Record EPS and assets as Raymond James (NYSE: RJF) grows in Q3 2026

Rhea-AI Filing Summary

Raymond James Financial, Inc. reported record fiscal third-quarter 2026 net revenues of $3,928 million and net income available to common shareholders of $595 million, or $3.01 per diluted share, up 16% and 42% from the prior-year quarter, respectively. Adjusted net income was $620 million, or $3.14 per diluted share. For the first nine months of fiscal 2026, diluted EPS was $8.52 and adjusted diluted EPS was $8.83, both at record levels and up double digits year over year. Annualized return on common equity was 18.8% and annualized adjusted return on tangible common equity was 23.5%.

The Private Client Group generated record quarterly net revenues of $2,841 million and pre-tax income of $423 million, supported by domestic net new assets of $21.7 billion and record fee-based assets of $1,153.8 billion. Client assets under administration reached a record $1,922.4 billion, while financial assets under management grew to $345.0 billion, including $36 billion from the Clark Capital acquisition. The Bank segment delivered record pre-tax income of $206 million, with net bank loans at $56.2 billion and strong credit quality. During the quarter, Raymond James repurchased $400 million of common stock and ended with a total capital ratio of 22.5% and a tier 1 leverage ratio of 11.7%.

Positive

• Record quarterly performance with net revenues of $3,928 million up 16% and diluted EPS of $3.01 up 42% year over year, both reaching new highs.
• Strong profitability metrics, including annualized return on common equity of 18.8% and annualized adjusted return on tangible common equity of 23.5% for the quarter.
• Robust asset growth with client assets under administration at $1,922.4 billion and fee-based Private Client Group assets at $1,153.8 billion, up double digits year over year.
• Bank segment strength with record quarterly pre-tax income of $206 million, net bank loans of $56.2 billion up 13% year over year, and improved credit quality indicators.
• Capital deployment through $400 million of share repurchases at an average price of $152, while maintaining a total capital ratio of 22.5% and tier 1 leverage ratio of 11.7%.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net revenues: $3,928 million Net income to common shareholders: $595 million Diluted EPS: $3.01 +5 more

8 metrics

Net revenues $3,928 million Fiscal third quarter 2026 net revenues, up 16% year over year and 2% sequentially.

Net income to common shareholders $595 million Fiscal third quarter 2026 net income available to common shareholders, up 37% year over year.

Diluted EPS $3.01 Fiscal third quarter 2026 earnings per common share – diluted, up 42% vs prior-year quarter.

Adjusted diluted EPS $3.14 Fiscal third quarter 2026 adjusted earnings per common share – diluted, up 44% year over year.

Client assets under administration $1,922.4 billion Record client assets under administration as of June 30, 2026, up 17% vs June 2025.

Financial assets under management $345.0 billion Record financial assets under management as of June 30, 2026, up 31% vs June 2025.

Net bank loans $56.2 billion Record net bank loans as of June 30, 2026, up 13% vs June 2025.

Annualized adjusted ROTCE 23.5% Annualized adjusted return on tangible common equity for fiscal third quarter 2026.

Key Terms

securities-based loans, net interest margin, tangible book value per share, Raymond James Bank Deposit Program ("RJBDP"), +1 more

5 terms

securities-based loans financial

"securities-based and residential mortgage loans, which rose by 34% and 13%"

A securities-based loan is a loan where an investor uses stocks, bonds or other marketable investments as the pledged asset to borrow cash without selling those holdings — like using a house for a mortgage or pawning a watch. It matters to investors because it provides quick liquidity or leverage while keeping potential upside, but it also increases risk: falling asset prices can trigger demands for more collateral or forced sales, affecting portfolio value and financing costs.

net interest margin financial

"Net interest margin of 2.71% for the quarter was down 3 basis points"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

tangible book value per share financial

"Tangible book value per share (1) (10) | $ 53.74"

Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.

Raymond James Bank Deposit Program ("RJBDP") financial

"Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment"

criticized loans financial

"Criticized loans as a % of total loans held for investment | 1.05 %"

Criticized loans are bank loans that examiners or the bank itself have flagged as showing signs of weakness—such as higher risk of late payments, reduced collateral value, or borrower stress—but that are not yet officially defaulted. They matter to investors because a growing pile of such loans can signal deteriorating credit quality and higher future losses for a lender, much like small warning lights on a car dashboard that suggest a problem that, if ignored, could lead to a breakdown.

Earnings Snapshot

Net revenues: $3,928 million

fiscal third quarter ended June 30, 2026

Net revenues $3,928 million up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter

Net income to common shareholders $595 million up 37% over the prior year’s fiscal third quarter and 10% over the preceding quarter

Diluted EPS $3.01 up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter

Adjusted diluted EPS $3.14 up 44% over the prior year’s fiscal third quarter and 11% over the preceding quarter

Client assets under administration $1,922.4 billion up 17% over June 2025 and 9% over March 2026

Annualized return on common equity 18.8% compared with 14.3% in the prior year’s fiscal third quarter

Annualized adjusted return on tangible common equity 23.5% compared with 17.2% in the prior year’s fiscal third quarter

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Raymond James (RJF) fiscal Q3 2026 revenues and earnings?

Raymond James reported net revenues of $3,928 million and net income to common shareholders of $595 million, or $3.01 diluted EPS, for fiscal Q3 2026. Adjusted diluted EPS was $3.14, reflecting strong year-over-year and sequential growth.

How did RJF’s fiscal Q3 2026 results compare to the prior year and prior quarter?

Fiscal Q3 2026 net revenues rose 16% year over year and 2% sequentially, while diluted EPS increased 42% year over year and 11% sequentially. Adjusted diluted EPS of $3.14 was up 44% from the prior-year quarter and 11% from the preceding quarter.

How did Raymond James’ business segments perform in fiscal Q3 2026?

The Private Client Group posted record net revenues of $2,841 million and pre-tax income of $423 million. Capital Markets net revenues were $477 million with pre-tax income of $48 million. Asset Management earned $362 million in net revenues, and the Bank segment generated record pre-tax income of $206 million.

What were Raymond James’ client assets and net new assets in Q3 2026?

Client assets under administration reached a record $1,922.4 billion, with Private Client Group assets in fee-based accounts at $1,153.8 billion. Domestic Private Client Group net new assets were $21.7 billion for the quarter, representing annualized growth of 5.5% from beginning-of-quarter assets.

What are RJF’s key profitability ratios and capital levels for fiscal Q3 2026?

For fiscal Q3 2026, annualized return on common equity was 18.8% and annualized adjusted return on tangible common equity was 23.5%. The firm reported a total capital ratio of 22.5% and a tier 1 leverage ratio of 11.7%, both above regulatory requirements.

How much stock did Raymond James repurchase in fiscal Q3 2026 and what authorization remains?

Raymond James repurchased $400 million of common stock in fiscal Q3 2026 at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board-approved common stock repurchase authorization.

0000720005false00007200052026-07-222026-07-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 22, 2026

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida

1-9109

59-1517485

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

880 Carillon Parkway

St. Petersburg

Florida

33716

(Address of principal executive offices)

(Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $.01 par value			RJF			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 Results of Operations and Financial Condition

On July 22, 2026, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal third quarter ended June 30, 2026. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal third quarter ended June 30, 2026 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

The information in this Current Report, including any exhibits hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following are filed as exhibits to this report:

Exhibit No.

99.1 Press release, dated July 22, 2026, issued by Raymond James Financial, Inc.

99.2 Financial Supplement Fiscal Third Quarter 2026 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fiscal Third Quarter 2026 of Raymond James Financial, Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			RAYMOND JAMES FINANCIAL, INC.
Date: July 22, 2026			By:			/s/ Jonathan W. Oorlog, Jr.
						Jonathan W. Oorlog, Jr.
						Chief Financial Officer

July 22, 2026						FOR IMMEDIATE RELEASE
						Media Contact: Steve Hollister, 727.567.2824
						Investor Contact: Kristina Waugh, 727.567.7654
						raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS FISCAL THIRD QUARTER OF

2026 RESULTS

•Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)

•Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%

•Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026

•Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026

•Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026

•Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).

“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”

Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively.

Please refer to the footnotes at the end of this press release for additional information.

1

For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).

Segment Results

Private Client Group

•Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter

•Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5%

•Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026

•Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026

Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.

Capital Markets

•Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter

•Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter

•Quarterly pre-tax income of $48 million

Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.

Asset Management

•Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter

•Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter

•Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter

Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).

Please refer to the footnotes at the end of this press release for additional information.

2

Bank

•Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter

•Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter

•Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026

•Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter

•Quarterly bank loan benefit for credit losses of $26 million

Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.

Other Matters

The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.

During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.92 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release 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 flow 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, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, 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.

Please refer to the footnotes at the end of this press release for additional information.

3

RAYMOND JAMES FINANCIAL, INC. Fiscal Third Quarter of 2026 Selected Financial Highlights
(Unaudited)

Summary results of operations

						Three months ended																					% change from
$ in millions, except per share amounts						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2025						March 31, 2026
Net revenues						$	3,928					$	3,398					$	3,859								16%						2%
Pre-tax income						$	750					$	563					$	735								33%						2%
Net income available to common shareholders						$	595					$	435					$	542								37%						10%
Earnings per common share: (5)
Basic						$	3.06					$	2.16					$	2.76								42%						11%
Diluted						$	3.01					$	2.12					$	2.72								42%						11%
Non-GAAP measures: (1)
Adjusted pre-tax income						$	782					$	582					$	762								34%						3%
Adjusted net income available to common shareholders						$	620					$	449					$	564								38%						10%
Adjusted earnings per common share – basic (5)						$	3.19					$	2.23					$	2.88								43%						11%
Adjusted earnings per common share – diluted (5)						$	3.14					$	2.18					$	2.83								44%						11%

						Nine months ended
$ in millions, except per share amounts						June 30, 2026						June 30, 2025						% change
Net revenues						$	11,522					$	10,338					11%
Pre-tax income						$	2,213					$	1,983					12%
Net income available to common shareholders						$	1,699					$	1,527					11%
Earnings per common share: (5)
Basic						$	8.67					$	7.51					15%
Diluted						$	8.52					$	7.35					16%
Non-GAAP measures: (1)
Adjusted pre-tax income						$	2,292					$	2,041					12%
Adjusted net income available to common shareholders						$	1,761					$	1,570					12%
Adjusted earnings per common share – basic (5)						$	8.99					$	7.72					16%
Adjusted earnings per common share – diluted (5)						$	8.83					$	7.55					17%

						Three months ended																					Nine months ended
Other selected financial highlights						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Return on common equity (6)						18.8		%				14.3		%				17.3		%							18.1		%				17.1		%
Adjusted return on common equity (1) (6)						19.6		%				14.8		%				18.0		%							18.7		%				17.5		%
Adjusted return on tangible common equity (1) (6)						23.5		%				17.2		%				20.9		%							22.0		%				20.5		%
Pre-tax margin (7)						19.1		%				16.6		%				19.0		%							19.2		%				19.2		%
Adjusted pre-tax margin (1) (7)						19.9		%				17.1		%				19.7		%							19.9		%				19.7		%
Total compensation ratio (8)						65.7		%				64.8		%				65.8		%							65.7		%				64.6		%
Adjusted total compensation ratio (1) (8)						65.5		%				64.5		%				65.7		%							65.5		%				64.4		%
Effective tax rate						20.7		%				22.6		%				26.0		%							23.1		%				22.8		%

Please refer to the footnotes at the end of this press release for additional information.

4

RAYMOND JAMES FINANCIAL, INC.             

Fiscal Third Quarter of 2026

Consolidated Statements of Income (Unaudited)
						Three months ended																		% change from
in millions, except per share amounts						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Revenues:
Asset management and related administrative fees						$	2,075					$	1,733					$	2,016					20%						3%
Brokerage revenues:
Securities commissions						503						431						507						17%						(1)%
Principal transactions						126						128						136						(2)%						(7)%
Total brokerage revenues						629						559						643						13%						(2)%
Account and service fees						316						302						311						5%						2%
Investment banking						291						212						279						37%						4%
Interest income						994						990						960						—%						4%
Other						57						46						53						24%						8%
Total revenues						4,362						3,842						4,262						14%						2%
Interest expense						(434)						(444)						(403)						(2)%						8%
Net revenues						3,928						3,398						3,859						16%						2%
Non-interest expenses:
Compensation, commissions and benefits						2,579						2,202						2,541						17%						1%
Non-compensation expenses:
Communications and information processing						203						191						206						6%						(1)%
Occupancy and equipment						85						77						80						10%						6%
Business development						95						77						75						23%						27%
Investment sub-advisory fees						63						56						63						13%						—%
Professional fees						63						42						36						50%						75%
Bank loan provision/(benefit) for credit losses						(26)						15						5						NM						NM
Other (9)						116						175						118						(34)%						(2)%
Total non-compensation expenses						599						633						583						(5)%						3%
Total non-interest expenses						3,178						2,835						3,124						12%						2%
Pre-tax income						750						563						735						33%						2%
Provision for income taxes						155						127						191						22%						(19)%
Net income						595						436						544						36%						9%
Preferred stock dividends						—						1						2						(100)%						(100)%
Net income available to common shareholders						$	595					$	435					$	542					37%						10%
Earnings per common share – basic (5)						$	3.06					$	2.16					$	2.76					42%						11%
Earnings per common share – diluted (5)						$	3.01					$	2.12					$	2.72					42%						11%
Weighted-average common shares outstanding – basic						194.0						201.2						196.1						(4)%						(1)%
Weighted-average common and common equivalent shares outstanding – diluted						197.2						205.5						199.2						(4)%						(1)%

Please refer to the footnotes at the end of this press release for additional information.

5

RAYMOND JAMES FINANCIAL, INC.             

Fiscal Third Quarter of 2026

Consolidated Statements of Income (Unaudited)
						Nine months ended
in millions, except per share amounts						June 30, 2026						June 30, 2025						% change
Revenues:
Asset management and related administrative fees						$	6,090					$	5,201					17%
Brokerage revenues:
Securities commissions						1,496						1,302						15%
Principal transactions						388						396						(2)%
Total brokerage revenues						1,884						1,698						11%
Account and service fees						935						965						(3)%
Investment banking						778						753						3%
Interest income						2,961						2,980						(1)%
Other						152						125						22%
Total revenues						12,800						11,722						9%
Interest expense						(1,278)						(1,384)						(8)%
Net revenues						11,522						10,338						11%
Non-interest expenses:
Compensation, commissions and benefits						7,570						6,678						13%
Non-compensation expenses:
Communications and information processing						603						553						9%
Occupancy and equipment						245						224						9%
Business development						251						209						20%
Investment sub-advisory fees						189						163						16%
Professional fees						136						110						24%
Bank loan provision/(benefit) for credit losses						(24)						31						NM
Other (9)						339						387						(12)%
Total non-compensation expenses						1,739						1,677						4%
Total non-interest expenses						9,309						8,355						11%
Pre-tax income						2,213						1,983						12%
Provision for income taxes						511						452						13%
Net income						1,702						1,531						11%
Preferred stock dividends						3						4						(25)%
Net income available to common shareholders						$	1,699					$	1,527					11%
Earnings per common share – basic (5)						$	8.67					$	7.51					15%
Earnings per common share – diluted (5)						$	8.52					$	7.35					16%
Weighted-average common shares outstanding – basic						195.7						203.0						(4)%
Weighted-average common and common equivalent shares outstanding – diluted						199.1						207.6						(4)%

Please refer to the footnotes at the end of this press release for additional information.

6

RAYMOND JAMES FINANCIAL, INC.			Consolidated Selected Key Metrics
Fiscal Third Quarter of 2026			(Unaudited)

						As of																					% change from
$ in billions, except per share amounts						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2025						March 31, 2026
Total assets						$	94.2					$	84.8					$	91.9								11%						3%
Total common equity attributable to Raymond James Financial, Inc.						$	12.7					$	12.2					$	12.6								4%						1%
Book value per share (10)						$	66.11					$	60.90					$	64.58								9%						2%
Tangible book value per share (1) (10)						$	53.74					$	52.32					$	55.14								3%						(3)%
Capital ratios:
Tier 1 leverage						11.7		%	(4)			13.1		%				12.4		%
Tier 1 capital						21.6		%	(4)			22.9		%				22.9		%
Common equity tier 1						21.6		%	(4)			22.7		%				22.9		%
Total capital						22.5		%	(4)			24.2		%				24.0		%

						As of																					% change from
Client asset metrics ($ in billions)						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2025						March 31, 2026
Client assets under administration						$	1,922.4					$	1,637.1					$	1,762.9								17%						9%
Private Client Group assets under administration						$	1,856.5					$	1,574.2					$	1,699.0								18%						9%
Private Client Group assets in fee-based accounts						$	1,153.8					$	943.9					$	1,043.2								22%						11%
Financial assets under management (3)						$	345.0					$	263.2					$	282.4								31%						22%

						Three months ended																					Nine months ended
Net new assets metrics ($ in millions)						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Domestic Private Client Group net new assets (2)						$	21,692					$	11,651					$	22,954								$	75,474					$	34,501
Domestic Private Client Group net new assets growth — annualized (2)						5.5		%				3.4		%				5.8		%							6.6		%				3.3		%

						As of																					% change from
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2025						March 31, 2026
Raymond James Bank Deposit Program (“RJBDP”): (11)
Bank segment						$	26,004					$	26,635					$	29,829								(2)%						(13)%
Third-party banks						16,243						13,878						13,597									17%						19%
Subtotal RJBDP						42,247						40,513						43,426									4%						(3)%
Client Interest Program						1,677						1,640						1,843									2%						(9)%
Total clients’ domestic cash sweep balances						43,924						42,153						45,269									4%						(3)%
Enhanced Savings Program (“ESP”) (12)						14,911						13,027						12,493									14%						19%
Total clients’ domestic cash sweep and ESP balances						$	58,835					$	55,180					$	57,762								7%						2%

Net interest income and RJBDP fees ($ in millions)						Three months ended																		% change from												Nine months ended
						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026						June 30, 2026						June 30, 2025						% change
Net interest income and RJBDP fees (third-party banks)						$	658					$	656					$	650					—%						1%						$	1,975					$	1,980					—%
Average yield on RJBDP - third-party banks (13)						2.75		%				2.96		%				2.70		%																2.74		%				3.03		%

Please refer to the footnotes at the end of this press release for additional information.

7

RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Third Quarter of 2026			(Unaudited)

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

						Three months ended
						June 30, 2026																					June 30, 2025																					March 31, 2026
$ in millions						Average balance						Interest						Annualized average rate									Average balance						Interest						Annualized average rate									Average balance						Interest						Annualized average rate
						INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents						$	5,570					$	50					3.56		%							$	5,598					$	59					4.24		%							$	5,376					$	47					3.57		%
Available-for-sale securities						6,966						43						2.44		%							7,980						45						2.27		%							6,956						39						2.28		%
Loans held for sale and investment: (14)
Loans held for investment:
Securities-based loans (“SBL”) (15)						23,904						319						5.28		%							18,100						276						6.04		%							22,199						295						5.31		%
Commercial and industrial (“C&I”) loans						10,156						150						5.83		%							10,418						172						6.53		%							10,587						157						5.90		%
Commercial real estate (“CRE”) loans						7,825						115						5.85		%							7,764						126						6.42		%							7,810						115						5.88		%
Real estate investment trust (“REIT”) loans						1,645						24						5.92		%							1,712						30						7.04		%							1,725						26						6.02		%
Residential mortgage loans						11,051						116						4.18		%							9,934						98						3.96		%							10,684						110						4.12		%
Tax-exempt loans (16)						1,114						8						3.38		%							1,266						9						3.39		%							1,132						7						3.37		%
Loans held for sale						214						4						6.69		%							255						4						6.98		%							220						3						5.75		%
Total loans held for sale and investment						55,909						736						5.23		%							49,449						715						5.76		%							54,357						713						5.26		%
All other interest-earning assets						229						2						4.36		%							231						4						5.27		%							245						3						4.62		%
Interest-earning assets — Bank segment						$	68,674					$	831					4.81		%							$	63,258					$	823					5.18		%							$	66,934					$	802					4.81		%
All other segments
Cash and cash equivalents						$	4,287					$	38					3.54		%							$	4,152					$	44					4.24		%							$	4,601					$	39					3.47		%
Assets segregated for regulatory purposes and restricted cash						3,764						32						3.41		%							3,628						36						3.95		%							3,747						31						3.38		%
Trading assets — debt securities						1,423						20						5.51		%							1,335						19						5.73		%							1,399						19						5.60		%
Brokerage client receivables						2,907						44						6.13		%							2,427						42						6.97		%							2,688						41						6.12		%
All other interest-earning assets						3,198						29						3.76		%							2,535						26						3.93		%							3,043						28						3.65		%
Interest-earning assets — all other segments						$	15,579					$	163					4.22		%							$	14,077					$	167					4.72		%							$	15,478					$	158					4.14		%
Total interest-earning assets						$	84,253					$	994					4.70		%							$	77,335					$	990					5.10		%							$	82,412					$	960					4.68		%
						INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (11)						$	35,552					$	120					1.36		%							$	33,814					$	146					1.73		%							$	36,315					$	119					1.33		%
Interest-bearing demand deposits (12)						23,768						207						3.47		%							21,246						213						4.03		%							21,831						183						3.42		%
Certificates of deposit						2,715						27						3.90		%							1,763						19						4.34		%							2,226						22						3.96		%
Total bank deposits (17)						62,035						354						2.28		%							56,823						378						2.67		%							60,372						324						2.18		%
Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities						784						5						2.94		%							847						5						2.79		%							753						6						2.95		%
Interest-bearing liabilities — Bank segment						$	62,819					$	359					2.29		%							$	57,670					$	383					2.67		%							$	61,125					$	330					2.19		%
All other segments
Trading liabilities — debt securities						$	734					$	11					5.73		%							$	818					$	11					5.35		%							$	817					$	12					5.99		%
Brokerage client payables						5,524						13						0.97		%							4,882						15						1.24		%							5,337						10						0.77		%
Senior notes payable						3,522						43						4.91		%							2,040						23						4.50		%							3,521						43						4.91		%
All other interest-bearing liabilities (17)						1,169						8						3.05		%							1,272						12						3.83		%							1,087						8						2.90		%
Interest-bearing liabilities — all other segments						$	10,949					$	75					2.78		%							$	9,012					$	61					2.72		%							$	10,762					$	73					2.74		%
Total interest-bearing liabilities						$	73,768					$	434					2.36		%							$	66,682					$	444					2.68		%							$	71,887					$	403					2.27		%
Firmwide net interest income												$	560																				$	546																				$	557
Net interest margin (net yield on interest-earning assets)
Bank segment																		2.71		%																			2.74		%																			2.81		%
Firmwide																		2.67		%																			2.83		%																			2.74		%

Please refer to the footnotes at the end of this press release for additional information.

