What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2026-02-06 · 475 added, 195 removed, 1476 unchanged (31% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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

$ in millions, except per share amounts March 31, 2026 September 30, 2025

Cash and cash equivalents $ 11,219 $ 11,389

32 unchanged sentences

650,000,000 shares authorized;

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

250,084,168 shares issued and 194,643,210 shares outstanding as of March 31, 2026;

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

2 unchanged sentences

Treasury stock, at cost;

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

55,440,958 and 51,944,574 common shares as of March 31, 2026 and September 30, 2025, respectively

( 4,711 ) ( 4,022 )

9 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three months ended December 31,

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

in millions, except per share amounts

2026 2025 2026 2025

Asset management and related administrative fees $ 2,016 $ 1,725 $ 4,015 $ 3,468

5 unchanged sentences

Investment banking

279 216 487 541

Interest income

960 963 1,967 1,990

Total revenues

4,262 3,845 8,438 7,880

Interest expense

( 403 ) ( 442 ) ( 844 ) ( 940 )

3,859 3,403 7,594 6,940

Non-interest expenses:

Compensation, commissions and benefits

2,541 2,204 4,991 4,476

Non-compensation expenses:

Communications and information processing

206 184 400 362

Occupancy and equipment

80 74 160 147

Business development

75 64 156 132

Investment sub-advisory fees

63 54 126 107

Professional fees

Bank loan benefit for credit losses

Bank loan provision for credit losses

118 102 223 212

Total non-compensation expenses 583 528 1,140 1,044

1 unchanged sentence

Pre-tax income

735 671 1,463 1,420

Provision for income taxes

191 176 356 325

Net income 544 495 1,107 1,095

6 unchanged sentences

Weighted-average common shares outstanding – basic

196.1 204.3 196.6 204.0

Weighted-average common and common equivalent shares outstanding – diluted

199.2 208.7 200.3 208.9

$ 544 $ 495 $ 1,107 $ 1,095

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

Available-for-sale securities

( 10 ) 95 33 ( 11 )

Currency translations, net of the impact of net investment hedges ( 10 ) 19 ( 3 ) ( 34 )

Cash flow hedges

— ( 5 ) ( 2 ) 1

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

( 20 ) 109 28 ( 44 )

Total comprehensive income $ 524 $ 604 $ 1,135 $ 1,051

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three months ended December 31,

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

$ in millions, except per share amounts 2026 2025 2026 2025

1 unchanged sentence

Balance beginning of period

Share issuances

$ 79 $ 79 $ 79 $ 79

Redemption of preferred stock ( 79 ) — ( 79 ) —

Balance end of period

5 unchanged sentences

Balance beginning of period

3,106 3,125 3,235 3,251

Share-based compensation amortization 52 53 129 145

2 unchanged sentences

Balance end of period

3,156 3,151 3,156 3,151

Retained earnings:

2 unchanged sentences

Net income attributable to Raymond James Financial, Inc.

544 495 1,107 1,095

Common and preferred stock cash dividends declared (see Note 18)

7 unchanged sentences

Reissuances under employee stock plans

16 16 132 121

Balance end of period

4 unchanged sentences

Other comprehensive income/(loss), net of tax

( 20 ) 109 28 ( 44 )

Balance end of period

4 unchanged sentences

Balance beginning of period

Net changes in noncontrolling interests

Increase from acquisition of majority interest in GreensLedge Holdings LLC

All other net changes in noncontrolling interests

Balance end of period

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended December 31,

Six months ended March 31,

$ in millions 2026 2025

Cash flows from operating activities:

$ 1,107 $ 1,095

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

15 unchanged sentences

Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale 195 ( 14 )

Net cash provided by/(used in) operating activities

Net cash provided by operating activities

Cash flows from investing activities:

6 unchanged sentences

Proceeds from sales of available-for-sale securities

Cash paid for acquisition, net of cash acquired

Additions to property and equipment

( 91 ) ( 87 )

Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock — 9

Other investing activities, net ( 89 ) ( 54 )

2 unchanged sentences

Cash flows from financing activities:

Increase/(decrease) in bank deposits

1,255 ( 160 )

Increase in bank deposits

Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 918 ) ( 459 )

1 unchanged sentence

( 221 ) ( 211 )

Exercise of stock options and employee stock purchases 9 10

Employee stock purchases and exercise of stock options

Redemption of preferred stock ( 81 ) —

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

3 unchanged sentences

Net cash provided by/(used in) financing activities

2,319 ( 463 )

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

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended December 31,

Six months ended March 31,

$ in millions 2026 2025

1 unchanged sentence

Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes ( 29 ) ( 149 )

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

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

177 ( 1,261 )

16 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

March 31, 2026

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

24 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3 – ACQUISITIONS

GreensLedge Holdings LLC

During the three months ended March 31, 2026, we completed our acquisition of a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured products advisory and placement services.

