What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-11-25 compared with 2024-11-26 · 359 added, 494 removed, 2808 unchanged (23% of the section changed)

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Note 2 - Summary of significant accounting policies 93

Note 3 - Acquisitions 114

Note 3 - Fair value

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Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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Assessment of the allowance for credit losses related to the commercial and industrial (C&I) and the commercial real estate (CRE) portfolio segments that are collectively evaluated for impairment

As discussed in Note 2 and Note 8 to the consolidated financial statements, the Company’s allowance for credit losses on loans was $457 million as of September 30, 2024, a portion of which related to the Raymond James Bank allowance for credit losses (ACL) on C&I and CRE portfolio segments evaluated on a collective basis (the collective ACL).

The Company estimates the collective ACL using a current expected credit losses methodology which is based on relevant information about historical losses, current conditions, and reasonable and supportable forecasts of economic conditions

As discussed in Note 2 and Note 7 to the consolidated financial statements, the Company’s allowance for credit losses on loans was $452 million as of September 30, 2025, a portion of which related to the Raymond James Bank (“Bank”) allowance for credit losses (ACL) on C&I and CRE portfolio segments evaluated on a collective basis (the collective ACL).

The collective ACL is a product of multiplying the Company’s

RAYMOND JAMES FINANCIAL, INC.

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that affect the collectability of loan balances.

The collective ACL is a product of multiplying the Company’s estimates of probability of default (PD), loss given default (LGD) and exposure at default.

estimates of probability of default (PD), loss given default (LGD) and exposure at default.

The Company uses third-party historical information combined with macroeconomic variables over the reasonable and supportable forecast periods based on a single economic forecast scenario to estimate the PDs and LGDs.

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• performing credit file reviews on a selection of loans to assess loan characteristics or risk ratings by evaluating the financial performance of the borrower, sources of repayment, and any relevant guarantees or underlying collateral and

• evaluating the methodology used to develop the qualitative factors and the effect of those factors on the allowance for credit losses on Bank loans compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative models.

• evaluating the methodology used to develop the qualitative factors and the effect of certain factors on the allowance for credit losses on Bank loans compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative models.

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• cumulative results of the audit procedures

• qualitative aspects of the Company’s accounting practices and

• potential bias in the accounting estimate.

• qualitative aspects of the Company’s accounting practices and potential bias in the accounting estimate.

We have served as the Company’s auditor since 2001.

Tampa, Florida

New York, New York

November 25, 2025

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Cash flow hedges — ( 37 ) 1

Total other comprehensive income/(loss), net of tax 469 11 ( 941 )

Total other comprehensive income, net of tax 106 469 11

Total comprehensive income

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Balance beginning of year $ 79 $ 79 $ 120

Preferred stock issued for TriState Capital Holdings, Inc.

(“TriState Capital”) acquisition — — 120

Redemption of preferred stock

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Share-based compensation amortization 248 248 230

Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures ( 182 ) ( 117 ) ( 135 )

Employee stock purchases 42 43 42

Common stock issued for TriState Capital acquisition — — 778

Restricted stock awards issued for TriState Capital acquisition — — 28

Net activity under employee stock plans

( 264 ) ( 140 ) ( 74 )

Balance end of year

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( 1,124 ) ( 921 ) ( 810 )

Reissuances due to vesting of restricted stock units and exercise of stock options 122 70 98

Reissuances under employee stock plans

Balance end of year

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( 502 ) ( 971 ) ( 982 )

Other comprehensive income/(loss), net of tax

469 11 ( 941 )

Other comprehensive income, net of tax 106 469 11

Balance end of year

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$ ( 6 ) $ ( 27 ) $ ( 26 )

Net loss attributable to noncontrolling interests

— ( 1 ) ( 1 )

Other net changes in noncontrolling interests

Net changes in noncontrolling interests 7 21 ( 1 )

Balance end of year

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Net income $ 2,135 $ 2,068 $ 1,739

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

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

Depreciation and amortization 195 179 165

Deferred income taxes, net ( 52 ) ( 83 ) ( 88 )

Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gain/loss on other investments ( 36 ) ( 49 ) 23

Provisions for credit losses and legal and regulatory proceedings

Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments ( 19 ) ( 36 ) ( 49 )

Provisions for credit losses and legal and regulatory matters

Share-based compensation expense 254 254 237

Unrealized (gain)/loss on company-owned life insurance policies, net of expenses ( 233 ) ( 96 ) 174

Unrealized gains on corporate-owned life insurance policies, net of expenses ( 133 ) ( 233 ) ( 96 )

Other 39 22 10

Net change in:

Assets segregated for regulatory purposes excluding cash and cash equivalents — — 2,100

Collateralized agreements, net of collateralized financings 223 270 157

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Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale

( 202 ) ( 41 ) 49

Net cash provided by/(used in) operating activities

2,434 2,155 ( 3,514 )

Cash flows from investing activities:

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Proceeds from sales of available-for-sale securities

Cash and cash equivalents acquired in business acquisitions, including those segregated for regulatory purposes, net of cash paid for acquisitions — — 1,461

Additions to property and equipment

( 188 ) ( 205 ) ( 173 )

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

Investment in note receivable — — ( 125 )

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

Renewable energy tax credit equity investments

( 20 ) ( 42 ) ( 69 )

(Purchases)/sales of other investments, net 20 ( 6 ) 24

Sales/(purchases) of other investments, net ( 73 ) 20 ( 6 )

Other investing activities, net

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Redemption of preferred stock

Proceeds from senior notes issuance, net of debt issuance costs paid 1,480 — —

Redemption of subordinated notes

Proceeds from FHLB advances

750 1,300 3,200

Repayments of FHLB advances and other borrowed funds

Repayments of FHLB advances

( 1,000 ) ( 1,350 ) ( 3,391 )

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$ 101 $ 63 $ 143

Common stock issued as consideration for TriState Capital acquisition $ — $ — $ 778

Restricted stock awards issued as consideration for TriState Capital acquisition $ — $ — $ 28

Preferred stock issued as consideration for TriState Capital acquisition $ — $ — $ 120

Effective settlement of note receivable for TriState Capital acquisition $ — $ — $ 123

See accompanying Notes to Consolidated Financial Statements.

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Accounting estimates and assumptions

The preparation of consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period.

The preparation of consolidated financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period.

Actual results could differ from those estimates and could have a material impact on the consolidated financial statements.

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Accounting guidance recently adopted

In March 2022, the Financial Accounting Standards Board (“FASB”) issued new guidance related to troubled debt restructurings (“TDRs”) and disclosures regarding write-offs of financing receivables (ASU 2022-02), amending guidance related to the measurement of credit losses on financial instruments (ASU 2016-13).

The update eliminates the requirement to use a discounted cash flow approach to measure the allowance for credit losses for TDRs and instead allows for the use of a current expected credit loss (“CECL”) approach for all loans.

Under a CECL approach, the impact of loan modifications and the subsequent performance of modified loans, including defaults, is reflected in the historical loss data used to calculate expected lifetime credit losses.

In addition, the update requires new disclosures about modifications granted to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, or a combination of these modifications.

The update also requires new disclosures for the financial effects of these modifications and for loan performance in the twelve months following the modification, and also requires disclosure of current period gross charge-offs by year of origination.

We adopted this guidance on a prospective basis as of October 1, 2023, which did not have a material impact on our financial position or results of operations.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued amended guidance related to disclosures for segment reporting (ASU 2023-07).

The amendment requires a public entity to disclose on an annual and interim basis, for each reportable segment, the significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss.

The guidance also requires a public entity to disclose, for each reportable segment, an amount for other segment items (those not captured as a significant expense) and the reported measure of a segment’s profit or loss.

We adopted this guidance on a retrospective basis as of October 1, 2024.

Since this amendment only requires additional disclosures, adoption did not have an impact on our financial position, results of operations, or cash flows.

Refer to Note 25 for additional disclosures required by this guidance.

Our significant accounting policies described below have been updated for adoption of this guidance where applicable.

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Notes to Consolidated Financial Statements

Significant accounting policies

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Revenue from a performance obligation transferred at a point in time is recognized at the time that the customer obtains control over the promised service.

Revenue from our performance obligations satisfied over time is recognized in a manner that depicts our performance in transferring control of the service, which is generally measured based on time elapsed, as our customers receive the benefit of our services as they are provided.

Revenue from our performance obligations satisfied over time is

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Notes to Consolidated Financial Statements

recognized in a manner that depicts our performance in transferring control of the service, which is generally measured based on time elapsed, as our customers receive the benefit of our services as they are provided.

Payment for the majority of our services is considered to be variable consideration, as the amount of revenue we expect to receive is subject to factors outside of our control, including market conditions.

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We earn asset management and related administrative fees for performing asset management, portfolio management and related administrative services to retail and institutional clients.

Such fees are generally calculated as a percentage of the value of our Private Client Group (“PCG”) client assets in fee-based accounts or on the net asset value of funds managed by our Raymond James Investment Management division (“Raymond James Investment Management”) in our Asset Management segment.

The values of these assets are impacted by market fluctuations and net inflows or outflows of assets.

Such fees are generally based on the values of our Private Client Group (“PCG”) client assets in fee-based accounts and fee-billable assets managed by our Raymond James Investment Management division (“Raymond James Investment Management”), with certain propriety mutual fund fees based on the net asset value of the fund.

Asset values are impacted by market fluctuations and net inflows or outflows of assets.

Fees are generally collected quarterly and are based on balances either at the beginning of the quarter or at the end of the quarter, or average balances throughout the quarter.

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Mutual and other fund products and insurance and annuity products

We earn revenues for distribution and related support services performed related to mutual and other funds, fixed and variable annuities, and insurance products.

We earn revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products.

Depending on the product sold, we may receive an upfront fee for our services, a trailing commission, or some combination thereof.

Upfront commissions received are generally based on a fixed rate applied, as a percentage, to amounts invested or the value of the contract at the time of sale and are generally recognized at the time of sale.

Trailing commissions are generally based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value

Trailing commissions are generally based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract.

Trailing commissions on eligible products are generally received monthly or quarterly over the period that our client holds the investment or holds the contract.

As these trailing commissions are based on factors outside of our control, including market movements and client behavior (i.e., how long clients hold their investment, insurance policy, or annuity contract), such revenue is recognized when it is probable that a significant reversal will not occur.

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Notes to Consolidated Financial Statements

of the insurance policy or annuity contract.

Trailing commissions on eligible products are generally received monthly or quarterly over the period that our client holds the investment or holds the contract.

As these trailing commissions are based on factors outside of our control, including market movements and client behavior (i.e., how long clients hold their investment, insurance policy or annuity contract), such revenue is recognized when it is probable that a significant reversal will not occur.

Equities, ETFs, and fixed income products

We earn commissions for executing and clearing transactions for customers, primarily in listed and over-the-counter equity securities, including exchange-traded funds (“ETFs”), options, and fixed income products.

We earn commissions for executing and clearing transactions for clients, primarily in listed and over-the-counter equity securities, including exchange traded funds (“ETFs”), options, and fixed income products.

Such revenues primarily arise from transactions for retail clients in our PCG segment, as well as services related to sales and trading activities transacted on an agency basis in our Capital Markets segment.

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We make markets in certain fixed income debt instruments and carry inventories to facilitate such transactions.

The gains and losses on such inventories, both realized and unrealized, are reported as principal transactions revenues.

The gains and losses on such inventories, as well as gains or losses on derivative transactions, both realized and unrealized, are reported as principal transactions revenues.

Account and service fees

Mutual fund and annuity service fees

Mutual fund and other investment products

We earn servicing fees for providing sales and marketing support to third-party financial entities and for supporting the availability and distribution of their products on our platforms.

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Assets segregated for regulatory purposes and restricted cash

We segregate cash for regulatory and other purposes predominantly related to client activity.

We segregate assets for regulatory and other purposes predominantly related to client activity.

Our broker-dealers carrying client accounts are generally subject to requirements to maintain cash or qualified securities on deposit in a segregated reserve account for the exclusive benefit of their clients.

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With respect to securities loaned, we generally receive cash in an amount in excess of the market value of securities loaned.

We evaluate the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded as necessary.

We evaluate the market value of securities borrowed and loaned on a daily basis, with additional collateral exchanged as necessary.

Securities borrowed and securities loaned are included in “Collateralized agreements” and “Collateralized financings,” respectively, on our Consolidated Statements of Financial Condition.

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In determining the fair value of our financial instruments in accordance with GAAP, we use various valuation approaches, including market and/or income approaches.

Fair value is a market-based measurement considered from the perspective of a market participant.

As such, our fair value measurements reflect assumptions that we believe market participants would use in pricing the asset or liability at the measurement date.

Our fair value measurements reflect assumptions that we believe market participants would use in pricing the asset or liability at the measurement date.

GAAP provides for the following three levels to be used to classify our fair value measurements.

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When trading instruments are traded in secondary markets and quoted market prices for identical instruments do not exist, we utilize valuation techniques, including matrix pricing, to estimate fair value.

Matrix pricing generally utilizes spread-based models periodically re-calibrated to observable inputs such as market trades or to dealer price bids in similar securities in order

Matrix pricing generally utilizes spread-based models periodically re-calibrated to observable inputs such as market trades or to dealer price bids in similar securities in order to derive the fair value of the instruments.

Valuation techniques may also rely on other observable inputs such as yield curves,

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Notes to Consolidated Financial Statements

to derive the fair value of the instruments.

Valuation techniques may also rely on other observable inputs such as yield curves, interest rates and expected principal prepayments and default probabilities.

interest rates and expected principal prepayments and default probabilities.

We utilize prices from third-party pricing services to corroborate our estimates of fair value.

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government or its agencies.

Available-for-sale securities are used as part of our interest rate risk and liquidity management strategies and may be sold in response to changes in interest rates, changes in prepayment risks, or other factors.

Available-for-sale securities are used as part of our interest rate risk and liquidity management strategies.

The fair values of our available-for-sale securities are determined by obtaining prices from third-party pricing services, which are primarily based on valuation models.

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Discounts are accreted and premiums are amortized as an adjustment to yield over the estimated average life of the security, after factoring in the impact of prepayments.

Unrealized gains or losses due to market factors on available-for-sale securities are recorded through other comprehensive income/(loss) (“OCI”), net of applicable taxes, and are thereafter presented in equity as a component of accumulated other comprehensive income/(loss) (“AOCI”) on our Consolidated Statements of Financial Condition.

Unrealized gains or losses due to market factors on available-for-sale securities are recorded through other comprehensive income/(loss) (“OCI”), net of applicable taxes, and are thereafter presented in equity as a component of accumulated other comprehensive income (“AOCI”) on our Consolidated Statements of Financial Condition.

Realized gains and losses on sales of available-for-sale securities are recognized using the specific identification method and are reflected in “Other” revenue in the period sold.

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In addition, we enter into interest rate derivatives with clients of our Bank segment, including clients with whom we have entered into loans or other lending arrangements, to facilitate their respective interest rate risk management strategies.

The majority of these derivatives are traded in the over-the-counter market and are executed directly with another counterparty or are cleared and settled through a clearing organization.

Realized and unrealized gains or losses on such derivatives are recorded in “Principal transactions” on our Consolidated Statements of Income and Comprehensive Income.

The majority of these derivatives are traded in the over-the-counter market and are executed directly with another counterparty with certain of these derivatives cleared and settled through a clearing organization.

Gains or losses related to the change in fair value of derivatives, including due to interest rates, are recorded in “Principal transactions” on our Consolidated Statements of Income and Comprehensive Income.

The fair values of these interest rate derivatives are obtained from internal or third-party pricing models that consider current market trading levels and the contractual prices for the underlying financial instruments, as well as time value, yield curve and other volatility factors underlying the positions.

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Our fixed income business also holds to-be-announced security contracts that are accounted for as derivatives, which are classified within Level 1 of the fair value hierarchy.

We enter into primarily floating-rate advances from the Federal Home Loan Bank (“FHLB”) to, in part, fund lending and investing activities in our Bank segment and then enter into interest rate contracts which swap variable interest payments on a portion of such borrowings for fixed interest payments.

We enter into floating-rate advances from the Federal Home Loan Bank (“FHLB”) to, in part, fund lending and investing activities in our Bank segment and then enter into interest rate contracts which swap variable interest payments of such borrowings for fixed interest payments.

We also enter into interest rate contracts which swap variable interest payments associated with certain money market and saving account deposits for fixed interest payments.

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In the event the net investment is sold or substantially liquidated, the associated cumulative translation adjustment, including amounts related to the net investment hedge, are reclassified to “Other” revenues.

Gains and losses on undesignated derivative instruments are recorded in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income.

Gains and losses on undesignated foreign exchange derivative instruments are recorded in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income.

Hedge effectiveness is assessed at each reporting period using a method that is based on changes in forward rates and measured using the hypothetical derivatives method.

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Within our broker-dealer subsidiaries, when dividend reinvestment programs or other corporate action events result in clients receiving a share quantity that is not a whole number, we transact in the fractional shares on a principal basis.

We include these fractional shares in “Other assets” in our Consolidated Statements of Financial Condition and record an associated liability to the client in “Other payables” as we must fulfill our clients’ future fractional share redemptions.

We account for the fractional share assets and the liability to the client at fair value.

We include these fractional shares in “Other assets” on our Consolidated Statements of Financial Condition and record an associated liability to the client in “Other payables” as we must fulfill our clients’ future fractional share redemptions.

We account for the fractional share assets and related repurchase liabilities at fair value.

The fair values of the fractional share assets and liabilities are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy.

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See the “Nonperforming assets” section below for information on our nonaccrual policies.

Prior to the adoption of ASU 2022-02 on October 1, 2023, loan modifications to borrowers experiencing financial difficulty, where such loans were restructured in a manner that granted a concession that would not normally be granted, were deemed to be troubled debt restructurings (“TDRs”).

Such loans were subject to our nonaccrual policies.

Nonperforming assets

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For C&I and tax-exempt loans, we evaluate all sources of repayment to arrive at the amount considered to be a loss and charged-off.

Corporate banking and credit risk managers also meet regularly to review criticized loans (i.e., loans that are rated special

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Notes to Consolidated Financial Statements

mention or worse as defined by bank regulators).

Corporate banking and credit risk managers also meet regularly to review criticized loans (i.e., loans that are rated special mention or worse as defined by bank regulators).

Additional charge-offs are taken when the value of the collateral changes or there is an adverse change in the expected cash flows.

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The SNCs are U.S.

loan syndications totaling over $ 100 million that are shared between three or more regulated institutions.

loan syndications totaling over $ 100 million that are shared

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Notes to Consolidated Financial Statements

between three or more regulated institutions.

The agent bank’s regulator reviews a portion of SNC loans on a semi-annual basis and provides a synopsis of each loan’s regulatory classification, including loans that are designated for nonaccrual status and directed charge-offs.

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We use multiple methodologies in estimating an allowance for credit losses and our approaches may differ by the subsidiary which holds the asset, the type of financial asset and the risk characteristics within each financial asset type.

Our estimates are based on ongoing evaluations of the portfolio, the related credit risk characteristics, and the overall economic and

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Notes to Consolidated Financial Statements

environmental conditions affecting the financial assets.

Our estimates are based on ongoing evaluations of the portfolio, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets.

For certain of our financial assets with collateral maintenance provisions (e.g., SBL, collateralized agreements, and margin loans), we apply the practical expedient allowed under the CECL guidance in estimating an allowance for credit losses.

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As a result, we estimate zero credit losses to the extent that the fair value of the collateral equals or exceeds the related carrying value of the financial asset.

When the fair value of the collateral securing the financial asset is less than the carrying value, qualitative factors such as historical experience (adjusted for current risk characteristics and economic conditions) as well as reasonable and supportable forecasts are considered in estimating the allowance for credit losses on the unsecured portion of the financial asset.

When the fair value of the collateral securing the

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Notes to Consolidated Financial Statements

financial asset is less than the carrying value, qualitative factors such as historical experience (adjusted for current risk characteristics and economic conditions) as well as reasonable and supportable forecasts are considered in estimating the allowance for credit losses on the unsecured portion of the financial asset.

Credit losses are charged-off against the allowance when we believe the uncollectibility of the financial asset is confirmed.

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At the conclusion of our reasonable and supportable forecast period, which currently ranges from two to four years depending on the model and macroeconomic variables, we generally use a straight-line reversion approach over a one-year period, where applicable, to revert to historical loss information for C&I, REIT, and tax-exempt loans.

For CRE and residential mortgage loans, we incorporate a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the assets.

The development of the forecast used for CRE and residential mortgage loans incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years two to four of the forecast and largely completing within the first five years of the forecast.

For CRE and residential mortgage loans, we incorporate a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the assets including an assumption that each macroeconomic variable will revert to a long-term expectation starting in years two to four of the forecast and largely completing within the first five years of the forecast.

We assess the length of the reasonable and supportable forecast period and the reversion period, our reversion approach, our economic forecasts and our methodology for estimating the historical loss information on a quarterly basis.

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government and government agency-backed securities and the related accrued interest receivable for which payments of both principal and interest are guaranteed, and for which we have not historically experienced any credit losses.

In addition, we have the ability and intent to hold these securities and unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates.

Unrealized losses related to these available-for-sale securities are generally due to changes in market interest rates, and we have the ability and intent to hold these securities until recovery of the amortized cost basis.

On a quarterly basis, we reassess our expectation of zero credit losses on such securities, giving consideration to any relevant changes in the securities or the issuer.

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Notes to Consolidated Financial Statements

Other assets is primarily comprised of investments in company-owned life insurance, property and equipment, net, ROU lease assets, prepaid expenses, investments in FHLB and FRB stock, investments in real estate partnerships held by consolidated VIEs, and certain other investments which are not carried at fair value on a recurring basis.

Other assets is primarily comprised of investments in corporate-owned life insurance, property and equipment, net, ROU lease assets, prepaid expenses, investments in FHLB and FRB stock, investments in real estate partnerships held by consolidated VIEs, and certain other investments which are not carried at fair value on a recurring basis.

See Note 11 for additional information.

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See our client-owned fractional shares policy above for additional information.

We maintain investments in company-owned life insurance policies utilized to indirectly fund certain non-qualified deferred compensation plans and other employee benefit plans.

We maintain investments in corporate-owned life insurance policies primarily utilized to indirectly fund certain non-qualified deferred compensation plans and other employee benefit plans.

These life insurance policies are recorded at cash surrender value as determined by the insurer.

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Bank deposits

Bank deposits include money market accounts, savings accounts, interest-bearing and non-interest-bearing demand deposits, and certificates of deposit held at Raymond James Bank and TriState Capital Bank.

Raymond James Bank deposits include deposits that are swept from the investment accounts of PCG clients through the RJBDP which are included in money market and savings accounts, as well as deposits associated with our Enhanced Savings Program (“ESP”) which are primarily included within interest-bearing demand deposits, and certificates of deposit.

TriState Capital Bank’s deposits are primarily comprised of money market and savings accounts, including RJBDP deposits, and interest-bearing demand deposits.

Bank deposits include money market accounts, savings accounts, interest-bearing and non-interest-bearing demand deposits, and certificates of deposit held at our Bank segment.

Bank deposits include deposits that are swept from the investment accounts of PCG clients through the RJBDP which are primarily included in money market and savings accounts, as well as deposits associated with our Enhanced Savings Program (“ESP”), which are primarily included within interest-bearing demand deposits, and certificates of deposit.

Deposits are stated at the principal amount outstanding.

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No liability is recognized for those matters which, in management’s judgment, the determination of a reasonable estimate of loss is not possible, or for which a loss is not determined to be probable.

We record liabilities related to legal and regulatory proceedings in “Other payables” on our Consolidated Statements of Financial Condition.

We record liabilities related to legal and regulatory matters in “Other payables” on our Consolidated Statements of Financial Condition.

The determination of these liability amounts requires significant judgment on the part of management.

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and legal precedents and case law.

Each legal proceeding or significant regulatory matter is reviewed in each accounting period and the liability balance is adjusted as deemed appropriate by management.

Each legal and regulatory matter is reviewed in each accounting period and the liability balance is adjusted as deemed appropriate by management.

Any change in the liability amount is recorded through “Other” expense on our Consolidated Statements of Income and Comprehensive Income.

The actual costs of resolving legal matters or regulatory proceedings may be substantially higher or lower than the recorded liability amounts for such matters.

The actual costs of resolving legal or regulatory matters may be substantially higher or lower than the recorded liability amounts for such matters.

Our costs of defense related to such matters are expensed in the period they are incurred.

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The compensation cost of our share-based awards, net of estimated forfeitures, is amortized over the requisite service period of the awards.

For share-based payment awards with performance conditions, we estimate the expected level of achievement of the award and recognize the compensation cost based on the level of achievement deemed probable.

Changes in the estimated outcome of our share-based awards with a performance condition are reflected as a cumulative adjustment to expense in the period of the change in estimate.

Share-based compensation amortization is included in “Compensation, commissions and benefits” expense on our Consolidated Statements of Income and Comprehensive Income.

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We maintain various deferred compensation plans for the benefit of certain employees and independent contractors that provide a return to the participant based upon the performance of various referenced investments.

For the Voluntary Deferred Compensation Plan (“VDCP”), Long-Term Incentive Plan (“LTIP”), and certain other plans, we purchase and hold company-owned life insurance policies on the lives of certain current and former participants to provide a source of funds available to satisfy our obligations under the plan.

For the Voluntary Deferred Compensation Plan (“VDCP”), Long-Term Incentive Plan (“LTIP”), and certain other plans, we purchase and hold corporate-owned life insurance policies on the lives of certain current and former participants to provide a source of funds available to satisfy our obligations under the plan.

See Note 11 for information regarding the carrying value of such policies.

Compensation expense is recognized for all awards made under such plans with future service requirements over the requisite service period using the straight-line method.

Changes in the value of the company-owned life insurance policies, as well as the expenses associated with the related deferred compensation plans, are recorded in “Compensation, commissions and benefits” expense on our Consolidated Statements of Income and Comprehensive Income.

Changes in the value of the corporate-owned life insurance policies, as well as the expenses associated with the related deferred compensation plans, are recorded in “Compensation, commissions and benefits” expense on our Consolidated Statements of Income and Comprehensive Income.

See Note 22 for additional information.

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Our net deferred tax assets and net deferred tax liabilities presented on the financial statements are based upon the jurisdictional footprint of the firm.

We consider our major jurisdictions for disclosure purposes to be federal, state, Canada, and the United Kingdom (“U.K.”).

We consider our major jurisdictions for disclosure purposes to be federal, state, Canada, and the UK.

Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns, including the repatriation of undistributed earnings of foreign subsidiaries.

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We hold equity investments in certain structures which deliver tax benefits, including LIHTC funds, historic tax credit (“HTC”) funds, and renewable energy tax credit investments.

For those LIHTC, HTC, and renewable energy tax credit investments that qualify for application of the proportional amortization method, we apply such method.

For those LIHTC, HTC, and renewable energy tax credit equity investments that qualify for the application of the proportional amortization method, we apply such method.

Under the proportional amortization method, such investment is amortized in proportion to the allocation of tax benefits received in each year, and the investment amortization and the tax benefits are presented on a net basis within “Provision for income taxes” on our Consolidated Statements of Income and Comprehensive Income.

The income tax credits and other income tax benefits received related to such investments are included in “Cash flows from operating activities” on our Consolidated Statements of Cash Flows.

When our tax credit equity investments do not qualify for the proportional amortization method, we record the investment amortization, through the application of the equity method of accounting, in “Other” expenses on our Consolidated Statements of Income and Comprehensive Income and the federal tax credits that result from such investments are recorded using the flow-through method where the benefits reduce our provision for income taxes in the year the tax credits are earned.

As a result, inclusion of these tax credits may not align to the year in which we amortize the related investments.

Other income or losses generated from such investments are generally included in “Other” income or “Other” expenses, respectively, on our Consolidated Statements of Income and Comprehensive Income and in “ Cash flows from operations ” on our Consolidated Statements of Cash Flows.

RAYMOND JAMES FINANCIAL, INC.

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Notes to Consolidated Financial Statements

of Income and Comprehensive Income and the federal tax credits that result from such investments are recorded using the flow-through method where the benefits reduce our provision for income taxes in the year the tax credits are earned.

As a result, inclusion of these tax credits may not align to the year in which we amortize the related investments.

Earnings per share (“EPS”)

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Earnings attributable to common shareholders represents net income reduced by preferred stock dividends as well as the allocation of earnings and dividends to participating securities.

Diluted EPS is calculated similarly to basic EPS adjusted for the dilutive effect of outstanding stock options and certain restricted stock units (“RSUs”) by application of the treasury stock method.

Diluted EPS is calculated similarly to basic EPS adjusted for the dilutive effect of share-based awards, primarily certain restricted stock units (“RSUs”), by application of the treasury stock method.

Evaluation of VIEs to determine whether consolidation is required

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Determination of the primary beneficiary of a VIE

We consolidate VIEs that are subject to assessment when we are deemed to be the primary beneficiary of the VIE.

We consolidate VIEs when we are deemed to be the primary beneficiary of the VIE.

The process for determining whether we are the primary beneficiary of the VIE is to conclude whether we are a party to the VIE holding a variable interest that meets both of the following criteria:

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RJAHI does not typically provide guarantees related to the delivery or funding of tax credits or other tax attributes to the investor members or limited partners of tax credit funds.

The investor member(s) or limited partner(s) of the VIEs bear the risk of loss on their investment.

Additionally, under the tax credit fund’s designed structure, the investor member(s) or limited partner(s) receive nearly all of the tax credits and tax-deductible loss benefits designed to be delivered by the fund entity, as well as a majority of any proceeds upon a sale of a project partnership held by a tax credit fund (fund level residuals).

RJAHI earns fees from the fund for its services in organizing the fund, identifying and acquiring the project partnership investments and ongoing asset management, and receives a share of any residuals arising from sale of project partnerships upon the termination of the fund.

The investor member(s) or limited partner(s) of the VIEs bear the risk of loss on their

RAYMOND JAMES FINANCIAL, INC.

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Notes to Consolidated Financial Statements

Such fees are recorded in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income.

In single investor funds that deliver tax benefits, RJAHI has concluded that the one single investor member or limited partner in such funds, in nearly all instances, has significant participating rights over the activities that most significantly impact the economics of the fund.

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We are deemed to be the primary beneficiary and, accordingly, consolidate this trust fund.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Our financial statements include the operations of acquired businesses starting from the completion of the acquisition.

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The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management, but are inherently uncertain as they pertain to forward-looking views of our businesses, client behavior, and market conditions.

We consider the income, market and cost approaches and place reliance on the approach or approaches deemed most

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

appropriate to estimate the fair value of acquired intangible assets.

We consider the income, market and cost approaches and place reliance on the approach or approaches deemed most appropriate to estimate the fair value of acquired intangible assets.

Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants and include the amount and timing of future cash flows (including expected growth rates and profitability) and the discount rate applied to the cash flows.

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Finite-lived intangible assets are amortized over their estimated useful life.

Refer to Note 3, Note 11, and our goodwill and intangible assets policies above for additional information.

NOTE 3 – ACQUISITIONS

Acquisitions completed during the years ended September 30, 2024 and 2023

There were no significant acquisitions completed during the years ended September 30, 2024 and 2023.

Acquisitions completed during the year ended September 30, 2022

On January 21, 2022, we completed our acquisition of U.K.-based Charles Stanley Group PLC (“Charles Stanley”) using cash on hand as of the acquisition date.

Charles Stanley provides financial planning, investment advisory, and securities transaction services in the U.K.

through multiple affiliation options.

Charles Stanley has been integrated into our PCG segment and its results of operations have been included in our results prospectively from the closing date of January 21, 2022.

The goodwill associated with the Charles Stanley acquisition, which has been allocated to our PCG segment and primarily represents synergies from combining Charles Stanley with our existing businesses, is not deductible for tax purposes.

On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly-owned subsidiaries, TriState Capital Bank and Chartwell Investment Partners, LLC (“Chartwell”), in a cash and stock transaction.

TriState Capital Bank serves the commercial banking needs of middle-market businesses and financial services providers and the private banking needs of high-net-worth individuals.

Chartwell, a registered investment adviser, provides investment management services primarily to institutional investors, mutual funds, and individual investors.

TriState Capital Bank operates as a separately branded firm and as an independently-chartered bank.

TriState Capital Bank and Chartwell have been integrated into our Bank and Asset Management segments, respectively, and their results of operations have been included in our results prospectively from the closing date of June 1, 2022.

The goodwill associated with this acquisition, which has been allocated to our Bank segment and primarily represents synergies from combining TriState Capital with our existing businesses, is not deductible for tax purposes.

Under the terms of the acquisition agreement, TriState Capital common stockholders received $ 6.00 cash and 0.25 shares of RJF common stock for each share of TriState Capital common stock.

Additionally, the TriState Capital Series C Perpetual Non-Cumulative Convertible Non-Voting Preferred Stock (“Series C Convertible Preferred Stock”) was converted to common shares at the prescribed exchange ratio and cashed out at $ 30 per share, and each share of TriState Capital’s 6.75 % Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock and TriState Capital’s 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock was converted, respectively, into the right to receive one share of a newly created 6.75 % Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”) of RJF.

The fair values of these newly created Series A Preferred Stock and Series B Preferred Stock were estimated as of the June 1, 2022 acquisition date based on quoted market prices for the instruments.

On April 3, 2023, we redeemed all of the outstanding shares of the Series A Preferred Stock that was issued in connection with the acquisition of TriState Capital.

See Note 20 for additional details on this preferred stock and the redemption of the Series A Preferred Stock.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Furthermore, as a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition agreement, 551 thousand RJF RSAs were issued at terms that mirrored RSAs of TriState Capital which were outstanding as of the acquisition date.

In accordance with the terms of the acquisition agreement, the TriState Capital RSAs were converted to RJF RSAs using an exchange ratio that considered the RJF volume weighted average price for 10 trading days ending on the third business day prior to the closing of the acquisition.

The fair value of the RSAs upon completion of the transaction was calculated as of the June 1, 2022 acquisition date based on the June 1, 2022 closing share price of our common stock and was allocated between the pre-acquisition service period ($ 28 million treated as purchase consideration) and the post-acquisition requisite service period, over which we will recognize share-based compensation amortization.

See Note 23 for additional details on these RSAs.

On December 15, 2021, during the period between announcement of the intent to acquire TriState Capital and the acquisition closing date, we had loaned TriState Capital $ 125 million under an unsecured fixed-to-floating rate note (the “Note”).

The Note was set to mature on December 15, 2024 and bore interest at a fixed annual rate of 2.25 %.

Upon acquisition, the Note reverted to an intercompany instrument and subsequent to the closing date, the Note was forgiven.

In accordance with GAAP, as of the acquisition date the Note was considered to have been effectively settled and the acquisition-date fair value of $ 123 million was treated as purchase consideration and included in the purchase price.

The fair value of the Note on the acquisition date was determined using a discounted cash flow analysis based on the incremental borrowing rates for similar types of instruments at the acquisition date.

On July 1, 2022, we completed our acquisition of SumRidge Partners, LLC (“SumRidge Partners”) using cash on hand as of the acquisition date.

SumRidge Partners is a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds, and institutional preferred securities.

The acquisition of SumRidge Partners added an institutional market-making operation, as well as additional trading technologies and risk management tools to our existing fixed income operations.

SumRidge Partners has been integrated into our Capital Markets segment and its results of operations have been included in our results prospectively from the closing date of July 1, 2022.

The goodwill associated with the SumRidge Partners acquisition, which has been allocated to our Capital Markets segment and primarily represents synergies from combining SumRidge Partners with our existing businesses, is deductible for tax purposes over 15 years.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

We accounted for our completed acquisitions of Charles Stanley, TriState Capital, and SumRidge Partners as business combinations in accordance with GAAP.

Accordingly, the aggregate purchase price attributable to each acquisition was allocated to the assets acquired and liabilities assumed based on their respective estimated fair values.

The following table summarizes the aggregate purchase consideration, fair value estimates of the assets acquired and liabilities assumed, and resulting goodwill as of their respective acquisition dates.

$ in millions, except share and per share amounts

Fair value of aggregate purchase consideration:

Fair value of common stock issued for TriState Capital acquisition:

Shares of RJF common stock issued

RJF share price as of June 1, 2022

Fair value of RJF common stock issued for TriState Capital common stock

Other common stock consideration

Total fair value of common stock issued for TriState Capital acquisition

Effective settlement of the Note related to the TriState Capital acquisition

Preferred stock issued for TriState Capital acquisition

RSAs issued for TriState Capital acquisition

Aggregate cash consideration paid for Charles Stanley, TriState Capital, and SumRidge Partners acquisitions (1)

Total fair value of aggregate purchase consideration

Fair value of assets acquired:

Cash and cash equivalents $ 613

Assets segregated for regulatory purposes 1,890

Trading assets 631

Available-for-sale securities

Derivative assets

Brokerage client receivables

Other receivables

Identifiable intangible assets 334

All other assets acquired 303

Total assets acquired $ 17,472

Fair value of liabilities assumed:

Bank deposits

Trading liabilities

Derivative liabilities

Brokerage client payables

Other borrowings

All other liabilities assumed 464

Total liabilities assumed $ 16,173

Fair value of net identifiable assets acquired $ 1,299

Goodwill $ 795

Goodwill by segment:

Capital Markets

Total goodwill $ 795

(1) Cash consideration, which was funded utilizing cash on hand, included $ 6 per TriState Capital common share outstanding and $ 30 per TriState Capital Series C Convertible Preferred Stock outstanding, as well as other cash amounts paid to settle TriState Capital warrants and options outstanding as of the closing and cash paid in lieu of fractional shares.

Cash consideration associated with the Charles Stanley acquisition was denominated in British pounds sterling (“GBP”) and converted to USD using the spot rate of 1.3554 as of January 21, 2022.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Determination of fair value

The following is a description of the methods used to determine the fair values of significant assets and liabilities acquired:

Cash and cash equivalents;

Assets segregated for regulatory purposes;

Brokerage client receivables;

Other receivables;

and Brokerage client payables :

The pre-close carrying values of these assets and liabilities were a reasonable estimate of fair value based on the short-term nature of these assets and liabilities.

Trading assets and liabilities :

The pre-close carrying values of trading assets and liabilities as of the acquisition date were used as reasonable estimates of fair value.

We utilized prices from third-party pricing services to corroborate these estimates of fair value.

Available-for-sale securities :

The fair values of available-for-sale securities were based on quoted market prices for the same or similar securities, recently executed transactions, or third-party pricing models.

Derivatives assets and liabilities:

The pre-close carrying amount of derivative assets and liabilities, which utilized valuations from third-party pricing services, were used as reasonable estimates of fair value.

The estimated fair values for bank loans were determined using a discounted cash flow methodology that considered loan type and related collateral, credit loss expectations, classification status, market interest rates and other market factors from the perspective of a market participant.

Loans were segregated into specific pools according to similar characteristics, including risk, interest rate type (i.e., fixed or floating), underlying benchmark rate, and payment type and were treated in the aggregate when determining the fair value of each pool.

The discount rates were derived using a build-up method inclusive of the weighted average cost of funding, estimated servicing costs and an adjustment for liquidity and then compared to current origination rates and other relevant market data.

Purchased loans were evaluated and classified as either purchased credit deteriorated (“PCD”), which indicates that the loan has experienced more than insignificant credit deterioration since origination, or non-PCD loans.

For PCD loans, the sum of the loan’s purchase price and allowance for credit losses, which was determined as of the acquisition date using the same allowance methodology applied to the TriState Capital Bank loan portfolio as of September 30, 2022, became its initial amortized cost basis.

The initial allowance for credit losses on PCD loans is established in purchase accounting, with a corresponding offset to goodwill (i.e., is not recorded in earnings).

As required under GAAP, an initial allowance for credit losses on non-PCD loans is required to be established through a provision for credit losses (i.e., recorded in earnings) in the first reporting period following the acquisition.

Subsequent changes in the allowance for credit losses for PCD and non-PCD loans are recognized in the bank loan provision/(benefit) for credit losses.

For non-PCD loans, the difference between the fair value and the unpaid principal balance was considered the fair value mark.

The non-credit discount or premium related to PCD loans and the fair value mark on non-PCD loans will be accreted or amortized into interest income over the weighted average life of the underlying loans, which may vary based on prepayments.

Of the total bank loans acquired in the TriState Capital acquisition with an unpaid principal balance of $ 11.70 billion, $ 11.36 billion were considered non-PCD loans and $ 337 million were considered PCD loans.

The following table reconciles the difference between the unpaid principal balance and purchase price of PCD loans at acquisition.

$ in millions June 1, 2022

Unpaid principal balance of PCD loans $ 337

Allowance for credit losses on PCD loans

Non-credit discount on PCD loans ( 10 )

Purchase price of PCD loans $ 324

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Identifiable intangible assets :

The fair values of the significant identifiable intangible assets were estimated using the following income approaches.

• Customer relationships — The fair values of customer relationships were estimated using a multi-period excess earnings approach that considered future period post-tax earnings, as well as a discount rate.

• Trade names — The fair values of trade names were estimated using a relief from royalty approach which was based on a forecast of the after-tax royalties we would save by ownership of the intangible assets rather than licensing the use of those assets.

• Core deposit intangible (“CDI”) — The fair value of the CDI asset was estimated using a discounted cash flow approach, specifically the favorable source of funds method, that considered the servicing and interest costs of the acquired deposit base, an estimate of the cost associated with alternative funding sources, expected client attrition rates, deposit growth rates, and a discount rate.

• Developed technology — The fair value of developed technology was estimated primarily using a multi-period excess earnings approach which was based on a forecast of the expected future net cash flows attributable to the assets over the estimated remaining lives of the assets.

These cash flow forecasts were then adjusted to present value by applying appropriate discount rates based on current market rates that reflect the risks associated with the cash flow streams.

All other assets acquired :

All other assets acquired primarily included company-owned life insurance policies, ROU lease assets, investments in FHLB stock, and investments in LIHTC funds.

The pre-close historical carrying values of company-owned life insurance policies, investments in FHLB stock and investments in LIHTC funds were used as a reasonable estimate of fair value.

All other assets acquired also included ROU lease assets which were measured at the same amount as the lease liability, as adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms (see “All other liabilities assumed” section below for additional details regarding acquired lease liabilities).

Bank deposits :

The fair values used for demand and savings deposits equaled the amounts payable on demand at the acquisition date.

The fair values for time deposits were estimated by applying a discounted cash flow method to discount the principal and interest payments from maturity at the yields offered by similar banks as of the acquisition date.

Other borrowings:

Other borrowings was comprised of 5.75 % fixed-to-floating subordinated notes due 2030 and short-term FHLB advances (see Note 16 for additional details on these borrowings).

The fair value of the subordinated note was estimated based on quoted market prices as of the valuation date.

The carrying amount of the FHLB advances was a reasonable estimate of fair value based on the short-term nature of these instruments and that the vast majority are floating-rate advances.

All other liabilities assumed :

All other liabilities assumed primarily included payables to brokers, dealers, and clearing organizations, and accrued compensation, commissions, and benefits.

The pre-close historical carrying values of these liabilities were used as a reasonable estimate of fair value.

All other liabilities assumed also included lease liabilities and the fair value of unfunded lending commitments.

Lease liabilities were measured at the present value of the remaining lease payments determined using a discounted cash flow method based on our cost of borrowing, as if the acquired lease were a new lease at the acquisition date.

The fair value of unfunded lending commitments was estimated using a discounted cash flow approach.

Refer to Note 10 and our goodwill and intangible assets policies above for additional information.

RAYMOND JAMES FINANCIAL, INC.

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Foreign exchange

Other — — 4 — 4

Total derivative assets

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243 6 — — 249

Agency MBS and CMOs

Total debt securities

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Level 3 instruments at fair value

Financial assets

Financial assets Financial

Trading assets Derivative assets Other investments

$ in millions Other Other All other

Derivative liabilities

$ in millions Other Other All other Other

Fair value beginning of year

$ 3 $ 4 $ 7 $ —

Total gains/(losses) included in earnings

3 ( 2 ) — ( 2 )

Purchases and contributions

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Fair value end of year

$ 4 $ — $ 7 $ ( 2 )

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

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Level 3 instruments at fair value

Financial assets Financial

Trading assets Other investments Derivative liabilities

$ in millions Other All other Other

Financial assets

Trading assets Derivative assets Other investments

$ in millions Other Other Other

Fair value beginning of year

$ 1 $ 29 $ ( 3 )

Total gains/(losses) included in earnings

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Sales and distributions

( 101 ) — ( 20 )

Out of Level 3 — — —

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

$ ( 3 ) $ 4 $ —

As of September 30, 2025, 10 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.

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Recovery rate 24 % - 96 % ( 76 %)

Loans held for sale $ 31 $ — $ 31 N/A N/A N/A

September 30, 2024

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Recovery rate 0 % - 37 % ( 37 %)

Loans held for sale $ 2 $ — $ 2 N/A N/A N/A

(1) The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent.

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

(2) See the “Bank loans, net - Loans held for sale” section of Note 2 of this 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.

RAYMOND JAMES FINANCIAL, INC.

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Bank deposits - certificates of deposit $ 1,943 $ — $ 1,943 $ 1,937

Other borrowings - subordinated notes payable $ 97 $ — $ 97 $ 99

Senior notes payable $ 3,299 $ — $ 3,299 $ 3,520

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These financial instruments are primarily comprised of loans originated or purchased by our Bank segment and include SBL, C&I loans, commercial and residential real estate loans, REIT loans, and tax-exempt loans intended to be held until maturity or payoff.

These financial instruments are primarily recorded at amounts that result from the application of the methodologies for loans held for investment summarized in Note 2.

These financial instruments are primarily recorded at amounts that result from the application of the accounting methodologies for loans held for investment summarized in Note 2.

Certain bank loans are held for sale, which are carried at the lower of cost or market value.

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Fixed-rate certificates of deposit were classified as Level 2 under the fair value hierarchy.

Brokerage client payables and other payables are recorded at amounts that approximate fair value and are classified as Level 2 under the fair value hierarchy.

Brokerage client payables, accrued compensation, commissions and benefits, and other payables are recorded at amounts that approximate fair value and are classified as Level 2 under the fair value hierarchy.

Other borrowings:

Other borrowings primarily include 5.75 % fixed-to-floating subordinated notes due 2030 and our Bank segment’s borrowings from the FHLB.

The fair value of the subordinated notes is estimated by discounting scheduled cash flows through the estimated maturity using market rates for borrowings of similar maturities and is classified as Level 2 under the fair value hierarchy.

FHLB advances reflect terms that approximate current market rates for similar loans and therefore, their carrying value approximates fair value.

Our FHLB advances are classified as Level 2 under the fair value hierarchy.

Other borrowings primarily included our Bank segment’s borrowings from the FHLB and, as of September 30, 2024, our 5.75 % fixed-to-floating subordinated notes due 2030, which were redeemed on August 15, 2025.

FHLB advances generally reflect terms that approximate current market rates for similar loans and therefore, their carrying value approximates fair value.

Our FHLB advances were classified as Level 2 under the fair value hierarchy.

The fair value of the subordinated notes as of September 30, 2024 was estimated by discounting scheduled cash flows through the estimated maturity using market rates for borrowings of similar maturities and was classified as Level 2 under the fair value hierarchy.

Senior notes payable:

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1,394 1 ( 170 ) 1,225

U.S Treasuries 1,261 — ( 21 ) 1,240

706 — ( 2 ) 704

Other agency obligations 565 — ( 6 ) 559

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At September 30, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Home Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 3.51 billion and $ 2.15 billion, respectively, and fair values of $ 3.24 billion and $ 1.95 billion, respectively.

During the year ended September 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 Consolidated Statements of Income and Comprehensive Income during the year ended September 30, 2025.

There were no sales of available-for-sale securities during the years ended September 30, 2024 and 2023.

During the year ended September 30, 2022, we received proceeds of $ 52 million from sales of available-for-sale securities resulting in insignificant gains.

RAYMOND JAMES FINANCIAL, INC.

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The following table details the gains/(losses) included in AOCI, net of income taxes, on derivatives designated as hedging instruments.

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

These gains/(losses) included any amounts reclassified from AOCI to net income during the year.

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We expect to reclassify $ 8 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.

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Year ended September 30,

$ in millions Location of gain/(loss) 2024 2023 2022

$ in millions Location of gains/(losses)

2025 2024 2023

Interest rate

Principal transactions/other revenues $ 11 $ 20 $ 22

Principal transactions/other revenue

$ 15 $ 11 $ 20

Foreign exchange (1)

Other revenues $ ( 21 ) $ ( 23 ) $ 102

Other revenue

$ 13 $ ( 21 ) $ ( 23 )

Other Principal transactions $ ( 4 ) $ 4 $ 2

(1) The impacts included in our Consolidated Statements of Income and Comprehensive income of these gains/(losses) net of the gains/(losses) on the related hedged item were gains of $ 10 million, $ 7 million, and $ 6 million for the year ended September 30, 2025, 2024, and 2023 respectively.

Risks associated with our derivatives and related risk mitigation

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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.

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.

September 30,

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We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed.

The FHLB does not have the ability to sell or repledge such securities until they are borrowed against.

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.

The FRB does not have the ability to sell or repledge such 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 15.

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Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value.

Bank loans are presented on our Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses.

As it pertains to TriState Capital Bank’s

Bank loans are presented on our Consolidated Statements of Financial Condition at amortized cost less the allowance for credit losses or fair value where applicable.

RAYMOND JAMES FINANCIAL, INC.

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Notes to Consolidated Financial Statements

loans acquired as of June 1, 2022, the amortized cost of such purchased loans reflects the fair value of the loans on the acquisition date, and, as described further in Note 3, the purchase discount on such loans is accreted to interest income over the weighted-average life of the underlying loans, which may vary based on prepayments.

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

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Held for sale loans

We originated or purchased $ 2.80 billion, $ 2.74 billion, and $ 3.38 billion (exclusive of the loans acquired on June 1, 2022 in our acquisition of TriState Capital Bank) of loans held for sale during the years ended September 30, 2024, 2023, and 2022, respectively.

We originated or purchased $ 3.57 billion, $ 2.80 billion, and $ 2.74 billion of loans held for sale during the years ended September 30, 2025, 2024, and 2023, respectively.

The majority of these loans were purchases of the guaranteed portions of 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 $ 618 million, $ 835 million, and $ 1.29 billion for the years ended September 30, 2024, 2023 and 2022, respectively.

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 1.08 billion, $ 618 million, and $ 835 million for the years ended September 30, 2025, 2024 and 2023, respectively.

Net gains resulting from such sales were insignificant for each of the years ended September 30, 2025, 2024, and 2023.

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

The preceding table includes $ 89 million and $ 96 million at September 30, 2024 and 2023, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

On October 1, 2023, we adopted ASU 2022-02, which eliminated the recognition and measurement guidance for TDRs.

See Note 2 for additional information about this guidance.

Loans to borrowers experiencing financial difficulty which were modified during the year ended September 30, 2024 were not significant.

As of September 30, 2023, TDRs were $ 21 million, $ 3 million, and $ 10 million for C&I loans, CRE loans, and residential first mortgage loans, respectively.

Other real estate owned, included in “Other assets” on our Consolidated Statements of Financial Condition, was insignificant at both September 30, 2024 and 2023.

The preceding table included $ 109 million and $ 89 million at September 30, 2025 and 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2, in the normal course of business, we may modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy, or other circumstances.

Loans to borrowers experiencing financial difficulty modified during the years ended September 30, 2025 and 2024 were not significant.

Collateral-dependent loans

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C&I loans Commercial real estate and other business assets $ 13 $ 9

CRE loans Office, multi-family residential, healthcare, medical office, and industrial real estate $ 115 $ 47

CRE loans Office, hospitality, multi-family residential, industrial, healthcare, and medical office real estate $ 165 $ 115

REIT loans Office real estate $ 113 $ —

Residential mortgage loans Single family homes $ 9 $ 8

CRE collateral dependent loans as of September 30, 2024 included certain loans that were placed on nonaccrual status with an associated allowance during the year ended September 30, 2024.

RAYMOND JAMES FINANCIAL, INC.

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Special mention (1)

Substandard (1)

— — — — — — 85 85

— — — — — — — —

Doubtful — — — — — — — —

39 unchanged sentences

$ — $ — $ — $ — $ — $ — $ — $ —

(1) As of September 30, 2024, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market.

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

RAYMOND JAMES FINANCIAL, INC.

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Total SBL $ 133 $ 30 $ 15 $ 76 $ 27 $ 52 $ 15,900 $ 16,233

Gross charge-offs

$ — $ — $ — $ — $ — $ — $ — $ —

Pass $ 616 $ 454 $ 1,178 $ 716 $ 586 $ 3,287 $ 2,966 $ 9,803

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Total C&I loans $ 616 $ 458 $ 1,179 $ 716 $ 686 $ 3,318 $ 2,980 $ 9,953

Gross charge-offs

$ — $ — $ — $ 3 $ 4 $ 38 $ — $ 45

Pass $ 873 $ 1,156 $ 2,082 $ 930 $ 706 $ 1,111 $ 435 $ 7,293

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Total CRE loans $ 873 $ 1,244 $ 2,167 $ 935 $ 729 $ 1,216 $ 451 $ 7,615

Gross charge-offs

$ — $ — $ — $ — $ — $ 21 $ — $ 21

Pass $ 172 $ 250 $ 167 $ 135 $ 55 $ 195 $ 564 $ 1,538

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Total REIT loans $ 172 $ 269 $ 167 $ 135 $ 95 $ 195 $ 683 $ 1,716

Gross charge-offs

$ — $ — $ — $ — $ — $ — $ — $ —

Residential mortgage loans

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Total residential mortgage loans $ 1,373 $ 1,637 $ 2,734 $ 1,494 $ 858 $ 1,277 $ 39 $ 9,412

Gross charge-offs

$ — $ — $ — $ — $ — $ — $ — $ —

Tax-exempt loans

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Total tax-exempt loans $ 62 $ 57 $ 248 $ 153 $ 52 $ 766 $ — $ 1,338

(1) As of September 30, 2023, these balances relate to loans which were collateralized by private securities or other financial instruments with a limited trading market.

Gross charge-offs

$ — $ — $ — $ — $ — $ — $ — $ —

(1) As of September 30, 2024, this balance related to a loan which was collateralized by certain securities with a limited trading market.

RAYMOND JAMES FINANCIAL, INC.

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Balance at beginning of year $ 3 $ 226 $ 87 $ 21 $ 57 $ 2 $ 396

Initial allowance on acquired PCD loans — 1 2 — — — 3

Provision/(benefit) for credit losses 4 32 84 ( 5 ) 17 — 132

Initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank 2 5 19 — — — 26

Provision/(benefit) for credit losses ( 3 ) 57 — ( 1 ) 21 — 74

Total provision/(benefit) for credit losses

( 1 ) 62 19 ( 1 ) 21 — 100

Net (charge-offs)/recoveries:

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ACL by loan portfolio segment as a % of total ACL 1.5 % 45.1 % 34.0 % 3.4 % 15.6 % 0.4 % 100.0 %

The allowance for credit losses on bank loans held for investment decreased $ 17 million during the year ended September 30, 2024, primarily resulting from net-charges off during the period, partially offset by the bank loan provision for credit losses of $ 45 million during the year.

The bank loan provision for credit losses for the year ended September 30, 2024 primarily reflected the impacts of loan growth, specific reserves, loan downgrades, and charge-offs in our C&I and CRE loan portfolios, partially offset by the favorable impacts of an improved economic forecast, loan repayments, and loan sales in the C&I loan portfolio.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Consolidated Statements of Financial Condition, was $ 22 million at both September 30, 2024 and 2023 and $ 19 million at September 30, 2022.

The allowance for credit losses on bank loans held for investment decreased $ 5 million during the year ended September 30, 2025, primarily resulting from net-charges off during the year, partially offset by the bank loan provision for credit losses of $ 37 million during the year.

The bank loan provision for credit losses for the year ended September 30, 2025 primarily reflected the impacts of loan downgrades, charge-offs, and specific reserves on certain loans, partially offset by the favorable impacts of an improved economic forecast and reserve releases related to certain loan sales and paydowns.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Consolidated Statements of Financial Condition, was $ 24 million at September 30, 2025 and $ 22 million at both September 30, 2024 and 2023.

RAYMOND JAMES FINANCIAL, INC.

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(1) These loans were predominantly current.

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

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

NOTE 9 – VARIABLE INTEREST ENTITIES

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VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain LIHTC funds and the Restricted Stock Trust Fund require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs.

Of the VIEs in which we hold an interest, we have determined that certain LIHTC funds and other funds that qualify for tax credits and the Restricted Stock Trust Fund require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs.

The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table.

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Noncontrolling interests

$ ( 6 ) $ ( 27 )

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

As discussed in Note 2, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs.

Such VIEs primarily include certain LIHTC funds, our interests in certain limited partnerships which are part of our Private Equity Interests, and other limited partnerships.

Such VIEs primarily include certain LIHTC funds, certain other investments for which we receive tax credits, our interests in certain limited partnerships which are part of our Private Equity Interests, and other limited partnerships.

Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.

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

See Note 2 for a discussion of our accounting polices related to certain of these components.

See Note 2 for a discussion of our accounting policies related to certain of these components.

September 30,

$ in millions 2025 2024

Investments in company-owned life insurance policies $ 1,396 $ 1,110

Investments in corporate-owned life insurance policies

$ 1,575 $ 1,396

Property and equipment, net 670 635

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Variable lease costs $ 28 $ 37 $ 31

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

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

RAYMOND JAMES FINANCIAL, INC.

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Lease liabilities as of September 30, 2025 excluded $ 55 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.

These leases are estimated to commence in fiscal 2025 with lease terms of up to eight years .

These leases are estimated to commence in fiscal 2026 with lease terms ranging from 3 to 11 years.

NOTE 14 – BANK DEPOSITS

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Total bank deposits $ 58,897 2.56 % $ 56,010 3.18 %

Money market and savings accounts in the preceding table included $ 23.98 billion and $ 25.36 billion as of September 30, 2024 and 2023, 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 RJBDP.

Total bank deposits included $ 26.56 billion and $ 23.98 billion as of September 30, 2025 and 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 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 $ 13.47 billion and $ 14.02 billion of deposits as of September 30, 2025 and 2024, respectively, associated with our ESP, in which PCG clients deposit cash in a high-yield Raymond James Bank account.

Substantially all of the ESP balances are 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.

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 excluded affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period end.

$ in millions September 30, 2025 September 30, 2024

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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 $ 1.05 billion and $ 764 million as of September 30, 2024 and 2023, respectively.

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.24 billion and $ 1.05 billion as of September 30, 2025 and 2024, respectively.

RAYMOND JAMES FINANCIAL, INC.

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Floating rate - term

5.14 % March 2025 - December 2025 $ 650 5.62 % December 2023 - March 2025 $ 850

4.44 % December 2025 - December 2026 $ 500 5.14 % March 2025 - December 2025 $ 650

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

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Subordinated notes - fixed-to-floating (including an unaccreted premium of $ — and $ 1 , respectively)

5.75 % May 2030 99 5.75 % May 2030 100

— 5.75 % May 2030 99

Total other borrowings $ 700 $ 1,049

FHLB advances

We have entered into advances from the FHLB at Raymond James Bank and TriState Capital Bank, which are secured by certain of our bank loans and available-for-sale securities.

We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities.

The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (“SOFR”) and reset daily.

We use interest rate swaps to manage the risk of increases in interest rates associated with 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 Notes 2 and 5 for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges.

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Subordinated notes

As of September 30, 2024, 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 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.

Our subordinated notes due May 2030, 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.

On August 15, 2025, we redeemed our subordinated notes, pursuant to the applicable indenture provisions.

The subordinated notes were redeemed at their principal amount of $ 98 million, plus accrued and unpaid interest to, but excluding the redemption date utilizing cash on hand.

Credit Facility

RJF and RJ&A are parties to a revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow.

The Credit Facility has a term through April 2028 and provides for maximum borrowings of up to $ 750 million.

RJF and RJ&A are parties to a revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which both RJ&A and RJF have the ability to borrow.

In September 2025, we amended the Credit Facility, extending the term to September 2030, increasing the borrowing capacity to $ 1 billion from $ 750 million, and incorporating a lower cost of borrowing under the Credit Facility.

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

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The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization.

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

Amounts outstanding under this financing

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Consolidated Financial Statements

borrowings outstanding as of September 30, 2024, the clearing organization is under no contractual obligation to lend to us under this arrangement.

arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates.

While we had borrowings outstanding as of September 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.

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4.95 % senior notes, due 2046

3.75 % senior notes, due 2051

5.65 % senior notes, due 2055

Total principal amount 3,550 2,050

Net unaccreted premiums

Net unaccreted premiums/(discounts)

Unamortized debt issuance costs

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plus, in each case, accrued and unpaid interest thereon to the redemption date.

In September 2025, we sold $ 650 million in aggregate principal amount of 4.90 % senior notes due September 2035 and $ 850 million in aggregate principal amount of 5.65 % senior notes due September 2055 in a registered underwritten public offering.

Interest on these senior notes is payable semi-annually.

We may redeem some or all of these senior notes at any time prior to June 11, 2035 and March 11, 2055, respectively, at a redemption price equal to the greater of (i) 100 % of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S.

Treasury rate, plus 15 basis points;

and on or after June 11, 2035 and March 11, 2055, respectively, at 100 % of the principal amount of the notes redeemed;

plus, in each case, accrued and unpaid interest thereon to the redemption date.

RAYMOND JAMES FINANCIAL, INC.

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Equity, arising from cash flow hedges recorded through OCI

( 2 ) ( 12 ) —

Equity, arising from currency translations, net of the impact of net investment hedges recorded through OCI

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Foreign tax rate differential 14 0.5 % 10 0.4 % 8 0.4 %

(Gains)/losses on company-owned life insurance policies which are not subject to tax ( 51 ) ( 1.9 ) % ( 22 ) ( 1.0 ) % 36 1.8 %

Federal tax credits (1)

( 25 ) ( 1.0 ) % ( 15 ) ( 0.7 ) % ( 17 ) ( 0.8 ) %

Excess tax benefits related to share-based compensation (1)

( 44 ) ( 1.6 ) % ( 20 ) ( 0.8 ) % ( 21 ) ( 0.9 ) %

Gains on corporate-owned life insurance policies which are not subject to tax

( 28 ) ( 1.0 ) % ( 51 ) ( 1.9 ) % ( 22 ) ( 1.0 ) %

Federal tax credits

( 26 ) ( 1.0 ) % ( 23 ) ( 1.0 ) % ( 14 ) ( 0.7 ) %

Nondeductible fines and penalties (2)

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$ 579 21.3 % $ 575 21.8 % $ 541 23.7 %

(1) Included investment tax credits of $ 20 million, $ 11 million, and $ 15 million for the years ended September 30, 2024, 2023, and 2022, respectively, primarily related to our equity investments in LIHTC funds and historic tax credit funds, as well as certain renewable energy tax credits.

“Federal tax credits” in the preceding table excluded tax credits on equity investments accounted for under the proportional amortization method.

Such tax credits and the related amortization are included in “Other, net” in the preceding table.

(1) Excess tax benefits related to share-based compensation were primarily attributable to the increase in fair value of our RSUs between grant date and delivery date which was $ 200 million, $ 91 million, and $ 95 million for the years ended September 30, 2025, 2024, and 2023, respectively.

(2) The year ended September 30, 2024, reflected the favorable impact of a legal and regulatory matters reserve release while the year ended September 30, 2023, reflected the impact of provisions for legal and regulatory matters.

We hold equity investments in certain structures which deliver tax benefits that qualify for the application of the proportional amortization method, whereby such investment is amortized in proportion to the allocation of tax benefits received in each year, and the investment amortization and the tax benefits are presented on a net basis within “ Provision for income taxes ” on our Consolidated Statements of Income and Comprehensive Income.

For the years ended September 30, 2025, 2024, and 2023, respectively, we had investment tax credits of $ 10 million, $ 20 million, and $ 11 million primarily related to our equity investments in LIHTC funds and historic tax credit funds, as well as certain renewable energy tax structures.

Such tax credits were included in “Federal tax credits” in the preceding table.

We also hold equity investments in certain structures which deliver tax credits and other tax benefits that qualify for the application of the proportional amortization method.

Such investments are amortized in proportion to the tax benefits received in each year, and the investment amortization and the tax benefits are presented on a net basis within “ Provision for income taxes ” on our Consolidated Statements of Income and Comprehensive Income.

See Note 2 for additional information.

For the years ended September 30, 2024 and 2023, the amortization of renewable energy tax credit investments accounted for under the proportional amortization method was $ 28 million and $ 86 million, respectively, and we recognized offsetting tax credits of $ 28 million and $ 81 million, respectively.

For the years ended September 30, 2025, 2024, and 2023, the amortization of renewable energy tax credit investments accounted for under the proportional amortization method was $ 43 million, $ 28 million and $ 86 million, respectively, and we recognized offsetting tax credits of $ 44 million, $ 28 million, and $ 81 million, respectively.

For the year ended September 30, 2023, we also recognized other tax benefits related to such investments of $ 9 million.

For both the years ended September 30, 2024 and 2023, the amortization of LIHTC investments accounted for under the proportional amortization method was $ 3 million, and we recognized offsetting tax credits of $ 3 million.

Such amounts are reflected in “Other, net” in the preceding table.

There was no such investment amortization for the year ended September 30, 2022.

Such amounts were insignificant for the years ended September 30, 2025 and 2024.

For each of the years ended September 30, 2025, 2024, and 2023, the amortization of LIHTC investments accounted for under the proportional amortization method was $ 3 million, and we recognized offsetting tax credits of $ 3 million in each year.

The amortization of all tax credit investments accounted for under the proportional amortization method, as well as the offsetting tax credits and other related tax benefits were reflected in “Other, net” in the preceding table.

As of September 30, 2025, we had $ 47 million of remaining commitments related to a renewable energy tax credit investment accounted for under the proportional amortization method, which was accrued within “Other payables” on our Consolidated Statements of Financial Condition and is expected to be funded in our fiscal 2026 upon the project satisfying certain conditions.

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Deferred compensation $ 455 $ 433

Unrealized loss associated with available-for-sale securities 161 310

Allowances for credit losses

Lease liabilities 135 123

Unrealized loss associated with available-for-sale securities 131 161

Accrued expenses 43 46

Unrealized loss associated with loan portfolios 32 46

Net operating losses and credit carryforwards

Unrealized loss associated with loan portfolios 23 32

Property and equipment

Total deferred tax assets 982 980

2 unchanged sentences

Deferred tax liabilities:

Goodwill and identifiable intangible assets ( 138 ) ( 131 )

ROU lease assets

( 148 ) ( 134 )

Goodwill and identifiable intangible assets ( 144 ) ( 138 )

Property and equipment — ( 44 )

Unrealized gain associated with cash flow hedges ( 4 ) ( 16 )

Other ( 10 ) ( 8 )

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Net valuation allowance

(1) Both the federal and state net operating loss carryfowards relate to separate company entity filings.

(1) Both the federal and state net operating loss carryforwards relate to separate company entity filings.

As a result, these losses are not able to be utilized in our consolidated filings.

As of September 30, 2024, total deferred tax assets, net of valuation allowance, aggregated to $ 971 million.

As of September 30, 2025, total deferred tax assets, net of the valuation allowance, aggregated to $ 973 million.

We continue to believe that the realization of our deferred tax assets is more likely than not based on expectations of future taxable income.

2 unchanged sentences

Notes to Consolidated Financial Statements

The $ 4 million and $ 8 million of net deferred tax liabilities included in “Other payables” on our Consolidated Statements of Financial Condition as of September 30, 2024 and 2023, respectively, primarily arose from entities in the U.K., and accordingly were not netted against balances arising from our U.S.

As of September 30, 2024, there were $ 4 million of net deferred tax liabilities included in “Other payables” on our Consolidated Statements of Financial Condition, which primarily arose from entities in the UK, and accordingly were not netted against balances arising from our U.S.

As of September 30, 2025, we considered substantially all undistributed earnings of non-U.S.

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Because the time and manner of repatriation is uncertain, we cannot determine the impact of local taxes, withholding taxes, and foreign tax credits associated with the future repatriation of such earnings, and therefore cannot quantify the tax liability that would be payable in the event all such foreign earnings are repatriated.

As of September 30, 2024, the current tax receivable, which was included in “Other receivables, net” on our Consolidated Statements of Financial Condition, was $ 28 million, and there was no current tax payable.

As of September 30, 2023, the current tax receivable was $ 9 million, and the current tax payable was $ 17 million.

As of September 30, 2025, the current tax receivable, which was included in “Other receivables, net” on our Consolidated Statements of Financial Condition, was $ 79 million, and the current tax payable, which was included in “Other payables,” was $ 5 million.

As of September 30, 2024, the current tax receivable was $ 28 million, and there was no current tax payable.

Uncertain tax positions

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Decreases for tax positions related to prior years — ( 2 ) ( 2 )

Decreases due to lapsed statute of limitations ( 6 ) ( 8 ) ( 7 )

Decreases due to statute of limitations expirations

( 16 ) ( 6 ) ( 8 )

Decreases related to settlements ( 6 ) — ( 1 )

Uncertain tax positions end of year $ 47 $ 48 $ 41

The total amount of uncertain tax positions that, if recognized, would impact the effective tax rate (the items included in the preceding table after considering the federal tax benefit associated with any state tax provisions) was $ 41 million, $ 35 million, and $ 38 million at September 30, 2024, 2023 and 2022, respectively.

The total amount of uncertain tax positions that, if recognized, would impact the effective tax rate (the items included in the preceding table after considering the federal tax benefit associated with any state tax provisions) was $ 41 million at both September 30, 2025 and 2024, and $ 35 million at September 30, 2023.

We anticipate that the uncertain tax position liability balance will decrease by approximately $ 11 million over the next 12 months due to expiration of statutes of limitations of federal and state tax returns.

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Our subsidiaries also file separate income tax returns in various state, local, and foreign jurisdictions.

With few exceptions, we are generally no longer subject to U.S.

federal or foreign income tax examination by tax authorities for fiscal years prior to fiscal 2021, and fiscal years prior to fiscal 2020 for state and local jurisdictions.

We are no longer subject to U.S.

federal income tax examinations by tax authorities for fiscal years prior to fiscal 2022.

With limited exceptions, we are no longer subject to income tax examinations by tax authorities for foreign jurisdictions for fiscal years prior to fiscal 2022 and state and local jurisdictions for fiscal years prior to fiscal 2021.

Certain state and local and foreign tax returns are currently under various stages of audit and appeals processes.

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

As of September 30, 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 September 30, 2025, we had four such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Lending commitments and other credit-related financial instruments

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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.

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

We had unfunded commitments of $ 19 million for loans to financial advisors who had met such conditions as of September 30, 2024.

We have unfunded commitments of $ 38 million for loans to financial advisors who have met such conditions as of September 30, 2025.

Investment commitments

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $ 102 million as of September 30, 2025.

Other commitments

RJAHI sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner.

RJAHI typically sells investments in project partnerships to LIHTC

RAYMOND JAMES FINANCIAL, INC.

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Notes to Consolidated Financial Statements

funds within 90 days of their acquisition.

Other commitments

RJAHI sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner.

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

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

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RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.

On October 14, 2025, we announced we had reached an agreement to acquire a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured credit and securitization.

The transaction, which is subject to the satisfaction of customary closing conditions, including regulatory approvals, is currently expected to close in our fiscal 2026.

The acquisition of GreensLedge will add securitization and advisory capabilities to our existing fixed income operations.

We currently have the ability to utilize our cash on hand to fund the acquisition.

GreensLedge will operate within our Capital Markets segment upon completion of the acquisition.

For information regarding our lease commitments, including the maturities of our lease liabilities, see Note 13.

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Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition.

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

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

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of September 30, 2024, we estimated the upper end of the range of reasonably possible aggregate loss to be approximately $ 40 million in excess of the aggregate accruals for such matters.

See Note 2 for additional information regarding our criteria for recognizing liabilities for contingencies.

However, the outcome

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Consolidated Financial Statements

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 September 30, 2025, the estimated upper end of the range of reasonably possible aggregate loss was approximately $ 10 million in excess of the aggregate accruals for such matters.

See Note 2 for a discussion of our criteria for recognizing liabilities for contingencies.

NOTE 19 – SHAREHOLDERS’ EQUITY

1 unchanged sentence

As a component of our total purchase consideration for TriState Capital on June 1, 2022, we issued two series of preferred stock to replace previously issued and outstanding preferred stock of TriState Capital.

See Note 3 for additional information about the acquisition.

The preferred stock issuance included 1.61 million depositary shares, each representing a 1/40th interest in a share of Series A Preferred Stock, par value of $ 0.10 per share, with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share) and 3.22 million depositary shares, each representing a 1/40th interest in a share of Series B Preferred Stock, par value of $ 0.10 per share, with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share).

The preferred stock issuance included 1.61 million depositary shares, each representing a 1/40th interest in a share of 6.75 % Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”), par value of $ 0.10 per share, with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share) and 3.22 million depositary shares, each representing a 1/40th interest in a share of 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”), par value of $ 0.10 per share, with a liquidation preference of $ 1,000 per share (equivalent of $ 25 per depositary share).

We redeemed all outstanding shares of our Series A Preferred Stock on April 3, 2023.

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Year ended September 30, 2024

Series A Preferred Stock (1)

$ 2 $ 33.76 $ 2 $ 50.64

Series B Preferred Stock 5 $ 63.76 5 $ 63.76

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Series A Preferred Stock (1)

$ 2 $ 33.76 $ 2 $ 50.64

Series B Preferred Stock 5 $ 63.76 5 $ 63.76

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Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures

Common stock issued for TriState Capital acquisition (1)

Balance end of year

198.1 203.3 208.8

(1) On June 1, 2022, in conjunction with our acquisition of TriState Capital we issued 7.97 million shares of common stock as a component of the purchase consideration in the settlement of TriState Capital common stock and 551 thousand RSAs.

See Note 3 for additional information on the TriState Capital acquisition and Note 23 for additional information on the RSAs and common stock issuances made under our share-based compensation programs.

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.

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We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions.

In November 2023, our Board of Directors authorized common stock repurchases of up to $ 1.5 billion, which replaced the previous authorization.

In December 2024, our Board of Directors authorized common stock repurchases of up to $ 1.5 billion, which replaced the previous authorization.

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

During the year ended September 30, 2024, we repurchased 7.7 million shares of our common stock for $ 900 million at an average price of $ 116.96 per share under the Board of Directors’ common stock repurchase authorization.

During the year ended September 30, 2025, we repurchased 7.4 million shares of our common stock for $ 1.1 billion at an average price of $ 148 per share.

As of September 30, 2025, $ 399 million remained available under the Board of Directors’ common stock repurchase authorization.

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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 23 for additional information on our regulatory capital requirements.

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Amounts reclassified from AOCI, before tax

— — — — ( 32 ) ( 32 )

Pre-tax net OCI

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$ 143 $ ( 216 ) $ ( 73 ) $ ( 942 ) $ 44 $ ( 971 )

Reclassifications from AOCI to net income, excluding taxes, for the year ended September 30, 2024, 2023, and 2022 were recorded in “Interest expense” on the Consolidated Statements of Income and Comprehensive Income.

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

Reclassifications from AOCI to net income, excluding taxes, for the years ended September 30, 2024, and 2023 were recorded in “Interest expense” on the Consolidated Statements of Income and Comprehensive Income.

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

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Account and service fees:

Mutual fund and annuity service fees 461 — 10 — ( 1 ) 470

Mutual fund and other investment products

518 — 13 — ( 1 ) 530

RJBDP fees 1,240 6 — — ( 760 ) 486

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Account and service fees:

Mutual fund and annuity service fees 415 — 1 — ( 2 ) 414

Mutual fund and other investment products

461 — 10 — ( 1 ) 470

RJBDP fees 1,431 5 — — ( 829 ) 607

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Account and service fees:

Mutual fund and annuity service fees 428 — 1 — ( 2 ) 427

Mutual fund and other investment products

415 — 1 — ( 2 ) 414

RJBDP fees 1,591 4 — — ( 1,097 ) 498

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NOTE 21 – INTEREST INCOME AND INTEREST EXPENSE

We recognize interest in the period earned generally based upon average daily balances and contractual interest rates.

See Note 2 for additional information about our interest-earning assets and interest-bearing liabilities.

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

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$ 2,110 $ 2,085 $ 2,243

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

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

NOTE 22 - SHARE-BASED AND OTHER COMPENSATION

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We may also grant RSU awards in lieu of cash for a portion of the annual bonus awarded to officers and certain other employees who receive an annual bonus in excess of $ 275,000 .

Under the Plan, RSU awards are generally restricted for a three - to five-year period, during which time the awards are generally forfeitable in the event of termination other than for death, disability, or qualifying retirement.

We also grant performance-based RSU awards to certain executives which vest based on the firm’s achievement of certain financial or other targets.

Under the Plan, RSU awards are generally restricted for a three - to five-year period.

RSUs are generally forfeitable in the event of termination other than for death, disability, or qualifying retirement.

We grant RSUs annually to non-employee members of our Board of Directors.

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As of September 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 two years .

See Note 3 for additional information regarding our acquisition of TriState Capital.

These costs are expected to be recognized over a weighted-average period of one year .

Employee stock purchase plan

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The related compensation expense is calculated as the value of the 15 % discount from market value and was $ 6 million, $ 6 million, and $ 7 million for the years ended September 30, 2025, 2024 and 2023, respectively.

Stock options

We had stock options outstanding as of September 30, 2024 which had been issued to our employees and independent contractor financial advisors.

Effective in fiscal 2017, we stopped issuing stock options to our employees, and effective in fiscal 2021, we stopped issuing stock options to our independent contractor financial advisors.

Share-based compensation expense related to stock options was insignificant for the years ended September 30, 2024, 2023, and 2022.

Cash received from stock options exercised by our employees and independent contractor financial advisors during the year ended September 30, 2024 was $ 5 million.

Employee other compensation

Other compensation

Our profit-sharing plan and employee stock ownership plan (“ESOP”) are qualified plans that provide certain death, disability, or retirement benefits for our U.S.-based employees who meet certain service requirements.

The plans are noncontributory and

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

our contributions, if any, are determined annually by our Board of Directors, or a committee thereof, on a discretionary basis and are recognized as compensation expense throughout the year.

The plans are noncontributory and our contributions, if any, are determined annually by our Board of Directors, or a committee thereof, on a discretionary basis and are recognized as compensation expense throughout the year.

Benefits become fully vested after five years of qualified service, age 65, or if a participant separates from service due to death or disability.

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The number of shares of our common stock held by the ESOP was 6.3 million and 6.5 million at September 30, 2025 and 2024, respectively.

The market value of our common stock held by the ESOP at September 30, 2024 was $ 794 million, of which $ 8 million was unearned (not yet vested) by ESOP plan participants.

The market value of our common stock held by the ESOP at September 30, 2025 was $ 1.09 billion, of which $ 11 million was unearned (not yet vested) by ESOP plan participants.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

We also offer a plan pursuant to section 401(k) of the Internal Revenue Code, which is a qualified plan that may provide for a discretionary contribution or a matching contribution each year.

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Our LTIP is a non-qualified deferred compensation plan that provides benefits to certain employees who meet certain compensation or production requirements.

Company-owned life insurance is the primary source of funding for this plan.

See Note 12 for information regarding the carrying value of these company-owned life insurance policies.

Corporate-owned life insurance is the primary source of funding for this plan.

See Note 11 for information regarding the carrying value of these corporate-owned life insurance policies.

Contributions to the qualified plans and the LTIP are approved annually by the Board of Directors or a committee thereof.

The VDCP is a non-qualified deferred compensation plan for certain employees, in which eligible participants may elect to defer a percentage or specific dollar amount of their compensation.

Company-owned life insurance is the primary source of funding for this plan.

The VDCP is a non-qualified deferred compensation plan for certain employees and independent contractor financial advisors, in which eligible participants may elect to defer a percentage or specific dollar amount of their compensation.

Corporate-owned life insurance is the primary source of funding for this plan.

Compensation expense associated with all other employee compensation plans, including those previously described, totaled $ 230 million, $ 254 million and $ 223 million for the fiscal years ended September 30, 2025, 2024 and 2023, respectively.

Non-employee deferred payment plans

We offer non-qualified deferred payment plans that provide benefits to our independent contractor financial advisors who meet certain production requirements.

Company-owned life insurance is the primary source of funding for these plans.

The contributions are made in amounts approved annually by management.

Certain independent contractor financial advisors are also eligible to participate in our VDCP.

Eligible participants may elect to defer a percentage or specific dollar amount of their commissions into the VDCP.

Company-owned life insurance is the primary source of funding for this plan.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE 23 – REGULATORY CAPITAL REQUIREMENTS

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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.

We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies.

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

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 September 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.”

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.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

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

Required ratio (1)

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Tier 1 capital 8.5 % 6.0 % 23.0 % $ 11,156 22.8 % $ 10,383

CET1 7.0 % N/A (2)

7.0 % N/A (2)

22.9 % $ 11,081 22.6 % $ 10,307

Total capital 10.5 % 10.0 % 24.1 % $ 11,687 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 September 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, 2023 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets.

The increase in risk-weighted assets was primarily driven by increases in other assets, including investments in company-owned life insurance policies, and brokerage client receivables, partially offset by a decline in our available-for-sale securities portfolio.

RJF’s tier 1 leverage ratio at September 30, 2024 increased compared to September 30, 2023 due to the increase in regulatory capital, which was partially offset by higher average assets, primarily driven by increases in average bank loans, cash, and other assets, including investments in company-owned life insurance policies, partially offset by a decline in our available-for-sale securities portfolio.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

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.

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

The increase 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 (“RJB”) and TriState Capital Bank (“TSC”) must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of September 2025 and September 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.

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Tier 1 capital 8.5 % 8.0 % 13.9 % $ 3,434 14.4 % $ 3,401

CET1 7.0 % 6.5 % 14.4 % $ 3,401 13.7 % $ 3,355

7.0 % 6.5 % 13.9 % $ 3,434 14.4 % $ 3,401

Total capital 10.5 % 10.0 % 15.2 % $ 3,743 15.7 % $ 3,698

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Tier 1 capital 8.5 % 8.0 % 16.8 % $ 1,661 16.9 % $ 1,505

CET1 7.0 % 6.5 % 16.9 % $ 1,505 14.8 % $ 1,290

7.0 % 6.5 % 16.8 % $ 1,661 16.9 % $ 1,505

Total capital 10.5 % 10.0 % 17.5 % $ 1,732 17.5 % $ 1,558

(1) Requirements for tier 1 capital, CET1, and total capital included a 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%.

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

Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934.

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As of September 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.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE 24 – EARNINGS PER SHARE

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Asset Management;

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources.

The segments are determined based on the manner in which financial information is evaluated by management as well as the services provided and the distribution channels served.

Our Chief Executive Officer is the firm’s chief operating decision maker (“CODM”).

The CODM regularly reviews segment pre-tax income and its significant components in comparison to expected results as part of evaluating segment performance and determining how to allocate our resources.

The financial results of our segments are presented using the same policies as those described in Note 2.

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for which we generally charge either asset-based fees or sales commissions.

The PCG segment also earns revenues for distribution and related support services performed related to mutual and other funds, fixed and variable annuities, and insurance products.

The PCG segment also earns revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products.

The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose products we distribute and from banks to which we sweep a portion of our clients’ cash deposits as part of the RJBDP, our multi-bank sweep program.

The segment also includes net interest earnings primarily on assets segregated for regulatory purposes, margin loans provided to clients, cash balances, and securities borrowing transactions, net of interest paid on client cash balances in the Client Interest Program and securities lending transactions.

Our Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature.

In the following table, “All other” non-interest expenses for our PCG segment primarily included communications and information processing expenses, occupancy and equipment expenses, business development expenses, and professional fees.

We primarily conduct these activities in the U.S., Canada, and Europe.

In the following table, “All other” non-interest expenses for our Capital Markets segment primarily included communications and information processing expenses, business development expenses, provisions for certain legal and regulatory matters, professional fees, and occupancy and equipment expenses.

Our Asset Management segment earns asset management and related administrative fees for providing asset management, portfolio management, and related administrative services to retail and institutional clients.

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and Raymond James Trust Company of New Hampshire.

In the following table, “All other” non-interest expenses for our Asset Management segment primarily included investment sub-advisory fees and communications and information processing expenses.

Our Bank segment provides various types of loans, including SBL, corporate loans, residential mortgage loans, and tax-exempt loans.

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This segment generates net interest income principally through the interest income earned on loans and an investment portfolio of available-for-sale securities, which is offset by the interest expense it pays on client deposits and on its borrowings.

In the following table, “All other” non-interest expenses for our Bank segment primarily included RJBDP fees paid to PCG and communications and information processing expenses.

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

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The following table presents information concerning operations in these segments, inclusive of our acquisitions.

Year ended September 30,

$ in millions

Net revenues:

Private Client Group

$ 9,459 $ 8,654 $ 7,710

Capital Markets

1,472 1,214 1,809

Asset Management

Other and intersegment eliminations

Year ended September 30, 2025

Non-interest revenues (1)

$ 9,814 $ 1,758 $ 1,175 $ 61 $ ( 890 ) $ 11,918

Bank 1,716 2,013 1,084

Intersegment eliminations

Net interest income (2)

368 12 13 1,715 39 2,147

Total net revenues $ 12,821 $ 11,619 $ 11,003

Pre-tax income/(loss):

Private Client Group

10,182 1,770 1,188 1,776 ( 851 ) 14,065

Capital Markets 67 ( 91 ) 415

Asset Management

Bank 380 371 382

Other ( 10 ) ( 114 ) ( 191 )

Total pre-tax income

Non-interest expenses:

Compensation, commissions and benefits

7,384 1,128 229 184 147 9,072

No individual client accounted for more than ten percent of revenues in any of the years presented.

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

Bank loan provision for credit losses — — — 37 — 37

All other (1)

1,078 496 456 1,064 ( 852 ) 2,242

Total non-interest expense 8,462 1,624 685 1,285 ( 705 ) 11,351

Total pre-tax income/(loss)

$ 1,720 $ 146 $ 503 $ 491 $ ( 146 ) $ 2,714

Year ended September 30, 2024

$ in millions 2024 2023 2022

Net interest income/(expense):

Private Client Group

Non-interest revenues (1)

$ 9,098 $ 1,466 $ 1,013 $ 60 $ ( 946 ) $ 10,691

Capital Markets

Asset Management

Bank 1,656 1,957 1,053

Other 93 50 ( 68 )

Net interest income 361 6 14 1,656 93 2,130

9,459 1,472 1,027 1,716 ( 853 ) 12,821

Non-interest expenses:

Compensation, commissions and benefits 6,700 1,002 223 180 108 8,213

Bank loan provision for credit losses — — — 45 — 45

All other (1)

974 403 383 1,111 ( 951 ) 1,920

Total non-interest expense 7,674 1,405 606 1,336 ( 843 ) 10,178

Total pre-tax income/(loss)

$ 1,785 $ 67 $ 421 $ 380 $ ( 10 ) $ 2,643

Year ended September 30, 2023

Non-interest revenues (1)

$ 8,299 $ 1,211 $ 875 $ 56 $ ( 1,197 ) $ 9,244

Net interest income 355 3 10 1,957 $ 50 2,375

8,654 1,214 885 2,013 $ ( 1,147 ) 11,619

Non-interest expenses:

Compensation, commissions and benefits 5,927 902 198 177 95 7,299

Bank loan provision for credit losses — $ — — 132 — 132

All other (1)

964 403 336 1,333 $ ( 1,128 ) 1,908

Total non-interest expense 6,891 1,305 534 1,642 $ ( 1,033 ) 9,339

Total pre-tax income/(loss)

$ 1,763 $ ( 91 ) $ 351 $ 371 $ ( 114 ) $ 2,280

(1) “Non-interest revenues” and “All other” non-interest expenses for the PCG and Bank segments, respectively, included $ 754 million, $ 824 million, and $ 1.09 billion of RJBDP fees paid to PCG for the years ended September 30, 2025, 2024, and 2023, respectively.

Such fees were eliminated in consolidation.

(2) 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.

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

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

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Total $ 88,230 $ 82,992

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

September 30,

$ in millions 2024 2023

Private Client Group $ 578 $ 564

Capital Markets

Asset Management 69 69

Total $ 1,451 $ 1,437

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

We have operations in the U.S., Canada, and Europe.

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Total $ 88,230 $ 82,992

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

September 30,

$ in millions 2024 2023

$ 1,250 $ 1,250

Europe 176 162

Total $ 1,451 $ 1,437

NOTE 26 – CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

As more fully described in Note 1, RJF (or the “Parent”) is a financial holding company whose subsidiaries are engaged in various financial services activities.

The Parent’s primary activities include investments in subsidiaries and corporate investments, including cash management, company-owned life insurance policies and private equity investments.

The Parent’s primary activities include investments in subsidiaries and corporate investments, including cash management and corporate-owned life insurance policies.

The primary source of operating cash available to the Parent is provided by dividends from its subsidiaries.

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At September 30, 2025, each of these subsidiaries exceeded their minimum net capital requirements (see Note 23 for additional information).

Of the Parent’s net assets as of September 30, 2024, approximately $ 128 million of its investment in RJ&A, Raymond James Financial Services, Inc., and SumRidge Partners, LLC was available for distribution to the Parent without further regulatory approvals.

Of the Parent’s net assets as of September 30, 2025, approximately $ 119 million of its investment in RJ&A, Raymond James Financial Services, Inc., and SumRidge Partners, LLC (our largest U.S.

broker-dealer subsidiaries) was available for distribution to the Parent without further regulatory approvals.

As of September 30, 2025, approximately $ 4.01 billion of the net assets of our U.S.

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Notes to Consolidated Financial Statements

Cash and cash equivalents of $ 2.16 billion and $ 2.08 billion as of September 30, 2024 and 2023, respectively, were held directly by RJF in depository accounts at third-party financial institutions, unrestricted cash held in depository accounts at Raymond James Bank, or were loaned by the Parent to RJ&A, which RJ&A had invested on behalf of RJF, or otherwise deployed in its normal business activities.

The loan to RJ&A, which totaled $ 1.43 billion and $ 1.39 billion as of September 30, 2024 and 2023, respectively, is included in “Intercompany receivables from subsidiaries” in the following table.

RJF corporate cash of $ 3.67 billion and $ 2.16 billion as of September 30, 2025 and 2024, respectively, included cash and cash equivalents held directly by the Parent and cash loaned by the Parent to RJ&A which is included in “Intercompany receivables from subsidiaries” in the following table.

As of September 30, 2025 and 2024, the amount loaned by the Parent to RJ&A, which RJ&A had invested on behalf of RJF or otherwise deployed in its normal business activities, was $ 1.40 billion and $ 1.43 billion, respectively.

Cash and cash equivalents in the following table included investments in short-term U.S.

Treasuries, cash held directly by RJF in depository accounts at third-party financial institutions, and unrestricted cash held in depository accounts at Raymond James Bank.

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $ 302 million and $ 298 million as of September 30, 2025 and 2024, respectively.

The portion of this total that was available on demand without restrictions, which amounted to $ 253 million and $ 240 million as of September 30, 2024 and 2023, is included in “Cash and cash equivalents” in the following table.

The portion of this total that was available on demand without restrictions, which amounted to $ 270 million and $ 253 million as of September 30, 2025 and 2024, was included in “Cash and cash equivalents” in the following table.

See Notes 15, 16, 18 and 23 for additional information regarding borrowings, commitments, contingencies and guarantees, and regulatory capital requirements of the Parent and its subsidiaries.

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Accrued compensation, commissions and benefits $ 1,347 $ 1,168

Intercompany payables to subsidiaries:

Bank subsidiaries — 7

Non-bank subsidiaries 8 34

Intercompany payables to subsidiaries (non-bank subsidiaries)

Senior notes payable 3,520 2,040

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Equity in undistributed net income of subsidiaries

689 555 ( 342 )

Net income 2,135 2,068 1,739

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Net income available to common shareholders $ 2,130 $ 2,063 $ 1,733

(1) The year ended September 30, 2022 included significant dividends from RJ&A to RJF, which were in excess of net income for the period.

RAYMOND JAMES FINANCIAL, INC.

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

(Gain)/loss on investments

Unrealized (gain)/loss on company-owned life insurance policies, net of expenses ( 224 ) ( 95 ) 159

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

( 127 ) ( 224 ) ( 95 )

Equity in undistributed net income of subsidiaries ( 501 ) ( 689 ) ( 555 )

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( 121 ) ( 50 ) ( 149 )

(Advances to)/repayments from subsidiaries, net ( 66 ) ( 40 ) ( 723 )

Investment in note receivable — — ( 125 )

Proceeds from sales of investments — — 7

Purchase of investments in company-owned life insurance policies, net ( 51 ) ( 65 ) ( 63 )

Repayments from/(advances to) subsidiaries, net

49 ( 66 ) ( 40 )

Purchase of investments in corporate-owned life insurance policies, net

( 43 ) ( 51 ) ( 65 )

Other investing activities

Net cash (used in) investing activities

5 unchanged sentences

Exercise of stock options and employee stock purchases 31 46 46

Proceeds from senior note issuances, net of debt issuance costs paid 1,480 — —

Net cash used in financing activities ( 172 ) ( 1,321 ) ( 1,211 )

7 unchanged sentences

Cash paid for interest $ 94 $ 94 $ 65

Cash paid for income taxes, net (1)

Cash paid for income taxes, net of refunds received (1)

$ ( 12 ) $ 40 $ 9

Common stock issued as consideration for TriState Capital acquisition $ — $ — $ 778

Restricted stock awards issued as consideration for TriState Capital acquisition $ — $ — $ 28

Preferred stock issued as consideration for TriState Capital acquisition $ — $ — $ 120

Effective settlement of note receivable for TriState Capital acquisition $ — $ — $ 123

(1) Represented payments, net of refunds, made by the Parent to various taxing authorities and included taxes paid on behalf of certain of its subsidiaries.

3 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-K

Item 8. Financial Statements and Supplementary Data