RAYMOND JAMES FINANCIAL INC 10-Q

ITEM 1. FINANCIAL STATEMENTS RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) $ in millions, except per share amounts March 31, 2026 September 30, 2025 Assets: Cash and cash equivalents $ 11,219 $ 11,389 Assets segregated for regulatory purposes and restricted cash 3,745 3,398 Collateralized agreements 608 698 Financial instruments, at fair value: Trading assets ( $ 1,353 and $ 1,248 pledged as collateral) 1,434 1,538 Available-for-sale securities ( $ 8 and $ 9 pledged as collateral) 6,402 6,888 Derivative assets 71 68 Other investments ( $ 20 and $ 8 pledged as collateral) 399 390 Brokerage client receivables, net 3,300 2,821 Other receivables, net 1,812 1,814 Bank loans, net 54,833 51,567 Loans to financial advisors, net 1,894 1,626 Deferred income taxes, net 549 671 Goodwill and identifiable intangible assets, net 1,983 1,847 Other assets 3,695 3,515 Total assets $ 91,944 $ 88,230 Liabilities and shareholders’ equity: Bank deposits $ 62,423 $ 58,897 Collateralized financings 1,142 1,111 Financial instrument liabilities, at fair value: Trading liabilities 726 891 Derivative liabilities 198 190 Brokerage client payables 6,607 5,853 Accrued compensation, commissions and benefits 2,110 2,603 Other payables 1,907 1,961 Other borrowings 700 700 Senior notes payable 3,521 3,520 Total liabilities 79,334 75,726 Commitments and contingencies (see Note 17) Shareholders’ equity Preferred stock — 79 Common stock; $ .01 par value; 650,000,000 shares authorized; 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 3 3 Additional paid-in capital 3,156 3,235 Retained earnings 14,487 13,604 Treasury stock, at cost; 55,440,958 and 51,944,574 common shares as of March 31, 2026 and September 30, 2025, respectively ( 4,711 ) ( 4,022 ) Accumulated other comprehensive loss ( 368 ) ( 396 ) Total equity attributable to Raymond James Financial, Inc. 12,567 12,503 Noncontrolling interests 43 1 Total shareholders’ equity 12,610 12,504 Total liabilities and shareholders’ equity $ 91,944 $ 88,230 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 3 Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three months ended March 31, Six months ended March 31, in millions, except per share amounts 2026 2025 2026 2025 Revenues: Asset management and related administrative fees $ 2,016 $ 1,725 $ 4,015 $ 3,468 Brokerage revenues: Securities commissions 507 431 993 871 Principal transactions 136 149 262 268 Total brokerage revenues 643 580 1,255 1,139 Account and service fees 311 321 619 663 Investment banking 279 216 487 541 Interest income 960 963 1,967 1,990 Other 53 40 95 79 Total revenues 4,262 3,845 8,438 7,880 Interest expense ( 403 ) ( 442 ) ( 844 ) ( 940 ) Net revenues 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 36 34 73 68 Bank loan provision for credit losses 5 16 2 16 Other 118 102 223 212 Total non-compensation expenses 583 528 1,140 1,044 Total non-interest expenses 3,124 2,732 6,131 5,520 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 Preferred stock dividends 2 2 3 3 Net income available to common shareholders $ 542 $ 493 $ 1,104 $ 1,092 Earnings per common share – basic $ 2.76 $ 2.41 $ 5.61 $ 5.34 Earnings per common share – diluted $ 2.72 $ 2.36 $ 5.51 $ 5.22 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 Net income $ 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 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 4 Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) Three months ended March 31, Six months ended March 31, $ in millions, except per share amounts 2026 2025 2026 2025 Preferred stock: Balance beginning of period $ 79 $ 79 $ 79 $ 79 Redemption of preferred stock ( 79 ) — ( 79 ) — Balance end of period — 79 — 79 Common stock, par value $ .01 per share: Balance beginning of period 3 3 3 2 Share issuances — — — 1 Balance end of period 3 3 3 3 Additional paid-in capital: Balance beginning of period 3,106 3,125 3,235 3,251 Share-based compensation amortization 52 53 129 145 Net activity under employee stock plans ( 2 ) ( 27 ) ( 208 ) ( 245 ) Balance end of period 3,156 3,151 3,156 3,151 Retained earnings: Balance beginning of period 14,051 12,378 13,604 11,894 Net income attributable to Raymond James Financial, Inc. 544 495 1,107 1,095 Common and preferred stock cash dividends declared (see Note 18) ( 108 ) ( 104 ) ( 224 ) ( 220 ) Balance end of period 14,487 12,769 14,487 12,769 Treasury stock: Balance beginning of period ( 4,321 ) ( 3,007 ) ( 4,022 ) ( 3,051 ) Purchases ( 406 ) ( 253 ) ( 821 ) ( 314 ) Reissuances under employee stock plans 16 16 132 121 Balance end of period ( 4,711 ) ( 3,244 ) ( 4,711 ) ( 3,244 ) Accumulated other comprehensive income/(loss): Balance beginning of period ( 348 ) ( 655 ) ( 396 ) ( 502 ) Other comprehensive income/(loss), net of tax ( 20 ) 109 28 ( 44 ) Balance end of period ( 368 ) ( 546 ) ( 368 ) ( 546 ) Total equity attributable to Raymond James Financial, Inc. $ 12,567 $ 12,212 $ 12,567 $ 12,212 Noncontrolling interests: Balance beginning of period 4 6 1 ( 6 ) Increase from acquisition of majority interest in GreensLedge Holdings LLC 40 — 40 — All other net changes in noncontrolling interests ( 1 ) 9 2 21 Balance end of period 43 15 43 15 Total shareholders’ equity $ 12,610 $ 12,227 $ 12,610 $ 12,227 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 5 Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six months ended March 31, $ in millions 2026 2025 Cash flows from operating activities: Net income $ 1,107 $ 1,095 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Depreciation and amortization 99 94 Deferred income taxes, net 112 46 Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments ( 3 ) ( 1 ) Provisions for credit losses and legal and regulatory matters, net 21 24 Share-based compensation expense 133 147 Unrealized gains on corporate-owned life insurance policies, net of expenses 10 31 Other 27 21 Net change in: Collateralized agreements, net of collateralized financings 121 45 Loans (provided to) financial advisors, net of repayments ( 286 ) ( 102 ) Brokerage client receivables and other receivables, net ( 479 ) ( 140 ) Trading instruments, net ( 62 ) ( 69 ) Derivative instruments, net 10 116 Other assets ( 44 ) 23 Brokerage client payables and other payables 621 38 Accrued compensation, commissions and benefits ( 493 ) ( 407 ) 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 operating activities 1,089 947 Cash flows from investing activities: Increase in bank loans, net ( 3,572 ) ( 2,334 ) Proceeds from sales of loans held for investment 116 83 Purchases of available-for-sale securities ( 409 ) ( 300 ) Available-for-sale securities maturations, repayments and redemptions 935 1,009 Proceeds from sales of available-for-sale securities — 78 Cash paid for acquisition, net of cash acquired ( 92 ) — 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 ) Net cash used in investing activities ( 3,202 ) ( 1,596 ) Cash flows from financing activities: Increase in bank deposits 3,526 393 Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements ( 918 ) ( 459 ) Dividends on common and preferred stock ( 221 ) ( 211 ) Employee stock purchases and exercise of stock options 23 19 Redemption of preferred stock ( 81 ) — Proceeds from Federal Home Loan Bank (“FHLB”) advances 300 450 Repayments of FHLB advances ( 300 ) ( 650 ) Other financing, net ( 10 ) ( 5 ) Net cash provided by/(used in) financing activities 2,319 ( 463 ) See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 6 Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six months ended March 31, $ in millions 2026 2025 Currency adjustment: Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes ( 29 ) ( 149 ) Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash 177 ( 1,261 ) Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year 14,787 14,348 Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period $ 14,964 $ 13,087 Cash and cash equivalents $ 11,219 $ 9,662 Cash and cash equivalents segregated for regulatory purposes and restricted cash 3,745 3,425 Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period $ 14,964 $ 13,087 Supplemental disclosures of cash flow information: Cash paid for interest $ 845 $ 948 Cash paid for income taxes, net $ 275 $ 373 Cash outflows for lease liabilities $ 67 $ 66 Non-cash right-of-use (“ROU”) assets recorded for new and modified leases $ 52 $ 54 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 7 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 2026 NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION Organization Raymond James Financial, Inc. (“RJF” or the “firm”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services and trust services. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries. Basis of presentation The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100 %-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2025 Form 10-K”) for the year ended September 30, 2025, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 10 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. Accounting estimates and assumptions Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2025 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements. NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES A summary of our significant accounting policies is included in Note 2 of our 2025 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2025. 8 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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. 9 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 4 – FAIR VALUE Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. See Notes 2 and 4 of our 2025 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis. $ in millions Level 1 Level 2 Level 3 Netting adjustments (1) Balance as of March 31, 2026 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ 11 $ 306 $ — $ — $ 317 Corporate obligations 15 580 — — 595 Government and agency obligations 40 87 — — 127 Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”) — 214 — — 214 Non-agency CMOs and ABS — 142 — — 142 Total debt securities 66 1,329 — — 1,395 Equity securities 12 6 — — 18 Brokered certificates of deposit — 19 — — 19 Other — — 2 — 2 Total trading assets 78 1,354 2 — 1,434 Available-for-sale securities (2) 423 5,979 — — 6,402 Derivative assets: Interest rate 12 263 — ( 214 ) 61 Foreign exchange — 10 — — 10 Total derivative assets 12 273 — ( 214 ) 71 All other investments: Government and agency obligations (3) 86 — — — 86 Other 193 2 7 — 202 Total all other investments 279 2 7 — 288 Other assets – client-owned fractional shares 188 — — — 188 Subtotal 980 7,608 9 ( 214 ) 8,383 Other investments – private equity – measured at net asset value (“NAV”) 111 Total assets at fair value on a recurring basis $ 980 $ 7,608 $ 9 $ ( 214 ) $ 8,494 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 4 $ — $ — $ — $ 4 Corporate obligations — 469 — — 469 Government and agency obligations 212 — — — 212 Total debt securities 216 469 — — 685 Equity securities 39 1 — — 40 Other liabilities — — 1 — 1 Total trading liabilities 255 470 1 — 726 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 10 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index $ in millions Level 1 Level 2 Level 3 Netting adjustments (1) Balance as of September 30, 2025 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ 6 $ 403 $ — $ — $ 409 Corporate obligations 11 659 — — 670 Government and agency obligations 41 108 — — 149 Agency MBS, CMOs, and ABS — 231 — — 231 Non-agency CMOs and ABS — 36 — — 36 Total debt securities 58 1,437 — — 1,495 Equity securities 17 3 — — 20 Brokered certificates of deposit — 19 — — 19 Other — — 4 — 4 Total trading assets 75 1,459 4 — 1,538 Available-for-sale securities (2) 430 6,458 — — 6,888 Derivative assets: Interest rate 2 304 — ( 239 ) 67 Foreign exchange — 1 — — 1 Total derivative assets 2 305 — ( 239 ) 68 All other investments: Government and agency obligations (3) 92 — — — 92 Other 185 1 7 — 193 Total all other investments 277 1 7 — 285 Other assets – client-owned fractional shares 171 — — — 171 Subtotal 955 8,223 11 ( 239 ) 8,950 Other investments – private equity – measured at NAV 105 Total assets at fair value on a recurring basis $ 955 $ 8,223 $ 11 $ ( 239 ) $ 9,055 Liabilities at fair value on a recurring basis: Trading liabilities: Municipal and provincial obligations $ 3 $ — $ — $ — $ 3 Corporate obligations — 651 — — 651 Government and agency obligations 164 — — — 164 Agency MBS and CMOs — 42 — — 42 Total debt securities 167 693 — — 860 Equity securities 31 — — — 31 Total trading liabilities 198 693 — — 891 Derivative liabilities: Interest rate 3 306 — ( 123 ) 186 Foreign exchange — 2 — — 2 Other — — 2 — 2 Total derivative liabilities 3 308 2 ( 123 ) 190 Other payables – repurchase liabilities related to client-owned fractional shares 171 — — — 171 Total liabilities at fair value on a recurring basis $ 372 $ 1,001 $ 2 $ ( 123 ) $ 1,252 (1) Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 6 for additional information. (2) Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S. Treasury securities (“U.S. Treasuries”). See Note 5 for further information. (3) These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations. 11 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Level 3 recurring fair value measurements The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended March 31, 2026 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets All other investments Trading liabilities $ in millions Other Other Other Other Fair value beginning of period $ 4 $ — $ 7 $ — Total gains/(losses) included in earnings — 1 — 1 Purchases and contributions 25 — — — Sales and distributions ( 27 ) ( 1 ) — — Transfers: 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 Six months ended March 31, 2026 Level 3 instruments at fair value Financial assets Financial liabilities Trading assets Derivative assets All other investments Trading liabilities Derivative liabilities $ in millions Other Other Other Other Other Fair value beginning of period $ 4 $ — $ 7 $ — $ ( 2 ) Total gains/(losses) included in earnings 1 2 — 1 1 Purchases and contributions 50 — — — — Sales and distributions ( 53 ) ( 2 ) — — 1 Transfers: 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 $ — 12 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 Fair value beginning of period $ 2 $ — $ 7 $ ( 2 ) Total gains/(losses) included in earnings 1 6 — 2 Purchases and contributions 21 — — — Sales and distributions ( 23 ) — — — Transfers: Into Level 3 — — — — Out of Level 3 — — — — Fair value end of period $ 1 $ 6 $ 7 $ — Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ 8 $ — $ — 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 $ 3 $ 4 $ 7 Total gains/(losses) included in earnings 1 2 — Purchases and contributions 39 — — Sales and distributions ( 42 ) — — Transfers: Into Level 3 — — — Out of Level 3 — — — Fair value end of period $ 1 $ 6 $ 7 Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ 2 $ — 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 As more fully described in Note 2 of our 2025 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. Our private equity portfolio as of March 31, 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. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain. 13 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio. $ in millions Recorded value Unfunded commitment March 31, 2026 Private equity investments measured at NAV $ 111 $ 36 Private equity investments not measured at NAV 7 Total private equity investments $ 118 September 30, 2025 Private equity investments measured at NAV $ 105 $ 38 Private equity investments not measured at NAV 7 Total private equity investments $ 112 Financial instruments measured at fair value on a nonrecurring basis The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument. $ in millions Level 2 Level 3 Total fair value Valuation technique(s) Unobservable input Range (weighted-average) March 31, 2026 Bank loans: Residential mortgage loans $ 4 $ 7 $ 11 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. ( 10.6 yrs.) Corporate loans $ — $ 155 $ 155 Collateral or discounted cash flow (1) Recovery rate 55 % - 87 % ( 74 %) Loans held for sale $ 5 $ — $ 5 N/A (2) N/A N/A September 30, 2025 Bank loans: Residential mortgage loans $ 5 $ 7 $ 12 Collateral or discounted cash flow (1) Prepayment rate 7 yrs. - 12 yrs. ( 10.5 yrs.) Corporate loans $ — $ 179 $ 179 Collateral or discounted cash flow (1) 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. Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the table. (2) See the “Bank loans, net - Loans held for sale” section of Note 2 of 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. 14 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 March 31, 2026 and September 30, 2025. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 3 of our 2025 Form 10-K for a discussion of our financial instruments that are not recorded at fair value. $ in millions Level 2 Level 3 Total estimated fair value Carrying amount March 31, 2026 Financial assets: Bank loans, net $ 193 $ 54,173 $ 54,366 $ 54,662 Financial liabilities: Bank deposits - certificates of deposit $ 2,320 $ — $ 2,320 $ 2,320 Senior notes payable $ 3,187 $ — $ 3,187 $ 3,521 September 30, 2025 Financial assets: Bank loans, net $ 386 $ 50,362 $ 50,748 $ 51,345 Financial liabilities: Bank deposits - certificates of deposit $ 1,943 $ — $ 1,943 $ 1,937 Senior notes payable $ 3,299 $ — $ 3,299 $ 3,520 NOTE 5 – AVAILABLE-FOR-SALE SECURITIES The following table details the amortized costs and fair values of our available-for-sale securities. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 4 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities. $ in millions Cost basis Gross unrealized gains Gross unrealized losses Fair value March 31, 2026 Agency residential MBS $ 3,322 $ 2 $ ( 239 ) $ 3,085 Agency commercial MBS 1,055 — ( 71 ) 984 Agency CMOs 1,393 1 ( 140 ) 1,254 U.S. Treasuries 422 1 — 423 Other agency obligations 153 — ( 1 ) 152 Non-agency residential MBS 450 — ( 31 ) 419 Corporate bonds 69 1 — 70 Other 16 — ( 1 ) 15 Total available-for-sale securities $ 6,880 $ 5 $ ( 483 ) $ 6,402 September 30, 2025 Agency residential MBS $ 3,531 $ 3 $ ( 265 ) $ 3,269 Agency commercial MBS 1,223 — ( 85 ) 1,138 Agency CMOs 1,421 3 ( 147 ) 1,277 U.S. Treasuries 429 1 — 430 Other agency obligations 229 — ( 2 ) 227 Non-agency residential MBS 484 1 ( 32 ) 453 Corporate bonds 79 1 ( 1 ) 79 Other 14 1 — 15 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 March 31, 2026 and September 30, 2025, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition. 15 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index See Note 7 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. Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of March 31, 2026. March 31, 2026 $ in millions Within one year After one but within five years After five but within ten years After ten years Total Agency residential MBS Amortized cost $ 1 $ 343 $ 1,620 $ 1,358 $ 3,322 Fair value $ 1 $ 325 $ 1,492 $ 1,267 $ 3,085 Weighted-average yield 2.21 % 1.21 % 1.32 % 3.07 % 2.02 % Agency commercial MBS Amortized cost $ 200 $ 802 $ 9 $ 44 $ 1,055 Fair value $ 198 $ 742 $ 8 $ 36 $ 984 Weighted-average yield 1.62 % 1.30 % 1.16 % 1.86 % 1.38 % Agency CMOs Amortized cost $ — $ — $ 31 $ 1,362 $ 1,393 Fair value $ — $ — $ 29 $ 1,225 $ 1,254 Weighted-average yield — % — % 1.47 % 2.41 % 2.39 % U.S. Treasuries Amortized cost $ 244 $ 178 $ — $ — $ 422 Fair value $ 245 $ 178 $ — $ — $ 423 Weighted-average yield 3.93 % 3.85 % — % — % 3.90 % Other agency obligations Amortized cost $ 32 $ 113 $ — $ 8 $ 153 Fair value $ 33 $ 112 $ — $ 7 $ 152 Weighted-average yield 3.10 % 3.45 % — % 3.07 % 3.36 % Non-agency residential MBS Amortized cost $ — $ — $ — $ 450 $ 450 Fair value $ — $ — $ — $ 419 $ 419 Weighted-average yield — % — % — % 4.03 % 4.03 % Corporate bonds Amortized cost $ 8 $ 44 $ 17 $ — $ 69 Fair value $ 8 $ 45 $ 17 $ — $ 70 Weighted-average yield 5.25 % 4.69 % 4.99 % — % 4.83 % Other Amortized cost $ — $ — $ 6 $ 10 $ 16 Fair value $ — $ — $ 5 $ 10 $ 15 Weighted-average yield — % — % 6.78 % 6.40 % 6.53 % Total available-for-sale securities Amortized cost $ 485 $ 1,480 $ 1,683 $ 3,232 $ 6,880 Fair value $ 485 $ 1,402 $ 1,551 $ 2,964 $ 6,402 Weighted-average yield 2.94 % 1.85 % 1.37 % 2.91 % 2.31 % 16 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position. Less than 12 months 12 months or more Total $ in millions Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses March 31, 2026 Agency residential MBS $ 200 $ ( 1 ) $ 2,690 $ ( 238 ) $ 2,890 $ ( 239 ) Agency commercial MBS 5 — 976 ( 71 ) 981 ( 71 ) Agency CMOs 156 ( 1 ) 908 ( 139 ) 1,064 ( 140 ) U.S. Treasuries 50 — 8 — 58 — Other agency obligations 43 — 109 ( 1 ) 152 ( 1 ) Non-agency residential MBS 19 — 366 ( 31 ) 385 ( 31 ) Corporate bonds 5 — 13 — 18 — Other 1 — 4 ( 1 ) 5 ( 1 ) Total $ 479 $ ( 2 ) $ 5,074 $ ( 481 ) $ 5,553 $ ( 483 ) September 30, 2025 Agency residential MBS $ 23 $ — $ 2,994 $ ( 265 ) $ 3,017 $ ( 265 ) Agency commercial MBS — — 1,129 ( 85 ) 1,129 ( 85 ) Agency CMOs 2 — 978 ( 147 ) 980 ( 147 ) U.S. Treasuries 215 — 9 — 224 — Other agency obligations — — 227 ( 2 ) 227 ( 2 ) Non-agency residential MBS — — 380 ( 32 ) 380 ( 32 ) Corporate bonds — — 15 ( 1 ) 15 ( 1 ) Other 1 — 5 — 6 — Total $ 241 $ — $ 5,737 $ ( 532 ) $ 5,978 $ ( 532 ) 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. 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 six months ended March 31, 2025. 17 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 6 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2025 Form 10-K. Derivative balances included on our financial statements The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP. March 31, 2026 September 30, 2025 $ in millions Derivative assets Derivative liabilities Notional amount Derivative assets Derivative liabilities Notional amount Derivatives not designated as hedging instruments Interest rate (1) $ 275 $ 281 $ 20,547 $ 306 $ 309 $ 20,446 Foreign exchange 3 — 525 — 2 539 Other — — 973 — 2 1,096 Subtotal 278 281 22,045 306 313 22,081 Derivatives designated as hedging instruments Interest rate — — 400 — — 850 Foreign exchange 7 — 1,258 1 — 1,242 Subtotal 7 — 1,658 1 — 2,092 Total gross fair value/notional amount 285 281 $ 23,703 307 313 $ 24,173 Offset on the Condensed Consolidated Statements of Financial Condition Counterparty netting ( 61 ) ( 61 ) ( 92 ) ( 92 ) Cash collateral netting ( 153 ) ( 22 ) ( 147 ) ( 31 ) Total amounts offset ( 214 ) ( 83 ) ( 239 ) ( 123 ) Net amounts presented on the Condensed Consolidated Statements of Financial Condition $ 71 $ 198 $ 68 $ 190 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition Financial instruments ( 1 ) — ( 1 ) — Total $ 70 $ 198 $ 67 $ 190 (1) Included to-be-announced security contracts that are accounted for as derivatives. The following table details the gains/(losses) included in AOCI, net of income taxes, on derivatives designated as hedging instruments. These amounts do not include any offsetting gains/(losses) on the related hedged item. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 18 for additional information. Three months ended March 31, Six months ended March 31, $ in millions 2026 2025 2026 2025 Interest rate (cash flow hedges) $ — $ ( 5 ) $ ( 2 ) $ 1 Foreign exchange (net investment hedges) 16 3 6 60 Total gains/(losses) included in AOCI, net of taxes $ 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 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. The maximum length of time over which forecasted transactions are or will be hedged is two years . 18 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item. $ in millions Three months ended March 31, Six months ended March 31, 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 Credit risk We are exposed to credit losses primarily in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis. We may require initial margin or collateral from counterparties, generally in the form of cash or marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. We also enter into derivatives with clients, typically interest rate derivatives, to which either of our bank subsidiaries have provided loans. Such derivatives are generally collateralized by marketable securities or other assets of the client. Interest rate and foreign exchange risk We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives. On a daily basis, we monitor our risk exposure on our derivatives based on established sensitivity-based and foreign exchange spot limits. Derivatives with credit-risk-related contingent features Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt. If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either March 31, 2026 or September 30, 2025. 19 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 7 – COLLATERALIZED AGREEMENTS AND FINANCINGS Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions, and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2025 Form 10-K. Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table. Collateralized agreements Collateralized financings $ in millions Reverse repurchase agreements Securities borrowed Total Repurchase agreements Securities loaned Total March 31, 2026 Gross amounts of recognized assets/liabilities $ 272 $ 336 $ 608 $ 361 $ 781 $ 1,142 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 272 336 608 361 781 1,142 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition ( 272 ) ( 336 ) ( 608 ) ( 361 ) ( 781 ) ( 1,142 ) Net amounts $ — $ — $ — $ — $ — $ — September 30, 2025 Gross amounts of recognized assets/liabilities $ 302 $ 396 $ 698 $ 325 $ 786 $ 1,111 Gross amounts offset on the Condensed Consolidated Statements of Financial Condition — — — — — — Net amounts included in the Condensed Consolidated Statements of Financial Condition 302 396 698 325 786 1,111 Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition ( 302 ) ( 372 ) ( 674 ) ( 325 ) ( 768 ) ( 1,093 ) Net amounts $ — $ 24 $ 24 $ — $ 18 $ 18 The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition. Repurchase agreements and securities loaned accounted for as secured borrowings The following table presents our repurchase agreements and securities lending transactions accounted for as secured borrowings by type of collateral. Such secured borrowings have no stated maturity and are generally overnight and continuous. $ in millions March 31, 2026 September 30, 2025 Repurchase agreements: Government and agency obligations $ 157 $ 125 Agency MBS and agency CMOs 204 200 Total repurchase agreements $ 361 $ 325 Securities loaned: Equity securities 781 786 Total collateralized financings $ 1,142 $ 1,111 20 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Collateral received and pledged We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties. In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements. The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described. $ in millions March 31, 2026 September 30, 2025 Collateral we received that was available to be delivered or repledged $ 4,347 $ 4,003 Collateral that we delivered or repledged $ 2,025 $ 2,080 Encumbered assets We pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for such purposes and whether third parties had the right to deliver or repledge such assets. $ 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 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 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 at the FHLB or FRB $ 35,818 $ 33,449 21 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 8 – BANK LOANS, NET Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities, or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to bank loans and the allowance for credit losses. 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 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 March 31, 2026 September 30, 2025 SBL $ 23,007 $ 19,775 C&I loans 10,489 10,777 CRE loans 7,972 7,840 REIT loans 1,695 1,690 Residential mortgage loans 10,789 10,295 Tax-exempt loans 1,123 1,226 Total loans held for investment 55,075 51,603 Held for sale loans 198 416 Total loans held for sale and investment 55,273 52,019 Allowance for credit losses ( 440 ) ( 452 ) Bank loans, net $ 54,833 $ 51,567 ACL as a % of total loans held for investment 0.80 % 0.88 % Accrued interest receivable on bank loans (included in “Other receivables, net”) $ 211 $ 216 See Note 7 for additional information regarding bank loans pledged with the FHLB and FRB. Held for sale loans 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 $ 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. 22 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Purchases and sales of loans held for investment The following table presents purchases and sales of loans held for investment by portfolio segment. $ in millions C&I loans CRE loans Residential mortgage loans Total Three months ended March 31, 2026 Purchases $ 123 $ — $ 2 $ 125 Sales $ 20 $ — $ — $ 20 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. As more fully described in Note 2 of our 2025 Form 10-K, corporate loan sales generally occur as part of our credit management activities. Past due, nonaccrual, and modified loans The following table presents information on delinquency status of our loans held for investment. $ in millions 30-89 days and accruing 90 days or more and accruing Total past due and accruing Nonaccrual with allowance Nonaccrual with no allowance Current and accruing Total loans held for investment March 31, 2026 SBL $ 6 $ — $ 6 $ — $ — $ 23,001 $ 23,007 C&I loans — — — 31 19 10,439 10,489 CRE loans — — — 113 8 7,851 7,972 REIT loans — — — — — 1,695 1,695 Residential mortgage loans 2 — 2 — 11 10,776 10,789 Tax-exempt loans — — — — — 1,123 1,123 Total loans held for investment $ 8 $ — $ 8 $ 144 $ 38 $ 54,885 $ 55,075 September 30, 2025 SBL $ 1 $ — $ 1 $ — $ — $ 19,774 $ 19,775 C&I loans 1 — 1 39 5 10,732 10,777 CRE loans — — — 101 9 7,730 7,840 REIT loans — — — 19 — 1,671 1,690 Residential mortgage loans 5 — 5 — 13 10,277 10,295 Tax-exempt loans — — — — — 1,226 1,226 Total loans held for investment $ 7 $ — $ 7 $ 159 $ 27 $ 51,410 $ 51,603 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 each of the three and six months ended March 31, 2026 and 2025 were not significant. 23 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Collateral-dependent loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral. $ in millions Nature of collateral March 31, 2026 September 30, 2025 C&I loans Commercial real estate and other business assets $ 17 $ 13 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 The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows: Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral and generally are performing in accordance with the contractual terms. Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification. Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values. Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification. 24 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans. As of and for the six months ended March 31, 2026 Loans by origination fiscal year $ in millions 2026 2025 2024 2023 2022 Prior Revolving loans Total SBL Risk rating: Pass $ 8 $ 15 $ 57 $ 156 $ 24 $ 72 $ 22,621 $ 22,953 Special mention (1) — — — — — — 54 54 Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL $ 8 $ 15 $ 57 $ 156 $ 24 $ 72 $ 22,675 $ 23,007 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — C&I loans Risk rating: Pass $ 336 $ 617 $ 838 $ 330 $ 956 $ 4,028 $ 3,292 $ 10,397 Special mention — 2 — 12 1 — 10 25 Substandard — — 1 — — 43 13 57 Doubtful — — — — — 9 1 10 Total C&I loans $ 336 $ 619 $ 839 $ 342 $ 957 $ 4,080 $ 3,316 $ 10,489 Gross charge-offs $ — $ 1 $ — $ — $ — $ — $ — $ 1 CRE loans Risk rating: Pass $ 705 $ 1,480 $ 633 $ 812 $ 1,390 $ 1,788 $ 729 $ 7,537 Special mention — — 4 26 114 — — 144 Substandard — — — 51 74 143 — 268 Doubtful — — — — — 23 — 23 Total CRE loans $ 705 $ 1,480 $ 637 $ 889 $ 1,578 $ 1,954 $ 729 $ 7,972 Gross charge offs $ — $ — $ — $ — $ 12 $ 2 $ — $ 14 REIT loans Risk rating: Pass $ 105 $ 324 $ 68 $ 146 $ 58 $ 297 $ 697 $ 1,695 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total REIT loans $ 105 $ 324 $ 68 $ 146 $ 58 $ 297 $ 697 $ 1,695 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgage loans Risk rating: Pass $ 1,066 $ 1,729 $ 1,113 $ 1,367 $ 2,419 $ 3,031 $ 38 $ 10,763 Special mention — — 1 1 3 5 — 10 Substandard — — — 1 5 10 — 16 Doubtful — — — — — — — — Total residential mortgage loans $ 1,066 $ 1,729 $ 1,114 $ 1,369 $ 2,427 $ 3,046 $ 38 $ 10,789 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Tax-exempt loans Risk rating: Pass $ 55 $ 49 $ — $ 57 $ 194 $ 768 $ — $ 1,123 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 55 $ 49 $ — $ 57 $ 194 $ 768 $ — $ 1,123 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) As of March 31, 2026, this balance related to a loan which was collateralized by private securities. 25 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index As of and for the year ended September 30, 2025 Loans by origination fiscal year $ in millions 2025 2024 2023 2022 2021 Prior Revolving loans Total SBL Risk rating: Pass $ 21 $ 62 $ 30 $ 20 $ 29 $ 43 $ 19,485 $ 19,690 Special mention (1) — — — — — — 85 85 Substandard — — — — — — — — Doubtful — — — — — — — — Total SBL $ 21 $ 62 $ 30 $ 20 $ 29 $ 43 $ 19,570 $ 19,775 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — C&I loans Risk rating: Pass $ 746 $ 743 $ 366 $ 1,016 $ 849 $ 3,495 $ 3,455 $ 10,670 Special mention — — 16 1 — — 3 20 Substandard — 1 — — 2 64 20 87 Doubtful — — — — — — — — Total C&I loans $ 746 $ 744 $ 382 $ 1,017 $ 851 $ 3,559 $ 3,478 $ 10,777 Gross charge-offs $ — $ — $ — $ — $ — $ 32 $ 1 $ 33 CRE loans Risk rating: Pass $ 1,333 $ 789 $ 1,023 $ 1,698 $ 599 $ 1,473 $ 612 $ 7,527 Special mention — — 25 90 — 7 — 122 Substandard — — 27 86 — 55 — 168 Doubtful — — — — — 23 — 23 Total CRE loans $ 1,333 $ 789 $ 1,075 $ 1,874 $ 599 $ 1,558 $ 612 $ 7,840 Gross charge-offs $ — $ — $ — $ — $ — $ 11 $ 1 $ 12 REIT loans Risk rating: Pass $ 289 $ 128 $ 158 $ 59 $ 113 $ 241 $ 570 $ 1,558 Special mention — — — — — — — — Substandard — — 19 — 113 — — 132 Doubtful — — — — — — — — Total REIT loans $ 289 $ 128 $ 177 $ 59 $ 226 $ 241 $ 570 $ 1,690 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgage loans Risk rating: Pass $ 1,810 $ 1,206 $ 1,465 $ 2,511 $ 1,389 $ 1,849 $ 42 $ 10,272 Special mention — — — 1 1 3 — 5 Substandard — — — 6 — 12 — 18 Doubtful — — — — — — — — Total residential mortgage loans $ 1,810 $ 1,206 $ 1,465 $ 2,518 $ 1,390 $ 1,864 $ 42 $ 10,295 Gross charge-offs $ — $ — $ — $ — $ — $ 1 $ — $ 1 Tax-exempt loans Risk rating: Pass $ 49 $ 62 $ 57 $ 215 $ 144 $ 699 $ — $ 1,226 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total tax-exempt loans $ 49 $ 62 $ 57 $ 215 $ 144 $ 699 $ — $ 1,226 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) As of September 30, 2025, this balance related to a loan which was collateralized by private securities. 26 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score. March 31, 2026 Loans by origination fiscal year $ in millions 2026 2025 2024 2023 2022 Prior Revolving loans Total FICO score: Below 600 $ 2 $ 5 $ 4 $ 11 $ 16 $ 24 $ — $ 62 600 - 699 64 74 57 60 90 120 3 468 700 - 799 791 1,364 698 762 1,366 1,657 28 6,666 800 + 208 286 353 536 955 1,242 7 3,587 FICO score not available 1 — 2 — — 3 — 6 Total $ 1,066 $ 1,729 $ 1,114 $ 1,369 $ 2,427 $ 3,046 $ 38 $ 10,789 LTV ratio: Below 80% $ 708 $ 1,212 $ 804 $ 968 $ 1,864 $ 2,364 $ 37 $ 7,957 80%+ 358 517 310 401 563 682 1 2,832 Total $ 1,066 $ 1,729 $ 1,114 $ 1,369 $ 2,427 $ 3,046 $ 38 $ 10,789 September 30, 2025 Loans by origination fiscal year $ in millions 2025 2024 2023 2022 2021 Prior Revolving loans Total FICO score: Below 600 $ 5 $ 5 $ 11 $ 17 $ 7 $ 18 $ — $ 63 600 - 699 74 60 66 96 43 90 5 434 700 - 799 1,424 747 815 1,419 744 1,026 29 6,204 800 + 306 392 572 986 594 727 8 3,585 FICO score not available 1 2 1 — 2 3 — 9 Total $ 1,810 $ 1,206 $ 1,465 $ 2,518 $ 1,390 $ 1,864 $ 42 $ 10,295 LTV ratio: Below 80% $ 1,271 $ 874 $ 1,037 $ 1,926 $ 1,100 $ 1,432 $ 41 $ 7,681 80%+ 539 332 428 592 290 432 1 2,614 Total $ 1,810 $ 1,206 $ 1,465 $ 2,518 $ 1,390 $ 1,864 $ 42 $ 10,295 27 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Allowance for credit losses 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 (1) REIT loans (1) Residential mortgage loans Tax-exempt loans Total Three months ended March 31, 2026 Balance at beginning of period $ 7 $ 146 $ 176 $ 48 $ 62 $ 1 $ 440 Provision/(benefit) for credit losses ( 1 ) ( 2 ) 36 ( 29 ) 1 — 5 Net (charge-offs)/recoveries: Charge-offs — — ( 6 ) — — — ( 6 ) Recoveries — — — — 1 — 1 Net (charge-offs)/recoveries — — ( 6 ) — 1 — ( 5 ) Foreign exchange translation adjustment — — — — — — — Balance at end of period $ 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 March 31, 2025 Balance at beginning of period $ 5 $ 176 $ 177 $ 27 $ 65 $ 2 $ 452 Provision/(benefit) for credit losses 2 4 11 5 ( 5 ) ( 1 ) 16 Net (charge-offs)/recoveries: Charge-offs — ( 9 ) ( 8 ) — — — ( 17 ) 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 — ( 12 ) ( 7 ) — — — ( 19 ) Foreign exchange translation adjustment — ( 1 ) ( 1 ) — — ( 2 ) Balance at end of period $ 7 $ 171 $ 181 $ 32 $ 60 $ 1 $ 452 ACL by loan portfolio segment as a % of total ACL 1.5 % 37.9 % 40.0 % 7.1 % 13.3 % 0.2 % 100.0 % (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 28 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable. $ in millions March 31, 2026 September 30, 2025 Affiliated with the firm as of period-end (1) $ 1,932 $ 1,658 No longer affiliated with the firm as of period-end (2) 7 7 Total loans to financial advisors 1,939 1,665 Allowance for credit losses ( 45 ) ( 39 ) Loans to financial advisors, net $ 1,894 $ 1,626 Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”) $ 16 $ 12 Allowance for credit losses as a percent of total loans to financial advisors 2.32 % 2.34 % (1) These loans were predominantly current. (2) These loans were on nonaccrual status and predominantly past due for a period of 180 days or more. 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 A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2025 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs. 