The acquisition was funded using cash on hand as of the acquisition date.

GreensLedge’s results of operations have been included in our Capital Markets segment prospectively beginning March 1, 2026.

The GreensLedge acquisition resulted in the addition of $ 129 million of goodwill and $ 30 million of identifiable intangible assets.

The goodwill associated with this acquisition primarily represents synergies from combining GreensLedge with our existing businesses and is deductible for tax purposes over 15 years.

The identifiable intangible assets primarily relate to client relationships and have a weighted-average useful life of seven years .

See Notes 2 and 10 of our 2025 Form 10-K and Note 11 of this Form 10-Q for additional information about our goodwill and identifiable intangible assets, including the related accounting policies.

Clark Capital Management Group, Inc.

On April 30, 2026, we completed our acquisition of all outstanding shares of Clark Capital Management Group, Inc.

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

The acquisition was funded using cash on hand as of the acquisition date.

Clark Capital will become one of our independent boutique investment managers under Raymond James Investment Management in our Asset Management segment.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4 – FAIR VALUE

4 unchanged sentences

adjustments (1)

Balance as of December 31, 2025

Balance as of March 31, 2026

Assets at fair value on a recurring basis:

22 unchanged sentences

Other assets – client-owned fractional shares

188 — — — 188

Subtotal 980 7,608 9 ( 214 ) 8,383

8 unchanged sentences

Equity securities 39 1 — — 40

Brokered certificates of deposit — 2 — — 2

Other liabilities

Total trading liabilities 255 470 1 — 726

Derivative liabilities:

Interest rate 4 288 — ( 115 ) 177

Foreign exchange — 11 — ( 7 ) 4

Total derivative liabilities 4 299 — ( 122 ) 181

Derivative liabilities – interest rate

9 272 — ( 83 ) 198

Other payables – repurchase liabilities related to client-owned fractional shares

188 — — — 188

Total liabilities at fair value on a recurring basis $ 452 $ 742 $ 1 $ ( 83 ) $ 1,112

32 unchanged sentences

171 — — — 171

955 8,223 11 ( 239 ) 8,950

Other investments – private equity – measured at NAV

15 unchanged sentences

Other payables – repurchase liabilities related to client-owned fractional shares

171 — — — 171

Total liabilities at fair value on a recurring basis

15 unchanged sentences

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

Three months ended December 31, 2025

Three months ended March 31, 2026

Level 3 instruments at fair value

Financial assets Financial liabilities

Trading assets Derivative assets

All other investments

Derivative liabilities

$ in millions Other Other

Trading assets Derivative assets All other investments Trading liabilities

$ in millions Other Other Other Other

Fair value beginning of period

9 unchanged sentences

$ — $ — $ — $ 1

Three months ended December 31, 2024

Six months ended March 31, 2026

Level 3 instruments at fair value

1 unchanged sentence

Trading assets Derivative assets All other investments

Trading liabilities Derivative liabilities

$ in millions Other Other Other

Fair value beginning of period

$ 4 $ — $ 7 $ — $ ( 2 )

Total gains/(losses) included in earnings

Purchases and contributions

Sales and distributions ( 53 ) ( 2 ) — — 1

Into Level 3 — — — — —

Out of Level 3 — — — — —

Fair value end of period

$ 2 $ — $ 7 $ 1 $ —

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

$ — $ — $ — $ 1 $ —

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended March 31, 2025

Level 3 instruments at fair value

Financial assets Financial liabilities

Trading assets Derivative assets All other investments

Derivative liabilities

$ in millions Other Other Other Other

$ in millions Other Other Other

Fair value beginning of period

9 unchanged sentences

$ — $ 8 $ — $ —

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.

Six months ended March 31, 2025

Level 3 instruments at fair value

Financial assets

Trading assets Derivative assets All other investments

$ in millions Other Other Other

Fair value beginning of period

Total gains/(losses) included in earnings

Purchases and contributions

Sales and distributions

Into Level 3 — — —

Out of Level 3 — — —

Fair value end of period

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

As of March 31, 2026, 9 % of our assets and 1 % of our liabilities were measured at fair value on a recurring basis.

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

As of both March 31, 2026 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 December 31, 2025 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.

Our private equity portfolio as of March 31, 2026 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.

5 unchanged sentences

$ in millions Recorded value Unfunded commitment

December 31, 2025

March 31, 2026

Private equity investments measured at NAV $ 111 $ 36

11 unchanged sentences

(weighted-average)

December 31, 2025

March 31, 2026

Residential mortgage loans $ 4 $ 7 $ 11 Collateral or

21 unchanged sentences

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

The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at December 31, 2025 and September 30, 2025.

