RJF 8-K
Raymond James Financial Inc (RJF)
8-K
2026-07-22
For: 2026-07-22
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Added on
July 22, 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
Date of Report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(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:
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 | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition
On July 22, 2026, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal third quarter ended June 30, 2026. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal third quarter ended June 30, 2026 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.
The information in this Current Report, including any exhibits hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following are filed as exhibits to this report:
Exhibit No.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RAYMOND JAMES FINANCIAL, INC. | ||||||||
Date: July 22, 2026 | By: | /s/ Jonathan W. Oorlog, Jr. | ||||||
| Jonathan W. Oorlog, Jr. | ||||||||
| Chief Financial Officer | ||||||||
| July 22, 2026 | FOR IMMEDIATE RELEASE | |||||||
| Media Contact: Steve Hollister, 727.567.2824 | ||||||||
| Investor Contact: Kristina Waugh, 727.567.7654 | ||||||||
| raymondjames.com/news-and-media/press-releases | ||||||||
RAYMOND JAMES FINANCIAL REPORTS FISCAL THIRD QUARTER OF
2026 RESULTS
•Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter
•Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)
•Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%
•Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026
•Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026
•Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026
•Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter
ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).
“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”
Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively.
Please refer to the footnotes at the end of this press release for additional information.
1
For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).
Segment Results
Private Client Group
•Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter
•Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter
•Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5%
•Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026
•Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026
•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026
Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.
Capital Markets
•Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter
•Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter
•Quarterly pre-tax income of $48 million
Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.
Asset Management
•Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter
•Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter
•Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter
Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).
Please refer to the footnotes at the end of this press release for additional information.
2
Bank
•Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter
•Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter
•Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026
•Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter
•Quarterly bank loan benefit for credit losses of $26 million
Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.
Other Matters
The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.
During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.92 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
Please refer to the footnotes at the end of this press release for additional information.
3
RAYMOND JAMES FINANCIAL, INC. Fiscal Third Quarter of 2026 | Selected Financial Highlights (Unaudited) | ||||
Summary results of operations
| Three months ended | % change from | |||||||||||||||||||||||||||||||
$ in millions, except per share amounts | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Net revenues | $ | 3,928 | $ | 3,398 | $ | 3,859 | 16% | 2% | ||||||||||||||||||||||||
| Pre-tax income | $ | 750 | $ | 563 | $ | 735 | 33% | 2% | ||||||||||||||||||||||||
| Net income available to common shareholders | $ | 595 | $ | 435 | $ | 542 | 37% | 10% | ||||||||||||||||||||||||
Earnings per common share: (5) | ||||||||||||||||||||||||||||||||
| Basic | $ | 3.06 | $ | 2.16 | $ | 2.76 | 42% | 11% | ||||||||||||||||||||||||
| Diluted | $ | 3.01 | $ | 2.12 | $ | 2.72 | 42% | 11% | ||||||||||||||||||||||||
Non-GAAP measures: (1) | ||||||||||||||||||||||||||||||||
Adjusted pre-tax income | $ | 782 | $ | 582 | $ | 762 | 34% | 3% | ||||||||||||||||||||||||
| Adjusted net income available to common shareholders | $ | 620 | $ | 449 | $ | 564 | 38% | 10% | ||||||||||||||||||||||||
Adjusted earnings per common share – basic (5) | $ | 3.19 | $ | 2.23 | $ | 2.88 | 43% | 11% | ||||||||||||||||||||||||
Adjusted earnings per common share – diluted (5) | $ | 3.14 | $ | 2.18 | $ | 2.83 | 44% | 11% | ||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| $ in millions, except per share amounts | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Net revenues | $ | 11,522 | $ | 10,338 | 11% | |||||||||||||||
| Pre-tax income | $ | 2,213 | $ | 1,983 | 12% | |||||||||||||||
| Net income available to common shareholders | $ | 1,699 | $ | 1,527 | 11% | |||||||||||||||
Earnings per common share: (5) | ||||||||||||||||||||
| Basic | $ | 8.67 | $ | 7.51 | 15% | |||||||||||||||
| Diluted | $ | 8.52 | $ | 7.35 | 16% | |||||||||||||||
Non-GAAP measures: (1) | ||||||||||||||||||||
| Adjusted pre-tax income | $ | 2,292 | $ | 2,041 | 12% | |||||||||||||||
| Adjusted net income available to common shareholders | $ | 1,761 | $ | 1,570 | 12% | |||||||||||||||
Adjusted earnings per common share – basic (5) | $ | 8.99 | $ | 7.72 | 16% | |||||||||||||||
Adjusted earnings per common share – diluted (5) | $ | 8.83 | $ | 7.55 | 17% | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| Other selected financial highlights | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
Return on common equity (6) | 18.8 | % | 14.3 | % | 17.3 | % | 18.1 | % | 17.1 | % | |||||||||||||||||||||||||
Adjusted return on common equity (1) (6) | 19.6 | % | 14.8 | % | 18.0 | % | 18.7 | % | 17.5 | % | |||||||||||||||||||||||||
Adjusted return on tangible common equity (1) (6) | 23.5 | % | 17.2 | % | 20.9 | % | 22.0 | % | 20.5 | % | |||||||||||||||||||||||||
Pre-tax margin (7) | 19.1 | % | 16.6 | % | 19.0 | % | 19.2 | % | 19.2 | % | |||||||||||||||||||||||||
Adjusted pre-tax margin (1) (7) | 19.9 | % | 17.1 | % | 19.7 | % | 19.9 | % | 19.7 | % | |||||||||||||||||||||||||
Total compensation ratio (8) | 65.7 | % | 64.8 | % | 65.8 | % | 65.7 | % | 64.6 | % | |||||||||||||||||||||||||
Adjusted total compensation ratio (1) (8) | 65.5 | % | 64.5 | % | 65.7 | % | 65.5 | % | 64.4 | % | |||||||||||||||||||||||||
| Effective tax rate | 20.7 | % | 22.6 | % | 26.0 | % | 23.1 | % | 22.8 | % | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
4
RAYMOND JAMES FINANCIAL, INC.
Fiscal Third Quarter of 2026
| Consolidated Statements of Income (Unaudited) | ||||||||||||||||||||||||||||||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| in millions, except per share amounts | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Asset management and related administrative fees | $ | 2,075 | $ | 1,733 | $ | 2,016 | 20% | 3% | ||||||||||||||||||||||||
| Brokerage revenues: | ||||||||||||||||||||||||||||||||
| Securities commissions | 503 | 431 | 507 | 17% | (1)% | |||||||||||||||||||||||||||
| Principal transactions | 126 | 128 | 136 | (2)% | (7)% | |||||||||||||||||||||||||||
| Total brokerage revenues | 629 | 559 | 643 | 13% | (2)% | |||||||||||||||||||||||||||
| Account and service fees | 316 | 302 | 311 | 5% | 2% | |||||||||||||||||||||||||||
| Investment banking | 291 | 212 | 279 | 37% | 4% | |||||||||||||||||||||||||||
| Interest income | 994 | 990 | 960 | —% | 4% | |||||||||||||||||||||||||||
| Other | 57 | 46 | 53 | 24% | 8% | |||||||||||||||||||||||||||
| Total revenues | 4,362 | 3,842 | 4,262 | 14% | 2% | |||||||||||||||||||||||||||
| Interest expense | (434) | (444) | (403) | (2)% | 8% | |||||||||||||||||||||||||||
| Net revenues | 3,928 | 3,398 | 3,859 | 16% | 2% | |||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 2,579 | 2,202 | 2,541 | 17% | 1% | |||||||||||||||||||||||||||
| Non-compensation expenses: | ||||||||||||||||||||||||||||||||
| Communications and information processing | 203 | 191 | 206 | 6% | (1)% | |||||||||||||||||||||||||||
| Occupancy and equipment | 85 | 77 | 80 | 10% | 6% | |||||||||||||||||||||||||||
| Business development | 95 | 77 | 75 | 23% | 27% | |||||||||||||||||||||||||||
| Investment sub-advisory fees | 63 | 56 | 63 | 13% | —% | |||||||||||||||||||||||||||
| Professional fees | 63 | 42 | 36 | 50% | 75% | |||||||||||||||||||||||||||
| Bank loan provision/(benefit) for credit losses | (26) | 15 | 5 | NM | NM | |||||||||||||||||||||||||||
Other (9) | 116 | 175 | 118 | (34)% | (2)% | |||||||||||||||||||||||||||
| Total non-compensation expenses | 599 | 633 | 583 | (5)% | 3% | |||||||||||||||||||||||||||
| Total non-interest expenses | 3,178 | 2,835 | 3,124 | 12% | 2% | |||||||||||||||||||||||||||
Pre-tax income | 750 | 563 | 735 | 33% | 2% | |||||||||||||||||||||||||||
| Provision for income taxes | 155 | 127 | 191 | 22% | (19)% | |||||||||||||||||||||||||||
| Net income | 595 | 436 | 544 | 36% | 9% | |||||||||||||||||||||||||||
| Preferred stock dividends | — | 1 | 2 | (100)% | (100)% | |||||||||||||||||||||||||||
| Net income available to common shareholders | $ | 595 | $ | 435 | $ | 542 | 37% | 10% | ||||||||||||||||||||||||
Earnings per common share – basic (5) | $ | 3.06 | $ | 2.16 | $ | 2.76 | 42% | 11% | ||||||||||||||||||||||||
Earnings per common share – diluted (5) | $ | 3.01 | $ | 2.12 | $ | 2.72 | 42% | 11% | ||||||||||||||||||||||||
| Weighted-average common shares outstanding – basic | 194.0 | 201.2 | 196.1 | (4)% | (1)% | |||||||||||||||||||||||||||
| Weighted-average common and common equivalent shares outstanding – diluted | 197.2 | 205.5 | 199.2 | (4)% | (1)% | |||||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
5
RAYMOND JAMES FINANCIAL, INC.
Fiscal Third Quarter of 2026
| Consolidated Statements of Income (Unaudited) | ||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| in millions, except per share amounts | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Asset management and related administrative fees | $ | 6,090 | $ | 5,201 | 17% | |||||||||||||||
| Brokerage revenues: | ||||||||||||||||||||
| Securities commissions | 1,496 | 1,302 | 15% | |||||||||||||||||
| Principal transactions | 388 | 396 | (2)% | |||||||||||||||||
| Total brokerage revenues | 1,884 | 1,698 | 11% | |||||||||||||||||
| Account and service fees | 935 | 965 | (3)% | |||||||||||||||||
| Investment banking | 778 | 753 | 3% | |||||||||||||||||
| Interest income | 2,961 | 2,980 | (1)% | |||||||||||||||||
| Other | 152 | 125 | 22% | |||||||||||||||||
| Total revenues | 12,800 | 11,722 | 9% | |||||||||||||||||
| Interest expense | (1,278) | (1,384) | (8)% | |||||||||||||||||
| Net revenues | 11,522 | 10,338 | 11% | |||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
Compensation, commissions and benefits | 7,570 | 6,678 | 13% | |||||||||||||||||
| Non-compensation expenses: | ||||||||||||||||||||
| Communications and information processing | 603 | 553 | 9% | |||||||||||||||||
| Occupancy and equipment | 245 | 224 | 9% | |||||||||||||||||
| Business development | 251 | 209 | 20% | |||||||||||||||||
| Investment sub-advisory fees | 189 | 163 | 16% | |||||||||||||||||
| Professional fees | 136 | 110 | 24% | |||||||||||||||||
| Bank loan provision/(benefit) for credit losses | (24) | 31 | NM | |||||||||||||||||
Other (9) | 339 | 387 | (12)% | |||||||||||||||||
| Total non-compensation expenses | 1,739 | 1,677 | 4% | |||||||||||||||||
| Total non-interest expenses | 9,309 | 8,355 | 11% | |||||||||||||||||
Pre-tax income | 2,213 | 1,983 | 12% | |||||||||||||||||
| Provision for income taxes | 511 | 452 | 13% | |||||||||||||||||
| Net income | 1,702 | 1,531 | 11% | |||||||||||||||||
| Preferred stock dividends | 3 | 4 | (25)% | |||||||||||||||||
| Net income available to common shareholders | $ | 1,699 | $ | 1,527 | 11% | |||||||||||||||
Earnings per common share – basic (5) | $ | 8.67 | $ | 7.51 | 15% | |||||||||||||||
Earnings per common share – diluted (5) | $ | 8.52 | $ | 7.35 | 16% | |||||||||||||||
| Weighted-average common shares outstanding – basic | 195.7 | 203.0 | (4)% | |||||||||||||||||
| Weighted-average common and common equivalent shares outstanding – diluted | 199.1 | 207.6 | (4)% | |||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
6
| RAYMOND JAMES FINANCIAL, INC. | Consolidated Selected Key Metrics | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| As of | % change from | |||||||||||||||||||||||||||||||
$ in billions, except per share amounts | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Total assets | $ | 94.2 | $ | 84.8 | $ | 91.9 | 11% | 3% | ||||||||||||||||||||||||
| Total common equity attributable to Raymond James Financial, Inc. | $ | 12.7 | $ | 12.2 | $ | 12.6 | 4% | 1% | ||||||||||||||||||||||||
Book value per share (10) | $ | 66.11 | $ | 60.90 | $ | 64.58 | 9% | 2% | ||||||||||||||||||||||||
Tangible book value per share (1) (10) | $ | 53.74 | $ | 52.32 | $ | 55.14 | 3% | (3)% | ||||||||||||||||||||||||
Capital ratios: | ||||||||||||||||||||||||||||||||
| Tier 1 leverage | 11.7 | % | (4) | 13.1 | % | 12.4 | % | |||||||||||||||||||||||||
| Tier 1 capital | 21.6 | % | (4) | 22.9 | % | 22.9 | % | |||||||||||||||||||||||||
| Common equity tier 1 | 21.6 | % | (4) | 22.7 | % | 22.9 | % | |||||||||||||||||||||||||
| Total capital | 22.5 | % | (4) | 24.2 | % | 24.0 | % | |||||||||||||||||||||||||
| As of | % change from | |||||||||||||||||||||||||||||||
Client asset metrics ($ in billions) | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Client assets under administration | $ | 1,922.4 | $ | 1,637.1 | $ | 1,762.9 | 17% | 9% | ||||||||||||||||||||||||
| Private Client Group assets under administration | $ | 1,856.5 | $ | 1,574.2 | $ | 1,699.0 | 18% | 9% | ||||||||||||||||||||||||
| Private Client Group assets in fee-based accounts | $ | 1,153.8 | $ | 943.9 | $ | 1,043.2 | 22% | 11% | ||||||||||||||||||||||||
Financial assets under management (3) | $ | 345.0 | $ | 263.2 | $ | 282.4 | 31% | 22% | ||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
Net new assets metrics ($ in millions) | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
Domestic Private Client Group net new assets (2) | $ | 21,692 | $ | 11,651 | $ | 22,954 | $ | 75,474 | $ | 34,501 | |||||||||||||||||||||||||
Domestic Private Client Group net new assets growth — annualized (2) | 5.5 | % | 3.4 | % | 5.8 | % | 6.6 | % | 3.3 | % | |||||||||||||||||||||||||
| As of | % change from | |||||||||||||||||||||||||||||||
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions) | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
Raymond James Bank Deposit Program (“RJBDP”): (11) | ||||||||||||||||||||||||||||||||
| Bank segment | $ | 26,004 | $ | 26,635 | $ | 29,829 | (2)% | (13)% | ||||||||||||||||||||||||
| Third-party banks | 16,243 | 13,878 | 13,597 | 17% | 19% | |||||||||||||||||||||||||||
| Subtotal RJBDP | 42,247 | 40,513 | 43,426 | 4% | (3)% | |||||||||||||||||||||||||||
| Client Interest Program | 1,677 | 1,640 | 1,843 | 2% | (9)% | |||||||||||||||||||||||||||
Total clients’ domestic cash sweep balances | 43,924 | 42,153 | 45,269 | 4% | (3)% | |||||||||||||||||||||||||||
Enhanced Savings Program (“ESP”) (12) | 14,911 | 13,027 | 12,493 | 14% | 19% | |||||||||||||||||||||||||||
| Total clients’ domestic cash sweep and ESP balances | $ | 58,835 | $ | 55,180 | $ | 57,762 | 7% | 2% | ||||||||||||||||||||||||
Net interest income and RJBDP fees ($ in millions) | Three months ended | % change from | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||||||||||||||||||||||||||||
| Net interest income and RJBDP fees (third-party banks) | $ | 658 | $ | 656 | $ | 650 | —% | 1% | $ | 1,975 | $ | 1,980 | —% | |||||||||||||||||||||||||||||||||||||
Average yield on RJBDP - third-party banks (13) | 2.75 | % | 2.96 | % | 2.70 | % | 2.74 | % | 3.03 | % | ||||||||||||||||||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
7
| RAYMOND JAMES FINANCIAL, INC. | Consolidated Net Interest | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.
| Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | March 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ in millions | Average balance | Interest | Annualized average rate | Average balance | Interest | Annualized average rate | Average balance | Interest | Annualized average rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank segment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 5,570 | $ | 50 | 3.56 | % | $ | 5,598 | $ | 59 | 4.24 | % | $ | 5,376 | $ | 47 | 3.57 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Available-for-sale securities | 6,966 | 43 | 2.44 | % | 7,980 | 45 | 2.27 | % | 6,956 | 39 | 2.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale and investment: (14) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans held for investment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities-based loans (“SBL”) (15) | 23,904 | 319 | 5.28 | % | 18,100 | 276 | 6.04 | % | 22,199 | 295 | 5.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial and industrial (“C&I”) loans | 10,156 | 150 | 5.83 | % | 10,418 | 172 | 6.53 | % | 10,587 | 157 | 5.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate (“CRE”) loans | 7,825 | 115 | 5.85 | % | 7,764 | 126 | 6.42 | % | 7,810 | 115 | 5.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate investment trust (“REIT”) loans | 1,645 | 24 | 5.92 | % | 1,712 | 30 | 7.04 | % | 1,725 | 26 | 6.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage loans | 11,051 | 116 | 4.18 | % | 9,934 | 98 | 3.96 | % | 10,684 | 110 | 4.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt loans (16) | 1,114 | 8 | 3.38 | % | 1,266 | 9 | 3.39 | % | 1,132 | 7 | 3.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans held for sale | 214 | 4 | 6.69 | % | 255 | 4 | 6.98 | % | 220 | 3 | 5.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total loans held for sale and investment | 55,909 | 736 | 5.23 | % | 49,449 | 715 | 5.76 | % | 54,357 | 713 | 5.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| All other interest-earning assets | 229 | 2 | 4.36 | % | 231 | 4 | 5.27 | % | 245 | 3 | 4.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets — Bank segment | $ | 68,674 | $ | 831 | 4.81 | % | $ | 63,258 | $ | 823 | 5.18 | % | $ | 66,934 | $ | 802 | 4.81 | % | ||||||||||||||||||||||||||||||||||||||||||||
| All other segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 4,287 | $ | 38 | 3.54 | % | $ | 4,152 | $ | 44 | 4.24 | % | $ | 4,601 | $ | 39 | 3.47 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Assets segregated for regulatory purposes and restricted cash | 3,764 | 32 | 3.41 | % | 3,628 | 36 | 3.95 | % | 3,747 | 31 | 3.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading assets — debt securities | 1,423 | 20 | 5.51 | % | 1,335 | 19 | 5.73 | % | 1,399 | 19 | 5.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Brokerage client receivables | 2,907 | 44 | 6.13 | % | 2,427 | 42 | 6.97 | % | 2,688 | 41 | 6.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| All other interest-earning assets | 3,198 | 29 | 3.76 | % | 2,535 | 26 | 3.93 | % | 3,043 | 28 | 3.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets — all other segments | $ | 15,579 | $ | 163 | 4.22 | % | $ | 14,077 | $ | 167 | 4.72 | % | $ | 15,478 | $ | 158 | 4.14 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-earning assets | $ | 84,253 | $ | 994 | 4.70 | % | $ | 77,335 | $ | 990 | 5.10 | % | $ | 82,412 | $ | 960 | 4.68 | % | ||||||||||||||||||||||||||||||||||||||||||||
| INTEREST-BEARING LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank Segment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market and savings accounts (11) | $ | 35,552 | $ | 120 | 1.36 | % | $ | 33,814 | $ | 146 | 1.73 | % | $ | 36,315 | $ | 119 | 1.33 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (12) | 23,768 | 207 | 3.47 | % | 21,246 | 213 | 4.03 | % | 21,831 | 183 | 3.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificates of deposit | 2,715 | 27 | 3.90 | % | 1,763 | 19 | 4.34 | % | 2,226 | 22 | 3.96 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total bank deposits (17) | 62,035 | 354 | 2.28 | % | 56,823 | 378 | 2.67 | % | 60,372 | 324 | 2.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities | 784 | 5 | 2.94 | % | 847 | 5 | 2.79 | % | 753 | 6 | 2.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities — Bank segment | $ | 62,819 | $ | 359 | 2.29 | % | $ | 57,670 | $ | 383 | 2.67 | % | $ | 61,125 | $ | 330 | 2.19 | % | ||||||||||||||||||||||||||||||||||||||||||||
| All other segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading liabilities — debt securities | $ | 734 | $ | 11 | 5.73 | % | $ | 818 | $ | 11 | 5.35 | % | $ | 817 | $ | 12 | 5.99 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Brokerage client payables | 5,524 | 13 | 0.97 | % | 4,882 | 15 | 1.24 | % | 5,337 | 10 | 0.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior notes payable | 3,522 | 43 | 4.91 | % | 2,040 | 23 | 4.50 | % | 3,521 | 43 | 4.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
All other interest-bearing liabilities (17) | 1,169 | 8 | 3.05 | % | 1,272 | 12 | 3.83 | % | 1,087 | 8 | 2.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities — all other segments | $ | 10,949 | $ | 75 | 2.78 | % | $ | 9,012 | $ | 61 | 2.72 | % | $ | 10,762 | $ | 73 | 2.74 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 73,768 | $ | 434 | 2.36 | % | $ | 66,682 | $ | 444 | 2.68 | % | $ | 71,887 | $ | 403 | 2.27 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Firmwide net interest income | $ | 560 | $ | 546 | $ | 557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin (net yield on interest-earning assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bank segment | 2.71 | % | 2.74 | % | 2.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Firmwide | 2.67 | % | 2.83 | % | 2.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
8
| RAYMOND JAMES FINANCIAL, INC. | Consolidated Net Interest | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Nine months ended | |||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||
| $ in millions | Average balance | Interest | Annualizedaverage rate | Average balance | Interest | Annualizedaverage rate | |||||||||||||||||||||||||||||||||||
| INTEREST-EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||
| Bank segment | |||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 5,422 | $ | 149 | 3.65 | % | $ | 5,960 | $ | 197 | 4.40 | % | |||||||||||||||||||||||||||||
| Available-for-sale securities | 7,067 | 124 | 2.34 | % | 8,363 | 142 | 2.27 | % | |||||||||||||||||||||||||||||||||
Loans held for sale and investment: (14) | |||||||||||||||||||||||||||||||||||||||||
| Loans held for investment: | |||||||||||||||||||||||||||||||||||||||||
SBL (15) | 22,237 | 910 | 5.39 | % | 17,229 | 806 | 6.17 | % | |||||||||||||||||||||||||||||||||
| C&I loans | 10,482 | 475 | 5.96 | % | 10,305 | 518 | 6.64 | % | |||||||||||||||||||||||||||||||||
| CRE loans | 7,784 | 351 | 5.95 | % | 7,668 | 385 | 6.62 | % | |||||||||||||||||||||||||||||||||
| REIT loans | 1,696 | 79 | 6.18 | % | 1,692 | 91 | 7.13 | % | |||||||||||||||||||||||||||||||||
| Residential mortgage loans | 10,733 | 333 | 4.13 | % | 9,733 | 285 | 3.90 | % | |||||||||||||||||||||||||||||||||
Tax-exempt loans (16) | 1,132 | 23 | 3.39 | % | 1,283 | 26 | 3.37 | % | |||||||||||||||||||||||||||||||||
| Loans held for sale | 246 | 12 | 6.41 | % | 232 | 12 | 6.96 | % | |||||||||||||||||||||||||||||||||
| Total loans held for sale and investment | 54,310 | 2,183 | 5.32 | % | 48,142 | 2,123 | 5.85 | % | |||||||||||||||||||||||||||||||||
| All other interest-earning assets | 239 | 8 | 4.62 | % | 237 | 10 | 5.39 | % | |||||||||||||||||||||||||||||||||
| Interest-earning assets — Bank segment | $ | 67,038 | $ | 2,464 | 4.87 | % | $ | 62,702 | $ | 2,472 | 5.23 | % | |||||||||||||||||||||||||||||
| All other segments | |||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 4,656 | $ | 126 | 3.62 | % | $ | 4,076 | $ | 134 | 4.40 | % | |||||||||||||||||||||||||||||
| Assets segregated for regulatory purposes and restricted cash | 3,808 | 98 | 3.45 | % | 3,571 | 114 | 4.24 | % | |||||||||||||||||||||||||||||||||
| Trading assets — debt securities | 1,455 | 61 | 5.56 | % | 1,387 | 57 | 5.47 | % | |||||||||||||||||||||||||||||||||
| Brokerage client receivables | 2,737 | 128 | 6.27 | % | 2,402 | 128 | 7.15 | % | |||||||||||||||||||||||||||||||||
| All other interest-earning assets | 3,061 | 84 | 3.64 | % | 2,531 | 75 | 3.88 | % | |||||||||||||||||||||||||||||||||
| Interest-earning assets — all other segments | $ | 15,717 | $ | 497 | 4.22 | % | $ | 13,967 | $ | 508 | 4.84 | % | |||||||||||||||||||||||||||||
| Total interest-earning assets | $ | 82,755 | $ | 2,961 | 4.75 | % | $ | 76,669 | $ | 2,980 | 5.16 | % | |||||||||||||||||||||||||||||
| INTEREST-BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
| Bank Segment | |||||||||||||||||||||||||||||||||||||||||
| Bank deposits: | |||||||||||||||||||||||||||||||||||||||||
Money market and savings accounts (11) | $ | 35,627 | $ | 370 | 1.39 | % | $ | 33,088 | $ | 458 | 1.85 | % | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (12) | 22,582 | 594 | 3.51 | % | 21,013 | 650 | 4.14 | % | |||||||||||||||||||||||||||||||||
| Certificates of deposit | 2,300 | 69 | 3.99 | % | 2,094 | 71 | 4.52 | % | |||||||||||||||||||||||||||||||||
Total bank deposits (17) | 60,509 | 1,033 | 2.28 | % | 56,195 | 1,179 | 2.81 | % | |||||||||||||||||||||||||||||||||
| FHLB advances and all other interest-bearing liabilities | 763 | 17 | 2.91 | % | 1,001 | 20 | 2.72 | % | |||||||||||||||||||||||||||||||||
| Interest-bearing liabilities — Bank segment | $ | 61,272 | $ | 1,050 | 2.29 | % | $ | 57,196 | $ | 1,199 | 2.81 | % | |||||||||||||||||||||||||||||
| All other segments | |||||||||||||||||||||||||||||||||||||||||
| Trading liabilities — debt securities | $ | 816 | $ | 35 | 5.71 | % | $ | 834 | $ | 32 | 5.17 | % | |||||||||||||||||||||||||||||
| Brokerage client payables | 5,312 | 37 | 0.94 | % | 4,794 | 52 | 1.44 | % | |||||||||||||||||||||||||||||||||
| Senior notes payable | 3,521 | 129 | 4.91 | % | 2,040 | 69 | 4.50 | % | |||||||||||||||||||||||||||||||||
All other interest-bearing liabilities (17) | 1,179 | 27 | 3.05 | % | 1,182 | 32 | 3.62 | % | |||||||||||||||||||||||||||||||||
| Interest-bearing liabilities — all other segments | $ | 10,828 | $ | 228 | 2.82 | % | $ | 8,850 | $ | 185 | 2.79 | % | |||||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 72,100 | $ | 1,278 | 2.37 | % | $ | 66,046 | $ | 1,384 | 2.81 | % | |||||||||||||||||||||||||||||
| Firmwide net interest income | $ | 1,683 | $ | 1,596 | |||||||||||||||||||||||||||||||||||||
| Net interest margin (net yield on interest-earning assets) | |||||||||||||||||||||||||||||||||||||||||
| Bank segment | 2.78 | % | 2.67 | % | |||||||||||||||||||||||||||||||||||||
| Firmwide | 2.72 | % | 2.78 | % | |||||||||||||||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
9
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Net revenues: | ||||||||||||||||||||||||||||||||
| Private Client Group | $ | 2,841 | $ | 2,488 | $ | 2,810 | 14% | 1% | ||||||||||||||||||||||||
| Capital Markets | 477 | 381 | 464 | 25% | 3% | |||||||||||||||||||||||||||
