What changed in this filing

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Item 1. Financial Statements

2026-08-05 compared with 2026-05-06 · 250 added, 230 removed, 1721 unchanged (22% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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

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

Cash and cash equivalents $ 9,977 $ 11,389

32 unchanged sentences

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 192,124,666 shares outstanding as of June 30, 2026;

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

2 unchanged sentences

Treasury stock, at cost;

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

57,959,502 and 51,944,574 common shares as of June 30, 2026 and September 30, 2025, respectively

( 5,104 ) ( 4,022 )

9 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

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

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

in millions, except per share amounts

10 unchanged sentences

994 990 2,961 2,980

57 46 152 125

Total revenues

16 unchanged sentences

Professional fees

Bank loan provision for credit losses

63 42 136 110

Bank loan provision/(benefit) for credit losses ( 26 ) 15 ( 24 ) 31

116 175 339 387

Total non-compensation expenses 599 633 1,739 1,677

29 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

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

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

30 unchanged sentences

Reissuances under employee stock plans

16 16 132 121

Balance end of period

11 unchanged sentences

Balance beginning of period

43 15 1 ( 6 )

Increase from acquisition of majority interest in GreensLedge Holdings LLC

All other net changes in noncontrolling interests

41 ( 13 ) 43 8

Balance end of period

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended March 31,

Nine months ended June 30,

$ in millions 2026 2025

1 unchanged sentence

$ 1,702 $ 1,531

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

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

Depreciation and amortization 154 143

4 unchanged sentences

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

( 152 ) ( 68 )

Net change in:

7 unchanged sentences

Accrued compensation, commissions and benefits ( 86 ) ( 109 )

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

Proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans held for sale 201 ( 71 )

Net cash provided by operating activities

7 unchanged sentences

Proceeds from sales of available-for-sale securities

Cash paid for acquisition, net of cash acquired

Cash paid for acquisitions, net of cash acquired ( 484 ) —

Additions to property and equipment

1 unchanged sentence

Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock — 8

Equity method investments, net of distributions received ( 86 ) ( 24 )

Other investing activities, net ( 94 ) ( 41 )

8 unchanged sentences

Redemption of preferred stock ( 81 ) —

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

Proceeds from FHLB advances 400 750

Repayments of FHLB advances

( 400 ) ( 950 )

Proceeds from short-term borrowings 250 —

Other financing, net ( 11 ) ( 8 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended March 31,

Nine months ended June 30,

$ in millions 2026 2025

1 unchanged sentence

Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes ( 50 ) 48

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

177 ( 1,261 )

Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash ( 1,533 ) ( 1,383 )

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

8 unchanged sentences

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

Non-cash acquisition-related contingent consideration $ 177 $ —

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

5 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

June 30, 2026

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

25 unchanged sentences

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.

During the nine months ended June 30, 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.

The GreensLedge acquisition resulted in the recognition of $ 131 million of goodwill and $ 31 million of identifiable intangible assets.

Goodwill recognized in the acquisition primarily represents expected synergies from combining GreensLedge with our existing businesses and is deductible for tax purposes over 15 years.

The identifiable intangible assets acquired primarily consist of customer relationships and have a weighted-average useful life of seven years .

During the three months ended June 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.

Clark Capital’s results of operations have been included in our Asset Management segment prospectively beginning May 1, 2026.

The Clark Capital acquisition resulted in the recognition of approximately $ 305 million of goodwill and approximately $ 330 million of identifiable intangible assets, based on our preliminary estimates of their acquisition-date fair values.

Goodwill recognized in the acquisition primarily represents expected synergies from combining Clark Capital with our existing businesses and is not deductible for tax purposes.

The identifiable intangible assets acquired primarily consist of customer relationships, including non-amortizing intangibles with a preliminary acquisition-date fair value of approximately $ 32 million.

The amortizing identifiable intangible assets have a weighted-average useful life of 16 years.

We consider the estimated fair values of the identifiable intangible assets and associated deferred tax liabilities, as well as goodwill to be provisional as of June 30, 2026, as we continue to refine the estimates and related assumptions used to measure such amounts.

We expect to finalize the purchase accounting during our fourth fiscal quarter of 2026.

A portion of the purchase price for the Clark Capital and GreensLedge acquisitions is contingent upon the achievement of specified revenue-based performance targets and is payable over a period ranging from five to seven years .

