Equibles

8-K

RAYMOND JAMES FINANCIAL INC (RJF)

8-K 2022-10-26 For: 2022-10-26
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Added on April 12, 2026

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

October 26, 2022

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
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock RJF PrA New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock RJF PrB 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 October 26, 2022, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal fourth quarter and year ended September 30, 2022. 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 fourth quarter and year ended September 30, 2022 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, datedOctober 26, 2022, issued by Raymond James Financial, Inc.

99.2 Financial Supplement FiscalFourthQuarter& Fiscal2022 of Raymond James Financial, Inc.

99.3 Earnings Presentation FiscalFourthQuarter& Fiscal2022 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: October 26, 2022 By: /s/ Paul M. Shoukry
Paul M. Shoukry
Chief Financial Officer and Treasurer

Document

raymondjameslogo.jpg

October 26, 2022 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 FOURTH QUARTER AND

FISCAL 2022 RESULTS

•Domestic Private Client Group net new asset(1) growth of 9.0% for the fiscal year and 8.3% annualized for the fiscal fourth quarter

•Record quarterly net revenues of $2.83 billion, up 5% over the prior year’s fiscal fourth quarter and 4% over the preceding quarter

•Quarterly net income available to common shareholders of $437 million, or $1.98 per diluted share, and quarterly adjusted net income available to common shareholders of $459 million(2), or $2.08 per diluted share(2)

•Record annual net revenues of $11.0 billion, record annual net income available to common shareholders of $1.51 billion, or $6.98 per diluted share, and record annual adjusted net income available to common shareholders of $1.62 billion(2), or $7.49 per diluted share(2)

•Client assets under administration of $1.09 trillion and financial assets under management of $173.8 billion

•Record net loans in the Bank segment of $43.2 billion, up 73% over September 2021 and 3% over June 2022

•Net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks of $606 million during the quarter, up 206% over the prior year’s fiscal fourth quarter and 64% over the preceding quarter

•Annualized return on common equity for the quarter of 18.7% and annualized adjusted return on tangible common equity for the quarter of 24.1%(2)

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $2.83 billion and net income available to common shareholders of $437 million, or $1.98 per diluted share, for the fiscal fourth quarter ended September 30, 2022. Excluding $30 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $459 million(2), or $2.08 per diluted share(2).

Quarterly net revenues grew 5% over the prior year’s fiscal fourth quarter and 4% over the preceding quarter, largely driven by the benefit of higher short-term interest rates on net interest income and RJBDP fees from third-party banks, which more than offset declines in asset management and related administrative fees and total brokerage revenues largely attributable to the decline in equity markets.

Quarterly net income available to common shareholders increased 2% compared to the prior year’s fiscal fourth quarter reflecting the aforementioned revenue growth which was partially offset by higher non-compensation expenses and a higher effective tax rate. The fiscal fourth quarter included a full quarter of results for TriState Capital(3) and SumRidge Partners(4) which added approximately $25 million of incremental non-compensation expenses sequentially, excluding bank loan provision for credit losses. The effective tax rate for the quarter increased to 28.7%, primarily attributable to nondeductible losses on the corporate owned life insurance portfolio.

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

1

Compared to the prior fiscal year, record net revenues of $11.0 billion increased 13%, record pre-tax income increased 13%, record earnings per diluted share of $6.98 increased 5%, and adjusted earnings per diluted share of $7.49(2) increased 3%. Return on common equity for the fiscal year was 17.0% and adjusted return on tangible common equity was 21.1%(2).

“Notwithstanding the challenging and volatile market environment during the fiscal year, we generated record results with annual net revenues and pre-tax income growth of 13%, which was driven by strong organic growth, particularly in the Private Client Group segment, the benefit of higher short-term interest rates and, most importantly, our advisors’ and associates’ unwavering focus on always putting their clients first,” said Chair and CEO Paul Reilly. “We also made significant progress deploying capital over the past year, successfully completing our strategic acquisitions of Charles Stanley, TriState Capital and SumRidge Partners. We are well positioned entering fiscal 2023 with strong capital ratios and a flexible balance sheet, which should support our results in any market environment.”

Segment Results

Private Client Group

•Record quarterly net revenues of $1.99 billion, up 11% over the prior year’s fiscal fourth quarter and 2% over the preceding quarter

•Record quarterly pre-tax income of $371 million, up 67% over the prior year’s fiscal fourth quarter and 48% over the preceding quarter

•Record annual net revenues of $7.71 billion and record annual pre-tax income of $1.03 billion, up 17% and 38%, respectively, over fiscal 2021

•Private Client Group assets under administration of $1.04 trillion, down 7% compared to September 2021 and 3% compared to June 2022

•Private Client Group assets in fee-based accounts of $586.0 billion, down 7% compared to September 2021 and 3% compared to June 2022

•Private Client Group financial advisors of 8,681(5) increased 199 over September 2021 and 65 over June 2022

•Clients’ domestic cash sweep balances of $67.1 billion, up 1% over September 2021 and down 12% compared to June 2022

Growth in quarterly net revenues and pre-tax income was driven primarily by the increases in RJBDP fees and net interest income which more than offset the market-driven declines in asset management and related administrative fees and brokerage revenues.

Total clients’ domestic cash sweep balances ended the quarter at $67.1 billion, up 1% over September 2021 and down 12% compared to June 2022. The sequential decline reflects expected cash sorting activity given the higher short-term interest rate environment, which has continued in October. These balances do not include any high-yield savings deposits or money market fund balances.

“Our client-first values and leading technology and product offerings resulted in strong retention and recruitment of financial advisors in fiscal 2022, which led to robust domestic Private Client Group net new assets of approximately $95 billion, or 9% of beginning of period assets,” said Reilly. “Entering fiscal 2023, financial advisor recruiting activity remains strong across our employee, independent contractor and independent RIA affiliation options.”

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

2

Capital Markets

•Quarterly net revenues of $399 million, down 28% compared to the prior year’s fiscal fourth quarter and up 4% over the preceding quarter

•Quarterly pre-tax income of $66 million, down 64% compared to the prior year’s fiscal fourth quarter and up 8% over the preceding quarter

•Quarterly investment banking revenues of $207 million, down 41% compared to the prior year’s fiscal fourth quarter and 5% compared to the preceding quarter

•Annual net revenues of $1.81 billion and annual pre-tax income of $415 million, down 4% and 22%, respectively, compared to a record fiscal 2021

Quarterly net revenues declined 28% compared to the prior-year quarter largely driven by lower investment banking revenues and fixed income brokerage revenues. Sequentially, quarterly net revenues grew 4% as increases in the affordable housing investments business and M&A revenues offset declines in brokerage and underwriting revenues.

“Following last year’s record results, the Capital Markets segment generated its second highest revenues and pre-tax income in fiscal 2022 bolstered by record M&A revenues,” said Reilly. “Looking ahead, heightened volatility and macroeconomic uncertainties will continue to impact capital markets activity. However, investments we have made in expanding our M&A platform and adding high-quality expertise and capabilities, including the recent acquisition of technology-driven fixed income market maker SumRidge Partners, should position us well over the long term.”

Asset Management

•Quarterly net revenues of $216 million, down 9% compared to the prior year’s fiscal fourth quarter and 5% compared to the preceding quarter

•Quarterly pre-tax income of $83 million, down 27% compared to the prior year’s fiscal fourth quarter and 11% compared to the preceding quarter

•Record annual net revenues of $914 million and annual pre-tax income of $386 million, up 5% and down 1%, respectively, compared to fiscal 2021

•Financial assets under management of $173.8 billion, down 9% compared to September 2021 and 5% compared to June 2022

The decline of quarterly net revenues and pre-tax income was largely attributable to lower financial assets under management, as net inflows into fee-based accounts in the Private Client Group were offset by fixed income and equity market declines.

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

3

Bank

•Record quarterly net revenues of $428 million, up 143% over the prior year’s fiscal fourth quarter and 55% over the preceding quarter

•Quarterly pre-tax income of $123 million, up 52% over the prior year’s fiscal fourth quarter and 66% over the preceding quarter

•Bank segment net interest margin (“NIM”) of 2.91% for the quarter, up 99 basis points over the prior year’s fiscal fourth quarter and 50 basis points over the preceding quarter

•Record annual net revenues of $1.08 billion and annual pre-tax income of $382 million, up 61% and 4%, respectively, over fiscal 2021

•Record net loans of $43.2 billion, up 73% over September 2021 and 3% over June 2022

Quarterly net revenue and pre-tax income growth was primarily due to the inclusion of TriState Capital Bank for a full quarter, as well as NIM expansion. The Bank segment’s NIM increased 50 basis points during the quarter to 2.91%, reflecting higher short-term interest rates and the relatively high concentration of floating-rate assets. Net loans grew 3% over the preceding quarter primarily driven by higher residential mortgages and corporate loans. TriState Capital Bank also generated sequential growth of securities-based loans. The credit quality of the loan portfolio remained strong, with criticized loans as a percent of total loans held for investment ending the quarter at 1.14%, down from 3.27% at September 2021 and 1.63% at June 2022. Bank loan allowance for credit losses as a percent of total loans held for investment was 0.91%, and bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 1.73%.

Other

The firm repurchased 600,000 shares of common stock for approximately $62 million at an average price of approximately $104 per share in the fiscal fourth quarter. Including additional share repurchases totaling $38 million in October, approximately $800 million remained available under the Board’s approved share repurchase authorization as of October 26, 2022. At the end of the quarter, the total capital ratio was 20.5%(6) and the tier 1 leverage ratio was 10.3%(6), both well above the regulatory requirements.

A conference call to discuss the results will take place tomorrow morning, Thursday, October 27, at 8:15 a.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. For a listen-only connection to the conference call, please dial: 800-694-6012 (conference code: 22021089). An audio replay of the call will be available at the same location until December 31, 2022.

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. The company has approximately 8,700 financial advisors. Total client assets are $1.09 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, demand for and pricing of our products, acquisitions, divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will” and “should,” 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.

4

RAYMOND JAMES FINANCIAL, INC.<br><br>Fiscal Fourth Quarter of 2022 Selected Financial Highlights<br>(Unaudited)

Summary results of operations

Three months ended % change from
$ in millions, except per share amounts September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Net revenues $ 2,831 $ 2,695 $ 2,718 5% 4%
Pre-tax income $ 616 $ 560 $ 415 10% 48%
Net income available to common shareholders $ 437 $ 429 $ 299 2% 46%
Earnings per common share: (7)
Basic $ 2.03 $ 2.08 $ 1.41 (2)% 44%
Diluted $ 1.98 $ 2.02 $ 1.38 (2)% 43%
Non-GAAP measures: (2)
Adjusted pre-tax income $ 646 $ 587 $ 480 10% 35%
Adjusted net income available to common shareholders $ 459 $ 450 $ 348 2% 32%
Adjusted earnings per common share – basic (7) $ 2.13 $ 2.18 $ 1.65 (2)% 29%
Adjusted earnings per common share – diluted (7) $ 2.08 $ 2.12 $ 1.61 (2)% 29%
Twelve months ended
--- --- --- --- --- ---
$ in millions, except per share amounts September 30,<br>2022 September 30,<br>2021 % change
Net revenues $ 11,003 $ 9,760 13%
Pre-tax income $ 2,022 $ 1,791 13%
Net income available to common shareholders $ 1,505 $ 1,403 7%
Earnings per common share: (7)
Basic $ 7.16 $ 6.81 5%
Diluted $ 6.98 $ 6.63 5%
Non-GAAP measures: (2)
Adjusted pre-tax income $ 2,169 $ 1,971 10%
Adjusted net income available to common shareholders $ 1,615 $ 1,540 5%
Adjusted earnings per common share – basic (7) $ 7.68 $ 7.48 3%
Adjusted earnings per common share – diluted (7) $ 7.49 $ 7.28 3%

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

5

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2022

Consolidated Statements of Income <br>(Unaudited)
Three months ended % change from
in millions, except per share amounts September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Revenues:
Asset management and related administrative fees $ 1,290 $ 1,366 $ 1,427 (6)% (10)%
Brokerage revenues:
Securities commissions 357 412 385 (13)% (7)%
Principal transactions 124 129 128 (4)% (3)%
Total brokerage revenues 481 541 513 (11)% (6)%
Account and service fees 266 170 211 56% 26%
Investment banking 217 364 223 (40)% (3)%
Interest income 667 215 374 210% 78%
Other (8) 80 74 30 8% 167%
Total revenues 3,001 2,730 2,778 10% 8%
Interest expense (170) (35) (60) 386% 183%
Net revenues 2,831 2,695 2,718 5% 4%
Non-interest expenses:
Compensation, commissions and benefits (9) (10) 1,759 1,775 1,834 (1)% (4)%
Non-compensation expenses:
Communications and information processing 138 114 129 21% 7%
Occupancy and equipment 66 60 65 10% 2%
Business development 59 36 58 64% 2%
Investment sub-advisory fees 36 37 38 (3)% (5)%
Professional fees (9) 38 37 38 3% —%
Bank loan provision/(benefit) for credit losses (11) 34 5 56 580% (39)%
Other (8) (9) (11) 85 71 85 20% —%
Total non-compensation expenses 456 360 469 27% (3)%
Total non-interest expenses 2,215 2,135 2,303 4% (4)%
Pre-tax income 616 560 415 10% 48%
Provision for income taxes 177 131 114 35% 55%
Net income 439 429 301 2% 46%
Preferred stock dividends 2 — 2 NM —%
Net income available to common shareholders $ 437 $ 429 $ 299 2% 46%
Earnings per common share – basic (7) $ 2.03 $ 2.08 $ 1.41 (2)% 44%
Earnings per common share – diluted (7) $ 1.98 $ 2.02 $ 1.38 (2)% 43%
Weighted-average common shares outstanding – basic 215.0 205.5 210.7 5% 2%
Weighted-average common and common equivalent shares outstanding – diluted 220.6 211.7 215.7 4% 2%

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

6

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2022

Consolidated Statements of Income <br>(Unaudited)
Twelve months ended
in millions, except per share amounts September 30,<br>2022 September 30,<br>2021 % change
Revenues:
Asset management and related administrative fees $ 5,563 $ 4,868 14%
Brokerage revenues:
Securities commissions 1,589 1,651 (4)%
Principal transactions 527 561 (6)%
Total brokerage revenues 2,116 2,212 (4)%
Account and service fees 833 635 31%
Investment banking 1,100 1,143 (4)%
Interest income 1,508 823 83%
Other (8) 188 229 (18)%
Total revenues 11,308 9,910 14%
Interest expense (305) (150) 103%
Net revenues 11,003 9,760 13%
Non-interest expenses:
Compensation, commissions and benefits (9) (10) 7,329 6,584 11%
Non-compensation expenses:
Communications and information processing 506 429 18%
Occupancy and equipment 252 232 9%
Business development 186 111 68%
Investment sub-advisory fees 152 130 17%
Professional fees (9) 131 122 7%
Bank loan provision/(benefit) for credit losses (11) 100 (32) NM
Losses on extinguishment of debt (12) — 98 (100)%
Other (8) (9) (11) 325 295 10%
Total non-compensation expenses 1,652 1,385 19%
Total non-interest expenses 8,981 7,969 13%
Pre-tax income 2,022 1,791 13%
Provision for income taxes 513 388 32%
Net income 1,509 1,403 8%
Preferred stock dividends 4 — NM
Net income available to common shareholders $ 1,505 $ 1,403 7%
Earnings per common share – basic (7) $ 7.16 $ 6.81 5%
Earnings per common share – diluted (7) $ 6.98 $ 6.63 5%
Weighted-average common shares outstanding – basic 209.9 205.7 2%
Weighted-average common and common equivalent shares outstanding – diluted 215.3 211.2 2%

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

7

RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics
Fiscal Fourth Quarter of 2022 (Unaudited) As of % change from
--- --- --- --- --- --- --- --- --- --- --- --- ---
$ in millions, except per share amounts September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Total assets $ 80,951 $ 61,891 $ 86,111 31% (6)%
Total common equity attributable to Raymond James Financial, Inc. $ 9,338 $ 8,245 $ 9,395 13% (1)%
Book value per share (13) $ 43.41 $ 40.08 $ 43.60 8% —%
Tangible book value per share (2) (13) $ 34.94 $ 36.11 $ 35.79 (3)% (2)%
Capital ratios:
Tier 1 leverage 10.3 % (6) 12.6 % 10.8 %
Tier 1 capital 19.2 % (6) 25.0 % 20.2 %
Common equity tier 1 19.0 % (6) 25.0 % 20.0 %
Total capital 20.5 % (6) 26.2 % 21.5 % Three months ended Twelve months ended
--- --- --- --- --- --- --- --- --- --- ---
September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Return on common equity (14) 18.7 % 21.3 % 13.3 % 17.0 % 18.4 %
Adjusted return on common equity (2) (14) 19.6 % 22.3 % 15.4 % 18.2 % 20.0 %
Adjusted return on tangible common<br><br>equity (2) (14) 24.1 % 24.8 % 18.1 % 21.1 % 22.2 %
Pre-tax margin (15) 21.8 % 20.8 % 15.3 % 18.4 % 18.4 %
Adjusted pre-tax margin (2) (15) 22.8 % 21.8 % 17.7 % 19.7 % 20.2 %
Total compensation ratio (16) 62.1 % 65.9 % 67.5 % 66.6 % 67.5 %
Adjusted total compensation ratio (2) (16) 61.5 % 65.3 % 66.8 % 66.1 % 67.0 %
Effective tax rate 28.7 % 23.4 % 27.5 % 25.4 % 21.7 % Client asset metrics ($ in billions) As of % change from
--- --- --- --- --- --- --- --- ---
September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Client assets under administration $ 1,093.1 $ 1,178.7 $ 1,125.3 (7)% (3)%
Private Client Group assets under administration $ 1,039.0 $ 1,115.4 $ 1,068.8 (7)% (3)%
Private Client Group assets in fee-based accounts $ 586.0 $ 627.1 $ 606.7 (7)% (3)%
Financial assets under management $ 173.8 $ 191.9 $ 182.4 (9)% (5)% Clients’ domestic cash sweep balances<br><br>($ in millions) As of % change from
--- --- --- --- --- --- --- --- ---
September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Raymond James Bank Deposit<br><br>Program (“RJBDP”): (17)
Bank segment (3) (17) $ 38,705 $ 31,410 $ 36,646 23% 6%
Third-party banks 21,964 24,496 25,478 (10)% (14)%
Subtotal RJBDP 60,669 55,906 62,124 9% (2)%
Client Interest Program 6,445 10,762 13,717 (40)% (53)%
Total clients’ domestic cash sweep balances $ 67,114 $ 66,668 $ 75,841 1% (12)%
Three months ended Twelve months ended
--- --- --- --- --- --- --- --- --- --- ---
September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Average yield on RJBDP - third-party banks (18) 1.85 % 0.29 % 0.88 % 0.82 % 0.30 %
Private Client Group financial advisors As of % change from
--- --- --- --- --- ---
September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Employees 3,638 3,461 3,615 5% 1%
Independent contractors (5) 5,043 5,021 5,001 —% 1%
Total advisors (5) 8,681 8,482 8,616 2% 1%

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

8

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest
Fiscal Fourth Quarter of 2022 (Unaudited)

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

CONSOLIDATED NET INTEREST
Three months ended
September 30, 2022 September 30, 2021 June 30, 2022
$ in millions Average<br>balance Interest Annualized<br>average<br>rate Average<br>balance Interest Annualized<br>average<br>rate Average<br>balance Interest Annualized<br>average<br>rate
INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents $ 2,177 $ 13 2.35 % $ 1,691 $ 1 0.17 % $ 1,603 $ 3 0.94 %
Available-for-sale securities 11,241 52 1.84 % 8,285 21 1.04 % 9,972 37 1.47 %
Loans held for sale and investment: (19)
Loans held for investment:
Securities-based loans (“SBL”) (20) 15,290 172 4.42 % 5,820 32 2.17 % 9,854 78 3.09 %
Commercial and industrial (“C&I”) loans 10,986 128 4.52 % 8,295 52 2.46 % 9,606 76 3.14 %
Commercial real estate (“CRE”) loans 6,368 82 5.00 % 2,817 18 2.54 % 4,338 36 3.30 %
Real estate investment trust (“REIT”) loans 1,519 17 4.57 % 1,223 7 2.47 % 1,379 11 3.20 %
Residential mortgage loans 7,119 51 2.88 % 5,305 37 2.70 % 6,334 44 2.77 %
Tax-exempt loans (21) 1,503 10 3.06 % 1,321 9 3.21 % 1,329 8 3.16 %
Loans held for sale 188 1 4.22 % 191 1 2.59 % 222 2 3.08 %
Total loans held for sale and investment 42,973 461 4.23 % 24,972 156 2.49 % 33,062 255 3.08 %
All other interest-earning assets 126 1 4.92 % 167 1 1.53 % 123 1 3.13 %
Interest-earning assets — Bank segment $ 56,517 $ 527 3.69 % $ 35,115 $ 179 2.03 % $ 44,760 $ 296 2.64 %
All other segments
Cash and cash equivalents $ 3,339 $ 19 2.24 % $ 3,910 $ 2 0.20 % $ 3,945 $ 7 0.63 %
Assets segregated for regulatory purposes and restricted cash 12,332 57 1.88 % 9,994 4 0.14 % 17,337 28 0.63 %
Trading assets — debt securities 1,117 14 4.97 % 401 3 3.20 % 377 4 4.87 %
Brokerage client receivables 2,517 34 5.24 % 2,452 21 3.34 % 2,555 24 3.87 %
All other interest-earning assets 1,989 16 2.91 % 1,650 6 1.47 % 2,117 15 2.90 %
Interest-earning assets — all other segments $ 21,294 $ 140 2.61 % $ 18,407 $ 36 0.78 % $ 26,331 $ 78 1.17 %
Total interest-earning assets $ 77,811 $ 667 3.40 % $ 53,522 $ 215 1.59 % $ 71,091 $ 374 2.11 %
INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts $ 44,392 $ 68 0.61 % $ 30,258 $ 1 0.01 % $ 37,214 $ 11 0.12 %
Interest-bearing checking accounts 5,477 30 2.18 % 169 1 1.78 % 2,216 7 1.25 %
Certificates of deposit 1,061 5 1.51 % 885 4 1.90 % 842 3 1.58 %
Total bank deposits (22) 50,930 103 0.80 % 31,312 6 0.07 % 40,272 21 0.21 %
FHLB advances and all other interest-bearing liabilities 1,226 7 2.34 % 864 4 1.88 % 1,114 5 1.73 %
Interest-bearing liabilities — Bank segment $ 52,156 $ 110 0.84 % $ 32,176 $ 10 0.12 % $ 41,386 $ 26 0.25 %
All other segments
Trading liabilities — debt securities $ 754 $ 9 4.84 % $ 136 $ 1 1.57 % $ 164 $ 1 2.76 %
Brokerage client payables 11,901 20 0.65 % 11,427 — 0.03 % 16,892 3 0.08 %
Senior notes payable 2,038 24 4.44 % 2,037 23 4.44 % 2,037 23 4.44 %
All other interest-bearing liabilities (22) 159 7 4.49 % 218 1 0.59 % 363 7 2.73 %
Interest-bearing liabilities — all other segments $ 14,852 $ 60 1.60 % $ 13,818 $ 25 0.72 % $ 19,456 $ 34 0.70 %
Total interest-bearing liabilities $ 67,008 $ 170 1.01 % $ 45,994 $ 35 0.30 % $ 60,842 $ 60 0.40 %
Firmwide net interest income $ 497 $ 180 $ 314
Net interest margin (net yield on interest-earning assets)
Bank segment 2.91 % 1.92 % 2.41 %
Firmwide 2.53 % 1.33 % 1.77 %

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

9

RAYMOND JAMES FINANCIAL, INC. Consolidated Net Interest
Fiscal Fourth Quarter of 2022 (Unaudited) CONSOLIDATED NET INTEREST
--- --- --- --- --- --- --- --- --- --- --- --- ---
Twelve months ended
September 30, 2022 September 30, 2021
$ in millions Average<br>balance Interest Average<br>rate Average<br>balance Interest Average<br>rate
INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents $ 1,884 $ 18 0.98 % $ 1,612 $ 2 0.14 %
Available-for-sale securities 9,651 136 1.40 % 7,950 85 1.07 %
Loans held for sale and investment: (19)
Loans held for investment:
SBL (20) 9,561 324 3.34 % 4,989 112 2.22 %
C&I loans 9,493 313 3.25 % 7,828 201 2.54 %
CRE loans 4,205 158 3.70 % 2,703 70 2.56 %
REIT loans 1,339 44 3.28 % 1,273 32 2.48 %
Residential mortgage loans 6,170 170 2.76 % 5,110 140 2.72 %
Tax-exempt loans (21) 1,355 35 3.15 % 1,270 34 3.31 %
Loans held for sale 229 7 3.24 % 163 4 2.55 %
Total loans held for sale and investment 32,352 1,051 3.24 % 23,336 593 2.55 %
All other interest-earning assets 124 4 3.29 % 182 4 1.50 %
Interest-earning assets — Bank segment $ 44,011 $ 1,209 2.74 % $ 33,080 $ 684 2.07 %
All other segments
Cash and cash equivalents $ 4,114 $ 30 0.73 % $ 3,949 $ 10 0.25 %
Assets segregated for regulatory purposes and restricted cash 14,826 96 0.65 % 8,735 15 0.17 %
Trading assets — debt securities 621 27 4.38 % 475 13 2.67 %
Brokerage client receivables 2,529 100 3.94 % 2,280 77 3.37 %
All other interest-earning assets 1,944 46 2.33 % 1,594 24 1.54 %
Interest-earning assets — all other segments $ 24,034 $ 299 1.24 % $ 17,033 $ 139 0.82 %
Total interest-earning assets $ 68,045 $ 1,508 2.22 % $ 50,113 $ 823 1.64 %
INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts $ 36,693 $ 81 0.22 % $ 28,389 $ 3 0.01 %
Interest-bearing checking accounts 2,061 39 1.88 % 162 3 1.86 %
Certificates of deposit 870 15 1.68 % 904 17 1.90 %
Total bank deposits (22) 39,624 135 0.34 % 29,455 23 0.08 %
FHLB advances and all other interest-bearing liabilities 1,001 21 2.15 % 864 19 2.12 %
Interest-bearing liabilities — Bank segment $ 40,625 $ 156 0.38 % $ 30,319 $ 42 0.14 %
All other segments
Trading liabilities — debt securities $ 325 $ 12 3.64 % $ 150 $ 2 1.39 %
Brokerage client payables 15,530 24 0.15 % 10,180 3 0.03 %
Senior notes payable 2,037 93 4.44 % 2,078 96 4.58 %
All other interest-bearing liabilities (22) 257 20 2.76 % 241 7 1.14 %
Interest-bearing liabilities — all other segments $ 18,149 $ 149 0.82 % $ 12,649 $ 108 0.85 %
Total interest-bearing liabilities $ 58,774 $ 305 0.52 % $ 42,968 $ 150 0.34 %
Firmwide net interest income $ 1,203 $ 673
Net interest margin (net yield on interest-earning assets)
Bank segment 2.39 % 1.95 %
Firmwide 1.77 % 1.35 %

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

10

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Three months ended % change from
--- --- --- --- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Net revenues:
Private Client Group $ 1,991 $ 1,801 $ 1,958 11% 2%
Capital Markets (4) 399 554 383 (28)% 4%
Asset Management (3) 216 238 228 (9)% (5)%
Bank (3) 428 176 276 143% 55%
Other (23) 4 (2) (21) NM NM
Intersegment eliminations (207) (72) (106) (188)% (95)%
Total net revenues $ 2,831 $ 2,695 $ 2,718 5% 4%
Pre-tax income/(loss):
Private Client Group $ 371 $ 222 $ 251 67% 48%
Capital Markets (4) 66 183 61 (64)% 8%
Asset Management (3) 83 114 93 (27)% (11)%
Bank (3) 123 81 74 52% 66%
Other (23) (27) (40) (64) 33% 58%
Pre-tax income $ 616 $ 560 $ 415 10% 48%
Twelve months ended
--- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 % change
Net revenues:
Private Client Group $ 7,710 $ 6,611 17%
Capital Markets (4) 1,809 1,885 (4)%
Asset Management (3) 914 867 5%
Bank (3) 1,084 672 61%
Other (23) (50) (8) (525)%
Intersegment eliminations (464) (267) (74)%
Total net revenues $ 11,003 $ 9,760 13%
Pre-tax income/(loss):
Private Client Group $ 1,030 $ 749 38%
Capital Markets (4) 415 532 (22)%
Asset Management (3) 386 389 (1)%
Bank (3) 382 367 4%
Other (23) (191) (246) 22%
Pre-tax income $ 2,022 $ 1,791 13%

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

11

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Private Client Group
--- --- --- --- --- --- --- --- ---
Three months ended % change from
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Revenues:
Asset management and related administrative fees $ 1,089 $ 1,142 $ 1,214 (5)% (10)%
Brokerage revenues:
Mutual and other fund products 134 172 149 (22)% (10)%
Insurance and annuity products 108 118 109 (8)% (1)%
Equities, ETFs and fixed income products 107 100 115 7% (7)%
Total brokerage revenues 349 390 373 (11)% (6)%
Account and service fees:
Mutual fund and annuity service fees 103 110 102 (6)% 1%
RJBDP fees: (17)
Bank segment (17) 179 49 79 265% 127%
Third-party banks 109 18 56 506% 95%
Client account and other fees 59 44 59 34% —%
Total account and service fees 450 221 296 104% 52%
Investment banking 10 14 6 (29)% 67%
Interest income 111 32 68 247% 63%
All other 8 5 11 60% (27)%
Total revenues 2,017 1,804 1,968 12% 2%
Interest expense (26) (3) (10) 767% 160%
Net revenues 1,991 1,801 1,958 11% 2%
Non-interest expenses:
Financial advisor compensation and benefits 1,091 1,151 1,187 (5)% (8)%
Administrative compensation and benefits 321 255 306 26% 5%
Total compensation, commissions and benefits 1,412 1,406 1,493 —% (5)%
Non-compensation expenses 208 173 214 20% (3)%
Total non-interest expenses 1,620 1,579 1,707 3% (5)%
Pre-tax income $ 371 $ 222 $ 251 67% 48%

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

12

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Private Client Group
--- --- --- --- --- ---
Twelve months ended
$ in millions September 30,<br>2022 September 30,<br>2021 % change
Revenues:
Asset management and related administrative fees $ 4,710 $ 4,056 16%
Brokerage revenues:
Mutual and other fund products 620 670 (7)%
Insurance and annuity products 438 438 —%
Equities, ETFs and fixed income products 458 438 5%
Total brokerage revenues 1,516 1,546 (2)%
Account and service fees:
Mutual fund and annuity service fees 428 408 5%
RJBDP fees: (17)
Bank segment (17) 357 183 95%
Third-party banks 202 76 166%
Client account and other fees 220 157 40%
Total account and service fees 1,207 824 46%
Investment banking 38 47 (19)%
Interest income 249 123 102%
All other 32 25 28%
Total revenues 7,752 6,621 17%
Interest expense (42) (10) 320%
Net revenues 7,710 6,611 17%
Non-interest expenses:
Financial advisor compensation and benefits 4,696 4,204 12%
Administrative compensation and benefits 1,199 1,015 18%
Total compensation, commissions and benefits 5,895 5,219 13%
Non-compensation expenses 785 643 22%
Total non-interest expenses 6,680 5,862 14%
Pre-tax income $ 1,030 $ 749 38%

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

13

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Capital Markets (4)
--- --- --- --- --- --- --- --- ---
Three months ended % change from
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Revenues:
Brokerage revenues:
Fixed income $ 96 $ 118 $ 107 (19)% (10)%
Equity 30 33 32 (9)% (6)%
Total brokerage revenues 126 151 139 (17)% (9)%
Investment banking:
Merger & acquisition and advisory 152 215 147 (29)% 3%
Equity underwriting 25 89 36 (72)% (31)%
Debt underwriting 30 46 34 (35)% (12)%
Total investment banking 207 350 217 (41)% (5)%
Interest income 20 4 6 400% 233%
Affordable housing investments business revenues 56 48 21 17% 167%
All other 9 4 3 125% 200%
Total revenues 418 557 386 (25)% 8%
Interest expense (19) (3) (3) 533% 533%
Net revenues 399 554 383 (28)% 4%
Non-interest expenses:
Compensation, commissions and benefits 238 288 243 (17)% (2)%
Non-compensation expenses 95 83 79 14% 20%
Total non-interest expenses 333 371 322 (10)% 3%
Pre-tax income $ 66 $ 183 $ 61 (64)% 8%
Twelve months ended
--- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 % change
Revenues:
Brokerage revenues:
Fixed income $ 448 $ 515 (13)%
Equity 142 145 (2)%
Total brokerage revenues 590 660 (11)%
Investment banking:
Merger & acquisition and advisory 709 639 11%
Equity underwriting 210 285 (26)%
Debt underwriting 143 172 (17)%
Total investment banking 1,062 1,096 (3)%
Interest income 36 16 125%
Affordable housing investments business revenues 127 105 21%
All other 21 18 17%
Total revenues 1,836 1,895 (3)%
Interest expense (27) (10) 170%
Net revenues 1,809 1,885 (4)%
Non-interest expenses:
Compensation, commissions and benefits 1,065 1,055 1%
Non-compensation expenses 329 298 10%
Total non-interest expenses 1,394 1,353 3%
Pre-tax income $ 415 $ 532 (22)%

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

14

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Asset Management (3)
--- --- --- --- --- --- --- --- ---
Three months ended % change from
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Revenues:
Asset management and related administrative fees:
Managed programs $ 140 $ 156 $ 145 (10)% (3)%
Administration and other 69 74 75 (7)% (8)%
Total asset management and related administrative fees 209 230 220 (9)% (5)%
Account and service fees 5 5 5 —% —%
All other 2 3 3 (33)% (33)%
Net revenues 216 238 228 (9)% (5)%
Non-interest expenses:
Compensation, commissions and benefits 52 44 49 18% 6%
Non-compensation expenses 81 80 86 1% (6)%
Total non-interest expenses 133 124 135 7% (1)%
Pre-tax income $ 83 $ 114 $ 93 (27)% (11)%
Twelve months ended
--- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 % change
Revenues:
Asset management and related administrative fees:
Managed programs $ 585 $ 570 3%
Administration and other 297 267 11%
Total asset management and related administrative fees 882 837 5%
Account and service fees 22 18 22%
All other 10 12 (17)%
Net revenues 914 867 5%
Non-interest expenses:
Compensation, commissions and benefits 194 182 7%
Non-compensation expenses 334 296 13%
Total non-interest expenses 528 478 10%
Pre-tax income $ 386 $ 389 (1)%

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

15

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Bank (3)
--- --- --- --- --- --- --- --- ---
Three months ended % change from
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Revenues:
Interest income $ 527 $ 179 $ 296 194% 78%
Interest expense (110) (10) (26) 1,000% 323%
Net interest income 417 169 270 147% 54%
All other 11 7 6 57% 83%
Net revenues 428 176 276 143% 55%
Non-interest expenses:
Compensation and benefits 36 13 21 177% 71%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses 34 5 56 580% (39)%
RJBDP fees to Private Client Group (17) 179 49 79 265% 127%
All other 56 28 46 100% 22%
Total non-compensation expenses 269 82 181 228% 49%
Total non-interest expenses 305 95 202 221% 51%
Pre-tax income $ 123 $ 81 $ 74 52% 66%
Twelve months ended
--- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 % change
Revenues:
Interest income $ 1,209 $ 684 77%
Interest expense (156) (42) 271%
Net interest income 1,053 642 64%
All other 31 30 3%
Net revenues 1,084 672 61%
Non-interest expenses:
Compensation and benefits 84 51 65%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses 100 (32) NM
RJBDP fees to Private Client Group (17) 357 183 95%
All other 161 103 56%
Total non-compensation expenses 618 254 143%
Total non-interest expenses 702 305 130%
Pre-tax income $ 382 $ 367 4%

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

16

RAYMOND JAMES FINANCIAL, INC. Segment Results
Fiscal Fourth Quarter of 2022 (Unaudited)
Other (23)
--- --- --- --- --- --- --- --- ---
Three months ended % change from
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Revenues:
Interest income $ 15 $ 2 $ 6 650% 150%
Net gains/(losses) on private equity investments (8) 9 18 (3) (50)% NM
All other 2 (1) — NM NM
Total revenues 26 19 3 37% 767%
Interest expense (22) (21) (24) 5% (8)%
Net revenues 4 (2) (21) NM NM
Non-interest expenses:
Compensation and all other (8) 31 38 43 (18)% (28)%
Total non-interest expenses 31 38 43 (18)% (28)%
Pre-tax loss $ (27) $ (40) $ (64) 33% 58%
Twelve months ended
--- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 % change
Revenues:
Interest income $ 25 $ 8 213%
Net gains on private equity investments (8) 9 74 (88)%
All other 9 6 50%
Total revenues 43 88 (51)%
Interest expense (93) (96) (3)%
Net revenues (50) (8) (525)%
Non-interest expenses:
Compensation and all other (8) 141 140 1%
Losses on extinguishment of debt (12) — 98 (100)%
Total non-interest expenses 141 238 (41)%
Pre-tax loss $ (191) $ (246) 22%

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

17

RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics
Fiscal Fourth Quarter of 2022 (Unaudited)

Bank Segment (3)

Our Bank segment includes Raymond James Bank and TriState Capital Bank.

As of % change from
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Total assets $ 56,737 $ 36,154 $ 55,562 57% 2%
Bank loans, net:
Raymond James Bank $ 31,109 $ 24,994 $ 30,053 24% 4%
TriState Capital Bank 12,130 — 11,790 NM 3%
Total bank loans, net $ 43,239 $ 24,994 $ 41,843 73% 3%
Bank loan allowance for credit losses $ 396 $ 320 $ 377 24% 5%
Bank loan allowance for credit losses as a % of total loans held for investment 0.91 % 1.27 % 0.90 %
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (24) 1.73 % 2.25 % 1.73 %
Total nonperforming assets $ 74 $ 74 $ 92 —% (20)%
Nonperforming assets as a % of total assets 0.13 % 0.20 % 0.17 %
Total criticized loans $ 496 $ 824 $ 687 (40)% (28)%
Criticized loans as a % of loans held for investment 1.14 % 3.27 % 1.63 %
Three months ended % change from Twelve months ended
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021 % change
Bank loan provision/(benefit) for credit losses (11) $ 34 $ 5 $ 56 580% (39)% $ 100 $ (32) NM
Net charge-offs $ 14 $ 7 $ 10 100% 40% $ 26 $ 13 100%

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 Fourth Quarter of 2022 (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 provides 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. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. 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 Twelve months ended
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Net income available to common shareholders $ 437 $ 429 $ 299 $ 1,505 $ 1,403
Non-GAAP adjustments:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits:
Acquisition-related retention (10) 17 13 16 58 48
Other acquisition-related compensation (9) — 1 2 2 1
Total “Compensation, commissions and benefits” expense 17 14 18 60 49
Professional fees (9) 1 5 4 12 10
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (11) — — 26 26 —
Other:
Amortization of identifiable intangible assets (25) 11 7 8 33 21
Initial provision for credit losses on acquired lending commitments (11) — — 5 5 —
All other acquisition-related expenses (9) 1 1 4 11 2
Total “Other” expense 12 8 17 49 23
Total expenses related to acquisitions 30 27 65 147 82
Losses on extinguishment of debt (12) — — — — 98
Pre-tax impact of non-GAAP adjustments 30 27 65 147 180
Tax effect of non-GAAP adjustments (8) (6) (16) (37) (43)
Total non-GAAP adjustments, net of tax 22 21 49 110 137
Adjusted net income available to common shareholders (2) $ 459 $ 450 $ 348 $ 1,615 $ 1,540
Pre-tax income $ 616 $ 560 $ 415 $ 2,022 $ 1,791
Pre-tax impact of non-GAAP adjustments (as detailed above) 30 27 65 147 180
Adjusted pre-tax income (2) $ 646 $ 587 $ 480 $ 2,169 $ 1,971
Compensation, commissions and benefits expense $ 1,759 $ 1,775 $ 1,834 $ 7,329 $ 6,584
Less: Total compensation-related acquisition expenses (as detailed above) 17 14 18 60 49
Adjusted “Compensation, commissions and benefits” expense (2) $ 1,742 $ 1,761 $ 1,816 $ 7,269 $ 6,535

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 Fourth Quarter of 2022 (Unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures
--- --- --- --- --- --- --- --- --- --- ---
(Continued from previous page)
Three months ended Twelve months ended
September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Pre-tax margin (15) 21.8 % 20.8 % 15.3 % 18.4 % 18.4 %
Impact of non-GAAP adjustments on pre-tax margin:
Compensation, commissions and benefits:
Acquisition-related retention (10) 0.6 % 0.6 % 0.6 % 0.5 % 0.5 %
Other acquisition-related compensation (9) — % — % 0.1 % — % — %
Total “Compensation, commissions and benefits” expense 0.6 % 0.6 % 0.7 % 0.5 % 0.5 %
Professional fees (9) — % 0.2 % 0.1 % 0.1 % 0.1 %
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (11) — % — % 1.0 % 0.2 % — %
Other:
Amortization of identifiable intangible assets (25) 0.4 % 0.2 % 0.3 % 0.3 % 0.2 %
Initial provision for credit losses on acquired lending commitments (11) — % — % 0.2 % 0.1 % — %
All other acquisition-related expenses (9) — % — % 0.1 % 0.1 % — %
Total “Other” expense 0.4 % 0.2 % 0.6 % 0.5 % 0.2 %
Total expenses related to acquisitions 1.0 % 1.0 % 2.4 % 1.3 % 0.8 %
Losses on extinguishment of debt (12) — % — % — % — % 1.0 %
Total non-GAAP adjustments 1.0 % 1.0 % 2.4 % 1.3 % 1.8 %
Adjusted pre-tax margin (2) (15) 22.8 % 21.8 % 17.7 % 19.7 % 20.2 %
Total compensation ratio (16) 62.1 % 65.9 % 67.5 % 66.6 % 67.5 %
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (10) 0.6 % 0.6 % 0.6 % 0.5 % 0.5 %
Other acquisition-related compensation (9) — % — % 0.1 % — % — %
Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.6 % 0.7 % 0.5 % 0.5 %
Adjusted total compensation ratio (2) (16) 61.5 % 65.3 % 66.8 % 66.1 % 67.0 %

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 Fourth Quarter of 2022 (Unaudited)
Reconciliation of non-GAAP financial measures to GAAP financial measures
--- --- --- --- --- --- --- --- --- --- ---
(Continued from previous page)
Three months ended Twelve months ended
Earnings per common share (7) September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Basic $ 2.03 $ 2.08 $ 1.41 $ 7.16 $ 6.81
Impact of non-GAAP adjustments on basic earnings per common share:
Compensation, commissions and benefits:
Acquisition-related retention (10) 0.08 0.06 0.08 0.28 0.23
Other acquisition-related compensation (9) — 0.01 0.01 0.01 0.01
Total “Compensation, commissions and benefits” expense 0.08 0.07 0.09 0.29 0.24
Professional fees (9) — 0.02 0.02 0.06 0.05
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (11) — — 0.12 0.12 —
Other:
Amortization of identifiable intangible assets (25) 0.05 0.03 0.04 0.16 0.10
Initial provision for credit losses on acquired lending commitments (11) — — 0.02 0.02 —
All other acquisition-related expenses (9) 0.01 0.01 0.02 0.05 0.01
Total “Other” expense 0.06 0.04 0.08 0.23 0.11
Total expenses related to acquisitions 0.14 0.13 0.31 0.70 0.40
Losses on extinguishment of debt (12) — — — — 0.48
Tax effect of non-GAAP adjustments (0.04) (0.03) (0.07) (0.18) (0.21)
Total non-GAAP adjustments, net of tax 0.10 0.10 0.24 0.52 0.67
Adjusted basic (2) $ 2.13 $ 2.18 $ 1.65 $ 7.68 $ 7.48
Diluted $ 1.98 $ 2.02 $ 1.38 $ 6.98 $ 6.63
Impact of non-GAAP adjustments on diluted earnings per common share:
Compensation, commissions and benefits:
Acquisition-related retention (10) 0.08 0.06 0.07 0.27 0.23
Other acquisition-related compensation (9) — 0.01 0.01 0.01 —
Total “Compensation, commissions and benefits” expense 0.08 0.07 0.08 0.28 0.23
Professional fees (9) — 0.02 0.02 0.06 0.05
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (11) — — 0.12 0.12 —
Other:
Amortization of identifiable intangible assets (25) 0.05 0.03 0.04 0.15 0.10
Initial provision for credit losses on acquired lending commitments (11) — — 0.02 0.02 —
All other acquisition-related expenses (9) 0.01 0.01 0.02 0.05 0.01
Total “Other” expense 0.06 0.04 0.08 0.22 0.11
Total expenses related to acquisitions 0.14 0.13 0.30 0.68 0.39
Losses on extinguishment of debt (12) — — — — 0.46
Tax effect of non-GAAP adjustments (0.04) (0.03) (0.07) (0.17) (0.20)
Total non-GAAP adjustments, net of tax 0.10 0.10 0.23 0.51 0.65
Adjusted diluted (2) $ 2.08 $ 2.12 $ 1.61 $ 7.49 $ 7.28

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 Fourth Quarter of 2022 (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 September 30,<br>2022 September 30,<br>2021 June 30,<br>2022
Total common equity attributable to Raymond James Financial, Inc. $ 9,338 $ 8,245 $ 9,395
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net 1,931 882 1,810
Deferred tax liabilities related to goodwill and identifiable intangible assets, net (108) (64) (128)
Tangible common equity attributable to Raymond James Financial, Inc. $ 7,515 $ 7,427 $ 7,713
Common shares outstanding 215.1 205.7 215.5
Book value per share (13) $ 43.41 $ 40.08 $ 43.60
Tangible book value per share (2) (13) $ 34.94 $ 36.11 $ 35.79
Return on common equity Three months ended Twelve months ended
--- --- --- --- --- --- --- --- --- --- ---
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Average common equity (26) $ 9,367 $ 8,054 $ 8,999 $ 8,836 $ 7,635
Impact of non-GAAP adjustments on average common equity:
Compensation, commissions and benefits:
Acquisition-related retention (10) 9 6 8 27 23
Other acquisition-related compensation (9) — 1 1 1 —
Total “Compensation, commissions and benefits” expense 9 7 9 28 23
Professional fees (9) 1 3 2 6 4
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (11) — — 13 10 —
Other:
Amortization of identifiable intangible assets (25) 5 3 4 16 9
Initial provision for credit losses on acquired lending commitments (11) — — 3 2 —
All other acquisition-related expenses (9) — 1 2 6 1
Total “Other” expense 5 4 9 24 10
Total expenses related to acquisitions 15 14 33 68 37
Losses on extinguishment of debt (12) — — — — 39
Tax effect of non-GAAP adjustments (4) (3) (8) (17) (18)
Total non-GAAP adjustments, net of tax 11 11 25 51 58
Adjusted average common equity (2) (26) $ 9,378 $ 8,065 $ 9,024 $ 8,887 $ 7,693

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

22

RAYMOND JAMES FINANCIAL, INC. Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2022 (Unaudited) Reconciliation of non-GAAP financial measures to GAAP financial measures
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Continued from previous page)
Three months ended Twelve months ended
$ in millions September 30,<br>2022 September 30,<br>2021 June 30,<br>2022 September 30,<br>2022 September 30,<br>2021
Average common equity (26) $ 9,367 $ 8,054 $ 8,999 $ 8,836 $ 7,635
Less:
Average goodwill and identifiable intangible assets, net 1,871 872 1,460 1,322 809
Deferred tax liabilities related to goodwill and identifiable intangible assets, net (118) (60) (108) (91) (53)
Average tangible common equity (2) (26) $ 7,614 $ 7,242 $ 7,647 $ 7,605 $ 6,879
Impact of non-GAAP adjustments on average tangible common equity:
Compensation, commissions and benefits:
Acquisition-related retention (10) 9 6 8 27 23
Other acquisition-related compensation (9) — 1 1 1 —
Total “Compensation, commissions and benefits” expense 9 7 9 28 23
Professional fees (9) 1 3 2 6 4
Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (11) — — 13 10 —
Other:
Amortization of identifiable intangible assets (25) 5 3 4 16 9
Initial provision for credit losses on acquired lending commitments (11) — — 3 2 —
All other acquisition-related expenses (9) — 1 2 6 1
Total “Other” expense 5 4 9 24 10
Total expenses related to acquisitions 15 14 33 68 37
Losses on extinguishment of debt (12) — — — — 39
Tax effect of non-GAAP adjustments (4) (3) (8) (17) (18)
Total non-GAAP adjustments, net of tax 11 11 25 51 58
Adjusted average tangible common equity (2) (26) $ 7,625 $ 7,253 $ 7,672 $ 7,656 $ 6,937
Return on common equity (14) 18.7 % 21.3 % 13.3 % 17.0 % 18.4 %
Adjusted return on common equity (2) (14) 19.6 % 22.3 % 15.4 % 18.2 % 20.0 %
Return on tangible common equity (2) (14) 23.0 % 23.7 % 15.6 % 19.8 % 20.4 %
Adjusted return on tangible common equity (2) (14) 24.1 % 24.8 % 18.1 % 21.1 % 22.2 %

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

23

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2022                                 Footnotes

(1) 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.
(2) 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. Beginning with our fiscal third quarter of 2022, certain non-GAAP financial measures were adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation.
(3) On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly-owned subsidiaries TriState Capital Bank, a Pennsylvania-chartered state bank, and Chartwell Investment Partners, LLC (“Chartwell”), a registered investment adviser. TriState Capital Bank and Chartwell have been integrated into our Bank and Asset Management segments, respectively, and their results of operations have been included in our results prospectively from the closing date of June 1, 2022. TriState Capital Bank will continue to operate as a separately branded firm and as an independently-chartered bank.
(4) On July 1, 2022, we completed our acquisition of SumRidge Partners, LLC (“SumRidge Partners”). SumRidge Partners has been integrated into our Capital Markets segment, and its results of operations have been included in our results prospectively from the closing date of July 1, 2022.
(5) This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.
(6) Estimated.
(7) 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, 2022, June 30, 2022, and September 30, 2021, and $3 million and $2 million for the twelve months ended September 30, 2022 and 2021, respectively.
(8) Other revenues included $9 million and $18 million of net private equity gains and $3 million of net private equity losses for the three months ended September 30, 2022, September 30, 2021, and June 30, 2022, respectively, and $9 million and $74 million of net private equity gains for the years ended September 30, 2022 and 2021, respectively. These amounts were included in our Other segment. For the three months and year ended September 30, 2021, $5 million and $25 million, respectively, of such gains were attributable to noncontrolling interests and were offset in “Other” expenses. Amounts attributable to noncontrolling interests were insignificant for the three months ended September 30, 2022 and June 30, 2022, and the year ended September 30, 2022.
(9) Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation.
(10) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in the current year and in prior years. 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.
(11) Our results for the three months ended June 30, 2022 and twelve months ended September 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision/(benefit) for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date.
(12) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026, which occurred during our fiscal third quarter of 2021.
(13) 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. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes.
(14) 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.
(15) 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.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Fourth Quarter of 2022                                 Footnotes

(16) 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.
(17) We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. Fees earned by the Private Client Group on deposits held by our Bank segment are eliminated in consolidation.
(18) 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.
(19) Loans are presented net of unamortized discounts, unearned income, and deferred loan fees and costs.
(20) 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.
(21) The average yield is presented on a tax-equivalent basis for each respective period.
(22) 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) The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt and any losses on the extinguishment of such debt.
(24) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.
(25) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.
(26) Average common equity 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 fiscal year, 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 five, 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 five. 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.

25

rjf0930q422supplement

Quarterly Financial Supplement Fourth quarter & fiscal 2022 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 Twelve months ended in millions, except per share amounts September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,366 $ 1,382 $ 1,464 $ 1,427 $ 1,290 (6) % (10) % $ 4,868 $ 5,563 14 % Brokerage revenues: Securities commissions 412 425 422 385 357 (13) % (7) % 1,651 1,589 (4) % Principal transactions 129 133 142 128 124 (4) % (3) % 561 527 (6) % Total brokerage revenues 541 558 564 513 481 (11) % (6) % 2,212 2,116 (4) % Account and service fees 170 177 179 211 266 56 % 26 % 635 833 31 % Investment banking 364 425 235 223 217 (40) % (3) % 1,143 1,100 (4) % Interest income 215 225 242 374 667 210 % 78 % 823 1,508 83 % Other (1) 74 51 27 30 80 8 % 167 % 229 188 (18) % Total revenues 2,730 2,818 2,711 2,778 3,001 10 % 8 % 9,910 11,308 14 % Interest expense (35) (37) (38) (60) (170) 386 % 183 % (150) (305) 103 % Net revenues 2,695 2,781 2,673 2,718 2,831 5 % 4 % 9,760 11,003 13 % Non-interest expenses: Compensation, commissions and benefits (2) (3) 1,775 1,884 1,852 1,834 1,759 (1) % (4) % 6,584 7,329 11 % Non-compensation expenses: Communications and information processing 114 112 127 129 138 21 % 7 % 429 506 18 % Occupancy and equipment 60 59 62 65 66 10 % 2 % 232 252 9 % Business development 36 35 34 58 59 64 % 2 % 111 186 68 % Investment sub-advisory fees 37 38 40 38 36 (3) % (5) % 130 152 17 % Professional fees (2) 37 28 27 38 38 3 % — % 122 131 7 % Bank loan provision/(benefit) for credit losses (4) 5 (11) 21 56 34 580 % (39) % (32) 100 NM Losses on extinguishment of debt (5) — — — — — — % — % 98 — (100) % Other (1) (2) (4) 71 78 77 85 85 20 % — % 295 325 10 % Total non-compensation expenses 360 339 388 469 456 27 % (3) % 1,385 1,652 19 % Total non-interest expenses 2,135 2,223 2,240 2,303 2,215 4 % (4) % 7,969 8,981 13 % Pre-tax income 560 558 433 415 616 10 % 48 % 1,791 2,022 13 % Provision for income taxes 131 112 110 114 177 35 % 55 % 388 513 32 % Net income 429 446 323 301 439 2 % 46 % 1,403 1,509 8 % Preferred stock dividends — — — 2 2 NM — % — 4 NM Net income available to common shareholders $ 429 $ 446 $ 323 $ 299 $ 437 2 % 46 % $ 1,403 $ 1,505 7 % Earnings per common share – basic (6) $ 2.08 $ 2.16 $ 1.56 $ 1.41 $ 2.03 (2) % 44 % $ 6.81 $ 7.16 5 % Earnings per common share – diluted (6) $ 2.02 $ 2.10 $ 1.52 $ 1.38 $ 1.98 (2) % 43 % $ 6.63 $ 6.98 5 % Weighted-average common shares outstanding – basic 205.5 206.3 207.7 210.7 215.0 5 % 2 % 205.7 209.9 2 % Weighted-average common and common equivalent shares outstanding – diluted 211.7 212.4 213.0 215.7 220.6 4 % 2 % 211.2 215.3 2 % 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 millions, except per share amounts September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Total assets $ 61,891 $ 68,461 $ 73,101 $ 86,111 $ 80,951 31 % (6) % Total common equity attributable to Raymond James Financial, Inc. $ 8,245 $ 8,600 $ 8,602 $ 9,395 $ 9,338 13 % (1) % Book value per share (7) $ 40.08 $ 41.45 $ 41.38 $ 43.60 $ 43.41 8 % — % Tangible book value per share (7) (8) $ 36.11 $ 37.55 $ 36.46 $ 35.79 $ 34.94 (3) % (2) % Capital ratios: Tier 1 leverage 12.6 % 12.1 % 11.1 % 10.8 % 10.3 % (9) Tier 1 capital 25.0 % 25.9 % 23.9 % 20.2 % 19.2 % (9) Common equity tier 1 25.0 % 25.9 % 23.9 % 20.0 % 19.0 % (9) Total capital 26.2 % 27.0 % 25.0 % 21.5 % 20.5 % (9) Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Adjusted pre-tax income (8) $ 587 $ 579 $ 464 $ 480 $ 646 10 % 35 % $ 1,971 $ 2,169 10 % Adjusted net income available to common shareholders (8) $ 450 $ 462 $ 346 $ 348 $ 459 2 % 32 % $ 1,540 $ 1,615 5 % Adjusted earnings per common share – basic (6) (8) $ 2.18 $ 2.23 $ 1.67 $ 1.65 $ 2.13 (2) % 29 % $ 7.48 $ 7.68 3 % Adjusted earnings per common share – diluted (6) (8) $ 2.12 $ 2.17 $ 1.62 $ 1.61 $ 2.08 (2) % 29 % $ 7.28 $ 7.49 3 % Return on common equity (10) 21.3 % 21.2 % 15.0 % 13.3 % 18.7 % 18.4 % 17.0 % Adjusted return on common equity (8) (10) 22.3 % 21.9 % 16.1 % 15.4 % 19.6 % 20.0 % 18.2 % Adjusted return on tangible common equity (8) (10) 24.8 % 24.3 % 18.0 % 18.1 % 24.1 % 22.2 % 21.1 % Pre-tax margin (11) 20.8 % 20.1 % 16.2 % 15.3 % 21.8 % 18.4 % 18.4 % Adjusted pre-tax margin (8) (11) 21.8 % 20.8 % 17.4 % 17.7 % 22.8 % 20.2 % 19.7 % Total compensation ratio (12) 65.9 % 67.7 % 69.3 % 67.5 % 62.1 % 67.5 % 66.6 % Adjusted total compensation ratio (8) (12) 65.3 % 67.3 % 68.8 % 66.8 % 61.5 % 67.0 % 66.1 % Effective tax rate 23.4 % 20.1 % 25.4 % 27.5 % 28.7 % 21.7 % 25.4 % 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 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Client asset metrics ($ in billions): Client assets under administration $ 1,178.7 $ 1,257.8 $ 1,256.1 $ 1,125.3 $ 1,093.1 (7) % (3) % Private Client Group assets under administration $ 1,115.4 $ 1,199.8 $ 1,198.3 $ 1,068.8 $ 1,039.0 (7) % (3) % Private Client Group assets in fee-based accounts $ 627.1 $ 677.8 $ 678.0 $ 606.7 $ 586.0 (7) % (3) % Financial assets under management $ 191.9 $ 203.2 $ 193.7 $ 182.4 $ 173.8 (9) % (5) % Clients' domestic cash sweep balances ($ in millions): Raymond James Bank Deposit Program (“RJBDP”): (13) Bank segment (13) (14) $ 31,410 $ 33,097 $ 33,570 $ 36,646 $ 38,705 23 % 6 % Third-party banks 24,496 24,316 25,887 25,478 21,964 (10) % (14) % Subtotal RJBDP 55,906 57,413 59,457 62,124 60,669 9 % (2) % Client Interest Program 10,762 16,065 17,013 13,717 6,445 (40) % (53) % Total clients’ domestic cash sweep balances $ 66,668 $ 73,478 $ 76,470 $ 75,841 $ 67,114 1 % (12) % Three months ended Twelve months ended September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average yield on RJBDP - third-party banks (15) 0.29 % 0.28 % 0.32 % 0.88 % 1.85 % 0.30 % 0.82 % As of % change from September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Private Client Group financial advisors: Employees 3,461 3,447 3,601 3,615 3,638 5 % 1 % Independent contractors (16) 5,021 5,017 5,129 5,001 5,043 — % 1 % Total advisors (16) 8,482 8,464 8,730 8,616 8,681 2 % 1 % 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,142 $ 1,162 $ 1,245 $ 1,214 $ 1,089 (5) % (10) % $ 4,056 $ 4,710 16 % Brokerage revenues: Mutual and other fund products 172 171 166 149 134 (22) % (10) % 670 620 (7) % Insurance and annuity products 118 111 110 109 108 (8) % (1) % 438 438 — % Equities, ETFs, and fixed income products 100 115 121 115 107 7 % (7) % 438 458 5 % Total brokerage revenues 390 397 397 373 349 (11) % (6) % 1,546 1,516 (2) % Account and service fees: Mutual fund and annuity service fees 110 114 109 102 103 (6) % 1 % 408 428 5 % RJBDP fees: (13) Bank segment (13) 49 50 49 79 179 265 % 127 % 183 357 95 % Third-party banks 18 17 20 56 109 506 % 95 % 76 202 166 % Client account and other fees 44 49 53 59 59 34 % — % 157 220 40 % Total account and service fees 221 230 231 296 450 104 % 52 % 824 1,207 46 % Investment banking 14 13 9 6 10 (29) % 67 % 47 38 (19) % Interest income 32 33 37 68 111 247 % 63 % 123 249 102 % All other 5 7 6 11 8 60 % (27) % 25 32 28 % Total revenues 1,804 1,842 1,925 1,968 2,017 12 % 2 % 6,621 7,752 17 % Interest expense (3) (3) (3) (10) (26) 767 % 160 % (10) (42) 320 % Net revenues 1,801 1,839 1,922 1,958 1,991 11 % 2 % 6,611 7,710 17 % Non-interest expenses: Financial advisor compensation and benefits 1,151 1,187 1,231 1,187 1,091 (5) % (8) % 4,204 4,696 12 % Administrative compensation and benefits 255 283 289 306 321 26 % 5 % 1,015 1,199 18 % Total compensation, commissions and benefits 1,406 1,470 1,520 1,493 1,412 — % (5) % 5,219 5,895 13 % Non-compensation expenses 173 174 189 214 208 20 % (3) % 643 785 22 % Total non-interest expenses 1,579 1,644 1,709 1,707 1,620 3 % (5) % 5,862 6,680 14 % Pre-tax income $ 222 $ 195 $ 213 $ 251 $ 371 67 % 48 % $ 749 $ 1,030 38 % 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Brokerage revenues: Fixed income $ 118 $ 120 $ 125 $ 107 $ 96 (19) % (10) % $ 515 $ 448 (13) % Equity 33 39 41 32 30 (9) % (6) % 145 142 (2) % Total brokerage revenues 151 159 166 139 126 (17) % (9) % 660 590 (11) % Investment banking: Merger & acquisition and advisory 215 271 139 147 152 (29) % 3 % 639 709 11 % Equity underwriting 89 97 52 36 25 (72) % (31) % 285 210 (26) % Debt underwriting 46 44 35 34 30 (35) % (12) % 172 143 (17) % Total investment banking 350 412 226 217 207 (41) % (5) % 1,096 1,062 (3) % Interest income 4 5 5 6 20 400 % 233 % 16 36 125 % Affordable housing investments business revenues 48 35 15 21 56 17 % 167 % 105 127 21 % All other 4 5 4 3 9 125 % 200 % 18 21 17 % Total revenues 557 616 416 386 418 (25) % 8 % 1,895 1,836 (3) % Interest expense (3) (2) (3) (3) (19) 533 % 533 % (10) (27) 170 % Net revenues 554 614 413 383 399 (28) % 4 % 1,885 1,809 (4) % Non-interest expenses: Compensation, commissions and benefits 288 331 253 243 238 (17) % (2) % 1,055 1,065 1 % Non-compensation expenses 83 82 73 79 95 14 % 20 % 298 329 10 % Total non-interest expenses 371 413 326 322 333 (10) % 3 % 1,353 1,394 3 % Pre-tax income $ 183 $ 201 $ 87 $ 61 $ 66 (64) % 8 % $ 532 $ 415 (22) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (17) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Asset management and related administrative fees: Managed programs $ 156 $ 151 $ 149 $ 145 $ 140 (10) % (3) % $ 570 $ 585 3 % Administration and other 74 76 77 75 69 (7) % (8) % 267 297 11 % Total asset management and related administrative fees 230 227 226 220 209 (9) % (5) % 837 882 5 % Account and service fees 5 6 6 5 5 — % — % 18 22 22 % All other 3 3 2 3 2 (33) % (33) % 12 10 (17) % Net revenues 238 236 234 228 216 (9) % (5) % 867 914 5 % Non-interest expenses: Compensation, commissions and benefits 44 46 47 49 52 18 % 6 % 182 194 7 % Non-compensation expenses 80 83 84 86 81 1 % (6) % 296 334 13 % Total non-interest expenses 124 129 131 135 133 7 % (1) % 478 528 10 % Pre-tax income $ 114 $ 107 $ 103 $ 93 $ 83 (27) % (11) % $ 389 $ 386 (1) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Interest income $ 179 $ 187 $ 199 $ 296 $ 527 194 % 78 % $ 684 $ 1,209 77 % Interest expense (10) (10) (10) (26) (110) 1,000 % 323 % (42) (156) 271 % Net interest income 169 177 189 270 417 147 % 54 % 642 1,053 64 % All other 7 6 8 6 11 57 % 83 % 30 31 3 % Net revenues 176 183 197 276 428 143 % 55 % 672 1,084 61 % Non-interest expenses: Compensation and benefits 13 13 14 21 36 177 % 71 % 51 84 65 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 5 (11) 21 56 34 580 % (39) % (32) 100 NM RJBDP fees to Private Client Group (13) 49 50 49 79 179 265 % 127 % 183 357 95 % All other 28 29 30 46 56 100 % 22 % 103 161 56 % Total non-compensation expenses 82 68 100 181 269 228 % 49 % 254 618 143 % Total non-interest expenses 95 81 114 202 305 221 % 51 % 305 702 130 % Pre-tax income $ 81 $ 102 $ 83 $ 74 $ 123 52 % 66 % $ 367 $ 382 4 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Revenues: Interest income $ 2 $ 1 $ 3 $ 6 $ 15 650 % 150 % $ 8 $ 25 213 % Net gains/(losses) on private equity investments (1) 18 5 (2) (3) 9 (50) % NM 74 9 (88) % All other (1) 2 5 — 2 NM NM 6 9 50 % Total revenues 19 8 6 3 26 37 % 767 % 88 43 (51) % Interest expense (21) (23) (24) (24) (22) 5 % (8) % (96) (93) (3) % Net revenues (2) (15) (18) (21) 4 NM NM (8) (50) (525) % Non-interest expenses: Compensation and all other (1) 38 32 35 43 31 (18) % (28) % 140 141 1 % Losses on extinguishment of debt (5) — — — — — — % — % 98 — (100) % Total non-interest expenses 38 32 35 43 31 (18) % (28) % 238 141 (41) % Pre-tax loss $ (40) $ (47) $ (53) $ (64) $ (27) 33 % 58 % $ (246) $ (191) 22 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (18) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Our Bank segment includes Raymond James Bank and TriState Capital Bank. Bank Segment (14) As of % change from $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Total assets $ 36,154 $ 37,789 $ 38,167 $ 55,562 $ 56,737 57 % 2 % Bank loans, net: Raymond James Bank $ 24,994 $ 26,132 $ 27,883 $ 30,053 $ 31,109 24 % 4 % TriState Capital Bank — — — 11,790 12,130 NM 3 % Total bank loans, net $ 24,994 $ 26,132 $ 27,883 $ 41,843 $ 43,239 73 % 3 % Bank loan allowance for credit losses $ 320 $ 308 $ 328 $ 377 $ 396 24 % 5 % Bank loan allowance for credit losses as a % of total loans held for investment 1.27 % 1.18 % 1.17 % 0.90 % 0.91 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (19) 2.25 % 2.13 % 2.11 % 1.73 % 1.73 % Total nonperforming assets $ 74 $ 74 $ 104 $ 92 $ 74 — % (20) % Nonperforming assets as a % of total assets 0.20 % 0.20 % 0.27 % 0.17 % 0.13 % Total criticized loans $ 824 $ 735 $ 735 $ 687 $ 496 (40) % (28) % Criticized loans as a % of loans held for investment 3.27 % 2.75 % 2.63 % 1.63 % 1.14 % As of % change from $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 Securities-based loans (20) $ 6,106 $ 6,563 $ 6,904 $ 15,312 $ 15,297 151 % — % Commercial and industrial loans 8,440 8,608 9,067 10,897 11,173 32 % 3 % Commercial real estate loans 2,872 2,992 3,321 6,354 6,549 128 % 3 % Real estate investment trust loans 1,112 1,189 1,408 1,416 1,592 43 % 12 % Residential mortgage loans 5,318 5,568 5,945 6,728 7,386 39 % 10 % Tax-exempt loans 1,321 1,290 1,287 1,347 1,501 14 % 11 % Total loans held for investment 25,169 26,210 27,932 42,054 43,498 73 % 3 % Held for sale loans 145 230 279 166 137 (6) % (17) % Total loans held for sale and investment 25,314 26,440 28,211 42,220 43,635 72 % 3 % Allowance for credit losses (320) (308) (328) (377) (396) 24 % 5 % Bank loans, net $ 24,994 $ 26,132 $ 27,883 $ 41,843 $ 43,239 73 % 3 % Three months ended % change from Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 June 30, 2022 September 30, 2021 September 30, 2022 % change Bank loan provision/(benefit) for credit losses (4) $ 5 $ (11) $ 21 $ 56 $ 34 580 % (39) % $ (32) $ 100 NM Net charge-offs $ 7 $ 1 $ 1 $ 10 $ 14 100 % 40 % $ 13 $ 26 100 % Net interest margin (net yield on interest-earning assets) 1.92 % 1.92 % 2.01 % 2.41 % 2.91 % 1.95 % 2.39 % 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 certain of these non-GAAP financial measures provides 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. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Net income available to common shareholders $ 429 $ 446 $ 323 $ 299 $ 437 $ 1,403 $ 1,505 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (3) 13 11 14 16 17 48 58 Other acquisition-related compensation (2) 1 — — 2 — 1 2 Total “Compensation, commissions and benefits” expense 14 11 14 18 17 49 60 Professional fees (2) 5 2 5 4 1 10 12 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 26 — — 26 Other: Amortization of identifiable intangible assets (21) 7 8 6 8 11 21 33 Initial provision for credit losses on acquired lending commitments (4) — — — 5 — — 5 All other acquisition-related expenses (2) 1 — 6 4 1 2 11 Total “Other” expense 8 8 12 17 12 23 49 Total expenses related to acquisitions 27 21 31 65 30 82 147 Losses on extinguishment of debt (5) — — — — — 98 — Pre-tax impact of non-GAAP adjustments 27 21 31 65 30 180 147 Tax effect of non-GAAP adjustments (6) (5) (8) (16) (8) (43) (37) Total non-GAAP adjustments, net of tax 21 16 23 49 22 137 110 Adjusted net income available to common shareholders (8) $ 450 $ 462 $ 346 $ 348 $ 459 $ 1,540 $ 1,615 Pre-tax income $ 560 $ 558 $ 433 $ 415 $ 616 $ 1,791 $ 2,022 Pre-tax impact of non-GAAP adjustments (as detailed above) 27 21 31 65 30 180 147 Adjusted pre-tax income (8) $ 587 $ 579 $ 464 $ 480 $ 646 $ 1,971 $ 2,169 Compensation, commissions and benefits expense $ 1,775 $ 1,884 $ 1,852 $ 1,834 $ 1,759 $ 6,584 $ 7,329 Less: Total compensation-related acquisition expenses (as detailed above) 14 11 14 18 17 49 60 Adjusted “Compensation, commissions and benefits” expense (8) $ 1,761 $ 1,873 $ 1,838 $ 1,816 $ 1,742 $ 6,535 $ 7,269 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 Twelve months ended September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Pre-tax margin (11) 20.8 % 20.1 % 16.2 % 15.3 % 21.8 % 18.4 % 18.4 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (3) 0.6 % 0.4 % 0.5 % 0.6 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.4 % 0.5 % 0.7 % 0.6 % 0.5 % 0.5 % Professional fees (2) 0.2 % — % 0.2 % 0.1 % — % 0.1 % 0.1 % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — % — % — % 1.0 % — % — % 0.2 % Other: Amortization of identifiable intangible assets (21) 0.2 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % 0.3 % Initial provision for credit losses on acquired lending commitments (4) — % — % — % 0.2 % — % — % 0.1 % All other acquisition-related expenses (2) — % — % 0.3 % 0.1 % — % — % 0.1 % Total “Other” expense 0.2 % 0.3 % 0.5 % 0.6 % 0.4 % 0.2 % 0.5 % Total expenses related to acquisitions 1.0 % 0.7 % 1.2 % 2.4 % 1.0 % 0.8 % 1.3 % Losses on extinguishment of debt (5) — % — % — % — % — % 1.0 % — % Total non-GAAP adjustments 1.0 % 0.7 % 1.2 % 2.4 % 1.0 % 1.8 % 1.3 % Adjusted pre-tax margin (8) (11) 21.8 % 20.8 % 17.4 % 17.7 % 22.8 % 20.2 % 19.7 % Total compensation ratio (12) 65.9 % 67.7 % 69.3 % 67.5 % 62.1 % 67.5 % 66.6 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (3) 0.6 % 0.4 % 0.5 % 0.6 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.4 % 0.5 % 0.7 % 0.6 % 0.5 % 0.5 % Adjusted total compensation ratio (8) (12) 65.3 % 67.3 % 68.8 % 66.8 % 61.5 % 67.0 % 66.1 % 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 Twelve months ended Earnings per common share (6) September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Basic $ 2.08 $ 2.16 $ 1.56 $ 1.41 $ 2.03 $ 6.81 $ 7.16 Impact of non-GAAP adjustments on basic earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.04 0.07 0.08 0.08 0.23 0.28 Other acquisition-related compensation (2) 0.01 — — 0.01 — 0.01 0.01 Total “Compensation, commissions and benefits” expense 0.07 0.04 0.07 0.09 0.08 0.24 0.29 Professional fees (2) 0.02 0.01 0.02 0.02 — 0.05 0.06 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 0.12 — — 0.12 Other: Amortization of identifiable intangible assets (21) 0.03 0.04 0.03 0.04 0.05 0.10 0.16 Initial provision for credit losses on acquired lending commitments (4) — — — 0.02 — — 0.02 All other acquisition-related expenses (2) 0.01 — 0.03 0.02 0.01 0.01 0.05 Total “Other” expense 0.04 0.04 0.06 0.08 0.06 0.11 0.23 Total expenses related to acquisitions 0.13 0.09 0.15 0.31 0.14 0.40 0.70 Losses on extinguishment of debt (5) — — — — — 0.48 — Tax effect of non-GAAP adjustments (0.03) (0.02) (0.04) (0.07) (0.04) (0.21) (0.18) Total non-GAAP adjustments, net of tax 0.10 0.07 0.11 0.24 0.10 0.67 0.52 Adjusted basic (8) $ 2.18 $ 2.23 $ 1.67 $ 1.65 $ 2.13 $ 7.48 $ 7.68 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 Twelve months ended Earnings per common share (6) September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Diluted $ 2.02 $ 2.10 $ 1.52 $ 1.38 $ 1.98 $ 6.63 $ 6.98 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.05 0.06 0.07 0.08 0.23 0.27 Other acquisition-related compensation (2) 0.01 — — 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.07 0.05 0.06 0.08 0.08 0.23 0.28 Professional fees (2) 0.02 0.01 0.02 0.02 — 0.05 0.06 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 0.12 — — 0.12 Other: Amortization of identifiable intangible assets (21) 0.03 0.03 0.03 0.04 0.05 0.10 0.15 Initial provision for credit losses on acquired lending commitments (4) — — — 0.02 — — 0.02 All other acquisition-related expenses (2) 0.01 — 0.03 0.02 0.01 0.01 0.05 Total “Other” expense 0.04 0.03 0.06 0.08 0.06 0.11 0.22 Total expenses related to acquisitions 0.13 0.09 0.14 0.30 0.14 0.39 0.68 Losses on extinguishment of debt (5) — — — — — 0.46 — Tax effect of non-GAAP adjustments (0.03) (0.02) (0.04) (0.07) (0.04) (0.20) (0.17) Total non-GAAP adjustments, net of tax 0.10 0.07 0.10 0.23 0.10 0.65 0.51 Adjusted diluted (8) $ 2.12 $ 2.17 $ 1.62 $ 1.61 $ 2.08 $ 7.28 $ 7.49 Book value per share As of $ in millions, except per share amounts September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Total common equity attributable to Raymond James Financial, Inc. $ 8,245 $ 8,600 $ 8,602 $ 9,395 $ 9,338 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 882 874 1,110 1,810 1,931 Deferred tax liabilities, net (64) (65) (88) (128) (108) Tangible common equity attributable to Raymond James Financial, Inc. (8) $ 7,427 $ 7,791 $ 7,580 $ 7,713 $ 7,515 Common shares outstanding 205.7 207.5 207.9 215.5 215.1 Book value per share (7) $ 40.08 $ 41.45 $ 41.38 $ 43.60 $ 43.41 Tangible book value per share (7) (8) $ 36.11 $ 37.55 $ 36.46 $ 35.79 $ 34.94 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average common equity (22) $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 9,367 $ 7,635 $ 8,836 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 7 8 9 23 27 Other acquisition-related compensation (2) 1 — — 1 — — 1 Total “Compensation, commissions and benefits” expense 7 6 7 9 9 23 28 Professional fees (2) 3 1 3 2 1 4 6 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 13 — — 10 Other: Amortization of identifiable intangible assets (21) 3 4 3 4 5 9 16 Initial provision for credit losses on acquired lending commitments (4) — — — 3 — — 2 All other acquisition-related expenses (2) 1 — 3 2 — 1 6 Total “Other” expense 4 4 6 9 5 10 24 Total expenses related to acquisitions 14 11 16 33 15 37 68 Losses on extinguishment of debt (5) — — — — — 39 — Tax effect of non-GAAP adjustments (3) (3) (4) (8) (4) (18) (17) Total non-GAAP adjustments, net of tax 11 8 12 25 11 58 51 Adjusted average common equity (8) (22) $ 8,065 $ 8,431 $ 8,613 $ 9,024 $ 9,378 $ 7,693 $ 8,887 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 Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average common equity (22) $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 9,367 $ 7,635 $ 8,836 Less: Average goodwill and identifiable intangible assets, net 872 878 992 1,460 1,871 809 1,322 Average deferred tax liabilities, net (60) (64) (77) (108) (118) (53) (91) Average tangible common equity (8) (22) $ 7,242 $ 7,609 $ 7,686 $ 7,647 $ 7,614 $ 6,879 $ 7,605 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 7 8 9 23 27 Other acquisition-related compensation (2) 1 — — 1 — — 1 Total “Compensation, commissions and benefits” expense 7 6 7 9 9 23 28 Professional fees (2) 3 1 3 2 1 4 6 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — 13 — — 10 Other: Amortization of identifiable intangible assets (21) 3 4 3 4 5 9 16 Initial provision for credit losses on acquired lending commitments (4) — — — 3 — — 2 All other acquisition-related expenses (2) 1 — 3 2 — 1 6 Total “Other” expense 4 4 6 9 5 10 24 Total expenses related to acquisitions 14 11 16 33 15 37 68 Losses on extinguishment of debt (5) — — — — — 39 — Tax effect of non-GAAP adjustments (3) (3) (4) (8) (4) (18) (17) Total non-GAAP adjustments, net of tax 11 8 12 25 11 58 51 Adjusted average tangible common equity (8) (22) $ 7,253 $ 7,617 $ 7,698 $ 7,672 $ 7,625 $ 6,937 $ 7,656 Return on equity (10) 21.3 % 21.2 % 15.0 % 13.3 % 18.7 % 18.4 % 17.0 % Adjusted return on equity (8) (10) 22.3 % 21.9 % 16.1 % 15.4 % 19.6 % 20.0 % 18.2 % Return on tangible common equity (8) (10) 23.7 % 23.4 % 16.8 % 15.6 % 23.0 % 20.4 % 19.8 % Adjusted return on tangible common equity (8) (10) 24.8 % 24.3 % 18.0 % 18.1 % 24.1 % 22.2 % 21.1 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Other revenues included $18 million, $5 million, $9 million, $74 million, and $9 million of net private equity gains for the three months ended September 30, 2021, December 31, 2021, and September 30, 2022, and years ended September 30, 2021 and 2022, respectively, as well as $2 million and $3 million of net private equity losses for the three months ended March 31, 2022 and June 30, 2022, respectively. These amounts were included in our Other segment. For the three months and year ended September 30, 2021, $5 million and $25 million, respectively, of such gains were attributable to noncontrolling interests and were offset in "Other" expenses. Amounts attributable to noncontrolling interests were insignificant for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, and September 30, 2022, and the year ended September 30, 2022. (2) Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation. (3) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in the current year and in prior years. 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. (4) Our results for the three months ended June 30, 2022 and twelve months ended September 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision/(benefit) for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date. (5) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026, which occurred during our fiscal third quarter of 2021. (6) 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, 2021, December 31, 2021, June 30, 2022, and September 30, 2022, $0 for the three months ended March 31, 2022, and $2 million and $3 million for the twelve months ended September 30, 2021 and 2022, respectively. (7) 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. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes. (8) 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. Beginning with our fiscal third quarter of 2022, certain non-GAAP financial measures were adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. (9) Estimated. (10) 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. (11) 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. (12) 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. (13) We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. Fees earned by the Private Client Group on deposits held by our Bank segment are eliminated in consolidation. (14) On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly-owned subsidiaries TriState Capital Bank, a Pennsylvania-chartered state bank, and Chartwell Investment Partners, LLC (“Chartwell”), a registered investment adviser. TriState Capital Bank and Chartwell have been integrated into our Bank and Asset Management segments, respectively, and their results of operations have been included in our results prospectively from the closing date of June 1, 2022. TriState Capital Bank will continue to operate as a separately branded firm and as an independently-chartered bank. (15) 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. (16) This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. RAYMOND JAMES FINANCIAL, INC. 18

(17) On July 1, 2022, we completed our acquisition of SumRidge Partners, LLC (“SumRidge Partners”). SumRidge Partners has been integrated into our Capital Markets segment, and its results of operations have been included in our results prospectively from the closing date of July 1, 2022. (18) The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt and any losses on the extinguishment of such debt. (19) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (20) 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. (21) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (22) Average common equity 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 fiscal year, 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 five, 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 five. 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

rjf0930q422presentation

Fourth Quarter & Fiscal 2022 Results October 26, 2022

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, demand for and pricing of our products, acquisitions, divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, is 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

Overview of Results Paul Reilly Chair & CEO, Raymond James Financial 3

Fiscal 4Q22 highlights 4 *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. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. $ in millions, except per share amounts 4Q22 vs. 4Q21 vs. 3Q22 As reported: Net revenues RECORD $ 2,831 5% 4% Net income available to common shareholders $ 437 2% 46% Earnings per common share - diluted $ 1.98 (2)% 43% 4Q21 3Q22 Return on common equity 18.7 % 21.3% 13.3% vs. 4Q21 vs. 3Q22 Non-GAAP measures*: Adjusted net income available to common shareholders $ 459 2% 32% Adjusted earnings per common share - diluted $ 2.08 (2)% 29% 4Q21 3Q22 Adjusted return on common equity 19.6 % 22.3% 15.4% Adjusted return on tangible common equity 24.1 % 24.8% 18.1%

Fiscal 4Q22 key metrics 5 $ in billions 4Q22 vs. 4Q21 vs. 3Q22 Client assets under administration $ 1,093.1 (7)% (3)% Private Client Group (PCG) assets under administration $ 1,039.0 (7)% (3)% PCG assets in fee-based accounts $ 586.0 (7)% (3)% Financial assets under management* $ 173.8 (9)% (5)% Total clients' domestic cash sweep balances $ 67.1 1% (12)% PCG financial advisors** 8,681 2% 1% Bank loans, net: Raymond James Bank RECORD $ 31.1 24% 4% TriState Capital Bank RECORD $ 12.1 NM 3% Total bank loans, net* RECORD $ 43.2 73% 3% *These metrics include the impact of the acquisition of TriState Capital Holdings, including TriState Capital Bank and Chartwell Investment Partners LLC, which was completed on June 1. **Includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services ("RCS") division during our fiscal third quarter. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.

Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank. Fiscal 4Q22 segment results 6 $ in millions 4Q22 vs. 4Q21 vs. 3Q22 Net revenues: Private Client Group RECORD $ 1,991 11% 2% Capital Markets $ 399 (28)% 4% Asset Management $ 216 (9)% (5)% Bank RECORD $ 428 143% 55% Consolidated net revenues RECORD $ 2,831 5% 4% Pre-tax income: Private Client Group RECORD $ 371 67% 48% Capital Markets $ 66 (64)% 8% Asset Management $ 83 (27)% (11)% Bank $ 123 52% 66% Consolidated pre-tax income RECORD $ 616 10% 48%

FY 2022 highlights 7 * 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. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. $ in millions, except per share amounts FY 2022 vs. FY 2021 As reported: Net revenues RECORD $ 11,003 13% Net income available to common shareholders RECORD $ 1,505 7% Earnings per common share - diluted RECORD $ 6.98 5% FY 2021 Return on common equity 17.0 % 18.4% vs. FY 2021 Non-GAAP measures*: Adjusted net income available to common shareholders RECORD $ 1,615 5% Adjusted earnings per common share - diluted RECORD $ 7.49 3% FY 2021 Adjusted return on common equity 18.2 % 20.0% Adjusted return on tangible common equity 21.1 % 22.2%

FY 2022 segment results 8 $ in millions FY 2022 vs. FY 2021 Net revenues: Private Client Group RECORD $ 7,710 17% Capital Markets $ 1,809 (4)% Asset Management RECORD $ 914 5% Bank RECORD $ 1,084 61% Consolidated net revenues RECORD $ 11,003 13% Pre-tax income: Private Client Group RECORD $ 1,030 38% Capital Markets $ 415 (22)% Asset Management $ 386 (1)% Bank $ 382 4% Consolidated pre-tax income RECORD $ 2,022 13% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank.

Financial Review Paul Shoukry Chief Financial Officer, Raymond James Financial 9

Consolidated net revenues 10 $ in millions 4Q22 vs. 4Q21 vs. 3Q22 Asset management and related administrative fees $ 1,290 (6)% (10)% Brokerage revenues 481 (11)% (6)% Account and service fees 266 56% 26% Investment banking 217 (40)% (3)% Interest income 667 210% 78% Other* 80 8% 167% Total revenues 3,001 10% 8% Interest expense (170) 386% 183% Net revenues $ 2,831 5% 4% * 4Q22 Other revenues included $9M of net private equity gains which were included in our Other segment. Amounts attributable to noncontrolling interests were insignificant.

Domestic cash sweep balances 11 C lie nt s' D om es tic C as h S w ee p B al an ce s ($ B ) C ash S w eep B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 31.4 33.1 33.6 36.6 38.7 24.5 24.3 25.9 25.5 22.0 10.8 16.1 17.0 13.7 6.4 66.7 73.5 76.5 75.8 67.1 6.3% 6.5% 7.0% 7.8% 7.0% RJBDP - Bank Segment* RJBDP - Third-Party Banks* Client Interest Program 4Q21 1Q22 2Q22 3Q22 4Q22 Note: May not total due to rounding. *Raymond James Bank Deposit Program (RJBDP) is 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, which includes Raymond James Bank and TriState Capital Bank, as well as various third-party banks. Year-over-year change: 1% Sequential change: (12)%

Net interest income & RJBDP fees (third-party banks) 12 Note: Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank. *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 198 205 224 370 606 180 188 204 314 497 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 4Q21 1Q22 2Q22 3Q22 4Q22 NET INTEREST MARGIN (NIM) 1.92% 1.92% 2.01% 2.41% 2.91% 1.33% 1.29% 1.25% 1.77% 2.53% Firmwide NIM Bank Segment NIM 4Q21 1Q22 2Q22 3Q22 4Q22 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 0.29% 0.28% 0.32% 0.88% 1.85% 4Q21 1Q22 2Q22 3Q22 4Q22 Year-over-year change: 206% Sequential change: 64% 18 56 109 17 20

Consolidated expenses 13 $ in millions 4Q22 vs. 4Q21 vs. 3Q22 Compensation, commissions and benefits $ 1,759 (1)% (4)% Non-compensation expenses: Communications and information processing 138 21% 7% Occupancy and equipment 66 10% 2% Business development 59 64% 2% Investment sub-advisory fees 36 (3)% (5)% Professional fees 38 3% —% Bank loan provision/(benefit) for credit losses 34 580% (39)% Other 85 20% —% Total non-compensation expenses 456 27% (3)% Total non-interest expenses $ 2,215 4% (4)% Note: 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 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. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 360 339 388 469 456 4Q21 1Q22 2Q22 3Q22 4Q22 TOTAL COMPENSATION RATIO* 65.9% 67.7% 69.3% 67.5% 62.1%65.3% 67.3% 68.8% 66.8% 61.5% Adjusted Total Compensation Ratio Total Compensation Ratio 4Q21 1Q22 2Q22 3Q22 4Q22

* 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 14 20.8% 20.1% 16.2% 15.3% 21.8% 21.8% 20.8% 17.4% 17.7% 22.8% Pre-Tax Margin (GAAP) Pre-Tax Margin (Adjusted)* 4Q21 1Q22 2Q22 3Q22 4Q22

Other financial information 15 *This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents 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 millions, except per share amounts 4Q22 vs. 4Q21 vs. 3Q22 Total assets $ 80,951 31% (6)% RJF corporate cash* $ 1,910 65% (6)% Total common equity attributable to RJF $ 9,338 13% (1)% Book value per share $ 43.41 8% 0% Tangible book value per share** $ 34.94 (3)% (2)% Weighted-average common and common equivalent shares outstanding – diluted 220.6 4% 2% 4Q21 3Q22 Tier 1 leverage ratio*** 10.3 % 12.6% 10.8% Tier 1 capital ratio*** 19.2 % 25.0% 20.2% Common equity tier 1 ratio*** 19.0 % 25.0% 20.0% Total capital ratio*** 20.5 % 26.2% 21.5% Effective tax rate 28.7 % 23.4% 27.5%

$491M of dividends paid and share repurchases over the past 5 quarters Capital management 16 DIVIDENDS PAID AND SHARE REPURCHASES* $ IN MILLIONS 54 60 71 171 135 — — — 100 6254 60 71 71 73 Share Repurchases* Dividends Paid** 4Q21 1Q22 2Q22 3Q22 4Q22 Number of Shares Repurchased* (thousands) — — — 1,136 600 Average Share Price of Shares Repurchased* — — — $87.98 $104.07 Note: *Under the Board of Directors' share repurchase authorization as of 9/30/22. **Reflects dividends paid to holders of common shares. ~$838M remains under current share repurchase authorization*

Bank segment key credit trends 17 $ in millions 4Q22 vs. 4Q21 vs. 3Q22 Bank loan provision/(benefit) for credit losses $ 34 580% (39)% Net charge-offs $ 14 100% 40% 4Q21 3Q22 Nonperforming assets as a % of total assets 0.13 % 0.20% 0.17% Bank loan allowance for credit losses as a % of loans held for investment 0.91 % 1.27% 0.90% Bank loan allowance for credit losses on corporate loans as a % of corporate loans* 1.73 % 2.25% 1.73% Criticized loans as a % of loans held for investment 1.14 % 3.27% 1.63% Note: Our Bank segment includes Raymond James Bank and TriState Capital Bank. *Corporate loans include commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

Outlook 18

Appendix 19

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 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 provides 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. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. 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. Note: Please refer to the footnotes on slide 29 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 29 for additional information. continued on next slide21 Three months ended Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Net income available to common shareholders: $ 429 $ 446 $ 323 $ 299 $ 437 $ 1,403 $ 1,505 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (1) 13 11 14 16 17 48 58 Other acquisition-related compensation (2) 1 — — 2 — 1 2 Total “Compensation, commissions and benefits” expense 14 11 14 18 17 49 60 Professional fees (2) 5 2 5 4 1 10 12 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — — — 26 — — 26 Other: Amortization of identifiable intangible assets (4) 7 8 6 8 11 21 33 Initial provision for credit losses on acquired lending commitments (3) — — — 5 — — 5 All other acquisition-related expenses (2) 1 — 6 4 1 2 11 Total “Other” expense 8 8 12 17 12 23 49 Total expenses related to acquisitions 27 21 31 65 30 82 147 Losses on extinguishment of debt (5) — — — — — 98 — Pre-tax impact of non-GAAP adjustments 27 21 31 65 30 180 147 Tax effect of non-GAAP adjustments (6) (5) (8) (16) (8) (43) (37) Total non-GAAP adjustments, net of tax 21 16 23 49 22 137 110 Adjusted net income attributable to common shareholders $ 450 $ 462 $ 346 $ 348 $ 459 $ 1,540 $ 1,615 Pre-tax income $ 560 $ 558 $ 433 $ 415 $ 616 $ 1,791 $ 2,022 Pre-tax impact of non-GAAP adjustments (as detailed above) 27 21 31 65 30 180 147 Adjusted pre-tax income $ 587 $ 579 $ 464 $ 480 $ 646 $ 1,971 $ 2,169

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Twelve months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Pre-tax margin (6) 20.8 % 20.1 % 16.2 % 15.3 % 21.8 % 18.4 % 18.4 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (1) 0.6 % 0.4 % 0.5 % 0.6 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.4 % 0.5 % 0.7 % 0.6 % 0.5 % 0.5 % Professional fees (2) 0.2 % — % 0.2 % 0.1 % — % 0.1 % 0.1 % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — % — % — % 1.0 % — % — % 0.2 % Other: Amortization of identifiable intangible assets (4) 0.2 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % 0.3 % Initial provision for credit losses on acquired lending commitments (3) — % — % — % 0.2 % — % — % 0.1 % All other acquisition-related expenses (2) — % — % 0.3 % 0.1 % — % — % 0.1 % Total “Other” expense 0.2 % 0.3 % 0.5 % 0.6 % 0.4 % 0.2 % 0.5 % Total expenses related to acquisitions 1.0 % 0.7 % 1.2 % 2.4 % 1.0 % 0.8 % 1.3 % Losses on extinguishment of debt (5) — % — % — % — % — % 1.0 % — % Total non-GAAP adjustments, net of tax 1.0 % 0.7 % 1.2 % 2.4 % 1.0 % 1.8 % 1.3 % Adjusted pre-tax margin (6) 21.8 % 20.8 % 17.4 % 17.7 % 22.8 % 20.2 % 19.7 % Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide22

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Total compensation ratio (7) 65.9 % 67.7 % 69.3 % 67.5 % 62.1 % Less the impact of non-GAAP adjustments on compensation ratio: Compensation, commissions and benefits: Acquisition-related retention (1) 0.6 % 0.4 % 0.5 % 0.6 % 0.6 % Other acquisition-related compensation (2) — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.4 % 0.5 % 0.7 % 0.6 % Adjusted total compensation ratio (7) 65.3 % 67.3 % 68.8 % 66.8 % 61.5 % Three months ended $ in millions September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 Compensation, commissions and benefits expense 1,775 $ 1,884 $ 1,852 1,834 1,759 Less: Compensation, commissions and benefits: Acquisition-related retention (1) 13 11 14 16 17 Other acquisition-related compensation (2) 1 — — 2 — Total “Compensation, commissions and benefits” expenses related to acquisitions 14 11 14 18 17 Adjusted compensation, commissions and benefits expense $ 1,761 $ 1,873 $ 1,838 $ 1,816 $ 1,742

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 29 for additional information. Three months ended Twelve months ended Earnings per common share (8) September 30, 2021 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Basic $ 2.08 $ 1.41 2.03 $ 6.81 $ 7.16 Impact of non-GAAP adjustments on basic earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (1) 0.06 0.08 0.08 0.23 0.28 Other acquisition-related compensation (2) 0.01 0.01 — 0.01 0.01 Total “Compensation, commissions and benefits” expense 0.07 0.09 0.08 0.24 0.29 Professional fees (2) 0.02 0.02 — 0.05 0.06 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — 0.12 — — 0.12 Other: Amortization of identifiable intangible assets (4) 0.03 0.04 0.05 0.10 0.16 Initial provision for credit losses on acquired lending commitments (3) — 0.02 — — 0.02 All other acquisition-related expenses (2) 0.01 0.02 0.01 0.01 0.05 Total “Other” expense 0.04 0.08 0.06 0.11 0.23 Total expenses related to acquisitions 0.13 0.31 0.14 0.40 0.70 Losses on extinguishment of debt (5) — — — 0.48 — Tax effect of non-GAAP adjustments (0.03) (0.07) (0.04) (0.21) (0.18) Total non-GAAP adjustments, net of tax 0.10 0.24 0.10 0.67 0.52 Adjusted basic (8) $ 2.18 $ 1.65 $ 2.13 $ 7.48 $ 7.68 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended Twelve months ended Earnings per common share (8) September 30, 2021 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Diluted $ 2.02 $ 1.38 1.98 $ 6.63 $ 6.98 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (1) 0.06 0.07 0.08 0.23 0.27 Other acquisition-related compensation (2) 0.01 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.07 0.08 0.08 0.23 0.28 Professional fees (2) 0.02 0.02 — 0.05 0.06 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — 0.12 — — 0.12 Other: Amortization of identifiable intangible assets (4) 0.03 0.04 0.05 0.10 0.15 Initial provision for credit losses on acquired lending commitments (3) — 0.02 — — 0.02 All other acquisition-related expenses (2) 0.01 0.02 0.01 0.01 0.05 Total “Other” expense 0.04 0.08 0.06 0.11 0.22 Total expenses related to acquisitions 0.13 0.30 0.14 0.39 0.68 Losses on extinguishment of debt (5) — — — 0.46 — Tax effect of non-GAAP adjustments (0.03) (0.07) (0.04) (0.20) (0.17) Total non-GAAP adjustments, net of tax 0.10 0.23 0.10 0.65 0.51 Adjusted diluted (8) $ 2.12 $ 1.61 $ 2.08 $ 7.28 $ 7.49

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 26 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Book value per share As of $ in millions, except per share amounts September 30, 2021 June 30, 2022 September 30, 2022 Total equity attributable to Raymond James Financial, Inc. $ 8,245 $ 9,395 $ 9,338 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 882 1,810 1,931 Deferred tax liabilities, net (64) (128) (108) Tangible common equity attributable to Raymond James Financial, Inc. $ 7,427 $ 7,713 $ 7,515 Common shares outstanding 205.7 215.5 215.1 Book value per share (9) $ 40.08 $ 43.60 $ 43.41 Tangible book value per share (9) $ 36.11 $ 35.79 $ 34.94

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 27 Note: Please refer to the footnotes on slide 29 for additional information. Return on common equity Three months ended Twelve months ended $ in millions September 30, 2021 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average common equity (10) $ 8,054 $ 8,999 $ 9,367 $ 7,635 $ 8,836 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (1) 6 8 9 23 27 Other acquisition-related compensation (2) 1 1 — — 1 Total “Compensation, commissions and benefits” expense 7 9 9 23 28 Professional fees (2) 3 2 1 4 6 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — 13 — — 10 Other: Amortization of identifiable intangible assets (4) 3 4 5 9 16 Initial provision for credit losses on acquired lending commitments (3) — 3 — — 2 All other acquisition-related expenses (2) 1 2 — 1 6 Total “Other” expense 4 9 5 10 24 Total expenses related to acquisitions 14 33 15 37 68 Losses on extinguishment of debt (5) — — — 39 — Tax effect of non-GAAP adjustments (3) (8) (4) (18) (17) Total non-GAAP adjustments, net of tax $ 11 $ 25 $ 11 $ 58 $ 51 Adjusted average common equity (10) $ 8,065 $ 9,024 $ 9,378 $ 7,693 $ 8,887 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 28 Note: Please refer to the footnotes on slide 29 for additional information. Return on equity Three months ended Twelve months ended $ in millions September 30, 2021 June 30, 2022 September 30, 2022 September 30, 2021 September 30, 2022 Average common equity (10) $ 8,054 $ 8,999 $ 9,367 $ 7,635 $ 8,836 Less: Average goodwill and identifiable intangible assets, net 872 1,460 1,871 809 1,322 Average deferred tax liabilities, net (60) (108) (118) (53) (91) Total non-GAAP adjustment 812 1,352 1,753 756 1,231 Average tangible common equity (10) $ 7,242 $ 7,647 $ 7,614 $ 6,879 $ 7,605 Impact on non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (1) 6 8 9 23 27 Other acquisition-related compensation (2) 1 1 — — 1 Total “Compensation, commissions and benefits” expense 7 9 9 23 28 Professional fees (2) 3 2 1 4 6 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (3) — 13 — — 10 Other: Amortization of identifiable intangible assets (4) 3 4 5 9 16 Initial provision for credit losses on acquired lending commitments (3) — 3 — — 2 All other acquisition-related expenses (2) 1 2 — 1 6 Total “Other” expense 4 9 5 10 24 Total expenses related to acquisitions 14 33 15 37 68 Losses on extinguishment of debt (5) — — — 39 — Tax effect of non-GAAP adjustments (3) (8) (4) (18) (17) Total non-GAAP adjustments, net of tax $ 11 $ 25 $ 11 $ 58 $ 51 Adjusted average tangible common equity (10) $ 7,253 $ 7,672 $ 7,625 $ 6,937 $ 7,656 Return on common equity (11) 21.3 % 13.3 % 18.7 % 18.4 % 17.0 % Adjusted return on common equity (11) 22.3 % 15.4 % 19.6 % 20.0 % 18.2 % Return on tangible common equity (11) 23.7 % 15.6 % 23.0 % 20.4 % 19.8 % Adjusted return on tangible common equity (11) 24.8 % 18.1 % 24.1 % 22.2 % 21.1 %

Footnotes 29 (1) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in the current year and in prior years. 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) Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation. (3) Our results for the three months ended June 30, 2022 and twelve months ended September 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision/(benefit) for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date. (4) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (5) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026, which occurred during our fiscal third quarter of 2021. (6) 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. (7) 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. (8) 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, 2022, June 30, 2022, and September 30, 2021, and $3 million and $2 million for the twelve months ended September 30, 2022 and 2021, respectively. (9) 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. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes. (10) Average common equity 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 fiscal year, 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 five, 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 five. 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. (11) 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.

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