023.

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2025 and 2024.

We expect to reclassify $ 12 million of interest expense out of AOCI and into earnings within the next 12 months.

5 unchanged sentences

These amounts do not include any offsetting gains/(losses) on the related hedged item.

$ in millions Three months ended December 31,

Location of gain/(loss) 2024 2023

$ in millions Three months ended March 31, Six months ended March 31,

Location of gains/(losses)

2025 2024 2025 2024

Interest rate

Principal transactions/other revenue

$ 4 $ 3 $ 7 $ 4

Foreign exchange (1)

2 unchanged sentences

Other Principal transactions $ 8 $ — $ 2 $ —

(1) For the three months ended December 31, 2024 and 2023, we recognized offsetting losses of $ 59 million and offsetting gains of $ 35 million, respectively, on the related hedged item, which were included in “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income .

(1) For the three months ended March 31, 2025 and 2024, we recognized offsetting gains of $ 16 million and losses of $ 24 million, respectively, on the related hedged item.

For the six months ended March 31, 2025 and 2024, we recognized offsetting losses of $ 43 million and gains of $ 11 million, respectively, on the related hedged item.

These offsetting gains and losses were included in “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income .

Risks associated with our derivatives and related risk mitigation

11 unchanged sentences

If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions.

The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either December 31, 2024 or September 30, 2024.

The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either March 31, 2025 or September 30, 2024.

RAYMOND JAMES FINANCIAL, INC.

11 unchanged sentences

$ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total

December 31, 2024

March 31, 2025

Gross amounts of recognized assets/liabilities $ 215 $ 336 $ 551 $ 205 $ 582 $ 787

13 unchanged sentences

Such secured borrowings have no stated maturity and are generally overnight and continuous.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Repurchase agreements:

13 unchanged sentences

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

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Collateral we received that was available to be delivered or repledged $ 3,817 $ 3,800

3 unchanged sentences

The following table presents information about our assets that have been pledged for such purposes.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Had the right to deliver or repledge $ 1,229 $ 1,281

2 unchanged sentences

We also pledge certain loans and available-for-sale securities with the FRB to be eligible to participate in the Federal Reserve’s discount window program and to participate in certain deposit programs.

Both the FHLB and the FRB do not have the ability to sell or repledge such loans and securities.

The FHLB and the FRB do not have the ability to sell or repledge such loans and securities.

For additional information regarding our outstanding FHLB advances see Note 14.

The following table presents information about our assets that have been pledged with the FHLB or FRB.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Assets pledged with the FHLB or FRB:

14 unchanged sentences

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

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

SBL $ 17,608 $ 16,233

14 unchanged sentences

Held for sale loans

We originated or purchased $ 706 million and $ 441 million of loans held for sale during the three months ended December 31, 2024 and 2023, respectively.

We originated or purchased $ 1.01 billion and $ 1.72 billion of loans held for sale during the three and six months ended March 31, 2025, respectively, and $ 552 million and $ 993 million during the three and six months ended March 31, 2024, respectively.

The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools.

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 165 million and $ 102 million during the three months ended December 31, 2024 and 2023, respectively.

Net gains resulting from such sales were insignificant for each of the three months ended December 31, 2024 and 2023.

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 497 million and $ 662 million during the three and six months ended March 31, 2025, respectively, and $ 141 million and $ 243 million during the three and six months ended March 31, 2024, respectively.

Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2025 and 2024.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

$ in millions C&I loans Residential mortgage loans Total

Three months ended December 31, 2024

$ in millions C&I loans CRE loans REIT loans Residential mortgage loans Total

Three months ended March 31, 2025

Purchases $ 404 $ — $ — $ 67 $ 471

Sales $ 29 $ 13 $ — $ — $ 42

Three months ended December 31, 2023

Six months ended March 31, 2025

Purchases $ 646 $ — $ — $ 132 $ 778

Sales $ 77 $ 13 $ — $ — $ 90

Three months ended March 31, 2024

Purchases $ 314 $ — $ — $ 77 $ 391

Sales $ 44 $ — $ 9 $ — $ 53

Six months ended March 31, 2024

Purchases $ 520 $ — $ — $ 122 $ 642

Sales $ 163 $ — $ 9 $ — $ 172

Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period.

3 unchanged sentences

$ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment

December 31, 2024

March 31, 2025

SBL $ 3 $ — $ 3 $ — $ — $ 17,605 $ 17,608

13 unchanged sentences

Total loans held for investment $ 6 $ — $ 6 $ 144 $ 31 $ 46,086 $ 46,267

The preceding table includes $ 72 million and $ 89 million at December 31, 2024 and September 30, 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

The preceding table includes $ 128 million and $ 89 million at March 31, 2025 and September 30, 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2024 Form 10-K, in the normal course of business, we may modify the original terms of a loan agreement.

In certain circumstances, we may agree to modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances.

Loans to borrowers experiencing financial difficulty modified during the three months ended December 31, 2024 were not significant.

Loans to borrowers experiencing financial difficulty modified during the three and six months ended March 31, 2025 and 2024 were not significant.

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.

$ in millions Nature of collateral December 31, 2024 September 30, 2024

$ in millions Nature of collateral March 31, 2025 September 30, 2024

C&I loans Commercial real estate and other business assets $ 8 $ 9

CRE loans Office, multi-family residential, healthcare, medical office, and industrial real estate $ 104 $ 115

CRE loans Hospitality, office, multi-family residential, medical office, industrial real estate and healthcare $ 135 $ 115

Residential mortgage loans Single family homes $ 12 $ 8

17 unchanged sentences

Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.

As of and for the three months ended December 31, 2024

As of and for the six months ended March 31, 2025

Loans by origination fiscal year

104 unchanged sentences

The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.

December 31, 2024

March 31, 2025

Loans by origination fiscal year

27 unchanged sentences

$ in millions SBL C&I loans CRE loans REIT loans Residential mortgage loans Tax-exempt loans Total

Three months ended December 31, 2024

Three months ended March 31, 2025

Balance at beginning of period

10 unchanged sentences

$ 7 $ 171 $ 181 $ 32 $ 60 $ 1 $ 452

Six months ended March 31, 2025

Balance at beginning of period

$ 6 $ 173 $ 188 $ 23 $ 65 $ 2 $ 457

Provision/(benefit) for credit losses 1 11 1 9 ( 5 ) ( 1 ) 16

Net (charge-offs)/recoveries:

Charge-offs — ( 13 ) ( 8 ) — — — ( 21 )

Recoveries — 1 1 — — — 2

Net (charge-offs)/recoveries

— ( 12 ) ( 7 ) — — — ( 19 )

Foreign exchange translation adjustment

— ( 1 ) ( 1 ) — — — ( 2 )

Balance at end of period

$ 7 $ 171 $ 181 $ 32 $ 60 $ 1 $ 452

ACL by loan portfolio segment as a % of total ACL 1.5 % 37.9 % 40.0 % 7.1 % 13.3 % 0.2 % 100.0 %

Three months ended December 31, 2023

Three months ended March 31, 2024

Balance at beginning of period

5 unchanged sentences

Net (charge-offs)/recoveries — ( 23 ) ( 5 ) — — — ( 28 )

Foreign exchange translation adjustment

— — ( 1 ) — — — ( 1 )

Balance at end of period

$ 6 $ 196 $ 181 $ 19 $ 67 $ 2 $ 471

Six months ended March 31, 2024

Balance at beginning of period

$ 7 $ 214 $ 161 $ 16 $ 74 $ 2 $ 474

Provision/(benefit) for credit losses ( 1 ) 11 27 3 ( 7 ) — 33

Net (charge-offs)/recoveries:

Charge-offs — ( 31 ) ( 7 ) — — — ( 38 )

Recoveries — 2 — — — — 2

Net (charge-offs)/recoveries

— ( 29 ) ( 7 ) — — — ( 36 )

Foreign exchange translation adjustment

3 unchanged sentences

ACL by loan portfolio segment as a % of total ACL 1.3 % 41.7 % 38.4 % 4.0 % 14.2 % 0.4 % 100.0 %

The allowance for credit losses on held for investment bank loans decreased $ 5 million during the three months ended December 31, 2024, primarily resulting from net charge-offs during the period.

The bank loan provision for credit losses for the three months ended December 31, 2024 primarily reflected the impacts of an improved macroeconomic forecast and loan repayments on criticized loans, offset by provisions on new loans, loan downgrades, primarily in the CRE and C&I loan portfolios, and charge-offs of certain loans.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 20 million and $ 22 million at December 31, 2024 and September 30, 2024, respectively.