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

1 unchanged sentence

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

December 31, 2025

March 31, 2026

Financial assets:

18 unchanged sentences

unrealized losses Fair value

December 31, 2025

March 31, 2026

Agency residential MBS $ 3,322 $ 2 $ ( 239 ) $ 3,085

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 $ 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.

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 March 31, 2026 and September 30, 2025, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

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

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

December 31, 2025

As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of March 31, 2026.

March 31, 2026

$ in millions Within one year After one but

60 unchanged sentences

losses Fair value Unrealized

December 31, 2025

March 31, 2026

Agency residential MBS

21 unchanged sentences

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

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.

At March 31, 2026, of the 789 available-for-sale securities in an unrealized loss position, 47 were in a continuous unrealized loss position for less than 12 months and 742 securities were in a continuous unrealized loss position for greater than 12 months.

During the three and six months ended March 31, 2026 and three months ended March 31, 2025, there were no sales of available-for-sale securities.

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

RAYMOND JAMES FINANCIAL, INC.

7 unchanged sentences

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

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

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

25 unchanged sentences

( 1 ) — ( 1 ) —

$ 70 $ 198 $ 67 $ 190

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

3 unchanged sentences

See Note 18 for additional information.

Three months ended December 31,

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

$ in millions 2026 2025 2026 2025

3 unchanged sentences

$ 16 $ ( 2 ) $ 4 $ 61

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.

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2026 and 2025.

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 December 31,

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

Location of gains/(losses)

2026 2025 2026 2025

Interest rate

Principal transactions/other revenue

$ 3 $ 4 $ 6 $ 7

Foreign exchange (1)

Principal transactions/other revenue

$ 9 $ ( 13 ) $ 8 $ 48

Other Principal transactions $ 1 $ 8 $ 3 $ 2

(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 $ 1 million and $ 2 million for the three months ended March 31, 2026 and 2025, respectively, and net gains of $ 3 million and $ 4 million for the six months ended March 31, 2026 and 2025, respectively.

Risks associated with our derivatives and related risk mitigation

11 unchanged sentences

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

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

The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either March 31, 2026 or September 30, 2025.

RAYMOND JAMES FINANCIAL, INC.

11 unchanged sentences

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

December 31, 2025

March 31, 2026

Gross amounts of recognized assets/liabilities $ 272 $ 336 $ 608 $ 361 $ 781 $ 1,142

13 unchanged sentences

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

$ in millions December 31, 2025 September 30, 2025

$ in millions March 31, 2026 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 December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Collateral we received that was available to be delivered or repledged $ 4,347 $ 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 December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Had the right to deliver or repledge $ 1,381 $ 1,265

Did not have the right to deliver or repledge $ 66 $ 66

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.

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.

We pledge certain of our bank loans and available-for-sale securities at the FHLB and FRB as security for the repayment of certain borrowings, to secure capacity for additional borrowings as needed, and to participate in certain deposit programs.

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.

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

$ in millions December 31, 2025 September 30, 2025

Assets pledged with the FHLB or FRB:

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

$ in millions March 31, 2026 September 30, 2025

Assets pledged at the FHLB or FRB:

Available-for-sale securities $ 2,216 $ 2,435

Bank loans 33,602 31,014

Total assets pledged with the FHLB or FRB $ 34,299 $ 33,449

Total assets pledged at the FHLB or FRB

$ 35,818 $ 33,449

RAYMOND JAMES FINANCIAL, INC.

10 unchanged sentences

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

$ in millions December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

SBL $ 23,007 $ 19,775

14 unchanged sentences

Held for sale loans

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.

We originated or purchased $ 717 million and $ 1.21 billion of loans held for sale during the three and six months ended March 31, 2026, respectively, and $ 1.01 billion and $ 1.72 billion during the three and six months ended March 31, 2025, 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 $ 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.

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 122 million and $ 299 million during the three and six months ended March 31, 2026, respectively, and $ 497 million and $ 662 million during the three and six months ended March 31, 2025, respectively.

Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2026 and 2025.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

$ in millions C&I loans Residential mortgage loans Total

Three months ended December 31, 2025

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

Three months ended March 31, 2026

Purchases $ 123 $ — $ 2 $ 125

Sales $ 20 $ — $ — $ 20

Three months ended December 31, 2024

Six months ended March 31, 2026

Purchases $ 288 $ — $ 16 $ 304

Sales $ 104 $ — $ — $ 104

Three months ended March 31, 2025

Purchases $ 404 $ — $ 67 $ 471

Sales $ 29 $ 13 $ — $ 42

Six months ended March 31, 2025

Purchases $ 646 $ — $ 132 $ 778

Sales $ 77 $ 13 $ — $ 90

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

3 unchanged sentences

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

December 31, 2025

March 31, 2026

SBL $ 6 $ — $ 6 $ — $ — $ 23,001 $ 23,007

13 unchanged sentences

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

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.