Asset Management | 362 | 291 | 327 | 24% | 11% | |||||||||||||||||||||||||||
| Bank | 488 | 458 | 486 | 7% | —% | |||||||||||||||||||||||||||
Other (18) | (7) | 9 | (1) | NM | (600)% | |||||||||||||||||||||||||||
| Intersegment eliminations | (233) | (229) | (227) | 2% | 3% | |||||||||||||||||||||||||||
Total net revenues | $ | 3,928 | $ | 3,398 | $ | 3,859 | 16% | 2% | ||||||||||||||||||||||||
Pre-tax income/(loss): | ||||||||||||||||||||||||||||||||
| Private Client Group | $ | 423 | $ | 411 | $ | 416 | 3% | 2% | ||||||||||||||||||||||||
Capital Markets (9) | 48 | (54) | 51 | NM | (6)% | |||||||||||||||||||||||||||
Asset Management | 143 | 125 | 137 | 14% | 4% | |||||||||||||||||||||||||||
| Bank | 206 | 123 | 166 | 67% | 24% | |||||||||||||||||||||||||||
Other (18) | (70) | (42) | (35) | (67)% | (100)% | |||||||||||||||||||||||||||
Pre-tax income | $ | 750 | $ | 563 | $ | 735 | 33% | 2% | ||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Net revenues: | ||||||||||||||||||||
| Private Client Group | $ | 8,419 | $ | 7,522 | 12% | |||||||||||||||
| Capital Markets | 1,321 | 1,257 | 5% | |||||||||||||||||
| Asset Management | 1,015 | 874 | 16% | |||||||||||||||||
| Bank | 1,461 | 1,317 | 11% | |||||||||||||||||
Other (18) | (9) | 34 | NM | |||||||||||||||||
| Intersegment eliminations | (685) | (666) | 3% | |||||||||||||||||
| Total net revenues | $ | 11,522 | $ | 10,338 | 11% | |||||||||||||||
| Pre-tax income/(loss): | ||||||||||||||||||||
| Private Client Group | $ | 1,278 | $ | 1,304 | (2)% | |||||||||||||||
Capital Markets (9) | 108 | 56 | 93% | |||||||||||||||||
| Asset Management | 423 | 371 | 14% | |||||||||||||||||
| Bank | 545 | 358 | 52% | |||||||||||||||||
Other (18) | (141) | (106) | (33)% | |||||||||||||||||
| Pre-tax income | $ | 2,213 | $ | 1,983 | 12% | |||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
10
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Private Client Group | ||||||||||||||||||||||||||||||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Asset management and related administrative fees | $ | 1,734 | $ | 1,462 | $ | 1,711 | 19% | 1% | ||||||||||||||||||||||||
| Brokerage revenues: | ||||||||||||||||||||||||||||||||
| Mutual and other fund products | 170 | 146 | 176 | 16% | (3)% | |||||||||||||||||||||||||||
| Insurance and annuity products | 142 | 129 | 132 | 10% | 8% | |||||||||||||||||||||||||||
| Equities, exchange-traded funds (“ETFs”) and fixed income products | 173 | 145 | 180 | 19% | (4)% | |||||||||||||||||||||||||||
| Total brokerage revenues | 485 | 420 | 488 | 15% | (1)% | |||||||||||||||||||||||||||
| Account and service fees: | ||||||||||||||||||||||||||||||||
| Mutual fund and other investment products | 149 | 126 | 152 | 18% | (2)% | |||||||||||||||||||||||||||
RJBDP fees: (11) | ||||||||||||||||||||||||||||||||
| Bank segment | 185 | 193 | 187 | (4)% | (1)% | |||||||||||||||||||||||||||
| Third-party banks | 98 | 110 | 93 | (11)% | 5% | |||||||||||||||||||||||||||
| Client account and other fees | 78 | 72 | 74 | 8% | 5% | |||||||||||||||||||||||||||
| Total account and service fees | 510 | 501 | 506 | 2% | 1% | |||||||||||||||||||||||||||
| Investment banking | 9 | 9 | 7 | —% | 29% | |||||||||||||||||||||||||||
| Interest income | 115 | 114 | 107 | 1% | 7% | |||||||||||||||||||||||||||
| All other | 8 | 5 | 8 | 60% | —% | |||||||||||||||||||||||||||
| Total revenues | 2,861 | 2,511 | 2,827 | 14% | 1% | |||||||||||||||||||||||||||
| Interest expense | (20) | (23) | (17) | (13)% | 18% | |||||||||||||||||||||||||||
| Net revenues | 2,841 | 2,488 | 2,810 | 14% | 1% | |||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
| Financial advisor compensation: | ||||||||||||||||||||||||||||||||
| Commissions, benefits and other compensation | 1,566 | 1,317 | 1,554 | 19% | 1% | |||||||||||||||||||||||||||
Recruiting and retention-related compensation (19) | 117 | 97 | 111 | 21% | 5% | |||||||||||||||||||||||||||
| Total financial advisor compensation | 1,683 | 1,414 | 1,665 | 19% | 1% | |||||||||||||||||||||||||||
| Administrative compensation and benefits | 441 | 389 | 443 | 13% | —% | |||||||||||||||||||||||||||
| Total compensation, commissions and benefits | 2,124 | 1,803 | 2,108 | 18% | 1% | |||||||||||||||||||||||||||
| Non-compensation expenses | 294 | 274 | 286 | 7% | 3% | |||||||||||||||||||||||||||
| Total non-interest expenses | 2,418 | 2,077 | 2,394 | 16% | 1% | |||||||||||||||||||||||||||
| Pre-tax income | $ | 423 | $ | 411 | $ | 416 | 3% | 2% | ||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
11
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Private Client Group | ||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Asset management and related administrative fees | $ | 5,138 | $ | 4,395 | 17% | |||||||||||||||
| Brokerage revenues: | ||||||||||||||||||||
| Mutual and other fund products | 510 | 450 | 13% | |||||||||||||||||
| Insurance and annuity products | 406 | 364 | 12% | |||||||||||||||||
| Equities, ETFs and fixed income products | 527 | 458 | 15% | |||||||||||||||||
| Total brokerage revenues | 1,443 | 1,272 | 13% | |||||||||||||||||
| Account and service fees: | ||||||||||||||||||||
| Mutual fund and other investment products | 443 | 382 | 16% | |||||||||||||||||
RJBDP fees: (11) | ||||||||||||||||||||
| Bank segment | 560 | 563 | (1)% | |||||||||||||||||
| Third-party banks | 292 | 384 | (24)% | |||||||||||||||||
| Client account and other fees | 223 | 208 | 7% | |||||||||||||||||
| Total account and service fees | 1,518 | 1,537 | (1)% | |||||||||||||||||
| Investment banking | 24 | 26 | (8)% | |||||||||||||||||
| Interest income | 336 | 350 | (4)% | |||||||||||||||||
| All other | 20 | 16 | 25% | |||||||||||||||||
| Total revenues | 8,479 | 7,596 | 12% | |||||||||||||||||
| Interest expense | (60) | (74) | (19)% | |||||||||||||||||
| Net revenues | 8,419 | 7,522 | 12% | |||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Financial advisor compensation: | ||||||||||||||||||||
| Commissions, benefits and other compensation | 4,632 | 3,964 | 17% | |||||||||||||||||
Recruiting and retention-related compensation (19) | 335 | 274 | 22% | |||||||||||||||||
| Total financial advisor compensation | 4,967 | 4,238 | 17% | |||||||||||||||||
| Administrative compensation and benefits | 1,316 | 1,195 | 10% | |||||||||||||||||
| Total compensation, commissions and benefits | 6,283 | 5,433 | 16% | |||||||||||||||||
| Non-compensation expenses | 858 | 785 | 9% | |||||||||||||||||
| Total non-interest expenses | 7,141 | 6,218 | 15% | |||||||||||||||||
| Pre-tax income | $ | 1,278 | $ | 1,304 | (2)% | |||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
12
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Capital Markets | ||||||||||||||||||||||||||||||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Brokerage revenues: | ||||||||||||||||||||||||||||||||
| Fixed income | $ | 99 | $ | 97 | $ | 104 | 2% | (5)% | ||||||||||||||||||||||||
| Equity | 50 | 41 | 52 | 22% | (4)% | |||||||||||||||||||||||||||
| Total brokerage revenues | 149 | 138 | 156 | 8% | (4)% | |||||||||||||||||||||||||||
| Investment banking: | ||||||||||||||||||||||||||||||||
| Merger & acquisition and advisory | 150 | 105 | 139 | 43% | 8% | |||||||||||||||||||||||||||
| Equity underwriting | 50 | 38 | 56 | 32% | (11)% | |||||||||||||||||||||||||||
| Debt underwriting | 85 | 60 | 77 | 42% | 10% | |||||||||||||||||||||||||||
| Total investment banking | 285 | 203 | 272 | 40% | 5% | |||||||||||||||||||||||||||
| Interest income | 25 | 27 | 27 | (7)% | (7)% | |||||||||||||||||||||||||||
| Affordable housing investments business revenues | 35 | 33 | 28 | 6% | 25% | |||||||||||||||||||||||||||
| All other | 6 | 4 | 6 | 50% | —% | |||||||||||||||||||||||||||
| Total revenues | 500 | 405 | 489 | 23% | 2% | |||||||||||||||||||||||||||
| Interest expense | (23) | (24) | (25) | (4)% | (8)% | |||||||||||||||||||||||||||
| Net revenues | 477 | 381 | 464 | 25% | 3% | |||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 300 | 262 | 293 | 15% | 2% | |||||||||||||||||||||||||||
Non-compensation expenses (9) | 129 | 173 | 120 | (25)% | 8% | |||||||||||||||||||||||||||
| Total non-interest expenses | 429 | 435 | 413 | (1)% | 4% | |||||||||||||||||||||||||||
| Pre-tax income/(loss) | $ | 48 | $ | (54) | $ | 51 | NM | (6)% | ||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Brokerage revenues: | ||||||||||||||||||||
| Fixed income | $ | 294 | $ | 298 | (1)% | |||||||||||||||
| Equity | 152 | 127 | 20% | |||||||||||||||||
| Total brokerage revenues | 446 | 425 | 5% | |||||||||||||||||
| Investment banking: | ||||||||||||||||||||
| Merger & acquisition and advisory | 408 | 460 | (11)% | |||||||||||||||||
| Equity underwriting | 137 | 104 | 32% | |||||||||||||||||
| Debt underwriting | 212 | 163 | 30% | |||||||||||||||||
| Total investment banking | 757 | 727 | 4% | |||||||||||||||||
| Interest income | 80 | 84 | (5)% | |||||||||||||||||
| Affordable housing investments business revenues | 94 | 82 | 15% | |||||||||||||||||
| All other | 16 | 13 | 23% | |||||||||||||||||
| Total revenues | 1,393 | 1,331 | 5% | |||||||||||||||||
| Interest expense | (72) | (74) | (3)% | |||||||||||||||||
| Net revenues | 1,321 | 1,257 | 5% | |||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation, commissions and benefits | 854 | 825 | 4% | |||||||||||||||||
Non-compensation expenses (9) | 359 | 376 | (5)% | |||||||||||||||||
| Total non-interest expenses | 1,213 | 1,201 | 1% | |||||||||||||||||
| Pre-tax income | $ | 108 | $ | 56 | 93% | |||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
13
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | |||||||
Fiscal Third Quarter of 2026 | (Unaudited) | |||||||
| Asset Management | ||||||||||||||||||||||||||||||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
Asset management and related administrative fees: | ||||||||||||||||||||||||||||||||
| Managed programs | $ | 230 | $ | 189 | $ | 211 | 22% | 9% | ||||||||||||||||||||||||
| Administration and other | 122 | 91 | 104 | 34% | 17% | |||||||||||||||||||||||||||
Total asset management and related administrative fees | 352 | 280 | 315 | 26% | 12% | |||||||||||||||||||||||||||
| Account and service fees | 6 | 5 | 7 | 20% | (14)% | |||||||||||||||||||||||||||
| All other | 4 | 6 | 5 | (33)% | (20)% | |||||||||||||||||||||||||||
| Net revenues | 362 | 291 | 327 | 24% | 11% | |||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
Compensation, commissions and benefits | 76 | 54 | 65 | 41% | 17% | |||||||||||||||||||||||||||
| Non-compensation expenses | 143 | 112 | 125 | 28% | 14% | |||||||||||||||||||||||||||
| Total non-interest expenses | 219 | 166 | 190 | 32% | 15% | |||||||||||||||||||||||||||
Pre-tax income | $ | 143 | $ | 125 | $ | 137 | 14% | 4% | ||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Asset management and related administrative fees: | ||||||||||||||||||||
| Managed programs | $ | 652 | $ | 565 | 15% | |||||||||||||||
| Administration and other | 331 | 275 | 20% | |||||||||||||||||
| Total asset management and related administrative fees | 983 | 840 | 17% | |||||||||||||||||
| Account and service fees | 19 | 17 | 12% | |||||||||||||||||
| All other | 13 | 17 | (24)% | |||||||||||||||||
| Net revenues | 1,015 | 874 | 16% | |||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation, commissions and benefits | 200 | 169 | 18% | |||||||||||||||||
| Non-compensation expenses | 392 | 334 | 17% | |||||||||||||||||
| Total non-interest expenses | 592 | 503 | 18% | |||||||||||||||||
| Pre-tax income | $ | 423 | $ | 371 | 14% | |||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
14
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | |||||||
Fiscal Third Quarter of 2026 | (Unaudited) | |||||||
| Bank | ||||||||||||||||||||||||||||||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Interest income | $ | 831 | $ | 823 | $ | 802 | 1% | 4% | ||||||||||||||||||||||||
| Interest expense | (359) | (383) | (330) | (6)% | 9% | |||||||||||||||||||||||||||
| Net interest income | 472 | 440 | 472 | 7% | —% | |||||||||||||||||||||||||||
| All other | 16 | 18 | 14 | (11)% | 14% | |||||||||||||||||||||||||||
| Net revenues | 488 | 458 | 486 | 7% | —% | |||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
| Compensation and benefits | 47 | 47 | 47 | —% | —% | |||||||||||||||||||||||||||
| Non-compensation expenses: | ||||||||||||||||||||||||||||||||
| Bank loan provision/(benefit) for credit losses | (26) | 15 | 5 | NM | NM | |||||||||||||||||||||||||||
RJBDP fees to Private Client Group (11) | 185 | 193 | 187 | (4)% | (1)% | |||||||||||||||||||||||||||
| All other | 76 | 80 | 81 | (5)% | (6)% | |||||||||||||||||||||||||||
| Total non-compensation expenses | 235 | 288 | 273 | (18)% | (14)% | |||||||||||||||||||||||||||
| Total non-interest expenses | 282 | 335 | 320 | (16)% | (12)% | |||||||||||||||||||||||||||
| Pre-tax income | $ | 206 | $ | 123 | $ | 166 | 67% | 24% | ||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Interest income | $ | 2,464 | $ | 2,472 | —% | |||||||||||||||
| Interest expense | (1,050) | (1,199) | (12)% | |||||||||||||||||
| Net interest income | 1,414 | 1,273 | 11% | |||||||||||||||||
| All other | 47 | 44 | 7% | |||||||||||||||||
| Net revenues | 1,461 | 1,317 | 11% | |||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||
| Compensation and benefits | 142 | 138 | 3% | |||||||||||||||||
| Non-compensation expenses: | ||||||||||||||||||||
| Bank loan provision/(benefit) for credit losses | (24) | 31 | NM | |||||||||||||||||
RJBDP fees to Private Client Group (11) | 560 | 563 | (1)% | |||||||||||||||||
| All other | 238 | 227 | 5% | |||||||||||||||||
| Total non-compensation expenses | 774 | 821 | (6)% | |||||||||||||||||
| Total non-interest expenses | 916 | 959 | (4)% | |||||||||||||||||
| Pre-tax income | $ | 545 | $ | 358 | 52% | |||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
15
| RAYMOND JAMES FINANCIAL, INC. | Segment Results | |||||||
Fiscal Third Quarter of 2026 | (Unaudited) | |||||||
Other (18) | ||||||||||||||||||||||||||||||||
| Three months ended | % change from | |||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Interest income | $ | 34 | $ | 34 | $ | 34 | —% | —% | ||||||||||||||||||||||||
| All other | 4 | — | 9 | NM | (56)% | |||||||||||||||||||||||||||
| Total revenues | 38 | 34 | 43 | 12% | (12)% | |||||||||||||||||||||||||||
| Interest expense | (45) | (25) | (44) | 80% | 2% | |||||||||||||||||||||||||||
| Net revenues | (7) | 9 | (1) | NM | (600)% | |||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
| Compensation and benefits | 30 | 36 | 29 | (17)% | 3% | |||||||||||||||||||||||||||
| All other | 33 | 15 | 5 | 120% | 560% | |||||||||||||||||||||||||||
| Total non-interest expenses | 63 | 51 | 34 | 24% | 85% | |||||||||||||||||||||||||||
Pre-tax loss | $ | (70) | $ | (42) | $ | (35) | (67)% | (100)% | ||||||||||||||||||||||||
| Nine months ended | ||||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | % change | |||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Interest income | $ | 110 | $ | 102 | 8% | |||||||||||||||||||||||||||
| All other | 14 | 7 | 100% | |||||||||||||||||||||||||||||
| Total revenues | 124 | 109 | 14% | |||||||||||||||||||||||||||||
| Interest expense | (133) | (75) | 77% | |||||||||||||||||||||||||||||
| Net revenues | (9) | 34 | NM | |||||||||||||||||||||||||||||
| Non-interest expenses: | ||||||||||||||||||||||||||||||||
| Compensation and benefits | 90 | 112 | (20)% | |||||||||||||||||||||||||||||
| All other | 42 | 28 | 50% | |||||||||||||||||||||||||||||
| Total non-interest expenses | 132 | 140 | (6)% | |||||||||||||||||||||||||||||
Pre-tax loss | $ | (141) | $ | (106) | (33)% | |||||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
16
| RAYMOND JAMES FINANCIAL, INC. | Bank Segment Selected Key Metrics | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
Bank Segment
| As of | % change from | |||||||||||||||||||||||||||||||
$ in billions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Total assets | $ | 70.1 | $ | 63.6 | $ | 69.0 | 10% | 2% | ||||||||||||||||||||||||
| Bank loans, net | $ | 56.2 | $ | 49.8 | $ | 54.8 | 13% | 3% | ||||||||||||||||||||||||
| Bank deposits | $ | 63.3 | $ | 57.2 | $ | 62.4 | 11% | 1% | ||||||||||||||||||||||||
| As of | % change from | |||||||||||||||||||||||||||||||
$ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||||||||||||
| Bank loan allowance for credit losses | $ | 398 | $ | 465 | $ | 440 | (14)% | (10)% | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 152 | $ | 214 | $ | 183 | (29)% | (17)% | ||||||||||||||||||||||||
| Total criticized loans | $ | 593 | $ | 572 | $ | 607 | 4% | (2)% | ||||||||||||||||||||||||
| Bank loan allowance for credit losses as a % of total loans held for investment | 0.70 | % | 0.93 | % | 0.80 | % | ||||||||||||||||||||||||||
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (20) | 1.69 | % | 1.96 | % | 1.83 | % | ||||||||||||||||||||||||||
| Nonperforming assets as a % of total assets | 0.22 | % | 0.34 | % | 0.27 | % | ||||||||||||||||||||||||||
| Criticized loans as a % of total loans held for investment | 1.05 | % | 1.14 | % | 1.10 | % | ||||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
| Net interest margin (net yield on interest-earning assets) | 2.71 | % | 2.74 | % | 2.81 | % | 2.78 | % | 2.67 | % | |||||||||||||||||||||||||
| Bank loan provision/(benefit) for credit losses | $ | (26) | $ | 15 | $ | 5 | $ | (24) | $ | 31 | |||||||||||||||||||||||||
| Net charge-offs | $ | 15 | $ | 3 | $ | 5 | $ | 29 | $ | 22 | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
17
| RAYMOND JAMES FINANCIAL, INC. | Non-GAAP Financial Measures | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
Reconciliation of non-GAAP financial measures to GAAP financial measures
We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
| Net income available to common shareholders | $ | 595 | $ | 435 | $ | 542 | $ | 1,699 | $ | 1,527 | |||||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
| Expenses related to acquisitions: | |||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 8 | 9 | 6 | 21 | 25 | ||||||||||||||||||||||||||||||
| Other acquisition-related compensation | — | — | 1 | 1 | — | ||||||||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expense | 8 | 9 | 7 | 22 | 25 | ||||||||||||||||||||||||||||||
| Communications and information processing | 2 | — | 3 | 6 | — | ||||||||||||||||||||||||||||||
| Professional fees | 5 | — | 4 | 11 | 2 | ||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Amortization of identifiable intangible assets (22) | 14 | 10 | 10 | 34 | 31 | ||||||||||||||||||||||||||||||
| All other acquisition-related expenses | 3 | — | 3 | 6 | — | ||||||||||||||||||||||||||||||
| Total “Other” expense | 17 | 10 | 13 | 40 | 31 | ||||||||||||||||||||||||||||||
| Total pre-tax impact of non-GAAP adjustments related to acquisitions | 32 | 19 | 27 | 79 | 58 | ||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (7) | (5) | (5) | (17) | (15) | ||||||||||||||||||||||||||||||
Total non-GAAP adjustments, net of tax | 25 | 14 | 22 | 62 | 43 | ||||||||||||||||||||||||||||||
Adjusted net income available to common shareholders (1) | $ | 620 | $ | 449 | $ | 564 | $ | 1,761 | $ | 1,570 | |||||||||||||||||||||||||
Pre-tax income | $ | 750 | $ | 563 | $ | 735 | $ | 2,213 | $ | 1,983 | |||||||||||||||||||||||||
Pre-tax impact of non-GAAP adjustments (as detailed above) | 32 | 19 | 27 | 79 | 58 | ||||||||||||||||||||||||||||||
Adjusted pre-tax income (1) | $ | 782 | $ | 582 | $ | 762 | $ | 2,292 | $ | 2,041 | |||||||||||||||||||||||||
| Compensation, commissions and benefits expense | $ | 2,579 | $ | 2,202 | $ | 2,541 | $ | 7,570 | $ | 6,678 | |||||||||||||||||||||||||
| Less: Total compensation-related acquisition expenses (as detailed above) | 8 | 9 | 7 | 22 | 25 | ||||||||||||||||||||||||||||||
Adjusted “Compensation, commissions and benefits” expense (1) | $ | 2,571 | $ | 2,193 | $ | 2,534 | $ | 7,548 | $ | 6,653 | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
18
| RAYMOND JAMES FINANCIAL, INC. | Non-GAAP Financial Measures | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Reconciliation of non-GAAP financial measures to GAAP financial measures | |||||||||||||||||||||||||||||||||||
| (Continued from previous page) | |||||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||||||||
Pre-tax margin (7) | 19.1 | % | 16.6 | % | 19.0 | % | 19.2 | % | 19.2 | % | |||||||||||||||||||||||||
Impact of non-GAAP adjustments on pre-tax margin: | |||||||||||||||||||||||||||||||||||
| Expenses related to acquisitions: | |||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 0.2 | % | 0.3 | % | 0.1 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
| Other acquisition-related compensation | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expense | 0.2 | % | 0.3 | % | 0.1 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
| Communications and information processing | — | % | — | % | 0.1 | % | — | % | — | % | |||||||||||||||||||||||||
| Professional fees | 0.1 | % | — | % | 0.1 | % | 0.1 | % | — | % | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Amortization of identifiable intangible assets (22) | 0.4 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||||||||
| All other acquisition-related expenses | 0.1 | % | — | % | 0.1 | % | 0.1 | % | — | % | |||||||||||||||||||||||||
| Total “Other” expense | 0.5 | % | 0.2 | % | 0.4 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||||||||
| Total pre-tax impact of non-GAAP adjustments related to acquisitions | 0.8 | % | 0.5 | % | 0.7 | % | 0.7 | % | 0.5 | % | |||||||||||||||||||||||||
Adjusted pre-tax margin (1) (7) | 19.9 | % | 17.1 | % | 19.7 | % | 19.9 | % | 19.7 | % | |||||||||||||||||||||||||
Total compensation ratio (8) | 65.7 | % | 64.8 | % | 65.8 | % | 65.7 | % | 64.6 | % | |||||||||||||||||||||||||
Less the impact of non-GAAP adjustments on compensation ratio: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 0.2 | % | 0.3 | % | 0.1 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
| Other acquisition-related compensation | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expenses related to acquisitions | 0.2 | % | 0.3 | % | 0.1 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||||||||
Adjusted total compensation ratio (1) (8) | 65.5 | % | 64.5 | % | 65.7 | % | 65.5 | % | 64.4 | % | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
19
| RAYMOND JAMES FINANCIAL, INC. | Non-GAAP Financial Measures | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Reconciliation of non-GAAP financial measures to GAAP financial measures | |||||||||||||||||||||||||||||||||||
| (Continued from previous page) | |||||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
Earnings per common share (5) | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
| Basic | $ | 3.06 | $ | 2.16 | $ | 2.76 | $ | 8.67 | $ | 7.51 | |||||||||||||||||||||||||
Impact of non-GAAP adjustments on basic earnings per common share: | |||||||||||||||||||||||||||||||||||
| Expenses related to acquisitions: | |||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 0.04 | 0.04 | 0.03 | 0.11 | 0.12 | ||||||||||||||||||||||||||||||
| Other acquisition-related compensation | — | — | 0.01 | 0.01 | — | ||||||||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expense | 0.04 | 0.04 | 0.04 | 0.12 | 0.12 | ||||||||||||||||||||||||||||||
| Communications and information processing | 0.01 | — | 0.02 | 0.03 | — | ||||||||||||||||||||||||||||||
| Professional fees | 0.03 | — | 0.02 | 0.06 | 0.01 | ||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Amortization of identifiable intangible assets (22) | 0.07 | 0.05 | 0.05 | 0.17 | 0.15 | ||||||||||||||||||||||||||||||
| All other acquisition-related expenses | 0.02 | — | 0.02 | 0.03 | — | ||||||||||||||||||||||||||||||
| Total “Other” expense | 0.09 | 0.05 | 0.07 | 0.20 | 0.15 | ||||||||||||||||||||||||||||||
| Total pre-tax impact of non-GAAP adjustments related to acquisitions | 0.17 | 0.09 | 0.15 | 0.41 | 0.28 | ||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (0.04) | (0.02) | (0.03) | (0.09) | (0.07) | ||||||||||||||||||||||||||||||
| Total non-GAAP adjustments, net of tax | 0.13 | 0.07 | 0.12 | 0.32 | 0.21 | ||||||||||||||||||||||||||||||
Adjusted basic (1) | $ | 3.19 | $ | 2.23 | $ | 2.88 | $ | 8.99 | $ | 7.72 | |||||||||||||||||||||||||
| Diluted | $ | 3.01 | $ | 2.12 | $ | 2.72 | $ | 8.52 | $ | 7.35 | |||||||||||||||||||||||||
Impact of non-GAAP adjustments on diluted earnings per common share: | |||||||||||||||||||||||||||||||||||
| Expenses related to acquisitions: | |||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 0.04 | 0.04 | 0.03 | 0.11 | 0.12 | ||||||||||||||||||||||||||||||
| Other acquisition-related compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expense | 0.04 | 0.04 | 0.03 | 0.11 | 0.12 | ||||||||||||||||||||||||||||||
| Communications and information processing | 0.01 | — | 0.02 | 0.03 | — | ||||||||||||||||||||||||||||||
| Professional fees | 0.03 | — | 0.02 | 0.06 | 0.01 | ||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Amortization of identifiable intangible assets (22) | 0.07 | 0.04 | 0.05 | 0.17 | 0.14 | ||||||||||||||||||||||||||||||
| All other acquisition-related expenses | 0.02 | — | 0.02 | 0.03 | — | ||||||||||||||||||||||||||||||
| Total “Other” expense | 0.09 | 0.04 | 0.07 | 0.20 | 0.14 | ||||||||||||||||||||||||||||||
| Total pre-tax impact of non-GAAP adjustments related to acquisitions | 0.17 | 0.08 | 0.14 | 0.40 | 0.27 | ||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (0.04) | (0.02) | (0.03) | (0.09) | (0.07) | ||||||||||||||||||||||||||||||
| Total non-GAAP adjustments, net of tax | 0.13 | 0.06 | 0.11 | 0.31 | 0.20 | ||||||||||||||||||||||||||||||
Adjusted diluted (1) | $ | 3.14 | $ | 2.18 | $ | 2.83 | $ | 8.83 | $ | 7.55 | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
20
| RAYMOND JAMES FINANCIAL, INC. | Non-GAAP Financial Measures | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
| Book value per share | As of | |||||||||||||||||||
| $ in millions, except per share amounts | June 30, 2026 | June 30, 2025 | March 31, 2026 | |||||||||||||||||
| Total common equity attributable to Raymond James Financial, Inc. | $ | 12,699 | $ | 12,180 | $ | 12,567 | ||||||||||||||
Less non-GAAP adjustments: | ||||||||||||||||||||
Goodwill and identifiable intangible assets, net | 2,608 | 1,860 | 1,983 | |||||||||||||||||
| Deferred tax liabilities related to goodwill and identifiable intangible assets, net | (232) | (143) | (147) | |||||||||||||||||
Tangible common equity attributable to Raymond James Financial, Inc. (1) | $ | 10,323 | $ | 10,463 | $ | 10,731 | ||||||||||||||
| Common shares outstanding | 192.1 | 200.0 | 194.6 | |||||||||||||||||
Book value per share (10) | $ | 66.11 | $ | 60.90 | $ | 64.58 | ||||||||||||||
Tangible book value per share (1) (10) | $ | 53.74 | $ | 52.32 | $ | 55.14 | ||||||||||||||
| Return on common equity | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
Average common equity (23) | $ | 12,633 | $ | 12,157 | $ | 12,529 | $ | 12,545 | $ | 11,938 | |||||||||||||||||||||||||
Impact of non-GAAP adjustments on average common equity: | |||||||||||||||||||||||||||||||||||
| Expenses related to acquisitions: | |||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 4 | 5 | 3 | 10 | 12 | ||||||||||||||||||||||||||||||
| Other acquisition-related compensation | — | — | 1 | 1 | — | ||||||||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expense | 4 | 5 | 4 | 11 | 12 | ||||||||||||||||||||||||||||||
| Communications and information processing | 1 | — | 1 | 3 | — | ||||||||||||||||||||||||||||||
| Professional fees | 3 | — | 2 | 5 | 1 | ||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Amortization of identifiable intangible assets (22) | 7 | 5 | 5 | 16 | 16 | ||||||||||||||||||||||||||||||
| All other acquisition-related expenses | 2 | — | 2 | 2 | — | ||||||||||||||||||||||||||||||
| Total “Other” expense | 9 | 5 | 7 | 18 | 16 | ||||||||||||||||||||||||||||||
| Total pre-tax impact of non-GAAP adjustments related to acquisitions | 17 | 10 | 14 | 37 | 29 | ||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (4) | (3) | (3) | (8) | (7) | ||||||||||||||||||||||||||||||
| Total non-GAAP adjustments, net of tax | 13 | 7 | 11 | 29 | 22 | ||||||||||||||||||||||||||||||
Adjusted average common equity (1) (23) | $ | 12,646 | $ | 12,164 | $ | 12,540 | $ | 12,574 | $ | 11,960 | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
21
| RAYMOND JAMES FINANCIAL, INC. | Non-GAAP Financial Measures | ||||
Fiscal Third Quarter of 2026 | (Unaudited) | ||||
| Reconciliation of non-GAAP financial measures to GAAP financial measures | |||||||||||||||||||||||||||||||||||
| (Continued from previous page) | |||||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
| $ in millions | June 30, 2026 | June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
Average common equity (23) | $ | 12,633 | $ | 12,157 | $ | 12,529 | $ | 12,545 | $ | 11,938 | |||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
| Average goodwill and identifiable intangible assets, net | 2,296 | 1,858 | 1,911 | 2,069 | 1,865 | ||||||||||||||||||||||||||||||
| Average deferred tax liabilities related to goodwill and identifiable intangible assets, net | (190) | (142) | (147) | (168) | (140) | ||||||||||||||||||||||||||||||
Average tangible common equity (1) (23) | $ | 10,527 | $ | 10,441 | $ | 10,765 | $ | 10,644 | $ | 10,213 | |||||||||||||||||||||||||
Impact of non-GAAP adjustments on average tangible common equity: | |||||||||||||||||||||||||||||||||||
| Expenses related to acquisitions: | |||||||||||||||||||||||||||||||||||
Compensation, commissions and benefits: | |||||||||||||||||||||||||||||||||||
Acquisition-related retention (21) | 4 | 5 | 3 | 10 | 12 | ||||||||||||||||||||||||||||||
| Other acquisition-related compensation | — | — | 1 | 1 | — | ||||||||||||||||||||||||||||||
| Total “Compensation, commissions and benefits” expense | 4 | 5 | 4 | 11 | 12 | ||||||||||||||||||||||||||||||
| Communications and information processing | 1 | — | 1 | 3 | — | ||||||||||||||||||||||||||||||
| Professional fees | 3 | — | 2 | 5 | 1 | ||||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Amortization of identifiable intangible assets (22) | 7 | 5 | 5 | 16 | 16 | ||||||||||||||||||||||||||||||
| All other acquisition-related expenses | 2 | — | 2 | 2 | — | ||||||||||||||||||||||||||||||
| Total “Other” expense | 9 | 5 | 7 | 18 | 16 | ||||||||||||||||||||||||||||||
| Total pre-tax impact of non-GAAP adjustments related to acquisitions | 17 | 10 | 14 | 37 | 29 | ||||||||||||||||||||||||||||||
Tax effect of non-GAAP adjustments | (4) | (3) | (3) | (8) | (7) | ||||||||||||||||||||||||||||||
| Total non-GAAP adjustments, net of tax | 13 | 7 | 11 | 29 | 22 | ||||||||||||||||||||||||||||||
Adjusted average tangible common equity (1) (23) | $ | 10,540 | $ | 10,448 | $ | 10,776 | $ | 10,673 | $ | 10,235 | |||||||||||||||||||||||||
Return on common equity (6) | 18.8 | % | 14.3 | % | 17.3 | % | 18.1 | % | 17.1 | % | |||||||||||||||||||||||||
Adjusted return on common equity (1) (6) | 19.6 | % | 14.8 | % | 18.0 | % | 18.7 | % | 17.5 | % | |||||||||||||||||||||||||
Return on tangible common equity (1) (6) | 22.6 | % | 16.7 | % | 20.1 | % | 21.3 | % | 19.9 | % | |||||||||||||||||||||||||
Adjusted return on tangible common equity (1) (6) | 23.5 | % | 17.2 | % | 20.9 | % | 22.0 | % | 20.5 | % | |||||||||||||||||||||||||
Please refer to the footnotes at the end of this press release for additional information.
22
RAYMOND JAMES FINANCIAL, INC.
Fiscal Third Quarter of 2026 Footnotes
| (1) | These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. | |||||||
| (2) | Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. | |||||||
| (3) | On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion. | |||||||
| (4) | Estimated. | |||||||
| (5) | Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for the three months ended June 30, 2026, an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2026 and 2025. | |||||||
| (6) | Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. | |||||||
| (7) | Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. | |||||||
| (8) | Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. | |||||||
| (9) | Results for the three and nine months ended June 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the three and nine months ended June 30, 2025. | |||||||
| (10) | Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. | |||||||
| (11) | We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. | |||||||
| (12) | Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release. | |||||||
| (13) | Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. | |||||||
| (14) | Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs. | |||||||
| (15) | Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. | |||||||
| (16) | The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period. | |||||||
| (17) | The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.” | |||||||
23
RAYMOND JAMES FINANCIAL, INC.
Fiscal Third Quarter of 2026 Footnotes
| (18) | The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. | |||||||
| (19) | PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 21). Such awards are expensed over the requisite service period (typically between 5 and 10 years). | |||||||
| (20) | Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. | |||||||
| (21) | Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. | |||||||
| (22) | Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. | |||||||
| (23) | Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. | |||||||
24
Quarterly Financial Supplement Fiscal third quarter of 2026 results
TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.
Three months ended % change from Nine months ended in millions, except per share amounts June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,733 $ 1,877 $ 1,999 $ 2,016 $ 2,075 20 % 3 % $ 5,201 $ 6,090 17 % Brokerage revenues: Securities commissions 431 473 486 507 503 17 % (1) % 1,302 1,496 15 % Principal transactions 128 133 126 136 126 (2) % (7) % 396 388 (2) % Total brokerage revenues 559 606 612 643 629 13 % (2) % 1,698 1,884 11 % Account and service fees 302 297 308 311 316 5 % 2 % 965 935 (3) % Investment banking 212 316 208 279 291 37 % 4 % 753 778 3 % Interest income 990 1,014 1,007 960 994 — % 4 % 2,980 2,961 (1) % Other 46 80 42 53 57 24 % 8 % 125 152 22 % Total revenues 3,842 4,190 4,176 4,262 4,362 14 % 2 % 11,722 12,800 9 % Interest expense (444) (463) (441) (403) (434) (2) % 8 % (1,384) (1,278) (8) % Net revenues 3,398 3,727 3,735 3,859 3,928 16 % 2 % 10,338 11,522 11 % Non-interest expenses: Compensation, commissions and benefits 2,202 2,394 2,450 2,541 2,579 17 % 1 % 6,678 7,570 13 % Non-compensation expenses: Communications and information processing 191 199 194 206 203 6 % (1) % 553 603 9 % Occupancy and equipment 77 84 80 80 85 10 % 6 % 224 245 9 % Business development 77 82 81 75 95 23 % 27 % 209 251 20 % Investment sub-advisory fees 56 60 63 63 63 13 % — % 163 189 16 % Professional fees 42 53 37 36 63 50 % 75 % 110 136 24 % Bank loan provision/(benefit) for credit losses 15 6 (3) 5 (26) NM NM 31 (24) NM Other (1) 175 118 105 118 116 (34) % (2) % 387 339 (12) % Total non-compensation expenses 633 602 557 583 599 (5) % 3 % 1,677 1,739 4 % Total non-interest expenses 2,835 2,996 3,007 3,124 3,178 12 % 2 % 8,355 9,309 11 % Pre-tax income 563 731 728 735 750 33 % 2 % 1,983 2,213 12 % Provision for income taxes 127 127 165 191 155 22 % (19) % 452 511 13 % Net income 436 604 563 544 595 36 % 9 % 1,531 1,702 11 % Preferred stock dividends 1 1 1 2 — (100) % (100) % 4 3 (25) % Net income available to common shareholders $ 435 $ 603 $ 562 $ 542 $ 595 37 % 10 % $ 1,527 $ 1,699 11 % Earnings per common share – basic (2) $ 2.16 $ 3.03 $ 2.85 $ 2.76 $ 3.06 42 % 11 % $ 7.51 $ 8.67 15 % Earnings per common share – diluted (2) $ 2.12 $ 2.95 $ 2.79 $ 2.72 $ 3.01 42 % 11 % $ 7.35 $ 8.52 16 % Weighted-average common shares outstanding – basic 201.2 199.0 197.1 196.1 194.0 (4) % (1) % 203.0 195.7 (4) % Weighted-average common and common equivalent shares outstanding – diluted 205.5 203.8 201.4 199.2 197.2 (4) % (1) % 207.6 199.1 (4) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3
As of % change from $ in billions, except per share amounts June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Total assets $ 84.8 $ 88.2 $ 88.8 $ 91.9 $ 94.2 11 % 3 % Total common equity attributable to Raymond James Financial, Inc. $ 12.2 $ 12.4 $ 12.5 $ 12.6 $ 12.7 4 % 1 % Book value per share (3) $ 60.90 $ 62.72 $ 63.41 $ 64.58 $ 66.11 9 % 2 % Tangible book value per share (3) (4) $ 52.32 $ 54.12 $ 54.82 $ 55.14 $ 53.74 3 % (3) % Capital ratios: Tier 1 leverage 13.1 % 13.1 % 12.7 % 12.4 % 11.7 % (5) Tier 1 capital 22.9 % 23.0 % 23.2 % 22.9 % 21.6 % (5) Common equity tier 1 22.7 % 22.9 % 23.0 % 22.9 % 21.6 % (5) Total capital 24.2 % 24.1 % 24.3 % 24.0 % 22.5 % (5) $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Adjusted pre-tax income (4) $ 582 $ 770 $ 748 $ 762 $ 782 34 % 3 % $ 2,041 $ 2,292 12 % Adjusted net income available to common shareholders (4) $ 449 $ 635 $ 577 $ 564 $ 620 38 % 10 % $ 1,570 $ 1,761 12 % Adjusted earnings per common share – basic (2) (4) $ 2.23 $ 3.19 $ 2.92 $ 2.88 $ 3.19 43 % 11 % $ 7.72 $ 8.99 16 % Adjusted earnings per common share – diluted (2) (4) $ 2.18 $ 3.11 $ 2.86 $ 2.83 $ 3.14 44 % 11 % $ 7.55 $ 8.83 17 % Return on common equity (6) 14.3 % 19.6 % 18.0 % 17.3 % 18.8 % 17.1 % 18.1 % Adjusted return on common equity (4) (6) 14.8 % 20.6 % 18.5 % 18.0 % 19.6 % 17.5 % 18.7 % Adjusted return on tangible common equity (4) (6) 17.2 % 23.9 % 21.4 % 20.9 % 23.5 % 20.5 % 22.0 % Pre-tax margin (7) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % 19.2 % 19.2 % Adjusted pre-tax margin (4) (7) 17.1 % 20.7 % 20.0 % 19.7 % 19.9 % 19.7 % 19.9 % Total compensation ratio (8) 64.8 % 64.2 % 65.6 % 65.8 % 65.7 % 64.6 % 65.7 % Adjusted total compensation ratio (4) (8) 64.5 % 64.0 % 65.4 % 65.7 % 65.5 % 64.4 % 65.5 % Effective tax rate 22.6 % 17.4 % 22.7 % 26.0 % 20.7 % 22.8 % 23.1 % Three months ended % change from Nine months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4
As of % change from Client asset metrics ($ in billions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Client assets under administration $ 1,637.1 $ 1,730.6 $ 1,773.1 $ 1,762.9 $ 1,922.4 17 % 9 % Private Client Group assets under administration $ 1,574.2 $ 1,666.5 $ 1,708.5 $ 1,699.0 $ 1,856.5 18 % 9 % Private Client Group assets in fee-based accounts $ 943.9 $ 1,008.1 $ 1,040.1 $ 1,043.2 $ 1,153.8 22 % 11 % Financial assets under management (9) $ 263.2 $ 274.9 $ 280.8 $ 282.4 $ 345.0 31 % 22 % Three months ended Nine months ended Net new assets metrics (10) ($ in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Domestic Private Client Group net new assets $ 11,651 $ 17,930 $ 30,828 $ 22,954 $ 21,692 $ 34,501 $ 75,474 Domestic Private Client Group net new assets growth — annualized 3.4 % 5.0 % 8.0 % 5.8 % 5.5 % 3.3 % 6.6 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 26,635 $ 26,555 $ 27,819 $ 29,829 $ 26,004 (2) % (13) % Third-party banks 13,878 14,761 15,996 13,597 16,243 17 % 19 % Subtotal RJBDP 40,513 41,316 43,815 43,426 42,247 4 % (3) % Client Interest Program 1,640 1,572 1,815 1,843 1,677 2 % (9) % Total clients’ domestic cash sweep balances 42,153 42,888 45,630 45,269 43,924 4 % (3) % Enhanced Savings Program ("ESP") (12) 13,027 13,465 12,448 12,493 14,911 14 % 19 % Total clients’ domestic cash sweep and ESP balances $ 55,180 $ 56,353 $ 58,078 $ 57,762 $ 58,835 7 % 2 % Three months ended % change from Nine months ended Net interest income and RJBDP fees ($ in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Net interest income and RJBDP fees (third-party banks) $ 656 $ 653 $ 667 $ 650 $ 658 — % 1 % $ 1,980 $ 1,975 — % Average yield on RJBDP - third-party banks (13) 2.96 % 2.91 % 2.76 % 2.70 % 2.75 % 3.03 % 2.74 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5
Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,462 $ 1,585 $ 1,693 $ 1,711 $ 1,734 19 % 1 % $ 4,395 $ 5,138 17 % Brokerage revenues: Mutual and other fund products 146 155 164 176 170 16 % (3) % 450 510 13 % Insurance and annuity products 129 147 132 132 142 10 % 8 % 364 406 12 % Equities, ETFs, and fixed income products 145 163 174 180 173 19 % (4) % 458 527 15 % Total brokerage revenues 420 465 470 488 485 15 % (1) % 1,272 1,443 13 % Account and service fees: Mutual fund and other investment products 126 136 142 152 149 18 % (2) % 382 443 16 % RJBDP fees: (11) Bank segment 193 191 188 187 185 (4) % (1) % 563 560 (1) % Third-party banks 110 102 101 93 98 (11) % 5 % 384 292 (24) % Client account and other fees 72 67 71 74 78 8 % 5 % 208 223 7 % Total account and service fees 501 496 502 506 510 2 % 1 % 1,537 1,518 (1) % Investment banking 9 9 8 7 9 — % 29 % 26 24 (8) % Interest income 114 118 114 107 115 1 % 7 % 350 336 (4) % All other 5 13 4 8 8 60 % — % 16 20 25 % Total revenues 2,511 2,686 2,791 2,827 2,861 14 % 1 % 7,596 8,479 12 % Interest expense (23) (26) (23) (17) (20) (13) % 18 % (74) (60) (19) % Net revenues 2,488 2,660 2,768 2,810 2,841 14 % 1 % 7,522 8,419 12 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,317 1,434 1,512 1,554 1,566 19 % 1 % 3,964 4,632 17 % Recruiting and retention-related compensation (14) 97 98 107 111 117 21 % 5 % 274 335 22 % Total financial advisor compensation 1,414 1,532 1,619 1,665 1,683 19 % 1 % 4,238 4,967 17 % Administrative compensation and benefits 389 419 432 443 441 13 % — % 1,195 1,316 10 % Total compensation, commissions and benefits 1,803 1,951 2,051 2,108 2,124 18 % 1 % 5,433 6,283 16 % Non-compensation expenses 274 293 278 286 294 7 % 3 % 785 858 9 % Total non-interest expenses 2,077 2,244 2,329 2,394 2,418 16 % 1 % 6,218 7,141 15 % Pre-tax income $ 411 $ 416 $ 439 $ 416 $ 423 3 % 2 % $ 1,304 $ 1,278 (2) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6
Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Brokerage revenues: Fixed income $ 97 $ 99 $ 91 $ 104 $ 99 2 % (5) % $ 298 $ 294 (1) % Equity 41 41 50 52 50 22 % (4) % 127 152 20 % Total brokerage revenues 138 140 141 156 149 8 % (4) % 425 446 5 % Investment banking: Merger & acquisition and advisory 105 163 119 139 150 43 % 8 % 460 408 (11) % Equity underwriting 38 46 31 56 50 32 % (11) % 104 137 32 % Debt underwriting 60 100 50 77 85 42 % 10 % 163 212 30 % Total investment banking 203 309 200 272 285 40 % 5 % 727 757 4 % Interest income 27 27 28 27 25 (7) % (7) % 84 80 (5) % Affordable housing investments business revenues 33 58 31 28 35 6 % 25 % 82 94 15 % All other 4 4 4 6 6 50 % — % 13 16 23 % Total revenues 405 538 404 489 500 23 % 2 % 1,331 1,393 5 % Interest expense (24) (25) (24) (25) (23) (4) % (8) % (74) (72) (3) % Net revenues 381 513 380 464 477 25 % 3 % 1,257 1,321 5 % Non-interest expenses: Compensation, commissions and benefits 262 303 261 293 300 15 % 2 % 825 854 4 % Non-compensation expenses (1) 173 120 110 120 129 (25) % 8 % 376 359 (5) % Total non-interest expenses 435 423 371 413 429 (1) % 4 % 1,201 1,213 1 % Pre-tax income/(loss) $ (54) $ 90 $ 9 $ 51 $ 48 NM (6) % $ 56 $ 108 93 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7
Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Asset management and related administrative fees: Managed programs $ 189 $ 204 $ 211 $ 211 $ 230 22 % 9 % $ 565 $ 652 15 % Administration and other 91 99 105 104 122 34 % 17 % 275 331 20 % Total asset management and related administrative fees 280 303 316 315 352 26 % 12 % 840 983 17 % Account and service fees 5 6 6 7 6 20 % (14) % 17 19 12 % All other 6 5 4 5 4 (33) % (20) % 17 13 (24) % Net revenues 291 314 326 327 362 24 % 11 % 874 1,015 16 % Non-interest expenses: Compensation, commissions and benefits 54 60 59 65 76 41 % 17 % 169 200 18 % Non-compensation expenses 112 122 124 125 143 28 % 14 % 334 392 17 % Total non-interest expenses 166 182 183 190 219 32 % 15 % 503 592 18 % Pre-tax income $ 125 $ 132 $ 143 $ 137 $ 143 14 % 4 % $ 371 $ 423 14 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8
Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Interest income $ 823 $ 843 $ 831 $ 802 $ 831 1 % 4 % $ 2,472 $ 2,464 — % Interest expense (383) (401) (361) (330) (359) (6) % 9 % (1,199) (1,050) (12) % Net interest income 440 442 470 472 472 7 % — % 1,273 1,414 11 % All other 18 17 17 14 16 (11) % 14 % 44 47 7 % Net revenues 458 459 487 486 488 7 % — % 1,317 1,461 11 % Non-interest expenses: Compensation and benefits 47 46 48 47 47 — % — % 138 142 3 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 15 6 (3) 5 (26) NM NM 31 (24) NM RJBDP fees to Private Client Group (11) 193 191 188 187 185 (4) % (1) % 563 560 (1) % All other 80 83 81 81 76 (5) % (6) % 227 238 5 % Total non-compensation expenses 288 280 266 273 235 (18) % (14) % 821 774 (6) % Total non-interest expenses 335 326 314 320 282 (16) % (12) % 959 916 (4) % Pre-tax income $ 123 $ 133 $ 173 $ 166 $ 206 67 % 24 % $ 358 $ 545 52 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9
Three months ended % change from Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2025 June 30, 2026 % change Revenues: Interest income $ 34 $ 37 $ 42 $ 34 $ 34 — % — % $ 102 $ 110 8 % All other — — 1 9 4 NM (56) % 7 14 100 % Total revenues 34 37 43 43 38 12 % (12) % 109 124 14 % Interest expense (25) (25) (44) (44) (45) 80 % 2 % (75) (133) 77 % Net revenues 9 12 (1) (1) (7) NM (600) % 34 (9) NM Non-interest expenses: Compensation and benefits 36 35 31 29 30 (17) % 3 % 112 90 (20) % All other 15 17 4 5 33 120 % 560 % 28 42 50 % Total non-interest expenses 51 52 35 34 63 24 % 85 % 140 132 (6) % Pre-tax loss $ (42) $ (40) $ (36) $ (35) $ (70) (67) % (100) % $ (106) $ (141) (33) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (15) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10
Bank Segment As of % change from $ in billions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Total assets $ 63.6 $ 65.3 $ 66.7 $ 69.0 $ 70.1 10 % 2 % Bank deposits $ 57.2 $ 58.9 $ 60.2 $ 62.4 $ 63.3 11 % 1 % As of % change from $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 March 31, 2026 Bank loans by portfolio segment: Securities-based loans (16) $ 18,497 $ 19,775 $ 21,667 $ 23,007 $ 24,767 34 % 8 % Commercial and industrial loans 10,754 10,777 10,801 10,489 10,040 (7) % (4) % Commercial real estate loans 7,777 7,840 7,753 7,972 7,689 (1) % (4) % Real estate investment trust loans 1,735 1,690 1,779 1,695 1,671 (4) % (1) % Residential mortgage loans 9,976 10,295 10,567 10,789 11,223 13 % 4 % Tax-exempt loans 1,311 1,226 1,148 1,123 1,101 (16) % (2) % Total loans held for investment 50,050 51,603 53,715 55,075 56,491 13 % 3 % Held for sale loans 255 416 168 198 134 (47) % (32) % Total loans held for sale and investment 50,305 52,019 53,883 55,273 56,625 13 % 2 % Allowance for credit losses (465) (452) (440) (440) (398) (14) % (10) % Bank loans, net $ 49,840 $ 51,567 $ 53,443 $ 54,833 $ 56,227 13 % 3 % Total nonperforming assets $ 214 $ 187 $ 208 $ 183 $ 152 (29) % (17) % Total criticized loans $ 572 $ 660 $ 611 $ 607 $ 593 4 % (2) % Bank loan allowance for credit losses as a % of total loans held for investment 0.93 % 0.88 % 0.82 % 0.80 % 0.70 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (17) 1.96 % 1.88 % 1.82 % 1.83 % 1.69 % Nonperforming assets as a % of total assets 0.34 % 0.29 % 0.31 % 0.27 % 0.22 % Criticized loans as a % of total loans held for investment 1.14 % 1.28 % 1.14 % 1.10 % 1.05 % Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Net interest margin (net yield on interest-earning assets) 2.74 % 2.71 % 2.81 % 2.81 % 2.71 % 2.67 % 2.78 % Bank loan provision/(benefit) for credit losses $ 15 $ 6 $ (3) $ 5 $ (26) $ 31 $ (24) Net charge-offs $ 3 $ 19 $ 9 $ 5 $ 15 $ 22 $ 29 RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non- GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Net income available to common shareholders $ 435 $ 603 $ 562 $ 542 $ 595 $ 1,527 $ 1,699 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 9 6 7 6 8 25 21 Other acquisition-related compensation — 4 — 1 — — 1 Total “Compensation, commissions and benefits” expense 9 10 7 7 8 25 22 Communications and information processing — 2 1 3 2 — 6 Professional fees — 8 2 4 5 2 11 Other: Amortization of identifiable intangible assets (19) 10 10 10 10 14 31 34 All other acquisition-related expenses — 9 — 3 3 — 6 Total “Other” expense 10 19 10 13 17 31 40 Total pre-tax impact of non-GAAP adjustments related to acquisitions 19 39 20 27 32 58 79 Tax effect of non-GAAP adjustments (5) (7) (5) (5) (7) (15) (17) Total non-GAAP adjustments, net of tax 14 32 15 22 25 43 62 Adjusted net income available to common shareholders (4) $ 449 $ 635 $ 577 $ 564 $ 620 $ 1,570 $ 1,761 Pre-tax income $ 563 $ 731 $ 728 $ 735 $ 750 $ 1,983 $ 2,213 Pre-tax impact of non-GAAP adjustments (as detailed above) 19 39 20 27 32 58 79 Adjusted pre-tax income (4) $ 582 $ 770 $ 748 $ 762 $ 782 $ 2,041 $ 2,292 Compensation, commissions and benefits expense $ 2,202 $ 2,394 $ 2,450 $ 2,541 $ 2,579 $ 6,678 $ 7,570 Less: Total compensation-related acquisition expenses (as detailed above) (18) 9 10 7 7 8 25 22 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,193 $ 2,384 $ 2,443 $ 2,534 $ 2,571 $ 6,653 $ 7,548 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Pre-tax margin (7) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % 19.2 % 19.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Communications and information processing — % 0.1 % — % 0.1 % — % — % — % Professional fees — % 0.2 % — % 0.1 % 0.1 % — % 0.1 % Other: Amortization of identifiable intangible assets (19) 0.2 % 0.3 % 0.3 % 0.3 % 0.4 % 0.3 % 0.3 % All other acquisition-related expenses — % 0.3 % — % 0.1 % 0.1 % — % 0.1 % Total “Other” expense 0.2 % 0.6 % 0.3 % 0.4 % 0.5 % 0.3 % 0.4 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.5 % 1.1 % 0.5 % 0.7 % 0.8 % 0.5 % 0.7 % Adjusted pre-tax margin (4) (7) 17.1 % 20.7 % 20.0 % 19.7 % 19.9 % 19.7 % 19.9 % Total compensation ratio (8) 64.8 % 64.2 % 65.6 % 65.8 % 65.7 % 64.6 % 65.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (18) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % Adjusted total compensation ratio (4) (8) 64.5 % 64.0 % 65.4 % 65.7 % 65.5 % 64.4 % 65.5 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Basic $ 2.16 $ 3.03 $ 2.85 $ 2.76 $ 3.06 $ 7.51 $ 8.67 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.04 0.03 0.04 0.03 0.04 0.12 0.11 Other acquisition-related compensation — 0.02 — 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.04 0.05 0.04 0.04 0.04 0.12 0.12 Communications and information processing — 0.01 — 0.02 0.01 — 0.03 Professional fees — 0.04 0.01 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (19) 0.05 0.05 0.05 0.05 0.07 0.15 0.17 All other acquisition-related expenses — 0.05 — 0.02 0.02 — 0.03 Total “Other” expense 0.05 0.10 0.05 0.07 0.09 0.15 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.20 0.10 0.15 0.17 0.28 0.41 Tax effect of non-GAAP adjustments (0.02) (0.04) (0.03) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.07 0.16 0.07 0.12 0.13 0.21 0.32 Adjusted basic (4) $ 2.23 $ 3.19 $ 2.92 $ 2.88 $ 3.19 $ 7.72 $ 8.99 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 14
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Diluted $ 2.12 $ 2.95 $ 2.79 $ 2.72 $ 3.01 $ 7.35 $ 8.52 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.04 0.03 0.03 0.03 0.04 0.12 0.11 Other acquisition-related compensation — 0.02 — — — — — Total “Compensation, commissions and benefits” expense 0.04 0.05 0.03 0.03 0.04 0.12 0.11 Communications and information processing — 0.01 — 0.02 0.01 — 0.03 Professional fees — 0.04 0.01 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (19) 0.04 0.05 0.05 0.05 0.07 0.14 0.17 All other acquisition-related expenses — 0.04 — 0.02 0.02 — 0.03 Total “Other” expense 0.04 0.09 0.05 0.07 0.09 0.14 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.08 0.19 0.09 0.14 0.17 0.27 0.40 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.02) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.06 0.16 0.07 0.11 0.13 0.20 0.31 Adjusted diluted (4) $ 2.18 $ 3.11 $ 2.86 $ 2.83 $ 3.14 $ 7.55 $ 8.83 Book value per share As of $ in millions, except per share amounts June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,180 $ 12,424 $ 12,491 $ 12,567 $ 12,699 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,860 1,847 1,838 1,983 2,608 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (143) (144) (146) (147) (232) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 10,463 $ 10,721 $ 10,799 $ 10,731 $ 10,323 Common shares outstanding 200.0 198.1 197.0 194.6 192.1 Book value per share (3) $ 60.90 $ 62.72 $ 63.41 $ 64.58 $ 66.11 Tangible book value per share (3) (4) $ 52.32 $ 54.12 $ 54.82 $ 55.14 $ 53.74 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (20) $ 12,157 $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 5 3 4 3 4 12 10 Other acquisition-related compensation — 2 — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 5 4 4 4 12 11 Communications and information processing — 1 1 1 1 — 3 Professional fees — 4 1 2 3 1 5 Other: Amortization of identifiable intangible assets (19) 5 5 5 5 7 16 16 All other acquisition-related expenses — 5 — 2 2 — 2 Total “Other” expense 5 10 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 20 11 14 17 29 37 Tax effect of non-GAAP adjustments (3) (4) (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 16 8 11 13 22 29 Adjusted average common equity (4) (20) $ 12,164 $ 12,318 $ 12,466 $ 12,540 $ 12,646 $ 11,960 $ 12,574 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16
Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (20) $ 12,157 $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Less: Average goodwill and identifiable intangible assets, net 1,858 1,854 1,843 1,911 2,296 1,865 2,069 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (142) (144) (145) (147) (190) (140) (168) Average tangible common equity (4) (20) $ 10,441 $ 10,592 $ 10,760 $ 10,765 $ 10,527 $ 10,213 $ 10,644 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 5 3 4 3 4 12 10 Other acquisition-related compensation — 2 — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 5 4 4 4 12 11 Communications and information processing — 1 1 1 1 — 3 Professional fees — 4 1 2 3 1 5 Other: Amortization of identifiable intangible assets (19) 5 5 5 5 7 16 16 All other acquisition-related expenses — 5 — 2 2 — 2 Total “Other” expense 5 10 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 20 11 14 17 29 37 Tax effect of non-GAAP adjustments (3) (4) (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 16 8 11 13 22 29 Adjusted average tangible common equity (4) (20) $ 10,448 $ 10,608 $ 10,768 $ 10,776 $ 10,540 $ 10,235 $ 10,673 Return on common equity (6) 14.3 % 19.6 % 18.0 % 17.3 % 18.8 % 17.1 % 18.1 % Adjusted return on common equity (4) (6) 14.8 % 20.6 % 18.5 % 18.0 % 19.6 % 17.5 % 18.7 % Return on tangible common equity (4) (6) 16.7 % 22.8 % 20.9 % 20.1 % 22.6 % 19.9 % 21.3 % Adjusted return on tangible common equity (4) (6) 17.2 % 23.9 % 21.4 % 20.9 % 23.5 % 20.5 % 22.0 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17
Footnotes (1) Results for the three and nine months ended June 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the three and nine months ended June 30, 2025. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2025, December 31, 2025, and June 30, 2026, an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2025 and 2026. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion. (10) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (11) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest- bearing demand deposits in our net interest disclosures in this release. (13) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. (14) PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 18). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (15) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. RAYMOND JAMES FINANCIAL, INC. 18
(18) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (20) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19
Fiscal 3Q26 Results July 22, 2026
Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success in integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward- looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. 2
Strategic Overview Paul Shoukry Chief Executive Officer, Raymond James Financial 3
4 3Q26 highlights Earnings Key Performance Metrics Capital & Liquidity $3.9B Net revenues $1.92T Client assets under administration $400M Common share repurchases 19.1% Pre-tax margin 19.9% Adjusted pre-tax margin(1) $1.15T PCG assets in fee-based accounts $106M Common stock dividends $21.7B | 5.5% growth rate Domestic PCG net new assets(2)$3.01 Diluted EPS $3.14 Adjusted diluted EPS(1) 11.7% Tier 1 leverage ratio(3) $58.8B Clients' domestic cash sweep and ESP balances 18.8% Return on common equity 23.5% Adjusted ROTCE(1) $2.5B RJF corporate cash(4) $56.2B Bank loans, net Note: As of and for the three months ended June 30, 2026. (1)These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (2)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees and other fees. The domestic PCG net new asset annualized growth rate is based on the beginning domestic PCG assets under administration balance for the indicated period. (3)Estimated. (4)This amount includes cash and cash equivalents held directly at the parent company, as well as cash loaned by the parent company to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.
Financial Review Butch Oorlog Chief Financial Officer, Raymond James Financial 5
Summary results of operations $ in millions, except per share amounts ($) vs. 3Q25 vs. 2Q26 ($) vs. FYTD 20253Q26 FYTD 2026 Net revenues 3,928 16% 2% 11,522 11% Pre-tax income 750 33% 2% 2,213 12% Adjusted pre-tax income* 782 34% 3% 2,292 12% Net income available to common shareholders 595 37% 10% 1,699 11% Adjusted net income available to common shareholders* 620 38% 10% 1,761 12% Earnings per common share — diluted 3.01 42% 11% 8.52 16% Adjusted earnings per common share — diluted* 3.14 44% 11% 8.83 17% Other selected financial highlights: 3Q26 3Q25 2Q26 FYTD 2026 FYTD 2025 Pre-tax margin 19.1 % 16.6% 19.0% 19.2 % 19.2% Adjusted pre-tax margin* 19.9 % 17.1% 19.7% 19.9 % 19.7% Return on common equity — annualized 18.8 % 14.3% 17.3% 18.1 % 17.1% Adjusted return on common equity — annualized* 19.6 % 14.8% 18.0% 18.7 % 17.5% Adjusted return on tangible common equity — annualized* 23.5 % 17.2% 20.9% 22.0 % 20.5% 6 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Financial summary Record result
$ in millions ($) vs. 3Q25 vs. 2Q26 FYTD ($) FYTD (%) 3Q26 2026 2025 Net revenues: Private Client Group 2,841 14% 1% 8,419 12% Capital Markets 477 25% 3% 1,321 5% Asset Management 362 24% 11% 1,015 16% Bank 488 7% —% 1,461 11% Consolidated net revenues 3,928 16% 2% 11,522 11% Pre-tax income: Private Client Group 423 3% 2% 1,278 (2)% Capital Markets 48 NM (6)% 108 93% Asset Management 143 14% 4% 423 14% Bank 206 67% 24% 545 52% Consolidated pre-tax income 750 33% 2% 2,213 12% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Segment results 7 Record Result
Consolidated net revenues 8 $ in millions 3Q26 vs. 3Q25 vs. 2Q26 Asset management and related administrative fees $ 2,075 20% 3% Brokerage revenues 629 13% (2)% Account and service fees 316 5% 2% Investment banking 291 37% 4% Interest income 994 —% 4% Other 57 24% 8% Total revenues 4,362 14% 2% Interest expense (434) (2)% 8% Net revenues $ 3,928 16% 2%
Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP) BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 26.6 26.6 27.8 29.8 26.0 13.9 14.8 16.0 13.6 16.2 1.6 1.6 1.8 1.8 1.7 13.0 13.5 12.4 12.5 14.9 55.2 56.4 58.1 57.8 58.8 3.8% 3.7% 3.7% 3.7% 3.4% RJBDP - Bank Segment* RJBDP - Third-Party Banks* Client Interest Program ESP** 3Q25 4Q25 1Q26 2Q26 3Q26 Note: May not total due to rounding. *We earn fees from the Raymond James Bank Deposit Program (RJBDP), a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. **Our Enhanced Savings Program is a deposit offering in which clients, substantially all within our Private Client Group, deposit cash in a high-yield Raymond James Bank account. Year-over-year change: 7% Sequential change: 2%
Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. $ IN MILLIONS 656 653 667 650 658 546 551 566 557 560 110 102 101 93 98 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 3Q25 4Q25 1Q26 2Q26 3Q26 NET INTEREST MARGIN (NIM) 2.74% 2.71% 2.81% 2.81% 2.71% 2.83% 2.78% 2.75% 2.74% 2.67% Firmwide NIM Bank Segment NIM 3Q25 4Q25 1Q26 2Q26 3Q26 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 2.96% 2.91% 2.76% 2.70% 2.75% 3Q25 4Q25 1Q26 2Q26 3Q26 Year-over-year change: —% Sequential change: 1%
Consolidated expenses 11 $ in millions 3Q26 vs. 3Q25 vs. 2Q26 Compensation, commissions and benefits $ 2,579 17% 1% Non-compensation expenses: Communications and information processing 203 6% (1)% Occupancy and equipment 85 10% 6% Business development 95 23% 27% Investment sub-advisory fees 63 13% —% Professional fees 63 50% 75% Bank loan benefit for credit losses (26) NM NM Other* 116 (34)% (2)% Total non-compensation expenses 599 (5)% 3% Total non-interest expenses $ 3,178 12% 2% *Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. **Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. ***This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 633 602 557 583 599 Impact of Legal Matter* 3Q25* 4Q25 1Q26 2Q26 3Q26 TOTAL COMPENSATION RATIO** 64.8% 64.2% 65.6% 65.8% 65.7% 64.5% 64.0% 65.4% 65.7% 65.5% Total Compensation Ratio Adjusted Total Compensation Ratio*** 3Q25 4Q25 1Q26 2Q26 3Q26 575
*Results for 3Q25 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense and reduced consolidated pre-tax margin by 1.7%. Absent this legal provision, pre-tax margin would have been 18.3% and adjusted pre-tax margin would have been 18.8%. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 12 16.6% 19.6% 19.5% 19.0% 19.1% 17.1% 20.7% 20.0% 19.7% 19.9% Pre-Tax Margin Adjusted Pre-Tax Margin** 3Q25* 4Q25 1Q26 2Q26 3Q26
Other financial information 13 *This amount includes cash and cash equivalents held directly at the parent company, as well as parent cash loaned by the parent company to RJ&A, which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. $ in billions except per share amounts 3Q26 vs. 3Q25 vs. 2Q26 Total assets $ 94.2 11% 3% RJF corporate cash* $ 2.5 9% (17)% Bank loans, net $ 56.2 13% 3% Total common equity attributable to RJF $ 12.7 4% 1% Book value per share $ 66.11 9% 2% Tangible book value per share** $ 53.74 3% (3)% Weighted-average common and common equivalent shares outstanding — diluted (shares in millions) 197.2 (4)% (1)% 3Q25 2Q26 Tier 1 leverage ratio*** 11.7 % 13.1% 12.4% Tier 1 capital ratio*** 21.6 % 22.9% 22.9% Common equity tier 1 ratio*** 21.6 % 22.7% 22.9% Total capital ratio*** 22.5 % 24.2% 24.0% Effective tax rate 20.7 % 22.6% 26.0%
$2.53B of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 553 451 511 507 506 451 350 400 400 400 102 101 111 107 106 Share Repurchases* Dividends Paid** 3Q25 4Q25 1Q26 2Q26 3Q26 Number of Shares Repurchased* (millions) 3.3 2.1 2.5 2.6 2.6 Average Share Price of Shares Repurchased* $137 $166 $162 $155 $152 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates the amount remaining as of June 30, 2026 under the Board of Directors' $2.0 billion common stock repurchase authorization approved on December 3, 2025. $1.1B remains under current common stock repurchase authorization***
Appendix 15
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 16 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide Three months ended Nine months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Net income available to common shareholders $ 435 $ 603 $ 562 $ 542 $ 595 $ 1,527 $ 1,699 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 9 6 7 6 8 25 21 Other acquisition-related compensation — 4 — 1 — — 1 Total “Compensation, commissions and benefits” expense 9 10 7 7 8 25 22 Communications and information processing — 2 1 3 2 — 6 Professional fees — 8 2 4 5 2 11 Other: Amortization of identifiable intangible assets (2) 10 10 10 10 14 31 34 All other acquisition-related expenses — 9 — 3 3 — 6 Total “Other” expense 10 19 10 13 17 31 40 Total pre-tax impact of non-GAAP adjustments related to acquisitions 19 39 20 27 32 58 79 Tax effect of non-GAAP adjustments (5) (7) (5) (5) (7) (15) (17) Total non-GAAP adjustments, net of tax 14 32 15 22 25 43 62 Adjusted net income available to common shareholders $ 449 $ 635 $ 577 $ 564 $ 620 $ 1,570 $ 1,761 Pre-tax income $ 563 $ 731 $ 728 $ 735 $ 750 $ 1,983 $ 2,213 Pre-tax impact of non-GAAP adjustments (as detailed above) 19 39 20 27 32 58 79 Adjusted pre-tax income $ 582 $ 770 $ 748 $ 762 $ 782 $ 2,041 $ 2,292 17
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Pre-tax margin (3) 16.6 % 19.6 % 19.5 % 19.0 % 19.1 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % Communications and information processing — % 0.1 % — % 0.1 % — % Professional fees — % 0.2 % — % 0.1 % 0.1 % Other: Amortization of identifiable intangible assets (2) 0.2 % 0.3 % 0.3 % 0.3 % 0.4 % All other acquisition-related expenses — % 0.3 % — % 0.1 % 0.1 % Total “Other” expense 0.2 % 0.6 % 0.3 % 0.4 % 0.5 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.5 % 1.1 % 0.5 % 0.7 % 0.8 % Adjusted pre-tax margin (3) 17.1 % 20.7 % 20.0 % 19.7 % 19.9 % Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide18
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 19 Note: Please refer to the footnotes on slide 25 for additional information. continued on next slide Three months ended $ in millions June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Compensation, commissions and benefits expense $ 2,202 $ 2,394 $ 2,450 $ 2,541 $ 2,579 Less: Total compensation-related acquisition expenses (1) 9 10 7 7 8 Adjusted compensation, commissions and benefits expense $ 2,193 $ 2,384 $ 2,443 $ 2,534 $ 2,571 Total compensation ratio (4) 64.8 % 64.2 % 65.6 % 65.8 % 65.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.3 % 0.1 % 0.2 % 0.1 % 0.2 % Other acquisition-related compensation — % 0.1 % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.2 % 0.2 % 0.1 % 0.2 % Adjusted total compensation ratio (4) 64.5 % 64.0 % 65.4 % 65.7 % 65.5 %
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Basic $ 2.16 $ 2.76 $ 3.06 $ 7.51 $ 8.67 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.04 0.03 0.04 0.12 0.11 Other acquisition-related compensation — 0.01 — — 0.01 Total “Compensation, commissions and benefits” expense 0.04 0.04 0.04 0.12 0.12 Communications and information processing — 0.02 0.01 — 0.03 Professional fees — 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.07 0.15 0.17 All other acquisition-related expenses — 0.02 0.02 — 0.03 Total “Other” expense 0.05 0.07 0.09 0.15 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.15 0.17 0.28 0.41 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.07 0.12 0.13 0.21 0.32 Adjusted basic $ 2.23 $ 2.88 $ 3.19 $ 7.72 $ 8.99 continued on next slide
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended Earnings per common share (5) June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Diluted $ 2.12 $ 2.72 $ 3.01 $ 7.35 $ 8.52 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.04 0.03 0.04 0.12 0.11 Other acquisition-related compensation — — — — — Total “Compensation, commissions and benefits” expense 0.04 0.03 0.04 0.12 0.11 Communications and information processing — 0.02 0.01 — 0.03 Professional fees — 0.02 0.03 0.01 0.06 Other: Amortization of identifiable intangible assets (2) 0.04 0.05 0.07 0.14 0.17 All other acquisition-related expenses — 0.02 0.02 — 0.03 Total “Other” expense 0.04 0.07 0.09 0.14 0.20 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.08 0.14 0.17 0.27 0.40 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.04) (0.07) (0.09) Total non-GAAP adjustments, net of tax 0.06 0.11 0.13 0.20 0.31 Adjusted diluted $ 2.18 $ 2.83 $ 3.14 $ 7.55 $ 8.83 continued on next slide
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 25 for additional information. Book value per share As of $ in millions, except per share amounts June 30, 2025 March 31, 2026 June 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,180 $ 12,567 $ 12,699 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,860 1,983 2,608 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (143) (147) (232) Tangible common equity attributable to Raymond James Financial, Inc. $ 10,463 $ 10,731 $ 10,323 Common shares outstanding 200.0 194.6 192.1 Book value per share (6) $ 60.90 $ 64.58 $ 66.11 Tangible book value per share (6) $ 52.32 $ 55.14 $ 53.74 continued on next slide
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 25 for additional information. Three months ended Nine months ended $ in millions June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (7) $ 12,157 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 5 3 4 12 10 Other acquisition-related compensation — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 4 4 12 11 Communications and information processing — 1 1 — 3 Professional fees — 2 3 1 5 Other: Amortization of identifiable intangible assets (2) 5 5 7 16 16 All other acquisition-related expenses — 2 2 — 2 Total “Other” expense 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 14 17 29 37 Tax effect of non-GAAP adjustments (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 11 13 22 29 Adjusted average common equity (7) $ 12,164 $ 12,540 $ 12,646 $ 11,960 $ 12,574 continued on next slide
Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 Average common equity (7) $ 12,157 $ 12,529 $ 12,633 $ 11,938 $ 12,545 Less: Average goodwill and identifiable intangible assets, net 1,858 1,911 2,296 1,865 2,069 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (142) (147) (190) (140) (168) Average tangible common equity (7) $ 10,441 $ 10,765 $ 10,527 $ 10,213 $ 10,644 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 5 3 4 12 10 Other acquisition-related compensation — 1 — — 1 Total “Compensation, commissions and benefits” expense 5 4 4 12 11 Communications and information processing — 1 1 — 3 Professional fees — 2 3 1 5 Other: Amortization of identifiable intangible assets (2) 5 5 7 16 16 All other acquisition-related expenses — 2 2 — 2 Total “Other” expense 5 7 9 16 18 Total pre-tax impact of non-GAAP adjustments related to acquisitions 10 14 17 29 37 Tax effect of non-GAAP adjustments (3) (3) (4) (7) (8) Total non-GAAP adjustments, net of tax 7 11 13 22 29 Adjusted average tangible common equity (7) $ 10,448 $ 10,776 $ 10,540 $ 10,235 $ 10,673 Return on common equity (8) 14.3 % 17.3 % 18.8 % 17.1 % 18.1 % Adjusted return on common equity (8) 14.8 % 18.0 % 19.6 % 17.5 % 18.7 % Return on tangible common equity (ROTCE) (8) 16.7 % 20.1 % 22.6 % 19.9 % 21.3 % Adjusted ROTCE (8) 17.2 % 20.9 % 23.5 % 20.5 % 22.0 % Note: Please refer to the footnotes on slide 25 for additional information.
Footnotes 25 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (3) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (4) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (5) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for the three months ended June 30, 2026, and an insignificant amount for both of the three months ended June 30, 2025 and March 31, 2026, and $2 million for both of the nine months ended June 30, 2026 and 2025. (6) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (7) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. (8) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.