ﾚｲﾓﾝﾄﾞｼﾞｪｰﾑｽﾞﾌｧｲﾅﾝｼｬﾙの適時開示・決算・その他

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

April 26, 2023

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida

1-9109

59-1517485

(State or other jurisdiction of incorporation)

(Commission File Number)

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

880 Carillon Parkway

St. Petersburg

Florida

33716

(Address of principal executive offices)

(Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

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

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

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

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

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

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

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock	RJF PrB	New York Stock Exchange

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

Emerging growth company ☐

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

☐

Item 2.02 Results of Operations and Financial Condition

On April 26, 2023, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal second quarter ended March 31, 2023. 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 second quarter ended March 31, 2023 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

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

Item 9.01 Financial Statements and Exhibits

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

Exhibit No.

99.1 Press release, dated April 26, 2023, issued by Raymond James Financial, Inc

99.2 Financial Supplement Fiscal Second Quarter 2023 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fiscal Second Quarter 2023 of Raymond James Financial, Inc.

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

SIGNATURES

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


	RAYMOND JAMES FINANCIAL, INC.


Date: April 26, 2023	By:	/s/ Paul M. Shoukry
		Paul M. Shoukry
		Chief Financial Officer

EX-99.1 2 rjf20230331q223earnings.htm EX-99.1 PRESS RELEASE DATED APRIL 26, 2023 Document


April 26, 2023						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 SECOND QUARTER OF

FISCAL 2023 RESULTS

•Domestic Private Client Group net new assets(1) of $21.5 billion for the fiscal second quarter, 8.4% annualized growth rate from beginning of period assets

•Record quarterly net revenues of $2.87 billion, up 7% over the prior year’s fiscal second quarter and 3% over the preceding quarter

•Quarterly net income available to common shareholders of $425 million, or $1.93 per diluted share, and quarterly adjusted net income available to common shareholders of $446 million(2), or $2.03 per diluted share(2)

•Client assets under administration of $1.22 trillion and financial assets under management of $194.4 billion

•Net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks of $731 million during the quarter, up 226% over the prior year’s fiscal second quarter and 1% over the preceding quarter

•Record net revenues of $5.66 billion and record net income available to common shareholders of $932 million for the first half of fiscal 2023, up 4% and 21%, respectively, over the first half of fiscal 2022

•Annualized return on common equity of 19.3% and annualized adjusted return on tangible common equity of 24.2%(2) for the first half of fiscal 2023

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported record net revenues of $2.87 billion and net income available to common shareholders of $425 million, or $1.93 per diluted share, for the fiscal second quarter ended March 31, 2023. Excluding $28 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $446 million(2), or $2.03 per diluted share(2).

Record quarterly net revenues increased 7% over the prior year’s fiscal second quarter. The benefit of higher short-term interest rates on net interest income and RJBDP fees from third-party banks was partially offset by declines in asset management and related administrative fees, investment banking revenues and brokerage revenues. The 3% sequential increase in quarterly net revenues was primarily due to higher asset management and related administrative fees and net interest income.

Quarterly net income available to common shareholders increased 32% over the prior year’s fiscal second quarter, largely due to higher net interest income and RJBDP fees from third-party banks. Sequentially, net income available to common shareholders decreased 16% primarily due to higher compensation expense, as well as higher legal and regulatory costs predominantly related to one unfavorable arbitration award during the quarter. The preceding quarter also included receipt of a $32 million favorable insurance settlement.

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

For the first six months of the fiscal year, record net revenues of $5.66 billion increased 4%, record earnings per diluted share of $4.23 increased 17%, and adjusted earnings per diluted share of $4.31(2) increased 13% over the first half of fiscal 2022. The Private Client Group segment generated record net revenues and pre-tax income during the first six months of the fiscal year. Annualized return on common equity was 19.3% and annualized adjusted return on tangible common equity was 24.2%(2).

“Over our six decades, we have maintained an unwavering commitment to placing clients first through conservative decision making that keeps us well-positioned over the long term,” said Chair and CEO Paul Reilly. “Despite the challenging environment and high market volatility, we generated record net revenues and record net income to common shareholders during the first six months of the fiscal year, up 4% and 21%, respectively, over fiscal 2022, highlighting the strength of our complementary and diverse businesses. As we look ahead, we are well positioned with strong capital ratios and a flexible balance sheet to remain a source of strength and stability for advisors and their clients.”

Segment Results

Private Client Group

•Domestic Private Client Group net new assets(1) of $21.5 billion for the fiscal second quarter, 8.4% annualized growth rate from beginning of period assets

•Record quarterly net revenues of $2.14 billion, up 12% over the prior year’s fiscal second quarter and 4% over the preceding quarter

•Record quarterly pre-tax income of $441 million, up 107% over the prior year’s fiscal second quarter and 2% over the preceding quarter

•Private Client Group assets under administration of $1.17 trillion, down 2% compared to March 2022 and up 5% over December 2022

•Private Client Group assets in fee-based accounts of $666.3 billion, down 2% compared to March 2022 and up 5% over December 2022

•Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $52.2 billion, down 32% compared to March 2022 and 14% compared to December 2022; the ESP raised $2.7 billion of net new balances in March 2023

The year-over-year growth in quarterly net revenues and pre-tax income was driven primarily by the increases in RJBDP fees and net interest income, which more than offset the market-driven declines in asset management and related administrative fees and brokerage revenues. The quarter’s results were negatively impacted by an increase in legal expenses, largely driven by one unfavorable arbitration award.

Total clients’ domestic cash sweep and ESP balances ended the quarter at $52.2 billion, down 32% compared to March 2022 and 14% compared to December 2022. The sequential decline reflects the expected cash sorting activity, slightly offset by the ESP which added $2.7 billion since its full launch in early March 2023. Reflecting higher short-term interest rates, the average yield on RJBDP third-party bank balances increased 53 basis points to 3.25% in the fiscal second quarter; however, the benefit of higher rates was more than offset by declining third-party bank sweep balances.

“We generated strong domestic net new assets of $21.5 billion(1) during the quarter, an annualized growth rate of 8.4%, in spite of the volatile market conditions, as advisors continue to value our advisor- and client-focused culture, along with conservative financial management,” said Reilly. “The strong net new asset growth, along with the inflow of balances into the newly-launched Enhanced Savings Program in March, demonstrated our advisors and clients’ confidence in the firm’s strength and stability.”

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

Capital Markets

•Quarterly net revenues of $302 million, down 27% compared to the prior year’s fiscal second quarter and up 2% over the preceding quarter

•Quarterly pre-tax loss of $34 million

•Quarterly investment banking revenues of $145 million, down 36% compared to the prior year’s fiscal second quarter and up 9% over the preceding quarter

The year-over-year decline in quarterly net revenues and pre-tax income was largely attributable to lower investment banking and brokerage revenues.

“Persistent market volatility and macroeconomic uncertainties continue to dampen capital markets activity across the industry – particularly for investment banking,” said Reilly. “Despite a healthy investment banking pipeline and solid new business activity, the timing of closings is largely dependent on improving market conditions.”

Asset Management

•Quarterly net revenues of $216 million, down 8% compared to the prior year’s fiscal second quarter and up 4% over the preceding quarter

•Quarterly pre-tax income of $82 million, down 20% compared to the prior year’s fiscal second quarter and up 3% over the preceding quarter

•Financial assets under management of $194.4 billion, flat from March 2022 and up 5% over December 2022

The decline in quarterly net revenues and pre-tax income compared to the prior-year quarter was largely attributable to lower assets in fee-based accounts in the Private Client Group, as net inflows were offset by fixed income and equity market declines.

Bank

•Record quarterly net revenues of $540 million, up 174% over the prior year’s fiscal second quarter and 6% over the preceding quarter

•Quarterly pre-tax income of $91 million, up 10% over the prior year’s fiscal second quarter and down 33% compared to the preceding quarter

•Bank segment net interest margin (“NIM”) of 3.63% for the quarter, up 162 basis points over the prior year’s fiscal second quarter and 27 basis points over the preceding quarter

•Net loans of $43.7 billion, up 57% over March 2022 and down 1% compared to December 2022

Growth in quarterly net revenues was primarily due to NIM expansion, along with higher assets. The Bank segment’s NIM increased 27 basis points during the quarter to 3.63%, reflecting higher short-term interest rates and the relatively high concentration of floating-rate assets. Net loans increased 57% over the prior-year quarter, helped by the TriState Capital acquisition, and declined 1% compared to the preceding quarter primarily driven by lower securities-based loans. The credit quality of the loan portfolio remained strong, with criticized loans as a percent of total loans held for investment ending the quarter at 0.92%, down from 2.63% at March 2022 and 1.01% at December 2022. Bank loan allowance for credit losses as a percent of total loans held for investment was 0.94%, and bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 1.67%.

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

Other

During the fiscal second quarter, the firm repurchased 3.75 million shares of common stock for $350 million at an average price of $93 per share. As of April 26, 2023, approximately $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 21.4%(3) and the tier 1 leverage ratio was 11.5%(3), both well above regulatory requirements. In April, the firm renewed its revolving credit agreement, expanding it from $500 million to $750 million and extending the term for five years.

A conference call to discuss the results will take place today, Wednesday, April 26, 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. For a listen-only connection to the conference call, please dial: 800-928-9281 (conference code: 22026713). An audio replay of the call will be available at the same location until July 28, 2023.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.22 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions, divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “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.


RAYMOND JAMES FINANCIAL, INC. Fiscal Second Quarter of 2023			Selected Financial Highlights (Unaudited)

Summary results of operations


$ in millions, except per share amounts	Three months ended						% change from
	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Net revenues	$	2,873	$	2,673	$	2,786	7%	3%
Pre-tax income	$	557	$	433	$	652	29%	(15)%
Net income available to common shareholders	$	425	$	323	$	507	32%	(16)%

Earnings per common share: (4)
Basic	$	1.97	$	1.56	$	2.36	26%	(17)%
Diluted	$	1.93	$	1.52	$	2.30	27%	(16)%


Non-GAAP measures: (2)
Adjusted pre-tax income	$	585	$	464	$	649	26%	(10)%
Adjusted net income available to common shareholders	$	446	$	346	$	505	29%	(12)%
Adjusted earnings per common share – basic (4)	$	2.07	$	1.67	$	2.35	24%	(12)%
Adjusted earnings per common share – diluted (4)	$	2.03	$	1.62	$	2.29	25%	(11)%


	Six months ended
$ in millions, except per share amounts	March 31, 2023		March 31, 2022		% change
Net revenues	$	5,659	$	5,454	4%
Pre-tax income	$	1,209	$	991	22%
Net income available to common shareholders	$	932	$	769	21%

Earnings per common share: (4)
Basic	$	4.33	$	3.71	17%
Diluted	$	4.23	$	3.61	17%


Non-GAAP measures: (2)
Adjusted pre-tax income	$	1,234	$	1,043	18%
Adjusted net income available to common shareholders	$	951	$	808	18%
Adjusted earnings per common share – basic (4)	$	4.42	$	3.90	13%
Adjusted earnings per common share – diluted (4)	$	4.31	$	3.80	13%


Other selected financial highlights	Three months ended						Six months ended
	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2023		March 31, 2022
Return on common equity (5)	17.3	%	15.0	%	21.3	%	19.3	%	18.1	%
Adjusted return on common equity (2) (5)	18.2	%	16.1	%	21.2	%	19.7	%	19.0	%

Adjusted return on tangible common equity (2) (5)	22.3	%	18.0	%	26.1	%	24.2	%	21.2	%
Pre-tax margin (6)	19.4	%	16.2	%	23.4	%	21.4	%	18.2	%
Adjusted pre-tax margin (2) (6)	20.4	%	17.4	%	23.3	%	21.8	%	19.1	%
Total compensation ratio (7)	63.3	%	69.3	%	62.3	%	62.8	%	68.5	%
Adjusted total compensation ratio (2) (7)	62.8	%	68.8	%	61.7	%	62.2	%	68.0	%
Effective tax rate	23.3	%	25.4	%	21.9	%	22.6	%	22.4	%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2023


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
$ in millions, except per share amounts	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Revenues:
Asset management and related administrative fees	$	1,302	$	1,464	$	1,242	(11)%	5%
Brokerage revenues:
Securities commissions	369		422		352		(13)%	5%
Principal transactions	127		142		132		(11)%	(4)%
Total brokerage revenues	496		564		484		(12)%	2%
Account and service fees	258		179		289		44%	(11)%
Investment banking	154		235		141		(34)%	9%
Interest income	915		242		827		278%	11%
Other	32		27		44		19%	(27)%
Total revenues	3,157		2,711		3,027		16%	4%
Interest expense	(284)		(38)		(241)		647%	18%
Net revenues	2,873		2,673		2,786		7%	3%
Non-interest expenses:
Compensation, commissions and benefits (8)	1,820		1,852		1,736		(2)%	5%
Non-compensation expenses:
Communications and information processing	153		127		139		20%	10%
Occupancy and equipment	68		62		66		10%	3%
Business development	54		34		56		59%	(4)%
Investment sub-advisory fees	36		40		34		(10)%	6%
Professional fees	38		27		32		41%	19%
Bank loan provision for credit losses	28		21		14		33%	100%

Other (9) (10)	119		77		57		55%	109%
Total non-compensation expenses	496		388		398		28%	25%
Total non-interest expenses	2,316		2,240		2,134		3%	9%
Pre-tax income	557		433		652		29%	(15)%
Provision for income taxes	130		110		143		18%	(9)%
Net income	427		323		509		32%	(16)%
Preferred stock dividends	2		—		2		NM	—%
Net income available to common shareholders	$	425	$	323	$	507	32%	(16)%

Earnings per common share – basic (4)	$	1.97	$	1.56	$	2.36	26%	(17)%
Earnings per common share – diluted (4)	$	1.93	$	1.52	$	2.30	27%	(16)%
Weighted-average common shares outstanding – basic	214.3		207.7		214.7		3%	—%
Weighted-average common and common equivalent shares outstanding – diluted	219.2		213.0		220.4		3%	(1)%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2023


Consolidated Statements of Income (Unaudited)

	Six months ended
$ in millions, except per share amounts	March 31, 2023		March 31, 2022		% change
Revenues:
Asset management and related administrative fees	$	2,544	$	2,846	(11)%
Brokerage revenues:
Securities commissions	721		847		(15)%
Principal transactions	259		275		(6)%
Total brokerage revenues	980		1,122		(13)%
Account and service fees	547		356		54%
Investment banking	295		660		(55)%
Interest income	1,742		467		273%
Other	76		78		(3)%
Total revenues	6,184		5,529		12%
Interest expense	(525)		(75)		600%
Net revenues	5,659		5,454		4%
Non-interest expenses:
Compensation, commissions and benefits (8)	3,556		3,736		(5)%
Non-compensation expenses:
Communications and information processing	292		239		22%
Occupancy and equipment	134		121		11%
Business development	110		69		59%
Investment sub-advisory fees	70		78		(10)%
Professional fees	70		55		27%
Bank loan provision for credit losses	42		10		320%
Other (9) (10)	176		155		14%
Total non-compensation expenses	894		727		23%
Total non-interest expenses	4,450		4,463		—%
Pre-tax income	1,209		991		22%
Provision for income taxes	273		222		23%
Net income	936		769		22%
Preferred stock dividends	4		—		NM
Net income available to common shareholders	$	932	$	769	21%

Earnings per common share – basic (4)	$	4.33	$	3.71	17%
Earnings per common share – diluted (4)	$	4.23	$	3.61	17%
Weighted-average common shares outstanding – basic	214.5		207.0		4%
Weighted-average common and common equivalent shares outstanding – diluted	219.7		212.6		3%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Selected Key Metrics
Fiscal Second Quarter of 2023			(Unaudited)


	As of										% change from
$ in millions, except per share amounts	March 31, 2023				March 31, 2022			December 31, 2022			March 31, 2022	December 31, 2022
Total assets	$	79,180			$	73,101		$	77,047		8%	3%
Total common equity attributable to Raymond James Financial, Inc.	$	9,875			$	8,602		$	9,736		15%	1%
Book value per share (11)	$	46.67			$	41.38		$	45.28		13%	3%
Tangible book value per share (2) (11)	$	38.14			$	36.46		$	36.87		5%	3%

Capital ratios:
Tier 1 leverage	11.5		%	(3)	11.1		%	11.3		%
Tier 1 capital	20.1		%	(3)	23.9		%	20.3		%
Common equity tier 1	19.9		%	(3)	23.9		%	20.0		%
Total capital	21.4		%	(3)	25.0		%	21.6		%


Client asset metrics ($ in billions)	As of						% change from
	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Client assets under administration	$	1,224.4	$	1,256.1	$	1,169.7	(3)%	5%
Private Client Group assets under administration	$	1,171.1	$	1,198.3	$	1,114.3	(2)%	5%
Private Client Group assets in fee-based accounts	$	666.3	$	678.0	$	633.1	(2)%	5%
Financial assets under management	$	194.4	$	193.7	$	185.9	—%	5%


Net new assets metrics (1) ($ in millions)	Three months ended									Six months ended
	March 31, 2023			March 31, 2022			December 31, 2022			March 31, 2023			March 31, 2022
Domestic Private Client Group net new assets	$	21,473		$	24,093		$	23,226		$	44,699		$	60,194
Domestic Private Client Group net new assets growth — annualized	8.4		%	8.6		%	9.8		%	9.4		%	11.4		%


Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	As of						% change from
	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Raymond James Bank Deposit Program (“RJBDP”): (12)
Bank segment (12)	$	37,682	$	33,570	$	39,098	12%	(4)%
Third-party banks	9,408		25,887		18,231		(64)%	(48)%
Subtotal RJBDP	47,090		59,457		57,329		(21)%	(18)%
Client Interest Program	2,385		17,013		3,053		(86)%	(22)%
Total clients’ domestic cash sweep balances	49,475		76,470		60,382		(35)%	(18)%
Enhanced Savings Program (13)	2,746		—		—		NM	NM
Total clients’ domestic cash sweep and Enhanced Savings Program balances	$	52,221	$	76,470	$	60,382	(32)%	(14)%


	Three months ended						Six months ended
	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2023		March 31, 2022
Average yield on RJBDP - third-party banks (14)	3.25	%	0.32	%	2.72	%	2.93	%	0.30	%


Private Client Group financial advisors	As of			% change from
	March 31, 2023	March 31, 2022	December 31, 2022	March 31, 2022	December 31, 2022
Employees	3,628	3,601	3,631	1%	—%
Independent contractors (15)	5,098	5,129	5,068	(1)%	1%
Total advisors (15)	8,726	8,730	8,699	—%	—%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Second Quarter of 2023			(Unaudited)

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


CONSOLIDATED NET INTEREST
	Three months ended
	March 31, 2023						March 31, 2022						December 31, 2022
$ 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	$	3,093	$	36	4.64	%	$	1,601	$	1	0.22	%	$	2,325	$	22	3.72	%
Available-for-sale securities	10,869		54		2.00	%	8,869		25		1.16	%	11,050		53		1.92	%
Loans held for sale and investment: (16)
Loans held for investment:
Securities-based loans (“SBL”) (17)	14,493		240		6.63	%	6,753		39		2.31	%	15,038		226		5.87	%
Commercial and industrial (“C&I”) loans	11,236		188		6.69	%	8,783		54		2.49	%	11,176		169		5.91	%
Commercial real estate (“CRE”) loans	6,961		123		7.07	%	3,150		20		2.56	%	6,798		110		6.35	%
Real estate investment trust (“REIT”) loans	1,671		31		7.11	%	1,324		9		2.48	%	1,628		24		5.87	%
Residential mortgage loans	7,979		62		3.13	%	5,770		38		2.69	%	7,626		57		2.99	%
Tax-exempt loans (18)	1,652		10		3.16	%	1,289		9		3.18	%	1,594		10		3.06	%

Loans held for sale	170		3		7.23	%	268		2		2.94	%	189		3		5.39	%
Total loans held for sale and investment	44,162		657		5.97	%	27,337		171		2.53	%	44,049		599		5.35	%
All other interest-earning assets	153		2		5.80	%	114		2		2.75	%	143		2		5.29	%
Interest-earning assets — Bank segment	$	58,277	$	749	5.16	%	$	37,921	$	199	2.11	%	$	57,567	$	676	4.63	%
All other segments
Cash and cash equivalents	$	3,130	$	39	5.10	%	$	4,318	$	2	0.19	%	$	3,436	$	33	3.78	%
Assets segregated for regulatory purposes and restricted cash	4,856		55		4.36	%	19,522		7		0.15	%	6,237		50		3.17	%
Trading assets — debt securities	1,057		13		5.05	%	464		4		3.86	%	1,080		14		5.10	%
Brokerage client receivables	2,205		41		7.66	%	2,558		21		3.29	%	2,398		41		6.70	%
All other interest-earning assets	1,817		18		3.12	%	1,614		9		2.47	%	2,001		13		2.58	%
Interest-earning assets — all other segments	$	13,065	$	166	4.98	%	$	28,476	$	43	0.63	%	$	15,152	$	151	3.93	%
Total interest-earning assets	$	71,342	$	915	5.13	%	$	66,397	$	242	1.48	%	$	72,719	$	827	4.48	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (12)	$	44,554	$	132	1.20	%	$	33,136	$	1	0.01	%	$	45,165	$	121	1.06	%
Interest-bearing demand deposits (13)	5,620		62		4.47	%	293		1		1.10	%	5,149		47		3.59	%
Certificates of deposit	1,859		16		3.57	%	733		3		1.83	%	1,225		8		2.48	%
Total bank deposits (19)	52,033		210		1.64	%	34,162		5		0.06	%	51,539		176		1.35	%
FHLB advances and all other interest-bearing liabilities	1,452		9		2.80	%	864		5		2.17	%	1,397		9		2.61	%
Interest-bearing liabilities — Bank segment	$	53,485	$	219	1.67	%	$	35,026	$	10	0.11	%	$	52,936	$	185	1.38	%
All other segments
Trading liabilities — debt securities	$	725	$	7	4.14	%	$	168	$	1	1.89	%	$	778	$	10	5.07	%
Brokerage client payables	6,044		23		1.52	%	21,405		—		0.01	%	7,749		17		0.87	%
Senior notes payable	2,038		23		4.44	%	2,037		23		4.44	%	2,038		23		4.44	%
All other interest-bearing liabilities (19)	113		12		3.72	%	199		4		9.05	%	245		6		3.65	%
Interest-bearing liabilities — all other segments	$	8,920	$	65	2.43	%	$	23,809	$	28	0.47	%	$	10,810	$	56	1.91	%
Total interest-bearing liabilities	$	62,405	$	284	1.78	%	$	58,835	$	38	0.26	%	$	63,746	$	241	1.50	%
Firmwide net interest income			$	631					$	204					$	586
Net interest margin (net yield on interest-earning assets)
Bank segment					3.63	%					2.01	%					3.36	%
Firmwide					3.59	%					1.25	%					3.19	%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Second Quarter of 2023			(Unaudited)


	Six months ended
	March 31, 2023						March 31, 2022
$ in millions	Average balance		Interest		Average rate		Average balance		Interest		Average rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	2,705	$	58	4.24	%	$	1,876	$	2	0.19	%
Available-for-sale securities	10,961		107		1.95	%	8,688		47		1.09	%
Loans held for sale and investment: (16)
Loans held for investment:
SBL (17)	14,768		466		6.27	%	6,519		74		2.26	%
C&I loans	11,206		357		6.31	%	8,681		109		2.49	%
CRE loans	6,879		233		6.75	%	3,044		40		2.61	%
REIT loans	1,649		55		6.64	%	1,227		16		2.51	%
Residential mortgage loans	7,801		119		3.06	%	5,609		75		2.68	%
Tax-exempt loans (18)	1,623		20		3.11	%	1,293		17		3.19	%

Loans held for sale	179		6		6.27	%	254		4		2.94	%
Total loans held for sale and investment	44,105		1,256		5.68	%	26,627		335		2.53	%
All other interest-earning assets	148		4		5.55	%	141		2		2.21	%
Interest-earning assets — Bank segment	$	57,919	$	1,425	4.91	%	$	37,332	$	386	2.07	%
All other segments
Cash and cash equivalents	$	3,401	$	72	4.25	%	$	4,078	$	4	0.19	%
Assets segregated for regulatory purposes and restricted cash	5,554		105		3.81	%	15,844		11		0.14	%
Trading assets — debt securities	1,069		27		5.08	%	516		9		3.35	%
Brokerage client receivables	2,301		82		7.16	%	2,521		42		3.32	%
All other interest-earning assets	1,909		31		2.79	%	1,622		15		1.92	%
Interest-earning assets — all other segments	$	14,234	$	317	4.42	%	$	24,581	$	81	0.66	%
Total interest-earning assets	$	72,153	$	1,742	4.81	%	$	61,913	$	467	1.51	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (12)	$	44,864	$	253	1.13	%	$	32,542	$	1	0.01	%
Interest-bearing demand deposits (13)	5,382		109		4.05	%	239		3		2.78	%
Certificates of deposit	1,538		24		3.13	%	789		7		1.85	%
Total bank deposits (19)	51,784		386		1.49	%	33,570		11		0.06	%
FHLB advances and all other interest-bearing liabilities	1,374		18		2.63	%	863		9		2.19	%
Interest-bearing liabilities — Bank segment	$	53,158	$	404	1.52	%	$	34,433	$	20	0.12	%
All other segments
Trading liabilities — debt securities	$	752	$	17	4.63	%	$	187	$	2	1.63	%
Brokerage client payables	6,842		40		1.16	%	17,275		1		0.01	%
Senior notes payable	2,038		46		4.44	%	2,037		46		4.44	%
All other interest-bearing liabilities (19)	133		18		2.45	%	194		6		6.28	%
Interest-bearing liabilities — all other segments	$	9,765	$	121	2.13	%	$	19,693	$	55	0.55	%
Total interest-bearing liabilities	$	62,923	$	525	1.61	%	$	54,126	$	75	0.28	%
Firmwide net interest income			$	1,217					$	392
Net interest margin (net yield on interest-earning assets)
Bank segment					3.51	%					1.97	%
Firmwide					3.38	%					1.27	%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2023			(Unaudited)


	Three months ended						% change from
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Net revenues:
Private Client Group	$	2,144	$	1,922	$	2,063	12%	4%
Capital Markets	302		413		295		(27)%	2%
Asset Management	216		234		207		(8)%	4%
Bank	540		197		508		174%	6%
Other (20)	10		(18)		9		NM	11%
Intersegment eliminations	(339)		(75)		(296)		(352)%	(15)%
Total net revenues	$	2,873	$	2,673	$	2,786	7%	3%

Pre-tax income/(loss):
Private Client Group (9)	$	441	$	213	$	434	107%	2%
Capital Markets	(34)		87		(16)		NM	(113)%
Asset Management	82		103		80		(20)%	3%
Bank	91		83		136		10%	(33)%
Other (10) (20)	(23)		(53)		18		57%	NM
Pre-tax income	$	557	$	433	$	652	29%	(15)%


	Six months ended
$ in millions	March 31, 2023		March 31, 2022		% change
Net revenues:
Private Client Group	$	4,207	$	3,761	12%
Capital Markets	597		1,027		(42)%
Asset Management	423		470		(10)%
Bank	1,048		380		176%
Other (20)	19		(33)		NM
Intersegment eliminations	(635)		(151)		(321)%
Total net revenues	$	5,659	$	5,454	4%

Pre-tax income/(loss):
Private Client Group (9)	$	875	$	408	114%
Capital Markets	(50)		288		NM
Asset Management	162		210		(23)%
Bank	227		185		23%
Other (10) (20)	(5)		(100)		95%
Pre-tax income	$	1,209	$	991	22%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2023			(Unaudited)


Private Client Group

	Three months ended						% change from
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Revenues:
Asset management and related administrative fees	$	1,102	$	1,245	$	1,053	(11)%	5%
Brokerage revenues:
Mutual and other fund products	135		166		128		(19)%	5%
Insurance and annuity products	113		110		104		3%	9%
Equities, ETFs and fixed income products	116		121		113		(4)%	3%
Total brokerage revenues	364		397		345		(8)%	6%
Account and service fees:
Mutual fund and annuity service fees	105		109		98		(4)%	7%
RJBDP fees: (12)
Bank segment (12)	311		49		268		535%	16%
Third-party banks	100		20		137		400%	(27)%
Client account and other fees	56		53		60		6%	(7)%
Total account and service fees	572		231		563		148%	2%
Investment banking	9		9		9		—%	—%
Interest income	117		37		109		216%	7%
All other	9		6		6		50%	50%
Total revenues	2,173		1,925		2,085		13%	4%
Interest expense	(29)		(3)		(22)		867%	32%
Net revenues	2,144		1,922		2,063		12%	4%
Non-interest expenses:
Financial advisor compensation and benefits	1,118		1,231		1,075		(9)%	4%
Administrative compensation and benefits	345		289		342		19%	1%
Total compensation, commissions and benefits	1,463		1,520		1,417		(4)%	3%
Non-compensation expenses (9)	240		189		212		27%	13%
Total non-interest expenses	1,703		1,709		1,629		—%	5%
Pre-tax income	$	441	$	213	$	434	107%	2%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2023			(Unaudited)


Private Client Group

	Six months ended
$ in millions	March 31, 2023		March 31, 2022		% change
Revenues:
Asset management and related administrative fees	$	2,155	$	2,407	(10)%
Brokerage revenues:
Mutual and other fund products	263		337		(22)%
Insurance and annuity products	217		221		(2)%
Equities, ETFs and fixed income products	229		236		(3)%
Total brokerage revenues	709		794		(11)%
Account and service fees:
Mutual fund and annuity service fees	203		223		(9)%
RJBDP fees: (12)
Bank segment (12)	579		99		485%
Third-party banks	237		37		541%
Client account and other fees	116		102		14%
Total account and service fees	1,135		461		146%
Investment banking	18		22		(18)%
Interest income	226		70		223%
All other	15		13		15%
Total revenues	4,258		3,767		13%
Interest expense	(51)		(6)		750%
Net revenues	4,207		3,761		12%
Non-interest expenses:
Financial advisor compensation and benefits	2,193		2,418		(9)%
Administrative compensation and benefits	687		572		20%
Total compensation, commissions and benefits	2,880		2,990		(4)%
Non-compensation expenses (9)	452		363		25%
Total non-interest expenses	3,332		3,353		(1)%
Pre-tax income	$	875	$	408	114%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2023			(Unaudited)


Capital Markets

	Three months ended						% change from
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Revenues:
Brokerage revenues:
Fixed income	$	96	$	125	$	100	(23)%	(4)%
Equity	34		41		34		(17)%	—%
Total brokerage revenues	130		166		134		(22)%	(3)%
Investment banking:
Merger & acquisition and advisory	87		139		102		(37)%	(15)%
Equity underwriting	29		52		15		(44)%	93%
Debt underwriting	29		35		16		(17)%	81%
Total investment banking	145		226		133		(36)%	9%
Interest income	21		5		23		320%	(9)%
Affordable housing investments business revenues	23		15		24		53%	(4)%
All other	3		4		4		(25)%	(25)%
Total revenues	322		416		318		(23)%	1%
Interest expense	(20)		(3)		(23)		567%	(13)%
Net revenues	302		413		295		(27)%	2%
Non-interest expenses:
Compensation, commissions and benefits	231		253		213		(9)%	8%
Non-compensation expenses	105		73		98		44%	7%
Total non-interest expenses	336		326		311		3%	8%
Pre-tax income/(loss)	$	(34)	$	87	$	(16)	NM	(113)%






	Six months ended
$ in millions	March 31, 2023		March 31, 2022		% change
Revenues:
Brokerage revenues:
Fixed income	$	196	$	245	(20)%
Equity	68		80		(15)%
Total brokerage revenues	264		325		(19)%
Investment banking:
Merger & acquisition and advisory	189		410		(54)%
Equity underwriting	44		149		(70)%
Debt underwriting	45		79		(43)%
Total investment banking	278		638		(56)%
Interest income	44		10		340%
Affordable housing investments business revenues	47		50		(6)%
All other	7		9		(22)%
Total revenues	640		1,032		(38)%
Interest expense	(43)		(5)		760%
Net revenues	597		1,027		(42)%
Non-interest expenses:
Compensation, commissions and benefits	444		584		(24)%
Non-compensation expenses	203		155		31%
Total non-interest expenses	647		739		(12)%
Pre-tax income/(loss)	$	(50)	$	288	NM

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2023			(Unaudited)


Asset Management

	Three months ended						% change from
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Revenues:
Asset management and related administrative fees:
Managed programs	$	140	$	149	$	134	(6)%	4%
Administration and other	66		77		63		(14)%	5%
Total asset management and related administrative fees	206		226		197		(9)%	5%
Account and service fees	6		6		5		—%	20%
All other	4		2		5		100%	(20)%
Net revenues	216		234		207		(8)%	4%
Non-interest expenses:
Compensation, commissions and benefits	52		47		47		11%	11%
Non-compensation expenses	82		84		80		(2)%	3%
Total non-interest expenses	134		131		127		2%	6%
Pre-tax income	$	82	$	103	$	80	(20)%	3%


	Six months ended
$ in millions	March 31, 2023		March 31, 2022		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	274	$	300	(9)%
Administration and other	129		153		(16)%
Total asset management and related administrative fees	403		453		(11)%
Account and service fees	11		12		(8)%
All other	9		5		80%
Net revenues	423		470		(10)%
Non-interest expenses:
Compensation, commissions and benefits	99		93		6%
Non-compensation expenses	162		167		(3)%
Total non-interest expenses	261		260		—%
Pre-tax income	$	162	$	210	(23)%

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


RAYMOND JAMES FINANCIAL, INC.						Segment Results
Fiscal Second Quarter of 2022						(Unaudited)


Bank

	Three months ended						% change from
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Revenues:
Interest income	$	749	$	199	$	676	276%	11%
Interest expense	(219)		(10)		(185)		2,090%	18%
Net interest income	530		189		491		180%	8%
All other	10		8		17		25%	(41)%
Net revenues	540		197		508		174%	6%
Non-interest expenses:
Compensation and benefits	48		14		40		243%	20%
Non-compensation expenses:
Bank loan provision for credit losses	28		21		14		33%	100%
RJBDP fees to Private Client Group (12)	311		49		268		535%	16%
All other	62		30		50		107%	24%
Total non-compensation expenses	401		100		332		301%	21%
Total non-interest expenses	449		114		372		294%	21%
Pre-tax income	$	91	$	83	$	136	10%	(33)%


	Six months ended
$ in millions	March 31, 2023		March 31, 2022		% change
Revenues:
Interest income	$	1,425	$	386	269%
Interest expense	(404)		(20)		1,920%
Net interest income	1,021		366		179%
All other	27		14		93%
Net revenues	1,048		380		176%
Non-interest expenses:
Compensation and benefits	88		27		226%
Non-compensation expenses:
Bank loan provision for credit losses	42		10		320%
RJBDP fees to Private Client Group (12)	579		99		485%
All other	112		59		90%
Total non-compensation expenses	733		168		336%
Total non-interest expenses	821		195		321%
Pre-tax income	$	227	$	185	23%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal Second Quarter of 2023			(Unaudited)


Other (20)

	Three months ended						% change from
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022
Revenues:
Interest income	$	36	$	3	$	30	1,100%	20%
Net gains on private equity investments	1		(2)		2		NM	(50)%
All other	—		5		1		(100)%	(100)%
Total revenues	37		6		33		517%	12%
Interest expense	(27)		(24)		(24)		13%	13%
Net revenues	10		(18)		9		NM	11%
Non-interest expenses:
Compensation and other	33		35		23		(6)%	43%
Insurance settlement received (10)	—		—		(32)		—%	100%
Total non-interest expenses	33		35		(9)		(6)%	NM
Pre-tax income/(loss)	$	(23)	$	(53)	$	18	57%	NM


	Six months ended
$ in millions	March 31, 2023		March 31, 2022		% change
Revenues:
Interest income	$	66	$	4	1,550%
Net gains on private equity investments	3		3		—%
All other	1		7		(86)%
Total revenues	70		14		400%
Interest expense	(51)		(47)		9%
Net revenues	19		(33)		NM
Non-interest expenses:
Compensation and other	56		67		(16)%
Insurance settlement received (10)	(32)		—		NM
Total non-interest expenses	24		67		(64)%
Pre-tax loss	$	(5)	$	(100)	95%

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


RAYMOND JAMES FINANCIAL, INC.			Bank Segment Selected Key Metrics
Fiscal Second Quarter of 2023			(Unaudited)

Bank Segment

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


	As of									% change from
$ in millions	March 31, 2023			March 31, 2022			December 31, 2022			March 31, 2022	December 31, 2022
Total assets	$	60,400		$	38,167		$	57,623		58%	5%
Bank loans, net:
Raymond James Bank	$	31,425		$	27,883		$	31,690		13%	(1)%
TriState Capital Bank	12,258			—			12,376			NM	(1)%
Total bank loans, net	$	43,683		$	27,883		$	44,066		57%	(1)%
Bank loan allowance for credit losses	$	415		$	328		$	408		27%	2%
Bank loan allowance for credit losses as a % of total loans held for investment	0.94		%	1.17		%	0.92		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (21)	1.67		%	2.11		%	1.64		%
Total nonperforming assets	$	99		$	104		$	61		(5)%	62%
Nonperforming assets as a % of total assets	0.16		%	0.27		%	0.11		%
Total criticized loans	$	403		$	735		$	447		(45)%	(10)%
Criticized loans as a % of loans held for investment	0.92		%	2.63		%	1.01		%
Total bank deposits	$	54,229		$	34,685		$	51,979		56%	4%



















	Three months ended						% change from		Six months ended
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2022	December 31, 2022	March 31, 2023		March 31, 2022		% change
Bank loan provision for credit losses	$	28	$	21	$	14	33%	100%	$	42	$	10	320%
Net charge-offs	$	20	$	1	$	2	1,900%	900%	$	22	$	2	1,000%

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2023			(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. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.


	Three months ended						Six months ended
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2023		March 31, 2022
Net income available to common shareholders	$	425	$	323	$	507	$	932	$	769
Non-GAAP adjustments:
Expenses directly related to acquisitions included in the following financial statement line items:

Compensation, commissions and benefits — Acquisition-related retention (8)	17		14		18		35		25


Professional fees	—		5		—		—		7

Other
Amortization of identifiable intangible assets (22)	11		6		11		22		14

All other acquisition-related expenses	—		6		—		—		6
Total “Other” expense	11		12		11		22		20
Total expenses related to acquisitions	28		31		29		57		52
Other — Insurance settlement received (10)	—		—		(32)		(32)		—
Pre-tax impact of non-GAAP adjustments	28		31		(3)		25		52
Tax effect of non-GAAP adjustments	(7)		(8)		1		(6)		(13)
Total non-GAAP adjustments, net of tax	21		23		(2)		19		39
Adjusted net income available to common shareholders (2)	$	446	$	346	$	505	$	951	$	808

Pre-tax income	$	557	$	433	$	652	$	1,209	$	991
Pre-tax impact of non-GAAP adjustments (as detailed above)	28		31		(3)		25		52
Adjusted pre-tax income (2)	$	585	$	464	$	649	$	1,234	$	1,043

Compensation, commissions and benefits expense	$	1,820	$	1,852	$	1,736	$	3,556	$	3,736
Less: Acquisition-related retention (as detailed above)	17		14		18		35		25
Adjusted “Compensation, commissions and benefits” expense (2)	$	1,803	$	1,838	$	1,718	$	3,521	$	3,711

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2023			(Unaudited)


Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

	Three months ended						Six months ended
	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2023		March 31, 2022
Pre-tax margin (6)	19.4	%	16.2	%	23.4	%	21.4	%	18.2	%
Impact of non-GAAP adjustments on pre-tax margin:

Compensation, commissions and benefits — Acquisition-related retention (8)	0.5	%	0.5	%	0.6	%	0.6	%	0.5	%


Professional fees	—	%	0.2	%	—	%	—	%	0.1	%

Other:
Amortization of identifiable intangible assets (22)	0.5	%	0.2	%	0.4	%	0.4	%	0.2	%

All other acquisition-related expenses	—	%	0.3	%	—	%	—	%	0.1	%
Total “Other” expense	0.5	%	0.5	%	0.4	%	0.4	%	0.3	%
Total expenses related to acquisitions	1.0	%	1.2	%	1.0	%	1.0	%	0.9	%
Other — Insurance settlement received (10)	—	%	—	%	(1.1)	%	(0.6)	%	—	%
Total non-GAAP adjustments	1.0	%	1.2	%	(0.1)	%	0.4	%	0.9	%
Adjusted pre-tax margin (2) (6)	20.4	%	17.4	%	23.3	%	21.8	%	19.1	%

Total compensation ratio (7)	63.3	%	69.3	%	62.3	%	62.8	%	68.5	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (8)	0.5	%	0.5	%	0.6	%	0.6	%	0.5	%


Adjusted total compensation ratio (2) (7)	62.8	%	68.8	%	61.7	%	62.2	%	68.0	%

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2023			(Unaudited)


Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

	Three months ended						Six months ended
Earnings per common share (4)	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2023		March 31, 2022
Basic	$	1.97	$	1.56	$	2.36	$	4.33	$	3.71
Impact of non-GAAP adjustments on basic earnings per common share:

Compensation, commissions and benefits — Acquisition-related retention (8)	0.08		0.07		0.08		0.16		0.12


Professional fees	—		0.02		—		—		0.03

Other:
Amortization of identifiable intangible assets (22)	0.05		0.03		0.06		0.11		0.07

All other acquisition-related expenses	—		0.03		—		—		0.03
Total “Other” expense	0.05		0.06		0.06		0.11		0.10
Total expenses related to acquisitions	0.13		0.15		0.14		0.27		0.25
Other — Insurance settlement received (10)	—		—		(0.15)		(0.15)		—
Tax effect of non-GAAP adjustments	(0.03)		(0.04)		—		(0.03)		(0.06)
Total non-GAAP adjustments, net of tax	0.10		0.11		(0.01)		0.09		0.19
Adjusted basic (2)	$	2.07	$	1.67	$	2.35	$	4.42	$	3.90

Diluted	$	1.93	$	1.52	$	2.30	$	4.23	$	3.61
Impact of non-GAAP adjustments on diluted earnings per common share:

Compensation, commissions and benefits — Acquisition-related retention (8)	0.08		0.06		0.08		0.16		0.12


Professional fees	—		0.02		—		—		0.03

Other:
Amortization of identifiable intangible assets (22)	0.05		0.03		0.06		0.10		0.07

All other acquisition-related expenses	—		0.03		—		—		0.03
Total “Other” expense	0.05		0.06		0.06		0.10		0.10
Total expenses related to acquisitions	0.13		0.14		0.14		0.26		0.25
Other — Insurance settlement received (10)	—		—		(0.15)		(0.15)		—
Tax effect of non-GAAP adjustments	(0.03)		(0.04)		—		(0.03)		(0.06)
Total non-GAAP adjustments, net of tax	0.10		0.10		(0.01)		0.08		0.19
Adjusted diluted (2)	$	2.03	$	1.62	$	2.29	$	4.31	$	3.80

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2023			(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	March 31, 2023		March 31, 2022		December 31, 2022
Total common equity attributable to Raymond James Financial, Inc.	$	9,875	$	8,602	$	9,736
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,932		1,110		1,938
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(128)		(88)		(129)
Tangible common equity attributable to Raymond James Financial, Inc.	$	8,071	$	7,580	$	7,927
Common shares outstanding	211.6		207.9		215.0
Book value per share (11)	$	46.67	$	41.38	$	45.28
Tangible book value per share (2) (11)	$	38.14	$	36.46	$	36.87


Return on common equity	Three months ended						Six months ended
$ in millions	March 31, 2023		March 31, 2022		December 31, 2022		March 31, 2023		March 31, 2022
Average common equity (23)	$	9,806	$	8,601	$	9,537	$	9,650	$	8,482
Impact of non-GAAP adjustments on average common equity:

Compensation, commissions and benefits — Acquisition-related retention (8)	9		7		9		18		12


Professional fees	—		3		—		—		3

Other:
Amortization of identifiable intangible assets (22)	6		3		5		11		7

All other acquisition-related expenses	—		3		—		—		2
Total “Other” expense	6		6		5		11		9
Total expenses related to acquisitions	15		16		14		29		24
Other — Insurance settlement received (10)	—		—		(16)		(21)		—
Tax effect of non-GAAP adjustments	(4)		(4)		1		(2)		(6)
Total non-GAAP adjustments, net of tax	11		12		(1)		6		18
Adjusted average common equity (2) (23)	$	9,817	$	8,613	$	9,536	$	9,656	$	8,500

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Second Quarter of 2023			(Unaudited)


Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)

	Three months ended									Six months ended
$ in millions	March 31, 2023			March 31, 2022			December 31, 2022			March 31, 2023			March 31, 2022
Average common equity (23)	$	9,806		$	8,601		$	9,537		$	9,650		$	8,482
Less:
Average goodwill and identifiable intangible assets, net	1,936			992			1,935			1,934			955
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(129)			(77)			(128)			(128)			(72)
Average tangible common equity (2) (23)	$	7,999		$	7,686		$	7,730		$	7,844		$	7,599
Impact of non-GAAP adjustments on average tangible common equity:

Compensation, commissions and benefits — Acquisition-related retention (8)	9			7			9			18			12


Professional fees	—			3			—			—			3

Other:
Amortization of identifiable intangible assets (22)	6			3			5			11			7

All other acquisition-related expenses	—			3			—			—			2
Total “Other” expense	6			6			5			11			9
Total expenses related to acquisitions	15			16			14			29			24
Other — Insurance settlement received (10)	—			—			(16)			(21)			—
Tax effect of non-GAAP adjustments	(4)			(4)			1			(2)			(6)
Total non-GAAP adjustments, net of tax	11			12			(1)			6			18
Adjusted average tangible common equity (2) (23)	$	8,010		$	7,698		$	7,729		$	7,850		$	7,617

Return on common equity (5)	17.3		%	15.0		%	21.3		%	19.3		%	18.1		%
Adjusted return on common equity (2) (5)	18.2		%	16.1		%	21.2		%	19.7		%	19.0		%
Return on tangible common equity (2) (5)	21.3		%	16.8		%	26.2		%	23.8		%	20.2		%
Adjusted return on tangible common equity (2) (5)	22.3		%	18.0		%	26.1		%	24.2		%	21.2		%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2023 Footnotes


(1)						Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees and other fees. 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.

(2)						These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.

(3)						Estimated. The capital ratio calculations do not include the effect of our April 3, 2023 redemption of our 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock at a redemption amount of $40 million, which will be reflected in our fiscal third quarter.

(4)						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 $2 million for the three months ended March 31, 2023, $1 million for the three months ended December 31, 2022, $0 million for the three months ended March 31, 2022 and $3 million and $1 million for the six months ended March 31, 2023 and March 31, 2022, respectively.

(5)						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 intangible assets, net of related deferred taxes.

(6)						Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period.

(7)						Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.

(8)						Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.

(9)						The three and six months ended March 31, 2023 included the unfavorable impact of an adverse arbitration ruling in our Private Client Group business. The impact of this ruling has been reflected in Other expenses within our Private Client Group segment.

(10)						The three months ended December 31, 2022 and six months ended March 31, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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.

(11)						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.

(12)						We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and within money market and other savings accounts in our net interest disclosures in this release. Fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

(13)						In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Consolidated Statement of Financial Condition and within interest-bearing demand deposits in our net interest disclosures in this release.

(14)						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.

(15)						This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.

(16)						Loans are presented net of unamortized discounts, unearned income, and deferred loan fees and costs.

(17)						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.

(18)						The average yield is presented on a tax-equivalent basis for each respective period.

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2023 Footnotes


(19)						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”.

(20)						The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt.

(21)						Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

(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 three, 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 three. 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.

EX-99.2 3 rjf0331q223supplement.htm EX-99.2 FINANCIAL SUPPLEMENT FISCAL SECOND QUARTER 2023 OF RJF rjf0331q223supplement

5 Quarterly Financial Supplement Second quarter of fiscal 2023 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 Six months ended $ in millions, except per share amounts March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Revenues: Asset management and related administrative fees $ 1,464 $ 1,427 $ 1,290 $ 1,242 $ 1,302 (11) % 5 % $ 2,846 $ 2,544 (11) % Brokerage revenues: Securities commissions 422 385 357 352 369 (13) % 5 % 847 721 (15) % Principal transactions 142 128 124 132 127 (11) % (4) % 275 259 (6) % Total brokerage revenues 564 513 481 484 496 (12) % 2 % 1,122 980 (13) % Account and service fees 179 211 266 289 258 44 % (11) % 356 547 54 % Investment banking 235 223 217 141 154 (34) % 9 % 660 295 (55) % Interest income 242 374 667 827 915 278 % 11 % 467 1,742 273 % Other 27 30 80 44 32 19 % (27) % 78 76 (3) % Total revenues 2,711 2,778 3,001 3,027 3,157 16 % 4 % 5,529 6,184 12 % Interest expense (38) (60) (170) (241) (284) 647 % 18 % (75) (525) 600 % Net revenues 2,673 2,718 2,831 2,786 2,873 7 % 3 % 5,454 5,659 4 % Non-interest expenses: Compensation, commissions and benefits (1) 1,852 1,834 1,759 1,736 1,820 (2) % 5 % 3,736 3,556 (5) % Non-compensation expenses: Communications and information processing 127 129 138 139 153 20 % 10 % 239 292 22 % Occupancy and equipment 62 65 66 66 68 10 % 3 % 121 134 11 % Business development 34 58 59 56 54 59 % (4) % 69 110 59 % Investment sub-advisory fees 40 38 36 34 36 (10) % 6 % 78 70 (10) % Professional fees 27 38 38 32 38 41 % 19 % 55 70 27 % Bank loan provision for credit losses 21 56 34 14 28 33 % 100 % 10 42 320 % Other (2) (3) 77 85 85 57 119 55 % 109 % 155 176 14 % Total non-compensation expenses 388 469 456 398 496 28 % 25 % 727 894 23 % Total non-interest expenses 2,240 2,303 2,215 2,134 2,316 3 % 9 % 4,463 4,450 — % Pre-tax income 433 415 616 652 557 29 % (15) % 991 1,209 22 % Provision for income taxes 110 114 177 143 130 18 % (9) % 222 273 23 % Net income 323 301 439 509 427 32 % (16) % 769 936 22 % Preferred stock dividends — 2 2 2 2 NM — % — 4 NM Net income available to common shareholders $ 323 $ 299 $ 437 $ 507 $ 425 32 % (16) % $ 769 $ 932 21 % Earnings per common share – basic (4) $ 1.56 $ 1.41 $ 2.03 $ 2.36 $ 1.97 26 % (17) % $ 3.71 $ 4.33 17 % Earnings per common share – diluted (4) $ 1.52 $ 1.38 $ 1.98 $ 2.30 $ 1.93 27 % (16) % $ 3.61 $ 4.23 17 % Weighted-average common shares outstanding – basic 207.7 210.7 215.0 214.7 214.3 3 % — % 207.0 214.5 4 % Weighted-average common and common equivalent shares outstanding – diluted 213.0 215.7 220.6 220.4 219.2 3 % (1) % 212.6 219.7 3 % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Total assets $ 73,101 $ 86,111 $ 80,951 $ 77,047 $ 79,180 8 % 3 % Total common equity attributable to Raymond James Financial, Inc. $ 8,602 $ 9,395 $ 9,338 $ 9,736 $ 9,875 15 % 1 % Book value per share (5) $ 41.38 $ 43.60 $ 43.41 $ 45.28 $ 46.67 13 % 3 % Tangible book value per share (5) (6) $ 36.46 $ 35.79 $ 35.02 $ 36.87 $ 38.14 5 % 3 % Capital ratios: Tier 1 leverage 11.1 % 10.8 % 10.3 % 11.3 % 11.5 % (7) Tier 1 capital 23.9 % 20.0 % 19.2 % 20.3 % 20.1 % (7) Common equity tier 1 23.9 % 20.0 % 19.0 % 20.0 % 19.9 % (7) Total capital 25.0 % 21.5 % 20.4 % 21.6 % 21.4 % (7) Three months ended % change from Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Adjusted pre-tax income (6) $ 464 $ 480 $ 646 $ 649 $ 585 26 % (10) % $ 1,043 $ 1,234 18 % Adjusted net income available to common shareholders (6) $ 346 $ 348 $ 459 $ 505 $ 446 29 % (12) % $ 808 $ 951 18 % Adjusted earnings per common share – basic (4) (6) $ 1.67 $ 1.65 $ 2.13 $ 2.35 $ 2.07 24 % (12) % $ 3.90 $ 4.42 13 % Adjusted earnings per common share – diluted (4) (6) $ 1.62 $ 1.61 $ 2.08 $ 2.29 $ 2.03 25 % (11) % $ 3.80 $ 4.31 13 % Return on common equity (8) 15.0 % 13.3 % 18.7 % 21.3 % 17.3 % 18.1 % 19.3 % Adjusted return on common equity (6) (8) 16.1 % 15.4 % 19.6 % 21.2 % 18.2 % 19.0 % 19.7 % Adjusted return on tangible common equity (6) (8) 18.0 % 18.1 % 24.1 % 26.1 % 22.3 % 21.2 % 24.2 % Pre-tax margin (9) 16.2 % 15.3 % 21.8 % 23.4 % 19.4 % 18.2 % 21.4 % Adjusted pre-tax margin (6) (9) 17.4 % 17.7 % 22.8 % 23.3 % 20.4 % 19.1 % 21.8 % Total compensation ratio (10) 69.3 % 67.5 % 62.1 % 62.3 % 63.3 % 68.5 % 62.8 % Adjusted total compensation ratio (6) (10) 68.8 % 66.8 % 61.5 % 61.7 % 62.8 % 68.0 % 62.2 % Effective tax rate 25.4 % 27.5 % 28.7 % 21.9 % 23.3 % 22.4 % 22.6 % 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 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Client asset metrics ($ in billions): Client assets under administration $ 1,256.1 $ 1,125.3 $ 1,093.1 $ 1,169.7 $ 1,224.4 (3) % 5 % Private Client Group assets under administration $ 1,198.3 $ 1,068.8 $ 1,039.0 $ 1,114.3 $ 1,171.1 (2) % 5 % Private Client Group assets in fee-based accounts $ 678.0 $ 606.7 $ 586.0 $ 633.1 $ 666.3 (2) % 5 % Financial assets under management $ 193.7 $ 182.4 $ 173.8 $ 185.9 $ 194.4 — % 5 % Net new assets metrics (11) ($ in millions) Three months ended Six months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Domestic Private Client Group net new assets $ 24,093 $ 14,663 $ 20,184 $ 23,226 $ 21,473 $ 60,194 $ 44,699 Domestic Private Client Group net new assets growth — annualized 8.6 % 5.4 % 8.3 % 9.8 % 8.4 % 11.4 % 9.4 % Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) As of % change from March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Raymond James Bank Deposit Program (“RJBDP”): (12) Bank segment (12) $ 33,570 $ 36,646 $ 38,705 $ 39,098 $ 37,682 12 % (4) % Third-party banks 25,887 25,478 21,964 18,231 9,408 (64) % (48) % Subtotal RJBDP 59,457 62,124 60,669 57,329 47,090 (21) % (18) % Client Interest Program 17,013 13,717 6,445 3,053 2,385 (86) % (22) % Total clients’ domestic cash sweep balances 76,470 75,841 67,114 60,382 49,475 (35) % (18) % Enhanced Savings Program (13) — — — — 2,746 NM NM Total clients’ domestic cash sweep and Enhanced Savings Program balances $ 76,470 $ 75,841 $ 67,114 $ 60,382 $ 52,221 (32) % (14) % Three months ended Six months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Average yield on RJBDP - third-party banks (14) 0.32 % 0.88 % 1.85 % 2.72 % 3.25 % 0.30 % 2.93 % As of % change from March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Private Client Group financial advisors: Employees 3,601 3,615 3,638 3,631 3,628 1 % — % Independent contractors (15) 5,129 5,001 5,043 5,068 5,098 (1) % 1 % Total advisors (15) 8,730 8,616 8,681 8,699 8,726 — % — % 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 Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Revenues: Asset management and related administrative fees $ 1,245 $ 1,214 $ 1,089 $ 1,053 $ 1,102 (11) % 5 % $ 2,407 $ 2,155 (10) % Brokerage revenues: Mutual and other fund products 166 149 134 128 135 (19) % 5 % 337 263 (22) % Insurance and annuity products 110 109 108 104 113 3 % 9 % 221 217 (2) % Equities, ETFs, and fixed income products 121 115 107 113 116 (4) % 3 % 236 229 (3) % Total brokerage revenues 397 373 349 345 364 (8) % 6 % 794 709 (11) % Account and service fees: Mutual fund and annuity service fees 109 102 103 98 105 (4) % 7 % 223 203 (9) % RJBDP fees: (12) Bank segment (12) 49 79 179 268 311 535 % 16 % 99 579 485 % Third-party banks 20 56 109 137 100 400 % (27) % 37 237 541 % Client account and other fees 53 59 59 60 56 6 % (7) % 102 116 14 % Total account and service fees 231 296 450 563 572 148 % 2 % 461 1,135 146 % Investment banking 9 6 10 9 9 — % — % 22 18 (18) % Interest income 37 68 111 109 117 216 % 7 % 70 226 223 % All other 6 11 8 6 9 50 % 50 % 13 15 15 % Total revenues 1,925 1,968 2,017 2,085 2,173 13 % 4 % 3,767 4,258 13 % Interest expense (3) (10) (26) (22) (29) 867 % 32 % (6) (51) 750 % Net revenues 1,922 1,958 1,991 2,063 2,144 12 % 4 % 3,761 4,207 12 % Non-interest expenses: Financial advisor compensation and benefits 1,231 1,187 1,091 1,075 1,118 (9) % 4 % 2,418 2,193 (9) % Administrative compensation and benefits 289 306 321 342 345 19 % 1 % 572 687 20 % Total compensation, commissions and benefits 1,520 1,493 1,412 1,417 1,463 (4) % 3 % 2,990 2,880 (4) % Non-compensation expenses (2) 189 214 208 212 240 27 % 13 % 363 452 25 % Total non-interest expenses 1,709 1,707 1,620 1,629 1,703 — % 5 % 3,353 3,332 (1) % Pre-tax income $ 213 $ 251 $ 371 $ 434 $ 441 107 % 2 % $ 408 $ 875 114 % 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 Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Revenues: Brokerage revenues: Fixed income $ 125 $ 107 $ 96 $ 100 $ 96 (23) % (4) % $ 245 $ 196 (20) % Equity 41 32 30 34 34 (17) % — % 80 68 (15) % Total brokerage revenues 166 139 126 134 130 (22) % (3) % 325 264 (19) % Investment banking: Merger & acquisition and advisory 139 147 152 102 87 (37) % (15) % 410 189 (54) % Equity underwriting 52 36 25 15 29 (44) % 93 % 149 44 (70) % Debt underwriting 35 34 30 16 29 (17) % 81 % 79 45 (43) % Total investment banking 226 217 207 133 145 (36) % 9 % 638 278 (56) % Interest income 5 6 20 23 21 320 % (9) % 10 44 340 % Affordable housing investments business revenues 15 21 56 24 23 53 % (4) % 50 47 (6) % All other 4 3 9 4 3 (25) % (25) % 9 7 (22) % Total revenues 416 386 418 318 322 (23) % 1 % 1,032 640 (38) % Interest expense (3) (3) (19) (23) (20) 567 % (13) % (5) (43) 760 % Net revenues 413 383 399 295 302 (27) % 2 % 1,027 597 (42) % Non-interest expenses: Compensation, commissions and benefits 253 243 238 213 231 (9) % 8 % 584 444 (24) % Non-compensation expenses 73 79 95 98 105 44 % 7 % 155 203 31 % Total non-interest expenses 326 322 333 311 336 3 % 8 % 739 647 (12) % Pre-tax income/(loss) $ 87 $ 61 $ 66 $ (16) $ (34) NM (113) % $ 288 $ (50) NM 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 Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Revenues: Interest income $ 199 $ 296 $ 527 $ 676 $ 749 276 % 11 % $ 386 $ 1,425 269 % Interest expense (10) (26) (110) (185) (219) 2,090 % 18 % (20) (404) 1,920 % Net interest income 189 270 417 491 530 180 % 8 % 366 1,021 179 % All other 8 6 11 17 10 25 % (41) % 14 27 93 % Net revenues 197 276 428 508 540 174 % 6 % 380 1,048 176 % Non-interest expenses: Compensation and benefits 14 21 36 40 48 243 % 20 % 27 88 226 % Non-compensation expenses: Bank loan provision for credit losses 21 56 34 14 28 33 % 100 % 10 42 320 % RJBDP fees to Private Client Group (12) 49 79 179 268 311 535 % 16 % 99 579 485 % All other 30 46 56 50 62 107 % 24 % 59 112 90 % Total non-compensation expenses 100 181 269 332 401 301 % 21 % 168 733 336 % Total non-interest expenses 114 202 305 372 449 294 % 21 % 195 821 321 % Pre-tax income $ 83 $ 74 $ 123 $ 136 $ 91 10 % (33) % $ 185 $ 227 23 % 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 Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Revenues: Interest income $ 3 $ 6 $ 15 $ 30 $ 36 1,100 % 20 % $ 4 $ 66 1,550 % Net (losses)/gains on private equity investments (2) (3) 9 2 1 NM (50) % 3 3 — % All other 5 — 2 1 — (100) % (100) % 7 1 (86) % Total revenues 6 3 26 33 37 517 % 12 % 14 70 400 % Interest expense (24) (24) (22) (24) (27) 13 % 13 % (47) (51) 9 % Net revenues (18) (21) 4 9 10 NM 11 % (33) 19 NM Non-interest expenses: Compensation and other 35 43 31 23 33 (6) % 43 % 67 56 (16) % Insurance settlement received (3) — — — (32) — — % 100 % — (32) NM Total non-interest expenses 35 43 31 (9) 33 (6) % NM 67 24 (64) % Pre-tax income/(loss) $ (53) $ (64) $ (27) $ 18 $ (23) 57 % NM $ (100) $ (5) 95 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (16) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Our Bank segment includes Raymond James Bank and TriState Capital Bank. Bank Segment As of % change from $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Total assets $ 38,167 $ 55,562 $ 56,737 $ 57,623 $ 60,400 58 % 5 % Bank loans, net: Raymond James Bank $ 27,883 $ 30,053 $ 31,109 $ 31,690 $ 31,425 13 % (1) % TriState Capital Bank — 11,790 12,130 12,376 12,258 NM (1) % Total bank loans, net $ 27,883 $ 41,843 $ 43,239 $ 44,066 $ 43,683 57 % (1) % Bank loan allowance for credit losses $ 328 $ 377 $ 396 $ 408 $ 415 27 % 2 % Bank loan allowance for credit losses as a % of total loans held for investment 1.17 % 0.90 % 0.91 % 0.92 % 0.94 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (17) 2.11 % 1.73 % 1.73 % 1.64 % 1.67 % Total nonperforming assets $ 104 $ 92 $ 74 $ 61 $ 99 (5) % 62 % Nonperforming assets as a % of total assets 0.27 % 0.17 % 0.13 % 0.11 % 0.16 % Total criticized loans $ 735 $ 687 $ 496 $ 447 $ 403 (45) % (10) % Criticized loans as a % of loans held for investment 2.63 % 1.63 % 1.14 % 1.01 % 0.92 % Total bank deposits $ 34,685 $ 49,887 $ 51,357 $ 51,979 $ 54,229 56 % 4 % As of % change from $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Securities-based loans (18) $ 6,904 $ 15,312 $ 15,297 $ 14,885 $ 14,227 106 % (4) % Commercial and industrial loans 9,067 10,897 11,173 11,405 11,259 24 % (1) % Commercial real estate loans 3,321 6,354 6,549 6,929 7,054 112 % 2 % Real estate investment trust loans 1,408 1,416 1,592 1,680 1,717 22 % 2 % Residential mortgage loans 5,945 6,728 7,386 7,818 8,079 36 % 3 % Tax-exempt loans 1,287 1,347 1,501 1,667 1,643 28 % (1) % Total loans held for investment 27,932 42,054 43,498 44,384 43,979 57 % (1) % Held for sale loans 279 166 137 90 119 (57) % 32 % Total loans held for sale and investment 28,211 42,220 43,635 44,474 44,098 56 % (1) % Allowance for credit losses (328) (377) (396) (408) (415) 27 % 2 % Bank loans, net $ 27,883 $ 41,843 $ 43,239 $ 44,066 $ 43,683 57 % (1) % Three months ended % change from Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 March 31, 2023 % change Bank loan provision for credit losses $ 21 $ 56 $ 34 $ 14 $ 28 33 % 100 % $ 10 $ 42 320 % Net charge-offs $ 1 $ 10 $ 14 $ 2 $ 20 1,900 % 900 % $ 2 $ 22 1,000 % Net interest margin (net yield on interest- earning assets) 2.01 % 2.41 % 2.91 % 3.36 % 3.63 % 1.97 % 3.51 % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures 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. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Net income available to common shareholders $ 323 $ 299 $ 437 $ 507 $ 425 $ 769 $ 932 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits — Acquisition-related retention (1) 14 18 17 18 17 25 35 Professional fees 5 4 1 — — 7 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — 26 — — — — — Other Amortization of identifiable intangible assets (19) 6 8 11 11 11 14 22 Initial provision for credit losses on acquired lending commitments — 5 — — — — — All other acquisition-related expenses 6 4 1 — — 6 — Total “Other” expense 12 17 12 11 11 20 22 Total expenses related to acquisitions 31 65 30 29 28 52 57 Other — Insurance settlement received (3) — — — (32) — — (32) Pre-tax impact of non-GAAP adjustments 31 65 30 (3) 28 52 25 Tax effect of non-GAAP adjustments (8) (16) (8) 1 (7) (13) (6) Total non-GAAP adjustments, net of tax 23 49 22 (2) 21 39 19 Adjusted net income available to common shareholders (6) $ 346 $ 348 $ 459 $ 505 $ 446 $ 808 $ 951 Pre-tax income $ 433 $ 415 $ 616 $ 652 $ 557 $ 991 $ 1,209 Pre-tax impact of non-GAAP adjustments (as detailed above) 31 65 30 (3) 28 52 25 Adjusted pre-tax income (6) $ 464 $ 480 $ 646 $ 649 $ 585 $ 1,043 $ 1,234 Compensation, commissions and benefits expense $ 1,852 $ 1,834 $ 1,759 $ 1,736 $ 1,820 $ 3,736 $ 3,556 Less: Acquisition-related retention (as detailed above) 14 18 17 18 17 25 35 Adjusted “Compensation, commissions and benefits” expense (6) $ 1,838 $ 1,816 $ 1,742 $ 1,718 $ 1,803 $ 3,711 $ 3,521 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 Six months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Pre-tax margin (9) 16.2 % 15.3 % 21.8 % 23.4 % 19.4 % 18.2 % 21.4 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits — Acquisition-related retention (1) 0.5 % 0.7 % 0.6 % 0.6 % 0.5 % 0.5 % 0.6 % Professional fees 0.2 % 0.1 % — % — % — % 0.1 % — % Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — % 1.0 % — % — % — % — % — % Other: Amortization of identifiable intangible assets (19) 0.2 % 0.3 % 0.4 % 0.4 % 0.5 % 0.2 % 0.4 % Initial provision for credit losses on acquired lending commitments — % 0.2 % — % — % — % — % — % All other acquisition-related expenses 0.3 % 0.1 % — % — % — % 0.1 % — % Total “Other” expense 0.5 % 0.6 % 0.4 % 0.4 % 0.5 % 0.3 % 0.4 % Total expenses related to acquisitions 1.2 % 2.4 % 1.0 % 1.0 % 1.0 % 0.9 % 1.0 % Other — Insurance settlement received (3) — % — % — % (1.1) % — % — % (0.6) % Total non-GAAP adjustments 1.2 % 2.4 % 1.0 % (0.1) % 1.0 % 0.9 % 0.4 % Adjusted pre-tax margin (6) (9) 17.4 % 17.7 % 22.8 % 23.3 % 20.4 % 19.1 % 21.8 % Total compensation ratio (10) 69.3 % 67.5 % 62.1 % 62.3 % 63.3 % 68.5 % 62.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.5 % 0.7 % 0.6 % 0.6 % 0.5 % 0.5 % 0.6 % Adjusted total compensation ratio (6) (10) 68.8 % 66.8 % 61.5 % 61.7 % 62.8 % 68.0 % 62.2 % 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 Six months ended Earnings per common share (4) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Diluted $ 1.52 $ 1.38 $ 1.98 $ 2.30 $ 1.93 $ 3.61 $ 4.23 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits — Acquisition-related retention (1) 0.06 0.08 0.08 0.08 0.08 0.12 0.16 Professional fees 0.02 0.02 — — — 0.03 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — 0.12 — — — — — Other: Amortization of identifiable intangible assets (19) 0.03 0.04 0.05 0.06 0.05 0.07 0.10 Initial provision for credit losses on acquired lending commitments — 0.02 — — — — — All other acquisition-related expenses 0.03 0.02 0.01 — — 0.03 — Total “Other” expense 0.06 0.08 0.06 0.06 0.05 0.10 0.10 Total expenses related to acquisitions 0.14 0.30 0.14 0.14 0.13 0.25 0.26 Other — Insurance settlement received (3) — — — (0.15) — — (0.15) Tax effect of non-GAAP adjustments (0.04) (0.07) (0.04) — (0.03) (0.06) (0.03) Total non-GAAP adjustments, net of tax 0.10 0.23 0.10 (0.01) 0.10 0.19 0.08 Adjusted diluted (6) $ 1.62 $ 1.61 $ 2.08 $ 2.29 $ 2.03 $ 3.80 $ 4.31 Book value per share As of $ in millions, except per share amounts March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 8,602 $ 9,395 $ 9,338 $ 9,736 $ 9,875 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,110 1,810 1,931 1,938 1,932 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (88) (128) (126) (129) (128) Tangible common equity attributable to Raymond James Financial, Inc. (6) $ 7,580 $ 7,713 $ 7,533 $ 7,927 $ 8,071 Common shares outstanding 207.9 215.5 215.1 215.0 211.6 Book value per share (5) $ 41.38 $ 43.60 $ 43.41 $ 45.28 $ 46.67 Tangible book value per share (5) (6) $ 36.46 $ 35.79 $ 35.02 $ 36.87 $ 38.14 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 Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Average common equity (20) $ 8,601 $ 8,999 $ 9,367 $ 9,537 $ 9,806 $ 8,482 $ 9,650 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits — Acquisition-related retention (1) 7 9 9 9 9 12 18 Professional fees 3 2 1 — — 3 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — 13 — — — — — Other: Amortization of identifiable intangible assets (19) 3 4 5 5 6 7 11 Initial provision for credit losses on acquired lending commitments — 3 — — — — — All other acquisition-related expenses 3 2 — — — 2 — Total “Other” expense 6 9 5 5 6 9 11 Total expenses related to acquisitions 16 33 15 14 15 24 29 Other — Insurance settlement received (3) — — — (16) — — (21) Tax effect of non-GAAP adjustments (4) (8) (4) 1 (4) (6) (2) Total non-GAAP adjustments, net of tax 12 25 11 (1) 11 18 6 Adjusted average common equity (6) (20) $ 8,613 $ 9,024 $ 9,378 $ 9,536 $ 9,817 $ 8,500 $ 9,656 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 Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Average common equity (20) $ 8,601 $ 8,999 $ 9,367 $ 9,537 $ 9,806 $ 8,482 $ 9,650 Less: Average goodwill and identifiable intangible assets, net 992 1,460 1,871 1,935 1,936 955 1,934 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (77) (108) (127) (128) (129) (72) (128) Average tangible common equity (6) (20) $ 7,686 $ 7,647 $ 7,623 $ 7,730 $ 7,999 $ 7,599 $ 7,844 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits — Acquisition-related retention (1) 7 9 9 9 9 12 18 Professional fees 3 2 1 — — 3 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — 13 — — — — — Other: Amortization of identifiable intangible assets (19) 3 4 5 5 6 7 11 Initial provision for credit losses on acquired lending commitments — 3 — — — — — All other acquisition-related expenses 3 2 — — — 2 — Total “Other” expense 6 9 5 5 6 9 11 Total expenses related to acquisitions 16 33 15 14 15 24 29 Other — Insurance settlement received (3) — — — (16) — — (21) Tax effect of non-GAAP adjustments (4) (8) (4) 1 (4) (6) (2) Total non-GAAP adjustments, net of tax 12 25 11 (1) 11 18 6 Adjusted average tangible common equity (6) (20) $ 7,698 $ 7,672 $ 7,634 $ 7,729 $ 8,010 $ 7,617 $ 7,850 Return on equity (8) 15.0 % 13.3 % 18.7 % 21.3 % 17.3 % 18.1 % 19.3 % Adjusted return on equity (6) (8) 16.1 % 15.4 % 19.6 % 21.2 % 18.2 % 19.0 % 19.7 % Return on tangible common equity (6) (8) 16.8 % 15.6 % 22.9 % 26.2 % 21.3 % 20.2 % 23.8 % Adjusted return on tangible common equity (6) (8) 18.0 % 18.1 % 24.1 % 26.1 % 22.3 % 21.2 % 24.2 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) The three and six months ended March 31, 2023 included the unfavorable impact of an adverse arbitration ruling in our Private Client Group business. The impact of this ruling has been reflected in Other expenses within our Private Client Group segment. (3) The three months ended December 31, 2022 and six months ended March 31, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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. (4) 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 $0 million for the three months ended March 31, 2022, $1 million for each of the three months ended June 30, 2022, September 30, 2022, and December 31, 2022, $2 million for the three months ended March 31, 2023, $1 million for the six months ended March 31, 2022, and $3 million for the six months ended March 31, 2023. (5) 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. (6) 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. (7) Estimated. The capital ratio calculations do not include the effect of our April 3, 2023 redemption of our 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock at a redemption amount of $40 million, which will be reflected in our fiscal third quarter. (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 intangible assets, net of related deferred taxes. (9) 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. (10) 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. (11) 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. (12) We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. Fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (13) In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Consolidated Statement of Financial Condition. (14) 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. (15) This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. (16) The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt. (17) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (18) 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. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. RAYMOND JAMES FINANCIAL, INC. 18

(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 three, 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 three. 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

EX-99.3 4 rjf0331q223presentation.htm EX-99.3 EARNINGS PRESENTATION FISCAL SECOND QUARTER 2023 OF RJF rjf0331q223presentation

Fiscal 2Q23 Results April 26, 2023

Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions, divestitures, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, is intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. 2

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

4 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. $ in millions, except per share amounts 2Q23 vs. 2Q22 vs. 1Q23 As reported: Net revenues RECORD $ 2,873 7% 3% Net income available to common shareholders $ 425 32% (16)% Earnings per common share - diluted $ 1.93 27% (16)% 2Q22 1Q23 Return on common equity 17.3 % 15.0% 21.3% vs. 2Q22 vs. 1Q23 Non-GAAP measures*: Adjusted net income available to common shareholders $ 446 29% (12)% Adjusted earnings per common share - diluted $ 2.03 25% (11)% 2Q22 1Q23 Adjusted return on common equity 18.2 % 16.1% 21.2% Adjusted return on tangible common equity 22.3 % 18.0% 26.1% Fiscal 2Q23 highlights

Fiscal 2Q23 key metrics 5 $ in billions 2Q23 vs. 2Q22 vs. 1Q23 Client assets under administration $ 1,224.4 (3)% 5% Private Client Group (PCG) assets under administration $ 1,171.1 (2)% 5% PCG assets in fee-based accounts $ 666.3 (2)% 5% Financial assets under management $ 194.4 —% 5% Domestic PCG net new assets* $ 21.5 (11)% (7)% Total clients’ domestic cash sweep and ESP balances** $ 52.2 (32)% (14)% PCG financial advisors*** 8,726 —% —% Bank loans, net: Raymond James Bank $ 31.4 13% (1)% TriState Capital Bank**** $ 12.3 NM (1)% Total bank loans, net $ 43.7 57% (1)% *Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees and other fees. **In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ***This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.****Acquired on June 1, 2022.

Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank. Fiscal 2Q23 segment results 6 $ in millions 2Q23 vs. 2Q22 vs. 1Q23 Net revenues: Private Client Group RECORD $ 2,144 12% 4% Capital Markets $ 302 (27)% 2% Asset Management $ 216 (8)% 4% Bank RECORD $ 540 174% 6% Consolidated net revenues $ 2,873 7% 3% Pre-tax income/(loss): Private Client Group RECORD $ 441 107% 2% Capital Markets $ (34) NM (113)% Asset Management $ 82 (20)% 3% Bank $ 91 10% (33)% Consolidated pre-tax income $ 557 29% (15)%

FYTD 2023 highlights (6 months) 7 * These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. $ in millions, except per share amounts FYTD 2023 vs. FYTD 2022 As reported: Net revenues RECORD $ 5,659 4% Net income available to common shareholders RECORD $ 932 21% Earnings per common share - diluted RECORD $ 4.23 17% FYTD 2022 Return on common equity 19.3 % 18.1% vs. FYTD 2022 Non-GAAP measures*: Adjusted net income available to common shareholders RECORD $ 951 18% Adjusted earnings per common share - diluted RECORD $ 4.31 13% FYTD 2022 Adjusted return on common equity 19.7 % 19.0% Adjusted return on tangible common equity 24.2 % 21.2%

FYTD 2023 segment results (6 months) 8 $ in millions FYTD 2022 vs. FYTD 2022 Net revenues: Private Client Group RECORD $ 4,207 12% Capital Markets $ 597 (42)% Asset Management $ 423 (10)% Bank RECORD $ 1,048 176% Consolidated net revenues RECORD $ 5,659 4% Pre-tax income/(loss): Private Client Group RECORD $ 875 114% Capital Markets $ (50) NM Asset Management $ 162 (23)% Bank $ 227 23% Consolidated pre-tax income RECORD $ 1,209 22% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank.

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

Consolidated net revenues 10 $ in millions 2Q23 vs. 2Q22 vs. 1Q23 Asset management and related administrative fees $ 1,302 (11)% 5% Brokerage revenues 496 (12)% 2% Account and service fees 258 44% (11)% Investment banking 154 (34)% 9% Interest income 915 278% 11% Other 32 19% (27)% Total revenues 3,157 16% 4% Interest expense (284) 647% 18% Net revenues $ 2,873 7% 3%

Domestic cash sweep and ESP balances 11 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) 33.6 36.6 38.7 39.1 37.7 25.9 25.5 22.0 18.2 9.4 17.0 13.7 6.4 3.1 2.4 76.5 75.8 67.1 60.4 52.2 7.0% 7.8% 7.0% 5.9% 4.9% RJBDP - Bank Segment** RJBDP - Third-Party Banks** Client Interest Program ESP* 2Q22 3Q22 4Q22 1Q23 2Q23 Note: May not total due to rounding. *In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high- yield Raymond James Bank account. **Raymond James Bank Deposit Program (RJBDP) is a multi-bank sweep program in which clients' cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, which includes Raymond James Bank and TriState Capital Bank, as well as various third-party banks. Year-over-year change: (32)% Sequential change: (14)% 2.7

Net interest income & RJBDP fees (third-party banks) 12 Note: Starting in 3Q22, the Bank Segment results include Raymond James Bank and TriState Capital Bank. *As reported in Account and Service Fees in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. $ IN MILLIONS 224 370 606 723 731 204 314 497 586 631 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 2Q22 3Q22 4Q22 1Q23 2Q23 NET INTEREST MARGIN (NIM) 2.01% 2.41% 2.91% 3.36% 3.63% 1.25% 1.77% 2.53% 3.19% 3.59% Firmwide NIM Bank Segment NIM 2Q22 3Q22 4Q22 1Q23 2Q23 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 0.32% 0.88% 1.85% 2.72% 3.25% 2Q22 3Q22 4Q22 1Q23 2Q23 Year-over-year change: 226% Sequential change: 1% 20 100 56 109 137

Consolidated expenses 13 $ in millions 2Q23 vs. 2Q22 vs. 1Q23 Compensation, commissions and benefits $ 1,820 (2)% 5% Non-compensation expenses: Communications and information processing 153 20% 10% Occupancy and equipment 68 10% 3% Business development 54 59% (4)% Investment sub-advisory fees 36 (10)% 6% Professional fees 38 41% 19% Bank loan provision for credit losses 28 33% 100% Other* 119 55% 109% Total non-compensation expenses 496 28% 25% Total non-interest expenses $ 2,316 3% 9% *2Q23 included unfavorable impact of an adverse arbitration ruling in Private Client Group business. 1Q23 included a favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. **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 388 469 456 398 496 2Q22 3Q22 4Q22 1Q23 2Q23 TOTAL COMPENSATION RATIO** 69.3% 67.5% 62.1% 62.3% 63.3%68.8% 66.8% 61.5% 61.7% 62.8% Adjusted Total Compensation Ratio*** Total Compensation Ratio 2Q22 3Q22 4Q22 1Q23 2Q23 * *

* This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 14 16.2% 15.3% 23.4% 19.4%17.4% 17.7% 22.8% 23.3% 20.4% Pre-Tax Margin (GAAP) Pre-Tax Margin (Adjusted)* 2Q22 3Q22 4Q22 1Q23 2Q23 21.8%

Other financial information 15 *This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non- GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. The capital ratio calculations does not include the effect of our April 3, 2023 redemption of Series A preferred stock at a redemption amount of $40 million, which will be reflected in our fiscal third quarter. $ in millions, except per share amounts 2Q23 vs. 2Q22 vs. 1Q23 Total assets $ 79,180 8% 3% RJF corporate cash* $ 1,833 (18)% (9)% Total common equity attributable to RJF $ 9,875 15% 1% Book value per share $ 46.67 13% 3% Tangible book value per share** $ 38.14 5% 3% Weighted-average common and common equivalent shares outstanding – diluted 219.2 3% (1)% 2Q22 1Q23 Tier 1 leverage ratio*** 11.5 % 11.1% 11.3% Tier 1 capital ratio*** 20.1 % 23.9% 20.3% Common equity tier 1 ratio*** 19.9 % 23.9% 20.0% Total capital ratio*** 21.4 % 25.0% 21.6% Effective tax rate 23.3 % 25.4% 21.9%

$1B of dividends paid and share repurchases over the past 5 quarters Capital management 16 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 71 171 135 217 441 — 100 62 138 350 71 71 73 79 91 Share Repurchases* Dividends Paid** 2Q22 3Q22 4Q22 1Q23 2Q23 Number of Shares Repurchased* (thousands) — 1,136 600 1,292 3,745 Average Share Price of Shares Repurchased* — $87.98 $104.07 $106.46 $93.45 *Under the Board of Director's common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates amount remaining as of 3/31/23 under the Board of Director's $1.5 billion common stock repurchase authorization approved on December 1, 2022. $1.1B remains under current common stock repurchase authorization***

Bank segment key credit trends 17 $ in millions 2Q23 vs. 2Q22 vs. 1Q23 Bank loan provision for credit losses $ 28 33% 100% Net charge-offs $ 20 1,900% 900% 2Q22 1Q23 Nonperforming assets as a % of total assets 0.16 % 0.27% 0.11% Bank loan allowance for credit losses as a % of loans held for investment 0.94 % 1.17% 0.92% Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment* 1.67 % 2.11% 1.64% Criticized loans as a % of loans held for investment 0.92 % 2.63% 1.01% Note: Our Bank segment includes Raymond James Bank and TriState Capital Bank. *Corporate loans include commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

Outlook 18

Appendix 19

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures 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. Beginning with our fiscal third quarter of 2022, certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide21 Three months ended Six months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Net income available to common shareholders $ 323 $ 299 $ 437 $ 507 $ 425 $ 769 $ 932 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits — Acquisition-related retention (1) 14 18 17 18 17 25 35 Professional fees 5 4 1 — — 7 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — 26 — — — — — Other Amortization of identifiable intangible assets (2) 6 8 11 11 11 14 22 Initial provision for credit losses on acquired lending commitments — 5 — — — — — All other acquisition-related expenses 6 4 1 — — 6 — Total “Other” expense 12 17 12 11 11 20 22 Total expenses related to acquisitions 31 65 30 29 28 52 57 Other — Insurance settlement received (3) — — — (32) — — (32) Pre-tax impact of non-GAAP adjustments 31 65 30 (3) 28 52 25 Tax effect of non-GAAP adjustments (8) (16) (8) 1 (7) (13) (6) Total non-GAAP adjustments, net of tax 23 49 22 (2) 21 39 19 Adjusted net income available to common shareholders (4) $ 346 $ 348 $ 459 $ 505 $ 446 $ 808 $ 951 Pre-tax income $ 433 $ 415 $ 616 $ 652 $ 557 $ 991 $ 1,209 Pre-tax impact of non-GAAP adjustments (as detailed above) 31 65 30 (3) 28 52 25 Adjusted pre-tax income (4) $ 464 $ 480 $ 646 $ 649 $ 585 $ 1,043 $ 1,234

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended Six months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Pre-tax margin (5) 16.2 % 15.3 % 21.8 % 23.4 % 19.4 % 18.2 % 21.4 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Compensation, commissions and benefits — Acquisition-related retention (1) 0.5 % 0.7 % 0.6 % 0.6 % 0.5 % 0.5 % 0.6 % Professional fees 0.2 % 0.1 % — % — % — % 0.1 % — % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — % 1.0 % — % — % — % — % — % Other: Amortization of identifiable intangible assets (2) 0.2 % 0.3 % 0.4 % 0.4 % 0.5 % 0.2 % 0.4 % Initial provision for credit losses on acquired lending commitments — % 0.2 % — % — % — % — % — % All other acquisition-related expenses 0.3 % 0.1 % — % — % — % 0.1 % — % Total “Other” expense 0.5 % 0.6 % 0.4 % 0.4 % 0.5 % 0.3 % 0.4 % Total expenses related to acquisitions 1.2 % 2.4 % 1.0 % 1.0 % 1.0 % 0.9 % 1.0 % Other — Insurance settlement received (3) — % — % — % (1.1) % — % — % (0.6) % Total non-GAAP adjustments 1.2 % 2.4 % 1.0 % (0.1) % 1.0 % 0.9 % 0.4 % Adjusted pre-tax margin (4)(5) 17.4 % 17.7 % 22.8 % 23.3 % 20.4 % 19.1 % 21.8 % Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide22

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Total compensation ratio (6) 69.3 % 67.5 % 62.1 % 62.3 % 63.3 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.5 % 0.7 % 0.6 % 0.6 % 0.5 % Adjusted total compensation ratio (4) (6) 68.8 % 66.8 % 61.5 % 61.7 % 62.8 % Three months ended $ in millions March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Compensation, commissions and benefits expense 1,852 $ 1,834 $ 1,759 1,736 1,820 Acquisition-related retention (1) 14 18 17 18 17 Adjusted compensation, commissions and benefits expense (4) $ 1,838 $ 1,816 $ 1,742 $ 1,718 $ 1,803

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 29 for additional information. Three months ended Six months ended Earnings per common share (7) March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Basic $ 1.56 $ 2.36 $ 1.97 $ 3.71 $ 4.33 Impact of non-GAAP adjustments on basic earnings per common share: Compensation, commissions and benefits: Compensation, commissions and benefits — Acquisition-related retention (1) 0.07 0.08 0.08 0.12 0.16 Professional fees 0.02 — — 0.03 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — — — — Other: Amortization of identifiable intangible assets (2) 0.03 0.06 0.05 0.07 0.11 Initial provision for credit losses on acquired lending commitments — — — — — All other acquisition-related expenses 0.03 — — 0.03 — Total “Other” expense 0.06 0.06 0.05 0.10 0.11 Total expenses related to acquisitions 0.15 0.14 0.13 0.25 0.27 Other — Insurance settlement received (3) — (0.15) — — (0.15) Tax effect of non-GAAP adjustments (0.04) — (0.03) (0.06) (0.03) Total non-GAAP adjustments, net of tax 0.11 (0.01) 0.10 0.19 0.09 Adjusted basic (4) $ 1.67 $ 2.35 $ 2.07 $ 3.90 $ 4.42 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended Six months ended Earnings per common share (7) March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Diluted $ 1.52 $ 2.30 $ 1.93 $ 3.61 $ 4.23 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Compensation, commissions and benefits — Acquisition-related retention (1) 0.06 0.08 0.08 0.12 0.16 Professional fees 0.02 — — 0.03 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — — — — Other: Amortization of identifiable intangible assets (2) 0.03 0.06 0.05 0.07 0.10 Initial provision for credit losses on acquired lending commitments — — — — — All other acquisition-related expenses 0.03 — — 0.03 — Total “Other” expense 0.06 0.06 0.05 0.10 0.10 Total expenses related to acquisitions 0.14 0.14 0.13 0.25 0.26 Other — Insurance settlement received (3) — (0.15) — — (0.15) Tax effect of non-GAAP adjustments (0.04) — (0.03) (0.06) (0.03) Total non-GAAP adjustments, net of tax 0.10 (0.01) 0.10 0.19 0.08 Adjusted diluted (4) $ 1.62 $ 2.29 $ 2.03 $ 3.80 $ 4.31

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 26 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Book value per share As of $ in millions, except per share amounts March 31, 2022 December 31, 2022 March 31, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 8,602 $ 9,736 $ 9,875 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,110 1,938 1,932 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (88) (129) (128) Tangible common equity attributable to Raymond James Financial, Inc. $ 7,580 $ 7,927 $ 8,071 Common shares outstanding 207.9 215.0 211.6 Book value per share (8) $ 41.38 $ 45.28 $ 46.67 Tangible book value per share (4) (8) $ 36.46 $ 36.87 $ 38.14

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 27 Note: Please refer to the footnotes on slide 29 for additional information. Return on common equity Three months ended Six months ended $ in millions March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Average common equity (9) $ 8,601 $ 9,537 $ 9,806 $ 8,482 $ 9,650 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Compensation, commissions and benefits — Acquisition-related retention (1) 7 9 9 12 18 Professional fees 3 — — 3 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — — — — Other: Amortization of identifiable intangible assets (2) 3 5 6 7 11 Initial provision for credit losses on acquired lending commitments — — — — — All other acquisition-related expenses 3 — — 2 — Total “Other” expense 6 5 6 9 11 Total expenses related to acquisitions 16 14 15 24 29 Other — Insurance settlement received (3) — (16) — — (21) Tax effect of non-GAAP adjustments (4) 1 (4) (6) (2) Total non-GAAP adjustments, net of tax 12 (1) 11 18 6 Adjusted average common equity (4) (9) $ 8,613 $ 9,536 $ 9,817 $ 8,500 $ 9,656 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 28 Note: Please refer to the footnotes on slide 29 for additional information. Return on tangible common equity Three months ended Six months ended $ in millions March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2022 March 31, 2023 Average common equity (9) $ 8,601 $ 9,537 $ 9,806 $ 8,482 $ 9,650 Less: Average goodwill and identifiable intangible assets, net 992 1,935 1,936 955 1,934 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (77) (128) (129) (72) (128) Average tangible common equity (4) (9) $ 7,686 $ 7,730 $ 7,999 $ 7,599 $ 7,844 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Compensation, commissions and benefits — Acquisition-related retention (1) 7 9 9 12 18 Professional fees 3 — — 3 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — — — — Other: Amortization of identifiable intangible assets (2) 3 5 6 7 11 Initial provision for credit losses on acquired lending commitments — — — — — All other acquisition-related expenses 3 — — 2 — Total “Other” expense 6 5 6 9 11 Total expenses related to acquisitions 16 14 15 24 29 Other — Insurance settlement received (3) — (16) — — (21) Tax effect of non-GAAP adjustments (4) 1 (4) (6) (2) Total non-GAAP adjustments, net of tax 12 (1) 11 18 6 Adjusted average tangible common equity (4) (9) $ 7,698 $ 7,729 $ 8,010 $ 7,617 $ 7,850 Return on equity (10) 15.0 % 21.3 % 17.3 % 18.1 % 19.3 % Adjusted return on equity (4) (10) 16.1 % 21.2 % 18.2 % 19.0 % 19.7 % Return on tangible common equity (4) (10) 16.8 % 26.2 % 21.3 % 20.2 % 23.8 % Adjusted return on tangible common equity (4) (10) 18.0 % 26.1 % 22.3 % 21.2 % 24.2 %

Footnotes 29 (1) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (3) The three months ended December 31, 2022 and six months ended March 31, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled litigation matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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. (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) 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. (6) 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. (7) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $0 million for the three months ended March 31, 2022, $1 million for each of the three months ended June 30, 2022, September 30, 2022, and December 31, 2022, $2 million for the three months ended March 31, 2023, $1 million for the six months ended March 31, 2022, and $3 million for the six months ended March 31, 2023. (8) 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. (9) 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 three, 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 (10) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and intangible assets, net of related deferred taxes.