The preceding table included $ 75 million and $ 109 million at March 31, 2026 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.

Loans to borrowers experiencing financial difficulty modified during each of the three and six months ended March 31, 2026 and 2025 were not significant.

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

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

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

$ in millions Nature of collateral March 31, 2026 September 30, 2025

C&I loans Commercial real estate and other business assets $ 17 $ 13

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

REIT loans Office real estate $ 106 $ 113

CRE loans (1)

Office, hospitality, industrial, multi-family residential, and medical office real estate $ 278 $ 165

REIT loans (1)

Office real estate $ — $ 113

Residential mortgage loans Single family homes $ 4 $ 9

(1) During the six months ended March 31, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

Credit quality indicators

16 unchanged sentences

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

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

As of and for the six months ended March 31, 2026

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.

(1) As of March 31, 2026, this balance related to a loan which was collateralized by private securities.

RAYMOND JAMES FINANCIAL, INC.

57 unchanged sentences

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

December 31, 2025

March 31, 2026

Loans by origination fiscal year

26 unchanged sentences

The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.

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

Three months ended December 31, 2025

$ in millions SBL C&I loans CRE loans (1)

REIT loans (1)

Residential mortgage loans Tax-exempt loans Total

Three months ended March 31, 2026

Balance at beginning of period

4 unchanged sentences

Recoveries — — — — 1 — 1

Net charge-offs

Net (charge-offs)/recoveries

— — ( 6 ) — 1 — ( 5 )

3 unchanged sentences

$ 6 $ 144 $ 206 $ 19 $ 64 $ 1 $ 440

Six months ended March 31, 2026

Balance at beginning of period

$ 8 $ 148 $ 182 $ 52 $ 61 $ 1 $ 452

Provision/(benefit) for credit losses ( 2 ) ( 3 ) 38 ( 33 ) 2 — 2

Net (charge-offs)/recoveries:

Charge-offs — ( 1 ) ( 14 ) — — — ( 15 )

Recoveries — — — — 1 — 1

Net (charge-offs)/recoveries

— ( 1 ) ( 14 ) — 1 — ( 14 )

Foreign exchange translation adjustment

— — — — — — —

Balance at end of period

$ 6 $ 144 $ 206 $ 19 $ 64 $ 1 $ 440

ACL by loan portfolio segment as a % of total ACL 1.4 % 32.8 % 46.8 % 4.3 % 14.5 % 0.2 % 100.0 %

Three months ended December 31, 2024

Three months ended March 31, 2025

Balance at beginning of period

4 unchanged sentences

Recoveries — 1 1 — — — 2

Net (charge-offs)/recoveries — ( 8 ) ( 7 ) — — — ( 15 )

Foreign exchange translation adjustment

( 1 ) — — — — ( 1 )

Balance at end of period

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

Six months ended March 31, 2025

Balance at beginning of period

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

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

Net (charge-offs)/recoveries:

Charge-offs — ( 13 ) ( 8 ) — — ( 21 )

Recoveries — 1 1 — — 2

Net charge-offs

5 unchanged sentences

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

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.

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 at both December 31, 2025 and September 30, 2025.

(1) During the three and six months ended March 31, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

The allowance for credit losses on held for investment bank loans remained flat during the three months ended March 31, 2026, primarily resulting from a $ 5 million bank loan provision for credit losses, offset by net charge-offs.

The allowance for credit losses on held for investment bank loans decreased $ 12 million during the six months ended March 31, 2026, primarily resulting from net charge-offs during the period, partially offset by a $ 2 million bank loan provision for credit losses.

The bank loan provision for credit losses for the three months ended March 31, 2026 primarily reflected the impacts of a weakened economic outlook towards the end of the period, specific reserves on certain CRE loans, and loan downgrades primarily related to our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio.

The bank loan provision for credit losses for the six months ended March 31, 2026 , primarily reflected the impacts of specific reserves

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

and loan downgrades in our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 23 million as of March 31, 2026 and $ 24 million at both December 31, 2025 and September 30, 2025.

NOTE 9 – LOANS TO FINANCIAL ADVISORS, NET

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

$ in millions December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

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

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(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)

The increase in the allowance for credit losses as of March 31, 2026 compared with September 30, 2025 was primarily due to loan growth.

NOTE 10 – VARIABLE INTEREST ENTITIES

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$ in millions Aggregate assets Aggregate liabilities

December 31, 2025

March 31, 2026

Restricted Stock Trust Fund

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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 December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 23 $ 19

Other receivables 2 —

Other assets 58 55

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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.

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

$ in millions Aggregate

8 unchanged sentences

Total $ 14,552 $ 4,356 $ 307 $ 13,319 $ 4,196 $ 353

NOTE 11 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions.

During the six months ended March 31, 2026, we acquired GreensLedge, which resulted in an increase in our goodwill and identifiable intangible assets.

See Note 3 for additional information on this acquisition and the related goodwill and identifiable intangibles assets.

See Notes 2 and 10 of our 2025 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, 2026 evaluation date, evaluating balances as of December 31, 2025.

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 12 - OTHER ASSETS

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

$ in millions December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Investments in corporate-owned life insurance policies

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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 December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

ROU lease assets (included in “Other assets”)

Lease liabilities (included in “Other payables”)

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.

Lease liabilities as of March 31, 2026 excluded $ 98 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.

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

Three months ended December 31,

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

$ in millions 2026 2025 2026 2025

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

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

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

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Total bank deposits $ 62,423 2.14 % $ 58,897 2.56 %

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.

Total bank deposits included $ 29.83 billion and $ 26.56 billion as of March 31, 2026 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.

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.

Interest-bearing demand deposits in the preceding table included $ 12.49 billion and $ 13.47 billion of deposits as of March 31, 2026 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which clients, substantially all within our Private Client Group, 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

$ in millions March 31, 2026 September 30, 2025

FDIC-insured bank deposits $ 52,188 $ 49,117

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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 $ 1.45 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

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.50 billion and $ 1.24 billion as of March 31, 2026 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 March 31, 2026.

$ in millions March 31, 2026

Three months or less

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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

The maturities by fiscal year of our certificates of deposit as of March 31, 2026 are presented in the following table.

$ in millions

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

Three months ended December 31,

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

$ in millions 2026 2025 2026 2025

3 unchanged sentences

Total interest expense on deposits $ 319 $ 370 $ 669 $ 790

We use an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate.

See Note 2 of our 2025 Form 10-K for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.

During the six months ended March 31, 2026 and 2025, we used an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate.

This interest rate swap matured during the three months ended March 31, 2026 and was not renewed.

See Note 2 of our 2025 Form 10-K for information regarding this interest rate swap, which was designated and accounted for as a cash flow hedge.

NOTE 15 – OTHER BORROWINGS

The following table details the components of our other borrowings.

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

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

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Floating rate - term

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

3.91 % June 2026 - September 2027 $ 400 4.44 % December 2025 - December 2026 $ 500

Fixed rate 3.99 % December 2027 - December 2028 300 4.10 % December 2028 200

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

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

There were no borrowings outstanding on the Credit Facility as of March 31, 2026 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 December 31, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.

Based upon RJF’s credit rating as of March 31, 2026, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.

RAYMOND JAMES FINANCIAL, INC.

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

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

Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of March 31, 2026 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.

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

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

While we had borrowings outstanding as of March 31, 2026, 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.

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For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 17 of our 2025 Form 10-K.

Effective tax rate

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.

Effective income tax rate

Our effective income tax rate of 24.3 % for the six months ended March 31, 2026, compared with 21.3 % for our fiscal year 2025.

The increase in the effective income tax rate was primarily driven by non-deductible valuation losses recognized on our corporate-owned life insurance in the current-year period compared with nontaxable valuation gains recognized in fiscal 2025, as well as the favorable impact on our fiscal 2025 effective income tax rate of the release of accruals for uncertain tax positions following the expiration of applicable statutes of limitations that did not reoccur in the current-year period.

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

Uncertain tax positions

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

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

As of March 31, 2026, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

RAYMOND JAMES FINANCIAL, INC.

6 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 December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

SBL and other consumer lines of credit $ 63,401 $ 56,048

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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 have met such conditions as of March 31, 2026.

Investment commitments

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.

We had unfunded commitments of $ 132 million as of March 31, 2026, to various investments, primarily held by Raymond James Bank and TriState Capital Bank, and to certain renewable energy tax credit investments.

Other commitments

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

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

As of March 31, 2026, RJAHI had committed approximately $ 294 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.

3 unchanged sentences

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.

broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”).

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RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies.

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

Legal and regulatory matters contingencies

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

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

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of March 31, 2026, 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.

RAYMOND JAMES FINANCIAL, INC.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

NOTE 18 – SHAREHOLDERS’ EQUITY

Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock.

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 of a share of Series B Preferred Stock, for an aggregate redemption value of $ 81 million.

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

$ in millions December 31, 2025 September 30, 2025

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock.

$ in millions March 31, 2026 September 30, 2025

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

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Aggregate liquidation preference $ — $ 81

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,

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and six months ended March 31, 2026 and 2025.

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

$ in millions, except per share amounts 2026 2025 2026 2025

1 unchanged sentence

Total dividends declared (1)

$ 2 $ 2 $ 3 $ 3

Dividends declared per preferred share

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Total dividends paid (1)

$ 3 $ 2 $ 4 $ 3

Dividends paid per preferred share

$ 15.94 $ 15.94 $ 31.88 $ 31.88

(1) Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended March 31, 2026 included the $ 2 million excess of the redemption value of our Series B Preferred Stock over the carrying value, which was reported as an increase to preferred dividends and reduced net income available to common shareholders.

Common equity

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,

The following table presents the changes in our common shares outstanding for the three and six months ended March 31, 2026 and 2025.

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

Shares in millions

2026 2025 2026 2025

Balance beginning of period

197.0 204.6 198.1 203.3

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

2 unchanged sentences

Balance end of period

194.6 203.1 194.6 203.1

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

Share repurchases

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 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

RAYMOND JAMES FINANCIAL, INC.

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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.

Share repurchases

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 March 31, 2026, we repurchased 2.5 million shares of our common stock for $ 400 million at an average price of $ 155 per share.

During the six months ended March 31, 2026, we repurchased 5.0 million shares of our common stock for $ 800 million at an average price of $ 158 per share.

As of March 31, 2026, $ 1.5 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

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

Three months ended December 31,

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

2026 2025 2026 2025

Dividends per common share - declared $ 0.54 $ 0.50 $ 1.08 $ 1.00

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

Three months ended December 31,

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

2026 2025 2026 2025

Dividend payout ratio

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

Three months ended December 31, 2025

Three months ended March 31, 2026

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

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AOCI as of end of period $ 190 $ ( 205 ) $ ( 15 ) $ ( 358 ) $ 5 $ ( 368 )

Three months ended December 31, 2024

Six months ended March 31, 2026

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

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AOCI as of end of period $ 190 $ ( 205 ) $ ( 15 ) $ ( 358 ) $ 5 $ ( 368 )

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.

For further information about our significant accounting policies related to derivatives, see Note 2 of our 2025 Form 10-K.

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

Three months ended March 31, 2025

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

OCI before reclassifications and taxes 4 16 20 125 ( 2 ) 143

Amounts reclassified from AOCI, before tax — — — — ( 5 ) ( 5 )

Pre-tax net OCI 4 16 20 125 ( 7 ) 138

Income tax effect ( 1 ) — ( 1 ) ( 30 ) 2 ( 29 )

OCI for the period, net of tax 3 16 19 95 ( 5 ) 109

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

Six months ended March 31, 2025

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

OCI before reclassifications and taxes 79 ( 94 ) ( 15 ) ( 19 ) 13 ( 21 )

Amounts reclassified from AOCI, before tax — — — 2 ( 12 ) ( 10 )

Pre-tax net OCI 79 ( 94 ) ( 15 ) ( 17 ) 1 ( 31 )

Income tax effect ( 19 ) — ( 19 ) 6 — ( 13 )

OCI for the period, net of tax 60 ( 94 ) ( 34 ) ( 11 ) 1 ( 44 )

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

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2026 and three months ended March 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 six months ended March 31, 2025 were recorded in “Other revenue” and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

RAYMOND JAMES FINANCIAL, INC.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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

For further information about our significant accounting policies related to derivatives, see Note 2 of our 2025 Form 10-K.

In addition, see Note 6 of this Form 10-Q for additional information on these derivatives.

NOTE 19 – REVENUES

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See Note 25 of our 2025 Form 10-K and Note 24 of this Form 10-Q for additional information on our segments.

Three months ended December 31, 2025

Three months ended March 31, 2026

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

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended December 31, 2024

Three months ended March 31, 2025

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

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

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

RAYMOND JAMES FINANCIAL, INC.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2026

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

Asset management and related administrative fees $ 3,404 $ 1 $ 631 $ — $ ( 21 ) $ 4,015

Brokerage revenues:

Securities commissions:

Mutual and other fund products 340 4 2 — ( 1 ) 345

Insurance and annuity products 264 — — — — 264

Equities, ETFs and fixed income products 295 96 — — ( 7 ) 384

Subtotal securities commissions 899 100 2 — ( 8 ) 993

Principal transactions (1)

59 197 — 7 ( 1 ) 262

Total brokerage revenues 958 297 2 7 ( 9 ) 1,255

Account and service fees:

Mutual fund and other investment products

294 1 8 — ( 2 ) 301

RJBDP fees 569 3 — — ( 378 ) 194

Client account and other fees 145 4 5 — ( 30 ) 124

Total account and service fees 1,008 8 13 — ( 410 ) 619

Investment banking:

Merger & acquisition and advisory — 258 — — — 258

Equity underwriting 15 87 — — — 102

Debt underwriting — 127 — — — 127

Total investment banking 15 472 — — — 487

Affordable housing investments business revenues — 59 — — — 59

All other (1)

12 1 1 24 ( 2 ) 36

Total other 12 60 1 24 ( 2 ) 95

Total non-interest revenues 5,397 838 647 31 ( 442 ) 6,471

Interest income (1)

221 55 6 1,633 52 1,967

Total revenues 5,618 893 653 1,664 ( 390 ) 8,438

Interest expense ( 40 ) ( 49 ) — ( 691 ) ( 64 ) ( 844 )

Net revenues $ 5,578 $ 844 $ 653 $ 973 $ ( 454 ) $ 7,594

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2025

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

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

Brokerage revenues:

Securities commissions:

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

Insurance and annuity products 235 — — — — 235

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

Subtotal securities commissions 795 80 4 — ( 8 ) 871

Principal transactions (1)

57 207 — 4 — 268

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

Account and service fees:

Mutual fund and other investment products

256 — 7 — ( 1 ) 262

RJBDP fees 644 3 — — ( 373 ) 274

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

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

Investment banking:

Merger & acquisition and advisory — 355 — — — 355

Equity underwriting 17 66 — — — 83

Debt underwriting — 103 — — — 103

Total investment banking 17 524 — — — 541

Affordable housing investments business revenues — 49 — — — 49

All other (1)

11 1 — 22 ( 4 ) 30

Total other 11 50 — 22 ( 4 ) 79

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

Interest income (1)

236 57 7 1,649 41 1,990

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

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

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

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

At March 31, 2026 and September 30, 2025, net receivables related to contracts with customers were $ 536 million and $ 532 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 20 – INTEREST INCOME AND INTEREST EXPENSE

1 unchanged sentence

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

Three months ended December 31,

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

$ in millions 2026 2025 2026 2025

11 unchanged sentences

Bank deposits

$ 319 $ 370 669 $ 790

Trading liabilities — debt securities 12 10 24 21

4 unchanged sentences

Total interest expense

$ 403 $ 442 $ 844 $ 940

Net interest income $ 557 $ 521 $ 1,123 $ 1,050

Bank loan benefit for credit losses

Net interest income after bank loan benefit for credit losses

Bank loan provision for credit losses

Net interest income after bank loan provision for credit losses

$ 552 $ 505 $ 1,121 $ 1,034

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

2 unchanged sentences

Amended and Restated 2012 Stock Incentive Plan (the “Plan”), for our employees, Board of Directors, and independent contractor financial advisors.

On February 19, 2026 our shareholders approved an amendment to the Plan increasing the number of authorized shares by 2.6 million, to a total of 99.0 million shares.

We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares.

3 unchanged sentences

Restricted stock units

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.

During the three and six months ended March 31, 2026, we granted approximately 97 thousand and 1.6 million RSUs, respectively, with a weighted-average grant-date fair value of $ 161.23 and $ 156.62 , respectively, compared with approximately 572 thousand and 1.8 million RSUs granted during the three and six months ended March 31, 2025, respectively, with a weighted-average grant-date fair value of $ 159.65 and $ 163.04 , respectively.

For the three and six months ended March 31, 2026, total share-based compensation amortization related to RSUs was $ 52 million and $ 128 million, respectively, compared with $ 52 million and $ 143 million for the three and six months ended March 31, 2025, respectively.

As of March 31, 2026, there were $ 423 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2026.

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

14 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 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.

As of March 31, 2026, 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 March 31, 2026 and September 30, 2025.

Required ratio (1)

Well-capitalized

December 31, 2025 September 30, 2025

March 31, 2026 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 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.

As of March 31, 2026, RJF’s regulatory capital decreased compared with September 30, 2025, primarily due to share repurchases, dividends, goodwill and intangible assets arising from the GreensLedge acquisition (see Note 3 for further information), and the redemption of our Series B preferred shares, partially offset by positive earnings.

RJF’s tier 1 capital and total capital ratios decreased slightly compared with September 30, 2025 resulting from the decrease in regulatory capital, partially offset by the impact of a decrease in risk-weighted assets.

RJF’s tier 1 leverage ratio at March 31, 2026 decreased compared to September 30, 2025 due to an increase in average assets and the decrease in regulatory capital.

The increase in average assets was primarily driven by increases in average bank loans.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

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 December 31, 2025 and September 30, 2025.

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

December 31, 2025 September 30, 2025

March 31, 2026 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 December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Raymond James & Associates, Inc.

5 unchanged sentences

Excess net capital $ 1,005 $ 962

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.

As of March 31, 2026, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

Three months ended December 31,

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

$ in millions, except per share amounts

2026 2025 2026 2025

Income for basic earnings per common share:

1 unchanged sentence

Less allocation of earnings and dividends to participating securities

— ( 1 ) ( 1 ) ( 2 )

Net income available to common shareholders after participating securities $ 542 $ 492 $ 1,103 $ 1,090

2 unchanged sentences

Less allocation of earnings and dividends to participating securities

— ( 1 ) ( 1 ) ( 2 )

Net income available to common shareholders after participating securities $ 542 $ 492 $ 1,103 $ 1,090

1 unchanged sentence

Average common shares in basic computation

196.1 204.3 196.6 204.0

Dilutive effect of outstanding stock options and certain RSUs

3.1 4.4 3.7 4.9

Average common and common equivalent shares used in diluted computation 199.2 208.7 200.3 208.9

3 unchanged sentences

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

0.1 1.0 — 1.4

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.

Participating securities and related dividends paid on these participating securities were insignificant for each of the three and six months ended March 31, 2026 and 2025.

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.

4 unchanged sentences

We currently operate through the following five segments:

Private Client Group (“PCG”);

Capital Markets;

2 unchanged sentences

For a further discussion of our segments, see Note 25 of our 2025 Form 10-K.

The following table presents information concerning operations in these segments.

The following tables present information concerning operations in these segments.

$ in millions

3 unchanged sentences

Other and intersegment eliminations

Three months ended December 31, 2025

Three months ended March 31, 2026

Non-interest revenues (1)

6 unchanged sentences

2,108 293 65 47 28 2,541

Bank loan benefit for credit losses

Bank loan provision for credit losses

All other (1)

286 120 125 268 ( 221 ) 578

Total non-interest expense 2,394 413 190 320 ( 193 ) 3,124

Total pre-tax income/(loss)

$ 416 $ 51 $ 137 $ 166 $ ( 35 ) $ 735

Three months ended March 31, 2025

Non-interest revenues (1)

$ 2,400 $ 392 $ 286 $ 15 $ ( 211 ) $ 2,882

Net interest income 86 4 3 419 9 521

2,486 396 289 434 ( 202 ) 3,403

Non-interest expenses:

Compensation, commissions and benefits 1,799 262 57 45 41 2,204

Bank loan provision for credit losses

— — — 16 — 16

All other (1)

3 unchanged sentences

$ 431 $ 36 $ 121 $ 117 $ ( 34 ) $ 671

Three months ended December 31, 2024

(1) “Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $ 187 million and $ 183 million of RJBDP fees paid to PCG for the three months ended March 31, 2026 and 2025, respectively.

Such fees were eliminated in consolidation.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Six months ended March 31, 2026

Non-interest revenues (1)

2 unchanged sentences

181 6 6 942 ( 12 ) 1,123

5,578 844 653 973 ( 454 ) 7,594

Non-interest expenses:

Compensation, commissions and benefits

4,159 554 124 95 59 4,991

Bank loan provision for credit losses

4 unchanged sentences

$ 855 $ 60 $ 280 $ 339 $ ( 71 ) $ 1,463

(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.

Six months ended March 31, 2025

Non-interest revenues (1)

$ 4,849 $ 869 $ 576 $ 26 $ ( 430 ) $ 5,890

Net interest income

185 7 7 833 18 1,050

5,034 876 583 859 ( 412 ) 6,940

Non-interest expenses:

Compensation, commissions and benefits

3,630 563 115 91 77 4,476

Bank loan provision for credit losses

— — — 16 — 16

All other (1)

511 203 222 517 ( 425 ) 1,028

Total non-interest expense 4,141 766 337 624 ( 348 ) 5,520

Total pre-tax income/(loss)

$ 893 $ 110 $ 246 $ 235 $ ( 64 ) $ 1,420

(1) “Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $ 375 million and $ 370 million of RJBDP fees paid to PCG for the six months ended March 31, 2026 and 2025, respectively.

Such fees were eliminated in consolidation.

1 unchanged sentence

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

$ in millions December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Total assets:

8 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Substantially all of our operations are located in the U.S., Canada, and Europe.

The vast majority of our long-lived assets are located in the U.S.

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

Three months ended December 31,

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

$ in millions 2026 2025 2026 2025

6 unchanged sentences

Pre-tax income/(loss):

$ 706 $ 637 $ 1,399 $ 1,329

Canada 40 35 79 74

Europe ( 11 ) ( 1 ) ( 15 ) 17

Total pre-tax income

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

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

$ in millions December 31, 2025 September 30, 2025

$ in millions March 31, 2026 September 30, 2025

Total assets:

4 unchanged sentences

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

AND SUBSIDIARIES Index

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