The aggregate maximum potential contingent consideration payable for such acquisitions is $ 275 million.

The acquisition-date fair value of the contingent consideration for each acquisition was included in the respective purchase consideration for the acquisitions and recorded as a liability in “Other payables” on the Condensed Consolidated Statements of Financial Condition.

The contingent consideration liabilities are subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in “Other” expenses in the Condensed Consolidated Statements of Income and Comprehensive Income.

As of June 30, 2026, the contingent consideration liabilities for the Clark Capital and GreensLedge acquisitions had an aggregate fair value of $ 180 million.

See Note 4 for additional information regarding the fair value of our acquisition-related contingent consideration liabilities.

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.

RAYMOND JAMES FINANCIAL, INC.

2 unchanged sentences

NOTE 4 – FAIR VALUE

Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value.

Our “Financial instruments” and “Financial instrument liabilities,” as well as certain other assets and other payables 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.

2 unchanged sentences

adjustments (1)

Balance as of March 31, 2026

Balance as of June 30, 2026

Assets at fair value on a recurring basis:

31 unchanged sentences

Government and agency obligations 215 — — — 215

Agency MBS and CMOs

— 123 — — 123

Total debt securities 219 604 — — 823

Equity securities 68 — — — 68

Other liabilities

Total trading liabilities 287 604 — — 891

Derivative liabilities – interest rate

9 272 — ( 83 ) 198

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

188 — — — 188

Derivative liabilities:

Interest rate 3 268 — ( 57 ) 214

Foreign exchange — 1 — — 1

Total derivative liabilities 3 269 — ( 57 ) 215

Other payables:

Repurchase liabilities related to client-owned fractional shares 216 — — — 216

Acquisition-related contingent consideration — — 180 — 180

Total other payables 216 — 180 — 396

Total liabilities at fair value on a recurring basis $ 506 $ 873 $ 180 $ ( 57 ) $ 1,502

65 unchanged sentences

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 following tables present the changes in fair value for Level 3 financial assets and financial 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

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

Three months ended June 30, 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

Trading assets All other investments Trading liabilities Acquisition-related contingent consideration

$ in millions

Fair value beginning of period

9 unchanged sentences

$ — $ — $ — $ ( 3 )

Six months ended March 31, 2026

Nine months ended June 30, 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

Trading assets All other investments Derivative liabilities Acquisition-related contingent consideration

$ in millions

Fair value beginning of period $ 4 $ 7 $ ( 2 ) $ —

$ 4 $ — $ 7 $ — $ ( 2 )

Total gains/(losses) included in earnings 1 — 1 ( 3 )

4 unchanged sentences

Fair value end of period $ 3 $ 7 $ — $ ( 180 )

$ 2 $ — $ 7 $ 1 $ —

Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period $ — $ — $ — $ ( 3 )

$ — $ — $ — $ 1 $ —

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended March 31, 2025

Three months ended June 30, 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

Financial assets

$ in millions Trading assets Derivative assets All other investments

Fair value beginning of period

$ 2 $ — $ 7 $ ( 2 )

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

4 unchanged sentences

Fair value end of period

$ 1 $ 6 $ 7 $ —

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

$ — $ ( 5 ) $ —

Six months ended March 31, 2025

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Nine months ended June 30, 2025

Level 3 instruments at fair value

Financial assets

Trading assets Derivative assets All other investments

$ in millions Other Other Other

$ in millions Trading assets Derivative assets All other investments

Fair value beginning of period

6 unchanged sentences

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

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

$ — $ ( 2 ) $ —

Our acquisition-related contingent consideration liabilities in the preceding tables are attributable to acquisitions completed during fiscal 2026.

Refer to Note 3 for further information regarding those acquisitions and the related contingent consideration arrangements.

The fair values of these liabilities were determined using probability-weighted expected cash flow or Monte Carlo simulation techniques, as applicable, discounted to present value.

Significant unobservable inputs used in these measurements included the estimated amount and timing of projected cash flows, the likelihood of achieving the specified revenue-based performance targets, and the discount rate.

Significant increases or decreases in any of these inputs, individually or in combination, could result in a higher or lower fair value measurement.

As of June 30, 2026, the weighted-average discount rate used in the fair value measurement of our acquisition-related contingent consideration liabilities was 15 %.

As of June 30, 2026, 9 % of our assets and 2 % 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.

As of both June 30, 2026 and September 30, 2025, Level 3 assets represented less than 1 % of our assets measured at fair value on a recurring basis.

As of June 30, 2026 and September 30, 2025, Level 3 liabilities represented 12 % and less than 1 % of our liabilities measured at fair value on a recurring basis, respectively.

Investments in private equity measured at net asset value per share

1 unchanged sentence

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

Our private equity portfolio as of March 31, 2026 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments.

Our private equity portfolio as of June 30, 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.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

$ in millions Recorded value Unfunded commitment

March 31, 2026

June 30, 2026

Private equity investments measured at NAV $ 112 $ 34

5 unchanged sentences

Total private equity investments $ 112

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Financial instruments measured at fair value on a nonrecurring basis

4 unchanged sentences

(weighted-average)

March 31, 2026

June 30, 2026

Residential mortgage loans $ 1 $ 7 $ 8 Collateral or

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Recovery rate 24 % - 96 % ( 76 %)

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

Loans held for sale $ 31 $ — $ 31 N/A (2)

(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.

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 preceding 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.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Financial instruments not recorded at fair value

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

The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at March 31, 2026 and September 30, 2025.

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

1 unchanged sentence

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

March 31, 2026

June 30, 2026

Financial assets:

11 unchanged sentences

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 5 – AVAILABLE-FOR-SALE SECURITIES

5 unchanged sentences

unrealized losses Fair value

March 31, 2026

June 30, 2026

Agency residential MBS $ 3,306 $ 2 $ ( 247 ) $ 3,061

17 unchanged sentences

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

The amortized costs and fair values in the preceding table exclude $ 17 million and $ 18 million of accrued interest on available-for-sale securities as of March 31, 2026 and September 30, 2025, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

The amortized costs and fair values in the preceding table exclude $ 19 million and $ 18 million of accrued interest on available-for-sale securities as of June 30, 2026 and September 30, 2025, respectively, which was included in “ Other receivables, net ” on our Condensed Consolidated Statements of Financial Condition.

See Note 7 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

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.

1 unchanged sentence

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

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

March 31, 2026

As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.8 years as of June 30, 2026.

June 30, 2026

$ in millions Within one year After one but

60 unchanged sentences

losses Fair value Unrealized

March 31, 2026

June 30, 2026

Agency residential MBS

21 unchanged sentences

$ 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.

At June 30, 2026, of the 830 available-for-sale securities in an unrealized loss position, 97 were in a continuous unrealized loss position for less than 12 months and 733 securities were in a continuous unrealized loss position for greater than 12 months.

During the three and nine months ended June 30, 2026, we received proceeds of $ 40 million from sales of available-for-sale securities resulting in insignificant gains.

There were no sales of available-for-sale securities during the three months ended June 30, 2025.

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

RAYMOND JAMES FINANCIAL, INC.

7 unchanged sentences

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

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

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

1 unchanged sentence

Interest rate $ 260 $ 271 $ 19,145 $ 306 $ 309 $ 20,446

$ 275 $ 281 $ 20,547 $ 306 $ 309 $ 20,446

Foreign exchange — 1 416 — 2 539

22 unchanged sentences

$ 30 $ 215 $ 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.

2 unchanged sentences

See Note 18 for additional information.

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

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

$ in millions 2026 2025 2026 2025

3 unchanged sentences

$ 22 $ ( 49 ) $ 26 $ 12

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.

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2026 and 2025.

We expect to reclassify $ 5 million of interest expense out of AOCI and into earnings within the next 12 months.

5 unchanged sentences

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

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

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

Location of gains/(losses)

7 unchanged sentences

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

(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.

(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 $ 3 million for the three months ended June 30, 2026 and 2025, respectively, and net gains of $ 4 million and $ 7 million for the nine months ended June 30, 2026 and 2025, respectively.

Risks associated with our derivatives and related risk mitigation

11 unchanged sentences

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

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

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

RAYMOND JAMES FINANCIAL, INC.

11 unchanged sentences

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

March 31, 2026

June 30, 2026

Gross amounts of recognized assets/liabilities $ 316 $ 849 $ 1,165 $ 265 $ 564 $ 829

13 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Repurchase agreements:

13 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Collateral we received that was available to be delivered or repledged $ 4,974 $ 4,003

3 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Had the right to deliver or repledge $ 1,438 $ 1,265

4 unchanged sentences

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

$ in millions June 30, 2026 September 30, 2025

Assets pledged at the FHLB or FRB:

15 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

SBL $ 24,767 $ 19,775

14 unchanged sentences

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.

We originated or purchased $ 585 million and $ 1.80 billion of loans held for sale during the three and nine months ended June 30, 2026, respectively, and $ 877 million and $ 2.59 billion during the three and nine months ended June 30, 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.

Proceeds from the sales of these loans held for sale and not securitized amounted to $ 123 million and $ 422 million during the three and nine months ended June 30, 2026, respectively, and $ 197 million and $ 859 million during the three and nine months ended June 30, 2025, respectively.

Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2026 and 2025.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

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

Three months ended March 31, 2026

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

Three months ended June 30, 2026

Purchases $ 102 $ — $ — $ 4 $ 106

Sales $ 510 $ — $ — $ 1 $ 511

Six months ended March 31, 2026

Nine months ended June 30, 2026

Purchases $ 390 $ — $ — $ 20 $ 410

Sales $ 614 $ — $ — $ 1 $ 615

Three months ended March 31, 2025

Three months ended June 30, 2025

Purchases $ 156 $ — $ 14 $ 94 $ 264

Sales $ 103 $ — $ — $ — $ 103

Six months ended March 31, 2025

Nine months ended June 30, 2025

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

Sales $ 180 $ 13 $ — $ — $ 193

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.

2 unchanged sentences

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

March 31, 2026

June 30, 2026

SBL $ — $ — $ — $ — $ — $ 24,767 $ 24,767

13 unchanged sentences

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.

The preceding table included $ 66 million and $ 109 million at June 30, 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.

Loans to borrowers experiencing financial difficulty modified during each of the three and nine months ended June 30, 2026 and 2025 were not significant.

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

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

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

$ in millions Nature of collateral June 30, 2026 September 30, 2025

C&I loans Commercial real estate and other business assets $ 31 $ 13

CRE loans (1)

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

Office, multi-family residential, retail, hospitality, and industrial real estate $ 302 $ 165

REIT loans (1)

1 unchanged sentence

Residential mortgage loans Single family homes $ 3 $ 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.

(1) During the nine months ended June 30, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

Credit quality indicators

16 unchanged sentences

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

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

As of and for the nine months ended June 30, 2026

Loans by origination fiscal year

45 unchanged sentences

$ — $ — $ — $ — $ — $ — $ — $ —

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

(1) As of June 30, 2026, this balance was related to a loan which was collateralized by private securities.

RAYMOND JAMES FINANCIAL, INC.

49 unchanged sentences

$ — $ — $ — $ — $ — $ — $ — $ —

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

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

RAYMOND JAMES FINANCIAL, INC.

5 unchanged sentences

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

March 31, 2026

June 30, 2026

Loans by origination fiscal year

29 unchanged sentences

Residential mortgage loans Tax-exempt loans Total

Three months ended March 31, 2026

Three months ended June 30, 2026

Balance at beginning of period

4 unchanged sentences

Recoveries — — 1 — — — 1

Net (charge-offs)/recoveries

— — ( 6 ) — 1 — ( 5 )

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

Foreign exchange translation adjustment

2 unchanged sentences

$ 5 $ 121 $ 192 $ 15 $ 64 $ 1 $ 398

Six months ended March 31, 2026

Nine months ended June 30, 2026

Balance at beginning of period

5 unchanged sentences

Net (charge-offs)/recoveries — ( 9 ) ( 21 ) — 1 — ( 29 )

— ( 1 ) ( 14 ) — 1 — ( 14 )

Foreign exchange translation adjustment

3 unchanged sentences

ACL by loan portfolio segment as a % of total ACL 1.3 % 30.3 % 48.2 % 3.8 % 16.1 % 0.3 % 100.0 %

Three months ended March 31, 2025

Three months ended June 30, 2025

Balance at beginning of period

4 unchanged sentences

Recoveries — 1 — — — — 1

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

Net charge-offs — ( 3 ) — — — — ( 3 )

Foreign exchange translation adjustment

2 unchanged sentences

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

Six months ended March 31, 2025

Nine months ended June 30, 2025

Balance at beginning of period

11 unchanged sentences

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

(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

(1) During the nine months ended June 30, 2026, a certain loan and the associated allowance 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 decreased $ 42 million and $ 54 million during the three and nine months ended June 30, 2026, respectively, primarily due to a $ 26 million and $ 24 million bank loan benefit for credit losses, respectively, and net charge-offs of $ 15 million and $ 29 million, respectively.