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 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. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE. $ in millions Aggregate assets Aggregate liabilities March 31, 2026 LIHTC funds $ 81 $ 20 Restricted Stock Trust Fund 31 31 Total $ 112 $ 51 September 30, 2025 LIHTC funds $ 74 $ 20 Restricted Stock Trust Fund 19 19 Total $ 93 $ 39 29 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 March 31, 2026 September 30, 2025 Assets: Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash $ 23 $ 19 Other assets 58 55 Total assets $ 81 $ 74 Liabilities: Other payables $ 13 $ 13 Total liabilities $ 13 $ 13 Noncontrolling interests $ 4 $ 1 VIEs where we hold a variable interest but are not the primary beneficiary 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, 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. 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. March 31, 2026 September 30, 2025 $ in millions Aggregate assets Aggregate liabilities Our risk of loss Aggregate assets Aggregate liabilities Our risk of loss LIHTC funds $ 10,626 $ 3,198 $ 57 $ 9,680 $ 3,031 $ 133 Private Equity Interests 3,113 923 111 3,043 948 105 Other 813 235 139 596 217 115 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. 30 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 12 - OTHER ASSETS The following table details the components of other assets as of the dates indicated. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to certain of these components. $ in millions March 31, 2026 September 30, 2025 Investments in corporate-owned life insurance policies $ 1,610 $ 1,575 Property and equipment, net 683 670 ROU lease assets 597 583 Prepaid expenses 241 218 Investments in FHLB and FRB stock 103 103 Client-owned fractional shares 188 171 All other 273 195 Total other assets $ 3,695 $ 3,515 See Note 12 of our 2025 Form 10-K for additional information regarding our property and equipment and Note 13 of this Form 10-Q and Note 13 of our 2025 Form 10-K for additional information regarding our leases. NOTE 13 – LEASES The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. 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 March 31, 2026 September 30, 2025 ROU lease assets (included in “Other assets”) $ 597 $ 583 Lease liabilities (included in “Other payables”) $ 552 $ 538 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. Lease expense The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended March 31, Six months ended March 31, $ in millions 2026 2025 2026 2025 Lease costs $ 39 $ 37 $ 76 $ 73 Variable lease costs $ 6 $ 7 $ 15 $ 13 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. 31 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 14 – BANK DEPOSITS Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits held by our bank subsidiaries. The following table presents a summary of bank deposits, excluding affiliate deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end. March 31, 2026 September 30, 2025 $ in millions Balance Weighted-average rate Balance Weighted-average rate Money market and savings accounts $ 37,532 1.30 % $ 33,881 1.60 % Interest-bearing demand deposits 22,032 3.38 % 22,532 3.86 % Certificates of deposit 2,320 3.90 % 1,937 4.21 % Non-interest-bearing demand deposits 539 — 547 — Total bank deposits $ 62,423 2.14 % $ 58,897 2.56 % 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. (“RJ&A”). 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 $ 12.49 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 March 31, 2026 September 30, 2025 FDIC-insured bank deposits $ 52,188 $ 49,117 Bank deposits exceeding FDIC insurance limit (1) (2) 10,235 9,780 Total bank deposits $ 62,423 $ 58,897 FDIC-insured bank deposits as a % of total bank deposits 84 % 83 % (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 $ 1.50 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 $ 70 Over three through six months 51 Over six through twelve months 21 Over twelve months 278 Total certificates of deposit that exceeded the FDIC insurance limit (1) $ 420 (1) Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements. 32 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index The maturities by fiscal year of our certificates of deposit as of March 31, 2026 are presented in the following table. $ in millions Remainder of 2026 $ 1,140 2027 635 2028 408 2029 62 2030 50 Thereafter 25 Total certificates of deposit $ 2,320 Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table. Three months ended March 31, Six months ended March 31, $ in millions 2026 2025 2026 2025 Money market and savings accounts $ 115 $ 140 $ 242 $ 304 Interest-bearing demand deposits 182 206 385 434 Certificates of deposit 22 24 42 52 Total interest expense on deposits $ 319 $ 370 $ 669 $ 790 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. March 31, 2026 September 30, 2025 $ in millions Weighted-average interest rate Maturity date Balance Weighted-average interest rate Maturity date Balance FHLB advances: Floating rate - term 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 Total FHLB advances $ 700 $ 700 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. See Note 2 of our 2025 Form 10-K and Note 6 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 7 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. 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 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 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 March 31, 2026, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum. 33 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Other In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes. Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of March 31, 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. A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. 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. See Note 7 for information regarding our other collateralized financing arrangements. NOTE 16 – INCOME TAXES The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. 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 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 Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $ 11 million due to expiration of statutes of limitations of federal and state tax returns. NOTE 17 – COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments and contingencies Underwriting commitments In the normal course of business, we enter into commitments for debt and equity underwritings. 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. 34 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Lending commitments and other credit-related financial instruments We have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments. The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment. $ in millions March 31, 2026 September 30, 2025 SBL and other consumer lines of credit $ 63,401 $ 56,048 Commercial lines of credit $ 5,415 $ 5,441 Unfunded lending commitments $ 523 $ 716 Standby letters of credit $ 233 $ 217 SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards. These amounts reflect the maximum credit availability, contingent upon borrowers meeting applicable collateral posting requirements. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are unconditionally cancelable and we reserve the right to not make any advances or may terminate these lines at any time. Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the current expected credit losses model provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2025 Form 10-K and Note 8 of this Form 10-Q for additional information regarding this allowance for credit losses related to unfunded lending commitments. RJ&A enters into margin lending arrangements which allow clients to borrow against the value of qualifying securities. Such loans are extended on a demand basis and are generally not committed facilities. Margin loans are collateralized by the securities held in the client’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require clients to deposit additional collateral or reduce balances as necessary. We offer loans to prospective financial advisors for recruiting and retention purposes. See Note 2 of our 2025 Form 10-K and Note 9 of this Form 10-Q for additional information regarding our loans to financial advisors. 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 $ 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 Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. 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. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds. 35 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $ 500 thousand per client for securities and cash held in client accounts, including a limitation of $ 250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $ 750 million for cash and securities, including a sub-limit of $ 1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. 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 In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution. RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations (“SROs”). Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things, which can also result in the imposition of such sanctions. We may contest liability and/or the amount of damages, as appropriate, in each pending matter. The level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material. For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period. There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of 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. 36 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 18 – SHAREHOLDERS’ EQUITY 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. 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”): Shares outstanding — 80,500 Carrying value $ — $ 79 Aggregate liquidation preference $ — $ 81 The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and six months ended March 31, 2026 and 2025. Three months ended March 31, Six months ended March 31, $ in millions, except per share amounts 2026 2025 2026 2025 Dividends declared: Total dividends declared (1) $ 2 $ 2 $ 3 $ 3 Dividends declared per preferred share $ — $ 15.94 $ 15.94 $ 31.88 Dividends paid: 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 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 ( 2.5 ) ( 1.7 ) ( 5.0 ) ( 2.0 ) Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures 0.1 0.2 1.5 1.8 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. 37 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 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 March 31, Six months ended March 31, 2026 2025 2026 2025 Dividends per common share - declared $ 0.54 $ 0.50 $ 1.08 $ 1.00 Dividends per common share - paid $ 0.54 $ 0.50 $ 1.04 $ 0.95 Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share. Three months ended March 31, Six months ended March 31, 2026 2025 2026 2025 Dividend payout ratio 19.9 % 21.2 % 19.6 % 19.2 % We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by our regulators on dividends to the parent from our subsidiaries. See Note 22 of this Form 10-Q for additional information on our regulatory capital requirements. 38 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Accumulated other comprehensive income/(loss) All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI. $ in millions Net investment hedges Currency translations Subtotal: net investment hedges and currency translations Available- for-sale securities Cash flow hedges Total Three months ended March 31, 2026 AOCI as of beginning of period $ 174 $ ( 179 ) $ ( 5 ) $ ( 348 ) $ 5 $ ( 348 ) OCI: OCI before reclassifications and taxes 22 ( 26 ) ( 4 ) ( 12 ) 2 ( 14 ) Amounts reclassified from AOCI, before tax — — — — ( 2 ) ( 2 ) Pre-tax net OCI 22 ( 26 ) ( 4 ) ( 12 ) — ( 16 ) Income tax effect ( 6 ) — ( 6 ) 2 — ( 4 ) OCI for the period, net of tax 16 ( 26 ) ( 10 ) ( 10 ) — ( 20 ) AOCI as of end of period $ 190 $ ( 205 ) $ ( 15 ) $ ( 358 ) $ 5 $ ( 368 ) Six months ended March 31, 2026 AOCI as of beginning of period $ 184 $ ( 196 ) $ ( 12 ) $ ( 391 ) $ 7 $ ( 396 ) OCI: OCI before reclassifications and taxes 9 ( 9 ) — 44 2 46 Amounts reclassified from AOCI, before tax — — — — ( 5 ) ( 5 ) Pre-tax net OCI 9 ( 9 ) — 44 ( 3 ) 41 Income tax effect ( 3 ) — ( 3 ) ( 11 ) 1 ( 13 ) OCI for the period, net of tax 6 ( 9 ) ( 3 ) 33 ( 2 ) 28 AOCI as of end of period $ 190 $ ( 205 ) $ ( 15 ) $ ( 358 ) $ 5 $ ( 368 ) Three months ended March 31, 2025 AOCI as of beginning of period $ 202 $ ( 279 ) $ ( 77 ) $ ( 591 ) $ 13 $ ( 655 ) OCI: 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: 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. 39 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. 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 March 31, 2026 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,711 $ 1 $ 315 $ — $ ( 11 ) $ 2,016 Brokerage revenues: Securities commissions: Mutual and other fund products 176 2 1 — ( 1 ) 178 Insurance and annuity products 132 — — — — 132 Equities, exchange-traded funds (“ETFs”) and fixed income products 151 50 — — ( 4 ) 197 Subtotal securities commissions 459 52 1 — ( 5 ) 507 Principal transactions (1) 29 104 — 3 — 136 Total brokerage revenues 488 156 1 3 ( 5 ) 643 Account and service fees: Mutual fund and other investment products 152 — 4 — ( 1 ) 155 RJBDP fees 280 2 — — ( 189 ) 93 Client account and other fees 74 2 3 — ( 16 ) 63 Total account and service fees 506 4 7 — ( 206 ) 311 Investment banking: Merger & acquisition and advisory — 139 — — — 139 Equity underwriting 7 56 — — — 63 Debt underwriting — 77 — — — 77 Total investment banking 7 272 — — — 279 Other: Affordable housing investments business revenues — 28 — — — 28 All other (1) 8 1 1 11 4 25 Total other 8 29 1 11 4 53 Total non-interest revenues 2,720 462 324 14 ( 218 ) 3,302 Interest income (1) 107 27 3 802 21 960 Total revenues 2,827 489 327 816 ( 197 ) 4,262 Interest expense ( 17 ) ( 25 ) — ( 330 ) ( 31 ) ( 403 ) Net revenues $ 2,810 $ 464 $ 327 $ 486 $ ( 228 ) $ 3,859 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. 40 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Three months ended March 31, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,457 $ 1 $ 278 $ — $ ( 11 ) $ 1,725 Brokerage revenues: Securities commissions: Mutual and other fund products 152 2 1 — — 155 Insurance and annuity products 117 — — — — 117 Equities, ETFs and fixed income products 123 38 1 — ( 3 ) 159 Subtotal securities commissions 392 40 2 — ( 3 ) 431 Principal transactions (1) 27 121 — 1 — 149 Total brokerage revenues 419 161 2 1 ( 3 ) 580 Account and service fees: Mutual fund and other investment products 130 — 3 — ( 1 ) 132 RJBDP fees 313 2 — — ( 185 ) 130 Client account and other fees 66 1 3 — ( 11 ) 59 Total account and service fees 509 3 6 — ( 197 ) 321 Investment banking: Merger & acquisition and advisory — 129 — — — 129 Equity underwriting 9 31 — — — 40 Debt underwriting — 47 — — — 47 Total investment banking 9 207 — — — 216 Other: Affordable housing investments business revenues — 20 — — — 20 All other (1) 6 — — 14 — 20 Total other 6 20 — 14 — 40 Total non-interest revenues 2,400 392 286 15 ( 211 ) 2,882 Interest income (1) 110 28 3 802 20 963 Total revenues 2,510 420 289 817 ( 191 ) 3,845 Interest expense ( 24 ) ( 24 ) — ( 383 ) ( 11 ) ( 442 ) Net revenues $ 2,486 $ 396 $ 289 $ 434 $ ( 202 ) $ 3,403 (1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers. 41 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Six months ended March 31, 2026 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: 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 Other: 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. 42 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index Six months ended March 31, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: 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 Other: 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. 43 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 20 – 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 March 31, Six months ended March 31, $ in millions 2026 2025 2026 2025 Interest income: Cash and cash equivalents $ 86 $ 104 $ 187 $ 228 Assets segregated for regulatory purposes and restricted cash 31 36 66 78 Trading assets — debt securities 19 19 41 38 Available-for-sale securities 39 48 81 97 Brokerage client receivables 41 41 84 86 Bank loans, net 713 690 1,447 1,408 All other 31 25 61 55 Total interest income $ 960 $ 963 $ 1,967 $ 1,990 Interest expense: Bank deposits $ 319 $ 370 669 $ 790 Trading liabilities — debt securities 12 10 24 21 Brokerage client payables 10 17 24 37 Other borrowings 5 7 10 14 Senior notes payable 43 23 86 46 All other 14 15 31 32 Total interest expense $ 403 $ 442 $ 844 $ 940 Net interest income $ 557 $ 521 $ 1,123 $ 1,050 Less: Bank loan provision for credit losses 5 16 2 16 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. NOTE 21 – SHARE-BASED COMPENSATION We have one share-based compensation plan, the Raymond James Financial, Inc. 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. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2025 Form 10-K. Other information related to our share-based awards is presented in Note 22 of our 2025 Form 10-K. Restricted stock units 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 . 44 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 22 – REGULATORY CAPITAL REQUIREMENTS RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries, and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet applicable capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results. As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”). Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. 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 March 31, 2026 September 30, 2025 $ in millions Ratio Amount Ratio Amount RJF: Tier 1 leverage 4.0 % N/A (2) 12.4 % $ 11,044 13.1 % $ 11,156 Tier 1 capital 8.5 % 6.0 % 22.9 % $ 11,044 23.0 % $ 11,156 CET1 capital 7.0 % N/A (2) 22.9 % $ 11,044 22.9 % $ 11,081 Total capital 10.5 % 10.0 % 24.0 % $ 11,568 24.1 % $ 11,687 (1) The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%. (2) The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs. As of March 31, 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. 45 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 March 31, 2026 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. Required ratio (1) Well-capitalized March 31, 2026 September 30, 2025 $ in millions Ratio Amount Ratio Amount Raymond James Bank: Tier 1 leverage 4.0 % 5.0 % 8.1 % $ 3,580 8.0 % $ 3,434 Tier 1 capital 8.5 % 8.0 % 14.5 % $ 3,580 13.9 % $ 3,434 CET1 capital 7.0 % 6.5 % 14.5 % $ 3,580 13.9 % $ 3,434 Total capital 10.5 % 10.0 % 15.8 % $ 3,890 15.2 % $ 3,743 TriState Capital Bank: Tier 1 leverage 4.0 % 5.0 % 7.4 % $ 1,750 7.6 % $ 1,661 Tier 1 capital 8.5 % 8.0 % 18.6 % $ 1,750 16.8 % $ 1,661 CET1 capital 7.0 % 6.5 % 18.6 % $ 1,750 16.8 % $ 1,661 Total capital 10.5 % 10.0 % 19.3 % $ 1,817 17.5 % $ 1,732 (1) The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%. Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A. $ in millions March 31, 2026 September 30, 2025 Raymond James & Associates, Inc. : (Alternative Method elected) Net capital as a percent of aggregate debit items 30.1 % 30.3 % Net capital $ 1,077 $ 1,030 Less: required net capital ( 72 ) ( 68 ) Excess net capital $ 1,005 $ 962 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. 46 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 23 – EARNINGS PER SHARE The following table presents the computation of basic and diluted earnings per common share. 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: Net income available to common shareholders $ 542 $ 493 $ 1,104 $ 1,092 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 Income for diluted earnings per common share: Net income available to common shareholders $ 542 $ 493 $ 1,104 $ 1,092 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 Common shares: 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 Earnings per common share: Basic $ 2.76 $ 2.41 $ 5.61 $ 5.34 Diluted $ 2.72 $ 2.36 $ 5.51 $ 5.22 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 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. 47 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index NOTE 24 – SEGMENT INFORMATION We currently operate through the following five segments: Private Client Group (“PCG”); Capital Markets; Asset Management; Bank; and Other. The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 25 of our 2025 Form 10-K. The following tables present information concerning operations in these segments. $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Three months ended March 31, 2026 Revenues: Non-interest revenues (1) $ 2,720 $ 462 $ 324 $ 14 $ ( 218 ) $ 3,302 Net interest income 90 2 3 472 ( 10 ) 557 Net revenues 2,810 464 327 486 ( 228 ) 3,859 Non-interest expenses: Compensation, commissions and benefits 2,108 293 65 47 28 2,541 Bank loan provision for credit losses — — — 5 — 5 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 Revenues: Non-interest revenues (1) $ 2,400 $ 392 $ 286 $ 15 $ ( 211 ) $ 2,882 Net interest income 86 4 3 419 9 521 Net revenues 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) 256 98 111 256 ( 209 ) 512 Total non-interest expense 2,055 360 168 317 ( 168 ) 2,732 Total pre-tax income/(loss) $ 431 $ 36 $ 121 $ 117 $ ( 34 ) $ 671 (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. 48 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Six months ended March 31, 2026 Revenues: Non-interest revenues (1) $ 5,397 $ 838 $ 647 $ 31 $ ( 442 ) $ 6,471 Net interest income 181 6 6 942 ( 12 ) 1,123 Net revenues 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 — — — 2 — 2 All other (1) 564 230 249 537 ( 442 ) 1,138 Total non-interest expense 4,723 784 373 634 ( 383 ) 6,131 Total pre-tax income/(loss) $ 855 $ 60 $ 280 $ 339 $ ( 71 ) $ 1,463 Six months ended March 31, 2025 Revenues: Non-interest revenues (1) $ 4,849 $ 869 $ 576 $ 26 $ ( 430 ) $ 5,890 Net interest income 185 7 7 833 18 1,050 Net revenues 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. 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 March 31, 2026 September 30, 2025 Total assets: Private Client Group $ 14,563 $ 14,007 Capital Markets 3,775 3,426 Asset Management 595 632 Bank 68,986 65,263 Other 4,025 4,902 Total $ 91,944 $ 88,230 49 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Index 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 March 31, Six months ended March 31, $ in millions 2026 2025 2026 2025 Net revenues: U.S. $ 3,528 $ 3,116 $ 6,937 $ 6,338 Canada 191 161 376 325 Europe 140 126 281 277 Total net revenues $ 3,859 $ 3,403 $ 7,594 $ 6,940 Pre-tax income/(loss): U.S. $ 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 March 31, 2026 September 30, 2025 Total assets: U.S. $ 85,384 $ 82,289 Canada 3,492 3,182 Europe 3,068 2,759 Total $ 91,944 $ 88,230 50 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index