What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-05 compared with 2026-05-06 · 237 added, 237 removed, 1399 unchanged (25% of the section changed)

24 unchanged sentences

Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.

We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Report on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov.

We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov.

We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

13 unchanged sentences

Summary results of operations

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 % change 2026 2025 % change

13 unchanged sentences

$ 3.14 $ 2.18 44 % $ 8.83 $ 7.55 17 %

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

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

Other selected financial highlights 2026 2025 2026 2025

17 unchanged sentences

20.7 % 22.6 % 23.1 % 22.8 %

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Management’s Discussion and Analysis

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

For our fiscal second quarter of 2026, we generated net revenues of $3.86 billion, an increase of 13% compared with the prior-year quarter, and pre-tax income of $735 million, an increase of 10%.

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

For our fiscal third quarter of 2026, we generated net revenues of $3.93 billion, an increase of 16% compared with the prior-year quarter, and pre-tax income of $750 million, an increase of 33%.

Our net income available to common shareholders of $595 million increased 37% compared with the prior-year quarter and our earnings per diluted share were $3.01, an increase of 42%.

Our ROCE was 18.8%, up from 14.3% for the prior-year quarter, and our ROTCE was 22.6% (1) , compared with 16.7% (1) for the prior-year quarter.

For the three months ended March 31, 2026, adjusted net income available to common shareholders, which excluded the impact of $22 million of acquisition-related expenses, net of tax, was $564 million (1) , an increase of 11% compared with adjusted net income available to common shareholders for the prior-year quarter.

For the three months ended June 30, 2026, adjusted net income available to common shareholders, which excluded the impact of $25 million of acquisition-related expenses, net of tax, was $620 million (1) , an increase of 38% compared with adjusted net income available to common shareholders for the prior-year quarter.

Our adjusted earnings per diluted share were $3.14 (1) , an increase of 44% compared with the prior-year quarter.

Adjusted ROCE was 19.6% (1) , compared with 14.8% (1) for the prior-year quarter, and adjusted ROTCE was 23.5% (1) , compared with 17.2% (1) for the prior-year quarter.

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of the current-year billing period compared with the prior-year billing period.

The increase in PCG client assets in fee-based accounts resulted from market-driven appreciation and net new assets to the firm since the prior-year period driven by financial advisor recruiting and retention.

Net revenues also increased due to higher investment banking revenues primarily driven by higher underwriting revenues and higher brokerage revenues due to an increase in client activity in our PCG segment.

Compensation, commissions and benefits expense increased 15%, primarily due to an increase in commissions expense resulting from higher asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses.

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees, reflecting growth in PCG fee-based client assets resulting from market appreciation and net new assets driven by financial advisor recruiting and retention.

Net revenues also increased due to higher investment banking revenues largely driven by higher mergers & acquisitions and advisory and debt underwriting revenues, and higher brokerage revenues due to an increase in client activity in our PCG segment.

(1) These are non-GAAP financial measures.

Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Management’s Discussion and Analysis

Compensation, commissions and benefits expense increased 17%, primarily due to an increase in commissions expense resulting from higher asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs related to our growth, including incremental compensation expense associated with our current-year acquisitions of Clark Capital and GreensLedge and higher PCG financial advisor recruiting and retention-related compensation.

Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.7% compared with 64.8% for the prior-year quarter.

Our adjusted total compensation ratio, which excluded acquisition-related compensation expenses, was 65.5% (1) compared with 64.5% (1) for the prior-year quarter.

The increase in the total compensation ratio primarily resulted from changes in our revenue mix compared with the prior-year quarter, as revenues with a higher associated direct compensation expense increased compared with the prior-year quarter, while interest-related revenues, which have little associated direct compensation, were relatively flat.

Non-compensation expenses increased 10%, primarily due to an increase in expenses to support our growth, including communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses primarily related to financial advisor recruiting, and higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs.

Our effective income tax rate was 26.0% for our fiscal second quarter of 2026, a slight decrease from 26.2% for the prior-year quarter.

The increase in the total compensation ratio primarily resulted from changes in our revenue mix compared with the prior-year quarter, as revenues with a higher associated direct compensation expense, including asset management and related administrative fees, increased, while interest-related revenues in the PCG segment, which have little associated direct compensation expense, decreased.

Non-compensation expenses decreased 5%, primarily due to a $58 million prior-year quarter expense associated with the settlement of a certain legal matter which did not reoccur, as well as the impact of a bank loan benefit for credit losses of $26 million for the current quarter compared with a provision of $15 million for the prior-year quarter.

These decreases were partially offset by higher professional fees, reflecting an increase in external legal fees during the current quarter, and an increase in expenses related to our growth, including incremental expenses associated with our acquisitions of Clark Capital and GreensLedge in fiscal 2026 and higher business development expenses.

Our effective income tax rate was 20.7% for our fiscal third quarter of 2026, a decrease from 22.6% for the prior-year quarter largely due to higher non-taxable valuation gains on our corporate-owned life insurance policies reflected in the current quarter compared with the prior-year quarter.

We continue to maintain strong levels of liquidity and capital.

As of March 31, 2026, our tier 1 leverage ratio was 12.4% and total capital ratio was 24.0%, both well above regulatory capital requirements.

We also continue to have substantial liquidity with $3.0 billion of RJF corporate cash (2) as of March 31, 2026.

Consistent with our long‑term strategic priorities and disciplined acquisition approach, we deployed capital in connection with our acquisition of GreensLedge during the current quarter, and subsequent to quarter-end, our acquisition of Clark Capital, which closed in April 2026.

During the three months ended March 31, 2026, we repurchased $400 million of our common stock at an average price of $155 per share under the Board’s common stock repurchase authorization, leaving $1.5 billion available under such authorization as of March 31, 2026.

As of June 30, 2026, our tier 1 leverage ratio was 11.7% and total capital ratio was 22.5%, both well above regulatory capital requirements.

We also continue to have substantial liquidity with $2.5 billion of RJF corporate cash (2) as of June 30, 2026.

Consistent with our long‑term strategic priorities and disciplined acquisition approach, during the current quarter we deployed capital and liquidity in connection with our acquisition of Clark Capital.

During the three months ended June 30, 2026, we repurchased $400 million of our common stock at an average price of $152 per share under the Board’s common stock repurchase authorization, leaving $1.1 billion available under such authorization as of June 30, 2026.

We believe our strong capital and liquidity positions enable us to continue to invest in growth across our businesses and remain opportunistic in our capital deployment.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

For the nine months ended June 30, 2026, we generated net revenues of $11.52 billion, an increase of 11% compared with the prior-year period, and pre-tax income of $2.21 billion, an increase of 12%.

Our net income available to common shareholders of $1.70 billion was 11% higher than the prior-year period and our earnings per diluted share were $8.52, an increase of 16%.

Our annualized ROCE was 18.1%, up from 17.1% for the prior-year period, and our annualized ROTCE was 21.3% (1) , compared with 19.9% (1) for the prior-year period.

For the nine months ended June 30, 2026, adjusted net income available to common shareholders, which excluded the impact of $62 million of acquisition-related expenses, net of tax, was $1.76 billion (1) , an increase of 12% compared with adjusted net income available to common shareholders for the prior-year period.

Our adjusted earnings per diluted share were $8.83 (1) , an increase of 17% compared with the prior-year period.

Adjusted annualized ROCE was 18.7% (1) , compared with 17.5% (1) for the prior-year period, and adjusted annualized ROTCE was 22.0% (1) , compared with 20.5% (1) for the prior-year period.

The increase in net revenues compared with the prior-year period was primarily due to higher asset management and related administrative fees, reflecting growth in PCG fee-based client assets resulting from market appreciation and net new assets driven by financial advisor recruiting and retention.

Brokerage revenues also increased compared with the prior-year period largely due to an increase in client activity in our PCG segment, as well as higher trailing revenues primarily due to higher client asset values.

(1) These are non-GAAP financial measures.

4 unchanged sentences

Management’s Discussion and Analysis

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

For the six months ended March 31, 2026, we generated net revenues of $7.59 billion, an increase of 9% compared with the prior-year period, and pre-tax income of $1.46 billion, an increase of 3%.

Our net income available to common shareholders of $1.10 billion was 1% higher than the prior-year period and our earnings per diluted share were $5.51, an increase of 6%.

Our annualized ROCE was 17.7%, down from 18.4% for the prior-year period, and our annualized ROTCE was 20.5% (1) , compared with 21.6% (1) for the prior-year period.

For the six months ended March 31, 2026, adjusted net income available to common shareholders, which excluded the impact of $37 million of acquisition-related expenses, net of tax, was $1.14 billion (1) , an increase of 2% compared with adjusted net income available to common shareholders for the prior-year period.

Our adjusted earnings per diluted share were $5.69 (1) , an increase of 6% compared with the prior-year period.

Adjusted annualized ROCE was 18.2% (1) , compared with 18.9% (1) for the prior-year period, and adjusted annualized ROTCE was 21.2% (1) , compared with 22.1% (1) for the prior-year period.

The increase in net revenues compared with the prior-year period was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of each of the current-year quarterly billing periods compared with the prior-year billing periods.

Mutual fund service fees also increased primarily due to higher average mutual fund assets.

Offsetting these increases, investment banking revenues decreased primarily due to lower merger & acquisition and advisory revenues compared with a strong prior-year period, particularly in the fiscal first quarter.

Combined net interest income and RJBDP fees from third-party banks decreased slightly compared with the prior-year period primarily due to a decline in RJBDP fees from third-party banks, partially offset by higher net interest income.

Compensation, commissions and benefits expense increased 12%, primarily due to higher commissions expenses resulting from an increase in asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses.

Compensation, commissions and benefits expense increased 13%, primarily due to higher commissions expense resulting from an increase in asset management and related administrative fees and brokerage revenues in the PCG segment and an increase in compensation costs to support our growth, including PCG financial advisor recruiting and retention-related compensation.

Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.7%, compared with 64.6% for the prior-year period.

Our adjusted compensation ratio, which excluded acquisition-related compensation expenses, was 65.5% (1) , compared with 64.3% for the prior-year period.

For the year‑to‑date period, the increase in the total compensation ratio primarily reflected a shift in our revenue mix, driven by growth in compensable asset management and related administrative fees and brokerage revenues outpacing non-compensable interest‑related revenues, as well as lower investment banking revenues where decreases generally have an adverse impact on our firmwide compensation ratio.

Non-compensation expenses increased 9%, primarily due to an increase in expenses to support our growth, including communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses primarily related to financial advisor recruiting, and higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs.

Our effective income tax rate was 24.3% for the six months ended March 31, 2026, an increase from 22.9% for the prior-year period, primarily due to a lower benefit related to share-based compensation that settled during the current-year period compared with the prior-year period.

During the six months ended March 31, 2026, we repurchased $800 million of our common stock at an average price of $158 per share under the Board of Directors’ common stock repurchase authorization.

(1) ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted annualized ROCE, adjusted annualized ROTCE, and adjusted compensation ratio are non-GAAP financial measures.

Our adjusted total compensation ratio, which excluded acquisition-related compensation expenses, was 65.5% (1) , compared with 64.4% (1) for the prior-year period.

For the year‑to‑date period, the increase in the total compensation ratio primarily reflected a shift in our revenue mix, as revenues with a higher associated direct compensation expense increased, including asset management and related administrative fees and brokerage revenues, while interest‑related revenues in the PCG segment, which have little associated direct compensation expense, decreased compared with the prior-year period.

Non-compensation expenses increased 4%, primarily due to an increase in expenses related to our growth, including higher communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses, including those related to financial advisor recruiting, higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs, and higher occupancy and equipment expenses.

These increases were partially offset by the aforementioned $58 million prior-year period expense associated with the settlement of a certain legal matter which did not reoccur, as well as the impact of a bank loan benefit for credit losses of $24 million for the current-year period compared with a provision of $31 million for the prior-year period.

Our effective income tax rate was 23.1% for the nine months ended June 30, 2026, a slight increase from 22.8% for the prior-year period, primarily due to a lower benefit related to share-based compensation that settled during the current-year period compared with the prior-year period, partially offset by higher non-taxable valuation gains on our corporate-owned life insurance policies reflected in the current-year period compared with the prior-year period.

During the nine months ended June 30, 2026, we repurchased $1.2 billion of our common stock under the Board of Directors’ common stock repurchase authorization.

(1) These are non-GAAP financial measures.

12 unchanged sentences

The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

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

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

$ in millions

26 unchanged sentences

Management’s Discussion and Analysis

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

7 unchanged sentences

0.2 % 0.3 % 0.2 % 0.2 %

Other acquisitions-related compensation

— % — % — % — %

Other acquisition-related compensation — % — % — % — %

Total “Compensation, commissions and benefits” expense

36 unchanged sentences

Management’s Discussion and Analysis

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

47 unchanged sentences

Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to RJF as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two.

Average common equity for the year-to-date period is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by three.

Average common equity for the year-to-date period is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated year-to-date period to the beginning of year total, and dividing by four.

Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period.

5 unchanged sentences

The Fed lowered the federal funds target rate by 75 basis points during fiscal 2025 and an additional 50 basis points thus far in fiscal 2026, for a total decrease of 125 basis points since the beginning of fiscal 2025.

These rate cuts brought the target range to 3.50% to 3.75% by the end of our fiscal first quarter of 2026, where it remained through our fiscal second quarter of 2026.

The Fed has indicated that it intends to closely monitor market conditions to determine whether it will consider making any adjustments to short-term interest rates during the remainder of our fiscal 2026.

These rate cuts brought the target range to 3.50% to 3.75% by the end of our fiscal first quarter of 2026, where it remained through our fiscal third quarter of 2026.

The following table details the Fed’s short-term interest rate activity since the beginning of our fiscal year 2025.

19 unchanged sentences

Additionally, any future changes to regulatory rules or interpretations governing the fees the firm earns on cash sweep balances could also impact the rates we pay to clients on cash balances.

In recent fiscal years, we have sought to continue to meet client demand for higher yields on cash balances, without sacrificing the benefits of FDIC insurance on such balances, by providing FDIC-insured deposit products leveraging our bank subsidiaries or through initiatives offered within the RJBDP.

Such programs include our ESP, where such deposits are held by Raymond James Bank, offer enhanced rates, and offer FDIC coverage of up to $50 million for certain accounts, as well as initiatives offered from time to time within the RJBDP program which may offer enhanced rates to clients on certain balances within the program.

We meet client demand for higher yields on cash balances, without sacrificing the benefits of FDIC insurance on such balances, by providing FDIC-insured deposit products leveraging our bank subsidiaries or through initiatives offered within the RJBDP.

These products include our ESP, where such deposits are held by Raymond James Bank, offer enhanced rates, and offer FDIC coverage of up to $50 million for certain accounts, as well as initiatives offered from time to time within the RJBDP program which may offer enhanced rates to clients on certain balances within the program.

Refer to the discussion of our net interest income within the “Management’s Discussion and Analysis - Results of Operations” of our PCG, Bank, and Other segments, where applicable.

1 unchanged sentence

Net interest income and RJBDP fees from third-party banks

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

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

$ in millions 2026 2025 % change 2026 2025 % change

5 unchanged sentences

$ 658 $ 656 — % $ 1,975 $ 1,980 — %

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

For the three months ended March 31, 2026, combined net interest income and RJBDP fees from third-party banks was $650 million, a slight decrease compared with the prior-year quarter, primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, which largely offset the impacts from growth in average interest-earning assets in the Bank segment, including significant growth in securities‑based and residential mortgage loans, and a favorable mix shift in interest-earning assets, primarily from available-for-sale securities to loans.

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

For the six months ended March 31, 2026, combined net interest income and RJBDP fees from third-party banks was $1.32 billion, a slight decrease compared with the prior-year period, primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, partially offset by the impacts from growth in average interest-earning assets in the Bank segment, including significant growth in securities‑based and residential mortgage loans, and a favorable mix shift in interest-earning assets, primarily from available-for-sale securities to loans.

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

For the three months ended June 30, 2026, combined net interest income and RJBDP fees from third-party banks was $658 million, a slight increase compared with the prior-year quarter, primarily driven by the impact from growth in average interest-earning assets in the Bank segment, particularly securities-based and residential mortgage loans.

These increases were partially offset by the impacts from lower short-term interest rates, incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, and lower average RJBDP balances swept to third-party banks.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

For the nine months ended June 30, 2026, combined net interest income and RJBDP fees from third-party banks was $1.98 billion, a slight decrease compared with the prior-year period, primarily due to the impacts from lower short-term interest rates, lower average RJBDP balances swept to third-party banks, and incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, partially offset by the impact from growth in average interest-earning assets in the Bank segment, particularly securities‑based and residential mortgage loans.

RAYMOND JAMES FINANCIAL, INC.

2 unchanged sentences

The following table presents our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

Three months ended March 31,

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

Three months ended June 30,

$ in millions Average

63 unchanged sentences

Changes attributable to both volume and rate have been allocated proportionately.

Three months ended March 31,

Three months ended June 30,

2026 compared to 2025

47 unchanged sentences

Management’s Discussion and Analysis

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

Six months ended March 31,

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

Nine months ended June 30,

$ in millions Average

63 unchanged sentences

Changes attributable to both volume and rate have been allocated proportionately.

Six months ended March 31,

Nine months ended June 30,

2026 compared to 2025

50 unchanged sentences

Operating results

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

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

$ in millions 2026 2025 % change 2026 2025 % change

45 unchanged sentences

PCG client asset balances

$ in billions March 31,

$ in billions June 30,

2026 March 31,

2026 December 31,

1 unchanged sentence

2025 June 30,

2025 March 31,

Assets under administration (“AUA”)

1 unchanged sentence

Assets in fee-based accounts $ 1,153.8 $ 1,043.2 $ 1,040.1 $ 1,008.1 $ 943.9

$ 1,043.2 $ 1,040.1 $ 1,008.1 $ 943.9 $ 872.8

Percent of AUA in fee-based accounts

62.1 % 61.4 % 60.9 % 60.5 % 60.0 %

(1) A portion of our “Assets in fee-based accounts” is invested in “managed programs” overseen by our Asset Management segment, specifically our Asset Management Services division of RJ&A (“AMS”).

These assets are included in our financial assets under management as disclosed in the “Selected key metrics” section of our “Management’s Discussion and Analysis - Results of Operations - Asset Management.”

As of March 31, 2026, December 31, 2025, and March 31, 2025 PCG AUA included assets associated with firms affiliated with us through our RIA and custody services (“RCS”) division of $228.2 billion, $224.6 billion, and $185.6 billion, respectively, of which $199.1 billion, $195.0 billion, and $158.5 billion, respectively, were assets in fee-based accounts.

Based on the nature of the services provided to such firms, revenues related to these assets in the PCG segment are included in “Account and service fees.” The growth in RCS client assets over time is partially due to transfers into RCS from our other financial advisor channels.

We may continue to experience transfers to our RCS division;

however, consistent with our experience in recent fiscal years, we would not expect these financial advisor transfers to significantly impact our results of operations.

Domestic PCG net new assets

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

5 unchanged sentences

(2) The Domestic PCG net new asset growth - annualized percentage is based on the beginning Domestic PCG AUA balance for the indicated period.

PCG AUA as of March 31, 2026 decreased 1% compared with December 31, 2025, reflecting market-driven depreciation from lower equity markets, partially offset by net new assets driven by financial advisor recruiting and retention.

PCG assets in fee-based accounts increased slightly compared with the preceding quarter, as net inflows into fee-based programs more than offset the impact of market-driven depreciation.

Compared with March 31, 2025, PCG AUA and PCG assets in fee-based accounts increased 15% and 20%, respectively, reflecting market appreciation and net new assets driven by financial advisor recruiting and retention.

PCG AUA and PCG assets in fee-based accounts as of June 30, 2026 increased 9% and 11%, respectively, compared with March 31, 2026, and increased 18% and 22%, respectively, compared with June 30, 2025, due to market appreciation and net new assets driven by financial advisor recruiting and retention.

PCG AUA included assets associated with firms affiliated with us through our RIA and custody services (“RCS”) division.

As of June 30, 2026, March 31, 2026, and June 30, 2025, these assets totaled $251.3 billion, $228.2 billion, and $201.6 billion, respectively, of which $220.1 billion, $199.1 billion, and $173.9 billion, respectively, were assets in fee-based accounts.

We may continue to experience transfers to our RCS division;

however, consistent with our experience in recent fiscal years, we would not expect these financial advisor transfers to significantly impact our results of operations.

Fee-based accounts within our PCG segment are comprised of a wide array of products and programs that we offer our clients.

3 unchanged sentences

We also offer our clients fee-based accounts that are invested in “Managed programs” overseen by AMS, which is part of our Asset Management segment.

Fee-billable assets invested in managed programs are included in both “Assets in fee-based accounts” in the preceding table and “Financial assets under management” in the Asset Management segment.

Fee-billable assets invested in managed programs are included in both “Assets in fee-based accounts” in the preceding “PCG client asset balances” table and “Financial assets under management” in the Asset Management segment.

Revenues related to managed programs are shared by our PCG and Asset Management segments.

The Asset Management segment receives a higher portion of the revenues related to accounts invested in managed programs, as compared to the portion received for non-managed programs, as it is performing portfolio management services in addition to administrative services.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Management’s Discussion and Analysis

The vast majority of the revenues we earn from fee-based accounts are recorded in “Asset management and related administrative fees” on our Condensed Consolidated Statements of Income and Comprehensive Income.

1 unchanged sentence

As fees for the majority of such accounts are billed based on balances as of the beginning of the quarter, revenues from fee-based accounts may not be immediately affected by changes in asset values, but rather the impacts are seen in the following quarter.

RAYMOND JAMES FINANCIAL, INC.

AND SUBSIDIARIES

Management’s Discussion and Analysis

Clients’ domestic cash sweep balances and ESP balances

$ in millions March 31,

$ in millions June 30,

2026 March 31,

2026 December 31,

1 unchanged sentence

2025 June 30,

2025 March 31,

Bank segment $ 26,004 $ 29,829 $ 27,819 $ 26,555 $ 26,635

7 unchanged sentences

$ 58,835 $ 57,762 $ 58,078 $ 56,353 $ 55,180

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

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

2026 2025 2026 2025

10 unchanged sentences

The “Average yield on RJBDP - third-party banks” in the preceding table is computed by dividing annualized RJBDP fees from third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.

The average yield on RJBDP - third-party banks for the three and six months ended March 31, 2026 decreased from the comparative prior-year periods largely as a result of decreases in the Fed’s short-term benchmark interest rate.

The average yield on RJBDP - third-party banks for the three and nine months ended June 30, 2026 decreased from the comparative prior-year periods largely as a result of decreases in the Fed’s short-term benchmark interest rate.

See “Management’s Discussion and Analysis - Net interest analysis” for further information.

Total clients’ domestic cash sweep and ESP balances decreased 1% compared with December 31, 2025, primarily due to decreases in RJBDP balances, and remained flat compared with March 31, 2025, as declines in ESP balances were offset by higher RJBDP balances.

PCG segment results can be impacted by not only changes in the level of client cash balances, but also by the allocation of client cash balances between the RJBDP, the CIP, and the ESP, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors.

Total clients’ domestic cash sweep and ESP balances increased 2% compared with March 31, 2026, primarily due to increases in ESP balances, partially offset by declines in RJBDP balances, and increased 7% compared with June 30, 2025, primarily due to higher ESP and RJBDP balances.

PCG segment results can be impacted not only by changes in the level of client cash balances, but also by the allocation of client cash balances between the RJBDP, the CIP, and the ESP, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

Net revenues of $2.81 billion increased 13%, while pre-tax income of $416 million decreased 3%, primarily due to the impact of a higher proportion of compensable revenues to total net revenues, resulting from lower interest-related revenues.

Asset management and related administrative fees increased $254 million, or 17%, primarily due to higher assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter, resulting from market-driven appreciation and net new assets driven by financial advisor recruiting and retention.

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

Net revenues of $2.84 billion increased 14%, and pre-tax income of $423 million increased 3%.

Asset management and related administrative fees increased $272 million, or 19%, primarily due to higher assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter, resulting from market appreciation and net new assets driven by financial advisor recruiting and retention.

Brokerage revenues increased $65 million, or 15%, primarily due to higher client activity in the current quarter, as well as higher trailing revenues primarily due to higher client asset values.

Account and service fees decreased $3 million, or 1%, due to a decrease in RJBDP fees paid to PCG from third-party banks which reflects the impacts of lower average balances swept to such banks and the aforementioned reduction in the average RJBDP third-party bank yield, partially offset by higher mutual fund service fees primarily driven by higher average mutual fund assets.

Compensation-related expenses increased $309 million, or 17%, primarily due to higher commissions expense resulting from higher asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses, and annual salary increases.

Non-compensation expenses increased $30 million, or 12%, primarily due to higher expenses to support our growth, including investments in technology to benefit our advisors and their clients, higher financial advisor recruiting-related expenses, and higher occupancy and equipment expenses.

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

Net revenues of $5.58 billion increased 11%, while pre-tax income of $855 million decreased 4%, primarily due to the impact of a higher proportion of compensable revenues to total net revenues, resulting from lower interest-related revenues.

Asset management and related administrative fees increased $471 million, or 16%, primarily due to higher assets in fee-based accounts at the beginning of each of the current-year billing periods compared with the prior-year periods resulting from market-driven appreciation and net new assets driven by financial advisor recruiting and retention.

Account and service fees increased $9 million, or 2%, primarily due to higher mutual fund service fees largely driven by higher average mutual fund assets, partially offset by a decrease in RJBDP fees paid to PCG from third-party banks and our Bank segment, primarily driven by a reduction in the average RJBDP third-party bank yield.

RJBDP fees from third-party banks decreased by a greater amount than RJBDP fees from our Bank segment as average balances swept to third-party banks declined due to a higher allocation of balances swept to our Bank segment.

Compensation-related expenses increased $321 million, or 18%, primarily due to higher commissions expense resulting from higher asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs related to our growth, including financial advisor recruiting and retention-related compensation expenses.

Non-compensation expenses increased $20 million, or 7%, primarily due to increased costs related to our growth, including occupancy and equipment expenses and financial advisor recruiting-related expenses, as well as higher financial advisor conference-related expenses.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

Net revenues of $8.42 billion increased 12%, while pre-tax income of $1.28 billion decreased 2%, primarily due to the impacts of a higher proportion of compensable revenues to total net revenues resulting from lower interest-related revenues, as well as investments in our growth.

Asset management and related administrative fees increased $743 million, or 17%, primarily due to higher assets in fee-based accounts at the beginning of each of the current-year billing periods compared with the prior-year periods resulting from market appreciation and net new assets driven by financial advisor recruiting and retention.

Brokerage revenues increased $171 million, or 13%, primarily due to higher client activity in the current-year period, as well as higher trailing revenues primarily due to higher client asset values.

Account and service fees decreased $19 million, or 1%, primarily due to a decrease in RJBDP fees paid to PCG from third-party banks, which reflects the impacts of lower average balances swept to such banks and the aforementioned decline in the average RJBDP third-party bank yield, partially offset by higher mutual fund service fees primarily driven by higher average mutual fund assets.

Compensation-related expenses increased $529 million, or 15%, primarily due to higher commission expense resulting from higher asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses, and annual salary increases.

Non-compensation expenses increased $53 million, or 10%, primarily due to higher expenses to support our growth, including investments in technology to benefit our advisors and their clients, higher financial advisor recruiting-related expenses, and higher occupancy and equipment expenses.

Compensation-related expenses increased $850 million, or 16%, primarily due to higher commissions expense resulting from higher asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs related to our growth, including financial advisor recruiting and retention-related expenses.

Non-compensation expenses increased $73 million, or 9%, primarily due to higher expenses related to our growth, including investments in technology to benefit our advisors and their clients, financial advisor recruiting-related expenses, and occupancy and equipment expenses.

RAYMOND JAMES FINANCIAL, INC.

4 unchanged sentences

Operating results

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

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

$ in millions 2026 2025 % change 2026 2025 % change

26 unchanged sentences

Total non-interest expenses 429 435 (1) % 1,213 1,201 1 %

Pre-tax income

$ 51 $ 36 42 % $ 60 $ 110 (45) %

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

Net revenues of $464 million increased 17% and pre-tax income of $51 million increased 42% compared with the prior-year quarter.

Investment banking revenues increased $65 million, or 31%, primarily due to higher debt and equity underwriting revenues driven by an increase in the number of transactions during the current quarter and larger individual transactions and, to a lesser extent, incremental revenues resulting from our acquisition of GreensLedge which was completed toward the end of the quarter.

Compensation-related expenses increased $31 million, or 12%, primarily due to the increase in revenues and business growth.

Non-compensation expenses increased $22 million, or 22%, primarily due to higher expenses related to the growth in investment banking and affordable housing investments business revenues, as well as higher other expenses related to our growth, including incremental expenses associated with GreensLedge which was acquired during the quarter.

Pre-tax income/(loss) $ 48 $ (54) NM $ 108 $ 56 93 %

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

Net revenues of $477 million increased 25% and pre-tax income was $48 million, compared with a pre-tax loss of $54 million for the prior-year quarter.

Investment banking revenues increased $82 million, or 40%, primarily due to higher mergers & acquisitions and advisory revenues driven by an increase in the number of completed transactions during the current quarter, as well as higher debt and equity underwriting revenues driven by an increase in the number of transactions and larger individual transactions, and, to a lesser extent, incremental revenues resulting from our acquisition of GreensLedge which was completed toward the end of our fiscal second quarter of 2026.

Brokerage revenues increased $11 million, or 8%, largely due to higher client activity in equity products in the current quarter.

Compensation-related expenses increased $38 million, or 15%, primarily due to the increase in revenues, as well as incremental compensation expenses resulting from the GreensLedge acquisition.

Non-compensation expenses decreased $44 million, or 25%, primarily due to the aforementioned $58 million prior-year quarter expense associated with the settlement of a certain legal matter which did not reoccur, partially offset by higher expenses related to the growth in investment banking revenues, as well as other expenses related to our growth, including incremental expenses associated with the GreensLedge acquisition.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

Net revenues of $844 million decreased 4% and pre-tax income of $60 million decreased 45% compared with the prior-year period.

Investment banking revenues decreased $52 million, or 10%, due to lower merger & acquisition and advisory revenues, largely due to larger transactions in the prior-year period.

Partially offsetting this decrease, underwriting revenues increased driven by an increased number of transactions, as well as incremental revenues resulting from GreensLedge, which was acquired during the current-year period.

Brokerage revenues increased $10 million, or 3%, primarily due to higher client activity in equity products in the current-year period.

Compensation-related expenses decreased $9 million, or 2%, generally consistent with the decrease in revenues.

Non-compensation expenses increased $27 million, or 13%, primarily due to higher expenses related to our growth, including incremental expenses associated with GreensLedge which was acquired during the current-year period.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

Net revenues of $1.32 billion increased 5% and pre-tax income of $108 million increased 93%.

Investment banking revenues increased $30 million, or 4%, due to higher debt and equity underwriting revenues primarily driven by larger individual transactions and an increase in the number of transactions, as well as incremental revenues resulting from the acquisition of GreensLedge, which was acquired during the current-year period.

These increases were partially offset by lower mergers & acquisitions and advisory revenues, primarily due to larger individual transactions in the prior-year period.

Brokerage revenues increased $21 million, or 5%, due to higher client activity in equity products in the current-year period.

Compensation-related expenses increased $29 million, or 4%, generally consistent with the increase in revenues, as well as incremental compensation expenses resulting from the GreensLedge acquisition.

Non-compensation expenses decreased $17 million, or 5%, primarily due to the aforementioned $58 million prior-year expense associated with the settlement of a certain legal matter which did not reoccur, partially offset by higher expenses related to our growth, including incremental expenses associated with GreensLedge which was acquired during the current-year period.

RESULTS OF OPERATIONS – ASSET MANAGEMENT

1 unchanged sentence

Operating results

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

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

$ in millions 2026 2025 % change 2026 2025 % change

19 unchanged sentences

These AUM include the portion of fee-based AUA in our PCG segment that is invested in programs overseen by AMS, as well as retail accounts managed on behalf of third-party institutions, institutional accounts, and proprietary mutual funds managed by Raymond James Investment Management.

Revenues related to fee-based AUA in our PCG segment are shared by the PCG and Asset Management segments, the amount of which depends on whether or not clients are invested in assets that are in managed programs overseen by our Asset Management segment and the administrative services provided (see our “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for additional information).

Our AUM in AMS are impacted by market fluctuations and net inflows or outflows of assets, including transfers between fee-based accounts and transaction-based accounts within our PCG segment.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

Our AUM in AMS are impacted by market fluctuations and net inflows or outflows of assets, including transfers between fee-based accounts and transaction-based accounts within our PCG segment.

Revenues earned by Raymond James Investment Management for retail accounts managed on behalf of third-party institutions, institutional accounts, and our proprietary mutual funds are recorded entirely in the Asset Management segment.

3 unchanged sentences

Financial assets under management

$ in billions March 31,

$ in billions June 30,

2026 March 31,

2026 December 31,

1 unchanged sentence

2025 June 30,

2025 March 31,

$ 238.8 $ 216.2 $ 214.7 $ 209.2 $ 198.0

6 unchanged sentences

(1) Represents the portion of our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”) that is invested in managed programs overseen by AMS.

(2) On April 30, 2026, we completed our acquisition of Clark Capital.

As of the acquisition date, Clark Capital contributed approximately $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion.

See Note 3 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information about this acquisition.

(3) Represents the portion of the AMS AUM that is managed by Raymond James Investment Management and, as a result, is included in both AMS and Raymond James Investment Management in the preceding table.

1 unchanged sentence

Activity (including activity in assets managed for affiliated entities)

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

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

$ in billions 2026 2025 2026 2025

2 unchanged sentences

Raymond James Investment Management:

0.8 0.1 0.4 0.8

Acquisition of Clark Capital 35.6 — 35.6 —

All other — — 0.4 0.8

Total Raymond James Investment Management 35.6 — 36.0 0.8

Total net inflows 41.1 2.1 52.3 7.7

6.5 3.8 11.2 5.6

Net market depreciation in asset values

(4.5) (2.5) (3.2) (5.2)

Net market appreciation in asset values 22.1 16.6 18.9 11.4

Financial assets under management at end of period $ 362.1 $ 278.6 $ 362.1 $ 278.6

1 unchanged sentence

Raymond James Investment Management

The following table presents Raymond James Investment Management’s AUM by objective, excluding assets for which it does not exercise discretion, as well as the approximate average client fee rate earned on such assets.

As of March 31, 2026

The following table presents Raymond James Investment Management’s AUM by objective, inclusive of amounts attributable to Clark Capital, as well as the approximate average client fee rate earned on such assets.

As of June 30, 2026

$ in billions AUM Average fee rate

10 unchanged sentences

Administrative fees associated with these programs are predominantly based on balances at the beginning of the quarter.

$ in billions March 31,

$ in billions June 30,

2026 March 31,

2026 December 31,

1 unchanged sentence

2025 June 30,

2025 March 31,

Total assets $ 690.7 $ 609.1 $ 603.5 $ 586.6 $ 547.8

Compared with the preceding quarter, the increase in these assets was due to net new assets driven by financial advisor recruiting and retention, which more than offset market depreciation during the current quarter.

Compared with the prior‑year quarter, the increase primarily reflected market appreciation and net new assets driven by financial advisor recruiting and retention.

The increase in these assets compared with March 31, 2026 and June 30, 2025 was primarily driven by market appreciation, net inflows into PCG fee-based assets, reflecting the favorable impact of our PCG financial advisor recruiting and retention, and incremental assets associated with the acquisition of Clark Capital.

Raymond James Trust

1 unchanged sentence

(including those managed for affiliated entities).

$ in billions March 31,

$ in billions June 30,

2026 March 31,

2026 December 31,

1 unchanged sentence

2025 June 30,

2025 March 31,

Total assets $ 13.3 $ 12.4 $ 12.4 $ 11.8 $ 11.2

Fees earned on trust services are primarily reported within “Asset management and related administrative fees” on the Condensed Consolidated Statements of Income and Comprehensive Income.

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

Net revenues of $327 million increased 13% and pre-tax income of $137 million increased 13%.

Asset management and related administrative fees increased $37 million, or 13%, driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values and net inflows into PCG fee-based accounts.

Compensation expenses increased $8 million, or 14%, and reflected the impact of the increase in revenues.

Non-compensation expenses increased $14 million, or 13%, largely due to higher investment sub-advisory fee expense resulting from the increase in assets under management in sub-advised programs.

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

Net revenues of $362 million increased 24% and pre-tax income of $143 million increased 14%.

Asset management and related administrative fees increased $71 million, or 13%, primarily driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values since the prior-year period and net inflows to PCG fee-based accounts.

Compensation expenses increased $9 million, or 8%, and reflected the impact of the increase in revenues.

Non-compensation expenses increased $27 million, or 12%, largely due to higher investment sub-advisory fees, resulting from the increase in assets under management in sub-advised programs, as well as higher communications and information processing expenses due to investments in our growth.

Asset management and related administrative fees increased $72 million, or 26%, driven by an increase in PCG fee-based assets, primarily due to market appreciation and net asset inflows, and incremental revenues from our acquisition of Clark Capital, acquired on April 30, 2026, which contributed two months of revenues during the quarter.

Compensation expenses increased $22 million, or 41%, primarily due to the increase in revenues, as well as incremental compensation expenses associated with our acquisition of Clark Capital.

Non-compensation expenses increased $31 million, or 28%, largely due to higher expenses related to our growth, including incremental expenses associated with the acquisition of Clark Capital, and higher investment sub-advisory fee expense resulting from the increase in assets under management in sub-advised programs.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

Net revenues of $1.02 billion increased 16% and pre-tax income of $423 million increased 14%.

Asset management and related administrative fees increased $143 million, or 17%, primarily driven by an increase in PCG fee-based assets, primarily due to market appreciation and net asset inflows, and, to a lesser extent, incremental revenues from our acquisition of Clark Capital.

Compensation expenses increased $31 million, or 18%, primarily due to the increase in revenues, as well as incremental compensation expenses associated with our acquisition of Clark Capital.

Non-compensation expenses increased $58 million, or 17%, largely due to higher investment sub-advisory fees, resulting from the increase in assets under management in sub-advised programs, incremental expenses associated with the acquisition of Clark Capital, and higher communications and information processing expenses due to investments in our growth.

RAYMOND JAMES FINANCIAL, INC.

4 unchanged sentences

Operating results

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

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

$ in millions 2026 2025 % change 2026 2025 % change

8 unchanged sentences

Non-compensation expenses:

Bank loan provision for credit losses

5 16 (69) % 2 16 (88) %

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

RJBDP fees to PCG

4 unchanged sentences

Pre-tax income $ 206 $ 123 67 % $ 545 $ 358 52 %

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

Net revenues of $486 million increased 12% and pre-tax income of $166 million increased 42%.

Net interest income increased $53 million, or 13%, primarily due to higher average interest-earning assets, particularly securities-based and residential mortgage loans, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in interest-earning assets from available-for-sale securities to loans.

The Bank segment net interest margin increased to 2.81% from 2.67% for the prior-year quarter.

The bank loan provision for credit losses was $5 million for the current quarter, compared with $16 million for the prior-year quarter.

The bank loan provision for credit losses for the current quarter primarily reflected the impacts of a weakened economic outlook toward the end of the quarter, specific reserves on certain CRE loans, and loan downgrades primarily in 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 prior-year quarter primarily reflected the impacts of charge-offs of certain CRE and C&I loans and loan downgrades primarily related to our CRE loan portfolio.

Non-compensation expenses, excluding the bank loan provision for credit losses, increased $12 million, or 5%, primarily due to higher expenses related to our growth.

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

Net revenues of $488 million increased 7% and pre-tax income of $206 million increased 67%.

Net interest income increased $109 million, or 13%, primarily due to higher average interest-earning assets, particularly securities-based and residential mortgage loans, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in interest-earning assets from available-for-sale securities to loans.

Net interest income increased $32 million, or 7%, primarily due to higher average interest-earning assets, particularly securities-based and residential mortgage loans.

The Bank segment net interest margin decreased to 2.71% from 2.74% for the prior-year quarter.

The bank loan benefit for credit losses was $26 million for the current quarter, compared with a bank loan provision for credit losses of $15 million for the prior-year quarter.

The bank loan benefit for credit losses for the current quarter primarily reflected net paydowns in our corporate loan portfolio and improved credit quality within our loan portfolio.

The bank loan provision for credit losses for the prior-year quarter primarily reflected the impacts of a weaker economic outlook for the C&I loan portfolio at that time, loan downgrades, and specific reserves.

Non-compensation expenses, excluding the bank loan benefit for credit losses, decreased $12 million, or 4%, primarily due to a decline in RJBDP fees paid to PCG.

These Bank segment fees paid to PCG and the related revenues earned by the PCG segment are eliminated in consolidation (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Private Client Group” for further information about these servicing fees).

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

Net revenues of $1.46 billion increased 11% and pre-tax income of $545 million increased 52%.

Net interest income increased $141 million, or 11%, primarily due to an improved net interest margin, higher average interest-earning assets, particularly securities-based and residential mortgage loans, and a favorable mix shift in interest-earning assets from available-for-sale securities to loans.

The Bank segment net interest margin increased to 2.78% from 2.67% for the prior-year period.

The bank loan provision for credit losses was $2 million for the current-year period, compared with $16 million for the prior-year period.

The bank loan provision for credit losses for the current-year period primarily reflected the impacts of specific reserves 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 bank loan provision for credit losses for the prior-year period primarily reflected the impacts of loan downgrades and charge-offs in our CRE and C&I loan portfolios, as well as the impacts of specific reserves.

The bank loan benefit for credit losses was $24 million for the current-year period, compared with a bank loan provision for credit losses of $31 million for the prior-year period.

The bank loan benefit for credit losses for the current-year period primarily reflected net paydowns in our corporate loan portfolio, improved credit quality within our loan portfolio, and an improved macroeconomic outlook.

The bank loan provision for credit losses for the prior-year period primarily reflected the impacts of loan downgrades, charge-offs in our corporate loan portfolio, and specific reserves.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

Non-compensation expenses, excluding the bank loan provision for credit losses, increased $20 million, or 4%, primarily due higher expenses related to our growth.

Non-interest expenses, excluding the bank loan provision for credit losses, increased $12 million, or 1%, primarily due to higher expenses related to our growth.

RESULTS OF OPERATIONS – OTHER

1 unchanged sentence

Operating results

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

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

$ in millions 2026 2025 % change 2026 2025 % change

1 unchanged sentence

$ 34 $ 34 — % $ 110 $ 102 8 %

All other 9 4 125 % 10 7 43 %

All other 4 — NM 14 7 100 %

Total revenues 38 34 12 % 124 109 14 %

6 unchanged sentences

$ (70) $ (42) (67) % $ (141) $ (106) (33) %

Quarter ended March 31, 2026 compared with the quarter ended March 31, 2025

Quarter ended June 30, 2026 compared with the quarter ended June 30, 2025

Pre-tax loss was $70 million, compared with a pre-tax loss of $42 million for the prior-year quarter.

Net revenues decreased $16 million primarily due to the impact of incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, as well as the impact of decreases in short-term interest rates.

Non-interest expenses decreased $13 million, or 28%, primarily due to lower compensation-related expenses in the current quarter.

Six months ended March 31, 2026 compared with the six months ended March 31, 2025

Non-interest expenses increased $12 million, or 24%, primarily due to higher professional fees, reflecting an increase in external legal fees during the current quarter.

Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025

Pre-tax loss was $141 million, compared with a pre-tax loss of $106 million for the prior-year period.

Net revenues decreased $43 million primarily due to the impact of incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, as well as the impact of decreases in short-term interest rates.

Non-interest expenses decreased $20 million, or 22%, primarily due to lower compensation-related expenses in the current-year period.

Non-interest expenses decreased $8 million, or 6%, primarily due to lower compensation-related expenses in the current-year period, partially offset by higher professional fees, reflecting an increase in external legal fees during the current-year period.

RAYMOND JAMES FINANCIAL, INC.

4 unchanged sentences

A significant portion of our assets were liquid in nature providing us with flexibility in financing our business.

Total assets of $91.94 billion as of March 31, 2026 were $3.7 billion, or 4%, higher than our total assets as of September 30, 2025.

Bank loans, net increased $3.3 billion, primarily due to continued growth in securities-based and residential mortgage loans.

Brokerage client receivables, net increased $479 million primarily due to an increase in margin loans and assets segregated for regulatory purposes and restricted cash increased $347 million primarily due to an increase in client cash balances at our broker-dealer subsidiaries, which resulted in an increase in brokerage client payables and a corresponding increase in segregated assets.

Loans to financial advisors, net also increased $268 million due to financial advisor recruiting and retention-related activity.

These increases were partially offset by a $486 million decrease in available-for-sale securities due to net maturities or redemptions during the period.

As of March 31, 2026, our total liabilities of $79.33 billion were $3.6 billion, or 5%, higher than our total liabilities as of September 30, 2025, largely due to a $3.5 billion increase in bank deposits primarily driven by higher RJBDP balances swept to our Bank segment.

Brokerage client payables also increased $754 million due to the aforementioned increase in client cash balances at our broker-dealer subsidiaries.

These increases were partially offset by a $493 million decrease in accrued compensation, commissions and benefits primarily due to the payment of prior-year bonuses and certain benefits during the period.

Total assets of $94.24 billion as of June 30, 2026 were $6.01 billion, or 7%, higher than our total assets as of September 30, 2025.

Bank loans, net increased $4.7 billion, primarily due to continued growth in securities-based and residential mortgage loans, and goodwill and intangible assets, net increased $761 million, primarily due to the acquisitions of Clark Capital and GreensLedge during fiscal 2026 (see Note 3 of the Notes to Condensed Consolidated Financial Statements for further information).

In addition, other receivables, net increased $651 million, other assets increased $600 million, brokerage client receivables, net increased $510 million, collateralized agreements increased $467 million, and loans to financial advisors, net increased $443 million.

These increases were partially offset by a $1.41 billion decrease in cash and cash equivalents (see Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Cash flows for more information).

As of June 30, 2026, our total liabilities of $81.45 billion were $5.7 billion, or 8%, higher than our total liabilities as of September 30, 2025, primarily due to a $4.42 billion increase in bank deposits, largely to support loan growth, and brokerage client payables increased $1.03 billion.

LIQUIDITY AND CAPITAL RESOURCES

50 unchanged sentences

$ in millions

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

Common equity tier 1 capital/Tier 1 capital

17 unchanged sentences

$ in millions

March 31, 2026 September 30, 2025

June 30, 2026 September 30, 2025

Credit risk-weighted assets:

23 unchanged sentences

government and its agencies.

Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $11.2 billion at March 31, 2026 decreased $170 million compared with September 30, 2025.

The decrease in cash and cash equivalents primarily resulted from net investments in bank loans, common stock repurchases, the annual payment of prior-year bonuses and certain benefits, net loans provided to financial advisors, and dividends paid on our common stock.

These decreases were partially offset by an increase in bank deposits, net income, and net maturities or redemptions of available-for-sale securities during the period.

Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $9.98 billion at June 30, 2026 decreased $1.41 billion compared with September 30, 2025.

The decrease in cash and cash equivalents primarily resulted from net investments in bank loans, common stock repurchases, cash paid for our acquisition of Clark Capital and GreensLedge, net of cash acquired, net loans provided to financial advisors, and dividends paid on our common stock.

These decreases were partially offset by an increase in bank deposits, net income, proceeds from the sale of certain corporate loans, and net maturities or redemptions of available-for-sale securities during the period.

RAYMOND JAMES FINANCIAL, INC.

2 unchanged sentences

Sources of liquidity

RJF corporate cash of $2.96 billion as of March 31, 2026, included cash and cash equivalents held directly at the parent company as well as cash loaned by the parent company to RJ&A.

As of March 31, 2026, RJF had loaned $1.10 billion to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

RJF corporate cash of $2.52 billion as of June 30, 2026, included cash and cash equivalents held directly at the parent company as well as cash loaned by the parent company to RJ&A.

As of June 30, 2026, RJF had loaned $771 million to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

The following table presents our holdings of cash and cash equivalents.

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

RJF $ 1,769 $ 2,296

4 unchanged sentences

(“RJ Ltd.”) 532 516

Raymond James Wealth Management Group (“RJWM”) 199 188

Raymond James Financial Services, Inc.

Raymond James Capital Services, LLC 145 132

Raymond James Wealth Management Limited (“RJWM”) 141 131

Raymond James Trust Company of New Hampshire 125 135

Raymond James Financial Services, Inc.

Raymond James Investment Management

1 unchanged sentence

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

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $384 million as of March 31, 2026.

The portion of this total that was available on demand without restrictions, which amounted to $351 million as of March 31, 2026, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table.

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $385 million as of June 30, 2026.

The portion of this total that was available on demand without restrictions, which amounted to $352 million as of June 30, 2026, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table.

A large portion of the cash and cash equivalents balances at our non-U.S.

subsidiaries, including RJ Ltd.

and RJWM, was held to meet regulatory requirements and was not available for use by the parent as of March 31, 2026.

and RJWM, was held to meet regulatory requirements and was not available for use by the parent as of June 30, 2026.

In addition to the cash balances described, we have various other potential sources of cash available to the parent company from subsidiaries, as described in the following section.

6 unchanged sentences

In addition, covenants in RJ&A’s committed financing arrangements require its net capital to be a minimum of 10% of aggregate debit items.

At March 31, 2026, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances.

At June 30, 2026, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances.

FINRA may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements which may result in RJ&A limiting dividends it would otherwise remit to RJF.

11 unchanged sentences

Our ability to borrow under these arrangements is dependent upon compliance with the conditions in our various loan agreements and, in the case of secured borrowings, collateral eligibility requirements.

As of March 31, 2026, RJF and RJ&A had the ability to borrow under our $1 billion Credit Facility, a committed unsecured line of credit.

We had no such borrowings outstanding under this facility as of March 31, 2026.

As of June 30, 2026, RJF and RJ&A had the ability to borrow under our $1 billion Credit Facility, a committed unsecured line of credit.

We had no such borrowings outstanding under this facility as of June 30, 2026.

See Note 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding our Credit Facility.

1 unchanged sentence

Our uncommitted secured financing arrangements generally require us to post collateral in excess of the amount borrowed and are generally collateralized by RJ&A-owned securities or by securities that we have received as collateral under reverse repurchase agreements (i.e., securities purchased under agreements to resell).

As of March 31, 2026, we had outstanding borrowings under three uncommitted secured borrowing arrangements out of a total of 14 uncommitted financing arrangements (nine uncommitted secured and five uncommitted unsecured).

Lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities.

As of June 30, 2026, we had a total of 14 uncommitted financing arrangements with third-party lenders (nine secured and five unsecured).

As of June 30, 2026, outstanding borrowings under these uncommitted financing arrangements included $250 million under two financing arrangements (one secured and one unsecured) included in “Other borrowings” on our Condensed Consolidated Statements of Financial Condition and $265 million under three secured financing arrangements included in “Collateralized financings.” Lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities.

See Notes 7 and 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these borrowings.

12 unchanged sentences

during the quarter End of period

June 30, 2026 $ 247 $ 332 $ 265 $ 237 $ 316 $ 316

March 31, 2026 $ 280 $ 376 $ 361 $ 243 $ 352 $ 272

2 unchanged sentences

June 30, 2025 $ 273 $ 315 $ 228 $ 211 $ 210 $ 210

March 31, 2025 $ 273 $ 299 $ 205 $ 268 $ 305 $ 215

Other borrowings and collateralized financings

We had $700 million in FHLB borrowings outstanding at March 31, 2026, comprised of floating-rate and fixed-rate advances.

We had $700 million in FHLB borrowings outstanding at June 30, 2026, comprised of floating-rate and fixed-rate advances.

The interest rates on our floating-rate advances are based on SOFR.

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.

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

As of March 31, 2026, we had $9.4 billion in immediate credit available from the FHLB based on the collateral pledged.

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

As of June 30, 2026, we had $9.5 billion in immediate credit available from the FHLB based on the collateral pledged.

See Notes 7 and 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB and for additional information on our FHLB borrowings, including the related maturities and interest rates.

3 unchanged sentences

As member banks, our bank subsidiaries have access to the Federal Reserve’s discount window and may have access to other lending programs that may be established by the Federal Reserve in unusual and exigent circumstances.

As of March 31, 2026, our bank subsidiaries had pledged certain bank loans with the Federal Reserve and had $17.2 billion in immediate credit available from the FRB based on collateral pledged.

As of June 30, 2026, our bank subsidiaries had pledged certain bank loans with the Federal Reserve and had $18.0 billion in immediate credit available from the FRB based on collateral pledged.

See Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding our assets pledged with the FRB.

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 may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one counterparty and then lend them to another counterparty.

Where permitted, we have also loaned securities owned by clients or the firm to broker-dealers and other financial institutions.

We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $781 million as of March 31, 2026 related to the securities loaned included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition of this Form 10-Q.

We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $564 million as of June 30, 2026 related to the securities loaned included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition of this Form 10-Q.

See Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 2 of our 2025 Form 10-K for additional information on our collateralized agreements and financings.

Senior notes payable

At March 31, 2026, we had aggregate outstanding senior notes payable of $3.52 billion, which, exclusive of any unaccreted premiums or discounts and debt issuance costs, was comprised of $500 million par 4.65% senior notes due April 2030, $650 million par 4.90% senior notes due September 2035, $800 million par 4.95% senior notes due July 2046, $750 million par 3.75% senior notes due April 2051, and $850 million par 5.65% senior notes due September 2055.

At June 30, 2026, we had aggregate outstanding senior notes payable of $3.52 billion, which, exclusive of any unaccreted premiums or discounts and debt issuance costs, was comprised of $500 million par 4.65% senior notes due April 2030, $650 million par 4.90% senior notes due September 2035, $800 million par 4.95% senior notes due July 2046, $750 million par 3.75% senior notes due April 2051, and $850 million par 5.65% senior notes due September 2055.

See Note 16 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K for additional information on our senior notes payable.

23 unchanged sentences

Of the corporate-owned life insurance policies which fund these plans, certain policies could be used as a source of liquidity for the firm.

Those policies against which we could readily borrow had a cash surrender value of $1.38 billion as of March 31, 2026, and we were able to borrow up to 90%, or $1.24 billion, of the March 31, 2026 total without restriction.

Those policies against which we could readily borrow had a cash surrender value of $1.54 billion as of June 30, 2026, and we were able to borrow up to 90%, or $1.38 billion, of the June 30, 2026 total without restriction.

To effect any such borrowing, the underlying investments would be converted to money market investments, therefore requiring us to take market risk related to our employee-directed plans.

There were no borrowings outstanding against any of these policies as of March 31, 2026.

There were no borrowings outstanding against any of these policies as of June 30, 2026.

On May 8, 2024, we filed a “universal” shelf registration statement with the SEC pursuant to which we can issue debt, equity and other capital instruments if and when necessary or perceived by us to be opportune.

2 unchanged sentences

In periods where our capital and liquidity position are strong, and subject to our Board of Directors’ common stock repurchase authorization limit, we may purchase higher quantities of our shares as part of our capital deployment strategies.

On April 30, 2026, we completed our acquisition of all outstanding shares of 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.

As part of our ongoing operations, we also enter into contractual arrangements that may require future cash payments, including certificates of deposit, lease obligations and other contractual arrangements, such as for software licenses and various services.

4 unchanged sentences

RJF and many of its subsidiaries are each subject to various regulatory capital requirements.

As of March 31, 2026, all of our active regulated domestic and international subsidiaries had net capital in excess of minimum requirements.

In addition, RJF, Raymond James Bank, and TriState Capital Bank were categorized as “well-capitalized” as of March 31, 2026.

As of June 30, 2026, all of our active regulated domestic and international subsidiaries had net capital in excess of minimum requirements.

In addition, RJF, Raymond James Bank, and TriState Capital Bank were categorized as “well-capitalized” as of June 30, 2026.

The maintenance of certain risk-based and other regulatory capital levels could influence various capital allocation decisions impacting one or more of our businesses.

8 unchanged sentences

On March 27, 2026, the federal district court entered an order dismissing some of the claims asserted in the consolidated case.

On May 21, 2026, the plaintiffs filed a motion for class certification.

On July 16, 2026, the federal district court granted a motion filed by two named plaintiffs to voluntarily dismiss their claims without prejudice.

As a result, the case remains pending with two named plaintiffs.

We intend to continue vigorously defending against the remaining claims in the case.

During the three months ended June 30, 2026, RJ&A, our large clearing/carrying broker-dealer subsidiary, adopted the SEC’s amendments to Rules 15c3-3, the Customer Protection Rule, and 15c3-1, the Net Capital Rule.

The amendments require large

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

clearing/carrying broker-dealers to calculate customer and Proprietary Account of Broker-Dealer reserve requirements and make any required reserve account deposits on a daily basis rather than weekly.

We implemented enhancements to certain operational processes and controls at RJ&A to support compliance with the amended requirements.

The adoption of these amendments did not have a material impact on our results of operations, financial condition, or liquidity.

In August 2023, Raymond James Investment Services Limited, one of our UK subsidiaries, agreed to a Voluntary Application for Imposition of Requirements (“VREQ”) with the Financial Conduct Authority (“FCA”) that prohibited the onboarding of new branches or financial advisors without the prior consent of the FCA.

22 unchanged sentences

gross domestic product, equity market indices, unemployment rates, and commercial real estate and residential home price indices.

To demonstrate the sensitivity of credit loss estimates on our bank loan portfolio to macroeconomic forecasts, we compared our modeled estimates under the base case economic scenario used to estimate the allowance for credit losses as of March 31, 2026, to what our estimate would have been under a downside case scenario and an upside case scenario, without considering any offsetting effects in the qualitative component of our allowance for credit losses as of March 31, 2026.

As of March 31, 2026, use of the downside case scenario would have resulted in an increase of approximately $145 million in the quantitative portion of our allowance for credit losses on bank loans, while the use of the upside case scenario would have resulted in a reduction of approximately $25 million in the quantitative portion of our allowance for credit losses on bank loans at March 31, 2026.

To demonstrate the sensitivity of credit loss estimates on our bank loan portfolio to macroeconomic forecasts, we compared our modeled estimates under the base case economic scenario used to estimate the allowance for credit losses as of June 30, 2026, to what our estimate would have been under a downside case scenario and an upside case scenario, without considering any offsetting effects in the qualitative component of our allowance for credit losses as of June 30, 2026.

As of June 30, 2026, use of the downside case scenario would have resulted in an increase of approximately $150 million in the quantitative portion of our allowance for credit losses on bank loans, while the use of the upside case scenario would have resulted in a reduction of approximately $25 million in the quantitative portion of our allowance for credit losses on bank loans at June 30, 2026.

These hypothetical outcomes reflect the relative sensitivity of the modeled portion of our allowance estimate to macroeconomic forecasted scenarios but do not consider any potential impact qualitative adjustments could have on the allowance for credit losses in such environments.

2 unchanged sentences

(1) management’s predictions of future economic trends and relationships among the scenarios may differ from actual events;

and (2) management’s application of subjective measures to modeled results through the qualitative portion of the allowance for credit losses when appropriate.

The downside case scenario utilized in this hypothetical sensitivity analysis assumes a moderate recession.

To the extent macroeconomic conditions worsen beyond those assumed in this downside case scenario, we could incur provisions for credit losses significantly in excess of those estimated in this analysis.

and (2) management’s application of

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

subjective measures to modeled results through the qualitative portion of the allowance for credit losses when appropriate.

The downside case scenario utilized in this hypothetical sensitivity analysis assumes a moderate recession.

See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K for information regarding our methodologies and assumptions used in estimating the allowance for credit losses.

See Note 8 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our allowance for credit losses related to bank loans as of March 31, 2026.

See Note 8 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our allowance for credit losses related to bank loans as of June 30, 2026.

Loss provisions for legal and regulatory matters

1 unchanged sentence

For a description of the significant estimates and judgments associated with establishing such accruals, see the “Contingent liabilities” section of Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K.

In addition, refer to Note 17 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding legal and regulatory matters contingencies as of March 31, 2026.

In addition, refer to Note 17 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding legal and regulatory matters contingencies as of June 30, 2026.

ACCOUNTING STANDARDS UPDATE

32 unchanged sentences

Our Board of Directors, including its Risk Committee and Audit Committee, is responsible for the review and approval of the risk management framework and receives regular updates on risks identified including the assessment, monitoring, and reporting of those risks and related issues.

The Board of Directors, including its Risk Committee and Audit Committee, assists in articulating the firm’s risk appetite.

The Board of Directors, including its Risk Committee assists in articulating the firm’s risk appetite.

The RJF Enterprise Risk Management Committee is the senior management-level committee responsible for risk oversight and is supported by additional risk-specific committees.

32 unchanged sentences

A hierarchy of limits exists at multiple levels, including firm, business unit, desk (e.g., for equities, corporate bonds, municipal bonds), product sub-type (e.g., below-investment-grade positions) and issuer concentration.

For derivative positions, which are primarily comprised of interest rate swaps, we have established sensitivity-based and foreign exchange spot limits.

For derivative positions, which are primarily comprised of interest rate swaps, we have established sensitivity-based and foreign exchange limits.

Trading positions and derivatives are monitored against these limits through daily reports that are distributed to senior management.

25 unchanged sentences

The following table sets forth the high, low, period-end and average daily one-day VaR for all of our trading portfolios, including fixed income and equity instruments, and for our derivatives for the periods and dates indicated.

Six months ended March 31, 2026 Period-end VaR Three months ended March 31, Six months ended March 31,

$ in millions High Low March 31,

Nine months ended June 30, 2026 Period-end VaR Three months ended June 30, Nine months ended June 30,

$ in millions High Low June 30,

2026 September 30,

4 unchanged sentences

Based on these daily “ex ante” versus “ex post” comparisons, we determine whether the number of times that regulatory-defined daily trading losses exceed VaR is consistent with our expectations at a 99% confidence level.

During the three and six months ended March 31, 2026, our regulatory-defined daily losses in our trading portfolios exceeded our predicted VaR on one occasion.

Our regulatory-defined daily losses in our trading portfolios did not exceed our predicted VaR during the three months ended June 30, 2026, and exceeded our predicted VaR on one occasion during the nine months ended June 30, 2026.

Separately, RJF provides additional market risk disclosures to comply with the MRR, including 10-day VaR and 10-day Stressed VaR, which are available on our website at https://www.raymondjames.com/investor-relations/financial-information/filings-and-reports within “Other Reports and Information.”

41 unchanged sentences

government and government agency-backed securities, changes in fair value are primarily driven by changes in interest rates.

At March 31, 2026, our available-for-sale securities portfolio had a fair value of $6.40 billion with a weighted-average yield of 2.31% and a weighted-average life, after factoring in estimated prepayments, of 3.9 years.

At June 30, 2026, our available-for-sale securities portfolio had a fair value of $6.50 billion with a weighted-average yield of 2.46% and a weighted-average life, after factoring in estimated prepayments, of 3.8 years.

To evaluate the interest rate sensitivity of our available-for-sale securities portfolio we also monitor, among other things, effective duration, defined as the approximate percentage change in price for a 100-basis point change in rates.

As of March 31, 2026, the effective duration of our available-for-sale securities portfolio was approximately 3.40, which means that we would expect the market value of our available-for-sale securities portfolio to increase approximately 3.40% for every 100-basis point decline in interest rates and decline approximately 3.40% for every 100-basis point increase in interest rates.

As of June 30, 2026, the effective duration of our available-for-sale securities portfolio was approximately 3.29, which means that we would expect the market value of our available-for-sale securities portfolio to increase approximately 3.29% for every 100-basis point decline in interest rates and decline approximately 3.29% for every 100-basis point increase in interest rates.

See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Note 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information on our available-for-sale securities portfolio.

3 unchanged sentences

These limits set a risk tolerance to changing interest rates and assist in determining strategies for mitigating this risk as EVE approaches these limits.

As of March 31, 2026, our EVE analyses were within approved limits.

As of June 30, 2026, our EVE analyses were within approved limits.

RAYMOND JAMES FINANCIAL, INC.

1 unchanged sentence

Management’s Discussion and Analysis

The following table shows the maturities of our bank loan portfolio at March 31, 2026, including contractual principal repayments.

The following table shows the maturities of our bank loan portfolio at June 30, 2026, including contractual principal repayments.

Maturities are generally determined based upon contractual terms;

12 unchanged sentences

Total loans held for sale and investment $ 27,501 $ 13,427 $ 4,473 $ 11,224 $ 56,625

The following table shows the distribution of the recorded investment of those bank loans that mature in more than one year between fixed and adjustable interest rate loans at March 31, 2026.

The following table shows the distribution of the recorded investment of those bank loans that mature in more than one year between fixed and adjustable interest rate loans at June 30, 2026.

Interest rate type

10 unchanged sentences

Total loans held for sale and investment $ 2,463 $ 26,661 $ 29,124

(1) Adjustable rate residential mortgage loans included loans which were still in their fixed-rate period at March 31, 2026.

(1) Adjustable rate residential mortgage loans included loans which were still in their fixed-rate period at June 30, 2026.

Contractual loan terms for SBL, C&I loans, CRE loans, REIT loans, and residential mortgage loans may include an interest rate floor, cap and/or fixed interest rates for a certain period of time, which would impact the timing of the interest rate reset for the respective loan.

2 unchanged sentences

dollar (“USD”).

For example, our bank loan portfolio includes loans which are denominated in Canadian dollars (“CAD”), totaling $961 million and $1.00 billion at March 31, 2026 and September 30, 2025, respectively, when converted to the USD using the spot rate at that time.

For example, our bank loan portfolio includes loans which are denominated in Canadian dollars (“CAD”), totaling $890 million and $1.00 billion at June 30, 2026 and September 30, 2025, respectively, when converted to the USD using the spot rate at that time.

A majority of such loans are held in a Canadian subsidiary of Raymond James Bank.

7 unchanged sentences

Investments in non-bank foreign subsidiaries

At March 31, 2026, we had foreign exchange risk in our investment in RJ Ltd.

At June 30, 2026, we had foreign exchange risk in our investment in RJ Ltd.

of CAD 532 million, and in our investment in our UK PCG subsidiary, of £325 million, which were not hedged.

We had other, less significant investments in foreign domiciled subsidiaries, primarily in Europe, which were not hedged;

however, we do not believe we had material foreign exchange risk either individually, or in the aggregate, pertaining to these subsidiaries as of March 31, 2026.

however, we do not believe we had material foreign exchange risk either individually, or in the aggregate, pertaining to these subsidiaries as of June 30, 2026.

Foreign exchange gains/losses related to our foreign investments are primarily reflected in OCI on our Condensed Consolidated Statements of Income and Comprehensive Income.

55 unchanged sentences

The following table presents net loan (charge-offs)/recoveries and the annualized percentage of net loan (charge-offs)/recoveries to the average outstanding loan balances by loan portfolio segment.

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

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

2026 2025 2026 2025

20 unchanged sentences

The level of nonperforming assets is another indicator of potential future credit losses.

Nonperforming assets are comprised of both nonperforming loans and other real estate owned.

Nonperforming loans include those loans which have been placed on nonaccrual status and any accruing loans which are 90 days or more past due and in the process of collection.

Nonperforming assets are comprised of both nonperforming loans held for investment and other real estate owned.

Nonperforming loans include those loans held for investment which have been placed on nonaccrual status and any accruing loans which are 90 days or more past due and in the process of collection.

The following table presents the balance of nonperforming loans, nonperforming assets, and related key credit ratios.

$ in millions March 31, 2026 September 30, 2025

$ in millions June 30, 2026 September 30, 2025

Nonperforming loans (1)

3 unchanged sentences

Nonperforming assets as a % of Bank segment total assets 0.22 % 0.29 %

(1) Nonperforming loans at March 31, 2026 and September 30, 2025 included $75 million and $109 million, respectively, of loans which were current pursuant to their contractual terms.

(1) Nonperforming loans at June 30, 2026 and September 30, 2025 included $66 million and $109 million, respectively, of loans which were current pursuant to their contractual terms.

See the table summarizing nonaccrual loans by portfolio segment in Note 8 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information.

Although our nonperforming assets as a percentage of our Bank segment’s assets remained low as of March 31, 2026, any prolonged period of market deterioration could result in an increase in our nonperforming assets, an increase in our allowance for credit losses and/or an increase in net charge-offs in future periods, although the extent would depend on future developments that are highly uncertain.

Although our nonperforming assets as a percentage of our Bank segment’s assets remained low as of June 30, 2026, any prolonged period of market deterioration could result in an increase in our nonperforming assets, an increase in our allowance for credit losses and/or an increase in net charge-offs in future periods, although the extent would depend on future developments that are highly uncertain.

See further explanation of our bank loan portfolio segments, allowance for credit losses, and the credit loss provision in Note 8 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and “Management’s Discussion and Analysis - Results of Operations - Bank” of this Form 10-Q and Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K.

4 unchanged sentences

There are various other factors included in these processes, depending on the loan portfolio.

There were no significant changes to those processes during the three months ended March 31, 2026.

There were no significant changes to those processes during the three months ended June 30, 2026.

See further discussion of our risk monitoring process in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Banking activities” of our 2025 Form 10-K.

12 unchanged sentences

$ in millions 30-89 days 90 days or more Total 30-89 days 90 days or more Total

March 31, 2026 $ 4 $ 2 $ 6 0.04 % 0.02 % 0.06 %

June 30, 2026 $ 11 $ 2 $ 13 0.10 % 0.02 % 0.12 %

September 30, 2025 $ 7 $ 6 $ 13 0.07 % 0.06 % 0.13 %

Our March 31, 2026 percentage of over 30 day delinquent residential mortgage loans compares favorably to the national average of 1.96%, as most recently reported by the Fed.

Our June 30, 2026 percentage of over 30 day delinquent residential mortgage loans compares favorably to the national average of 1.98%, as most recently reported by the Fed.

To manage and limit credit losses, we maintain processes to manage our loan delinquencies.

7 unchanged sentences

The following table details the geographic concentrations (top five states) of our one-to-four family residential mortgage loans.

March 31, 2026

June 30, 2026

Loans outstanding as a % of

8 unchanged sentences

Payments may increase significantly when the interest-only period ends and the loan principal begins to amortize.

At March 31, 2026 and September 30, 2025, these loans totaled $3.20 billion and $3.04 billion, respectively, or approximately 30% of the residential mortgage portfolio at each respective period end.

The weighted-average number of years before the remainder of the loans, which were still in their interest-only period at March 31, 2026, begins amortizing is five years.

At June 30, 2026 and September 30, 2025, these loans totaled $3.41 billion and $3.04 billion, respectively, or approximately 30% of the residential mortgage portfolio at each respective period end.

The weighted-average number of years before the remainder of the loans, which were still in their interest-only period at June 30, 2026, begins amortizing is approximately five years.

RAYMOND JAMES FINANCIAL, INC.

8 unchanged sentences

The following table details the top industry concentrations of our C&I and CRE loans, which comprise the vast majority of our corporate loan portfolio.

As of March 31, 2026

As of June 30, 2026

Loans outstanding as a % of

28 unchanged sentences

These losses can result from, but are not limited to, trade errors, failed transaction settlements, late collateral calls to borrowers and counterparties, or interruptions to our system processing.

We did not incur any significant losses related to such operational challenges during the six months ended March 31, 2026 or 2025.

We did not incur any significant losses related to such operational challenges during the nine months ended June 30, 2026 or 2025.

As more fully described in the discussion of our business technology risks included in various risk factors presented in “Item 1A - Risk Factors” and “Item 1C - Cybersecurity” of our 2025 Form 10-K, despite our implementation of protective measures and endeavoring to modify them as circumstances warrant, our computer systems, software and networks may be vulnerable to human error, natural disasters, power loss, cyber-attacks and other information security breaches, and other events that could have an impact on the security and stability of our operations.

9 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 2. Management’s Discussion and Analysis