What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-07 · 195 added, 191 removed, 1699 unchanged (19% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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

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

Cash and cash equivalents $ 9,195 $ 10,998

32 unchanged sentences

650,000,000 shares authorized;

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

250,080,849 shares issued and 199,985,079 shares outstanding as of June 30, 2025;

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

2 unchanged sentences

Treasury stock, at cost;

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

50,095,770 and 46,680,733 common shares as of June 30, 2025 and September 30, 2024, respectively

( 3,691 ) ( 3,051 )

9 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

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

Three months ended June 30, Nine months ended June 30,

in millions, except per share amounts

10 unchanged sentences

990 1,057 2,980 3,159

46 51 125 120

Total revenues

14 unchanged sentences

Investment sub-advisory fees

56 48 163 132

Professional fees

Bank loan provision for credit losses

42 38 110 103

Bank loan provision/(benefit) for credit losses

15 ( 10 ) 31 23

175 105 387 270

Total non-compensation expenses 633 494 1,677 1,422

18 unchanged sentences

Available-for-sale securities

95 ( 26 ) ( 11 ) 244

Currency translations, net of the impact of net investment hedges 58 ( 2 ) 24 16

1 unchanged sentence

( 3 ) ( 2 ) ( 2 ) ( 17 )

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

109 ( 31 ) ( 44 ) 247

Total other comprehensive income, net of tax

Total comprehensive income $ 544 $ 499 $ 1,595 $ 1,720

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

Three months ended June 30, Nine months ended June 30,

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

36 unchanged sentences

( 546 ) ( 724 ) ( 502 ) ( 971 )

Other comprehensive income/(loss), net of tax

109 ( 31 ) ( 44 ) 247

Other comprehensive income, net of tax

Balance end of period

6 unchanged sentences

Net changes in noncontrolling interests

( 13 ) ( 2 ) 8 20

Balance end of period

6 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended March 31,

Nine months ended June 30,

$ in millions 2025 2024

5 unchanged sentences

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

( 19 ) ( 30 )

Provisions for credit losses and legal and regulatory matters, net

Share-based compensation expense 199 201

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

Unrealized gains on corporate-owned life insurance policies, net of expenses

( 68 ) ( 174 )

Net change in:

33 unchanged sentences

( 950 ) ( 1,350 )

Proceeds from short-term borrowings, net — 200

Other financing, net ( 8 ) ( 2 )

Net cash provided by/(used in) financing activities

Net cash used in financing activities

( 171 ) ( 756 )

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

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended March 31,

Nine months ended June 30,

$ in millions 2025 2024

19 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

21 unchanged sentences

There have been no significant changes in our significant accounting policies since September 30, 2024.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3 – FAIR VALUE

2 unchanged sentences

The following tables present assets and liabilities measured at fair value on a recurring basis.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

$ in millions Level 1 Level 2 Level 3 Netting

adjustments (1)

Balance as of March 31, 2025

Balance as of June 30, 2025

Assets at fair value on a recurring basis:

15 unchanged sentences

11 322 — ( 261 ) 72

Foreign exchange — 15 — — 15

Other — — 1 — 1

14 unchanged sentences

Agency MBS and CMOs

— 124 — — 124

Total debt securities 155 641 — — 796

74 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 March 31, 2025

Three months ended June 30, 2025

Level 3 instruments at fair value

Financial assets Financial liabilities

Financial assets

Trading assets Derivative assets

Other investments

Derivative liabilities

$ in millions Other Other

All other Other

Fair value beginning of period

$ 2 $ — $ 7 $ ( 2 )

Total gains/(losses) included in earnings 1 ( 5 ) —

4 unchanged sentences

Fair value end of period

$ 1 $ 6 $ 7 $ —

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

$ — $ ( 5 ) $ —

Six months ended March 31, 2025

Nine months ended June 30, 2025

Level 3 instruments at fair value

10 unchanged sentences

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

$ — $ ( 2 ) $ —

Three months ended June 30, 2024

Level 3 instruments at fair value

13 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2024

Nine months ended June 30, 2024

Level 3 instruments at fair value

10 unchanged sentences

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 June 30, 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.

As of both June 30, 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 March 31, 2025 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.

Our private equity portfolio as of June 30, 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.

2 unchanged sentences

$ in millions Recorded value Unfunded commitment

March 31, 2025

June 30, 2025

Private equity investments measured at NAV $ 110 $ 31

14 unchanged sentences

(weighted-average)

March 31, 2025

June 30, 2025

Residential mortgage loans $ 2 $ 7 $ 9 Collateral or

17 unchanged sentences

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 March 31, 2025 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

March 31, 2025

June 30, 2025

Financial assets:

23 unchanged sentences

unrealized losses Fair value

March 31, 2025

June 30, 2025

Agency residential MBS $ 3,693 $ 2 $ ( 299 ) $ 3,396

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 $ 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.

The amortized costs and fair values in the preceding table exclude $ 19 million and $ 23 million of accrued interest on available-for-sale securities as of June 30, 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 3.9 years as of March 31, 2025.

March 31, 2025

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 June 30, 2025.

June 30, 2025

$ in millions Within one year After one but

60 unchanged sentences

losses Fair value Unrealized

March 31, 2025

June 30, 2025

Agency residential MBS

21 unchanged sentences

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

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.

At June 30, 2025, of the 794 available-for-sale securities in an unrealized loss position, 17 were in a continuous unrealized loss position for less than 12 months and 777 securities were in a continuous unrealized loss position for greater than 12 months.

At June 30, 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 $ 3.66 billion and $ 2.28 billion, respectively, and fair values of $ 3.35 billion and $ 2.05 billion, respectively.

During the nine months ended June 30, 2025, we received proceeds of $ 78 million from sales of available-for-sale securities resulting in $ 2 million of losses.

Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the nine months ended June 30, 2025.

During the three months ended June 30, 2025 and the three and nine months ended June 30, 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.

March 31, 2025 September 30, 2024

June 30, 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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2025 2024 2025 2024

3 unchanged sentences

$ ( 49 ) $ 8 $ 12 $ ( 7 )

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.

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2025 and 2024.

We expect to reclassify $ 11 million of interest expense out of AOCI and into earnings within the next 12 months.

The maximum length of time over which forecasted transactions are or will be hedged is three years .

The maximum length of time over which forecasted transactions are or will be hedged is two years .

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

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

$ in millions Three months ended June 30, Nine months ended June 30,

Location of gains/(losses)

7 unchanged sentences

Other Principal transactions $ ( 6 ) $ — $ ( 3 ) $ —

(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 .

(1) The impacts included in our Condensed Consolidated Statements of Income and Comprehensive income of these gains/(losses) net of the gains/(losses) on the related hedged item were gains of $ 3 million and $ 2 million for the three months ended June 30, 2025 and 2024, respectively, and gains of $ 7 million and $ 5 million for the nine months ended June 30, 2025 and 2024, respectively.

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 March 31, 2025 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 June 30, 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

March 31, 2025

June 30, 2025

Gross amounts of recognized assets/liabilities $ 210 $ 731 $ 941 $ 228 $ 655 $ 883

13 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

Collateral we received that was available to be delivered or repledged $ 4,093 $ 3,800

2 unchanged sentences

We pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments.

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

$ in millions March 31, 2025 September 30, 2024

The following table presents information about our assets that have been pledged for such purposes and whether third parties had the right to deliver or repledge such assets.

$ in millions June 30, 2025 September 30, 2024

Had the right to deliver or repledge $ 1,143 $ 1,281

5 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

SBL $ 18,497 $ 16,233

14 unchanged sentences

Held for sale loans

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.

We originated or purchased $ 877 million and $ 2.59 billion of loans held for sale during the three and nine months ended June 30, 2025, respectively, and $ 856 million and $ 1.85 billion during the three and nine months ended June 30, 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 $ 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.