The allowance for credit losses on held for investment bank loans remained flat during the three months ended March 31, 2025 and decreased $ 5 million during the six months ended March 31, 2025, primarily resulting from a bank loan provision for credit losses of $ 16 million for both periods, offset by net charge-offs of certain CRE and C&I loans.

The bank loan provision for credit losses for the three months ended March 31, 2025 primarily reflected the impacts of charge-offs of certain CRE and C&I loans and loan downgrades primarily related to our CRE loan portfolio.

The bank loan provision for credit losses for the six months ended March 31, 2025 primarily reflected the impacts of loan downgrades and charge-offs in our CRE and C&I loan portfolios, as well as the impacts of specific reserves.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 20 million at both March 31, 2025 and December 31, 2024 and $ 22 million at September 30, 2024.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 8 – LOANS TO FINANCIAL ADVISORS, NET

2 unchanged sentences

The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Affiliated with the firm as of period-end (1)

9 unchanged sentences

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 9 – VARIABLE INTEREST ENTITIES

7 unchanged sentences

$ in millions Aggregate assets Aggregate liabilities

December 31, 2024

March 31, 2025

Restricted Stock Trust Fund

3 unchanged sentences

Total $ 155 $ 79

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition.

Intercompany balances are eliminated in consolidation and are not reflected in the following table.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 20 $ 17

9 unchanged sentences

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

December 31, 2024 September 30, 2024

March 31, 2025 September 30, 2024

$ in millions Aggregate

8 unchanged sentences

Total $ 13,084 $ 4,267 $ 189 $ 12,077 $ 4,098 $ 282

NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions.

See Notes 2 and 11 of our 2024 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired.

We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2025 evaluation date, evaluating balances as of December 31, 2024.

In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

Our qualitative assessments considered macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets.

We also considered regulatory changes, as well as company-specific factors such as market capitalization, reporting unit specific results, and changes in key personnel and strategy.

Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date.

Based upon the outcome of our qualitative assessments, no impairment was identified.

No events have occurred since such assessments that would cause us to update this impairment testing.

RAYMOND JAMES FINANCIAL, INC.

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See Note 2 of our 2024 Form 10-K for a discussion of our accounting polices related to certain of these components.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Investments in company-owned life insurance policies $ 1,407 $ 1,396

10 unchanged sentences

See Notes 2 and 14 of our 2024 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

ROU lease assets (included in “Other assets”)

Lease liabilities (included in “Other payables”)

Lease liabilities as of December 31, 2024 excluded $ 29 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.

These leases are estimated to commence later in fiscal year 2025 with lease terms ranging from approximately two to eight years .

Lease liabilities as of March 31, 2025 excluded $ 34 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.

These leases are estimated to commence later in fiscal year 2025 with lease terms ranging from three to eleven years .

Lease expense

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

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

9 unchanged sentences

The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.

December 31, 2024 September 30, 2024

March 31, 2025 September 30, 2024

$ in millions Balance Weighted-average rate Balance Weighted-average rate

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Total bank deposits $ 56,403 2.66 % $ 56,010 3.18 %

Money market and savings accounts in the preceding table included $ 23.95 billion and $ 23.98 billion as of December 31, 2024 and September 30, 2024, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.

Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”).

Total bank deposits in the preceding table included $ 13.79 billion and $ 14.02 billion of deposits as of December 31, 2024 and September 30, 2024, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account.

The vast majority of the ESP balances are reflected in interest-bearing demand deposits in the preceding table.

Total bank deposits included $ 25.78 billion and $ 23.98 billion of cash balances as of March 31, 2025 and September 30, 2024, respectively, which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.

Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), and substantially all of these deposits were included in money market and savings accounts in the preceding table.

Total bank deposits in the preceding table included $ 13.51 billion and $ 14.02 billion of deposits as of March 31, 2025 and September 30, 2024, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account.

The vast majority of the ESP balances were reflected in interest-bearing demand deposits in the preceding table.

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

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

FDIC-insured bank deposits $ 48,672 $ 48,964

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

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.18 billion and $ 1.05 billion as of December 31, 2024 and September 30, 2024, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of December 31, 2024.

$ in millions December 31, 2024

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.20 billion and $ 1.05 billion as of March 31, 2025 and September 30, 2024, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of March 31, 2025.

$ in millions March 31, 2025

Three months or less

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Notes to Condensed Consolidated Financial Statements (Unaudited)

The maturities by fiscal year of our certificates of deposit as of December 31, 2024 are presented in the following table.

The maturities by fiscal year of our certificates of deposit as of March 31, 2025 are presented in the following table.

$ in millions

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

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

7 unchanged sentences

The following table details the components of our other borrowings.

December 31, 2024 September 30, 2024

March 31, 2025 September 30, 2024

$ in millions Weighted-average interest rate Maturity date Balance Weighted-average interest rate Maturity date Balance

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Floating rate - term

4.75 % March 2025 - June 2026 $ 650 5.14 % March 2025 - December 2025 $ 650

Fixed rate 4.29 % March 2025 - December 2028 300 4.47 % December 2024 - December 2028 300

4.65 % September 2025 - June 2026 $ 550 5.14 % March 2025 - December 2025 $ 650

Fixed rate 4.10 % December 2028 200 4.47 % December 2024 - December 2028 300

Total FHLB advances 750 950

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FHLB advances

We use interest rate swaps to manage the risk of increases in interest rates associated with the majority our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate.

We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate.

See Note 2 of our 2024 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges.

1 unchanged sentence

Subordinated notes

As of December 31, 2024, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $ 98 million.

As of March 31, 2025, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $ 98 million.

Our subordinated notes incur interest at a fixed rate of 5.75 % until May 2025 and thereafter at a variable interest rate equal to 3-month CME Term Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 5.62 % per annum.

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The interest rates on borrowings under the Credit Facility are variable and based on SOFR, as adjusted for RJF’s credit rating.

There were no borrowings outstanding on the Credit Facility as of December 31, 2024 or September 30, 2024.

There were no borrowings outstanding on the Credit Facility as of March 31, 2025 or September 30, 2024.

There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”).

Based upon RJF’s credit rating as of December 31, 2024, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.

Based upon RJF’s credit rating as of March 31, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.

In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes.

Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of December 31, 2024 or September 30, 2024.

Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of March 31, 2025 or September 30, 2024.

The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.

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Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates.

While we had borrowings outstanding as of December 31, 2024, the clearing organization is under no contractual obligation to lend to us under this arrangement.

While we had borrowings outstanding as of March 31, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement.

We also have other collateralized financings included in “Collateralized financings” on our Consolidated Statements of Financial Condition.

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Effective tax rate

Our effective income tax rate of 19.9 % for the three months ended December 31, 2024 was lower than the 21.8 % effective tax rate for our fiscal year 2024.

The decrease in the effective income tax rate was primarily due to the impact of a larger tax benefit recognized during the current quarter related to share-based compensation that vested during the period, compared with fiscal 2024.

The benefit was partially offset by the impact of non-taxable gains on our corporate-owned life insurance in fiscal 2024, which did not reoccur in our fiscal first quarter of 2025.

Our effective income tax rate of 22.9 % for the six months ended March 31, 2025 was higher than the 21.8 % effective tax rate for our fiscal year 2024.

The increase in the effective income tax rate was primarily due to the impact of non-deductible valuation losses recognized on our company-owned life insurance in the current-year period compared with nontaxable valuation gains in fiscal 2024, which favorably impacted our effective tax rate for fiscal 2024.

Uncertain tax positions

7 unchanged sentences

In the normal course of business, we enter into commitments for debt and equity underwritings.

As of December 31, 2024, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

As of March 31, 2025, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Lending commitments and other credit-related financial instruments

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

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

SBL and other consumer lines of credit $ 47,970 $ 44,057

7 unchanged sentences

Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements.

The allowance for credit losses calculated under the CECL model provides for potential losses related to the unfunded lending commitments.

The allowance for credit losses calculated under the current expected credit losses model provides for potential losses related to the unfunded lending commitments.

See Note 2 of our 2024 Form 10-K and Note 7 of this Form 10-Q for additional information regarding this allowance for credit losses related to unfunded lending commitments.

7 unchanged sentences

Investment commitments

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 76 million as of December 31, 2024.

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 87 million as of March 31, 2025.

Other commitments

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are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships.

As of December 31, 2024, RJAHI had committed approximately $ 48 million to project partnerships that had not yet been sold to LIHTC funds.

As of March 31, 2025, RJAHI had committed approximately $ 336 million to project partnerships that had not yet been sold to LIHTC funds.

Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements.

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There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss.

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of December 31, 2024, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 30 million in excess of the aggregate accruals for such matters.

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of March 31, 2025, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 30 million in excess of the aggregate accruals for such matters.

Refer to Note 2 of our 2024 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.

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For further details regarding our preferred stock see Note 20 of our 2024 Form 10-K.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):

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Aggregate liquidation preference $ 81 $ 81

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three months ended December 31, 2024 and 2023.

Three months ended December 31,

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and six months ended March 31, 2025 and 2024.

Three months ended March 31, Six months ended March 31,

$ in millions, except per share amounts 2025 2024 2025 2024

1 unchanged sentence

Total dividends declared

$ 2 $ 2 $ 3 $ 3

Dividends declared per preferred share

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Total dividends paid

$ 2 $ 2 $ 3 $ 3

Dividends paid per preferred share

1 unchanged sentence

Common equity

The following table presents the changes in our common shares outstanding for the three months ended December 31, 2024 and 2023.

Three months ended December 31,

The following table presents the changes in our common shares outstanding for the three and six months ended March 31, 2025 and 2024.

Three months ended March 31, Six months ended March 31,

Shares in millions

2025 2024 2025 2024

Balance beginning of period

204.6 208.7 203.3 208.8

Repurchases of common stock under the Board of Directors’ common stock repurchase authorization

2 unchanged sentences

Balance end of period

203.1 207.3 203.1 207.3

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares.

See Note 20 of this Form 10-Q and Note 23 of our 2024 Form 10-K for additional information on these programs.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Share repurchases

2 unchanged sentences

Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock.

During the three months ended December 31, 2024, we repurchased 310 thousand shares of our common stock for $ 50 million at an average price of $ 161.13 per share.

As of December 31, 2024, $ 1.45 billion remained available under the Board of Directors’ common stock repurchase authorization.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

During the three months ended March 31, 2025, we repurchased 1.7 million shares of our common stock for $ 250 million at an average price of $ 145.65 per share under the Board of Directors’ common stock repurchase authorization.

During the six months ended March 31, 2025, we repurchased 2.0 million shares of our common stock for $ 300 million at an average price of $ 148.03 per share.

As of March 31, 2025, $ 1.20 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

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

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

2025 2024 2025 2024

Dividends per common share - declared $ 0.50 $ 0.45 $ 1.00 $ 0.90

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

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

2025 2024 2025 2024

Dividend payout ratio

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however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules.

The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by bank regulators on dividends to the parent from our bank subsidiaries.

The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by our regulators on dividends to the parent from our subsidiaries.

See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements.

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

A ccumulated other comprehensive income/(loss)

Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF.

2 unchanged sentences

net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total

Three months ended December 31, 2024

Three months ended March 31, 2025

AOCI as of beginning of period $ 202 $ ( 279 ) $ ( 77 ) $ ( 591 ) $ 13 $ ( 655 )

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AOCI as of end of period $ 205 $ ( 263 ) $ ( 58 ) $ ( 496 ) $ 8 $ ( 546 )

Three months ended December 31, 2023

Six months ended March 31, 2025

AOCI as of beginning of period $ 145 $ ( 169 ) $ ( 24 ) $ ( 485 ) $ 7 $ ( 502 )

5 unchanged sentences

AOCI as of end of period $ 205 $ ( 263 ) $ ( 58 ) $ ( 496 ) $ 8 $ ( 546 )

Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2024 were recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2023 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment.

For further information about our significant accounting policies related to derivatives, see Note 2 of our 2024 Form 10-K.

In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.

Three months ended March 31, 2024

AOCI as of beginning of period $ 121 $ ( 165 ) $ ( 44 ) $ ( 672 ) $ 23 $ ( 693 )

OCI before reclassifications and taxes 29 ( 33 ) ( 4 ) ( 34 ) 18 ( 20 )

Amounts reclassified from AOCI, before tax — — — — ( 9 ) ( 9 )

Pre-tax net OCI 29 ( 33 ) ( 4 ) ( 34 ) 9 ( 29 )

Income tax effect ( 7 ) — ( 7 ) 8 ( 3 ) ( 2 )

OCI for the period, net of tax 22 ( 33 ) ( 11 ) ( 26 ) 6 ( 31 )

AOCI as of end of period $ 143 $ ( 198 ) $ ( 55 ) $ ( 698 ) $ 29 $ ( 724 )

Six months ended March 31, 2024

AOCI as of beginning of period $ 143 $ ( 216 ) $ ( 73 ) $ ( 942 ) $ 44 $ ( 971 )

OCI before reclassifications and taxes — 18 18 324 — 342

Amounts reclassified from AOCI, before tax — — — — ( 19 ) ( 19 )

Pre-tax net OCI — 18 18 324 ( 19 ) 323

Income tax effect — — — ( 80 ) 4 ( 76 )

OCI for the period, net of tax — 18 18 244 ( 15 ) 247

AOCI as of end of period $ 143 $ ( 198 ) $ ( 55 ) $ ( 698 ) $ 29 $ ( 724 )

Reclassifications from AOCI to net income, excluding taxes, for the six months ended March 31, 2025 were recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Reclassifications from AOCI to net income, excluding taxes, for the three months ended March 31, 2025 and three and six months ended March 31, 2024 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

RAYMOND JAMES FINANCIAL, INC.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment.

For further information about our significant accounting policies related to derivatives, see Note 2 of our 2024 Form 10-K.

In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.

NOTE 18 – REVENUES

2 unchanged sentences

See Note 26 of our 2024 Form 10-K and Note 23 of this Form 10-Q for additional information on our segments.

Three months ended December 31, 2024

Three months ended March 31, 2025

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

34 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended December 31, 2023

Three months ended March 31, 2024

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

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

At December 31, 2024 and September 30, 2024, net receivables related to contracts with customers were $ 454 million and $ 600 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2025

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

Asset management and related administrative fees $ 2,933 $ 1 $ 560 $ — $ ( 26 ) $ 3,468

Brokerage revenues:

Securities commissions:

Mutual and other fund products 304 4 2 — ( 1 ) 309

Insurance and annuity products 235 — — — — 235

Equities, ETFs and fixed income products 256 76 2 — ( 7 ) 327

Subtotal securities commissions 795 80 4 — ( 8 ) 871

Principal transactions (1)

57 207 — 4 — 268

Total brokerage revenues 852 287 4 4 ( 8 ) 1,139

Account and service fees:

Mutual fund and annuity service fees 256 — 7 — ( 1 ) 262

RJBDP fees 644 3 — — ( 373 ) 274

Client account and other fees 136 4 5 — ( 18 ) 127

Total account and service fees 1,036 7 12 — ( 392 ) 663

Investment banking:

Merger & acquisition and advisory — 355 — — — 355

Equity underwriting 17 66 — — — 83

Debt underwriting — 103 — — — 103

Total investment banking 17 524 — — — 541

Affordable housing investments business revenues — 49 — — — 49

All other (1)

11 1 — 22 ( 4 ) 30

Total other 11 50 — 22 ( 4 ) 79

Total non-interest revenues 4,849 869 576 26 ( 430 ) 5,890

Interest income (1)

236 57 7 1,649 41 1,990

Total revenues 5,085 926 583 1,675 ( 389 ) 7,880

Interest expense ( 51 ) ( 50 ) — ( 816 ) ( 23 ) ( 940 )

Net revenues $ 5,034 $ 876 $ 583 $ 859 $ ( 412 ) $ 6,940

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2024

$ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total

Asset management and related administrative fees $ 2,474 $ 1 $ 466 $ — $ ( 18 ) $ 2,923

Brokerage revenues:

Securities commissions:

Mutual and other fund products 277 3 3 — ( 3 ) 280

Insurance and annuity products 252 — — — — 252

Equities, ETFs and fixed income products 202 68 — — ( 5 ) 265

Subtotal securities commissions 731 71 3 — ( 8 ) 797

Principal transactions (1)

58 191 — 4 — 253

Total brokerage revenues 789 262 3 4 ( 8 ) 1,050

Account and service fees:

Mutual fund and annuity service fees 221 — 5 — ( 1 ) 225

RJBDP fees 741 3 — — ( 432 ) 312

Client account and other fees 129 3 6 — ( 21 ) 117

Total account and service fees 1,091 6 11 — ( 454 ) 654

Investment banking:

Merger & acquisition and advisory — 225 — — — 225

Equity underwriting 19 49 — — — 68

Debt underwriting — 67 — — — 67

Total investment banking 19 341 — — — 360

Affordable housing investments business revenues — 45 — — — 45

All other (1)

10 1 1 22 ( 10 ) 24

Total other 10 46 1 22 ( 10 ) 69

Total non-interest revenues 4,383 656 481 26 ( 490 ) 5,056

Interest income (1)

240 49 6 1,740 67 2,102

Total revenues 4,623 705 487 1,766 ( 423 ) 7,158

Interest expense ( 56 ) ( 46 ) — ( 901 ) ( 24 ) ( 1,027 )

Net revenues $ 4,567 $ 659 $ 487 $ 865 $ ( 447 ) $ 6,131

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

At March 31, 2025 and September 30, 2024, net receivables related to contracts with customers were $ 456 million and $ 600 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 19 – INTEREST INCOME AND INTEREST EXPENSE

The following table details the components of interest income and interest expense.

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

11 unchanged sentences

Bank deposits

$ 370 $ 441 790 $ 872

Trading liabilities — debt securities 10 11 21 22

4 unchanged sentences

Total interest expense

$ 442 $ 520 $ 940 $ 1,027

Net interest income $ 521 $ 529 $ 1,050 $ 1,075

1 unchanged sentence

Net interest income after bank loan provision for credit losses

$ 505 $ 508 $ 1,034 $ 1,042

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

7 unchanged sentences

Restricted stock units

During the three months ended December 31, 2024, we granted approximately 1.3 million RSUs with a weighted-average grant-date fair value of $ 163.63 , compared with approximately 1.7 million RSUs granted during the three months ended December 31, 2023, with a weighted-average grant-date fair value of $ 106.68 .

For the three months ended December 31, 2024, total share-based compensation amortization related to RSUs was $ 91 million, compared with $ 87 million for the three months ended December 31, 2023.

As of December 31, 2024, there were $ 388 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the three months ended December 31, 2024.

During the three and six months ended March 31, 2025, we granted approximately 572 thousand and 1.8 million RSUs, respectively, with a weighted-average grant-date fair value of $ 159.65 and $ 163.04 , respectively, compared with approximately 87 thousand and 1.8 million RSUs granted during the three and six months ended March 31, 2024, respectively, with a weighted-average grant-date fair value of $ 117.55 and $ 107.21 , respectively.

For the three and six months ended March 31, 2025, total share-based compensation amortization related to RSUs was $ 52 million and $ 143 million, respectively, compared with $ 53 million and $ 140 million for the three and six months ended March 31, 2024, respectively.

As of March 31, 2025, there were $ 420 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2025.

These costs are expected to be recognized over a weighted-average period of three years .

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(“TriState Capital”) on June 1, 2022, in accordance with the terms of the acquisition.

For the three months ended December 31, 2024, total share-based compensation amortization related to these RSAs was $ 1 million, compared with $ 2 million for the three months ended December 31, 2023.

As of December 31, 2024, there were $ 4 million of total pre-tax compensation costs not yet recognized for these RSAs.

These costs are expected to be recognized over a weighted-average period of two years .

For the three and six months ended March 31, 2025, total share-based compensation amortization related to these RSAs was $ 1 million and $ 2 million, respectively, compared with $ 2 million and $ 4 million for the three and six months ended March 31, 2024, respectively.

As of March 31, 2025, there were $ 3 million of total pre-tax compensation costs not yet recognized for these RSAs.

These costs are expected to be recognized over a weighted-average period of 1.4 years.

See Note 3 of our 2024 Form 10-K for additional information regarding the acquisition of TriState Capital.

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In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements.

As of December 31, 2024, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.”

As of March 31, 2025, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.”

For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2024 Form 10-K.

2 unchanged sentences

Well-capitalized

December 31, 2024 September 30, 2024

March 31, 2025 September 30, 2024

$ in millions Ratio Amount Ratio Amount

7 unchanged sentences

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

As of March 31, 2025, RJF’s regulatory capital increased compared with September 30, 2024 driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends.

RJF’s tier 1 capital and total capital ratios increased compared with September 30, 2024 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets largely due to an increase in bank loans.

RJF’s tier 1 leverage ratio at March 31, 2025 increased compared

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2024, RJF’s regulatory capital increased compared with September 30, 2024 driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends.

RJF’s tier 1 capital and total capital ratios increased compared with September 30, 2024 resulting from the increase in regulatory capital and a slight decrease in risk-weighted assets.

RJF’s tier 1 leverage ratio at December 31, 2024 increased compared to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by increases in average bank loans and cash, partially offset by a decline in our available-for-sale securities portfolio.

to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by increases in average bank loans, partially offset by a decline in our available-for-sale securities portfolio.

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” Raymond James Bank and TriState Capital Bank must maintain tier 1 leverage, tier 1 capital, CET1, and total capital amounts and ratios as set forth in the following table.

2 unchanged sentences

Well-capitalized

December 31, 2024 September 30, 2024

March 31, 2025 September 30, 2024

$ in millions Ratio Amount Ratio Amount

18 unchanged sentences

The following table presents the net capital position of RJ&A.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Raymond James & Associates, Inc.

5 unchanged sentences

Excess net capital $ 870 $ 958

As of December 31, 2024, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

As of March 31, 2025, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

in millions, except per share amounts 2025 2024 2025 2024

2 unchanged sentences

Less allocation of earnings and dividends to participating securities

( 1 ) ( 1 ) ( 2 ) ( 2 )

Net income available to common shareholders after participating securities $ 492 $ 473 $ 1,090 $ 969

2 unchanged sentences

Less allocation of earnings and dividends to participating securities

( 1 ) ( 1 ) ( 2 ) ( 2 )

Net income available to common shareholders after participating securities $ 492 $ 473 $ 1,090 $ 969

1 unchanged sentence

Average common shares in basic computation

204.3 208.3 204.0 208.4

Dilutive effect of outstanding stock options and certain RSUs

4.4 5.1 4.9 5.1

Average common and common equivalent shares used in diluted computation 208.7 213.4 208.9 213.5

3 unchanged sentences

Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive

1.0 — 1.4 0.1

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of RSAs and certain RSUs, plus an allocation of undistributed earnings to such participating securities.

Participating securities and related dividends paid on these participating securities were insignificant for each of the three months ended December 31, 2024 and 2023.

Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2025 and 2024.

Undistributed earnings are allocated to participating securities based upon their right to share in earnings as if all earnings for the period had been distributed.

9 unchanged sentences

The following table presents information concerning operations in these segments.

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

2 unchanged sentences

Capital Markets

396 321 876 659

Asset Management

289 252 583 487

Bank 434 424 859 865

Intersegment eliminations

4 unchanged sentences

Capital Markets

36 ( 17 ) 110 ( 14 )

Asset Management

121 100 246 193

Bank 117 75 235 167

( 34 ) 7 ( 64 ) 10

Total pre-tax income $ 671 $ 609 $ 1,420 $ 1,239

1 unchanged sentence

The following table presents our net interest income on a segment basis.

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

1 unchanged sentence

Private Client Group (1)

$ 86 $ 92 $ 185 $ 184

Capital Markets

Asset Management

Bank 419 413 833 839

Net interest income $ 521 $ 529 $ 1,050 $ 1,075

(1) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment.

(1) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reallocation of interest income from the Other segment to the PCG segment.

Prior-period segment results have not been conformed to the current-period presentation.

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

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Total assets:

9 unchanged sentences

The following table presents goodwill, which was included in our total assets, on a segment basis.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Private Client Group $ 571 $ 578

5 unchanged sentences

The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.

Three months ended December 31,

Three months ended March 31, Six months ended March 31,

$ in millions 2025 2024 2025 2024

6 unchanged sentences

Pre-tax income/(loss):

$ 637 $ 581 $ 1,329 $ 1,186

Canada 35 37 74 64

Europe ( 1 ) ( 9 ) 17 ( 11 )

Total pre-tax income

$ 671 $ 609 $ 1,420 $ 1,239

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

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

Total assets:

4 unchanged sentences

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.

$ in millions December 31, 2024 September 30, 2024

$ in millions March 31, 2025 September 30, 2024

$ 1,250 $ 1,250

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements