RAYMOND JAMES FINANCIAL INC 10-Q

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INDEX PAGE Factors affecting “forward-looking statements” 52 Introduction 52 Executive overview 53 Reconciliation of non-GAAP financial measures to GAAP financial measures 56 Net interest analysis 59 Results of operations Private Client Group 65 Capital Markets 69 Asset Management 70 Bank 73 Other 74 Statement of financial condition analysis 75 Liquidity and capital resources 75 Regulatory 81 Critical accounting estimates 82 Accounting standards update 83 Risk management 84 51 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index FACTORS AFFECTING “FORWARD-LOOKING STATEMENTS” Certain statements made in this Quarterly Report on Form 10-Q may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flows and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “estimates,” “projects,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties, and assumptions. 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 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. INTRODUCTION The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of our operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and accompanying notes to condensed consolidated financial statements. Where “NM” is used in various percentage change computations, the computed percentage change has been determined to be not meaningful. We operate as a financial holding company and bank holding company. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets, and commercial and residential credit trends. Overall market conditions, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants, including investors, borrowers, and competitors, impacting their level of participation in the financial markets. These factors also impact the level of investment banking activity and asset valuations, which ultimately affect our business results. 52 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index EXECUTIVE OVERVIEW Summary results of operations Three months ended June 30, Nine months ended June 30, $ in millions, except per share amounts 2026 2025 % change 2026 2025 % change Net revenues $ 3,928 $ 3,398 16 % $ 11,522 $ 10,338 11 % Compensation, commissions and benefits expense $ 2,579 $ 2,202 17 % $ 7,570 $ 6,678 13 % Non-compensation expenses $ 599 $ 633 (5) % $ 1,739 $ 1,677 4 % Pre-tax income $ 750 $ 563 33 % $ 2,213 $ 1,983 12 % Net income available to common shareholders $ 595 $ 435 37 % $ 1,699 $ 1,527 11 % Earnings per common share – basic $ 3.06 $ 2.16 42 % $ 8.67 $ 7.51 15 % Earnings per common share – diluted $ 3.01 $ 2.12 42 % $ 8.52 $ 7.35 16 % Non-GAAP measures: Adjusted net income available to common shareholders (1) $ 620 $ 449 38 % $ 1,761 $ 1,570 12 % Adjusted earnings per common share - diluted (1) $ 3.14 $ 2.18 44 % $ 8.83 $ 7.55 17 % Three months ended June 30, Nine months ended June 30, Other selected financial highlights 2026 2025 2026 2025 Pre-tax margin 19.1 % 16.6 % 19.2 % 19.2 % Adjusted pre-tax margin (1) 19.9 % 17.1 % 19.9 % 19.7 % Annualized return on common equity (“ROCE”) 18.8 % 14.3 % 18.1 % 17.1 % Adjusted annualized ROCE (1) 19.6 % 14.8 % 18.7 % 17.5 % Annualized return on tangible common equity (“ROTCE”) (1) 22.6 % 16.7 % 21.3 % 19.9 % Adjusted annualized ROTCE (1) 23.5 % 17.2 % 22.0 % 20.5 % Total compensation ratio 65.7 % 64.8 % 65.7 % 64.6 % Adjusted total compensation ratio (1) 65.5 % 64.5 % 65.5 % 64.4 % Effective income tax rate 20.7 % 22.6 % 23.1 % 22.8 % 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 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, 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. 53 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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, 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 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. 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. (2) For additional information, please see the “Liquidity and capital resources - Sources of liquidity” section in this MD&A. 54 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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 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. 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. 55 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that ROTCE is meaningful to investors as it facilitates comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 2026 2025 Net income available to common shareholders $ 595 $ 435 $ 1,699 $ 1,527 Non-GAAP adjustments : Expenses related to acquisitions: Compensation, commissions and benefits : Acquisition-related retention 8 9 21 25 Other acquisition-related compensation — — 1 — Total “Compensation, commissions and benefits” expense 8 9 22 25 Communications and information processing 2 — 6 — Professional fees 5 — 11 2 Other : Amortization of identifiable intangible assets 14 10 34 31 All other acquisition-related expenses 3 — 6 — Total “Other” expense 17 10 40 31 Total pre-tax impact of non-GAAP adjustments related to acquisitions 32 19 79 58 Tax effect of non-GAAP adjustments (7) (5) (17) (15) Total non-GAAP adjustments, net of tax 25 14 62 43 Adjusted net income available to common shareholders $ 620 $ 449 $ 1,761 $ 1,570 Pre-tax income $ 750 $ 563 $ 2,213 $ 1,983 Pre-tax impact of non-GAAP adjustments (as detailed above) 32 19 79 58 Adjusted pre-tax income $ 782 $ 582 $ 2,292 $ 2,041 Compensation, commissions and benefits expense $ 2,579 $ 2,202 $ 7,570 $ 6,678 Less: Total compensation-related acquisition expenses (as detailed above) 8 9 22 25 Adjusted compensation, commissions and benefits expense $ 2,571 $ 2,193 $ 7,548 $ 6,653 56 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Three months ended June 30, Nine months ended June 30, $ in millions, except per share amounts 2026 2025 2026 2025 Pre-tax margin 19.1 % 16.6 % 19.2 % 19.2 % Impact of non-GAAP adjustments on pre-tax margin : Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 0.2 % 0.3 % 0.2 % 0.2 % Other acquisition-related compensation — % — % — % — % Total “Compensation, commissions and benefits” expense 0.2 % 0.3 % 0.2 % 0.2 % Communications and information processing — % — % — % — % Professional fees 0.1 % — % 0.1 % — % Other : Amortization of identifiable intangible assets 0.4 % 0.2 % 0.3 % 0.3 % All other acquisition-related expenses 0.1 % — % 0.1 % — % Total “Other” expense 0.5 % 0.2 % 0.4 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.8 % 0.5 % 0.7 % 0.5 % Adjusted pre-tax margin 19.9 % 17.1 % 19.9 % 19.7 % Total compensation ratio 65.7 % 64.8 % 65.7 % 64.6 % Less the impact of non-GAAP adjustments on compensation ratio : Acquisition-related retention 0.2 % 0.3 % 0.2 % 0.2 % Other acquisition-related compensation — % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.2 % 0.3 % 0.2 % 0.2 % Adjusted total compensation ratio 65.5 % 64.5 % 65.5 % 64.4 % Diluted earnings per common share $ 3.01 $ 2.12 $ 8.52 $ 7.35 Impact of non-GAAP adjustments on diluted earnings per common share : Expenses related to acquisitions: Compensation, commissions and benefits : Acquisition-related retention 0.04 0.04 0.11 0.12 Other acquisition-related compensation — — — — Total “Compensation, commissions and benefits” expense 0.04 0.04 0.11 0.12 Communications and information processing 0.01 — 0.03 — Professional fees 0.03 — 0.06 0.01 Other : Amortization of identifiable intangible assets 0.07 0.04 0.17 0.14 All other acquisition-related expenses 0.02 — 0.03 — Total “Other” expense 0.09 0.04 0.20 0.14 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.17 0.08 0.40 0.27 Tax effect of non-GAAP adjustments (0.04) (0.02) (0.09) (0.07) Total non-GAAP adjustments, net of tax 0.13 0.06 0.31 0.20 Adjusted diluted earnings per common share $ 3.14 $ 2.18 $ 8.83 $ 7.55 57 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 2026 2025 Average common equity $ 12,633 $ 12,157 $ 12,545 $ 11,938 Impact of non-GAAP adjustments on average common equity : Expenses related to acquisitions: Compensation, commissions and benefits : Acquisition-related retention 4 5 10 12 Other acquisition-related compensation — — 1 — Total “Compensation, commissions and benefits” expense 4 5 11 12 Communications and information processing 1 — 3 — Professional fees 3 — 5 1 Other : Amortization of identifiable intangible assets 7 5 16 16 All other acquisition-related expenses 2 — 2 — Total “Other” expense 9 5 18 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 17 10 37 29 Tax effect of non-GAAP adjustments (4) (3) (8) (7) Total non-GAAP adjustments, net of tax 13 7 29 22 Adjusted average common equity $ 12,646 $ 12,164 $ 12,574 $ 11,960 Average common equity $ 12,633 $ 12,157 $ 12,545 $ 11,938 Less : Average goodwill and identifiable intangible assets, net 2,296 1,858 2,069 1,865 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (190) (142) (168) (140) Average tangible common equity $ 10,527 $ 10,441 $ 10,644 $ 10,213 Impact of non-GAAP adjustments on average tangible common equity : Expenses related to acquisitions: Compensation, commissions and benefits : Acquisition-related retention 4 5 10 12 Other acquisition-related compensation — — 1 — Total “Compensation, commissions and benefits” expense 4 5 11 12 Communications and information processing 1 — 3 — Professional fees 3 — 5 1 Other : Amortization of identifiable intangible assets 7 5 16 16 All other acquisition-related expenses 2 — 2 — Total “Other” expense 9 5 18 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 17 10 37 29 Tax effect of non-GAAP adjustments (4) (3) (8) (7) Total non-GAAP adjustments, net of tax 13 7 29 22 Adjusted average tangible common equity $ 10,540 $ 10,448 $ 10,673 $ 10,235 Return on common equity 18.8 % 14.3 % 18.1 % 17.1 % Adjusted return on common equity 19.6 % 14.8 % 18.7 % 17.5 % Return on tangible common equity 22.6 % 16.7 % 21.3 % 19.9 % Adjusted return on tangible common equity 23.5 % 17.2 % 22.0 % 20.5 % 58 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Diluted earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period or, in the case of adjusted diluted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period. Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. 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 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. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. ROCE is computed by dividing annualized net income available to common shareholders for the period indicated by average common equity for each respective period or, in the case of ROTCE, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted ROCE is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted ROTCE, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. NET INTEREST ANALYSIS The Fed funds target rate began our fiscal 2025 at a range of 4.75% to 5.00%. 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 third quarter of 2026. The following table details the Fed’s short-term interest rate activity since the beginning of our fiscal year 2025. RJF fiscal quarter ended Effective date of interest rate action Decrease in interest rates (in basis points) Fed funds target rate September 30, 2024 September 19, 2024 (50) 4.75% - 5.00% December 31, 2024 November 8, 2024 (25) 4.50% - 4.75% December 31, 2024 December 19, 2024 (25) 4.25% - 4.50% September 30, 2025 September 18, 2025 (25) 4.00% - 4.25% December 31, 2025 October 30, 2025 (25) 3.75% - 4.00% December 31, 2025 December 11, 2025 (25) 3.50% - 3.75% 59 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Given the relationship between our interest-sensitive assets and liabilities (primarily held in our PCG, Bank, and Other segments) and the nature of fees we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), our financial results are sensitive to changes in interest rates. Increases in short-term interest rates have historically resulted in an increase in our net earnings, and we expect decreases in short-term interest rates to generally reduce our net earnings, although there may be offsetting indirect favorable impacts on certain non-interest-related components of net revenues. As it relates to our net interest income, the magnitude of the effect of a decrease in interest rates depends on a number of factors impacting balances, asset yields, and the cost of funding. The magnitude of the impact on our net interest margin depends on the yields on interest-earning assets relative to the cost of interest-bearing liabilities, including deposit rates paid to clients on their cash balances. Decreases in short-term interest rates generally result in a decrease to our RJBDP fees earned from third-party banks, although the magnitude of the impact may also be impacted by demand for cash balances by third-party banks and the rate paid to clients on their cash sweep balances. Rates paid to clients on their cash balances are generally impacted by the level of short-term interest rates, as well as competitive industry dynamics and the demand for client cash. 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. 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. Also refer to “Management’s Discussion and Analysis - Results of Operations - Private Client Group - Clients’ domestic cash sweep balances” for further information on the RJBDP. Net interest income and RJBDP fees from third-party banks Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Net interest income $ 560 $ 546 3 % $ 1,683 $ 1,596 5 % RJBDP fees from third-party banks 98 110 (11) % 292 384 (24) % Net interest income and RJBDP fees from third-party banks $ 658 $ 656 — % $ 1,975 $ 1,980 — % 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. 60 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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 June 30, 2026 compared with the quarter ended June 30, 2025 Three months ended June 30, 2026 2025 $ in millions Average daily balance Interest Annualized average rate Average daily balance Interest Annualized average rate Interest-earning assets: Bank segment: Cash and cash equivalents $ 5,570 $ 50 3.56 % $ 5,598 $ 59 4.24 % Available-for-sale securities 6,966 43 2.44 % 7,980 45 2.27 % Loans held for sale and investment: (1) (2) Loans held for investment: SBL 23,904 319 5.28 % 18,100 276 6.04 % C&I loans 10,156 150 5.83 % 10,418 172 6.53 % CRE loans 7,825 115 5.85 % 7,764 126 6.42 % REIT loans 1,645 24 5.92 % 1,712 30 7.04 % Residential mortgage loans 11,051 116 4.18 % 9,934 98 3.96 % Tax-exempt loans (3) 1,114 8 3.38 % 1,266 9 3.39 % Loans held for sale 214 4 6.69 % 255 4 6.98 % Total loans held for sale and investment 55,909 736 5.23 % 49,449 715 5.76 % All other interest-earning assets 229 2 4.36 % 231 4 5.27 % Interest-earning assets — Bank segment $ 68,674 $ 831 4.81 % $ 63,258 $ 823 5.18 % All other segments: Cash and cash equivalents $ 4,287 $ 38 3.54 % $ 4,152 $ 44 4.24 % Assets segregated for regulatory purposes and restricted cash 3,764 32 3.41 % 3,628 36 3.95 % Trading assets — debt securities 1,423 20 5.51 % 1,335 19 5.73 % Brokerage client receivables 2,907 44 6.13 % 2,427 42 6.97 % All other interest-earning assets 3,198 29 3.76 % 2,535 26 3.93 % Interest-earning assets — all other segments $ 15,579 $ 163 4.22 % $ 14,077 $ 167 4.72 % Total interest-earning assets $ 84,253 $ 994 4.70 % $ 77,335 $ 990 5.10 % Interest-bearing liabilities: Bank segment: Bank deposits: Money market and savings accounts $ 35,552 $ 120 1.36 % $ 33,814 $ 146 1.73 % Interest-bearing demand deposits 23,768 207 3.47 % 21,246 213 4.03 % Certificates of deposit 2,715 27 3.90 % 1,763 19 4.34 % Total bank deposits (4) 62,035 354 2.28 % 56,823 378 2.67 % FHLB advances and all other interest-bearing liabilities 784 5 2.94 % 847 5 2.79 % Interest-bearing liabilities — Bank segment $ 62,819 $ 359 2.29 % $ 57,670 $ 383 2.67 % All other segments: Trading liabilities — debt securities $ 734 $ 11 5.73 % $ 818 $ 11 5.35 % Brokerage client payables 5,524 13 0.97 % 4,882 15 1.24 % Senior notes payable 3,522 43 4.91 % 2,040 23 4.50 % All other interest-bearing liabilities (4) 1,169 8 3.05 % 1,272 12 3.83 % Interest-bearing liabilities — all other segments $ 10,949 $ 75 2.78 % $ 9,012 $ 61 2.72 % Total interest-bearing liabilities $ 73,768 $ 434 2.36 % $ 66,682 $ 444 2.68 % Firmwide net interest income $ 560 $ 546 Net interest margin (net yield on interest-earning assets) Bank segment 2.71 % 2.74 % Firmwide 2.67 % 2.83 % (1) Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs. (2) Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis. (3) The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the periods presented. (4) The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.” 61 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately. Three months ended June 30, 2026 compared to 2025 Increase/(decrease) due to $ in millions Volume Rate Total Interest-earning assets: Interest income Bank segment: Cash and cash equivalents $ — $ (9) $ (9) Available-for-sale securities (5) 3 (2) Loans held for sale and investment: Loans held for investment: SBL 77 (34) 43 C&I loans (4) (18) (22) CRE loans 1 (12) (11) REIT loans (1) (5) (6) Residential mortgage loans 12 6 18 Tax-exempt loans (1) — (1) Loans held for sale — — — Total loans held for sale and investment 84 (63) 21 All other interest-earning assets — (2) (2) Interest-earning assets — Bank segment $ 79 $ (71) $ 8 All other segments: Cash and cash equivalents $ 1 $ (7) $ (6) Assets segregated for regulatory purposes and restricted cash 1 (5) (4) Trading assets — debt securities 1 — 1 Brokerage client receivables 7 (5) 2 All other interest-earning assets 4 (1) 3 Interest-earning assets — all other segments $ 14 $ (18) $ (4) Total interest-earning assets $ 93 $ (89) $ 4 Interest-bearing liabilities: Interest expense Bank segment: Bank deposits: Money market and savings accounts $ 7 $ (33) $ (26) Interest-bearing demand deposits 24 (30) (6) Certificates of deposit 10 (2) 8 Total bank deposits 41 (65) (24) FHLB advances and all other interest-bearing liabilities — — — Interest-bearing liabilities — Bank segment $ 41 $ (65) $ (24) All other segments: Trading liabilities — debt securities $ (1) $ 1 $ — Brokerage client payables 1 (3) (2) Senior notes payable 18 2 20 All other interest-bearing liabilities (1) (3) (4) Interest-bearing liabilities — all other segments $ 17 $ (3) $ 14 Total interest-bearing liabilities $ 58 $ (68) $ (10) Change in firmwide net interest income $ 35 $ (21) $ 14 62 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Nine months ended June 30, 2026 compared with the nine months ended June 30, 2025 Nine months ended June 30, 2026 2025 $ in millions Average daily balance Interest Annualized average rate Average daily balance Interest Annualized average rate Interest-earning assets: Bank segment: Cash and cash equivalents $ 5,422 $ 149 3.65 % $ 5,960 $ 197 4.40 % Available-for-sale securities 7,067 124 2.34 % 8,363 142 2.27 % Loans held for sale and investment: (1) (2) Loans held for investment: SBL 22,237 910 5.39 % 17,229 806 6.17 % C&I loans 10,482 475 5.96 % 10,305 518 6.64 % CRE loans 7,784 351 5.95 % 7,668 385 6.62 % REIT loans 1,696 79 6.18 % 1,692 91 7.13 % Residential mortgage loans 10,733 333 4.13 % 9,733 285 3.90 % Tax-exempt loans (3) 1,132 23 3.39 % 1,283 26 3.37 % Loans held for sale 246 12 6.41 % 232 12 6.96 % Total loans held for sale and investment 54,310 2,183 5.32 % 48,142 2,123 5.85 % All other interest-earning assets 239 8 4.62 % 237 10 5.39 % Interest-earning assets — Bank segment $ 67,038 $ 2,464 4.87 % $ 62,702 $ 2,472 5.23 % All other segments: Cash and cash equivalents $ 4,656 $ 126 3.62 % $ 4,076 $ 134 4.40 % Assets segregated for regulatory purposes and restricted cash 3,808 98 3.45 % 3,571 114 4.24 % Trading assets — debt securities 1,455 61 5.56 % 1,387 57 5.47 % Brokerage client receivables 2,737 128 6.27 % 2,402 128 7.15 % All other interest-earning assets 3,061 84 3.64 % 2,531 75 3.88 % Interest-earning assets — all other segments $ 15,717 $ 497 4.22 % $ 13,967 $ 508 4.84 % Total interest-earning assets $ 82,755 $ 2,961 4.75 % $ 76,669 $ 2,980 5.16 % Interest-bearing liabilities: Bank segment: Bank deposits: Money market and savings accounts $ 35,627 $ 370 1.39 % $ 33,088 $ 458 1.85 % Interest-bearing demand deposits 22,582 594 3.51 % 21,013 650 4.14 % Certificates of deposit 2,300 69 3.99 % 2,094 71 4.52 % Total bank deposits (4) 60,509 1,033 2.28 % 56,195 1,179 2.81 % FHLB advances and all other interest-bearing liabilities 763 17 2.91 % 1,001 20 2.72 % Interest-bearing liabilities — Bank segment $ 61,272 $ 1,050 2.29 % $ 57,196 $ 1,199 2.81 % All other segments: Trading liabilities — debt securities $ 816 $ 35 5.71 % $ 834 $ 32 5.17 % Brokerage client payables 5,312 37 0.94 % 4,794 52 1.44 % Senior notes payable 3,521 129 4.91 % 2,040 69 4.50 % All other interest-bearing liabilities (4) 1,179 27 3.05 % 1,182 32 3.62 % Interest-bearing liabilities — all other segments $ 10,828 $ 228 2.82 % $ 8,850 $ 185 2.79 % Total interest-bearing liabilities $ 72,100 $ 1,278 2.37 % $ 66,046 $ 1,384 2.81 % Firmwide net interest income $ 1,683 $ 1,596 Net interest margin (net yield on interest-earning assets) Bank segment 2.78 % 2.67 % Firmwide 2.72 % 2.78 % (1) Loans are presented net of unamortized discounts, unearned income, deferred loan fees and costs, and charge-offs. (2) Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis. (3) The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the years presented. (4) The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.” 63 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average yield/cost. Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately. Nine months ended June 30, 2026 compared to 2025 Increase/(decrease) due to $ in millions Volume Rate Total Interest-earning assets: Interest income Bank segment: Cash and cash equivalents $ (17) $ (31) $ (48) Available-for-sale securities (22) 4 (18) Loans held for sale and investment: Loans held for investment: SBL 205 (101) 104 C&I loans 9 (52) (43) CRE loans 6 (40) (34) REIT loans — (12) (12) Residential mortgage loans 30 18 48 Tax-exempt loans (3) — (3) Loans held for sale 1 (1) — Total loans held for sale and investment 248 (188) 60 All other interest-earning assets — (2) (2) Interest-earning assets — Bank segment $ 209 $ (217) $ (8) All other segments: Cash and cash equivalents $ 16 $ (24) $ (8) Assets segregated for regulatory purposes and restricted cash 6 (22) (16) Trading assets — debt securities 3 1 4 Brokerage client receivables 16 (16) — All other interest-earning assets 14 (5) 9 Interest-earning assets — all other segments $ 55 $ (66) $ (11) Total interest-earning assets $ 264 $ (283) $ (19) Interest-bearing liabilities: Interest expense Bank segment: Bank deposits: Money market and savings accounts $ 31 $ (119) $ (88) Interest-bearing demand deposits 44 (100) (56) Certificates of deposit 6 (8) (2) Total bank deposits 81 (227) (146) FHLB advances and all other interest-bearing liabilities (4) 1 (3) Interest-bearing liabilities — Bank segment $ 77 $ (226) $ (149) All other segments: Trading liabilities — debt securities $ — $ 3 $ 3 Brokerage client payables 4 (19) (15) Senior notes payable 54 6 60 All other interest-bearing liabilities — (5) (5) Interest-bearing liabilities — all other segments $ 58 $ (15) $ 43 Total interest-bearing liabilities $ 135 $ (241) $ (106) Change in firmwide net interest income $ 129 $ (42) $ 87 64 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RESULTS OF OPERATIONS – PRIVATE CLIENT GROUP For an overview of our PCG segment operations, as well as a description of the key factors impacting our PCG results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Form 10-K. Operating results Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Revenues: Asset management and related administrative fees $ 1,734 $ 1,462 19 % $ 5,138 $ 4,395 17 % Brokerage revenues: Mutual and other fund products 170 146 16 % 510 450 13 % Insurance and annuity products 142 129 10 % 406 364 12 % Equities, ETFs and fixed income products 173 145 19 % 527 458 15 % Total brokerage revenues 485 420 15 % 1,443 1,272 13 % Account and service fees: Mutual fund and other investment products 149 126 18 % 443 382 16 % RJBDP fees: Bank segment 185 193 (4) % 560 563 (1) % Third-party banks 98 110 (11) % 292 384 (24) % Client account and other fees 78 72 8 % 223 208 7 % Total account and service fees 510 501 2 % 1,518 1,537 (1) % Investment banking 9 9 — % 24 26 (8) % Interest income 115 114 1 % 336 350 (4) % All other 8 5 60 % 20 16 25 % Total revenues 2,861 2,511 14 % 8,479 7,596 12 % Interest expense (20) (23) (13) % (60) (74) (19) % Net revenues 2,841 2,488 14 % 8,419 7,522 12 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,566 1,317 19 % 4,632 3,964 17 % Recruiting and retention-related compensation 117 97 21 % 335 274 22 % Total financial advisor compensation 1,683 1,414 19 % 4,967 4,238 17 % Administrative compensation and benefits 441 389 13 % 1,316 1,195 10 % Total compensation, commissions and benefits 2,124 1,803 18 % 6,283 5,433 16 % Non-compensation expenses 294 274 7 % 858 785 9 % Total non-interest expenses 2,418 2,077 16 % 7,141 6,218 15 % Pre-tax income $ 423 $ 411 3 % $ 1,278 $ 1,304 (2) % 65 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Selected key metrics PCG client asset balances As of $ in billions June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Assets under administration (“AUA”) $ 1,856.5 $ 1,699.0 $ 1,708.5 $ 1,666.5 $ 1,574.2 Assets in fee-based accounts $ 1,153.8 $ 1,043.2 $ 1,040.1 $ 1,008.1 $ 943.9 Percent of AUA in fee-based accounts 62.1 % 61.4 % 60.9 % 60.5 % 60.0 % Domestic PCG net new assets Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 2026 2025 Domestic PCG net new assets (1) $ 21,692 $ 11,651 $ 75,474 $ 34,501 Domestic PCG net new assets growth - annualized (2) 5.5 % 3.4 % 6.6 % 3.3 % (1) Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees, and other fees. (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 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. 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. Fee-based accounts within our PCG segment are comprised of a wide array of products and programs that we offer our clients. The majority of assets in fee-based accounts within our PCG segment are invested in programs for which our financial advisors provide investment advisory services, either on a discretionary or non-discretionary basis. Administrative services for such accounts (e.g., record-keeping) are generally performed by our Asset Management segment and, as a result, a portion of the related revenue is shared with the Asset Management segment. PCG assets in fee-based accounts continue to be a significant percentage of overall PCG AUA due to many clients’ preference for fee-based alternatives versus transaction-based accounts and, as a result, a significant portion of our PCG revenues is directly impacted by market movements. 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 “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. 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. Fees received from such accounts are based on the value of client assets in fee-based accounts and vary based on the specific account types in which the client invests and the level of assets in the client relationship. 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. 66 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Clients’ domestic cash sweep balances and ESP balances As of $ in millions June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 RJBDP: Bank segment $ 26,004 $ 29,829 $ 27,819 $ 26,555 $ 26,635 Third-party banks 16,243 13,597 15,996 14,761 13,878 Subtotal RJBDP 42,247 43,426 43,815 41,316 40,513 Client Interest Program (“CIP”) 1,677 1,843 1,815 1,572 1,640 Total clients’ domestic cash sweep balances 43,924 45,269 45,630 42,888 42,153 ESP 14,911 12,493 12,448 13,465 13,027 Total clients’ domestic cash sweep and ESP balances $ 58,835 $ 57,762 $ 58,078 $ 56,353 $ 55,180 Three months ended June 30, Nine months ended June 30, 2026 2025 2026 2025 Average yield on RJBDP - third-party banks 2.75 % 2.96 % 2.74 % 3.03 % A portion of our domestic clients’ cash is included in the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at either of our bank subsidiaries, which are included in our Bank segment, or various third-party banks. Balances swept to third-party banks are not reflected on our Condensed Consolidated Statements of Financial Condition. Our PCG segment earns servicing fees for the administrative services we provide related to our clients’ deposits that are swept to banks as part of the RJBDP. These servicing fees are variable in nature and fluctuate based on client cash balances in the program, as well as the level of short-term interest rates and the interest paid to clients on balances in the RJBDP. Under our intersegment policies, the PCG segment receives from our Bank segment the greater of a base servicing fee or a net yield equivalent to the average yield that the firm would otherwise receive from third-party banks in the RJBDP. In the current interest-rate environment the PCG segment RJBDP fee revenues are derived from the yield from third-party banks in the program and the Bank segment RJBDP servicing costs reflect such market rate for the deposits. The fees that the PCG segment earns from the Bank segment, as well as the servicing costs incurred on the deposits in the Bank segment, are eliminated in consolidation. See “Management’s Discussion and Analysis - Net interest analysis” for further information regarding factors impacting the servicing fees we receive related to the RJBDP, as well as the interest paid to clients on their cash balances. 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 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 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. 67 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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 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 $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. 68 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RESULTS OF OPERATIONS – CAPITAL MARKETS For an overview of our Capital Markets segment operations, as well as a description of the key factors impacting our Capital Markets results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Form 10-K. Operating results Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Revenues: Brokerage revenues: Fixed income $ 99 $ 97 2 % $ 294 $ 298 (1) % Equity 50 41 22 % 152 127 20 % Total brokerage revenues 149 138 8 % 446 425 5 % Investment banking: Merger & acquisition and advisory 150 105 43 % 408 460 (11) % Equity underwriting 50 38 32 % 137 104 32 % Debt underwriting 85 60 42 % 212 163 30 % Total investment banking 285 203 40 % 757 727 4 % Interest income 25 27 (7) % 80 84 (5) % Affordable housing investments business revenues 35 33 6 % 94 82 15 % All other 6 4 50 % 16 13 23 % Total revenues 500 405 23 % 1,393 1,331 5 % Interest expense (23) (24) (4) % (72) (74) (3) % Net revenues 477 381 25 % 1,321 1,257 5 % Non-interest expenses: Compensation, commissions and benefits 300 262 15 % 854 825 4 % Non-compensation expenses 129 173 (25) % 359 376 (5) % Total non-interest expenses 429 435 (1) % 1,213 1,201 1 % 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. 69 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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 For an overview of our Asset Management segment operations as well as a description of the key factors impacting our Asset Management results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Form 10-K. Operating results Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Revenues: Asset management and related administrative fees: Managed programs $ 230 $ 189 22 % $ 652 $ 565 15 % Administration and other 122 91 34 % 331 275 20 % Total asset management and related administrative fees 352 280 26 % 983 840 17 % Account and service fees 6 5 20 % 19 17 12 % All other 4 6 (33) % 13 17 (24) % Net revenues 362 291 24 % 1,015 874 16 % Non-interest expenses: Compensation, commissions and benefits 76 54 41 % 200 169 18 % Non-compensation expenses 143 112 28 % 392 334 17 % Total non-interest expenses 219 166 32 % 592 503 18 % Pre-tax income $ 143 $ 125 14 % $ 423 $ 371 14 % Selected key metrics Managed programs Management fees recorded in our Asset Management segment are generally calculated as a percentage of the value of our fee-billable financial assets under management (“AUM”). 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. 70 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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. Our AUM in Raymond James Investment Management are impacted by market and investment performance and net inflows or outflows of assets. Fees for our managed programs are generally collected quarterly. Approximately 75% of these fees are based on balances as of the beginning of the quarter (primarily in AMS), approximately 10% are based on balances as of the end of the quarter, and approximately 15% are based on average daily balances throughout the quarter. Financial assets under management $ in billions June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 AMS (1) $ 238.8 $ 216.2 $ 214.7 $ 209.2 $ 198.0 Raymond James Investment Management (2) 123.3 82.7 82.2 81.7 80.6 Subtotal financial assets under management 362.1 298.9 296.9 290.9 278.6 Less: Assets managed for affiliated entities (3) (17.1) (16.5) (16.1) (16.0) (15.4) Total financial assets under management $ 345.0 $ 282.4 $ 280.8 $ 274.9 $ 263.2 (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. This amount is removed in the calculation of “Total financial assets under management.” Activity (including activity in assets managed for affiliated entities) Three months ended June 30, Nine months ended June 30, $ in billions 2026 2025 2026 2025 Financial assets under management at beginning of period $ 298.9 $ 259.9 $ 290.9 $ 259.5 Net inflows: AMS 5.5 2.1 16.3 6.9 Raymond James Investment Management: 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 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 AMS See “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for further information about our retail client assets, including those fee-based assets invested in programs managed by AMS. Raymond James Investment Management 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 Equity $ 23.5 0.58 % Fixed income 65.6 0.29 % Balanced 34.2 0.35 % Total financial assets under management $ 123.3 0.36 % 71 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Non-discretionary asset-based programs The following table includes assets held in certain non-discretionary asset-based programs for which the Asset Management segment does not exercise discretion but provides other services such as administrative support (including for affiliated entities) and investment advice. The vast majority of these assets are also included in 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”). Administrative fees associated with these programs are predominantly based on balances at the beginning of the quarter. $ in billions June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total assets $ 690.7 $ 609.1 $ 603.5 $ 586.6 $ 547.8 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 The following table includes assets held in asset-based programs in Raymond James Trust, N.A. (including those managed for affiliated entities). $ in billions June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 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 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 $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. 72 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RESULTS OF OPERATIONS – BANK For an overview of our Bank segment operations, as well as a description of the key factors impacting our Bank segment results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Form 10-K. Operating results Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Revenues: Interest income $ 831 $ 823 1 % $ 2,464 $ 2,472 — % Interest expense (359) (383) (6) % (1,050) (1,199) (12) % Net interest income 472 440 7 % 1,414 1,273 11 % All other 16 18 (11) % 47 44 7 % Net revenues 488 458 7 % 1,461 1,317 11 % Non-interest expenses: Compensation and benefits 47 47 — % 142 138 3 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses (26) 15 NM (24) 31 NM RJBDP fees to PCG 185 193 (4) % 560 563 (1) % All other 76 80 (5) % 238 227 5 % Total non-compensation expenses 235 288 (18) % 774 821 (6) % Total non-interest expenses 282 335 (16) % 916 959 (4) % Pre-tax income $ 206 $ 123 67 % $ 545 $ 358 52 % 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 $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 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. 73 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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 For an overview of our Other segment operations, as well as a description of the key factors impacting our Other segment results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Form 10-K. Operating results Three months ended June 30, Nine months ended June 30, $ in millions 2026 2025 % change 2026 2025 % change Revenues: Interest income $ 34 $ 34 — % $ 110 $ 102 8 % All other 4 — NM 14 7 100 % Total revenues 38 34 12 % 124 109 14 % Interest expense (45) (25) 80 % (133) (75) 77 % Net revenues (7) 9 NM (9) 34 NM Non-interest expenses: Compensation and benefits 30 36 (17) % 90 112 (20) % All other 33 15 120 % 42 28 50 % Total non-interest expenses 63 51 24 % 132 140 (6) % Pre-tax loss $ (70) $ (42) (67) % $ (141) $ (106) (33) % 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 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 $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. 74 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index STATEMENT OF FINANCIAL CONDITION ANALYSIS The assets on our Condensed Consolidated Statements of Financial Condition consisted primarily of cash and cash equivalents, assets segregated for regulatory purposes and restricted cash (primarily segregated for the benefit of clients), receivables, including bank loans, financial instruments held either for trading purposes or as investments, goodwill and identifiable intangible assets, and other assets. A significant portion of our assets were liquid in nature providing us with flexibility in financing our business. 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 Liquidity and capital are essential to our business. Liquidity risk is the risk that the firm will be unable to meet expected or unexpected cash flow requirements, such as payments under long-term debt agreements, commitments to extend credit, and customer deposit withdrawals, while continuing to support its businesses and customers under a range of economic conditions. The primary goal of our liquidity management activities is to ensure adequate funding and liquidity to conduct our business over a range of economic and market environments, including times of broader industry or market liquidity stress events. In times of market stress or uncertainty, we generally maintain higher levels of liquidity to ensure we have adequate funding to support our businesses and meet our clients’ needs. We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets. This includes meeting our regulatory capital requirements and conservative internal management targets. Liquidity and capital resources are provided primarily through our business operations and financing activities. Our businesses generate substantially all of their own liquidity and funding needs. We have a contingency funding plan which would guide our actions if one or more of our businesses were to experience disruptions from normal funding and liquidity sources. These actions include reallocating client cash balances in the RJBDP from third-party banks to our bank subsidiaries thereby bringing those deposits onto our Condensed Consolidated Statements of Financial Condition, increasing our FHLB borrowings or borrowing from the Federal Reserve’s discount window at our bank subsidiaries, accessing committed and uncommitted lines of credit at the parent or certain operating subsidiaries, or accessing capital markets. We also have various mechanisms to support deposit growth through modifications to existing products and programs, the issuance of additional certificates of deposit, and deposit activity generated through other deposit gathering capabilities in our Bank segment. With each of our deposit offerings, we work to obtain sufficient liquidity to support our business operations while also maintaining a high level of FDIC insurance coverage for our clients. Our financing activities could also include bank borrowings, collateralized financing arrangements, or additional capital raising activities under our “universal” shelf registration statement. We believe our existing assets, most of which can be readily monetized, together with funds generated from operations and available from committed and uncommitted financing facilities, provide adequate funds for continuing operations at current levels of activity in the short-term. We also believe that we will be able to continue to meet our long-term funding and liquidity requirements due to our strong financial position and ability to access capital from financial markets. 75 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Liquidity and capital management Senior management establishes our liquidity and capital management frameworks, which support the successful execution of our business strategies by ensuring ongoing and sufficient funding and liquidity. Our liquidity and capital management frameworks are overseen by our Asset and Liability Committee, a senior management committee that develops and executes strategies and policies to manage our liquidity risk and interest rate risk, as well as provides oversight over the firm’s investments. Our liquidity management framework is designed to ensure we have a sufficient amount of funding, even when funding markets experience stress. We manage the maturities and diversity of our funding across products and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets (e.g., the maturities of our available-for-sale securities portfolio). The liquidity management framework includes senior management’s review of short- and long-term cash flow forecasts, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of resources to our business units consider, among other factors, projected profitability, cash flow, risk, future liquidity needs, and required capital levels. Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition and liquidity, and also maintains our relationships with various lenders. Our capital planning and capital risk management processes are governed by the Capital Planning Committee (“CPC”), a senior management committee that provides oversight on our capital planning and ensures that our strategic planning and risk management processes are integrated into the capital planning process. The CPC meets at least quarterly to review key metrics related to the firm’s capital, such as debt structure and capital ratios; to analyze potential and emerging risks to capital; to oversee our annual firmwide capital stress test; and to propose capital actions to the Board of Directors, such as declaring dividends, repurchasing securities, and raising capital. To ensure that we have sufficient capital to absorb unanticipated losses, the firm adheres to capital risk appetite statements and tolerances set in excess of regulatory minimums, which are established by the CPC and approved by the Board of Directors. We conduct enterprise-wide capital stress testing to ensure that we maintain adequate capital to adhere to our established tolerances under multiple scenarios, including a stressed scenario. Capital structure Common equity (i.e., common stock, additional paid-in capital, and retained earnings) is the primary component of our capital structure. Common equity allows for the absorption of losses on an ongoing basis and for the conservation of resources during stress periods, as we have discretion on the amount and timing of dividends and other capital actions. Information about our common equity is included in the Condensed Consolidated Statements of Financial Condition, the Condensed Consolidated Statements of Changes in Shareholders’ Equity, and Note 18 of this Form 10-Q. Under regulatory capital rules applicable to us as a bank holding company that has made an election to be a financial holding company, we are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, CET1 capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. See Note 22 for further information about our regulatory capital and related capital ratios. We have classified all of our investments in debt securities as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. Accordingly, we account for our available-for-sale securities at fair value at each reporting date, with unrealized gains and losses, net of tax, included in AOCI. Current Basel III rules permit us to make an election to exclude most components of AOCI when calculating CET1 capital, tier 1 capital, and total capital. We have elected the AOCI opt-out for regulatory capital purposes and therefore exclude certain elements of AOCI, including gains/losses on our available-for-sale portfolio, from our capital calculations. 76 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table presents the components of RJF’s regulatory capital used to calculate the aforementioned regulatory capital ratios. $ in millions June 30, 2026 September 30, 2025 Common equity tier 1 capital/Tier 1 capital Common stock and related additional paid-in capital $ 3,207 $ 3,238 Retained earnings 14,977 13,604 Treasury stock (5,104) (4,022) Accumulated other comprehensive loss (381) (396) Less: Goodwill and identifiable intangible assets, net of related deferred tax liabilities (2,376) (1,703) Other adjustments 328 360 Common equity tier 1 capital 10,651 11,081 Preferred stock — 79 Less: Tier 1 capital deductions — (4) Tier 1 capital 10,651 11,156 Tier 2 capital Qualifying allowances for credit losses 475 531 Tier 2 capital 475 531 Total capital $ 11,126 $ 11,687 The following table presents RJF’s risk-weighted assets by exposure type used to calculate the aforementioned regulatory capital ratios. $ in millions June 30, 2026 September 30, 2025 Credit risk-weighted assets: On-balance sheet assets: Corporate exposures $ 20,477 $ 20,621 Exposures to sovereign and government-sponsored entities (1) 1,082 1,287 Exposures to depository institutions, foreign banks, and credit unions 1,885 2,076 Exposures to public-sector entities 515 569 Residential mortgage exposures 5,659 5,193 Statutory multi-family mortgage exposures 168 214 High volatility commercial real estate exposures 32 45 Past due loans 266 341 Equity exposures 540 567 Securitization exposures 117 116 Other assets 11,502 10,651 Off-balance sheet: Standby letters of credit 171 154 Commitments with original maturity of one year or less 125 180 Commitments with original maturity greater than one year 2,818 2,819 Over-the-counter derivatives 166 230 Other off-balance sheet items 935 480 Total credit risk-weighted assets 46,458 45,543 Market risk-weighted assets 2,984 2,887 Total standardized risk-weighted assets $ 49,442 $ 48,430 (1) Exposure is predominantly to the U.S. government and its agencies. Cash flows 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. 77 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Sources of liquidity 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 June 30, 2026 September 30, 2025 RJF $ 1,769 $ 2,296 Raymond James Bank 3,006 1,851 TriState Capital Bank 2,274 3,112 RJ&A 1,404 2,654 Raymond James Ltd. (“RJ Ltd.”) 532 516 Raymond James Wealth Management Group (“RJWM”) 199 188 Raymond James Financial Services, Inc. 155 116 Raymond James Capital Services, LLC 145 132 Raymond James Trust Company of New Hampshire 125 135 Raymond James Investment Management 98 109 Other subsidiaries 270 280 Total cash and cash equivalents $ 9,977 $ 11,389 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 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. Liquidity available from subsidiaries Liquidity is principally available to RJF from RJ&A and Raymond James Bank. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities and Exchange Act of 1934. As a member firm of the Financial Industry Regulatory Authority (“FINRA”), RJ&A is subject to FINRA’s capital requirements, which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an “alternative net capital requirement,” which RJ&A has elected. Regulations require that minimum net capital, as defined, be equal to the greater of $1.5 million or 2% of aggregate debit items arising from client balances. 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 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. We evaluate regulatory requirements, loan covenants and certain internal tolerances when determining the amount of liquidity available to RJF from RJ&A. Our bank subsidiaries may pay dividends to RJF without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income, and they maintain their targeted regulatory capital ratios, among other restrictions. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities. If necessary, RJF can also access additional liquidity, largely without regulatory preapproval, from certain other subsidiaries that generally do not serve as regular sources of dividend distributions to the parent. 78 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Borrowings and financing arrangements Financing arrangements We have various financing arrangements in place with third-party lenders that allow us the flexibility to borrow funds on a secured or unsecured basis to meet our liquidity needs. We generally utilize these financing arrangements to finance a portion of our fixed income trading instruments held by RJ&A or for cash management purposes. 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 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. In addition to our Credit Facility, we have various uncommitted financing arrangements with third-party lenders, which are in the form of secured lines of credit, secured bilateral repurchase agreements, or unsecured lines of credit. 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 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 $265 million under three secured financing arrangements included in “Collateralized financings.” Lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities. See Notes 7 and 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these borrowings. Our borrowings on uncommitted secured financing arrangements, which were in the form of repurchase agreements in RJ&A, were included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition. The average daily balance outstanding during the five most recent quarters, the maximum month-end balance outstanding during the quarter and the period-end balances for repurchase agreements and reverse repurchase agreements are detailed in the following table. Repurchase transactions Reverse repurchase transactions For the quarter ended: ($ in millions) Average daily balance outstanding Maximum month-end balance outstanding during the quarter End of period balance outstanding Average daily balance outstanding Maximum month-end balance outstanding during the quarter End of period balance outstanding June 30, 2026 $ 247 $ 332 $ 265 $ 237 $ 316 $ 316 March 31, 2026 $ 280 $ 376 $ 361 $ 243 $ 352 $ 272 December 31, 2025 $ 306 $ 368 $ 368 $ 277 $ 311 $ 311 September 30, 2025 $ 280 $ 325 $ 325 $ 261 $ 302 $ 302 June 30, 2025 $ 273 $ 315 $ 228 $ 211 $ 210 $ 210 Other borrowings and collateralized financings 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, 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. 79 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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 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. A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of 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 $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 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. Credit ratings Our issuer and senior long-term debt credit ratings as of the most current report are detailed in the following table. Credit Rating Fitch Ratings, Inc. Moody’s Standard & Poor’s Ratings Services Issuer and senior long-term debt: Rating A- A3 A- Outlook Stable Stable Stable Our current credit ratings depend upon a number of factors, including industry dynamics, operating and economic environment, operating results, operating margins, earnings trends and volatility, balance sheet composition, liquidity and liquidity management, capital structure, overall risk management, business diversification and market share, and competitive position in the markets in which we operate. Deterioration in any of these factors could impact our credit ratings. Any rating downgrades could increase our costs in the event we were to obtain additional financing. Should our credit rating be downgraded prior to a public debt offering, it is probable that we would have to offer a higher rate of interest to bond investors. A downgrade to below investment grade may make a public debt offering difficult to execute on terms we would consider to be favorable. A downgrade below investment grade could result in the termination of certain derivative contracts and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. A credit downgrade could damage our reputation and result in certain counterparties limiting their business with us, result in negative comments by analysts, potentially negatively impact investors’ and/or clients’ perception of us, cause clients to withdraw bank deposits that exceed FDIC insurance limits from our bank subsidiaries, and cause a decline in our stock price. None of our borrowing arrangements contains a condition or event of default related to our credit ratings. However, a credit downgrade would result in the firm incurring a higher facility fee on the Credit Facility, in addition to triggering a higher interest rate applicable to any borrowings outstanding on that line as of and subsequent to such downgrade. Conversely, an improvement in RJF’s current credit rating could have a favorable impact on the facility fee, as well as the interest rate applicable to any borrowings on such line. 80 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Other sources and uses of liquidity We have corporate-owned life insurance policies which are utilized to fund certain non-qualified deferred compensation plans and other employee benefit plans. Substantially all of our non-qualified deferred compensation plans and other employee benefit plans are employee-directed (i.e., the participant chooses investment portfolio benchmarks). 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 $1.54 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 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. Subject to certain conditions, this registration statement will be effective through May 8, 2027. We purchase our own common stock from time to time in conjunction with a number of activities, which are described in further detail in Note 18 and “Part II - Item 2 - Unregistered sales of equity securities and use of proceeds” of this Form 10-Q. 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. 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. See Notes 13 and 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Notes 13 and 14 of our 2025 Form 10-K for information regarding our lease obligations and certificates of deposit, respectively. We have entered into investment commitments, lending commitments and other commitments to extend credit for which we are unable to reasonably predict the timing of future payments. See Note 17 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information. REGULATORY Refer to the discussion of the regulatory environment in which we operate and the impact on our operations of certain rules and regulations in “Item 1 - Business - Regulation” of our 2025 Form 10-K. RJF and many of its subsidiaries are each subject to various regulatory capital requirements. 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. However, due to the current capital position of RJF and its regulated subsidiaries, we do not anticipate these capital requirements will have a negative impact on our future business activities. See Note 22 of the Notes to Condensed Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources - Capital structure” of this Form 10-Q for additional information on regulatory capital requirements. RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and SROs. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things. For example, beginning in August 2024, the SEC’s Division of Enforcement requested information regarding our practices related to cash sweep programs for investment advisory clients and has reportedly conducted similar reviews at other financial institutions. The firm has been cooperating with this inquiry. In addition, in August and December 2024, a total of three putative class action lawsuits were filed in federal district court alleging, among other things, that the firm breached its fiduciary duties or agreements with regard to rates paid to clients in our cash sweep programs. All three cases were subsequently consolidated, but on July 24, 2025, the claims asserted by the plaintiff in one of the three lawsuits were voluntarily dismissed without prejudice. 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 81 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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. This VREQ, which did not have a material impact on our consolidated results of operations, was lifted in January 2026, and the associated limitations are no longer in effect. CRITICAL ACCOUNTING ESTIMATES The condensed consolidated financial statements are prepared in accordance with GAAP, which require us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses for the reporting period. Management has established detailed policies and control procedures intended to ensure the appropriateness of such estimates and assumptions and their consistent application from period to period. For a description of our significant accounting policies, see Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K. Due to their nature, estimates involve judgment based upon available information. Actual results or amounts could differ from estimates and the difference could have a material impact on the condensed consolidated financial statements. Therefore, understanding these critical accounting estimates is important in understanding our reported results of operations and financial position. We believe that of our accounting estimates and assumptions, those described in the following sections involve a high degree of judgment and complexity. Loss provisions Allowance for credit losses We evaluate certain of our financial assets, including bank loans, to estimate an allowance for credit losses based on expected credit losses over a financial asset’s lifetime. The remaining life of our financial assets is determined by considering contractual terms and expected prepayments, among other factors. We use multiple methodologies in estimating an allowance for credit losses and our approaches differ by type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of our financial assets, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. Our process for determining the allowance for credit losses includes a complex analysis of several quantitative and qualitative factors requiring significant management judgment due to matters that are inherently uncertain. This uncertainty can produce volatility in our allowance for credit losses. In addition, the allowance for credit losses could be insufficient to cover actual losses. In such an event, any losses in excess of our allowance would result in a decrease in our net income, as well as a decrease in the level of regulatory capital. We generally estimate the allowance for credit losses on bank loans using credit risk models which incorporate relevant available information from internal and external sources relating to past events, current conditions, and most notably, reasonable and supportable economic forecasts. After testing the reasonableness of a variety of economic forecast scenarios, each model is run using a single forecast scenario selected for each model. Our forecasts incorporate assumptions related to macroeconomic indicators including, but not limited to, U.S. 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 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. Qualitative adjustments could either increase or decrease modeled loss estimates calculated using an alternative economic scenario assumption. Further, such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance for a number of reasons including: (1) management’s predictions of future economic trends and relationships among the scenarios may differ from actual events; and (2) management’s application of 82 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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. 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 June 30, 2026. Loss provisions for legal and regulatory matters The recorded amount of liabilities related to legal and regulatory matters is subject to significant management judgment. 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 June 30, 2026. ACCOUNTING STANDARDS UPDATE In December 2023, the Financial Accounting Standards Board (“FASB”) issued amended guidance related to disclosures for income taxes (ASU 2023-09). The amendment requires a public entity to enhance its existing annual tabular reconciliation of its statutory income tax rate to its effective tax rate, with certain reconciling items at or above 5% of the applicable statutory income tax rate broken out by nature and/or jurisdiction. The guidance also requires an entity to disclose income taxes paid (net of refunds received), disaggregated by federal, state, and foreign taxes, and net amounts paid to an individual jurisdiction when they represent 5% or more of the total income taxes paid. In accordance with the effective date of the guidance, we plan to adopt ASU 2023‑09 in our fiscal year 2026 Form 10‑K. This guidance will be applied on a prospective basis with retrospective application permitted. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows. In November 2024, the FASB issued amended guidance related to disclosure of disaggregated expenses (ASU 2024-03). This amendment requires public business entities to provide detailed disclosures in the notes to financial statements disaggregating specific expense categories, including employee compensation, depreciation, and intangible asset amortization, as well as certain other disclosures to provide enhanced transparency into the nature and function of expenses. This new guidance is effective for annual periods beginning in our fiscal 2028 and interim periods beginning in our fiscal first quarter of 2029 with early adoption permitted, although we do not plan to early adopt. This guidance will be applied on a prospective basis with retrospective application permitted. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows. In September 2025, the FASB issued amended guidance related to capitalization of internal-use software costs (ASU 2025-06). This amendment eliminates references to sequential software development stages and requires capitalization of internal-use software costs once management has authorized and committed to funding the software project and when the probability that the project will be completed and the software will be used to perform the function intended is evident. This new guidance is effective for annual and interim periods beginning in our fiscal 2029 with early adoption permitted. This guidance will be applied using a prospective transition approach, with a modified retrospective or full retrospective transition approach permitted. Since the capitalization of internal-use software costs generally will not change significantly for most types of software under the amendments in this guidance, we do not expect adoption of this ASU to have a material impact on our financial condition or results of operations. In November 2025, the FASB issued amended guidance related to the accounting for purchased loans (ASU 2025-08). Under this new guidance, loans acquired without credit deterioration and deemed “seasoned” will be considered purchased seasoned loans and accounted for using the gross-up approach at acquisition (i.e., record the loan at its purchase price and separately record an allowance for expected credit losses). Seasoned loans include all loans acquired in a business combination, that do not have “more-than-insignificant” deterioration of credit quality since origination, as well as loans purchased at least 90 days after origination, where the purchaser was not involved in the origination of the loans. This new guidance is effective for annual and interim periods beginning in our fiscal 2028 with early adoption permitted. This guidance will be applied using a prospective transition approach. We are evaluating the impact the adoption of this ASU will have on our financial condition and results of operations. 83 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RISK MANAGEMENT Risks are an inherent part of our business and activities and, as a result, we are subject to various uncertainties that may impact our strategic objectives, operations, and financial results. Management of risk is critical to our fiscal soundness and profitability. Our risk management framework is comprised of common principles and standards for the management and control of risks that align with our culture and risk appetite. This framework allows for identification, assessment, monitoring, reporting, and control of various risks, with associates, including senior management, playing an active role in support of this framework. The principal risks related to our business activities are market, credit, liquidity, operational, model, and compliance. Governance Risk oversight and decision-making are supported by a formalized risk governance structure in addition to a three lines of risk management model. 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 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. These committees support effective risk governance by providing a forum for communication, escalation, and risk remediation with representation across all lines of risk management. Our first line of risk management, which includes all of our businesses, owns its risks and is responsible for identifying, mitigating, and escalating risks arising from its day-to-day activities. The second line of risk management, which includes Compliance and Risk Management, advises our client-facing businesses and other first-line functions in identifying, assessing, and mitigating risk. The second line of risk management tests and monitors the effectiveness of controls, as deemed necessary, and escalates risks when appropriate to senior management and the Board of Directors. The third line of risk management, Internal Audit, independently reviews activities conducted by the previous lines of risk management to assess their management and mitigation of risk, providing additional assurance to the Board of Directors and senior management, with a view toward enhancing our oversight, management, and mitigation of risk. Our legal department provides legal advice and guidance to each of these three lines of risk management. Market risk Market risk is our risk of loss resulting from the impact of changes in market prices on our trading inventory, derivatives, and investment positions. We have exposure to market risk primarily through our broker-dealer trading operations and our banking operations. Through our broker-dealer subsidiaries, we trade fixed income and, to a lesser extent, equity securities and maintain trading inventories to ensure availability of securities to facilitate client transactions. Inventory levels may fluctuate daily as a result of client demand. Within our banking operations, we hold investments in an available-for-sale securities portfolio, and from time to time may hold SBA loan securitizations not yet sold. Our primary market risks relate to interest rates, credit spreads, equity prices, and foreign exchange rates. Interest rate risk results from changes in levels of interest rates, the volatility of interest rates, and mortgage prepayment speeds. Credit spread risk results from change in the market perception of the credit quality of issuers, which can affect the value of credit sensitive instruments such as corporate bonds, municipal bonds, and structured products. Equity risk results from changes in prices of equity securities. Foreign exchange risk results from changes in spot prices, forward prices, and volatility of foreign exchange rates. See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Notes 4, 5, and 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for fair value and other information regarding our trading inventories, available-for-sale securities, and derivative instruments. We regularly enter into underwriting commitments and, as a result, we may be subject to market risk on any unsold securities issued in the offerings to which we are committed. Risk exposure is controlled by limiting our participation, the transaction size, or through the syndication process. Market Risk Management is responsible for measuring, monitoring, and reporting market risks associated with the firm’s trading and derivative portfolios. While Market Risk Management maintains ongoing communication with the revenue-generating business units, it is independent of such units. 84 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Trading activities We are exposed to market risk, primarily related to interest rate risk, as a result of our trading inventory (primarily comprised of fixed income financial instruments) in our Capital Markets segment. Changes in the value of our trading inventory may result from fluctuations in interest rates, credit spreads, equity prices, macroeconomic factors, investor expectations or risk appetites, and liquidity, as well as dynamic relationships between these factors. We actively manage interest rate risk arising from our fixed income trading inventory through the use of hedging strategies utilizing U.S. Treasuries, exchange traded funds, futures contracts, liquid spread products, and derivatives. We are also exposed to equity price risk as a result of our capital markets activities. Our broker-dealer activities are generally client-driven, and we hold equity securities as part of our trading inventory to facilitate such activities, although the amounts are not as significant as our fixed income trading inventory. Our primary method for controlling risks within trading inventories is through the use of dollar-based and exposure-based limits. 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 limits. Trading positions and derivatives are monitored against these limits through daily reports that are distributed to senior management. During volatile markets, we may temporarily reduce limits and/or choose to pare our trading inventories to reduce risk. We monitor Value-at-Risk (“VaR”) for all of our trading portfolios on a daily basis for risk management purposes and as a result of applying the Fed’s Market Risk Rule (“MRR”) for the purpose of calculating our capital ratios. The MRR, also known as the “Risk-Based Capital Guidelines: Market Risk” rule released by the Fed, the Office of the Comptroller of the Currency and the FDIC, requires us to calculate VaR for all of our trading portfolios, including fixed income, equity, derivatives, and foreign exchange instruments. VaR is an appropriate statistical technique for estimating potential losses in trading portfolios due to typical adverse market movements over a specified time horizon with a suitable confidence level. However, there are inherent limitations to utilizing VaR including: historical movements in markets may not accurately predict future market movements; VaR does not take into account the liquidity of individual positions; VaR does not estimate losses over longer time horizons; and extended periods of one-directional markets potentially distort risks within the portfolio. In addition, should markets become more volatile, actual trading losses may exceed VaR results presented on a single day and might accumulate over a longer time horizon. As a result, management complements VaR with sensitivity analysis and stress testing and employs additional controls such as a daily review of trading results, review of aged inventory, independent review of pricing, monitoring of concentrations, and review of issuer ratings. To calculate VaR, we use models that incorporate historical simulation. This approach assumes that historical changes in market conditions, such as in interest rates and equity prices, are representative of future changes. Simulation is based on daily market data for the previous twelve months. VaR is reported at a 99% confidence level for a one-day time horizon. Assuming that future market conditions change as they have in the past twelve months, we would expect to incur losses greater than those predicted by our one-day VaR estimates about once every 100 trading days, or two to three times per year on average. The VaR model is independently reviewed by our Model Risk Management function. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of our 2025 Form 10-K for further information. The modeling of the risk characteristics of trading positions involves a number of assumptions and approximations that management believes to be reasonable. However, there is no uniform industry methodology for estimating VaR, and different assumptions or approximations could produce materially different VaR estimates. As a result, VaR results are more reliable when used as indicators of risk levels and trends within a firm than as a basis for inferring differences in risk-taking across firms. 85 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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. 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, 2025 $ in millions 2026 2025 2026 2025 Daily VaR $ 5 $ 2 $ 2 $ 3 Average daily VaR $ 3 $ 3 $ 3 $ 3 We perform daily back-testing procedures for our VaR model, as defined by the Fed’s MRR, whereby we compare each day’s projected VaR to its regulatory-defined daily trading losses, which exclude fees, commissions, reserves, net interest income, and intraday trading. Regulatory-defined daily trading losses are used to evaluate the performance of our VaR model and are not comparable to our actual daily net revenues. 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. 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.” Banking operations Our Bank segment maintains an interest-earning asset portfolio that is comprised of cash, SBL, C&I loans, CRE loans, REIT loans, residential mortgage loans, and tax-exempt loans, as well as an available-for-sale securities portfolio. These interest-earning assets are primarily funded by client deposits. Based on the current asset portfolio, our banking operations are subject to interest rate risk. We analyze interest rate risk based on forecasted net interest income, which is the net amount of interest received and interest paid, and the net portfolio valuation, both across a range of interest rate scenarios. One of the objectives of our Asset and Liability Committee is to manage the sensitivity of net interest income to changes in market interest rates. This committee uses several measures to monitor and limit interest rate risk in our banking operations, including scenario analysis and economic value of equity (“EVE”). We utilize hedging strategies using interest rate swaps in our banking operations as a component of our asset and liability management process. For additional information regarding this hedging strategy, see Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Notes 6, 14 and 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q. We also manage interest rate risk as part of our liquidity management framework. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-Q for additional information. To ensure that we remain within the tolerances established for net interest income, a sensitivity analysis of net interest income to interest rate conditions is estimated under a variety of scenarios. We use simulation models and estimation techniques to assess the sensitivity of net interest income to movements in interest rates. The model estimates the sensitivity by calculating interest income and interest expense in a dynamic balance sheet environment using current repricing, prepayment, and reinvestment of cash flow assumptions over a 12-month time horizon. Assumptions used in the model include interest rate movement, the slope of the yield curve, and balance sheet composition and growth. The model also considers interest rate-related risks such as pricing spreads, pricing of client cash accounts, including deposit betas, and prepayments. Various interest rate scenarios are modeled in order to determine the effect those scenarios may have on net interest income. 86 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table is an analysis of our banking operations’ estimated net interest income over a 12-month period based on instantaneous shifts in interest rates (expressed in basis points) using our previously described asset/liability model, which assumes a dynamic balance sheet. While not presented, additional rate scenarios are performed, including interest rate ramps and yield curve shifts that may more realistically mimic the speed of potential interest rate movements. We also perform simulations on time horizons of up to five years to assess longer-term impacts to various interest rate scenarios. On a quarterly basis, we test expected model results to actual performance. Additionally, any changes made to key assumptions in the model are documented and approved by the Asset and Liability Committee. Instantaneous changes in rate Net interest income ($ in millions) Projected change in net interest income +200 $2,119 8% +100 $2,054 4% 0 $1,967 —% -100 $1,845 (6)% -200 $1,724 (12)% The preceding table does not include the impacts of an instantaneous change in interest rates on net interest income on assets and liabilities outside of our banking operations or on our RJBDP fees from third-party banks, which are also sensitive to changes in interest rates and are included in “Account and service fees” on our Condensed Consolidated Statements of Income and Comprehensive Income. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-Q for additional information on our net interest income. We have classified all of our investments in debt securities in our banking operations as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. Our available-for-sale securities portfolio is substantially all fixed rate and consists primarily of agency-backed MBS, agency-backed CMOs, and U.S. Treasuries. These securities are carried at fair value on our Condensed Consolidated Statements of Financial Condition, with changes in the fair value of the portfolio recorded through OCI on our Condensed Consolidated Statements of Income and Comprehensive Income. As the majority of our available-for-sale securities portfolio is comprised of U.S. government and government agency-backed securities, changes in fair value are primarily driven by changes in interest rates. 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 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. The Asset and Liability Committee also reviews EVE, which is a point in time analysis of current interest-earning assets and interest-bearing liabilities that incorporates cash flows over their estimated remaining lives, discounted at current rates. The EVE approach is based on a static balance sheet and provides an indicator of future earnings and capital levels as the changes in EVE indicate the anticipated change in the value of future cash flows. We monitor sensitivity to changes in EVE utilizing Board of Directors-approved limits. 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 June 30, 2026, our EVE analyses were within approved limits. 87 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index 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; however, rollovers or extensions that are included for the purposes of measuring the allowance for credit losses are reflected in maturities in the following table. This table does not include any estimates of prepayments, which could shorten the average loan lives and cause the actual timing of the loan repayments to differ significantly from those shown in the table. Due in $ in millions One year or less > One year - five years > Five years - fifteen years > Fifteen years Total SBL $ 24,469 $ 295 $ 3 $ — $ 24,767 C&I loans 1,078 6,774 2,154 34 10,040 CRE loans 1,454 4,723 1,481 31 7,689 REIT loans 385 1,278 8 — 1,671 Residential mortgage loans 10 17 132 11,064 11,223 Tax-exempt loans 93 339 669 — 1,101 Total loans held for investment 27,489 13,426 4,447 11,129 56,491 Held for sale loans 12 1 26 95 134 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 June 30, 2026. Interest rate type $ in millions Fixed Adjustable Total SBL $ 39 $ 259 $ 298 C&I loans 914 8,048 8,962 CRE loans 302 5,933 6,235 REIT loans — 1,286 1,286 Residential mortgage loans (1) 197 11,016 11,213 Tax-exempt loans 1,008 — 1,008 Total loans held for investment 2,460 26,542 29,002 Held for sale loans 3 119 122 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 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. See the discussion within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Risk monitoring process” section of this Form 10-Q for additional information regarding our interest-only residential mortgage loan portfolio. Our banking operations are also subject to foreign exchange risk due to our investments in foreign subsidiaries as well as transactions and resulting balances denominated in a currency other than the U.S. dollar (“USD”). 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. Raymond James Bank utilizes short-term, forward foreign exchange contracts to mitigate its foreign exchange risk related to such investment in the Canadian subsidiary. These derivatives are primarily accounted for as net investment hedges in the condensed consolidated financial statements. See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these derivatives. 88 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Other sources of foreign exchange risk Investments in non-bank foreign subsidiaries 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 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. See Note 18 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information regarding our components of OCI. Transactions and resulting balances denominated in a currency other than the USD We are subject to foreign exchange risk due to our holdings of cash and certain other assets and liabilities resulting from transactions denominated in a currency other than the USD. Any currency-related gains/losses arising from these foreign currency denominated balances are reflected in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. The foreign exchange risk associated with a portion of such transactions and balances denominated in foreign currency are mitigated utilizing short-term, forward foreign exchange contracts. Such derivatives are not designated hedges and therefore, the related gains/losses are included in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our derivatives. Credit risk Credit risk is the risk of loss due to adverse changes in a borrower’s, issuer’s, or counterparty’s ability to meet its financial obligations under contractual or agreed-upon terms. The nature and amount of credit risk depends on the type of transaction, the structure and duration of that transaction, and the parties involved. Credit risk is an integral component of the profit assessment of lending and other financing activities. See further discussion of our credit risk, including how we manage such risk, in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2025 Form 10-K. Corporate activities We maintain cash balances with the Fed and with various financial institutions, primarily global systemically important financial institutions, in our normal course of business. A large portion of such balances are in excess of FDIC insurance limits. As a result, we may be exposed to the risk that these financial institutions may not return our cash to us in the event that the institution experiences financial distress or ceases its operations. In order to mitigate our credit risk to such financial institutions, we monitor our exposure with each institution on a daily basis and subject each institution to limits based on various factors including but not limited to financial strength, capitalization levels, liquidity, credit ratings, and market factors to the extent applicable. Brokerage activities We are engaged in various trading and brokerage activities in which our counterparties primarily include broker-dealers, banks, exchanges, clearing organizations, and other financial institutions. We are exposed to risk that these counterparties may not fulfill their obligations. In addition, certain commitments, including underwritings, may create exposure to individual issuers and businesses. The risk of default depends on the creditworthiness of the counterparty and/or the issuer of the instrument. In addition, we may be subject to concentration risk if we hold large positions in or have large commitments to a single counterparty, borrower, or group of similar counterparties or borrowers (e.g., in the same industry). We seek to mitigate these risks by imposing and monitoring individual and aggregate position limits within each business segment for each counterparty, conducting regular credit reviews of financial counterparties, reviewing security, derivative, and loan concentrations, holding collateral as security for certain transactions and conducting business through clearing organizations, which may guarantee performance. See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Notes 6 and 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information about our credit risk mitigation related to derivatives and collateralized agreements. 89 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Our client activities involve the execution, settlement, and financing of various transactions on behalf of our clients. Client activities are transacted on either a cash or margin basis. Credit exposure results from client margin loans, which are monitored daily and are collateralized by the securities in the clients’ accounts. We monitor exposure to industry sectors and individual securities on a daily basis in connection with our margin lending activities. We adjust our margin requirements if we believe our risk exposure is not appropriate based on market conditions. In addition, when clients execute a purchase, we are at some risk that the client will default on their financial obligation associated with the trade. If this occurs, we may have to liquidate the position at a loss. See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K for additional information about our determination of the allowance for credit losses associated with certain of our brokerage lending activities. We offer loans to financial advisors for recruiting and retention purposes. We have credit risk and may incur a loss primarily in the event that such borrower is no longer affiliated with us. See Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Note 9 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information about our loans to financial advisors. Banking operations Our Bank segment has a substantial loan portfolio. Our strategy for credit risk management related to bank loans includes well-defined credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all credit exposures. The strategy also includes diversification across loan types, geographic locations, industries and clients, regular credit examinations and management reviews of all corporate and tax-exempt loans as well as individual delinquent residential loans. The credit risk management process also includes periodic independent reviews of the credit risk monitoring process that performs assessments of compliance with credit policies, risk ratings, and other critical credit information. We seek to identify potential problem loans early, record any necessary risk rating changes and charge-offs promptly, and maintain appropriate reserve levels for expected losses. We use a credit risk rating system to measure the credit quality of individual corporate and tax-exempt loans and related unfunded lending commitments. For our SBL and residential mortgage loans, we utilize the credit risk rating system used by bank regulators in measuring the credit quality of each homogeneous class of loans. In evaluating credit risk, we consider trends in loan performance, historical experience through various economic cycles, industry or client concentrations, the loan portfolio composition and macroeconomic factors (both current and forecasted). These factors have a potentially negative impact on loan performance and net charge-offs. While our bank loan portfolio is diversified, a significant downturn in the overall economy, deterioration in real estate values or a significant issue within any sector or sectors where we have a concentration will generally result in large provisions for credit losses and/or charge-offs. We determine the allowance required for specific loan pools based on relative risk characteristics of the loan portfolio. On an ongoing basis, we evaluate our methods for determining the allowance for each loan portfolio segment and make enhancements we consider appropriate. Our allowance for credit losses methodology is described in Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K. We segregate our bank loan portfolio into six loan portfolio segments, which also serve as classes of financing receivables for purposes of credit analysis. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2025 Form 10-K for further information about the risk characteristics relevant to each portfolio segment. The level of charge-off activity is a factor that is considered in evaluating the potential severity of future credit losses. 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 June 30, Nine months ended June 30, 2026 2025 2026 2025 $ in millions Net loan (charge-off)/recovery amount Annualized % of avg. outstanding loans Net loan (charge-off)/recovery amount Annualized % of avg. outstanding loans Net loan (charge-off)/recovery amount Annualized % of avg. outstanding loans Net loan (charge-off)/recovery amount Annualized % of avg. outstanding loans C&I loans $ (8) 0.32 % $ (3) 0.12 % $ (9) 0.11 % $ (15) 0.19 % CRE loans (7) 0.36 % — — % (21) 0.36 % (7) 0.12 % Residential mortgage loans — — % — — % 1 0.01 % — — % Total loans held for investment $ (15) 0.11 % $ (3) 0.02 % $ (29) 0.07 % $ (22) 0.06 % 90 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The level of nonperforming assets is another indicator of potential future credit losses. 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 June 30, 2026 September 30, 2025 Nonperforming loans (1) $ 151 $ 186 Nonperforming assets $ 152 $ 187 Nonperforming loans as a % of total loans held for sale and investment 0.27 % 0.36 % Allowance for credit losses as a % of nonperforming loans 264 % 243 % Nonperforming assets as a % of Bank segment total assets 0.22 % 0.29 % (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 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. Loan underwriting policies Our underwriting policies for the major types of bank loans are described in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2025 Form 10-K. Risk monitoring process Another component of credit risk strategy for our bank loan portfolio is the ongoing risk monitoring and review processes, including our independent loan review process, as well as our processes to manage and limit credit losses arising from loan delinquencies. 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 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. SBL and residential mortgage loan portfolios Substantially all collateral securing our SBL portfolio is monitored on a daily basis. Collateral adjustments, as triggered by our monitoring procedures, are made by the borrower as necessary to ensure our loans are adequately secured, resulting in minimizing our credit risk. We track and review many factors to monitor credit risk in our residential mortgage loan portfolio. The factors include, but are not limited to: loan performance trends, loan product parameters and qualification requirements, borrower credit scores, level of documentation, loan purpose, geographic concentrations, average loan size, risk rating, and LTV ratios. See Note 8 of the Notes to the Condensed Consolidated Financial Statements of this Form 10-Q for additional information. 91 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table presents a summary of delinquent residential mortgage loans, the vast majority of which are first mortgage loans, which are comprised of loans which are two or more payments past due as well as loans in the process of foreclosure. Amount of delinquent residential mortgage loans Delinquent residential mortgage loans as a percentage of outstanding residential mortgage loan balances $ in millions 30-89 days 90 days or more Total 30-89 days 90 days or more Total 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 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. Substantially all of our residential first mortgages are serviced by a third party whereby the primary collection effort resides with the servicer. Our personnel direct and actively monitor the servicers’ efforts through extensive communications regarding individual loan status changes and through requirements of timely and appropriate collection of property management actions and reporting, including management of third parties used in the collection process (e.g., appraisers, attorneys, etc.). Residential mortgage loans over 60 days past due are generally reviewed by our personnel monthly and documented in a written report detailing delinquency information, balances, collection status, appraised value, and other data points. Our senior management meets quarterly to discuss the status, collection strategy and charge-off recommendations on substantially all residential mortgage loans over 60 days past due. Updated collateral valuations are generally obtained for loans over 90 days past due and charge-offs are typically taken on individual loans based on these valuations generally before the loan is 120 days past due. Credit risk is also managed by diversifying the residential mortgage portfolio. Most of the loans in our residential loan portfolio are to PCG clients across the U.S. The following table details the geographic concentrations (top five states) of our one-to-four family residential mortgage loans. June 30, 2026 Loans outstanding as a % of total residential mortgage loans held for sale and investment Loans outstanding as a % of total loans held for sale and investment California 20% 4% Florida 18% 4% Texas 8% 2% New York 7% 1% Colorado 4% 1% The occurrence of a natural disaster or severe weather event in any of these states, for example wildfires in California and hurricanes in Florida, could result in additional credit loss provisions and/or charge-offs on our loans in such states and therefore negatively impact our net income and regulatory capital in any given period. Loans where borrowers may be subject to payment increases include adjustable rate mortgage loans with terms that initially require payment of interest only. Payments may increase significantly when the interest-only period ends and the loan principal begins to amortize. 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. 92 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Corporate and tax-exempt loans We actively monitor economic and other factors that may impact our borrowers and corporate loan portfolio which could impact our provision for credit losses in future periods. Credit risk in our corporate and tax-exempt loan portfolios is monitored on an individual loan basis for trends in borrower operating performance, payment history, credit ratings, collateral performance, loan covenant compliance, municipality demographics and other factors including industry performance and concentrations, geographic concentrations, and total relationship exposure. In addition, credit quality trends are monitored by industry to determine if a change in the risk exposure to a certain industry may warrant incremental monitoring or tightening of our underwriting standards during times of market uncertainty. We also utilize loan sales and other risk mitigation techniques to manage the size and risk profile of our corporate bank loans. Our corporate bank loan portfolio does not contain a significant concentration in any single industry. 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 June 30, 2026 Industry Loans outstanding as a % of total corporate bank loans held for sale and investment Loans outstanding as a % of total loans held for sale and investment C&I: Loan funds 9% 3% Subscription lines 6% 2% Transportation and logistics 4% 1% CRE: Multi-family 11% 4% Industrial warehouse 9% 3% Office real estate 5% 2% Our C&I loan portfolio includes facilities to support debt funds and private equity firms, primarily in the form of loans to the funds and subscription lines. Loan funds are primarily extended to institutional sponsors and fund vehicles and are generally secured by diversified pools of senior-secured loans or other credit instruments held in bankruptcy-remote vehicles, with collateral monitored by an independent custodian. Our credit exposure on these loans is primarily driven by the credit quality and performance of the underlying collateral. We manage credit risk through diversification across issuers and industries, loan specific legal and contractual protections, and loan specific structural credit enhancements designed to reduce our risk of loss, as well as ongoing monitoring. Subscription lines are primarily extended to private equity funds and are secured by uncalled capital commitments from a diversified base of investment-grade institutional investors and high-net-worth investors, with repayment sourced from capital calls. Credit exposure for subscription lines is primarily driven by the credit quality and funding reliability of the limited partners, rather than the performance of underlying fund investments. These loans generally have short-term maturities, are structured to mitigate risk through covenant and collateral arrangements, and are subject to concentration limits across key risk factors. Across our loan funds and subscription lines, historical default rates have been low; we maintain an allowance for credit losses that we believe is sufficient based on the risk characteristics of this portfolio. The collateral securing our CRE loan portfolio is geographically diverse and primarily located throughout the United States. No single state individually accounted for more than 2% of the total loans held for sale and investment, while our CRE loans with collateral located in Canada represented less than 2%. Liquidity risk See the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-Q for information regarding our liquidity and how we manage liquidity risk. 93 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Operational risk Operational risk generally refers to the risk of loss resulting from our operations, including, but not limited to, business disruptions, improper or unauthorized execution and processing of transactions, deficiencies in our technology or financial operating systems and inadequacies or breaches in our control processes, including cybersecurity incidents. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Operational risk” of our 2025 Form 10-K for a discussion of our operational risk and certain of our risk mitigation processes. Periods of severe market volatility can result in a significantly higher level of transactions on specific days, which may present operational challenges from time to time that may result in losses. 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 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. Model risk Model risk refers to the possibility of unintended business outcomes arising from the design, implementation or use of models. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of our 2025 Form 10-K for information regarding how we utilize models throughout the firm and how we manage model risk. Compliance risk Compliance risk is the risk of legal or regulatory sanctions, financial loss, or reputational damage that the firm may suffer from a failure to comply with applicable laws, external standards, or internal requirements. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Compliance risk” of our 2025 Form 10-K for information on our compliance risks, including how we manage such risks. 94 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Index ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK See “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management” of this Form 10-Q for our quantitative and qualitative disclosures about market risk.