8

RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Third Quarter of 2026			(Unaudited)

						Nine months ended
						June 30, 2026																					June 30, 2025
$ in millions						Average balance						Interest						Annualizedaverage rate									Average balance						Interest						Annualizedaverage 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: (14)
Loans held for investment:
SBL (15)						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 (16)						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 (11)						$	35,627					$	370					1.39		%							$	33,088					$	458					1.85		%
Interest-bearing demand deposits (12)						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 (17)						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 (17)						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		%

Please refer to the footnotes at the end of this press release for additional information.

9

RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2026			(Unaudited)

						Three months ended																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Net revenues:
Private Client Group						$	2,841					$	2,488					$	2,810					14%						1%
Capital Markets						477						381						464						25%						3%
Asset Management						362						291						327						24%						11%
Bank						488						458						486						7%						—%
Other (18)						(7)						9						(1)						NM						(600)%
Intersegment eliminations						(233)						(229)						(227)						2%						3%
Total net revenues						$	3,928					$	3,398					$	3,859					16%						2%
Pre-tax income/(loss):
Private Client Group						$	423					$	411					$	416					3%						2%
Capital Markets (9)						48						(54)						51						NM						(6)%
Asset Management						143						125						137						14%						4%
Bank						206						123						166						67%						24%
Other (18)						(70)						(42)						(35)						(67)%						(100)%
Pre-tax income						$	750					$	563					$	735					33%						2%

						Nine months ended
$ in millions						June 30, 2026						June 30, 2025						% change
Net revenues:
Private Client Group						$	8,419					$	7,522					12%
Capital Markets						1,321						1,257						5%
Asset Management						1,015						874						16%
Bank						1,461						1,317						11%
Other (18)						(9)						34						NM
Intersegment eliminations						(685)						(666)						3%
Total net revenues						$	11,522					$	10,338					11%
Pre-tax income/(loss):
Private Client Group						$	1,278					$	1,304					(2)%
Capital Markets (9)						108						56						93%
Asset Management						423						371						14%
Bank						545						358						52%
Other (18)						(141)						(106)						(33)%
Pre-tax income						$	2,213					$	1,983					12%

Please refer to the footnotes at the end of this press release for additional information.

10

RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2026			(Unaudited)

Private Client Group
						Three months ended																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Revenues:
Asset management and related administrative fees						$	1,734					$	1,462					$	1,711					19%						1%
Brokerage revenues:
Mutual and other fund products						170						146						176						16%						(3)%
Insurance and annuity products						142						129						132						10%						8%
Equities, exchange-traded funds (“ETFs”) and fixed income products						173						145						180						19%						(4)%
Total brokerage revenues						485						420						488						15%						(1)%
Account and service fees:
Mutual fund and other investment products						149						126						152						18%						(2)%
RJBDP fees: (11)
Bank segment						185						193						187						(4)%						(1)%
Third-party banks						98						110						93						(11)%						5%
Client account and other fees						78						72						74						8%						5%
Total account and service fees						510						501						506						2%						1%
Investment banking						9						9						7						—%						29%
Interest income						115						114						107						1%						7%
All other						8						5						8						60%						—%
Total revenues						2,861						2,511						2,827						14%						1%
Interest expense						(20)						(23)						(17)						(13)%						18%
Net revenues						2,841						2,488						2,810						14%						1%
Non-interest expenses:
Financial advisor compensation:
Commissions, benefits and other compensation						1,566						1,317						1,554						19%						1%
Recruiting and retention-related compensation (19)						117						97						111						21%						5%
Total financial advisor compensation						1,683						1,414						1,665						19%						1%
Administrative compensation and benefits						441						389						443						13%						—%
Total compensation, commissions and benefits						2,124						1,803						2,108						18%						1%
Non-compensation expenses						294						274						286						7%						3%
Total non-interest expenses						2,418						2,077						2,394						16%						1%
Pre-tax income						$	423					$	411					$	416					3%						2%

Please refer to the footnotes at the end of this press release for additional information.

11

RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2026			(Unaudited)

Private Client Group
						Nine months ended
$ in millions						June 30, 2026						June 30, 2025						% change
Revenues:
Asset management and related administrative fees						$	5,138					$	4,395					17%
Brokerage revenues:
Mutual and other fund products						510						450						13%
Insurance and annuity products						406						364						12%
Equities, ETFs and fixed income products						527						458						15%
Total brokerage revenues						1,443						1,272						13%
Account and service fees:
Mutual fund and other investment products						443						382						16%
RJBDP fees: (11)
Bank segment						560						563						(1)%
Third-party banks						292						384						(24)%
Client account and other fees						223						208						7%
Total account and service fees						1,518						1,537						(1)%
Investment banking						24						26						(8)%
Interest income						336						350						(4)%
All other						20						16						25%
Total revenues						8,479						7,596						12%
Interest expense						(60)						(74)						(19)%
Net revenues						8,419						7,522						12%
Non-interest expenses:
Financial advisor compensation:
Commissions, benefits and other compensation						4,632						3,964						17%
Recruiting and retention-related compensation (19)						335						274						22%
Total financial advisor compensation						4,967						4,238						17%
Administrative compensation and benefits						1,316						1,195						10%
Total compensation, commissions and benefits						6,283						5,433						16%
Non-compensation expenses						858						785						9%
Total non-interest expenses						7,141						6,218						15%
Pre-tax income						$	1,278					$	1,304					(2)%

Please refer to the footnotes at the end of this press release for additional information.

12

RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Third Quarter of 2026			(Unaudited)

Capital Markets
						Three months ended																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Revenues:
Brokerage revenues:
Fixed income						$	99					$	97					$	104					2%						(5)%
Equity						50						41						52						22%						(4)%
Total brokerage revenues						149						138						156						8%						(4)%
Investment banking:
Merger & acquisition and advisory						150						105						139						43%						8%
Equity underwriting						50						38						56						32%						(11)%
Debt underwriting						85						60						77						42%						10%
Total investment banking						285						203						272						40%						5%
Interest income						25						27						27						(7)%						(7)%
Affordable housing investments business revenues						35						33						28						6%						25%
All other						6						4						6						50%						—%
Total revenues						500						405						489						23%						2%
Interest expense						(23)						(24)						(25)						(4)%						(8)%
Net revenues						477						381						464						25%						3%
Non-interest expenses:
Compensation, commissions and benefits						300						262						293						15%						2%
Non-compensation expenses (9)						129						173						120						(25)%						8%
Total non-interest expenses						429						435						413						(1)%						4%
Pre-tax income/(loss)						$	48					$	(54)					$	51					NM						(6)%

						Nine months ended
$ in millions						June 30, 2026						June 30, 2025						% change
Revenues:
Brokerage revenues:
Fixed income						$	294					$	298					(1)%
Equity						152						127						20%
Total brokerage revenues						446						425						5%
Investment banking:
Merger & acquisition and advisory						408						460						(11)%
Equity underwriting						137						104						32%
Debt underwriting						212						163						30%
Total investment banking						757						727						4%
Interest income						80						84						(5)%
Affordable housing investments business revenues						94						82						15%
All other						16						13						23%
Total revenues						1,393						1,331						5%
Interest expense						(72)						(74)						(3)%
Net revenues						1,321						1,257						5%
Non-interest expenses:
Compensation, commissions and benefits						854						825						4%
Non-compensation expenses (9)						359						376						(5)%
Total non-interest expenses						1,213						1,201						1%
Pre-tax income						$	108					$	56					93%

Please refer to the footnotes at the end of this press release for additional information.

13

RAYMOND JAMES FINANCIAL, INC.						Segment Results
Fiscal Third Quarter of 2026						(Unaudited)

Asset Management
						Three months ended																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Revenues:
Asset management and related administrative fees:
Managed programs						$	230					$	189					$	211					22%						9%
Administration and other						122						91						104						34%						17%
Total asset management and related administrative fees						352						280						315						26%						12%
Account and service fees						6						5						7						20%						(14)%
All other						4						6						5						(33)%						(20)%
Net revenues						362						291						327						24%						11%
Non-interest expenses:
Compensation, commissions and benefits						76						54						65						41%						17%
Non-compensation expenses						143						112						125						28%						14%
Total non-interest expenses						219						166						190						32%						15%
Pre-tax income						$	143					$	125					$	137					14%						4%

						Nine months ended
$ in millions						June 30, 2026						June 30, 2025						% change
Revenues:
Asset management and related administrative fees:
Managed programs						$	652					$	565					15%
Administration and other						331						275						20%
Total asset management and related administrative fees						983						840						17%
Account and service fees						19						17						12%
All other						13						17						(24)%
Net revenues						1,015						874						16%
Non-interest expenses:
Compensation, commissions and benefits						200						169						18%
Non-compensation expenses						392						334						17%
Total non-interest expenses						592						503						18%
Pre-tax income						$	423					$	371					14%

Please refer to the footnotes at the end of this press release for additional information.

14

RAYMOND JAMES FINANCIAL, INC.						Segment Results
Fiscal Third Quarter of 2026						(Unaudited)

Bank
						Three months ended																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Revenues:
Interest income						$	831					$	823					$	802					1%						4%
Interest expense						(359)						(383)						(330)						(6)%						9%
Net interest income						472						440						472						7%						—%
All other						16						18						14						(11)%						14%
Net revenues						488						458						486						7%						—%
Non-interest expenses:
Compensation and benefits						47						47						47						—%						—%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses						(26)						15						5						NM						NM
RJBDP fees to Private Client Group (11)						185						193						187						(4)%						(1)%
All other						76						80						81						(5)%						(6)%
Total non-compensation expenses						235						288						273						(18)%						(14)%
Total non-interest expenses						282						335						320						(16)%						(12)%
Pre-tax income						$	206					$	123					$	166					67%						24%

						Nine months ended
$ in millions						June 30, 2026						June 30, 2025						% change
Revenues:
Interest income						$	2,464					$	2,472					—%
Interest expense						(1,050)						(1,199)						(12)%
Net interest income						1,414						1,273						11%
All other						47						44						7%
Net revenues						1,461						1,317						11%
Non-interest expenses:
Compensation and benefits						142						138						3%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses						(24)						31						NM
RJBDP fees to Private Client Group (11)						560						563						(1)%
All other						238						227						5%
Total non-compensation expenses						774						821						(6)%
Total non-interest expenses						916						959						(4)%
Pre-tax income						$	545					$	358					52%

Please refer to the footnotes at the end of this press release for additional information.

15

RAYMOND JAMES FINANCIAL, INC.						Segment Results
Fiscal Third Quarter of 2026						(Unaudited)

Other (18)
						Three months ended																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Revenues:
Interest income						$	34					$	34					$	34					—%						—%
All other						4						—						9						NM						(56)%
Total revenues						38						34						43						12%						(12)%
Interest expense						(45)						(25)						(44)						80%						2%
Net revenues						(7)						9						(1)						NM						(600)%
Non-interest expenses:
Compensation and benefits						30						36						29						(17)%						3%
All other						33						15						5						120%						560%
Total non-interest expenses						63						51						34						24%						85%
Pre-tax loss						$	(70)					$	(42)					$	(35)					(67)%						(100)%

						Nine months ended
$ in millions						June 30, 2026						June 30, 2025						% change
Revenues:
Interest income						$	110					$	102					8%
All other						14						7						100%
Total revenues						124						109						14%
Interest expense						(133)						(75)						77%
Net revenues						(9)						34						NM
Non-interest expenses:
Compensation and benefits						90						112						(20)%
All other						42						28						50%
Total non-interest expenses						132						140						(6)%
Pre-tax loss						$	(141)					$	(106)					(33)%

Please refer to the footnotes at the end of this press release for additional information.

16

RAYMOND JAMES FINANCIAL, INC.			Bank Segment Selected Key Metrics
Fiscal Third Quarter of 2026			(Unaudited)

Bank Segment

						As of																		% change from
$ in billions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Total assets						$	70.1					$	63.6					$	69.0					10%						2%
Bank loans, net						$	56.2					$	49.8					$	54.8					13%						3%
Bank deposits						$	63.3					$	57.2					$	62.4					11%						1%

						As of																		% change from
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026						June 30, 2025						March 31, 2026
Bank loan allowance for credit losses						$	398					$	465					$	440					(14)%						(10)%
Total nonperforming assets						$	152					$	214					$	183					(29)%						(17)%
Total criticized loans						$	593					$	572					$	607					4%						(2)%
Bank loan allowance for credit losses as a % of total loans held for investment						0.70		%				0.93		%				0.80		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (20)						1.69		%				1.96		%				1.83		%
Nonperforming assets as a % of total assets						0.22		%				0.34		%				0.27		%
Criticized loans as a % of total loans held for investment						1.05		%				1.14		%				1.10		%

						Three months ended																					Nine months ended
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Net interest margin (net yield on interest-earning assets)						2.71		%				2.74		%				2.81		%							2.78		%				2.67		%
Bank loan provision/(benefit) for credit losses						$	(26)					$	15					$	5								$	(24)					$	31
Net charge-offs						$	15					$	3					$	5								$	29					$	22

Please refer to the footnotes at the end of this press release for additional information.

17

RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2026			(Unaudited)

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 return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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																					Nine months ended
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Net income available to common shareholders						$	595					$	435					$	542								$	1,699					$	1,527
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)						8						9						6									21						25
Other acquisition-related compensation						—						—						1									1						—
Total “Compensation, commissions and benefits” expense						8						9						7									22						25
Communications and information processing						2						—						3									6						—
Professional fees						5						—						4									11						2
Other:
Amortization of identifiable intangible assets (22)						14						10						10									34						31
All other acquisition-related expenses						3						—						3									6						—
Total “Other” expense						17						10						13									40						31
Total pre-tax impact of non-GAAP adjustments related to acquisitions						32						19						27									79						58
Tax effect of non-GAAP adjustments						(7)						(5)						(5)									(17)						(15)
Total non-GAAP adjustments, net of tax						25						14						22									62						43
Adjusted net income available to common shareholders (1)						$	620					$	449					$	564								$	1,761					$	1,570
Pre-tax income						$	750					$	563					$	735								$	2,213					$	1,983
Pre-tax impact of non-GAAP adjustments (as detailed above)						32						19						27									79						58
Adjusted pre-tax income (1)						$	782					$	582					$	762								$	2,292					$	2,041
Compensation, commissions and benefits expense						$	2,579					$	2,202					$	2,541								$	7,570					$	6,678
Less: Total compensation-related acquisition expenses (as detailed above)						8						9						7									22						25
Adjusted “Compensation, commissions and benefits” expense (1)						$	2,571					$	2,193					$	2,534								$	7,548					$	6,653

Please refer to the footnotes at the end of this press release for additional information.

18

RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2026			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
						Three months ended																					Nine months ended
						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Pre-tax margin (7)						19.1		%				16.6		%				19.0		%							19.2		%				19.2		%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)						0.2		%				0.3		%				0.1		%							0.2		%				0.2		%
Other acquisition-related compensation						—		%				—		%				—		%							—		%				—		%
Total “Compensation, commissions and benefits” expense						0.2		%				0.3		%				0.1		%							0.2		%				0.2		%
Communications and information processing						—		%				—		%				0.1		%							—		%				—		%
Professional fees						0.1		%				—		%				0.1		%							0.1		%				—		%
Other:
Amortization of identifiable intangible assets (22)						0.4		%				0.2		%				0.3		%							0.3		%				0.3		%
All other acquisition-related expenses						0.1		%				—		%				0.1		%							0.1		%				—		%
Total “Other” expense						0.5		%				0.2		%				0.4		%							0.4		%				0.3		%
Total pre-tax impact of non-GAAP adjustments related to acquisitions						0.8		%				0.5		%				0.7		%							0.7		%				0.5		%
Adjusted pre-tax margin (1) (7)						19.9		%				17.1		%				19.7		%							19.9		%				19.7		%
Total compensation ratio (8)						65.7		%				64.8		%				65.8		%							65.7		%				64.6		%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (21)						0.2		%				0.3		%				0.1		%							0.2		%				0.2		%
Other acquisition-related compensation						—		%				—		%				—		%							—		%				—		%
Total “Compensation, commissions and benefits” expenses related to acquisitions						0.2		%				0.3		%				0.1		%							0.2		%				0.2		%
Adjusted total compensation ratio (1) (8)						65.5		%				64.5		%				65.7		%							65.5		%				64.4		%

Please refer to the footnotes at the end of this press release for additional information.

19

RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2026			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
						Three months ended																					Nine months ended
Earnings per common share (5)						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Basic						$	3.06					$	2.16					$	2.76								$	8.67					$	7.51
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)						0.04						0.04						0.03									0.11						0.12
Other acquisition-related compensation						—						—						0.01									0.01						—
Total “Compensation, commissions and benefits” expense						0.04						0.04						0.04									0.12						0.12
Communications and information processing						0.01						—						0.02									0.03						—
Professional fees						0.03						—						0.02									0.06						0.01
Other:
Amortization of identifiable intangible assets (22)						0.07						0.05						0.05									0.17						0.15
All other acquisition-related expenses						0.02						—						0.02									0.03						—
Total “Other” expense						0.09						0.05						0.07									0.20						0.15
Total pre-tax impact of non-GAAP adjustments related to acquisitions						0.17						0.09						0.15									0.41						0.28
Tax effect of non-GAAP adjustments						(0.04)						(0.02)						(0.03)									(0.09)						(0.07)
Total non-GAAP adjustments, net of tax						0.13						0.07						0.12									0.32						0.21
Adjusted basic (1)						$	3.19					$	2.23					$	2.88								$	8.99					$	7.72
Diluted						$	3.01					$	2.12					$	2.72								$	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 (21)						0.04						0.04						0.03									0.11						0.12
Other acquisition-related compensation						—						—						—									—						—
Total “Compensation, commissions and benefits” expense						0.04						0.04						0.03									0.11						0.12
Communications and information processing						0.01						—						0.02									0.03						—
Professional fees						0.03						—						0.02									0.06						0.01
Other:
Amortization of identifiable intangible assets (22)						0.07						0.04						0.05									0.17						0.14
All other acquisition-related expenses						0.02						—						0.02									0.03						—
Total “Other” expense						0.09						0.04						0.07									0.20						0.14
Total pre-tax impact of non-GAAP adjustments related to acquisitions						0.17						0.08						0.14									0.40						0.27
Tax effect of non-GAAP adjustments						(0.04)						(0.02)						(0.03)									(0.09)						(0.07)
Total non-GAAP adjustments, net of tax						0.13						0.06						0.11									0.31						0.20
Adjusted diluted (1)						$	3.14					$	2.18					$	2.83								$	8.83					$	7.55

Please refer to the footnotes at the end of this press release for additional information.

20

RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2026			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Book value per share						As of
$ in millions, except per share amounts						June 30, 2026						June 30, 2025						March 31, 2026
Total common equity attributable to Raymond James Financial, Inc.						$	12,699					$	12,180					$	12,567
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net						2,608						1,860						1,983
Deferred tax liabilities related to goodwill and identifiable intangible assets, net						(232)						(143)						(147)
Tangible common equity attributable to Raymond James Financial, Inc. (1)						$	10,323					$	10,463					$	10,731
Common shares outstanding						192.1						200.0						194.6
Book value per share (10)						$	66.11					$	60.90					$	64.58
Tangible book value per share (1) (10)						$	53.74					$	52.32					$	55.14

Return on common equity						Three months ended																					Nine months ended
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Average common equity (23)						$	12,633					$	12,157					$	12,529								$	12,545					$	11,938
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)						4						5						3									10						12
Other acquisition-related compensation						—						—						1									1						—
Total “Compensation, commissions and benefits” expense						4						5						4									11						12
Communications and information processing						1						—						1									3						—
Professional fees						3						—						2									5						1
Other:
Amortization of identifiable intangible assets (22)						7						5						5									16						16
All other acquisition-related expenses						2						—						2									2						—
Total “Other” expense						9						5						7									18						16
Total pre-tax impact of non-GAAP adjustments related to acquisitions						17						10						14									37						29
Tax effect of non-GAAP adjustments						(4)						(3)						(3)									(8)						(7)
Total non-GAAP adjustments, net of tax						13						7						11									29						22
Adjusted average common equity (1) (23)						$	12,646					$	12,164					$	12,540								$	12,574					$	11,960

Please refer to the footnotes at the end of this press release for additional information.

21

RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third Quarter of 2026			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
						Three months ended																					Nine months ended
$ in millions						June 30, 2026						June 30, 2025						March 31, 2026									June 30, 2026						June 30, 2025
Average common equity (23)						$	12,633					$	12,157					$	12,529								$	12,545					$	11,938
Less:
Average goodwill and identifiable intangible assets, net						2,296						1,858						1,911									2,069						1,865
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net						(190)						(142)						(147)									(168)						(140)
Average tangible common equity (1) (23)						$	10,527					$	10,441					$	10,765								$	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 (21)						4						5						3									10						12
Other acquisition-related compensation						—						—						1									1						—
Total “Compensation, commissions and benefits” expense						4						5						4									11						12
Communications and information processing						1						—						1									3						—
Professional fees						3						—						2									5						1
Other:
Amortization of identifiable intangible assets (22)						7						5						5									16						16
All other acquisition-related expenses						2						—						2									2						—
Total “Other” expense						9						5						7									18						16
Total pre-tax impact of non-GAAP adjustments related to acquisitions						17						10						14									37						29
Tax effect of non-GAAP adjustments						(4)						(3)						(3)									(8)						(7)
Total non-GAAP adjustments, net of tax						13						7						11									29						22
Adjusted average tangible common equity (1) (23)						$	10,540					$	10,448					$	10,776								$	10,673					$	10,235
Return on common equity (6)						18.8		%				14.3		%				17.3		%							18.1		%				17.1		%
Adjusted return on common equity (1) (6)						19.6		%				14.8		%				18.0		%							18.7		%				17.5		%
Return on tangible common equity (1) (6)						22.6		%				16.7		%				20.1		%							21.3		%				19.9		%
Adjusted return on tangible common equity (1) (6)						23.5		%				17.2		%				20.9		%							22.0		%				20.5		%

Please refer to the footnotes at the end of this press release for additional information.

22

RAYMOND JAMES FINANCIAL, INC.                             

Fiscal Third Quarter of 2026                                 Footnotes

(1)						These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.
(2)						Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.
(3)						On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion.
(4)						Estimated.
(5)						Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for the three months ended June 30, 2026, an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2026 and 2025.
(6)						Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity 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 return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.
(7)						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.
(8)						Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.
(9)						Results for the three and nine months ended June 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the three and nine months ended June 30, 2025.
(10)						Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period.
(11)						We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.
(12)						Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release.
(13)						Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - 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.
(14)						Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.
(15)						Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market.
(16)						The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.
(17)						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.”

23

RAYMOND JAMES FINANCIAL, INC.                             

Fiscal Third Quarter of 2026                                 Footnotes

(18)						The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.
(19)						PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 21). Such awards are expensed over the requisite service period (typically between 5 and 10 years).
(20)						Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.
(21)						Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.
(22)						Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.
(23)						Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. 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. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated 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 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.

24

Quarterly Financial Supplement Fiscal third quarter of 2026 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from Nine months ended in millions, except per share amounts June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,733 $ 1,877 $ 1,999 $ 2,016 $ 2,075 20 % 3 % $ 5,201 $ 6,090 17 % Brokerage revenues: Securities commissions 431 473 486 507 503 17 % (1) % 1,302 1,496 15 % Principal transactions 128 133 126 136 126 (2) % (7) % 396 388 (2) % Total brokerage revenues 559 606 612 643 629 13 % (2) % 1,698 1,884 11 % Account and service fees 302 297 308 311 316 5 % 2 % 965 935 (3) % Investment banking 212 316 208 279 291 37 % 4 % 753 778 3 % Interest income 990 1,014 1,007 960 994 — % 4 % 2,980 2,961 (1) % Other 46 80 42 53 57 24 % 8 % 125 152 22 % Total revenues 3,842 4,190 4,176 4,262 4,362 14 % 2 % 11,722 12,800 9 % Interest expense (444) (463) (441) (403) (434) (2) % 8 % (1,384) (1,278) (8) % Net revenues 3,398 3,727 3,735 3,859 3,928 16 % 2 % 10,338 11,522 11 % Non-interest expenses: Compensation, commissions and benefits 2,202 2,394 2,450 2,541 2,579 17 % 1 % 6,678 7,570 13 % Non-compensation expenses: Communications and information processing 191 199 194 206 203 6 % (1) % 553 603 9 % Occupancy and equipment 77 84 80 80 85 10 % 6 % 224 245 9 % Business development 77 82 81 75 95 23 % 27 % 209 251 20 % Investment sub-advisory fees 56 60 63 63 63 13 % — % 163 189 16 % Professional fees 42 53 37 36 63 50 % 75 % 110 136 24 % Bank loan provision/(benefit) for credit losses 15 6 (3) 5 (26) NM NM 31 (24) NM Other (1) 175 118 105 118 116 (34) % (2) % 387 339 (12) % Total non-compensation expenses 633 602 557 583 599 (5) % 3 % 1,677 1,739 4 % Total non-interest expenses 2,835 2,996 3,007 3,124 3,178 12 % 2 % 8,355 9,309 11 % Pre-tax income 563 731 728 735 750 33 % 2 % 1,983 2,213 12 % Provision for income taxes 127 127 165 191 155 22 % (19) % 452 511 13 % Net income 436 604 563 544 595 36 % 9 % 1,531 1,702 11 % Preferred stock dividends 1 1 1 2 — (100) % (100) % 4 3 (25) % Net income available to common shareholders $ 435 $ 603 $ 562 $ 542 $ 595 37 % 10 % $ 1,527 $ 1,699 11 % Earnings per common share – basic (2) $ 2.16 $ 3.03 $ 2.85 $ 2.76 $ 3.06 42 % 11 % $ 7.51 $ 8.67 15 % Earnings per common share – diluted (2) $ 2.12 $ 2.95 $ 2.79 $ 2.72 $ 3.01 42 % 11 % $ 7.35 $ 8.52 16 % Weighted-average common shares outstanding – basic 201.2 199.0 197.1 196.1 194.0 (4) % (1) % 203.0 195.7 (4) % Weighted-average common and common equivalent shares outstanding – diluted 205.5 203.8 201.4 199.2 197.2 (4) % (1) % 207.6 199.1 (4) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in billions, except per share amounts June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Total assets $ 84.8 $ 88.2 $ 88.8 $ 91.9 $ 94.2 11 % 3 % Total common equity attributable to Raymond James Financial, Inc. $ 12.2 $ 12.4 $ 12.5 $ 12.6 $ 12.7 4 % 1 % Book value per share (3) $ 60.90 $ 62.72 $ 63.41 $ 64.58 $ 66.11 9 % 2 % Tangible book value per share (3) (4) $ 52.32 $ 54.12 $ 54.82 $ 55.14 $ 53.74 3 % (3) % Capital ratios: Tier 1 leverage 13.1 % 13.1 % 12.7 % 12.4 % 11.7 % (5) Tier 1 capital 22.9 % 23.0 % 23.2 % 22.9 % 21.6 % (5) Common equity tier 1 22.7 % 22.9 % 23.0 % 22.9 % 21.6 % (5) Total capital 24.2 % 24.1 % 24.3 % 24.0 % 22.5 % (5) $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Adjusted pre-tax income (4) $ 582 $ 770 $ 748 $ 762 $ 782 34 % 3 % $ 2,041 $ 2,292 12 % Adjusted net income available to common shareholders (4) $ 449 $ 635 $ 577 $ 564 $ 620 38 % 10 % $ 1,570 $ 1,761 12 % Adjusted earnings per common share – basic (2) (4) $ 2.23 $ 3.19 $ 2.92 $ 2.88 $ 3.19 43 % 11 % $ 7.72 $ 8.99 16 % Adjusted earnings per common share – diluted (2) (4) $ 2.18 $ 3.11 $ 2.86 $ 2.83 $ 3.14 44 % 11 % $ 7.55 $ 8.83 17 % Return on common equity (6) 14.3 % 19.6 % 18.0 % 17.3 % 18.8 % 17.1 % 18.1 % Adjusted return on common equity (4) (6) 14.8 % 20.6 % 18.5 % 18.0 % 19.6 % 17.5 % 18.7 % Adjusted return on tangible common equity (4) (6) 17.2 % 23.9 % 21.4 % 20.9 % 23.5 % 20.5 % 22.0 % Pre-tax margin (7) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % 19.2 % 19.2 % Adjusted pre-tax margin (4) (7) 17.1 % 20.7 % 20.0 % 19.7 % 19.9 % 19.7 % 19.9 % Total compensation ratio (8) 64.8 % 64.2 % 65.6 % 65.8 % 65.7 % 64.6 % 65.7 % Adjusted total compensation ratio (4) (8) 64.5 % 64.0 % 65.4 % 65.7 % 65.5 % 64.4 % 65.5 % Effective tax rate 22.6 % 17.4 % 22.7 % 26.0 % 20.7 % 22.8 % 23.1 % Three months ended % change from Nine months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Client assets under administration $ 1,637.1 $ 1,730.6 $ 1,773.1 $ 1,762.9 $ 1,922.4 17 % 9 % Private Client Group assets under administration $ 1,574.2 $ 1,666.5 $ 1,708.5 $ 1,699.0 $ 1,856.5 18 % 9 % Private Client Group assets in fee-based accounts $ 943.9 $ 1,008.1 $ 1,040.1 $ 1,043.2 $ 1,153.8 22 % 11 % Financial assets under management (9) $ 263.2 $ 274.9 $ 280.8 $ 282.4 $ 345.0 31 % 22 % Three months ended Nine months ended Net new assets metrics (10) ($ in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Domestic Private Client Group net new assets $ 11,651 $ 17,930 $ 30,828 $ 22,954 $ 21,692 $ 34,501 $ 75,474 Domestic Private Client Group net new assets growth — annualized 3.4 % 5.0 % 8.0 % 5.8 % 5.5 % 3.3 % 6.6 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 26,635 $ 26,555 $ 27,819 $ 29,829 $ 26,004 (2) % (13) % Third-party banks 13,878 14,761 15,996 13,597 16,243 17 % 19 % Subtotal RJBDP 40,513 41,316 43,815 43,426 42,247 4 % (3) % Client Interest Program 1,640 1,572 1,815 1,843 1,677 2 % (9) % Total clients’ domestic cash sweep balances 42,153 42,888 45,630 45,269 43,924 4 % (3) % Enhanced Savings Program ("ESP") (12) 13,027 13,465 12,448 12,493 14,911 14 % 19 % Total clients’ domestic cash sweep and ESP balances $ 55,180 $ 56,353 $ 58,078 $ 57,762 $ 58,835 7 % 2 % Three months ended % change from Nine months ended Net interest income and RJBDP fees ($ in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Net interest income and RJBDP fees (third-party banks) $ 656 $ 653 $ 667 $ 650 $ 658 — % 1 % $ 1,980 $ 1,975 — % Average yield on RJBDP - third-party banks (13) 2.96 % 2.91 % 2.76 % 2.70 % 2.75 % 3.03 % 2.74 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,462 $ 1,585 $ 1,693 $ 1,711 $ 1,734 19 % 1 % $ 4,395 $ 5,138 17 % Brokerage revenues: Mutual and other fund products 146 155 164 176 170 16 % (3) % 450 510 13 % Insurance and annuity products 129 147 132 132 142 10 % 8 % 364 406 12 % Equities, ETFs, and fixed income products 145 163 174 180 173 19 % (4) % 458 527 15 % Total brokerage revenues 420 465 470 488 485 15 % (1) % 1,272 1,443 13 % Account and service fees: Mutual fund and other investment products 126 136 142 152 149 18 % (2) % 382 443 16 % RJBDP fees: (11) Bank segment 193 191 188 187 185 (4) % (1) % 563 560 (1) % Third-party banks 110 102 101 93 98 (11) % 5 % 384 292 (24) % Client account and other fees 72 67 71 74 78 8 % 5 % 208 223 7 % Total account and service fees 501 496 502 506 510 2 % 1 % 1,537 1,518 (1) % Investment banking 9 9 8 7 9 — % 29 % 26 24 (8) % Interest income 114 118 114 107 115 1 % 7 % 350 336 (4) % All other 5 13 4 8 8 60 % — % 16 20 25 % Total revenues 2,511 2,686 2,791 2,827 2,861 14 % 1 % 7,596 8,479 12 % Interest expense (23) (26) (23) (17) (20) (13) % 18 % (74) (60) (19) % Net revenues 2,488 2,660 2,768 2,810 2,841 14 % 1 % 7,522 8,419 12 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,317 1,434 1,512 1,554 1,566 19 % 1 % 3,964 4,632 17 % Recruiting and retention-related compensation (14) 97 98 107 111 117 21 % 5 % 274 335 22 % Total financial advisor compensation 1,414 1,532 1,619 1,665 1,683 19 % 1 % 4,238 4,967 17 % Administrative compensation and benefits 389 419 432 443 441 13 % — % 1,195 1,316 10 % Total compensation, commissions and benefits 1,803 1,951 2,051 2,108 2,124 18 % 1 % 5,433 6,283 16 % Non-compensation expenses 274 293 278 286 294 7 % 3 % 785 858 9 % Total non-interest expenses 2,077 2,244 2,329 2,394 2,418 16 % 1 % 6,218 7,141 15 % Pre-tax income $ 411 $ 416 $ 439 $ 416 $ 423 3 % 2 % $ 1,304 $ 1,278 (2) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Brokerage revenues: Fixed income $ 97 $ 99 $ 91 $ 104 $ 99 2 % (5) % $ 298 $ 294 (1) % Equity 41 41 50 52 50 22 % (4) % 127 152 20 % Total brokerage revenues 138 140 141 156 149 8 % (4) % 425 446 5 % Investment banking: Merger & acquisition and advisory 105 163 119 139 150 43 % 8 % 460 408 (11) % Equity underwriting 38 46 31 56 50 32 % (11) % 104 137 32 % Debt underwriting 60 100 50 77 85 42 % 10 % 163 212 30 % Total investment banking 203 309 200 272 285 40 % 5 % 727 757 4 % Interest income 27 27 28 27 25 (7) % (7) % 84 80 (5) % Affordable housing investments business revenues 33 58 31 28 35 6 % 25 % 82 94 15 % All other 4 4 4 6 6 50 % — % 13 16 23 % Total revenues 405 538 404 489 500 23 % 2 % 1,331 1,393 5 % Interest expense (24) (25) (24) (25) (23) (4) % (8) % (74) (72) (3) % Net revenues 381 513 380 464 477 25 % 3 % 1,257 1,321 5 % Non-interest expenses: Compensation, commissions and benefits 262 303 261 293 300 15 % 2 % 825 854 4 % Non-compensation expenses (1) 173 120 110 120 129 (25) % 8 % 376 359 (5) % Total non-interest expenses 435 423 371 413 429 (1) % 4 % 1,201 1,213 1 % Pre-tax income/(loss) $ (54) $ 90 $ 9 $ 51 $ 48 NM (6) % $ 56 $ 108 93 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Asset management and related administrative fees: Managed programs $ 189 $ 204 $ 211 $ 211 $ 230 22 % 9 % $ 565 $ 652 15 % Administration and other 91 99 105 104 122 34 % 17 % 275 331 20 % Total asset management and related administrative fees 280 303 316 315 352 26 % 12 % 840 983 17 % Account and service fees 5 6 6 7 6 20 % (14) % 17 19 12 % All other 6 5 4 5 4 (33) % (20) % 17 13 (24) % Net revenues 291 314 326 327 362 24 % 11 % 874 1,015 16 % Non-interest expenses: Compensation, commissions and benefits 54 60 59 65 76 41 % 17 % 169 200 18 % Non-compensation expenses 112 122 124 125 143 28 % 14 % 334 392 17 % Total non-interest expenses 166 182 183 190 219 32 % 15 % 503 592 18 % Pre-tax income $ 125 $ 132 $ 143 $ 137 $ 143 14 % 4 % $ 371 $ 423 14 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Interest income $ 823 $ 843 $ 831 $ 802 $ 831 1 % 4 % $ 2,472 $ 2,464 — % Interest expense (383) (401) (361) (330) (359) (6) % 9 % (1,199) (1,050) (12) % Net interest income 440 442 470 472 472 7 % — % 1,273 1,414 11 % All other 18 17 17 14 16 (11) % 14 % 44 47 7 % Net revenues 458 459 487 486 488 7 % — % 1,317 1,461 11 % Non-interest expenses: Compensation and benefits 47 46 48 47 47 — % — % 138 142 3 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 15 6 (3) 5 (26) NM NM 31 (24) NM RJBDP fees to Private Client Group (11) 193 191 188 187 185 (4) % (1) % 563 560 (1) % All other 80 83 81 81 76 (5) % (6) % 227 238 5 % Total non-compensation expenses 288 280 266 273 235 (18) % (14) % 821 774 (6) % Total non-interest expenses 335 326 314 320 282 (16) % (12) % 959 916 (4) % Pre-tax income $ 123 $ 133 $ 173 $ 166 $ 206 67 % 24 % $ 358 $ 545 52 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Interest income $ 34 $ 37 $ 42 $ 34 $ 34 — % — % $ 102 $ 110 8 % All other — — 1 9 4 NM (56) % 7 14 100 % Total revenues 34 37 43 43 38 12 % (12) % 109 124 14 % Interest expense (25) (25) (44) (44) (45) 80 % 2 % (75) (133) 77 % Net revenues 9 12 (1) (1) (7) NM (600) % 34 (9) NM Non-interest expenses: Compensation and benefits 36 35 31 29 30 (17) % 3 % 112 90 (20) % All other 15 17 4 5 33 120 % 560 % 28 42 50 % Total non-interest expenses 51 52 35 34 63 24 % 85 % 140 132 (6) % Pre-tax loss $ (42) $ (40) $ (36) $ (35) $ (70) (67) % (100) % $ (106) $ (141) (33) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (15) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in billions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Total assets $ 63.6 $ 65.3 $ 66.7 $ 69.0 $ 70.1 10 % 2 % Bank deposits $ 57.2 $ 58.9 $ 60.2 $ 62.4 $ 63.3 11 % 1 % As of % change from $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Bank loans by portfolio segment: Securities-based loans (16) $ 18,497 $ 19,775 $ 21,667 $ 23,007 $ 24,767 34 % 8 % Commercial and industrial loans 10,754 10,777 10,801 10,489 10,040 (7) % (4) % Commercial real estate loans 7,777 7,840 7,753 7,972 7,689 (1) % (4) % Real estate investment trust loans 1,735 1,690 1,779 1,695 1,671 (4) % (1) % Residential mortgage loans 9,976 10,295 10,567 10,789 11,223 13 % 4 % Tax-exempt loans 1,311 1,226 1,148 1,123 1,101 (16) % (2) % Total loans held for investment 50,050 51,603 53,715 55,075 56,491 13 % 3 % Held for sale loans 255 416 168 198 134 (47) % (32) % Total loans held for sale and investment 50,305 52,019 53,883 55,273 56,625 13 % 2 % Allowance for credit losses (465) (452) (440) (440) (398) (14) % (10) % Bank loans, net $ 49,840 $ 51,567 $ 53,443 $ 54,833 $ 56,227 13 % 3 % Total nonperforming assets $ 214 $ 187 $ 208 $ 183 $ 152 (29) % (17) % Total criticized loans $ 572 $ 660 $ 611 $ 607 $ 593 4 % (2) % Bank loan allowance for credit losses as a % of total loans held for investment 0.93 % 0.88 % 0.82 % 0.80 % 0.70 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (17) 1.96 % 1.88 % 1.82 % 1.83 % 1.69 % Nonperforming assets as a % of total assets 0.34 % 0.29 % 0.31 % 0.27 % 0.22 % Criticized loans as a % of total loans held for investment 1.14 % 1.28 % 1.14 % 1.10 % 1.05 % Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Net interest margin (net yield on interest-earning assets) 2.74 % 2.71 % 2.81 % 2.81 % 2.71 % 2.67 % 2.78 % Bank loan provision/(benefit) for credit losses $ 15 $ 6 $ (3) $ 5 $ (26) $ 31 $ (24) Net charge-offs $ 3 $ 19 $ 9 $ 5 $ 15 $ 22 $ 29 RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 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 a 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 return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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 for those periods which include non-GAAP adjustments. Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Net income available to common shareholders $ 435 $ 603 $ 562 $ 542 $ 595 $ 1,527 $ 1,699 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 9 6 7 6 8 25 21 Other acquisition-related compensation — 4 — 1 — — 1 Total “Compensation, commissions and benefits” expense 9 10 7 7 8 25 22 Communications and information processing — 2 1 3 2 — 6 Professional fees — 8 2 4 5 2 11 Other: Amortization of identifiable intangible assets (19) 10 10 10 10 14 31 34 All other acquisition-related expenses — 9 — 3 3 — 6 Total “Other” expense 10 19 10 13 17 31 40 Total pre-tax impact of non-GAAP adjustments related to acquisitions 19 39 20 27 32 58 79 Tax effect of non-GAAP adjustments (5) (7) (5) (5) (7) (15) (17) Total non-GAAP adjustments, net of tax 14 32 15 22 25 43 62 Adjusted net income available to common shareholders (4) $ 449 $ 635 $ 577 $ 564 $ 620 $ 1,570 $ 1,761 Pre-tax income $ 563 $ 731 $ 728 $ 735 $ 750 $ 1,983 $ 2,213 Pre-tax impact of non-GAAP adjustments (as detailed above) 19 39 20 27 32 58 79 Adjusted pre-tax income (4) $ 582 $ 770 $ 748 $ 762 $ 782 $ 2,041 $ 2,292 Compensation, commissions and benefits expense $ 2,202 $ 2,394 $ 2,450 $ 2,541 $ 2,579 $ 6,678 $ 7,570 Less: Total compensation-related acquisition expenses (as detailed above) (18) 9 10 7 7 8 25 22 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,193 $ 2,384 $ 2,443 $ 2,534 $ 2,571 $ 6,653 $ 7,548 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Pre-tax margin (7) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % 19.2 % 19.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Communications and information processing — % 0.1 % — % 0.1 % — % — % — % Professional fees — % 0.2 % — % 0.1 % 0.1 % — % 0.1 % Other: Amortization of identifiable intangible assets (19) 0.2 % 0.3 % 0.3 % 0.3 % 0.4 % 0.3 % 0.3 % All other acquisition-related expenses — % 0.3 % — % 0.1 % 0.1 % — % 0.1 % Total “Other” expense 0.2 % 0.6 % 0.3 % 0.4 % 0.5 % 0.3 % 0.4 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.5 % 1.1 % 0.5 % 0.7 % 0.8 % 0.5 % 0.7 % Adjusted pre-tax margin (4) (7) 17.1 % 20.7 % 20.0 % 19.7 % 19.9 % 19.7 % 19.9 % Total compensation ratio (8) 64.8 % 64.2 % 65.6 % 65.8 % 65.7 % 64.6 % 65.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (18) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Adjusted total compensation ratio (4) (8) 64.5 % 64.0 % 65.4 % 65.7 % 65.5 % 64.4 % 65.5 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Basic $ 2.16 $ 3.03 $ 2.85 $ 2.76 $ 3.06 $ 7.51 $ 8.67 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.04 0.03 0.04 0.03 0.04 0.12 0.11 Other acquisition-related compensation — 0.02 — 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.04 0.05 0.04 0.04 0.04 0.12 0.12 Communications and information processing — 0.01 — 0.02 0.01 — 0.03 Professional fees — 0.04 0.01 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (19) 0.05 0.05 0.05 0.05 0.07 0.15 0.17 All other acquisition-related expenses — 0.05 — 0.02 0.02 — 0.03 Total “Other” expense 0.05 0.10 0.05 0.07 0.09 0.15 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.20 0.10 0.15 0.17 0.28 0.41 Tax effect of non-GAAP adjustments (0.02) (0.04) (0.03) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.07 0.16 0.07 0.12 0.13 0.21 0.32 Adjusted basic (4) $ 2.23 $ 3.19 $ 2.92 $ 2.88 $ 3.19 $ 7.72 $ 8.99 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 14

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Diluted $ 2.12 $ 2.95 $ 2.79 $ 2.72 $ 3.01 $ 7.35 $ 8.52 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.04 0.03 0.03 0.03 0.04 0.12 0.11 Other acquisition-related compensation — 0.02 — — — — — Total “Compensation, commissions and benefits” expense 0.04 0.05 0.03 0.03 0.04 0.12 0.11 Communications and information processing — 0.01 — 0.02 0.01 — 0.03 Professional fees — 0.04 0.01 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (19) 0.04 0.05 0.05 0.05 0.07 0.14 0.17 All other acquisition-related expenses — 0.04 — 0.02 0.02 — 0.03 Total “Other” expense 0.04 0.09 0.05 0.07 0.09 0.14 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.08 0.19 0.09 0.14 0.17 0.27 0.40 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.02) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.06 0.16 0.07 0.11 0.13 0.20 0.31 Adjusted diluted (4) $ 2.18 $ 3.11 $ 2.86 $ 2.83 $ 3.14 $ 7.55 $ 8.83 Book value per share As of $ in millions, except per share amounts June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,180 $ 12,424 $ 12,491 $ 12,567 $ 12,699 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,860 1,847 1,838 1,983 2,608 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (143) (144) (146) (147) (232) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 10,463 $ 10,721 $ 10,799 $ 10,731 $ 10,323 Common shares outstanding 200.0 198.1 197.0 194.6 192.1 Book value per share (3) $ 60.90 $ 62.72 $ 63.41 $ 64.58 $ 66.11 Tangible book value per share (3) (4) $ 52.32 $ 54.12 $ 54.82 $ 55.14 $ 53.74 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (20) $ 12,157 $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 5 3 4 3 4 12 10 Other acquisition-related compensation — 2 — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 5 4 4 4 12 11 Communications and information processing — 1 1 1 1 — 3 Professional fees — 4 1 2 3 1 5 Other: Amortization of identifiable intangible assets (19) 5 5 5 5 7 16 16 All other acquisition-related expenses — 5 — 2 2 — 2 Total “Other” expense 5 10 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 20 11 14 17 29 37 Tax effect of non-GAAP adjustments (3) (4) (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 16 8 11 13 22 29 Adjusted average common equity (4) (20) $ 12,164 $ 12,318 $ 12,466 $ 12,540 $ 12,646 $ 11,960 $ 12,574 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (20) $ 12,157 $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Less: Average goodwill and identifiable intangible assets, net 1,858 1,854 1,843 1,911 2,296 1,865 2,069 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (142) (144) (145) (147) (190) (140) (168) Average tangible common equity (4) (20) $ 10,441 $ 10,592 $ 10,760 $ 10,765 $ 10,527 $ 10,213 $ 10,644 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 5 3 4 3 4 12 10 Other acquisition-related compensation — 2 — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 5 4 4 4 12 11 Communications and information processing — 1 1 1 1 — 3 Professional fees — 4 1 2 3 1 5 Other: Amortization of identifiable intangible assets (19) 5 5 5 5 7 16 16 All other acquisition-related expenses — 5 — 2 2 — 2 Total “Other” expense 5 10 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 20 11 14 17 29 37 Tax effect of non-GAAP adjustments (3) (4) (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 16 8 11 13 22 29 Adjusted average tangible common equity (4) (20) $ 10,448 $ 10,608 $ 10,768 $ 10,776 $ 10,540 $ 10,235 $ 10,673 Return on common equity (6) 14.3 % 19.6 % 18.0 % 17.3 % 18.8 % 17.1 % 18.1 % Adjusted return on common equity (4) (6) 14.8 % 20.6 % 18.5 % 18.0 % 19.6 % 17.5 % 18.7 % Return on tangible common equity (4) (6) 16.7 % 22.8 % 20.9 % 20.1 % 22.6 % 19.9 % 21.3 % Adjusted return on tangible common equity (4) (6) 17.2 % 23.9 % 21.4 % 20.9 % 23.5 % 20.5 % 22.0 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the three and nine months ended June 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the three and nine months ended June 30, 2025. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2025, December 31, 2025, and June 30, 2026, an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2025 and 2026. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity 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 return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) 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. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion. (10) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (11) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest- bearing demand deposits in our net interest disclosures in this release. (13) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - 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. (14) PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 18). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (15) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. RAYMOND JAMES FINANCIAL, INC. 18

(18) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (20) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. 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. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated 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 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. RAYMOND JAMES FINANCIAL, INC. 19

Fiscal 3Q26 Results July 22, 2026

Forward-looking statements Certain statements made in this presentation and the associated conference call 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 flow 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 in integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, 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. 2

Strategic Overview Paul Shoukry Chief Executive Officer, Raymond James Financial 3

4 3Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $3.9B Net revenues $1.92T Client assets under administration $400M Common share repurchases 19.1% Pre-tax margin 19.9% Adjusted pre-tax margin(1) $1.15T PCG assets in fee-based accounts $106M Common stock dividends $21.7B | 5.5% growth rate Domestic PCG net new assets(2)$3.01 Diluted EPS $3.14 Adjusted diluted EPS(1) 11.7% Tier 1 leverage ratio(3) $58.8B Clients' domestic cash sweep and ESP balances 18.8% Return on common equity 23.5% Adjusted ROTCE(1) $2.5B RJF corporate cash(4) $56.2B Bank loans, net Note: As of and for the three months ended June 30, 2026. (1)These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (2)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. The domestic PCG net new asset annualized growth rate is based on the beginning domestic PCG assets under administration balance for the indicated period. (3)Estimated. (4)This amount includes cash and cash equivalents held directly at the parent company, as well as cash loaned by the parent company to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5

Summary results of operations $ in millions, except per share amounts ($) vs. 3Q25 vs. 2Q26 ($) vs. FYTD 20253Q26 FYTD 2026 Net revenues 3,928 16% 2% 11,522 11% Pre-tax income 750 33% 2% 2,213 12% Adjusted pre-tax income* 782 34% 3% 2,292 12% Net income available to common shareholders 595 37% 10% 1,699 11% Adjusted net income available to common shareholders* 620 38% 10% 1,761 12% Earnings per common share — diluted 3.01 42% 11% 8.52 16% Adjusted earnings per common share — diluted* 3.14 44% 11% 8.83 17% Other selected financial highlights: 3Q26 3Q25 2Q26 FYTD 2026 FYTD 2025 Pre-tax margin 19.1 % 16.6% 19.0% 19.2 % 19.2% Adjusted pre-tax margin* 19.9 % 17.1% 19.7% 19.9 % 19.7% Return on common equity — annualized 18.8 % 14.3% 17.3% 18.1 % 17.1% Adjusted return on common equity — annualized* 19.6 % 14.8% 18.0% 18.7 % 17.5% Adjusted return on tangible common equity — annualized* 23.5 % 17.2% 20.9% 22.0 % 20.5% 6 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Financial summary Record result

$ in millions ($) vs. 3Q25 vs. 2Q26 FYTD ($) FYTD (%) 3Q26 2026 2025 Net revenues: Private Client Group 2,841 14% 1% 8,419 12% Capital Markets 477 25% 3% 1,321 5% Asset Management 362 24% 11% 1,015 16% Bank 488 7% —% 1,461 11% Consolidated net revenues 3,928 16% 2% 11,522 11% Pre-tax income: Private Client Group 423 3% 2% 1,278 (2)% Capital Markets 48 NM (6)% 108 93% Asset Management 143 14% 4% 423 14% Bank 206 67% 24% 545 52% Consolidated pre-tax income 750 33% 2% 2,213 12% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Segment results 7 Record Result

Consolidated net revenues 8 $ in millions 3Q26 vs. 3Q25 vs. 2Q26 Asset management and related administrative fees $ 2,075 20% 3% Brokerage revenues 629 13% (2)% Account and service fees 316 5% 2% Investment banking 291 37% 4% Interest income 994 —% 4% Other 57 24% 8% Total revenues 4,362 14% 2% Interest expense (434) (2)% 8% Net revenues $ 3,928 16% 2%

Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP) BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 26.6 26.6 27.8 29.8 26.0 13.9 14.8 16.0 13.6 16.2 1.6 1.6 1.8 1.8 1.7 13.0 13.5 12.4 12.5 14.9 55.2 56.4 58.1 57.8 58.8 3.8% 3.7% 3.7% 3.7% 3.4% RJBDP - Bank Segment* RJBDP - Third-Party Banks* Client Interest Program ESP** 3Q25 4Q25 1Q26 2Q26 3Q26 Note: May not total due to rounding. *We earn fees from the Raymond James Bank Deposit Program (RJBDP), a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. **Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. Year-over-year change: 7% Sequential change: 2%

Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (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. $ IN MILLIONS 656 653 667 650 658 546 551 566 557 560 110 102 101 93 98 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 3Q25 4Q25 1Q26 2Q26 3Q26 NET INTEREST MARGIN (NIM) 2.74% 2.71% 2.81% 2.81% 2.71% 2.83% 2.78% 2.75% 2.74% 2.67% Firmwide NIM Bank Segment NIM 3Q25 4Q25 1Q26 2Q26 3Q26 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 2.96% 2.91% 2.76% 2.70% 2.75% 3Q25 4Q25 1Q26 2Q26 3Q26 Year-over-year change: —% Sequential change: 1%

Consolidated expenses 11 $ in millions 3Q26 vs. 3Q25 vs. 2Q26 Compensation, commissions and benefits $ 2,579 17% 1% Non-compensation expenses: Communications and information processing 203 6% (1)% Occupancy and equipment 85 10% 6% Business development 95 23% 27% Investment sub-advisory fees 63 13% —% Professional fees 63 50% 75% Bank loan benefit for credit losses (26) NM NM Other* 116 (34)% (2)% Total non-compensation expenses 599 (5)% 3% Total non-interest expenses $ 3,178 12% 2% *Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. **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. ***This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 633 602 557 583 599 Impact of Legal Matter* 3Q25* 4Q25 1Q26 2Q26 3Q26 TOTAL COMPENSATION RATIO** 64.8% 64.2% 65.6% 65.8% 65.7% 64.5% 64.0% 65.4% 65.7% 65.5% Total Compensation Ratio Adjusted Total Compensation Ratio*** 3Q25 4Q25 1Q26 2Q26 3Q26 575

*Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense and reduced consolidated pre-tax margin by 1.7%. Absent this legal provision, pre-tax margin would have been 18.3% and adjusted pre-tax margin would have been 18.8%. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 12 16.6% 19.6% 19.5% 19.0% 19.1% 17.1% 20.7% 20.0% 19.7% 19.9% Pre-Tax Margin Adjusted Pre-Tax Margin** 3Q25* 4Q25 1Q26 2Q26 3Q26

Other financial information 13 *This amount includes cash and cash equivalents held directly at the parent company, as well as parent cash loaned by the parent company to RJ&A, which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. $ in billions except per share amounts 3Q26 vs. 3Q25 vs. 2Q26 Total assets $ 94.2 11% 3% RJF corporate cash* $ 2.5 9% (17)% Bank loans, net $ 56.2 13% 3% Total common equity attributable to RJF $ 12.7 4% 1% Book value per share $ 66.11 9% 2% Tangible book value per share** $ 53.74 3% (3)% Weighted-average common and common equivalent shares outstanding — diluted (shares in millions) 197.2 (4)% (1)% 3Q25 2Q26 Tier 1 leverage ratio*** 11.7 % 13.1% 12.4% Tier 1 capital ratio*** 21.6 % 22.9% 22.9% Common equity tier 1 ratio*** 21.6 % 22.7% 22.9% Total capital ratio*** 22.5 % 24.2% 24.0% Effective tax rate 20.7 % 22.6% 26.0%

$2.53B of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 553 451 511 507 506 451 350 400 400 400 102 101 111 107 106 Share Repurchases* Dividends Paid** 3Q25 4Q25 1Q26 2Q26 3Q26 Number of Shares Repurchased* (millions) 3.3 2.1 2.5 2.6 2.6 Average Share Price of Shares Repurchased* $137 $166 $162 $155 $152 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates the amount remaining as of June 30, 2026 under the Board of Directors' $2.0 billion common stock repurchase authorization approved on December 3, 2025. $1.1B remains under current common stock repurchase authorization***

Appendix 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 16 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 return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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 for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Net income available to common shareholders $ 435 $ 603 $ 562 $ 542 $ 595 $ 1,527 $ 1,699 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 9 6 7 6 8 25 21 Other acquisition-related compensation — 4 — 1 — — 1 Total “Compensation, commissions and benefits” expense 9 10 7 7 8 25 22 Communications and information processing — 2 1 3 2 — 6 Professional fees — 8 2 4 5 2 11 Other: Amortization of identifiable intangible assets (2) 10 10 10 10 14 31 34 All other acquisition-related expenses — 9 — 3 3 — 6 Total “Other” expense 10 19 10 13 17 31 40 Total pre-tax impact of non-GAAP adjustments related to acquisitions 19 39 20 27 32 58 79 Tax effect of non-GAAP adjustments (5) (7) (5) (5) (7) (15) (17) Total non-GAAP adjustments, net of tax 14 32 15 22 25 43 62 Adjusted net income available to common shareholders $ 449 $ 635 $ 577 $ 564 $ 620 $ 1,570 $ 1,761 Pre-tax income $ 563 $ 731 $ 728 $ 735 $ 750 $ 1,983 $ 2,213 Pre-tax impact of non-GAAP adjustments (as detailed above) 19 39 20 27 32 58 79 Adjusted pre-tax income $ 582 $ 770 $ 748 $ 762 $ 782 $ 2,041 $ 2,292 17

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Pre-tax margin (3) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % Communications and information processing — % 0.1 % — % 0.1 % — % Professional fees — % 0.2 % — % 0.1 % 0.1 % Other: Amortization of identifiable intangible assets (2) 0.2 % 0.3 % 0.3 % 0.3 % 0.4 % All other acquisition-related expenses — % 0.3 % — % 0.1 % 0.1 % Total “Other” expense 0.2 % 0.6 % 0.3 % 0.4 % 0.5 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.5 % 1.1 % 0.5 % 0.7 % 0.8 % Adjusted pre-tax margin (3) 17.1 % 20.7 % 20.0 % 19.7 % 19.9 % Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide18

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 19 Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide Three months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Compensation, commissions and benefits expense $ 2,202 $ 2,394 $ 2,450 $ 2,541 $ 2,579 Less: Total compensation-related acquisition expenses (1) 9 10 7 7 8 Adjusted compensation, commissions and benefits expense $ 2,193 $ 2,384 $ 2,443 $ 2,534 $ 2,571 Total compensation ratio (4) 64.8 % 64.2 % 65.6 % 65.8 % 65.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % Adjusted total compensation ratio (4) 64.5 % 64.0 % 65.4 % 65.7 % 65.5 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Basic $ 2.16 $ 2.76 $ 3.06 $ 7.51 $ 8.67 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.04 0.03 0.04 0.12 0.11 Other acquisition-related compensation — 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.04 0.04 0.04 0.12 0.12 Communications and information processing — 0.02 0.01 — 0.03 Professional fees — 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.07 0.15 0.17 All other acquisition-related expenses — 0.02 0.02 — 0.03 Total “Other” expense 0.05 0.07 0.09 0.15 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.15 0.17 0.28 0.41 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.07 0.12 0.13 0.21 0.32 Adjusted basic $ 2.23 $ 2.88 $ 3.19 $ 7.72 $ 8.99 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Diluted $ 2.12 $ 2.72 $ 3.01 $ 7.35 $ 8.52 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.04 0.03 0.04 0.12 0.11 Other acquisition-related compensation — — — — — Total “Compensation, commissions and benefits” expense 0.04 0.03 0.04 0.12 0.11 Communications and information processing — 0.02 0.01 — 0.03 Professional fees — 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (2) 0.04 0.05 0.07 0.14 0.17 All other acquisition-related expenses — 0.02 0.02 — 0.03 Total “Other” expense 0.04 0.07 0.09 0.14 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.08 0.14 0.17 0.27 0.40 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.06 0.11 0.13 0.20 0.31 Adjusted diluted $ 2.18 $ 2.83 $ 3.14 $ 7.55 $ 8.83 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 25 for additional information. Book value per share As of $ in millions, except per share amounts June 30, 2025 March 31, 2026 June 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,180 $ 12,567 $ 12,699 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,860 1,983 2,608 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (143) (147) (232) Tangible common equity attributable to Raymond James Financial, Inc. $ 10,463 $ 10,731 $ 10,323 Common shares outstanding 200.0 194.6 192.1 Book value per share (6) $ 60.90 $ 64.58 $ 66.11 Tangible book value per share (6) $ 52.32 $ 55.14 $ 53.74 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended $ in millions June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (7) $ 12,157 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 5 3 4 12 10 Other acquisition-related compensation — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 4 4 12 11 Communications and information processing — 1 1 — 3 Professional fees — 2 3 1 5 Other: Amortization of identifiable intangible assets (2) 5 5 7 16 16 All other acquisition-related expenses — 2 2 — 2 Total “Other” expense 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 14 17 29 37 Tax effect of non-GAAP adjustments (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 11 13 22 29 Adjusted average common equity (7) $ 12,164 $ 12,540 $ 12,646 $ 11,960 $ 12,574 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (7) $ 12,157 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Less: Average goodwill and identifiable intangible assets, net 1,858 1,911 2,296 1,865 2,069 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (142) (147) (190) (140) (168) Average tangible common equity (7) $ 10,441 $ 10,765 $ 10,527 $ 10,213 $ 10,644 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 5 3 4 12 10 Other acquisition-related compensation — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 4 4 12 11 Communications and information processing — 1 1 — 3 Professional fees — 2 3 1 5 Other: Amortization of identifiable intangible assets (2) 5 5 7 16 16 All other acquisition-related expenses — 2 2 — 2 Total “Other” expense 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 14 17 29 37 Tax effect of non-GAAP adjustments (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 11 13 22 29 Adjusted average tangible common equity (7) $ 10,448 $ 10,776 $ 10,540 $ 10,235 $ 10,673 Return on common equity (8) 14.3 % 17.3 % 18.8 % 17.1 % 18.1 % Adjusted return on common equity (8) 14.8 % 18.0 % 19.6 % 17.5 % 18.7 % Return on tangible common equity (ROTCE) (8) 16.7 % 20.1 % 22.6 % 19.9 % 21.3 % Adjusted ROTCE (8) 17.2 % 20.9 % 23.5 % 20.5 % 22.0 % Note: Please refer to the footnotes on slide 25 for additional information.

Footnotes 25 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (3) 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. (4) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (5) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for the three months ended June 30, 2026, and an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2026 and 2025. (6) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (7) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. 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. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated 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 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. (8) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity 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 return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.

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