[Form 4] RAYMOND JAMES FINANCIAL INC Insider Trading Activity

An officer of Raymond James Financial Inc., serving as Executive Chair of RJBank, reported equity transactions dated 12/15/2025.

Rhea-AI Filing Summary

An officer of Raymond James Financial Inc., serving as Executive Chair of RJBank, reported equity transactions dated 12/15/2025. Previously granted restricted stock units (RSUs) vested, converting 3,264 and 1,474 RSUs into common shares, while 547, 705 and 1,207 shares were withheld at $163.85 per share to cover associated tax obligations.

On the same date, the officer received new grants of 3,661 management RSUs and 1,488 RSUs as part of an annual bonus under the Amended and Restated 2012 Stock Incentive Plan. Following these transactions, the officer directly held 48,733 shares of common stock and indirectly held 3,156 shares through an Employee Stock Ownership Plan.

Insider Trade Summary

4,738 shares exercised/converted

Exercise 10 txns

Insider Raney Steven M

Role Executive Chair RJBank

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	3,264	$0.00	$0.00
Grant/Award	Restricted Stock Units	3,661	$0.00	$0.00
Exercise	Restricted Stock Units	1,474	$0.00	$0.00
Grant/Award	Restricted Stock Units	1,488	$0.00	$0.00
Exercise	Common Stock	3,264	$0.00	$0.00
Exercise	Common Stock	1,474	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	547	$163.85	$90K
Exercise Price or Tax Liability	Common Stock	705	$163.85	$116K
Exercise Price or Tax Liability	Common Stock	1,207	$163.85	$198K
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 7,325 contracts (Direct); Common Stock — 48,733 shares (Direct); Common Stock — 3,156 shares (Indirect, ESOP)

Footnotes (6)

1. F1. Each Restricted Stock Unit (RSU) represents a contingent right to receive, upon vesting of the award: (i) one share of common stock, and (ii) accrued cash in lieu of dividends.
2. F2. Includes 39 shares of common stock acquired on December 2, 2025 pursuant to the registrant's Employee Stock Purchase Plan.
3. F3. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through December 10, 2025.
4. F4. RSUs vested 60% on 12/15/2025 and will vest 20% on 12/15/2026 and 20% on 12/15/2027.
5. F5. RSUs vest 60% on 12/15/2028, 20% on 12/15/2029, and 20% on 12/15/2030.
6. F6. Award of RSUs as a portion of annual bonus under Amended and Restated 2012 Stock Incentive Plan.

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Accepted by SEC EDGAR 12/17/2025 - 08:36 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Raney Steven M

(Last) (First) (Middle)

880 CARILLON PARKWAY

(Street)

ST. PETERSBURG FL 33716

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RAYMOND JAMES FINANCIAL INC [ RJF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chair RJBank

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/15/2025		M		3,264	A	$0(1)	49,718(2)	D
Common Stock	12/15/2025		M		1,474	A	$0(1)	51,192(2)	D
Common Stock	12/15/2025		F		547	D	$163.85	50,645(2)	D
Common Stock	12/15/2025		F		705	D	$163.85	49,940(2)	D
Common Stock	12/15/2025		F		1,207	D	$163.85	48,733(2)	D
Common Stock								3,156(3)	I	ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	12/15/2025		M			3,264	(4)	12/15/2027	Common Stock	3,264	$0.0000	2,176	D
Restricted Stock Units	(1)	12/15/2025		A		3,661		(5)	12/15/2030	Common Stock	3,661	$0.0000	3,661	D
Restricted Stock Units	(1)	12/15/2025		M			1,474	12/15/2025	12/15/2025	Common Stock	1,474	$0.0000	0.0000	D
Restricted Stock Units	(1)	12/15/2025		A		1,488(6)		12/15/2028	12/15/2028	Common Stock	1,488	$0.0000	1,488	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU) represents a contingent right to receive, upon vesting of the award: (i) one share of common stock, and (ii) accrued cash in lieu of dividends.

2. Includes 39 shares of common stock acquired on December 2, 2025 pursuant to the registrant's Employee Stock Purchase Plan.

3. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through December 10, 2025.

4. RSUs vested 60% on 12/15/2025 and will vest 20% on 12/15/2026 and 20% on 12/15/2027.

5. RSUs vest 60% on 12/15/2028, 20% on 12/15/2029, and 20% on 12/15/2030.

6. Award of RSUs as a portion of annual bonus under Amended and Restated 2012 Stock Incentive Plan.

Remarks:

This Form 4 reports (i) the vesting of RSUs awarded to the reporting person, (ii) dispositions by the reporting person to the issuer to cover tax liability in connection with such vesting, (iii) a grant of management RSUs to the reporting person, and (iv) a grant of RSUs as a portion of the annual bonus to the reporting person.

	/s/ Steven M. Raney by Jonathan J. Doyle as Attorney-in-Fact	12/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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