The bank loan benefit for credit losses for the three and nine months ended June 30, 2026 primarily reflected net paydowns in our corporate loan portfolio, improved credit quality within our loan portfolio, and, for the nine-month period, an improved macroeconomic outlook.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $ 22 million, $ 23 million, and $ 24 million at June 30, 2026, March 31, 2026, and September 30, 2025, respectively.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

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

NOTE 9 – LOANS TO FINANCIAL ADVISORS, NET

2 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

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

9 unchanged sentences

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

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

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

NOTE 10 – VARIABLE INTEREST ENTITIES

7 unchanged sentences

$ in millions Aggregate assets Aggregate liabilities

March 31, 2026

June 30, 2026

Restricted Stock Trust Fund

8 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

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

9 unchanged sentences

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

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

$ in millions Aggregate

10 unchanged sentences

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.

During the nine months ended June 30, 2026, we acquired GreensLedge and Clark Capital, which resulted in an increase in our goodwill and identifiable intangible assets.

See Note 3 for additional information on these acquisitions 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.

13 unchanged sentences

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

$ in millions June 30, 2026 September 30, 2025

Investments in corporate-owned life insurance policies

11 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

ROU lease assets (included in “Other assets”)

Lease liabilities (included in “Other payables”)

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 liabilities as of June 30, 2026 excluded $ 94 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 of up 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,

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

$ in millions 2026 2025 2026 2025

9 unchanged sentences

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

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

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

4 unchanged sentences

Total bank deposits $ 63,319 2.35 % $ 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.

Total bank deposits included $ 26.00 billion and $ 26.56 billion as of June 30, 2026 and September 30, 2025, respectively, of cash balances which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc.

Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), and substantially all of these deposits were included in money market and savings accounts in the preceding table.

Interest-bearing demand deposits in the preceding table included $ 12.49 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.

Total bank deposits in the preceding table included $ 14.91 billion and $ 13.47 billion of deposits as of June 30, 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.

Substantially all of the ESP balances were reflected in interest-bearing demand deposits in the preceding table.

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

FDIC-insured bank deposits $ 52,461 $ 49,117

3 unchanged sentences

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

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.50 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

(2) Excluded affiliate deposits exceeding the FDIC insurance limit of $ 1.34 billion and $ 1.24 billion as of June 30, 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 June 30, 2026.

$ in millions June 30, 2026

Three months or less

7 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

The maturities by fiscal year of our certificates of deposit as of June 30, 2026 are presented in the following table.

$ in millions

3 unchanged sentences

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

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

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

$ in millions 2026 2025 2026 2025

3 unchanged sentences

Total interest expense on deposits $ 348 $ 373 $ 1,017 $ 1,163

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.

During the nine months ended June 30, 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.

2 unchanged sentences

The following table details the components of our other borrowings.

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

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

1 unchanged sentence

Floating rate - term

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

3.89 % December 2026 - September 2027 $ 300 4.44 % December 2025 - December 2026 $ 500

Fixed rate 4.04 % December 2027 - December 2028 400 4.10 % December 2028 200

Total FHLB advances 700 700

Secured and unsecured lines of credit 4.30 % Overnight 250 N/A N/A —

Total other borrowings $ 950 $ 700

FHLB advances

4 unchanged sentences

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.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Credit Facility

2 unchanged sentences

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

There were no borrowings outstanding on the Credit Facility as of March 31, 2026 or September 30, 2025.

There were no borrowings outstanding on the Credit Facility as of June 30, 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.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of March 31, 2026 or September 30, 2025.

Based upon RJF’s credit rating as of June 30, 2026, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125 % per annum.

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

As of June 30, 2026, $ 250 million was outstanding under our secured and unsecured lines of credit compared with no borrowings outstanding under our lines of credit as of September 30, 2025.

Borrowings during the period were generally day-to-day.

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

2 unchanged sentences

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

While we had borrowings outstanding as of March 31, 2026, the clearing organization is under no contractual obligation to lend to us under this arrangement.

While we had borrowings outstanding as of June 30, 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.

7 unchanged sentences

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.

Our effective income tax rate was 23.1 % for the nine months ended June 30, 2026, compared with 21.3 % for our fiscal year 2025.

The increase in the effective income tax rate was primarily driven by lower share-based compensation deductions in the current-year period compared with 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.

1 unchanged sentence

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 $ 13 million due to expiration of statutes of limitations of federal and state tax returns.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 17 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

2 unchanged sentences

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of June 30, 2026, we had four such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Lending commitments and other credit-related financial instruments

3 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

SBL and other consumer lines of credit $ 68,139 $ 56,048

17 unchanged sentences

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

We had unfunded commitments of $ 19 million for loans to financial advisors who have met such conditions as of March 31, 2026.

We had unfunded commitments of $ 14 million for loans to financial advisors who have met such conditions as of June 30, 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.

As of June 30, 2026, we had unfunded commitments of $ 148 million, primarily related to investments held by Raymond James Bank and TriState Capital Bank and certain renewable energy tax credit investments.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Other commitments

3 unchanged sentences

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

As of March 31, 2026, RJAHI had committed approximately $ 294 million to project partnerships that had not yet been sold to LIHTC funds.

As of June 30, 2026, RJAHI had committed approximately $ 185 million to project partnerships that had not yet been sold to LIHTC funds.

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

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

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

6 unchanged sentences

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.

For information regarding our contingent consideration related to our acquisitions see Note 3 and Note 4 of this Form 10-Q.

Legal and regulatory matters contingencies

20 unchanged sentences

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

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

With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 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.

4 unchanged sentences

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.

On January 2, 2026, we redeemed all 80,500 outstanding shares of our 6.375 % Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“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”):

$ in millions June 30, 2026 September 30, 2025

Series B Preferred Stock:

Shares outstanding — 80,500

1 unchanged sentence

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,

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and nine months ended June 30, 2026 and 2025.

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

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

9 unchanged sentences

$ — $ 15.94 $ 31.88 $ 47.82

(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.

(1) Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the nine months ended June 30, 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,

The following table presents the changes in our common shares outstanding for the three and nine months ended June 30, 2026 and 2025.

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

Shares in millions

16 unchanged sentences

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

During the three months ended March 31, 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.

During the three months ended June 30, 2026, we repurchased 2.6 million shares of our common stock for $ 400 million at an average price of $ 152 per share.

During the nine months ended June 30, 2026, we repurchased 7.7 million shares of our common stock for $ 1.2 billion.

As of June 30, 2026, $ 1.1 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,

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

2026 2025 2026 2025

2 unchanged sentences

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

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

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

2026 2025 2026 2025

13 unchanged sentences

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

Three months ended March 31, 2026

Three months ended June 30, 2026

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

5 unchanged sentences

AOCI as of end of period $ 213 $ ( 230 ) $ ( 17 ) $ ( 368 ) $ 4 $ ( 381 )

Six months ended March 31, 2026

Nine months ended June 30, 2026

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

5 unchanged sentences

AOCI as of end of period $ 213 $ ( 230 ) $ ( 17 ) $ ( 368 ) $ 4 $ ( 381 )

Three months ended March 31, 2025

Three months ended June 30, 2025

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

5 unchanged sentences

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

Six months ended March 31, 2025

Nine months ended June 30, 2025

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

5 unchanged sentences

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

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.

Reclassifications from AOCI to net income, excluding taxes, for the three and nine months ended June 30, 2026 and three months ended June 30, 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 nine months ended June 30, 2025 were recorded in “Other revenue” and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

RAYMOND JAMES FINANCIAL, INC.

8 unchanged sentences

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

Three months ended June 30, 2026

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

35 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Three months ended March 31, 2025

Three months ended June 30, 2025

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

34 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2026

Nine months ended June 30, 2026

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

34 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

Six months ended March 31, 2025

Nine months ended June 30, 2025

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

31 unchanged sentences

(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.

At June 30, 2026 and September 30, 2025, net receivables related to contracts with customers were $ 564 million and $ 532 million, respectively.

RAYMOND JAMES FINANCIAL, INC.

4 unchanged sentences

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

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

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

$ in millions 2026 2025 2026 2025

4 unchanged sentences

Available-for-sale securities

43 45 124 142

Brokerage client receivables 44 42 128 128

14 unchanged sentences

Net interest income $ 560 $ 546 $ 1,683 $ 1,596

Bank loan provision for credit losses

Net interest income after bank loan provision for credit losses

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

Bank loan provision/(benefit) for credit losses ( 26 ) 15 ( 24 ) 31

Net interest income after bank loan provision/(benefit) for credit losses $ 586 $ 531 $ 1,707 $ 1,565

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

8 unchanged sentences

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.

During the three and nine months ended June 30, 2026, we granted approximately 67 thousand and 1.7 million RSUs, respectively, with a weighted-average grant-date fair value of $ 153.48 and $ 156.50 , respectively, compared with approximately 110 thousand and 2.0 million RSUs granted during the three and nine months ended June 30, 2025, respectively, with a weighted-average grant-date fair value of $ 148.72 and $ 162.23 , respectively.

For the three and nine months ended June 30, 2026, total share-based compensation amortization related to RSUs was $ 48 million and $ 176 million, respectively, compared with $ 49 million and $ 192 million for the three and nine months ended June 30, 2025, respectively.

As of June 30, 2026, there were $ 383 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2026.

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

14 unchanged sentences

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

As of 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.

As of June 30, 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 June 30, 2026 and September 30, 2025.

Required ratio (1)

Well-capitalized

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

$ in millions Ratio Amount Ratio Amount

8 unchanged sentences

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

As of 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.

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

RJF’s tier 1 capital and total capital ratios decreased compared with September 30, 2025 resulting from the decrease in regulatory capital and an increase in risk-weighted assets.

The increase in risk-weighted assets was primarily driven by increases in other assets, including investments in corporate-owned life insurance policies.

RJF’s tier 1 leverage ratio at June 30, 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.

2 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

1 unchanged sentence

Well-capitalized

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

$ in millions Ratio Amount Ratio Amount

16 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Raymond James & Associates, Inc.

5 unchanged sentences

Excess net capital $ 892 $ 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.

As of June 30, 2026, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.

RAYMOND JAMES FINANCIAL, INC.

3 unchanged sentences

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

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

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

$ in millions, except per share amounts

22 unchanged sentences

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of 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.

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

15 unchanged sentences

Other and intersegment eliminations

Three months ended March 31, 2026

Three months ended June 30, 2026

Non-interest revenues (1)

6 unchanged sentences

2,124 300 76 47 32 2,579

Bank loan provision for credit losses

Bank loan benefit for credit losses — — — ( 26 ) — ( 26 )

All other (1)

3 unchanged sentences

$ 423 $ 48 $ 143 $ 206 $ ( 70 ) $ 750

Three months ended March 31, 2025

Three months ended June 30, 2025

Non-interest revenues (1)

11 unchanged sentences

$ 411 $ ( 54 ) $ 125 $ 123 $ ( 42 ) $ 563

(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.

(1) “Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $ 185 million and $ 193 million of RJBDP fees paid to PCG for the three months ended June 30, 2026 and 2025, respectively.

Such fees were eliminated in consolidation.

3 unchanged sentences

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

Six months ended March 31, 2026

Nine months ended June 30, 2026

Non-interest revenues (1)

6 unchanged sentences

6,283 854 200 142 91 7,570

Bank loan provision for credit losses

Bank loan benefit for credit losses — — — ( 24 ) — ( 24 )

All other (1)

3 unchanged sentences

$ 1,278 $ 108 $ 423 $ 545 $ ( 141 ) $ 2,213

Six months ended March 31, 2025

Nine months ended June 30, 2025

Non-interest revenues (1)

13 unchanged sentences

$ 1,304 $ 56 $ 371 $ 358 $ ( 106 ) $ 1,983

(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.

(1) “Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $ 560 million and $ 563 million of RJBDP fees paid to PCG for the nine months ended June 30, 2026 and 2025, respectively.

Such fees were eliminated in consolidation.

1 unchanged sentence

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Total assets:

11 unchanged sentences

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

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

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

$ in millions 2026 2025 2026 2025

12 unchanged sentences

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

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Total assets:

6 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements