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 23, 2025

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 23, 2025, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal second quarter ended March 31, 2025. 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, 2025 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 23, 2025, issued by Raymond James Financial, Inc.

99.2 Financial Supplement Fiscal Second Quarter 2025 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fiscal Second Quarter 2025 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 23, 2025	By:	/s/ Jonathan W. Oorlog, Jr.
		Jonathan W. Oorlog, Jr.
		Chief Financial Officer

EX-99.1 2 rjf20250331q225earnings.htm EX-99.1 PRESS RELEASE DATED APRIL 23, 2025 Document


April 23, 2025						FOR IMMEDIATE RELEASE
						Media Contact: Steve Hollister, 727.567.2824
						Investor Contact: Kristina Waugh, 727.567.7654
						raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS FISCAL SECOND QUARTER OF

2025 RESULTS

•Quarterly net revenues of $3.40 billion, up 9% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Quarterly net income available to common shareholders of $493 million, or $2.36 per diluted share; quarterly adjusted net income available to common shareholders of $507 million(1), or $2.42 per diluted share(1)

•Client assets under administration of $1.54 trillion and Private Client Group assets in fee-based accounts of $872.8 billion, up 6% and 9%, respectively, over March 2024

•Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $57.8 billion, down 1% compared to March 2024 and 3% compared to December 2024

•Repurchased $250 million of common stock during the fiscal second quarter; Repurchased an additional $190 million of shares in April 2025

•Record net revenues of $6.94 billion and record pre-tax income of $1.42 billion for the first half of fiscal 2025, up 13% and 15%, respectively, over the first half of fiscal 2024

•Annualized return on common equity of 18.4% and annualized adjusted return on tangible common equity of 22.1%(1) for the first six months of fiscal 2025

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.40 billion and net income available to common shareholders of $493 million, or $2.36 per diluted share, for the fiscal second quarter ended March 31, 2025. Excluding $19 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $507 million(1), or $2.42 per diluted share(1).

“I am pleased with our record results for the first six months of fiscal 2025, with record net revenues of $6.94 billion and record pre-tax income of $1.42 billion, up 13% and 15% over the first six months of fiscal 2024, respectively,” said CEO Paul Shoukry. “Financial advisor recruiting activity remains strong across all of our affiliation options, reflecting the attractiveness of our unique advisor- and client-focused culture coupled with leading capabilities enabling advisors to provide high-quality financial advice to their clients. The investment banking pipeline remains robust, although the timing of closings has been impacted by the macroeconomic uncertainty associated with tariff negotiations. Our strong balance sheet, with capital well above regulatory requirements and corporate cash well in excess of our targets, should help us navigate this period from a position of strength.”

Compared to the prior-year quarter, quarterly net revenues increased 9% and pre-tax income increased 10% primarily driven by higher asset management and related administrative fees, brokerage revenues and investment banking revenues. Sequentially, quarterly net revenues and pre-tax income decreased 4% and 10%, respectively, predominantly driven by lower investment banking revenues. The sequential decrease in net income available to common shareholders was also impacted by a higher effective tax rate in the quarter. For the fiscal second quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 16.4% and 19.7%(1), respectively.

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 $6.94 billion increased 13%, record earnings per diluted share of $5.22 increased 15%, and record adjusted earnings per diluted share of $5.36(1) increased 14% over the first six months of fiscal 2024. The Private Client Group and Asset Management segments generated record net revenues and pre-tax income during the first six months of fiscal 2025. Annualized return on common equity was 18.4% and annualized adjusted return on tangible common equity was 22.1%(1).

Segment Results

Private Client Group

•Quarterly net revenues of $2.49 billion, up 6% over the prior year’s fiscal second quarter and down 2% compared to the preceding quarter

•Quarterly pre-tax income of $431 million, down 3% compared to the prior year’s fiscal second quarter and 7% compared to the preceding quarter

•Private Client Group assets under administration of $1.48 trillion, up 6% over March 2024 and down 1% compared to December 2024

•Private Client Group assets in fee-based accounts of $872.8 billion, up 9% over March 2024 and nearly flat from December 2024

•Domestic Private Client Group net new assets(2) of $8.8 billion for the fiscal second quarter, or annualized growth from beginning of period assets of 2.6%; Fiscal year-to-date, domestic Private Client Group net new assets of $22.9 billion or 3.3% annualized

•Total clients’ domestic cash sweep and ESP balances of $57.8 billion, down 1% compared to the prior year’s fiscal second quarter and 3% compared to the preceding quarter

PCG quarterly net revenues grew 6% year-over-year primarily driven by higher asset management and related administrative fees which were partially offset by the impacts of lower short-term interest rates. Over the same period, PCG assets in fee-based accounts grew 9% driven by market appreciation and net asset inflows. Sequentially, quarterly net revenues declined 2% mainly due to lower asset management and related administrative fees resulting from fewer billable days in the quarter.

Capital Markets

•Quarterly net revenues of $396 million, up 23% over the prior year’s fiscal second quarter and down 18% compared to the preceding quarter

•Quarterly investment banking revenues of $207 million, up 21% over the prior year’s fiscal second quarter and down 35% compared to the preceding quarter

•Quarterly pre-tax income of $36 million

Year-over-year, quarterly net revenues increased 23%, driven mainly by higher investment banking and fixed income brokerage revenues. Sequentially, net revenues decreased 18% due to lower investment banking revenues, despite higher fixed income brokerage revenues. The macroeconomic uncertainty and heightened volatility resulted in unfavorable market conditions during the quarter which led to decreased investment banking activity; however, the investment banking pipeline remains strong.

Asset Management

•Quarterly net revenues of $289 million, up 15% over the prior year’s fiscal second quarter and down 2% compared to the preceding quarter

•Quarterly pre-tax income of $121 million, up 21% over the prior year’s fiscal second quarter and down 3% compared to the preceding quarter

•Financial assets under management of $245.0 billion, up 8% over March 2024 and slightly above the December 2024 levels

The increase in quarterly net revenues and pre-tax income over the prior year’s fiscal second quarter is largely attributable to higher financial assets under management due to higher market appreciation and net inflows into fee-based accounts in the Private Client Group.

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

Bank

•Quarterly net revenues of $434 million, up 2% over both the prior year’s fiscal second quarter and the preceding quarter

•Quarterly pre-tax income of $117 million, up 56% over the prior year’s fiscal second quarter and down 1% compared to the preceding quarter

•Record net loans of $48.3 billion, up 9% over March 2024 and 2% over December 2024

•Bank segment net interest margin (“NIM”) of 2.67% for the quarter, up 1 basis point over the prior year’s fiscal second quarter and 7 basis points over the preceding quarter

Net loans grew 2% over the preceding quarter, mainly driven by continued growth of securities-based loans. Bank segment NIM expanded by 7 basis points to 2.67%, largely a result of a favorable asset mix shift, along with a higher portion of lower cost deposits, which contributed to sequential quarterly net revenue growth of 2%. The loan portfolio continues to maintain strong credit quality and healthy reserves.

Other

The effective tax rate for the quarter was 26.2%, reflecting nondeductible losses on the company-owned life insurance portfolio.

During the fiscal second quarter, the firm repurchased common stock of $250 million at an average price of $146 per share. Subsequent to quarter-end, the firm repurchased additional shares of common stock for $190 million at an average price of $125 per share. As of April 21, 2025, approximately $1.01 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.8%(3) and the tier 1 leverage ratio was 13.3%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, April 23, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location until July 23, 2025. For a listen-only connection to the conference call, please dial: 888-596-4144 (conference code: 3778589).

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.54 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

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

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


RAYMOND JAMES FINANCIAL, INC. Fiscal Second Quarter of 2025			Selected Financial Highlights (Unaudited)

Summary results of operations


	Three months ended						% change from
$ in millions, except per share amounts	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Net revenues	$	3,403	$	3,118	$	3,537	9%	(4)%
Pre-tax income	$	671	$	609	$	749	10%	(10)%
Net income available to common shareholders	$	493	$	474	$	599	4%	(18)%

Earnings per common share: (4)
Basic	$	2.41	$	2.27	$	2.94	6%	(18)%
Diluted	$	2.36	$	2.22	$	2.86	6%	(17)%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	690	$	635	$	769	9%	(10)%
Adjusted net income available to common shareholders	$	507	$	494	$	614	3%	(17)%
Adjusted earnings per common share – basic (4)	$	2.48	$	2.37	$	3.01	5%	(18)%
Adjusted earnings per common share – diluted (4)	$	2.42	$	2.31	$	2.93	5%	(17)%


	Six months ended
$ in millions, except per share amounts	March 31, 2025		March 31, 2024		% change
Net revenues	$	6,940	$	6,131	13%
Pre-tax income	$	1,420	$	1,239	15%
Net income available to common shareholders	$	1,092	$	971	12%

Earnings per common share: (4)
Basic	$	5.34	$	4.65	15%
Diluted	$	5.22	$	4.54	15%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	1,459	$	1,288	13%
Adjusted net income available to common shareholders	$	1,121	$	1,008	11%
Adjusted earnings per common share – basic (4)	$	5.49	$	4.83	14%
Adjusted earnings per common share – diluted (4)	$	5.36	$	4.71	14%


Other selected financial highlights	Three months ended						Six months ended
	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024
Return on common equity (5)	16.4	%	17.5	%	20.4	%	18.4	%	18.3	%
Adjusted return on common equity (1) (5)	16.9	%	18.3	%	20.9	%	18.9	%	19.0	%

Adjusted return on tangible common equity (1) (5)	19.7	%	21.8	%	24.6	%	22.1	%	22.8	%
Pre-tax margin (6)	19.7	%	19.5	%	21.2	%	20.5	%	20.2	%
Adjusted pre-tax margin (1) (6)	20.3	%	20.4	%	21.7	%	21.0	%	21.0	%
Total compensation ratio (7)	64.8	%	65.5	%	64.2	%	64.5	%	64.7	%
Adjusted total compensation ratio (1) (7)	64.5	%	65.2	%	64.0	%	64.3	%	64.3	%
Effective tax rate	26.2	%	21.8	%	19.9	%	22.9	%	21.4	%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2025


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
in millions, except per share amounts	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Revenues:
Asset management and related administrative fees	$	1,725	$	1,516	$	1,743	14%	(1)%
Brokerage revenues:
Securities commissions	431		414		440		4%	(2)%
Principal transactions	149		114		119		31%	25%
Total brokerage revenues	580		528		559		10%	4%
Account and service fees	321		335		342		(4)%	(6)%
Investment banking	216		179		325		21%	(34)%
Interest income	963		1,049		1,027		(8)%	(6)%
Other	40		31		39		29%	3%
Total revenues	3,845		3,638		4,035		6%	(5)%
Interest expense	(442)		(520)		(498)		(15)%	(11)%
Net revenues	3,403		3,118		3,537		9%	(4)%
Non-interest expenses:
Compensation, commissions and benefits	2,204		2,043		2,272		8%	(3)%
Non-compensation expenses:
Communications and information processing	184		165		178		12%	3%
Occupancy and equipment	74		73		73		1%	1%
Business development	64		60		68		7%	(6)%
Investment sub-advisory fees	54		44		53		23%	2%
Professional fees	34		33		34		3%	—%
Bank loan provision for credit losses	16		21		—		(24)%	NM

Other	102		70		110		46%	(7)%
Total non-compensation expenses	528		466		516		13%	2%
Total non-interest expenses	2,732		2,509		2,788		9%	(2)%
Pre-tax income	671		609		749		10%	(10)%
Provision for income taxes	176		133		149		32%	18%
Net income	495		476		600		4%	(18)%
Preferred stock dividends	2		2		1		—%	100%
Net income available to common shareholders	$	493	$	474	$	599	4%	(18)%

Earnings per common share – basic (4)	$	2.41	$	2.27	$	2.94	6%	(18)%
Earnings per common share – diluted (4)	$	2.36	$	2.22	$	2.86	6%	(17)%
Weighted-average common shares outstanding – basic	204.3		208.3		203.7		(2)%	—%
Weighted-average common and common equivalent shares outstanding – diluted	208.7		213.4		209.2		(2)%	—%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2025


Consolidated Statements of Income (Unaudited)

	Six months ended
in millions, except per share amounts	March 31, 2025		March 31, 2024		% change
Revenues:
Asset management and related administrative fees	$	3,468	$	2,923	19%
Brokerage revenues:
Securities commissions	871		797		9%
Principal transactions	268		253		6%
Total brokerage revenues	1,139		1,050		8%
Account and service fees	663		654		1%
Investment banking	541		360		50%
Interest income	1,990		2,102		(5)%
Other	79		69		14%
Total revenues	7,880		7,158		10%
Interest expense	(940)		(1,027)		(8)%
Net revenues	6,940		6,131		13%
Non-interest expenses:
Compensation, commissions and benefits	4,476		3,964		13%
Non-compensation expenses:
Communications and information processing	362		315		15%
Occupancy and equipment	147		145		1%
Business development	132		121		9%
Investment sub-advisory fees	107		84		27%
Professional fees	68		65		5%
Bank loan provision for credit losses	16		33		(52)%
Other	212		165		28%
Total non-compensation expenses	1,044		928		13%
Total non-interest expenses	5,520		4,892		13%
Pre-tax income	1,420		1,239		15%
Provision for income taxes	325		265		23%
Net income	1,095		974		12%
Preferred stock dividends	3		3		—%
Net income available to common shareholders	$	1,092	$	971	12%

Earnings per common share – basic (4)	$	5.34	$	4.65	15%
Earnings per common share – diluted (4)	$	5.22	$	4.54	15%
Weighted-average common shares outstanding – basic	204.0		208.4		(2)%
Weighted-average common and common equivalent shares outstanding – diluted	208.9		213.5		(2)%

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 2025			(Unaudited)


	As of										% change from
$ in millions, except per share amounts	March 31, 2025				March 31, 2024			December 31, 2024			March 31, 2024	December 31, 2024
Total assets	$	83,132			$	81,232		$	82,282		2%	1%
Total common equity attributable to Raymond James Financial, Inc.	$	12,133			$	10,905		$	11,844		11%	2%
Book value per share (8)	$	59.74			$	52.60		$	57.89		14%	3%
Tangible book value per share (1) (8)	$	51.29			$	44.11		$	49.49		16%	4%

Capital ratios:
Tier 1 leverage	13.3		%	(3)	12.3		%	13.0		%
Tier 1 capital	23.5		%	(3)	21.9		%	23.7		%
Common equity tier 1	23.3		%	(3)	21.8		%	23.5		%
Total capital	24.8		%	(3)	23.3		%	25.0		%


	As of						% change from
Client asset metrics ($ in billions)	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Client assets under administration	$	1,535.9	$	1,449.1	$	1,557.5	6%	(1)%
Private Client Group assets under administration	$	1,475.5	$	1,388.8	$	1,491.8	6%	(1)%
Private Client Group assets in fee-based accounts	$	872.8	$	798.8	$	876.6	9%	—%
Financial assets under management	$	245.0	$	226.8	$	243.9	8%	—%


	Three months ended									Six months ended
Net new assets metrics ($ in millions)	March 31, 2025			March 31, 2024			December 31, 2024			March 31, 2025			March 31, 2024
Domestic Private Client Group net new assets (2)	$	8,830		$	9,648		$	14,020		$	22,850		$	31,223
Domestic Private Client Group net new assets growth — annualized (2)	2.6		%	3.2		%	4.0		%	3.3		%	5.7		%


	As of						% change from
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Raymond James Bank Deposit Program (“RJBDP”): (9)
Bank segment	$	25,783	$	23,405	$	23,946	10%	8%
Third-party banks	16,813		18,234		20,341		(8)%	(17)%
Subtotal RJBDP	42,596		41,639		44,287		2%	(4)%
Client Interest Program	1,656		1,715		1,664		(3)%	—%
Total clients’ domestic cash sweep balances	44,252		43,354		45,951		2%	(4)%



Enhanced Savings Program (“ESP”) (10)	13,507		14,863		13,785		(9)%	(2)%
Total clients’ domestic cash sweep and ESP balances	$	57,759	$	58,217	$	59,736	(1)%	(3)%


Net interest income and RJBDP fees ($ in millions)	Three months ended									% change from		Six months ended
	March 31, 2025			March 31, 2024			December 31, 2024			March 31, 2024	December 31, 2024	March 31, 2025			March 31, 2024			% change
Net interest income and RJBDP fees (third-party banks)	$	651		$	689		$	673		(6)%	(3)%	$	1,324		$	1,387		(5)%
Average yield on RJBDP - third-party banks (11)	3.00		%	3.59		%	3.12		%			3.06		%	3.62		%

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 2025			(Unaudited)

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


	Three months ended
	March 31, 2025						March 31, 2024						December 31, 2024
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	5,823	$	62	4.26	%	$	6,020	$	81	5.40	%	$	6,453	$	76	4.65	%
Available-for-sale securities	8,352		48		2.26	%	10,080		56		2.21	%	8,753		49		2.26	%
Loans held for sale and investment: (12)
Loans held for investment:
Securities-based loans (“SBL”) (13)	17,110		260		6.08	%	14,548		263		7.13	%	16,485		270		6.40	%
Commercial and industrial (“C&I”) loans	10,371		168		6.50	%	10,385		200		7.60	%	10,128		178		6.88	%
Commercial real estate (“CRE”) loans	7,599		124		6.52	%	7,385		140		7.52	%	7,641		135		6.92	%
Real estate investment trust (“REIT”) loans	1,713		30		7.02	%	1,687		32		7.67	%	1,653		31		7.35	%
Residential mortgage loans	9,732		96		3.91	%	8,947		80		3.58	%	9,536		91		3.82	%
Tax-exempt loans (14)	1,277		8		3.37	%	1,410		9		3.23	%	1,305		9		3.36	%

Loans held for sale	231		4		6.67	%	170		3		7.90	%	212		4		7.22	%
Total loans held for sale and investment	48,033		690		5.76	%	44,532		727		6.49	%	46,960		718		6.02	%
All other interest-earning assets	234		2		5.09	%	240		4		6.35	%	243		4		5.81	%
Interest-earning assets — Bank segment	$	62,442	$	802	5.15	%	$	60,872	$	868	5.67	%	$	62,409	$	847	5.35	%
All other segments
Cash and cash equivalents	$	4,004	$	42	4.27	%	$	3,038	$	47	6.18	%	$	4,056	$	48	4.72	%
Assets segregated for regulatory purposes and restricted cash	3,425		36		4.23	%	3,654		47		5.23	%	3,648		42		4.55	%
Trading assets — debt securities	1,433		19		5.28	%	1,231		19		5.95	%	1,395		19		5.41	%
Brokerage client receivables	2,371		41		7.11	%	2,290		47		8.17	%	2,407		45		7.35	%
All other interest-earning assets	2,477		23		3.81	%	2,020		21		4.17	%	2,579		26		3.93	%
Interest-earning assets — all other segments	$	13,710	$	161	4.77	%	$	12,233	$	181	5.91	%	$	14,085	$	180	5.05	%
Total interest-earning assets	$	76,152	$	963	5.08	%	$	73,105	$	1,049	5.71	%	$	76,494	$	1,027	5.29	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (9)	$	32,905	$	144	1.78	%	$	31,138	$	164	2.11	%	$	32,548	$	168	2.05	%
Interest-bearing demand deposits (10)	20,872		208		4.04	%	20,638		253		4.94	%	20,921		229		4.34	%
Certificates of deposit	2,064		24		4.59	%	2,677		30		4.69	%	2,452		28		4.59	%
Total bank deposits (15)	55,841		376		2.73	%	54,453		447		3.31	%	55,921		425		3.02	%
Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities	1,064		7		2.69	%	1,183		8		2.84	%	1,091		8		2.69	%
Interest-bearing liabilities — Bank segment	$	56,905	$	383	2.73	%	$	55,636	$	455	3.30	%	$	57,012	$	433	3.01	%
All other segments
Trading liabilities — debt securities	$	824	$	10	5.10	%	$	799	$	11	5.55	%	$	859	$	11	5.07	%
Brokerage client payables	4,683		17		1.45	%	4,815		21		1.71	%	4,771		20		1.65	%
Senior notes payable	2,040		23		4.50	%	2,039		23		4.50	%	2,040		23		4.50	%
All other interest-bearing liabilities (15)	1,146		9		3.60	%	1,036		10		3.88	%	1,132		11		3.78	%
Interest-bearing liabilities — all other segments	$	8,693	$	59	2.80	%	$	8,689	$	65	2.98	%	$	8,802	$	65	2.92	%
Total interest-bearing liabilities	$	65,598	$	442	2.74	%	$	64,325	$	520	3.26	%	$	65,814	$	498	3.00	%
Firmwide net interest income			$	521					$	529					$	529
Net interest margin (net yield on interest-earning assets)
Bank segment					2.67	%					2.66	%					2.60	%
Firmwide					2.77	%					2.91	%					2.74	%

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 2025			(Unaudited)


	Six months ended
	March 31, 2025						March 31, 2024
$ in millions	Average balance		Interest		Annualizedaverage rate		Average balance		Interest		Annualizedaverage rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	6,141	$	138	4.47	%	$	5,889	$	160	5.41	%
Available-for-sale securities	8,555		97		2.26	%	10,207		112		2.18	%
Loans held for sale and investment: (12)
Loans held for investment:
SBL (13)	16,794		530		6.24	%	14,567		529		7.14	%
C&I loans	10,248		346		6.69	%	10,428		403		7.60	%
CRE loans	7,620		259		6.72	%	7,314		281		7.56	%
REIT loans	1,683		61		7.18	%	1,691		66		7.71	%
Residential mortgage loans	9,633		187		3.87	%	8,873		157		3.53	%
Tax-exempt loans (14)	1,291		17		3.37	%	1,446		19		3.25	%

Loans held for sale	221		8		6.95	%	155		6		8.36	%
Total loans held for sale and investment	47,490		1,408		5.89	%	44,474		1,461		6.50	%
All other interest-earning assets	239		6		5.45	%	239		7		6.17	%
Interest-earning assets — Bank segment	$	62,425	$	1,649	5.25	%	$	60,809	$	1,740	5.67	%
All other segments
Cash and cash equivalents	$	4,056	$	90	4.47	%	$	3,248	$	100	6.13	%
Assets segregated for regulatory purposes and restricted cash	3,539		78		4.39	%	3,639		94		5.18	%
Trading assets — debt securities	1,414		38		5.35	%	1,162		34		5.78	%
Brokerage client receivables	2,389		86		7.23	%	2,214		92		8.28	%
All other interest-earning assets	2,529		49		3.86	%	1,996		42		4.00	%
Interest-earning assets — all other segments	$	13,927	$	341	4.90	%	$	12,259	$	362	5.86	%
Total interest-earning assets	$	76,352	$	1,990	5.19	%	$	73,068	$	2,102	5.70	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (9)	$	32,725	$	312	1.92	%	$	31,572	$	324	2.05	%
Interest-bearing demand deposits (10)	20,897		437		4.19	%	20,134		497		4.94	%
Certificates of deposit	2,260		52		4.59	%	2,717		62		4.62	%
Total bank deposits (15)	55,882		801		2.88	%	54,423		883		3.25	%
FHLB advances and all other interest-bearing liabilities	1,078		15		2.69	%	1,207		18		2.94	%
Interest-bearing liabilities — Bank segment	$	56,960	$	816	2.88	%	$	55,630	$	901	3.24	%
All other segments
Trading liabilities — debt securities	$	842	$	21	5.08	%	$	777	$	22	5.60	%
Brokerage client payables	4,732		37		1.55	%	4,752		41		1.71	%
Senior notes payable	2,040		46		4.50	%	2,039		46		4.50	%
All other interest-bearing liabilities (15)	1,141		20		3.68	%	935		17		3.69	%
Interest-bearing liabilities — all other segments	$	8,755	$	124	2.85	%	$	8,503	$	126	2.95	%
Total interest-bearing liabilities	$	65,715	$	940	2.88	%	$	64,133	$	1,027	3.20	%
Firmwide net interest income			$	1,050					$	1,075
Net interest margin (net yield on interest-earning assets)
Bank segment					2.63	%					2.70	%
Firmwide					2.76	%					2.94	%

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 2025			(Unaudited)


	Three months ended						% change from
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Net revenues:
Private Client Group	$	2,486	$	2,341	$	2,548	6%	(2)%
Capital Markets	396		321		480		23%	(18)%
Asset Management	289		252		294		15%	(2)%
Bank	434		424		425		2%	2%
Other (16)	13		17		12		(24)%	8%
Intersegment eliminations	(215)		(237)		(222)		(9)%	(3)%
Total net revenues	$	3,403	$	3,118	$	3,537	9%	(4)%

Pre-tax income/(loss):
Private Client Group	$	431	$	444	$	462	(3)%	(7)%
Capital Markets	36		(17)		74		NM	(51)%
Asset Management	121		100		125		21%	(3)%
Bank	117		75		118		56%	(1)%
Other (16)	(34)		7		(30)		NM	(13)%
Pre-tax income	$	671	$	609	$	749	10%	(10)%


	Six months ended
$ in millions	March 31, 2025		March 31, 2024		% change
Net revenues:
Private Client Group	$	5,034	$	4,567	10%
Capital Markets	876		659		33%
Asset Management	583		487		20%
Bank	859		865		(1)%
Other (16)	25		43		(42)%
Intersegment eliminations	(437)		(490)		(11)%
Total net revenues	$	6,940	$	6,131	13%

Pre-tax income/(loss):
Private Client Group	$	893	$	883	1%
Capital Markets	110		(14)		NM
Asset Management	246		193		27%
Bank	235		167		41%
Other (16)	(64)		10		NM
Pre-tax income	$	1,420	$	1,239	15%

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 2025			(Unaudited)


Private Client Group

	Three months ended						% change from
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Revenues:
Asset management and related administrative fees	$	1,457	$	1,283	$	1,476	14%	(1)%
Brokerage revenues:
Mutual and other fund products	152		141		152		8%	—%
Insurance and annuity products	117		127		118		(8)%	(1)%
Equities, exchange-traded funds (“ETFs”) and fixed income products	150		139		163		8%	(8)%
Total brokerage revenues	419		407		433		3%	(3)%
Account and service fees:
Mutual fund and annuity service fees	130		115		126		13%	3%
RJBDP fees: (9)
Bank segment	183		206		187		(11)%	(2)%
Third-party banks	130		160		144		(19)%	(10)%
Client account and other fees	66		64		70		3%	(6)%
Total account and service fees	509		545		527		(7)%	(3)%
Investment banking	9		8		8		13%	13%
Interest income (17)	110		122		126		(10)%	(13)%
All other	6		6		5		—%	20%
Total revenues	2,510		2,371		2,575		6%	(3)%
Interest expense	(24)		(30)		(27)		(20)%	(11)%
Net revenues	2,486		2,341		2,548		6%	(2)%
Non-interest expenses:
Financial advisor compensation and benefits	1,411		1,273		1,413		11%	—%
Administrative compensation and benefits	388		391		418		(1)%	(7)%
Total compensation, commissions and benefits	1,799		1,664		1,831		8%	(2)%
Non-compensation expenses	256		233		255		10%	—%
Total non-interest expenses	2,055		1,897		2,086		8%	(1)%
Pre-tax income	$	431	$	444	$	462	(3)%	(7)%

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 2025			(Unaudited)


Private Client Group

	Six months ended
$ in millions	March 31, 2025		March 31, 2024		% change
Revenues:
Asset management and related administrative fees	$	2,933	$	2,474	19%
Brokerage revenues:
Mutual and other fund products	304		277		10%
Insurance and annuity products	235		252		(7)%
Equities, ETFs and fixed income products	313		260		20%
Total brokerage revenues	852		789		8%
Account and service fees:
Mutual fund and annuity service fees	256		221		16%
RJBDP fees: (9)
Bank segment	370		429		(14)%
Third-party banks	274		312		(12)%
Client account and other fees	136		129		5%
Total account and service fees	1,036		1,091		(5)%
Investment banking	17		19		(11)%
Interest income (17)	236		240		(2)%
All other	11		10		10%
Total revenues	5,085		4,623		10%
Interest expense	(51)		(56)		(9)%
Net revenues	5,034		4,567		10%
Non-interest expenses:
Financial advisor compensation and benefits	2,824		2,463		15%
Administrative compensation and benefits	806		770		5%
Total compensation, commissions and benefits	3,630		3,233		12%
Non-compensation expenses	511		451		13%
Total non-interest expenses	4,141		3,684		12%
Pre-tax income	$	893	$	883	1%

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 2025			(Unaudited)


Capital Markets

	Three months ended						% change from
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Revenues:
Brokerage revenues:
Fixed income	$	116	$	88	$	85	32%	36%
Equity	45		34		41		32%	10%
Total brokerage revenues	161		122		126		32%	28%
Investment banking:
Merger & acquisition and advisory	129		107		226		21%	(43)%
Equity underwriting	31		23		35		35%	(11)%
Debt underwriting	47		41		56		15%	(16)%
Total investment banking	207		171		317		21%	(35)%
Interest income	28		26		29		8%	(3)%
Affordable housing investments business revenues	20		22		29		(9)%	(31)%
All other	4		4		5		—%	(20)%
Total revenues	420		345		506		22%	(17)%
Interest expense	(24)		(24)		(26)		—%	(8)%
Net revenues	396		321		480		23%	(18)%
Non-interest expenses:
Compensation, commissions and benefits	262		240		301		9%	(13)%
Non-compensation expenses	98		98		105		—%	(7)%
Total non-interest expenses	360		338		406		7%	(11)%
Pre-tax income/(loss)	$	36	$	(17)	$	74	NM	(51)%






	Six months ended
$ in millions	March 31, 2025		March 31, 2024		% change
Revenues:
Brokerage revenues:
Fixed income	$	201	$	190	6%
Equity	86		72		19%
Total brokerage revenues	287		262		10%
Investment banking:
Merger & acquisition and advisory	355		225		58%
Equity underwriting	66		49		35%
Debt underwriting	103		67		54%
Total investment banking	524		341		54%
Interest income	57		49		16%
Affordable housing investments business revenues	49		45		9%
All other	9		8		13%
Total revenues	926		705		31%
Interest expense	(50)		(46)		9%
Net revenues	876		659		33%
Non-interest expenses:
Compensation, commissions and benefits	563		478		18%
Non-compensation expenses	203		195		4%
Total non-interest expenses	766		673		14%
Pre-tax income/(loss)	$	110	$	(14)	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 2025			(Unaudited)


Asset Management

	Three months ended						% change from
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Revenues:
Asset management and related administrative fees:
Managed programs	$	187	$	163	$	189	15%	(1)%
Administration and other	91		79		93		15%	(2)%
Total asset management and related administrative fees	278		242		282		15%	(1)%
Account and service fees	6		5		6		20%	—%
All other	5		5		6		—%	(17)%
Net revenues	289		252		294		15%	(2)%
Non-interest expenses:
Compensation, commissions and benefits	57		58		58		(2)%	(2)%
Non-compensation expenses	111		94		111		18%	—%
Total non-interest expenses	168		152		169		11%	(1)%
Pre-tax income	$	121	$	100	$	125	21%	(3)%


	Six months ended
$ in millions	March 31, 2025		March 31, 2024		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	376	$	313	20%
Administration and other	184		153		20%
Total asset management and related administrative fees	560		466		20%
Account and service fees	12		11		9%
All other	11		10		10%
Net revenues	583		487		20%
Non-interest expenses:
Compensation, commissions and benefits	115		111		4%
Non-compensation expenses	222		183		21%
Total non-interest expenses	337		294		15%
Pre-tax income	$	246	$	193	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 2025						(Unaudited)


Bank

	Three months ended						% change from
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Revenues:
Interest income	$	802	$	868	$	847	(8)%	(5)%
Interest expense	(383)		(455)		(433)		(16)%	(12)%
Net interest income	419		413		414		1%	1%
All other	15		11		11		36%	36%
Net revenues	434		424		425		2%	2%
Non-interest expenses:
Compensation and benefits	45		48		46		(6)%	(2)%
Non-compensation expenses:
Bank loan provision for credit losses	16		21		—		(24)%	NM
RJBDP fees to Private Client Group (9)	183		206		187		(11)%	(2)%
All other	73		74		74		(1)%	(1)%
Total non-compensation expenses	272		301		261		(10)%	4%
Total non-interest expenses	317		349		307		(9)%	3%
Pre-tax income	$	117	$	75	$	118	56%	(1)%


	Six months ended
$ in millions	March 31, 2025		March 31, 2024		% change
Revenues:
Interest income	$	1,649	$	1,740	(5)%
Interest expense	(816)		(901)		(9)%
Net interest income	833		839		(1)%
All other	26		26		—%
Net revenues	859		865		(1)%
Non-interest expenses:
Compensation and benefits	91		91		—%
Non-compensation expenses:
Bank loan provision for credit losses	16		33		(52)%
RJBDP fees to Private Client Group (9)	370		429		(14)%
All other	147		145		1%
Total non-compensation expenses	533		607		(12)%
Total non-interest expenses	624		698		(11)%
Pre-tax income	$	235	$	167	41%

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 2025			(Unaudited)


Other (16)

	Three months ended						% change from
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2024	December 31, 2024
Revenues:
Interest income (17)	$	34	$	44	$	34	(23)%	—%
All other	4		(2)		3		NM	33%
Total revenues	38		42		37		(10)%	3%
Interest expense	(25)		(25)		(25)		—%	—%
Net revenues	13		17		12		(24)%	8%
Non-interest expenses:
Compensation and benefits	40		32		36		25%	11%

All other	7		(22)		6		NM	17%
Total non-interest expenses	47		10		42		370%	12%
Pre-tax income/(loss)	$	(34)	$	7	$	(30)	NM	(13)%


	Six months ended
$ in millions	March 31, 2025		March 31, 2024		% change
Revenues:
Interest income (17)	$	68	$	93	(27)%
All other	7		—		NM
Total revenues	75		93		(19)%
Interest expense	(50)		(50)		—%
Net revenues	25		43		(42)%
Non-interest expenses:
Compensation and benefits	76		49		55%

All other	13		(16)		NM
Total non-interest expenses	89		33		170%
Pre-tax income/(loss)	$	(64)	$	10	NM

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 2025			(Unaudited)

Bank Segment


	As of									% change from
$ in millions	March 31, 2025			March 31, 2024			December 31, 2024			March 31, 2024	December 31, 2024
Total assets	$	62,700		$	61,038		$	62,278		3%	1%

Bank loans, net	$	48,273		$	44,099		$	47,164		9%	2%

Bank loan allowance for credit losses	$	452		$	471		$	452		(4)%	—%
Bank loan allowance for credit losses as a % of total loans held for investment	0.93		%	1.06		%	0.95		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18)	1.94		%	2.05		%	1.93		%

Total nonperforming assets	$	214		$	187		$	161		14%	33%
Nonperforming assets as a % of total assets	0.34		%	0.31		%	0.26		%

Total criticized loans	$	551		$	538		$	599		2%	(8)%
Criticized loans as a % of total loans held for investment	1.14		%	1.21		%	1.26		%

Total bank deposits	$	56,403		$	54,843		$	55,850		3%	1%



















	Three months ended									% change from		Six months ended
$ in millions	March 31, 2025			March 31, 2024			December 31, 2024			March 31, 2024	December 31, 2024	March 31, 2025			March 31, 2024			% change
Net interest margin (net yield on interest-earning assets)	2.67		%	2.66		%	2.60		%			2.63		%	2.70		%

Bank loan provision for credit losses	$	16		$	21		$	—		(24)%	NM	$	16		$	33		(52)%
Net charge-offs	$	15		$	28		$	4		(46)%	275%	$	19		$	36		(47)%

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 2025			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.


	Three months ended						Six months ended
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024
Net income available to common shareholders	$	493	$	474	$	599	$	1,092	$	971
Non-GAAP adjustments:
Expenses related to acquisitions:

Compensation, commissions and benefits (19)	8		11		8		16		22


Communications and information processing	—		1		—		—		1
Professional fees	1		1		1		2		2

Other:
Amortization of identifiable intangible assets (20)	10		11		11		21		22

All other acquisition-related expenses	—		2		—		—		2
Total “Other” expense	10		13		11		21		24
Total pre-tax impact of non-GAAP adjustments related to acquisitions	19		26		20		39		49


Tax effect of non-GAAP adjustments	(5)		(6)		(5)		(10)		(12)
Total non-GAAP adjustments, net of tax	14		20		15		29		37
Adjusted net income available to common shareholders (1)	$	507	$	494	$	614	$	1,121	$	1,008

Pre-tax income	$	671	$	609	$	749	$	1,420	$	1,239
Pre-tax impact of non-GAAP adjustments (as detailed above)	19		26		20		39		49
Adjusted pre-tax income (1)	$	690	$	635	$	769	$	1,459	$	1,288

Compensation, commissions and benefits expense	$	2,204	$	2,043	$	2,272	$	4,476	$	3,964
Less: Acquisition-related retention (19)	8		11		8		16		22
Adjusted “Compensation, commissions and benefits” expense (1)	$	2,196	$	2,032	$	2,264	$	4,460	$	3,942

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 2025			(Unaudited)


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

	Three months ended						Six months ended
	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024
Pre-tax margin (6)	19.7	%	19.5	%	21.2	%	20.5	%	20.2	%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:

Compensation, commissions and benefits (19)	0.3	%	0.3	%	0.2	%	0.2	%	0.4	%


Communications and information processing	—	%	—	%	—	%	—	%	—	%
Professional fees	—	%	0.1	%	—	%	—	%	—	%

Other:
Amortization of identifiable intangible assets (20)	0.3	%	0.4	%	0.3	%	0.3	%	0.4	%

All other acquisition-related expenses	—	%	0.1	%	—	%	—	%	—	%
Total “Other” expense	0.3	%	0.5	%	0.3	%	0.3	%	0.4	%
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.6	%	0.9	%	0.5	%	0.5	%	0.8	%


Adjusted pre-tax margin (1) (6)	20.3	%	20.4	%	21.7	%	21.0	%	21.0	%

Total compensation ratio (7)	64.8	%	65.5	%	64.2	%	64.5	%	64.7	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (19)	0.3	%	0.3	%	0.2	%	0.2	%	0.4	%


Adjusted total compensation ratio (1) (7)	64.5	%	65.2	%	64.0	%	64.3	%	64.3	%

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 2025			(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, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024
Basic	$	2.41	$	2.27	$	2.94	$	5.34	$	4.65
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits (19)	0.04		0.05		0.04		0.08		0.11


Communications and information processing	—		0.01		—		—		—
Professional fees	—		0.01		—		0.01		0.01

Other:
Amortization of identifiable intangible assets (20)	0.05		0.05		0.05		0.10		0.11

All other acquisition-related expenses	—		0.01		—		—		0.01
Total “Other” expense	0.05		0.06		0.05		0.10		0.12
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.09		0.13		0.09		0.19		0.24

Tax effect of non-GAAP adjustments	(0.02)		(0.03)		(0.02)		(0.04)		(0.06)
Total non-GAAP adjustments, net of tax	0.07		0.10		0.07		0.15		0.18
Adjusted basic (1)	$	2.48	$	2.37	$	3.01	$	5.49	$	4.83

Diluted	$	2.36	$	2.22	$	2.86	$	5.22	$	4.54
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits (19)	0.04		0.05		0.04		0.08		0.10


Communications and information processing	—		—		—		—		—
Professional fees	—		0.01		—		0.01		0.01

Other:
Amortization of identifiable intangible assets (20)	0.05		0.05		0.05		0.10		0.11

All other acquisition-related expenses	—		0.01		—		—		0.01
Total “Other” expense	0.05		0.06		0.05		0.10		0.12
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.09		0.12		0.09		0.19		0.23

Tax effect of non-GAAP adjustments	(0.03)		(0.03)		(0.02)		(0.05)		(0.06)
Total non-GAAP adjustments, net of tax	0.06		0.09		0.07		0.14		0.17
Adjusted diluted (1)	$	2.42	$	2.31	$	2.93	$	5.36	$	4.71

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 2025			(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, 2025		March 31, 2024		December 31, 2024
Total common equity attributable to Raymond James Financial, Inc.	$	12,133	$	10,905	$	11,844
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,855		1,894		1,858
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(140)		(134)		(139)
Tangible common equity attributable to Raymond James Financial, Inc. (1)	$	10,418	$	9,145	$	10,125
Common shares outstanding	203.1		207.3		204.6
Book value per share (8)	$	59.74	$	52.60	$	57.89
Tangible book value per share (1) (8)	$	51.29	$	44.11	$	49.49


Return on common equity	Three months ended						Six months ended
$ in millions	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024
Average common equity (21)	$	11,989	$	10,808	$	11,719	$	11,857	$	10,584
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits (19)	4		6		4		8		11


Communications and information processing	—		—		—		—		—
Professional fees	1		—		1		1		1

Other:
Amortization of identifiable intangible assets (20)	5		6		6		11		11

All other acquisition-related expenses	—		1		—		—		1
Total “Other” expense	5		7		6		11		12
Total pre-tax impact of non-GAAP adjustments related to acquisitions	10		13		11		20		24

Tax effect of non-GAAP adjustments	(3)		(3)		(3)		(5)		(6)
Total non-GAAP adjustments, net of tax	7		10		8		15		18
Adjusted average common equity (1) (21)	$	11,996	$	10,818	$	11,727	$	11,872	$	10,602

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 2025			(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, 2025			March 31, 2024			December 31, 2024			March 31, 2025			March 31, 2024
Average common equity (21)	$	11,989		$	10,808		$	11,719		$	11,857		$	10,584
Less:
Average goodwill and identifiable intangible assets, net	1,857			1,901			1,872			1,866			1,903
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(140)			(133)			(139)			(139)			(132)
Average tangible common equity (1) (21)	$	10,272		$	9,040		$	9,986		$	10,130		$	8,813
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits (19)	4			6			4			8			11


Communications and information processing	—			—			—			—			—
Professional fees	1			—			1			1			1

Other:
Amortization of identifiable intangible assets (20)	5			6			6			11			11

All other acquisition-related expenses	—			1			—			—			1
Total “Other” expense	5			7			6			11			12
Total pre-tax impact of non-GAAP adjustments related to acquisitions	10			13			11			20			24

Tax effect of non-GAAP adjustments	(3)			(3)			(3)			(5)			(6)
Total non-GAAP adjustments, net of tax	7			10			8			15			18
Adjusted average tangible common equity (1) (21)	$	10,279		$	9,050		$	9,994		$	10,145		$	8,831

Return on common equity (5)	16.4		%	17.5		%	20.4		%	18.4		%	18.3		%
Adjusted return on common equity (1) (5)	16.9		%	18.3		%	20.9		%	18.9		%	19.0		%
Return on tangible common equity (1) (5)	19.2		%	21.0		%	24.0		%	21.6		%	22.0		%
Adjusted return on tangible common equity (1) (5)	19.7		%	21.8		%	24.6		%	22.1		%	22.8		%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2025 Footnotes


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

(2)						Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.

(3)						Estimated.

(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 $1 million for each of the three months ended March 31, 2025, March 31, 2024, and December 31, 2024, and $2 million for both of the six months ended March 31, 2025 and 2024.

(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 identifiable 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 or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.

(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)						We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and within money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

(10)						Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release.

(11)						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.

(12)						Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.

(13)						Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market.

(14)						The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.

(15)						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.”

(16)						The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses.

(17)						Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior-period segment results have not been conformed to the current-period presentation.

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2025 Footnotes


(19)						Includes acquisition-related compensation expenses primarily 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.

(20)						Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.

(21)						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 rjf0331q225supplement.htm EX-99.2 FINANCIAL SUPPLEMENT FISCAL SECOND QUARTER OF 2025 OF RJF rjf0331q225supplement

Quarterly Financial Supplement Fiscal second quarter of 2025 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Asset management and related administrative fees $ 1,516 $ 1,611 $ 1,662 $ 1,743 $ 1,725 14 % (1) % $ 2,923 $ 3,468 19 % Brokerage revenues: Securities commissions 414 416 438 440 431 4 % (2) % 797 871 9 % Principal transactions 114 116 123 119 149 31 % 25 % 253 268 6 % Total brokerage revenues 528 532 561 559 580 10 % 4 % 1,050 1,139 8 % Account and service fees 335 328 332 342 321 (4) % (6) % 654 663 1 % Investment banking 179 183 315 325 216 21 % (34) % 360 541 50 % Interest income 1,049 1,057 1,073 1,027 963 (8) % (6) % 2,102 1,990 (5) % Other 31 51 60 39 40 29 % 3 % 69 79 14 % Total revenues 3,638 3,762 4,003 4,035 3,845 6 % (5) % 7,158 7,880 10 % Interest expense (520) (534) (541) (498) (442) (15) % (11) % (1,027) (940) (8) % Net revenues 3,118 3,228 3,462 3,537 3,403 9 % (4) % 6,131 6,940 13 % Non-interest expenses: Compensation, commissions and benefits 2,043 2,090 2,159 2,272 2,204 8 % (3) % 3,964 4,476 13 % Non-compensation expenses: Communications and information processing 165 166 181 178 184 12 % 3 % 315 362 15 % Occupancy and equipment 73 75 76 73 74 1 % 1 % 145 147 1 % Business development 60 72 64 68 64 7 % (6) % 121 132 9 % Investment sub-advisory fees 44 48 50 53 54 23 % 2 % 84 107 27 % Professional fees 33 38 47 34 34 3 % — % 65 68 5 % Bank loan provision/(benefit) for credit losses 21 (10) 22 — 16 (24) % NM 33 16 (52) % Other 70 105 103 110 102 46 % (7) % 165 212 28 % Total non-compensation expenses 466 494 543 516 528 13 % 2 % 928 1,044 13 % Total non-interest expenses 2,509 2,584 2,702 2,788 2,732 9 % (2) % 4,892 5,520 13 % Pre-tax income 609 644 760 749 671 10 % (10) % 1,239 1,420 15 % Provision for income taxes 133 152 158 149 176 32 % 18 % 265 325 23 % Net income 476 492 602 600 495 4 % (18) % 974 1,095 12 % Preferred stock dividends 2 1 1 1 2 — % 100 % 3 3 — % Net income available to common shareholders $ 474 $ 491 $ 601 $ 599 $ 493 4 % (18) % $ 971 $ 1,092 12 % Earnings per common share – basic (1) $ 2.27 $ 2.37 $ 2.93 $ 2.94 $ 2.41 6 % (18) % $ 4.65 $ 5.34 15 % Earnings per common share – diluted (1) $ 2.22 $ 2.31 $ 2.86 $ 2.86 $ 2.36 6 % (17) % $ 4.54 $ 5.22 15 % Weighted-average common shares outstanding – basic 208.3 206.8 204.7 203.7 204.3 (2) % — % 208.4 204.0 (2) % Weighted-average common and common equivalent shares outstanding – diluted 213.4 212.3 210.1 209.2 208.7 (2) % — % 213.5 208.9 (2) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Total assets $ 81,232 $ 80,628 $ 82,992 $ 82,282 $ 83,132 2 % 1 % Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 11,118 $ 11,594 $ 11,844 $ 12,133 11 % 2 % Book value per share (2) $ 52.60 $ 54.08 $ 57.03 $ 57.89 $ 59.74 14 % 3 % Tangible book value per share (2) (3) $ 44.11 $ 45.57 $ 48.43 $ 49.49 $ 51.29 16 % 4 % Capital ratios: Tier 1 leverage 12.3 % 12.7 % 12.8 % 13.0 % 13.3 % (4) Tier 1 capital 21.9 % 22.2 % 22.8 % 23.7 % 23.5 % (4) Common equity tier 1 21.8 % 22.0 % 22.6 % 23.5 % 23.3 % (4) Total capital 23.3 % 23.6 % 24.1 % 25.0 % 24.8 % (4) $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Adjusted pre-tax income (3) $ 635 $ 667 $ 785 $ 769 $ 690 9 % (10) % $ 1,288 $ 1,459 13 % Adjusted net income available to common shareholders (3) $ 494 $ 508 $ 621 $ 614 $ 507 3 % (17) % $ 1,008 $ 1,121 11 % Adjusted earnings per common share – basic (1) (3) $ 2.37 $ 2.45 $ 3.03 $ 3.01 $ 2.48 5 % (18) % $ 4.83 $ 5.49 14 % Adjusted earnings per common share – diluted (1) (3) $ 2.31 $ 2.39 $ 2.95 $ 2.93 $ 2.42 5 % (17) % $ 4.71 $ 5.36 14 % Return on common equity (5) 17.5 % 17.8 % 21.2 % 20.4 % 16.4 % 18.3 % 18.4 % Adjusted return on common equity (3) (5) 18.3 % 18.4 % 21.9 % 20.9 % 16.9 % 19.0 % 18.9 % Adjusted return on tangible common equity (3) (5) 21.8 % 21.9 % 25.8 % 24.6 % 19.7 % 22.8 % 22.1 % Pre-tax margin (6) 19.5 % 20.0 % 22.0 % 21.2 % 19.7 % 20.2 % 20.5 % Adjusted pre-tax margin (3) (6) 20.4 % 20.7 % 22.7 % 21.7 % 20.3 % 21.0 % 21.0 % Total compensation ratio (7) 65.5 % 64.7 % 62.4 % 64.2 % 64.8 % 64.7 % 64.5 % Adjusted total compensation ratio (3) (7) 65.2 % 64.4 % 62.1 % 64.0 % 64.5 % 64.3 % 64.3 % Effective tax rate 21.8 % 23.6 % 20.8 % 19.9 % 26.2 % 21.4 % 22.9 % Three months ended % change from Six months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Client assets under administration $ 1,449.1 $ 1,476.2 $ 1,571.1 $ 1,557.5 $ 1,535.9 6 % (1) % Private Client Group assets under administration $ 1,388.8 $ 1,415.7 $ 1,507.0 $ 1,491.8 $ 1,475.5 6 % (1) % Private Client Group assets in fee-based accounts $ 798.8 $ 820.6 $ 875.2 $ 876.6 $ 872.8 9 % — % Financial assets under management $ 226.8 $ 229.3 $ 244.8 $ 243.9 $ 245.0 8 % — % Three months ended Six months ended Net new assets metrics (8) ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Domestic Private Client Group net new assets $ 9,648 $ 16,517 $ 12,969 $ 14,020 $ 8,830 $ 31,223 $ 22,850 Domestic Private Client Group net new assets growth — annualized 3.2 % 5.2 % 4.0 % 4.0 % 2.6 % 5.7 % 3.3 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Raymond James Bank Deposit Program (“RJBDP”): (9) Bank segment (9) $ 23,405 $ 23,371 $ 23,978 $ 23,946 $ 25,783 10 % 8 % Third-party banks 18,234 17,325 18,226 20,341 16,813 (8) % (17) % Subtotal RJBDP 41,639 40,696 42,204 44,287 42,596 2 % (4) % Client Interest Program 1,715 1,713 1,653 1,664 1,656 (3) % — % Total clients’ domestic cash sweep balances 43,354 42,409 43,857 45,951 44,252 2 % (4) % Enhanced Savings Program ("ESP") (10) 14,863 14,039 14,018 13,785 13,507 (9) % (2) % Total clients’ domestic cash sweep and ESP balances $ 58,217 $ 56,448 $ 57,875 $ 59,736 $ 57,759 (1) % (3) % Three months ended % change from Six months ended Net interest income and RJBDP fees ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Net interest income and RJBDP fees (third-party banks) $ 689 $ 672 $ 678 $ 673 $ 651 (6) % (3) % $ 1,387 $ 1,324 (5) % Average yield on RJBDP - third-party banks (11) 3.59 % 3.41 % 3.34 % 3.12 % 3.00 % 3.62 % 3.06 % 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Asset management and related administrative fees $ 1,283 $ 1,364 $ 1,408 $ 1,476 $ 1,457 14 % (1) % $ 2,474 $ 2,933 19 % Brokerage revenues: Mutual and other fund products 141 142 148 152 152 8 % — % 277 304 10 % Insurance and annuity products 127 130 137 118 117 (8) % (1) % 252 235 (7) % Equities, ETFs, and fixed income products 139 137 148 163 150 8 % (8) % 260 313 20 % Total brokerage revenues 407 409 433 433 419 3 % (3) % 789 852 8 % Account and service fees: Mutual fund and annuity service fees 115 118 122 126 130 13 % 3 % 221 256 16 % RJBDP fees: (9) Bank segment 206 198 197 187 183 (11) % (2) % 429 370 (14) % Third-party banks 160 149 146 144 130 (19) % (10) % 312 274 (12) % Client account and other fees 64 66 69 70 66 3 % (6) % 129 136 5 % Total account and service fees 545 531 534 527 509 (7) % (3) % 1,091 1,036 (5) % Investment banking 8 10 9 8 9 13 % 13 % 19 17 (11) % Interest income (12) 122 121 119 126 110 (10) % (13) % 240 236 (2) % All other 6 13 4 5 6 — % 20 % 10 11 10 % Total revenues 2,371 2,448 2,507 2,575 2,510 6 % (3) % 4,623 5,085 10 % Interest expense (30) (32) (31) (27) (24) (20) % (11) % (56) (51) (9) % Net revenues 2,341 2,416 2,476 2,548 2,486 6 % (2) % 4,567 5,034 10 % Non-interest expenses: Financial advisor compensation and benefits 1,273 1,327 1,364 1,413 1,411 11 % — % 2,463 2,824 15 % Administrative compensation and benefits 391 389 387 418 388 (1) % (7) % 770 806 5 % Total compensation, commissions and benefits 1,664 1,716 1,751 1,831 1,799 8 % (2) % 3,233 3,630 12 % Non-compensation expenses 233 259 264 255 256 10 % — % 451 511 13 % Total non-interest expenses 1,897 1,975 2,015 2,086 2,055 8 % (1) % 3,684 4,141 12 % Pre-tax income $ 444 $ 441 $ 461 $ 462 $ 431 (3) % (7) % $ 883 $ 893 1 % 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Brokerage revenues: Fixed income $ 88 $ 86 $ 91 $ 85 $ 116 32 % 36 % $ 190 $ 201 6 % Equity 34 35 36 41 45 32 % 10 % 72 86 19 % Total brokerage revenues 122 121 127 126 161 32 % 28 % 262 287 10 % Investment banking: Merger & acquisition and advisory 107 91 205 226 129 21 % (43) % 225 355 58 % Equity underwriting 23 33 49 35 31 35 % (11) % 49 66 35 % Debt underwriting 41 49 52 56 47 15 % (16) % 67 103 54 % Total investment banking 171 173 306 317 207 21 % (35) % 341 524 54 % Interest income 26 32 28 29 28 8 % (3) % 49 57 16 % Affordable housing investments business revenues 22 30 43 29 20 (9) % (31) % 45 49 9 % All other 4 4 6 5 4 — % (20) % 8 9 13 % Total revenues 345 360 510 506 420 22 % (17) % 705 926 31 % Interest expense (24) (30) (27) (26) (24) — % (8) % (46) (50) 9 % Net revenues 321 330 483 480 396 23 % (18) % 659 876 33 % Non-interest expenses: Compensation, commissions and benefits 240 243 281 301 262 9 % (13) % 478 563 18 % Non-compensation expenses 98 101 107 105 98 — % (7) % 195 203 4 % Total non-interest expenses 338 344 388 406 360 7 % (11) % 673 766 14 % Pre-tax income/(loss) $ (17) $ (14) $ 95 $ 74 $ 36 NM (51) % $ (14) $ 110 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Interest income $ 868 $ 867 $ 887 $ 847 $ 802 (8) % (5) % $ 1,740 $ 1,649 (5) % Interest expense (455) (461) (476) (433) (383) (16) % (12) % (901) (816) (9) % Net interest income 413 406 411 414 419 1 % 1 % 839 833 (1) % All other 11 12 22 11 15 36 % 36 % 26 26 — % Net revenues 424 418 433 425 434 2 % 2 % 865 859 (1) % Non-interest expenses: Compensation and benefits 48 45 44 46 45 (6) % (2) % 91 91 — % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 21 (10) 22 — 16 (24) % NM 33 16 (52) % RJBDP fees to Private Client Group (9) 206 198 197 187 183 (11) % (2) % 429 370 (14) % All other 74 70 72 74 73 (1) % (1) % 145 147 1 % Total non-compensation expenses 301 258 291 261 272 (10) % 4 % 607 533 (12) % Total non-interest expenses 349 303 335 307 317 (9) % 3 % 698 624 (11) % Pre-tax income $ 75 $ 115 $ 98 $ 118 $ 117 56 % (1) % $ 167 $ 235 41 % 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Interest income (12) $ 44 $ 47 $ 53 $ 34 $ 34 (23) % — % $ 93 $ 68 (27) % All other (2) 6 — 3 4 NM 33 % — 7 NM Total revenues 42 53 53 37 38 (10) % 3 % 93 75 (19) % Interest expense (25) (25) (25) (25) (25) — % — % (50) (50) — % Net revenues 17 28 28 12 13 (24) % 8 % 43 25 (42) % Non-interest expenses: Compensation and benefits 32 29 26 36 40 25 % 11 % 49 76 55 % All other (22) 9 12 6 7 NM 17 % (16) 13 NM Total non-interest expenses 10 38 38 42 47 370 % 12 % 33 89 170 % Pre-tax income/(loss) $ 7 $ (10) $ (10) $ (30) $ (34) NM (13) % $ 10 $ (64) NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (13) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Total assets $ 61,038 $ 60,574 $ 62,367 $ 62,278 $ 62,700 3 % 1 % Bank loans, net $ 44,099 $ 45,149 $ 45,994 $ 47,164 $ 48,273 9 % 2 % Bank loan allowance for credit losses $ 471 $ 456 $ 457 $ 452 $ 452 (4) % — % Bank loan allowance for credit losses as a % of total loans held for investment 1.06 % 1.00 % 0.99 % 0.95 % 0.93 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (14) 2.05 % 2.00 % 1.99 % 1.93 % 1.94 % Total nonperforming assets $ 187 $ 160 $ 175 $ 161 $ 214 14 % 33 % Nonperforming assets as a % of total assets 0.31 % 0.26 % 0.28 % 0.26 % 0.34 % Total criticized loans $ 538 $ 523 $ 679 $ 599 $ 551 2 % (8) % Criticized loans as a % of total loans held for investment 1.21 % 1.15 % 1.47 % 1.26 % 1.14 % Total bank deposits $ 54,843 $ 54,401 $ 56,010 $ 55,850 $ 56,403 3 % 1 % As of % change from $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Securities-based loans (15) $ 14,610 $ 15,429 $ 16,233 $ 16,869 $ 17,608 21 % 4 % Commercial and industrial loans 10,190 9,956 9,953 10,390 10,462 3 % 1 % Commercial real estate loans 7,462 7,619 7,615 7,586 7,569 1 % — % Real estate investment trust loans 1,701 1,755 1,716 1,683 1,794 5 % 7 % Residential mortgage loans 9,016 9,245 9,412 9,602 9,801 9 % 2 % Tax-exempt loans 1,445 1,431 1,338 1,294 1,268 (12) % (2) % Total loans held for investment 44,424 45,435 46,267 47,424 48,502 9 % 2 % Held for sale loans 146 170 184 192 223 53 % 16 % Total loans held for sale and investment 44,570 45,605 46,451 47,616 48,725 9 % 2 % Allowance for credit losses (471) (456) (457) (452) (452) (4) % — % Bank loans, net $ 44,099 $ 45,149 $ 45,994 $ 47,164 $ 48,273 9 % 2 % Three months ended % change from Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Net interest margin (net yield on interest-earning assets) 2.66 % 2.64 % 2.62 % 2.60 % 2.67 % 2.70 % 2.63 % Bank loan provision/(benefit) for credit losses $ 21 $ (10) $ 22 $ — $ 16 (24) % NM $ 33 $ 16 (52) % Net charge-offs $ 28 $ 6 $ 20 $ 4 $ 15 (46) % 275 % $ 36 $ 19 (47) % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non- GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Net income available to common shareholders $ 474 $ 491 $ 601 $ 599 $ 493 $ 971 $ 1,092 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (16) 11 11 9 8 8 22 16 Communication and information processing 1 — 1 — — 1 — Professional fees 1 1 1 1 1 2 2 Other: Amortization of identifiable intangible assets (17) 11 11 11 11 10 22 21 All other acquisition-related expenses 2 — 3 — — 2 — Total “Other” expense 13 11 14 11 10 24 21 Total pre-tax impact of non-GAAP adjustments related to acquisitions 26 23 25 20 19 49 39 Tax effect of non-GAAP adjustments (6) (6) (5) (5) (5) (12) (10) Total non-GAAP adjustments, net of tax 20 17 20 15 14 37 29 Adjusted net income available to common shareholders (3) $ 494 $ 508 $ 621 $ 614 $ 507 $ 1,008 $ 1,121 Pre-tax income $ 609 $ 644 $ 760 $ 749 $ 671 $ 1,239 $ 1,420 Pre-tax impact of non-GAAP adjustments (as detailed above) 26 23 25 20 19 49 39 Adjusted pre-tax income (3) $ 635 $ 667 $ 785 $ 769 $ 690 $ 1,288 $ 1,459 Compensation, commissions and benefits expense $ 2,043 $ 2,090 $ 2,159 $ 2,272 $ 2,204 $ 3,964 $ 4,476 Less: Acquisition-related retention (16) 11 11 9 8 8 22 16 Adjusted “Compensation, commissions and benefits” expense (3) $ 2,032 $ 2,079 $ 2,150 $ 2,264 $ 2,196 $ 3,942 $ 4,460 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Pre-tax margin (6) 19.5 % 20.0 % 22.0 % 21.2 % 19.7 % 20.2 % 20.5 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (16) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % Communications and information processing — % — % — % — % — % — % — % Professional fees 0.1 % — % — % — % — % — % — % Other: Amortization of identifiable intangible assets (17) 0.4 % 0.4 % 0.3 % 0.3 % 0.3 % 0.4 % 0.3 % All other acquisition-related expenses 0.1 % — % 0.1 % — % — % — % — % Total “Other” expense 0.5 % 0.4 % 0.4 % 0.3 % 0.3 % 0.4 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.9 % 0.7 % 0.7 % 0.5 % 0.6 % 0.8 % 0.5 % Adjusted pre-tax margin (3) (6) 20.4 % 20.7 % 22.7 % 21.7 % 20.3 % 21.0 % 21.0 % Total compensation ratio (7) 65.5 % 64.7 % 62.4 % 64.2 % 64.8 % 64.7 % 64.5 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (16) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % Adjusted total compensation ratio (3) (7) 65.2 % 64.4 % 62.1 % 64.0 % 64.5 % 64.3 % 64.3 % 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 (1) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Diluted $ 2.22 $ 2.31 $ 2.86 $ 2.86 $ 2.36 $ 4.54 $ 5.22 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (16) 0.05 0.05 0.04 0.04 0.04 0.10 0.08 Communications and information processing — — — — — — — Professional fees 0.01 0.01 — — — 0.01 0.01 Other: Amortization of identifiable intangible assets (17) 0.05 0.05 0.05 0.05 0.05 0.11 0.10 All other acquisition-related expenses 0.01 — 0.02 — — 0.01 — Total “Other” expense 0.06 0.05 0.07 0.05 0.05 0.12 0.10 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.12 0.11 0.11 0.09 0.09 0.23 0.19 Tax effect of non-GAAP adjustments (0.03) (0.03) (0.02) (0.02) (0.03) (0.06) (0.05) Total non-GAAP adjustments, net of tax 0.09 0.08 0.09 0.07 0.06 0.17 0.14 Adjusted diluted (3) $ 2.31 $ 2.39 $ 2.95 $ 2.93 $ 2.42 $ 4.71 $ 5.36 Book value per share As of $ in millions, except per share amounts March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 11,118 $ 11,594 $ 11,844 $ 12,133 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,894 1,884 1,886 1,858 1,855 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (134) (136) (138) (139) (140) Tangible common equity attributable to Raymond James Financial, Inc. (3) $ 9,145 $ 9,370 $ 9,846 $ 10,125 $ 10,418 Common shares outstanding 207.3 205.6 203.3 204.6 203.1 Book value per share (2) $ 52.60 $ 54.08 $ 57.03 $ 57.89 $ 59.74 Tangible book value per share (2) (3) $ 44.11 $ 45.57 $ 48.43 $ 49.49 $ 51.29 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Average common equity (18) $ 10,808 $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (16) 6 5 5 4 4 11 8 Communications and information processing — — — — — — — Professional fees — 1 1 1 1 1 1 Other: Amortization of identifiable intangible assets (17) 6 5 6 6 5 11 11 All other acquisition-related expenses 1 — 1 — — 1 — Total “Other” expense 7 5 7 6 5 12 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 13 11 10 24 20 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (6) (5) Total non-GAAP adjustments, net of tax 10 8 10 8 7 18 15 Adjusted average common equity (3) (18) $ 10,818 $ 11,020 $ 11,366 $ 11,727 $ 11,996 $ 10,602 $ 11,872 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, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Average common equity (18) $ 10,808 $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Less: Average goodwill and identifiable intangible assets, net 1,901 1,889 1,885 1,872 1,857 1,903 1,866 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (133) (135) (137) (139) (140) (132) (139) Average tangible common equity (3) (18) $ 9,040 $ 9,258 $ 9,608 $ 9,986 $ 10,272 $ 8,813 $ 10,130 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits (16) 6 5 5 4 4 11 8 Communications and information processing — — — — — — — Professional fees — 1 1 1 1 1 1 Other: Amortization of identifiable intangible assets (17) 6 5 6 6 5 11 11 All other acquisition-related expenses 1 — 1 — — 1 — Total “Other” expense 7 5 7 6 5 12 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 13 11 10 24 20 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (6) (5) Total non-GAAP adjustments, net of tax 10 8 10 8 7 18 15 Adjusted average tangible common equity (3) (18) $ 9,050 $ 9,266 $ 9,618 $ 9,994 $ 10,279 $ 8,831 $ 10,145 Return on common equity (5) 17.5 % 17.8 % 21.2 % 20.4 % 16.4 % 18.3 % 18.4 % Adjusted return on common equity (3) (5) 18.3 % 18.4 % 21.9 % 20.9 % 16.9 % 19.0 % 18.9 % Return on tangible common equity (3) (5) 21.0 % 21.2 % 25.0 % 24.0 % 19.2 % 22.0 % 21.6 % Adjusted return on tangible common equity (3) (5) 21.8 % 21.9 % 25.8 % 24.6 % 19.7 % 22.8 % 22.1 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025, and $2 million for both of the six months ended March 31, 2024 and 2025. (2) 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. (3) 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. (4) Estimated. (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 identifiable 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 or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (8) 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. (9) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and within money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (10) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release. (11) 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. (12) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior-period segment results have not been conformed to the current-period presentation. (13) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (14) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (15) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (16) Includes acquisition-related compensation expenses primarily 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. (17) 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

(18) 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 rjf0331q225presentation.htm EX-99.3 EARNINGS PRESENTATION FISCAL SECOND QUARTER 2025 OF RJF rjf0331q225presentation

Fiscal 2Q25 Results April 23, 2025

Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions or divestitures, and our level of success in integrating acquired businesses, 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, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward- looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. 2

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

4 2Q25 highlights Earnings Key Performance Metrics Capital & Liquidity $3.4B Net revenues $1.54T Client assets under administration $250M Common share repurchases 19.7% Pre-tax margin 20.3% Adjusted pre-tax margin(1) $873B PCG assets in fee-based accounts $190M Common share repurchases in April 2025 $8.8B | 2.6% growth rate Domestic PCG net new assets(2)$2.36 Diluted EPS $2.42 Adjusted diluted EPS(1) $104M Common stock dividends $57.8B Clients' domestic cash sweep and ESP balances 16.4% Return on common equity 19.7% Adjusted ROTCE(1) 13.3% Tier 1 leverage ratio(3) $48.3B Bank loans, net $2.5B RJF corporate cash(4) Note: Three months ended March 31, 2025, unless otherwise noted. April share repurchases as of April 21, 2025. (1)These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. (2)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees and other fees. The domestic PCG net new asset annualized growth rate is based on the beginning domestic PCG assets under administration balance for the indicated period. (3)Estimated. (4)This amount includes cash 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.

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

Summary results of operations $ in millions, except per share amounts ($) vs. 2Q24 vs. 1Q25 ($) vs. FYTD 20242Q25 FYTD 2025 Net revenues 3,403 9% (4)% 6,940 13% Pre-tax income 671 10% (10)% 1,420 15% Adjusted pre-tax income* 690 9% (10)% 1,459 13% Net income available to common shareholders 493 4% (18)% 1,092 12% Adjusted net income available to common shareholders* 507 3% (17)% 1,121 11% Earnings per common share — diluted 2.36 6% (17)% 5.22 15% Adjusted earnings per common share — diluted* 2.42 5% (17)% 5.36 14% Other selected financial highlights: 2Q25 2Q24 1Q25 FYTD 2025 FYTD 2024 Pre-tax margin 19.7 % 19.5% 21.2% 20.5 % 20.2% Adjusted pre-tax margin* 20.3 % 20.4% 21.7% 21.0 % 21.0% Return on common equity — annualized 16.4 % 17.5% 20.4% 18.4 % 18.3% Adjusted return on common equity — annualized* 16.9 % 18.3% 20.9% 18.9 % 19.0% Adjusted return on tangible common equity — annualized* 19.7 % 21.8% 24.6% 22.1 % 22.8% 6 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Financial summary Record result

$ in millions ($) vs. 2Q24 vs. 1Q25 ($) vs. FYTD 20242Q25 2025 Net revenues: Private Client Group 2,486 6% (2)% 5,034 10% Capital Markets 396 23% (18)% 876 33% Asset Management 289 15% (2)% 583 20% Bank 434 2% 2% 859 (1)% Consolidated net revenues 3,403 9% (4)% 6,940 13% Pre-tax income: Private Client Group 431 (3)% (7)% 893 1% Capital Markets 36 NM (51)% 110 NM Asset Management 121 21% (3)% 246 27% Bank 117 56% (1)% 235 41% Consolidated pre-tax income 671 10% (10)% 1,420 15% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior period segment results have not been conformed to the current-period presentation. Segment results 7 Record Result

Consolidated net revenues 8 $ in millions 2Q25 vs. 2Q24 vs. 1Q25 Asset management and related administrative fees $ 1,725 14% (1)% Brokerage revenues 580 10% 4% Account and service fees 321 (4)% (6)% Investment banking 216 21% (34)% Interest income 963 (8)% (6)% Other 40 29% 3% Total revenues 3,845 6% (5)% Interest expense (442) (15)% (11)% Net revenues $ 3,403 9% (4)%

Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP)* BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 23.4 23.4 24.0 23.9 25.8 18.2 17.3 18.2 20.3 16.8 1.7 1.7 1.7 1.7 1.7 14.9 14.0 14.0 13.8 13.5 58.2 56.4 57.9 59.7 57.8 4.6% 4.3% 4.2% 4.3% 4.2% RJBDP - Bank Segment** RJBDP - Third-Party Banks** Client Interest Program ESP* 2Q24 3Q24 4Q24 1Q25 2Q25 Note: May not total due to rounding. *Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. **We earn fees from the Raymond James Bank Deposit Program (RJBDP), a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. Year-over-year change: (1)% Sequential change: (3)%

Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **Computed by dividing annualized RJBDP Fees (Third-Party Banks), which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. $ IN MILLIONS 689 672 678 673 651 529 523 532 529 521 160 149 146 144 130 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 2Q24 3Q24 4Q24 1Q25 2Q25 NET INTEREST MARGIN (NIM) 2.66% 2.64% 2.62% 2.60% 2.67% 2.91% 2.86% 2.85% 2.74% 2.77% Firmwide NIM Bank Segment NIM 2Q24 3Q24 4Q24 1Q25 2Q25 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 3.59% 3.41% 3.34% 3.12% 3.00% 2Q24 3Q24 4Q24 1Q25 2Q25 Year-over-year change: (6)% Sequential change: (3)%

Consolidated expenses 11 $ in millions 2Q25 vs. 2Q24 vs. 1Q25 Compensation, commissions and benefits $ 2,204 8% (3)% Non-compensation expenses: Communications and information processing 184 12% 3% Occupancy and equipment 74 1% 1% Business development 64 7% (6)% Investment sub-advisory fees 54 23% 2% Professional fees 34 3% —% Bank loan provision for credit losses 16 (24)% NM Other 102 46% (7)% Total non-compensation expenses 528 13% 2% Total non-interest expenses $ 2,732 9% (2)% *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 466 494 543 516 528 2Q24 3Q24 4Q24 1Q25 2Q25 TOTAL COMPENSATION RATIO* 65.5% 64.7% 62.4% 64.2% 64.8% 65.2% 64.4% 62.1% 64.0% 64.5% Total Compensation Ratio Adjusted Total Compensation Ratio** 2Q24 3Q24 4Q24 1Q25 2Q25

Bank segment key credit metrics 12 $ in millions 2Q25 vs. 2Q24 vs. 1Q25 Bank loan provision for credit losses $ 16 (24)% NM Net charge-offs $ 15 (46)% 275% 2Q24 1Q25 Nonperforming assets as a % of total assets 0.34 % 0.31% 0.26% Bank loan allowance for credit losses as a % of loans held for investment 0.93 % 1.06% 0.95% Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment* 1.94 % 2.05% 1.93% Criticized loans as a % of total loans held for investment 1.14 % 1.21% 1.26% *Corporate loans include commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

*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 13 19.5% 20.0% 22.0% 21.2% 19.7% 20.4% 20.7% 22.7% 21.7% 20.3% Pre-Tax Margin (GAAP) Adjusted Pre-Tax Margin* 2Q24 3Q24 4Q24 1Q25 2Q25

Other financial information 14 *This amount includes cash on hand at the parent, as well as parent cash loaned to RJ&A, which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. in millions, except per share amounts 2Q25 vs. 2Q24 vs. 1Q25 Total assets $ 83,132 2% 1% RJF corporate cash* $ 2,487 23% 6% Total common equity attributable to RJF $ 12,133 11% 2% Book value per share $ 59.74 14% 3% Tangible book value per share** $ 51.29 16% 4% Weighted-average common and common equivalent shares outstanding — diluted 208.7 (2)% —% 2Q24 1Q25 Tier 1 leverage ratio*** 13.3 % 12.3% 13.0% Tier 1 capital ratio*** 23.5 % 21.9% 23.7% Common equity tier 1 ratio*** 23.3 % 21.8% 23.5% Total capital ratio*** 24.8 % 23.3% 25.0% Effective tax rate 26.2 % 21.8% 19.9%

$1.54B of dividends paid and share repurchases over the past 5 quarters Capital management 15 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 302 337 394 154 354 207 243 300 50 250 95 94 94 104 104 Share Repurchases* Dividends Paid** 2Q24 3Q24 4Q24 1Q25 2Q25 Number of Shares Repurchased* (thousands) 1,695 1,994 2,598 310 1,716 Average Share Price of Shares Repurchased* $122 $122 $115 $161 $146 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates share repurchases subsequent to quarter-end through April 21, 2025 and the amount remaining as of such date under the Board of Directors' $1.5 billion common stock repurchase authorization approved on December 3, 2024. $1.01B remains under current common stock repurchase authorization*** $190M additional share repurchases in April 2025*** (average share price of $125)

Appendix 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 17 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 26 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 26 for additional information. continued on next slide Three months ended Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Net income available to common shareholders $ 474 $ 491 $ 601 $ 599 $ 493 $ 971 $ 1,092 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (1) 11 11 9 8 8 22 16 Communication and information processing 1 — 1 — — 1 — Professional fees 1 1 1 1 1 2 2 Other Amortization of identifiable intangible assets (2) 11 11 11 11 10 22 21 All other acquisition-related expenses 2 — 3 — — 2 — Total “Other” expense 13 11 14 11 10 24 21 Total pre-tax impact of non-GAAP adjustments related to acquisitions 26 23 25 20 19 49 39 Tax effect of non-GAAP adjustments (6) (6) (5) (5) (5) (12) (10) Total non-GAAP adjustments, net of tax 20 17 20 15 14 37 29 Adjusted net income available to common shareholders $ 494 $ 508 $ 621 $ 614 $ 507 $ 1,008 $ 1,121 Pre-tax income $ 609 $ 644 $ 760 $ 749 $ 671 $ 1,239 $ 1,420 Pre-tax impact of non-GAAP adjustments (as detailed above) 26 23 25 20 19 49 39 Adjusted pre-tax income $ 635 $ 667 $ 785 $ 769 $ 690 $ 1,288 $ 1,459 18

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Pre-tax margin (3) 19.5 % 20.0 % 22.0 % 21.2 % 19.7 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (1) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % Communication and information processing — % — % — % — % — % Professional fees 0.1 % — % — % — % — % Other: Amortization of identifiable intangible assets (2) 0.4 % 0.4 % 0.3 % 0.3 % 0.3 % All other acquisition-related expenses 0.1 % — % 0.1 % — % — % Total “Other” expense 0.5 % 0.4 % 0.4 % 0.3 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.9 % 0.7 % 0.7 % 0.5 % 0.6 % Adjusted pre-tax margin (3) 20.4 % 20.7 % 22.7 % 21.7 % 20.3 % Note: Please refer to the footnotes on slide 26 for additional information. continued on next slide19

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 Note: Please refer to the footnotes on slide 26 for additional information. continued on next slide Three months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Compensation, commissions and benefits expense $ 2,043 $ 2,090 $ 2,159 $ 2,272 $ 2,204 Less: Acquisition-related retention (1) 11 11 9 8 8 Adjusted compensation, commissions and benefits expense $ 2,032 $ 2,079 $ 2,150 $ 2,264 $ 2,196 Total compensation ratio (4) 65.5 % 64.7 % 62.4 % 64.2 % 64.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % Adjusted total compensation ratio (4) 65.2 % 64.4 % 62.1 % 64.0 % 64.5 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 26 for additional information. Three months ended Six months ended Earnings per common share (5) March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Basic $ 2.27 $ 2.94 $ 2.41 $ 4.65 $ 5.34 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (1) 0.05 0.04 0.04 0.11 0.08 Communication and information processing 0.01 — — — — Professional fees 0.01 — — 0.01 0.01 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.11 0.10 All other acquisition-related expenses 0.01 — — 0.01 — Total “Other” expense 0.06 0.05 0.05 0.12 0.10 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.13 0.09 0.09 0.24 0.19 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.02) (0.06) (0.04) Total non-GAAP adjustments, net of tax 0.10 0.07 0.07 0.18 0.15 Adjusted basic $ 2.37 $ 3.01 $ 2.48 $ 4.83 $ 5.49 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 26 for additional information. Three months ended Six months ended Earnings per common share (5) March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Diluted $ 2.22 $ 2.86 $ 2.36 $ 4.54 $ 5.22 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (1) 0.05 0.04 0.04 0.10 0.08 Communication and information processing — — — — — Professional fees 0.01 — — 0.01 0.01 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.11 0.10 All other acquisition-related expenses 0.01 — — 0.01 — Total “Other” expense 0.06 0.05 0.05 0.12 0.10 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.12 0.09 0.09 0.23 0.19 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.03) (0.06) (0.05) Total non-GAAP adjustments, net of tax 0.09 0.07 0.06 0.17 0.14 Adjusted diluted $ 2.31 $ 2.93 $ 2.42 $ 4.71 $ 5.36 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 26 for additional information. Book value per share As of $ in millions, except per share amounts March 31, 2024 December 31, 2024 March 31, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 11,844 $ 12,133 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,894 1,858 1,855 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (134) (139) (140) Tangible common equity attributable to Raymond James Financial, Inc. $ 9,145 $ 10,125 $ 10,418 Common shares outstanding 207.3 204.6 203.1 Book value per share (6) $ 52.60 $ 57.89 $ 59.74 Tangible book value per share (6) $ 44.11 $ 49.49 $ 51.29 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 26 for additional information. Three months ended Six months ended $ in millions March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Average common equity (7) $ 10,808 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (1) 6 4 4 11 8 Communication and information processing — — — — — Professional fees — 1 1 1 1 Other: Amortization of identifiable intangible assets (2) 6 6 5 11 11 All other acquisition-related expenses 1 — — 1 — Total “Other” expense 7 6 5 12 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 10 24 20 Tax effect of non-GAAP adjustments (3) (3) (3) (6) (5) Total non-GAAP adjustments, net of tax 10 8 7 18 15 Adjusted average common equity (7) $ 10,818 $ 11,727 $ 11,996 $ 10,602 $ 11,872 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Return on tangible common equity Three months ended Six months ended $ in millions March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Average common equity (7) $ 10,808 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Less: Average goodwill and identifiable intangible assets, net 1,901 1,872 1,857 1,903 1,866 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (133) (139) (140) (132) (139) Average tangible common equity (7) $ 9,040 $ 9,986 $ 10,272 $ 8,813 $ 10,130 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitons: Compensation, commissions and benefits (1) 6 4 4 11 8 Communication and information processing — — — — — Professional fees — 1 1 1 1 Other: Amortization of identifiable intangible assets (2) 6 6 5 11 11 All other acquisition-related expenses 1 — — 1 — Total “Other” expense 7 6 5 12 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 10 24 20 Tax effect of non-GAAP adjustments (3) (3) (3) (6) (5) Total non-GAAP adjustments, net of tax 10 8 7 18 15 Adjusted average tangible common equity (7) $ 9,050 $ 9,994 $ 10,279 $ 8,831 $ 10,145 Return on common equity (8) 17.5 % 20.4 % 16.4 % 18.3 % 18.4 % Adjusted return on common equity (8) 18.3 % 20.9 % 16.9 % 19.0 % 18.9 % Return on tangible common equity (ROTCE) (8) 21.0 % 24.0 % 19.2 % 22.0 % 21.6 % Adjusted ROTCE (8) 21.8 % 24.6 % 19.7 % 22.8 % 22.1 % Note: Please refer to the footnotes on slide 26 for additional information.

Footnotes 26 (1) Includes acquisition-related compensation expenses primarily 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) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (4) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (5) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended March 31, 2024, December 31, 2024, and March 31, 2025, and $2 million for both of the six months ended March 31, 2024 and 2025. (6) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (7) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by 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. (8) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes.