What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-02-06 compared with 2025-08-06 · 254 added, 477 removed, 1417 unchanged (34% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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

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

Cash and cash equivalents $ 9,890 $ 11,389

32 unchanged sentences

650,000,000 shares authorized;

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

250,084,168 shares issued and 197,032,070 shares outstanding as of December 31, 2025;

250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025

2 unchanged sentences

Treasury stock, at cost;

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

53,052,098 and 51,944,574 common shares as of December 31, 2025 and September 30, 2025, respectively

( 4,321 ) ( 4,022 )

9 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

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

Three months ended December 31,

in millions, except per share amounts

2025 2024 2025 2024

Asset management and related administrative fees $ 1,999 $ 1,743

5 unchanged sentences

Investment banking

212 183 753 543

Interest income

990 1,057 2,980 3,159

46 51 125 120

Total revenues

3,842 3,762 11,722 10,920

Interest expense

( 441 ) ( 498 )

3,398 3,228 10,338 9,359

Non-interest expenses:

Compensation, commissions and benefits

2,202 2,090 6,678 6,054

Non-compensation expenses:

Communications and information processing

191 166 553 481

Occupancy and equipment

77 75 224 220

Business development

77 72 209 193

Investment sub-advisory fees

56 48 163 132

Professional fees

42 38 110 103

Bank loan provision/(benefit) for credit losses

15 ( 10 ) 31 23

175 105 387 270

Bank loan benefit for credit losses

Total non-compensation expenses 557 516

1 unchanged sentence

Pre-tax income

563 644 1,983 1,883

Provision for income taxes

127 152 452 417

Net income 563 600

6 unchanged sentences

Weighted-average common shares outstanding – basic

201.2 206.8 203.0 207.9

Weighted-average common and common equivalent shares outstanding – diluted

205.5 212.3 207.6 213.1

$ 436 $ 492 $ 1,531 $ 1,466

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

2 unchanged sentences

Cash flow hedges

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

Total other comprehensive income, net of tax

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

Total comprehensive income $ 611 $ 447

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

Three months ended December 31,

$ in millions, except per share amounts 2025 2024

1 unchanged sentence

Balance beginning of period

$ 79 $ 79 $ 79 $ 79

Share issuances

2 unchanged sentences

Balance beginning of period

Share issuances due to vesting of restricted stock units and employee stock purchases

Share issuances

Balance end of period

1 unchanged sentence

Balance beginning of period

3,151 3,186 3,251 3,143

Share-based compensation amortization 77 92

Employee stock purchases

Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures

Net activity under employee stock plans

( 206 ) ( 218 )

Balance end of period

3,202 3,221 3,202 3,221

Retained earnings:

2 unchanged sentences

Net income attributable to Raymond James Financial, Inc.

436 492 1,531 1,466

Common and preferred stock cash dividends declared (see Note 16)

6 unchanged sentences

( 415 ) ( 61 )

Reissuances due to vesting of restricted stock units and exercise of stock options 5 20 126 97

Reissuances under employee stock plans

Balance end of period

3 unchanged sentences

( 396 ) ( 502 )

Other comprehensive income, net of tax

Other comprehensive income/(loss), net of tax

Balance end of period

4 unchanged sentences

Balance beginning of period

15 ( 5 ) ( 6 ) ( 27 )

Net changes in noncontrolling interests

( 13 ) ( 2 ) 8 20

Balance end of period

2 ( 7 ) 2 ( 7 )

Total shareholders’ equity

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine months ended June 30,

Three months ended December 31,

$ in millions 2025 2024

Cash flows from operating activities:

$ 1,531 $ 1,466

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

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

Depreciation and amortization 49 47

1 unchanged sentence

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

( 19 ) ( 30 )

Provisions for credit losses and legal and regulatory matters, net

1 unchanged sentence

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

( 68 ) ( 174 )

Net change in:

8 unchanged sentences

Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale 105 ( 67 )

Net cash provided by operating activities

Net cash provided by/(used in) operating activities

Cash flows from investing activities:

8 unchanged sentences

( 46 ) ( 41 )

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

Renewable energy tax credit equity investments — ( 15 )

Other investing activities, net ( 57 ) ( 40 )

2 unchanged sentences

Cash flows from financing activities:

Increase in bank deposits

Increase/(decrease) in bank deposits

1,255 ( 160 )

Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 513 ) ( 185 )

2 unchanged sentences

Exercise of stock options and employee stock purchases 9 10

Proceeds from FHLB advances

Proceeds from Federal Home Loan Bank (“FHLB”) advances

Repayments of FHLB advances

1 unchanged sentence

Other financing, net ( 10 ) ( 7 )

Net cash used in financing activities

( 171 ) ( 756 )

Net cash provided by/(used in) financing activities

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

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine months ended June 30,

Three months ended December 31,

$ in millions 2025 2024

1 unchanged sentence

Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes 29 ( 214 )

Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash ( 1,383 ) 188

Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash

( 1,217 ) ( 768 )

Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year 14,787 14,348

7 unchanged sentences

Cash outflows for lease liabilities $ 34 $ 33

Non-cash right-of-use assets recorded for new and modified leases $ 78 $ 51

Non-cash right-of-use (“ROU”) assets recorded for new and modified leases

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

5 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

December 31, 2025

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

21 unchanged sentences

There have been no significant changes in our significant accounting policies since September 30, 2025.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3 – FAIR VALUE

2 unchanged sentences

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

$ in millions Level 1 Level 2 Level 3 Netting

adjustments (1)

Balance as of June 30, 2025

Balance as of December 31, 2025

Assets at fair value on a recurring basis:

15 unchanged sentences

4 283 — ( 217 ) 70

Other — — 1 — 1

Foreign exchange — 8 — ( 8 ) —

Total derivative assets 4 291 — ( 225 ) 70

12 unchanged sentences

Government and agency obligations 220 — — — 220

Agency MBS and CMOs

Total debt securities 223 641 — — 864

Equity securities 6 11 — — 17

Brokered certificates of deposit — 2 — — 2

Total trading liabilities 229 654 — — 883

72 unchanged sentences

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

Three months ended June 30, 2025

Three months ended December 31, 2025

Level 3 instruments at fair value

Financial assets

Financial assets Financial liabilities

Trading assets Derivative assets

Other investments

All other investments

Derivative liabilities

$ in millions Other Other

Fair value beginning of period

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

Purchases and contributions

Sales and distributions ( 27 ) — —

Into Level 3 — — —

Out of Level 3 — — —

Fair value end of period

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

$ 4 $ — $ 7 $ ( 2 )

Nine months ended June 30, 2025

Level 3 instruments at fair value

Financial assets

Trading assets Derivative assets Other investments

$ in millions Other Other All other

Fair value beginning of period

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

4 unchanged sentences

Fair value end of period

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

$ 4 $ — $ 7 $ —

Three months ended June 30, 2024

Level 3 instruments at fair value

Financial assets

Trading assets Other investments

$ in millions Other All other

Fair value beginning of period

Total gains/(losses) included in earnings — —

Purchases and contributions

Sales and distributions

Into Level 3 — —

Out of Level 3 — —

Fair value end of period

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended June 30, 2024

$ — $ — $ — $ —

Three months ended December 31, 2024

Level 3 instruments at fair value

Financial assets

Trading assets Other investments

$ in millions Other All other

Financial assets Financial liabilities

Trading assets Derivative assets All other investments

Derivative liabilities

$ in millions Other Other Other Other

Fair value beginning of period

$ 3 $ 4 $ 7 $ —

Total gains/(losses) included in earnings — ( 4 ) — ( 2 )

4 unchanged sentences

Fair value end of period

$ 2 $ — $ 7 $ ( 2 )

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

As of June 30, 2025, 11 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.

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

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

$ ( 3 ) $ — $ — $ ( 6 )

As of both December 31, 2025 and September 30, 2025, 10 % of our assets and 2 % of our liabilities were measured at fair value on a recurring basis.

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

Investments in private equity measured at net asset value per share

1 unchanged sentence

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

Our private equity portfolio as of June 30, 2025 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.

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

Our investments cannot be redeemed directly with the funds.

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

$ in millions Recorded value Unfunded commitment

June 30, 2025

December 31, 2025

Private equity investments measured at NAV $ 107 $ 36

5 unchanged sentences

Total private equity investments $ 112

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Financial instruments measured at fair value on a nonrecurring basis

4 unchanged sentences

(weighted-average)

June 30, 2025

December 31, 2025

Residential mortgage loans $ 5 $ 7 $ 12 Collateral or

12 unchanged sentences

Recovery rate 24 % - 96 % ( 76 %)

Loans held for sale $ 31 $ — $ 31 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.

1 unchanged sentence

(2) See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2025 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.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Financial instruments not recorded at fair value

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

The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at June 30, 2025 and September 30, 2024.

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

1 unchanged sentence

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

June 30, 2025

December 31, 2025

Financial assets:

3 unchanged sentences

Bank deposits - certificates of deposit $ 1,980 $ — $ 1,980 $ 1,974

Other borrowings - subordinated notes payable $ 98 $ — $ 98 $ 99

Senior notes payable $ 3,273 $ — $ 3,273 $ 3,521

5 unchanged sentences

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4 – AVAILABLE-FOR-SALE SECURITIES

5 unchanged sentences

unrealized losses Fair value

June 30, 2025

December 31, 2025

Agency residential MBS $ 3,412 $ 4 $ ( 236 ) $ 3,180

17 unchanged sentences

Total available-for-sale securities $ 7,410 $ 10 $ ( 532 ) $ 6,888

The amortized costs and fair values in the preceding table exclude $ 19 million and $ 23 million of accrued interest on available-for-sale securities as of June 30, 2025 and September 30, 2024, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

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

The amortized costs and fair values in the preceding table exclude $ 17 million and $ 18 million of accrued interest on available-for-sale securities as of December 31, 2025 and September 30, 2025, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and Federal Reserve Bank (“FRB”).

The following table details the contractual maturities, amortized costs, fair values and current yields for our available-for-sale securities.

1 unchanged sentence

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

As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of June 30, 2025.

June 30, 2025

As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.8 years as of December 31, 2025.

December 31, 2025

$ in millions Within one year After one but

60 unchanged sentences

losses Fair value Unrealized

June 30, 2025

December 31, 2025

Agency residential MBS

21 unchanged sentences

$ 241 $ — $ 5,737 $ ( 532 ) $ 5,978 $ ( 532 )

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

At June 30, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $ 3.66 billion and $ 2.28 billion, respectively, and fair values of $ 3.35 billion and $ 2.05 billion, respectively.

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

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

During the three months ended June 30, 2025 and the three and nine months ended June 30, 2024, there were no sales of available-for-sale securities.

At December 31, 2025, of the 768 available-for-sale securities in an unrealized loss position, 17 were in a continuous unrealized loss position for less than 12 months and 751 securities were in a continuous unrealized loss position for greater than 12 months.

During the three months ended December 31, 2025, there were no sales of available-for-sale securities.

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

Such losses were reclassified from accumulated other comprehensive income/loss (“AOCI”) to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the three months ended December 31, 2024.

RAYMOND JAMES FINANCIAL, INC.

7 unchanged sentences

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

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

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

25 unchanged sentences

$ 70 $ 181 $ 67 $ 190

$ 72 $ 210 $ 98 $ 224

(1) Included to-be-announced security contracts that are accounted for as derivatives.

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

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.

1 unchanged sentence

See Note 16 for additional information.

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

Three months ended December 31,

$ in millions 2025 2024

3 unchanged sentences

$ ( 12 ) $ 63

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

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

We expect to reclassify $ 6 million of interest expense out of AOCI and into earnings within the next 12 months.

5 unchanged sentences

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

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

$ in millions Three months ended December 31,

Location of gains/(losses)

2025 2024 2025 2024

Interest rate

Principal transactions/other revenue

$ 4 $ 3 $ 11 $ 7

Foreign exchange (1)

Other revenue

$ ( 48 ) $ 11 $ — $ 3

Principal transactions/other revenue

Other Principal transactions $ 2 $ ( 6 )

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

(1) The impacts included in our Condensed Consolidated Statements of Income and Comprehensive Income of these amounts net of the gains/(losses) on the related hedged item were net gains of $ 2 million for each of the three months ended December 31, 2025 and 2024.

Risks associated with our derivatives and related risk mitigation

11 unchanged sentences

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

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

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

RAYMOND JAMES FINANCIAL, INC.

11 unchanged sentences

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

June 30, 2025

December 31, 2025

Gross amounts of recognized assets/liabilities $ 311 $ 429 $ 740 $ 368 $ 514 $ 882

13 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Repurchase agreements:

13 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Collateral we received that was available to be delivered or repledged $ 4,354 $ 4,003

3 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Had the right to deliver or repledge $ 1,287 $ 1,265

5 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Assets pledged with the FHLB or FRB:

12 unchanged sentences

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 Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses (“ACL”).

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

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

SBL $ 21,667 $ 19,775

14 unchanged sentences

Held for sale loans

We originated or purchased $ 877 million and $ 2.59 billion of loans held for sale during the three and nine months ended June 30, 2025, respectively, and $ 856 million and $ 1.85 billion during the three and nine months ended June 30, 2024, respectively.

We originated or purchased $ 497 million and $ 706 million of loans held for sale during the three months ended December 31, 2025 and 2024, respectively.

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

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

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

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 177 million and $ 165 million during the three months ended December 31, 2025, and 2024, respectively.

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

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

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

Three months ended June 30, 2025

Purchases $ 156 $ — $ 14 $ 94 $ 264

Sales $ 103 $ — $ — $ — $ 103

Nine months ended June 30, 2025

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

Sales $ 180 $ 13 $ — $ — $ 193

Three months ended June 30, 2024

$ in millions C&I loans Residential mortgage loans Total

Three months ended December 31, 2025

Purchases $ 165 $ 14 $ 179

Sales $ 84 $ — $ 84

Nine months ended June 30, 2024

Three months ended December 31, 2024

Purchases $ 242 $ 65 $ 307

5 unchanged sentences

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

June 30, 2025

December 31, 2025

SBL $ 3 $ — $ 3 $ — $ — $ 21,664 $ 21,667

13 unchanged sentences

Total loans held for investment $ 7 $ — $ 7 $ 159 $ 27 $ 51,410 $ 51,603

The preceding table includes $ 127 million and $ 89 million at June 30, 2025 and September 30, 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

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

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

Loans to borrowers experiencing financial difficulty modified during the three and nine months ended June 30, 2025 and 2024 were not significant.

The preceding table includes $ 122 million and $ 109 million at December 31, 2025 and September 30, 2025, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2025 Form 10-K, 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 three months ended December 31, 2025 and 2024 were not significant.

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

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

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

$ in millions Nature of collateral December 31, 2025 September 30, 2025

C&I loans Commercial real estate and other business assets $ 23 $ 13

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

CRE loans Office, hospitality, multi-family residential, industrial, and medical office real estate $ 144 $ 165

REIT loans Office real estate $ 106 $ 113

Residential mortgage loans Single family homes $ 6 $ 9

17 unchanged sentences

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

As of and for the nine months ended June 30, 2025

As of and for the three months ended December 31, 2025

Loans by origination fiscal year

45 unchanged sentences

$ — $ — $ — $ — $ — $ — $ — $ —

(1) As of December 31, 2025, this balance related to a loan which was collateralized by private securities.

RAYMOND JAMES FINANCIAL, INC.

6 unchanged sentences

Special mention (1)

Substandard (1)

— — — — — — 85 85

— — — — — — — —

Doubtful — — — — — — — —

39 unchanged sentences

$ — $ — $ — $ — $ — $ — $ — $ —

(1) As of September 30, 2024, these balances related 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.

5 unchanged sentences

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

June 30, 2025

December 31, 2025

Loans by origination fiscal year

27 unchanged sentences

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

Three months ended June 30, 2025

Balance at beginning of period

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

Provision/(benefit) for credit losses ( 1 ) 12 ( 1 ) 4 1 — 15

Net (charge-offs)/recoveries:

Charge-offs — ( 4 ) — — — — ( 4 )

Recoveries — 1 — — — — 1

Net (charge-offs)/recoveries

— ( 3 ) — — — — ( 3 )

Foreign exchange translation adjustment

— 1 — — — — 1

Balance at end of period

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

Nine months ended June 30, 2025

Three months ended December 31, 2025

Balance at beginning of period

4 unchanged sentences

Recoveries — — — — — — —

Net (charge-offs)/recoveries

Net charge-offs

— ( 1 ) ( 8 ) — — — ( 9 )

4 unchanged sentences

ACL by loan portfolio segment as a % of total ACL 1.6 % 33.2 % 40.0 % 10.9 % 14.1 % 0.2 % 100.0 %

Three months ended June 30, 2024

Balance at beginning of period

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

Provision/(benefit) for credit losses ( 1 ) ( 20 ) 16 1 ( 6 ) — ( 10 )

Net (charge-offs)/recoveries:

Charge-offs — ( 6 ) ( 1 ) — — — ( 7 )

Recoveries — — — — 1 — 1

Net (charge-offs)/recoveries — ( 6 ) ( 1 ) — 1 — ( 6 )

Foreign exchange translation adjustment

— — 1 — — — 1

Balance at end of period

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

Nine months ended June 30, 2024

Three months ended December 31, 2024

Balance at beginning of period

4 unchanged sentences

Recoveries — — — — — — —

Net (charge-offs)/recoveries

Net charge-offs

— ( 4 ) — — — — ( 4 )

4 unchanged sentences

ACL by loan portfolio segment as a % of total ACL 1.1 % 38.9 % 39.2 % 6.0 % 14.4 % 0.4 % 100.0 %

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

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

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

The allowance for credit losses on held for investment bank loans decreased $ 12 million during the three months ended December 31, 2025, primarily resulting from net charge-offs during the period.

The bank loan benefit for credit losses for the three months ended December 31, 2025 primarily reflected the impact of net paydowns of higher-risk loans in our corporate loan portfolio and an improved economic outlook for the C&I loan portfolio, partially offset by specific reserves on certain loans.

NOTE 8 – LOANS TO FINANCIAL ADVISORS, NET

2 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

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

9 unchanged sentences

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 9 – VARIABLE INTEREST ENTITIES

3 unchanged sentences

VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (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 investments in low-income housing tax credit (“LIHTC”) funds and other funds that qualify for tax credits and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (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.

1 unchanged sentence

$ in millions Aggregate assets Aggregate liabilities

June 30, 2025

December 31, 2025

Restricted Stock Trust Fund

3 unchanged sentences

Total $ 93 $ 39

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 24 $ 19

Other receivables 2 —

Other assets 59 55

4 unchanged sentences

As discussed in Note 2 of our 2025 Form 10-K, 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 portfolio (“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 portfolio (“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.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Aggregate assets, liabilities, and risk of loss

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

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

$ in millions Aggregate

8 unchanged sentences

Total $ 14,012 $ 4,545 $ 310 $ 13,319 $ 4,196 $ 353

NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions.

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

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

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

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

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

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

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

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 10 - OTHER ASSETS

1 unchanged sentence

See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to certain of these components.

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Investments in corporate-owned life insurance policies

1 unchanged sentence

Property and equipment, net 678 670

Lease right-of-use (“ROU”) assets

ROU lease assets

Prepaid expenses 254 218

7 unchanged sentences

See Notes 2 and 13 of our 2025 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

ROU lease assets (included in “Other assets”)

Lease liabilities (included in “Other payables”)

Lease liabilities as of June 30, 2025 excluded $ 21 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.

These leases are estimated to commence later in fiscal year 2025 through fiscal year 2026 with lease terms ranging from four to eleven years .

Lease liabilities as of December 31, 2025 excluded $ 87 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced.

These leases are estimated to commence later in fiscal year 2026 through fiscal year 2027 with lease terms ranging from 3 to 11 years.

Lease expense

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

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

Three months ended December 31,

$ in millions 2025 2024

1 unchanged sentence

Variable lease costs $ 9 $ 6

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.

5 unchanged sentences

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

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

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

4 unchanged sentences

Total bank deposits $ 60,152 2.18 % $ 58,897 2.56 %

Total bank deposits included $ 26.64 billion and $ 23.98 billion of cash balances as of June 30, 2025 and September 30, 2024, respectively, which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.

Total bank deposits included $ 27.82 billion and $ 26.56 billion as of December 31, 2025 and September 30, 2025, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.

Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), 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 $ 13.03 billion and $ 14.02 billion of deposits as of June 30, 2025 and September 30, 2024, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account.

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

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

$ in millions June 30, 2025 September 30, 2024

Interest-bearing demand deposits in the preceding table included $ 12.45 billion and $ 13.47 billion of deposits as of December 31, 2025 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account.

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 December 31, 2025 September 30, 2025

FDIC-insured bank deposits $ 50,001 $ 49,117

3 unchanged sentences

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

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.14 billion and $ 1.05 billion as of June 30, 2025 and September 30, 2024, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of June 30, 2025.

$ in millions June 30, 2025

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.45 billion and $ 1.24 billion as of December 31, 2025 and September 30, 2025, respectively.

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

$ in millions December 31, 2025

Three months or less

7 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

$ in millions

3 unchanged sentences

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

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

Three months ended December 31,

$ in millions 2025 2024

7 unchanged sentences

The following table details the components of our other borrowings.

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

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

1 unchanged sentence

Floating rate - term

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

3.98 % March 2026 - September 2027 $ 450 4.44 % December 2025 - December 2026 $ 500

Fixed rate 3.99 % December 2027 - December 2028 250 4.10 % December 2028 200

Total FHLB advances $ 700 $ 700

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

9.95 % May 2030 99 5.75 % May 2030 99

Total other borrowings $ 849 $ 1,049

FHLB advances

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 our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate.

1 unchanged sentence

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Subordinated notes

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

Our subordinated notes incurred interest at a fixed rate of 5.75 % until May 15, 2025 and thereafter at a variable interest rate equal to 3-month CME Term Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 5.62 % per annum.

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

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

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

Credit Facility

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 or RJF have the ability to borrow.

The Credit Facility has a term through September 2030 and provides for maximum borrowings of up to $ 1 billion.

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

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

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

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

Based upon RJF’s credit rating as of June 30, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

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

2 unchanged sentences

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

While we had borrowings outstanding as of June 30, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement.

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

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

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

See Note 6 for information regarding our other collateralized financing arrangements.

6 unchanged sentences

Effective tax rate

Our effective income tax rate of 22.8 % for the nine months ended June 30, 2025 was higher than the 21.8 % effective tax rate for our fiscal year 2024.

The increase in the effective income tax rate was primarily due to lower non-taxable valuation gains recognized on our corporate-owned life insurance in the current-year period compared with fiscal 2024.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Our effective income tax rate of 22.7 % for the three months ended December 31, 2025 was higher than the 21.3 % effective tax rate for our fiscal year 2025.

The effective tax rate for our fiscal first quarter of 2026 reflects the seasonal benefit from share-based compensation that settled during the quarter.

For additional information regarding our fiscal 2025 effective tax rate, refer to Note 17 of our 2025 Form 10-K.

Uncertain tax positions

4 unchanged sentences

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

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

As of December 31, 2025, we had no such open underwriting commitments.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Lending commitments and other credit-related financial instruments

3 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

SBL and other consumer lines of credit $ 58,739 $ 56,048

17 unchanged sentences

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Investment commitments

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

We had unfunded commitments of $ 112 million as of December 31, 2025, to various investments, primarily held by Raymond James Bank and TriState Capital Bank, and to certain renewable energy tax credit investments.

Other commitments

3 unchanged sentences

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

As of June 30, 2025, RJAHI had committed approximately $ 443 million to project partnerships that had not yet been sold to LIHTC funds.

As of December 31, 2025, RJAHI had committed approximately $ 210 million to project partnerships that had not yet been sold to LIHTC funds.

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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.

On January 15, 2026, we announced we had reached an agreement to acquire all of the outstanding shares in Clark Capital Management Group, Inc.

(“Clark Capital”), an asset management firm specializing in wealth-focused solutions.

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

Upon completion of the acquisition, Clark Capital will maintain its brand and become an independent boutique investment manager within Raymond James Investment Management.

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

Clark Capital will operate within our Asset Management segment upon completion of the acquisition.

For information regarding our lease commitments see Note 11 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 13 of our 2025 Form 10-K.

31 unchanged sentences

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

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

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of December 31, 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.

Refer to Note 2 of our 2025 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.

3 unchanged sentences

For further details regarding our preferred stock see Note 19 of our 2025 Form 10-K.

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

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

2 unchanged sentences

Aggregate liquidation preference $ 81 $ 81

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

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

On January 2, 2026, we redeemed all 80,500 outstanding shares of our Series B Preferred Stock, which triggered the redemption of the related depositary shares, each representing a 1/40th interest in a share of Series B Preferred Stock, for an aggregate redemption value of $ 81 million.

The redemption of the Series B Preferred Stock will be reflected in our condensed consolidated financial statements in our fiscal second quarter of 2026.

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

Three months ended December 31,

$ in millions, except per share amounts 2025 2024

1 unchanged sentence

Total dividends declared

$ 1 $ 1 $ 4 $ 4

Dividends declared per preferred share

2 unchanged sentences

Total dividends paid

$ 1 $ 1 $ 4 $ 4

Dividends paid per preferred share

1 unchanged sentence

Common equity

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

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

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

Three months ended December 31,

Shares in millions

2025 2024 2025 2024

Balance beginning of period

203.1 207.3 203.3 208.8

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

2 unchanged sentences

Balance end of period

200.0 205.6 200.0 205.6

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

See Note 19 of this Form 10-Q and Note 22 of our 2025 Form 10-K for additional information on these programs.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Share repurchases

1 unchanged sentence

In December 2025, our Board of Directors authorized common stock repurchases of up to $ 2 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 three months ended June 30, 2025, we repurchased 3.3 million shares of our common stock for $ 451 million at an average price of $ 137 per share under the Board of Directors’ common stock repurchase authorization.

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

As of June 30, 2025, $ 749 million remained available under the Board of Directors’ common stock repurchase authorization.

Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock.

During the three months ended December 31, 2025, we repurchased 2.5 million shares of our common stock for $ 400 million at an average price of $ 162 per share.

As of December 31, 2025, $ 1.9 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

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

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

2025 2024 2025 2024

Three months ended December 31,

Dividends per common share - declared $ 0.54 $ 0.50

1 unchanged sentence

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

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

2025 2024 2025 2024

Three months ended December 31,

Dividend payout ratio

12 unchanged sentences

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

Three months ended June 30, 2025

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

OCI before reclassifications and taxes ( 60 ) 104 44 71 — 115

Amounts reclassified from AOCI, before tax — — — — ( 4 ) ( 4 )

Pre-tax net OCI ( 60 ) 104 44 71 ( 4 ) 111

Income tax effect 14 — 14 ( 18 ) 1 ( 3 )

OCI for the period, net of tax ( 46 ) 104 58 53 ( 3 ) 108

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

Nine months ended June 30, 2025

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

OCI before reclassifications and taxes 19 10 29 52 13 94

Amounts reclassified from AOCI, before tax — — — 2 ( 16 ) ( 14 )

Pre-tax net OCI 19 10 29 54 ( 3 ) 80

Income tax effect ( 5 ) — ( 5 ) ( 12 ) 1 ( 16 )

OCI for the period, net of tax 14 10 24 42 ( 2 ) 64

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

Three months ended June 30, 2024

Three months ended December 31, 2025

AOCI as of beginning of period $ 184 $ ( 196 ) $ ( 12 ) $ ( 391 ) $ 7 $ ( 396 )

5 unchanged sentences

AOCI as of end of period $ 174 $ ( 179 ) $ ( 5 ) $ ( 348 ) $ 5 $ ( 348 )

Nine months ended June 30, 2024

Three months ended December 31, 2024

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

5 unchanged sentences

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

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

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

1 unchanged sentence

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 17 – REVENUES

2 unchanged sentences

See Note 25 of our 2025 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments.

Three months ended June 30, 2025

Three months ended December 31, 2025

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

11 unchanged sentences

Account and service fees:

Mutual fund and annuity service fees 126 — 3 — — 129

RJBDP fees 303 2 — — ( 195 ) 110

Client account and other fees 72 2 2 — ( 13 ) 63

Total account and service fees 501 4 5 — ( 208 ) 302

Investment banking:

Merger & acquisition and advisory — 105 — — — 105

Equity underwriting 9 38 — — — 47

Debt underwriting — 60 — — — 60

Total investment banking 9 203 — — — 212

Affordable housing investments business revenues — 33 — — — 33

All other (1)

5 — 1 16 ( 9 ) 13

Total other 5 33 1 16 ( 9 ) 46

Total non-interest revenues 2,397 378 288 18 ( 229 ) 2,852

Interest income (1)

114 27 3 823 23 990

Total revenues 2,511 405 291 841 ( 206 ) 3,842

Interest expense ( 23 ) ( 24 ) — ( 383 ) ( 14 ) ( 444 )

Net revenues $ 2,488 $ 381 $ 291 $ 458 $ ( 220 ) $ 3,398

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended June 30, 2024

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

Asset management and related administrative fees $ 1,364 $ — $ 254 $ — $ ( 7 ) $ 1,611

Brokerage revenues:

Securities commissions:

Mutual and other fund products 142 1 1 — — 144

Insurance and annuity products 130 — — — — 130

Equities, ETFs and fixed income products 111 33 — — ( 2 ) 142

Subtotal securities commissions 383 34 1 — ( 2 ) 416

Principal transactions (1)

Mutual fund and other investment products

142 1 4 — ( 1 ) 146

Total brokerage revenues 409 121 1 3 ( 2 ) 532

Account and service fees:

Mutual fund and annuity service fees 118 — 2 — — 120

RJBDP fees 289 1 — — ( 189 ) 101

20 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended June 30, 2025

Three months ended December 31, 2024

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

10 unchanged sentences

Account and service fees:

Mutual fund and annuity service fees 382 — 10 — ( 1 ) 391

RJBDP fees 947 5 — — ( 568 ) 384

Client account and other fees 208 6 7 — ( 31 ) 190

Total account and service fees 1,537 11 17 — ( 600 ) 965

Investment banking:

Merger & acquisition and advisory — 460 — — — 460

Equity underwriting 26 104 — — — 130

Debt underwriting — 163 — — — 163

Total investment banking 26 727 — — — 753

Affordable housing investments business revenues — 82 — — — 82

All other (1)

16 1 1 38 ( 13 ) 43

Total other 16 83 1 38 ( 13 ) 125

Total non-interest revenues 7,246 1,247 864 44 ( 659 ) 8,742

Interest income (1)

350 84 10 2,472 64 2,980

Total revenues 7,596 1,331 874 2,516 ( 595 ) 11,722

Interest expense ( 74 ) ( 74 ) — ( 1,199 ) ( 37 ) ( 1,384 )

Net revenues $ 7,522 $ 1,257 $ 874 $ 1,317 $ ( 632 ) $ 10,338

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended June 30, 2024

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

Asset management and related administrative fees $ 3,838 $ 1 $ 720 $ — $ ( 25 ) $ 4,534

Brokerage revenues:

Securities commissions:

Mutual and other fund products 419 4 4 — ( 3 ) 424

Insurance and annuity products 382 — — — — 382

Equities, ETFs and fixed income products 313 101 — — ( 7 ) 407

Subtotal securities commissions 1,114 105 4 — ( 10 ) 1,213

Principal transactions (1)

Mutual fund and other investment products

126 — 4 — — 130

Total brokerage revenues 1,198 383 4 7 ( 10 ) 1,582

Account and service fees:

Mutual fund and annuity service fees 339 — 7 — ( 1 ) 345

RJBDP fees 331 1 — — ( 188 ) 144

17 unchanged sentences

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

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

At December 31, 2025 and September 30, 2025, net receivables related to contracts with customers were $ 472 million and $ 532 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

2 unchanged sentences

NOTE 18 – INTEREST INCOME AND INTEREST EXPENSE

For further information about our significant accounting policies related to interest income and interest expense see Notes 2 and 21 of our 2025 Form 10-K.

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

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

Three months ended December 31,

$ in millions 2025 2024

4 unchanged sentences

Available-for-sale securities

45 55 142 167

Brokerage client receivables 43 45

5 unchanged sentences

Bank deposits

$ 373 $ 446 1,163 $ 1,318

Trading liabilities — debt securities 12 11

4 unchanged sentences

Total interest expense

$ 444 $ 534 $ 1,384 $ 1,561

Net interest income $ 566 $ 529

Bank loan provision/(benefit) for credit losses

15 ( 10 ) 31 23

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

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

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

Bank loan benefit for credit losses

Net interest income after bank loan benefit for credit losses

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

NOTE 19 – SHARE-BASED COMPENSATION

6 unchanged sentences

Restricted stock units

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

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

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

During the three months ended December 31, 2025, we granted approximately 1.5 million RSUs, respectively, with a weighted-average grant-date fair value of $ 156.33 , compared with approximately 1.3 million RSUs granted during the three months ended December 31, 2024, with a weighted-average grant-date fair value of $ 163.63 .

For the three months ended December 31, 2025, total share-based compensation amortization related to RSUs was $ 76 million, compared with $ 91 million for the three months ended December 31, 2024.

As of December 31, 2025, there were $ 463 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the three months ended December 31, 2025.

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

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Restricted stock awards

Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital Holdings, Inc.

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

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

As of June 30, 2025, there were $ 2 million of total pre-tax compensation costs not yet recognized for these RSAs.

These costs are expected to be recognized over a weighted-average period of 1.3 years.

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

NOTE 20 – REGULATORY CAPITAL REQUIREMENTS

10 unchanged sentences

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 June 30, 2025, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2024 Form 10-K.

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

As of December 31, 2025, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 23 of our 2025 Form 10-K.

The following table presents regulatory capital ratio requirements for RJF as of December 31, 2025 and September 30, 2025.

Required ratio (1)

Well-capitalized

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

$ in millions Ratio Amount Ratio Amount

8 unchanged sentences

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

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

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

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

As of December 31, 2025, RJF’s regulatory capital increased compared with September 30, 2025 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, 2025 resulting from the increase in regulatory capital and a slight decrease in risk-weighted assets.

RJF’s tier 1 leverage ratio at December 31, 2025 decreased compared to September 30, 2025 due to an increase in average assets, which was partially offset by the increase in regulatory capital.

Average assets increased primarily due to the full-quarter impact of cash proceeds from the $ 1.5 billion of senior notes issued in September 2025.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

in average assets was primarily driven by increases in average bank loans, partially offset by a decline in our available-for-sale securities portfolio.

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of June 30, 2025 and September 30, 2024.

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

1 unchanged sentence

Well-capitalized

June 30, 2025 September 30, 2024

December 31, 2025 September 30, 2025

$ in millions Ratio Amount Ratio Amount

16 unchanged sentences

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Raymond James & Associates, Inc.

5 unchanged sentences

Excess net capital $ 979 $ 962

As of June 30, 2025, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

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

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

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

Three months ended December 31,

$ in millions, except per share amounts

2 unchanged sentences

Less allocation of earnings and dividends to participating securities

— ( 1 ) ( 2 ) ( 3 )

Net income available to common shareholders after participating securities $ 561 $ 598

2 unchanged sentences

Less allocation of earnings and dividends to participating securities

— ( 1 ) ( 2 ) ( 3 )

Net income available to common shareholders after participating securities $ 561 $ 598

1 unchanged sentence

Average common shares in basic computation

201.2 206.8 203.0 207.9

Dilutive effect of outstanding stock options and certain RSUs

4.3 5.5 4.6 5.2

Average common and common equivalent shares used in diluted computation 201.4 209.2

3 unchanged sentences

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

1.1 0.1 1.1 0.1

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

Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2025 and 2024.

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

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

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

9 unchanged sentences

The following table presents information concerning operations in these segments.

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

$ in millions

Net revenues:

Private Client Group

Capital Markets

381 330 1,257 989

Asset Management

Other and intersegment eliminations

Three months ended December 31, 2025

Non-interest revenues (1)

$ 2,677 $ 376 $ 323 $ 17 $ ( 224 ) $ 3,169

Bank 458 418 1,317 1,283

Intersegment eliminations

Net interest income

91 4 3 470 ( 2 ) 566

Total net revenues $ 3,398 $ 3,228 $ 10,338 $ 9,359

Pre-tax income/(loss):

Private Client Group $ 411 $ 441 $ 1,304 $ 1,324

Capital Markets

2,768 380 326 487 ( 226 ) 3,735

Asset Management

Non-interest expenses:

Compensation, commissions and benefits

2,051 261 59 48 31 2,450

Bank 123 115 358 282

Bank loan benefit for credit losses

— — — ( 3 ) — ( 3 )

Total pre-tax income $ 563 $ 644 $ 1,983 $ 1,883

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

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

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

$ in millions 2025 2024 2025 2024

Net interest income:

Private Client Group (1)

All other (1)

278 110 124 269 ( 221 ) 560

Capital Markets

Asset Management

Bank 440 406 1,273 1,245

Total non-interest expense 2,329 371 183 314 ( 190 ) 3,007

Total pre-tax income/(loss)

$ 439 $ 9 $ 143 $ 173 $ ( 36 ) $ 728

Three months ended December 31, 2024

Non-interest revenues (1)

$ 2,449 $ 477 $ 290 $ 11 $ ( 219 ) $ 3,008

Net interest income 99 3 4 414 9 529

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

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

2,548 480 294 425 ( 210 ) 3,537

Non-interest expenses:

Compensation, commissions and benefits 1,831 301 58 46 36 2,272

Bank loan provision for credit losses

All other (1)

255 105 111 261 ( 216 ) 516

Total non-interest expense 2,086 406 169 307 ( 180 ) 2,788

Total pre-tax income/(loss)

$ 462 $ 74 $ 125 $ 118 $ ( 30 ) $ 749

(1) “Non-interest revenues” and “All other” non-interest expenses for the PCG and Bank segments, respectively, included $ 188 million and $ 187 million of RJBDP fees paid to PCG for the three months ended December 31, 2025 and 2024, respectively.

Such fees were eliminated in consolidation.

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

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Total assets:

8 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

$ in millions June 30, 2025 September 30, 2024

Private Client Group $ 581 $ 578

Capital Markets 276 275

Asset Management 69 69

Total $ 1,455 $ 1,451

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

1 unchanged sentence

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

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

Three months ended December 31,

$ in millions 2025 2024

6 unchanged sentences

Pre-tax income/(loss):

$ 546 $ 615 $ 1,875 $ 1,801

Canada 23 31 97 95

Europe ( 4 ) 18

Total pre-tax income

$ 563 $ 644 $ 1,983 $ 1,883

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

$ in millions June 30, 2025 September 30, 2024

$ in millions December 31, 2025 September 30, 2025

Total assets:

3 unchanged sentences

Total $ 88,760 $ 88,230

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

$ in millions June 30, 2025 September 30, 2024

$ 1,250 $ 1,250

Europe 181 176

Total $ 1,455 $ 1,451

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

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

What changed 10-Q

Item 1. Financial Statements