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 197 million and $ 859 million during the three and nine months ended June 30, 2025, respectively, and $ 200 million and $ 443 million during the three and nine months ended June 30, 2024, respectively.

Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2025 and 2024.

RAYMOND JAMES FINANCIAL, INC.

4 unchanged sentences

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

Three months ended March 31, 2025

Three months ended June 30, 2025

Purchases $ 156 $ — $ 14 $ 94 $ 264

Sales $ 103 $ — $ — $ — $ 103

Six months ended March 31, 2025

Nine months ended June 30, 2025

Purchases $ 802 $ — $ 14 $ 226 $ 1,042

Sales $ 180 $ 13 $ — $ — $ 193

Three months ended March 31, 2024

Three months ended June 30, 2024

Purchases $ 218 $ — $ 5 $ 112 $ 335

Sales $ 159 $ — $ — $ — $ 159

Six months ended March 31, 2024

Nine months ended June 30, 2024

Purchases $ 738 $ — $ 5 $ 234 $ 977

5 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

March 31, 2025

June 30, 2025

SBL $ 1 $ — $ 1 $ — $ — $ 18,496 $ 18,497

13 unchanged sentences

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

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.

The preceding table includes $ 127 million and $ 89 million at June 30, 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 and six months ended March 31, 2025 and 2024 were not significant.

Loans to borrowers experiencing financial difficulty modified during the three and nine months ended June 30, 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 March 31, 2025 September 30, 2024

$ in millions Nature of collateral June 30, 2025 September 30, 2024

C&I loans Commercial real estate and other business assets $ 14 $ 9

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

CRE loans Hospitality, office, multi-family residential, industrial, healthcare, and medical office real estate $ 128 $ 115

Residential mortgage loans Single family homes $ 14 $ 8

17 unchanged sentences

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

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

As of and for the nine months ended June 30, 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.

March 31, 2025

June 30, 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 March 31, 2025

Three months ended June 30, 2025

Balance at beginning of period

10 unchanged sentences

$ 6 $ 181 $ 180 $ 36 $ 61 $ 1 $ 465

Six months ended March 31, 2025

Nine months ended June 30, 2025

Balance at beginning of period

11 unchanged sentences

ACL by loan portfolio segment as a % of total ACL 1.3 % 39.0 % 38.7 % 7.7 % 13.1 % 0.2 % 100.0 %

Three months ended March 31, 2024

Three months ended June 30, 2024

Balance at beginning of period

9 unchanged sentences

$ 5 $ 170 $ 197 $ 20 $ 62 $ 2 $ 456

Six months ended March 31, 2024

Nine months ended June 30, 2024

Balance at beginning of period

11 unchanged sentences

ACL by loan portfolio segment as a % of total ACL 1.1 % 37.3 % 43.2 % 4.4 % 13.6 % 0.4 % 100.0 %

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.

The allowance for credit losses on held for investment bank loans increased $ 13 million during the three months ended June 30, 2025, primarily resulting from the bank loan provision for credit losses of $ 15 million, partially offset by net charge-offs during the quarter.

The bank loan provision for credit losses for the three months ended June 30, 2025 primarily reflected the impacts of a weaker economic outlook for the C&I loan portfolio, loan downgrades, and specific reserves.

The allowance for credit losses on held for investment bank loans increased $ 8 million during the nine months ended June 30, 2025, primarily resulting from the bank loan provision for credit losses of $ 31 million, partially offset by net charge-offs during the period.

The bank loan provision for credit losses for the nine months ended June 30, 2025 primarily reflected the impacts of loan downgrades, charge-offs in our C&I and CRE loan portfolios, and specific reserves.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 24 million, $ 20 million, and $ 22 million at June 30, 2025, March 31, 2025, and September 30, 2024, respectively.

The increase in the allowance for credit losses on unfunded lending commitments for the three and nine months ended June 30, 2025 was primarily due to growth in our unfunded lending commitments.

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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

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

18 unchanged sentences

$ in millions Aggregate assets Aggregate liabilities

March 31, 2025

June 30, 2025

Restricted Stock Trust Fund

8 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 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.

March 31, 2025 September 30, 2024

June 30, 2025 September 30, 2024

$ in millions Aggregate

24 unchanged sentences

The following table details the components of other assets as of the dates indicated.

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

$ in millions March 31, 2025 September 30, 2024

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

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

$ in millions June 30, 2025 September 30, 2024

Investments in corporate-owned life insurance policies

$ 1,504 $ 1,396

Property and equipment, net 669 635

9 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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

ROU lease assets (included in “Other assets”)

Lease liabilities (included in “Other payables”)

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 liabilities as of June 30, 2025 excluded $ 21 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 through fiscal year 2026 with lease terms ranging from four 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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ 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.

March 31, 2025 September 30, 2024

June 30, 2025 September 30, 2024

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

4 unchanged sentences

Total bank deposits $ 57,249 2.65 % $ 56,010 3.18 %

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.

Total bank deposits included $ 26.64 billion and $ 23.98 billion of cash balances as of June 30, 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.

Total bank deposits in the preceding table included $ 13.03 billion and $ 14.02 billion of deposits as of June 30, 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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

FDIC-insured bank deposits $ 48,836 $ 48,964

3 unchanged sentences

(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 $ 1.20 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

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.14 billion and $ 1.05 billion as of June 30, 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 June 30, 2025.

$ in millions June 30, 2025

Three months or less

7 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

The maturities by fiscal year of our certificates of deposit as of June 30, 2025 are presented in the following table.

$ in millions

Remainder of 2025 $ 515

Thereafter 13

Total certificates of deposit $ 1,785

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

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

Three months ended June 30, Nine months ended June 30,

$ in millions 2025 2024 2025 2024

7 unchanged sentences

The following table details the components of our other borrowings.

March 31, 2025 September 30, 2024

June 30, 2025 September 30, 2024

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

1 unchanged sentence

Floating rate - term

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

4.68 % September 2025 - December 2026 $ 550 5.14 % March 2025 - December 2025 $ 650

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

7 unchanged sentences

See Note 6 of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.

Subordinated notes

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.

We may redeem these subordinated notes beginning in August 2025 at a redemption price equal to 100 % of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

Subordinated notes

As of June 30, 2025, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $ 98 million and a carrying value of $ 99 million.

Our subordinated notes incurred interest at a fixed rate of 5.75 % until May 15, 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.

In July 2025, we notified holders of the subordinated notes of our intent to redeem all such subordinated notes on August 15, 2025 (the “Redemption Date”), pursuant to the applicable indenture provisions.

The subordinated notes will be redeemed at 100 % of their principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date.

The redemption of the subordinated notes will not have a material impact on our results for our fiscal fourth quarter of 2025.

Credit Facility

2 unchanged sentences

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 March 31, 2025 or September 30, 2024.

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

Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of June 30, 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.

2 unchanged sentences

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 March 31, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement.

While we had borrowings outstanding as of June 30, 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.

7 unchanged sentences

Effective tax rate

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

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $ 20 million due to expiration of statutes of limitations of federal and state tax returns.

Our effective income tax rate of 22.8 % for the nine months ended June 30, 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 lower non-taxable valuation gains recognized on our corporate-owned life insurance in the current-year period compared with fiscal 2024.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

Uncertain tax positions

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $ 17 million due to expiration of statutes of limitations of federal and state tax returns.

NOTE 16 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

2 unchanged sentences

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

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.

As of June 30, 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

3 unchanged sentences

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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

SBL and other consumer lines of credit $ 53,468 $ 44,057

4 unchanged sentences

SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards.

These amounts reflect the maximum credit availability, contingent upon borrowers meeting applicable collateral posting requirements.

The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit.

These lines of credit are primarily uncommitted, as we reserve the right to not make any advances or may terminate these lines at any time.

These lines of credit are unconditionally cancelable and we reserve the right to not make any advances or may terminate these lines at any time.

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

8 unchanged sentences

These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer.

We have unfunded commitments of $ 15 million for loans to financial advisors who have met such conditions as of June 30, 2025.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Investment commitments

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.

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 95 million as of June 30, 2025.

Other commitments

2 unchanged sentences

RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition.

Until such investments

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

As of June 30, 2025, RJAHI had committed approximately $ 443 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.

29 unchanged sentences

However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period.

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

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of 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.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2025, the estimated upper end of the range of reasonably possible aggregate loss to be approximately $ 10 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.

NOTE 17 – SHAREHOLDERS’ EQUITY

2 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

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

2 unchanged sentences

Aggregate liquidation preference $ 81 $ 81

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,

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and nine months ended June 30, 2025 and 2024.

Three months ended June 30, Nine months ended June 30,

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

10 unchanged sentences

Common equity

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,

The following table presents the changes in our common shares outstanding for the three and nine months ended June 30, 2025 and 2024.

Three months ended June 30, Nine months ended June 30,

Shares in millions

16 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 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.

During the three months ended June 30, 2025, we repurchased 3.3 million shares of our common stock for $ 451 million at an average price of $ 137 per share under the Board of Directors’ common stock repurchase authorization.

During the nine months ended June 30, 2025, we repurchased 5.3 million shares of our common stock for $ 751 million at an average price of $ 141 per share.

As of June 30, 2025, $ 749 million 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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

2025 2024 2025 2024

2 unchanged sentences

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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

2025 2024 2025 2024

13 unchanged sentences

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

Three months ended March 31, 2025

Three months ended June 30, 2025

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

5 unchanged sentences

AOCI as of end of period $ 159 $ ( 159 ) $ — $ ( 443 ) $ 5 $ ( 438 )

Six months ended March 31, 2025

Nine months ended June 30, 2025

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

5 unchanged sentences

AOCI as of end of period $ 159 $ ( 159 ) $ — $ ( 443 ) $ 5 $ ( 438 )

Three months ended March 31, 2024

Three months ended June 30, 2024

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

5 unchanged sentences

AOCI as of end of period $ 153 $ ( 210 ) $ ( 57 ) $ ( 687 ) $ 27 $ ( 717 )

Six months ended March 31, 2024

Nine months ended June 30, 2024

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

5 unchanged sentences

AOCI as of end of period $ 153 $ ( 210 ) $ ( 57 ) $ ( 687 ) $ 27 $ ( 717 )

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.

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

Reclassifications from AOCI to net income, excluding taxes, for the three months ended June 30, 2025 and three and nine months ended June 30, 2024 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

RAYMOND JAMES FINANCIAL, INC.

8 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 March 31, 2025

Three months ended June 30, 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 March 31, 2024

Three months ended June 30, 2024

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

33 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2025

Nine months ended June 30, 2025

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

33 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2024

Nine months ended June 30, 2024

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

30 unchanged sentences

(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.

At June 30, 2025 and September 30, 2024, net receivables related to contracts with customers were $ 470 million and $ 600 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

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

Three months ended June 30, Nine months ended June 30,

$ in millions 2025 2024 2025 2024

4 unchanged sentences

Available-for-sale securities

45 55 142 167

Brokerage client receivables 42 48 128 140

14 unchanged sentences

Net interest income $ 546 $ 523 $ 1,596 $ 1,598

Bank loan provision for credit losses

Net interest income after bank loan provision for credit losses

Bank loan provision/(benefit) for credit losses

15 ( 10 ) 31 23

Net interest income after bank loan provision/(benefit) for credit losses

$ 531 $ 533 $ 1,565 $ 1,575

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 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.

During the three and nine months ended June 30, 2025, we granted approximately 110 thousand and 2.0 million RSUs, respectively, with a weighted-average grant-date fair value of $ 148.72 and $ 162.23 , respectively, compared with approximately 90 thousand and 1.9 million RSUs granted during the three and nine months ended June 30, 2024, respectively, with a weighted-average grant-date fair value of $ 125.42 and $ 108.09 , respectively.

For the three and nine months ended June 30, 2025, total share-based compensation amortization related to RSUs was $ 49 million and $ 192 million, respectively, compared with $ 51 million and $ 191 million for the three and nine months ended June 30, 2024, respectively.

As of June 30, 2025, there were $ 382 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2025.

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

5 unchanged sentences

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

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.

For the three and nine months ended June 30, 2025, total share-based compensation amortization related to these RSAs was $ 1 million and $ 3 million, respectively, compared with $ 1 million and $ 5 million for the three and nine months ended June 30, 2024, respectively.

As of June 30, 2025, there were $ 2 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 1.3 years.

8 unchanged sentences

Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations.

RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”), and total capital to risk-weighted assets.

These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors.

1 unchanged sentence

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 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.

To meet the requirements for capital adequacy or to be categorized as “well-capitalized,” RJF must maintain tier 1 leverage, tier 1 capital, CET1, and total capital amounts and ratios as set forth in the following table.

As of June 30, 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.

The following table presents regulatory capital ratio requirements for RJF as of June 30, 2025 and September 30, 2024.

Required ratio (1)

Well-capitalized

March 31, 2025 September 30, 2024

June 30, 2025 September 30, 2024

$ in millions Ratio Amount Ratio Amount

2 unchanged sentences

Tier 1 capital

CET1 7.0 % N/A (2)

8.5 % 6.0 % 22.9 % $ 10,957 22.8 % $ 10,383

7.0 % N/A (2)

22.7 % $ 10,882 22.6 % $ 10,307

Total capital 10.5 % 10.0 % 24.2 % $ 11,575 24.1 % $ 11,001

(1) Requirements for tier 1 capital, CET1, and total capital included a required capital conservation buffer of 2.5%.

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

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

As of 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.

As of June 30, 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

RJF’s tier 1 leverage ratio at June 30, 2025 increased compared to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

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.

in average assets was 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.” The following table presents regulatory capital ratio requirements for RJB and TSC as of June 30, 2025 and September 30, 2024.

Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.

1 unchanged sentence

Well-capitalized

March 31, 2025 September 30, 2024

June 30, 2025 September 30, 2024

$ in millions Ratio Amount Ratio Amount

3 unchanged sentences

8.5 % 8.0 % 14.0 % $ 3,427 14.4 % $ 3,401

CET1 7.0 % 6.5 % 14.1 % $ 3,417 14.4 % $ 3,401

Total capital

7.0 % 6.5 % 14.0 % $ 3,427 14.4 % $ 3,401

Total capital 10.5 % 10.0 % 15.2 % $ 3,735 15.7 % $ 3,698

TriState Capital Bank:

2 unchanged sentences

8.5 % 8.0 % 17.0 % $ 1,616 16.9 % $ 1,505

CET1 7.0 % 6.5 % 17.2 % $ 1,576 16.9 % $ 1,505

Total capital

7.0 % 6.5 % 17.0 % $ 1,616 16.9 % $ 1,505

(1) Requirements for tier 1 capital, CET1, and total capital included a capital conservation buffer of 2.5%.

Total capital 10.5 % 10.0 % 17.7 % $ 1,679 17.5 % $ 1,558

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

Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements.

2 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

Raymond James & Associates, Inc.

5 unchanged sentences

Excess net capital $ 790 $ 958

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.

As of June 30, 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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

in millions, except per share amounts 2025 2024 2025 2024

21 unchanged sentences

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 and six months ended March 31, 2025 and 2024.

Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2025 2024 2025 2024

20 unchanged sentences

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

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

Three months ended June 30, Nine months ended June 30,

$ in millions 2025 2024 2025 2024

9 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 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 March 31, 2025 September 30, 2024

$ in millions June 30, 2025 September 30, 2024

Private Client Group $ 581 $ 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 March 31, Six months ended March 31,

Three months ended June 30, Nine months ended June 30,

$ in millions 2025 2024 2025 2024

12 unchanged sentences

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

$ in millions March 31, 2025 September 30, 2024

$ in millions June 30, 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 March 31, 2025 September 30, 2024

$ in millions June 30, 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