rjf0930q425supplement

Quarterly Financial Supplement Fiscal fourth quarter and fiscal 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 Twelve months ended in millions, except per share amounts September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Revenues: Asset management and related administrative fees $ 1,662 $ 1,743 $ 1,725 $ 1,733 $ 1,877 13 % 8 % $ 6,196 $ 7,078 14 % Brokerage revenues: Securities commissions 438 440 431 431 473 8 % 10 % 1,651 1,775 8 % Principal transactions 123 119 149 128 133 8 % 4 % 492 529 8 % Total brokerage revenues 561 559 580 559 606 8 % 8 % 2,143 2,304 8 % Account and service fees 332 342 321 302 297 (11) % (2) % 1,314 1,262 (4) % Investment banking 315 325 216 212 316 — % 49 % 858 1,069 25 % Interest income 1,073 1,027 963 990 1,014 (5) % 2 % 4,232 3,994 (6) % Other 60 39 40 46 80 33 % 74 % 180 205 14 % Total revenues 4,003 4,035 3,845 3,842 4,190 5 % 9 % 14,923 15,912 7 % Interest expense (541) (498) (442) (444) (463) (14) % 4 % (2,102) (1,847) (12) % Net revenues 3,462 3,537 3,403 3,398 3,727 8 % 10 % 12,821 14,065 10 % Non-interest expenses: Compensation, commissions and benefits 2,159 2,272 2,204 2,202 2,394 11 % 9 % 8,213 9,072 10 % Non-compensation expenses: Communications and information processing 181 178 184 191 199 10 % 4 % 662 752 14 % Occupancy and equipment 76 73 74 77 84 11 % 9 % 296 308 4 % Business development 64 68 64 77 82 28 % 6 % 257 291 13 % Investment sub-advisory fees 50 53 54 56 60 20 % 7 % 182 223 23 % Professional fees 47 34 34 42 53 13 % 26 % 150 163 9 % Bank loan provision for credit losses 22 — 16 15 6 (73) % (60) % 45 37 (18) % Other (1) 103 110 102 175 118 15 % (33) % 373 505 35 % Total non-compensation expenses 543 516 528 633 602 11 % (5) % 1,965 2,279 16 % Total non-interest expenses 2,702 2,788 2,732 2,835 2,996 11 % 6 % 10,178 11,351 12 % Pre-tax income 760 749 671 563 731 (4) % 30 % 2,643 2,714 3 % Provision for income taxes 158 149 176 127 127 (20) % — % 575 579 1 % Net income 602 600 495 436 604 — % 39 % 2,068 2,135 3 % Preferred stock dividends 1 1 2 1 1 — % — % 5 5 — % Net income available to common shareholders $ 601 $ 599 $ 493 $ 435 $ 603 — % 39 % $ 2,063 $ 2,130 3 % Earnings per common share – basic (2) $ 2.93 $ 2.94 $ 2.41 $ 2.16 $ 3.03 3 % 40 % $ 9.94 $ 10.53 6 % Earnings per common share – diluted (2) $ 2.86 $ 2.86 $ 2.36 $ 2.12 $ 2.95 3 % 39 % $ 9.70 $ 10.30 6 % Weighted-average common shares outstanding – basic 204.7 203.7 204.3 201.2 199.0 (3) % (1) % 207.1 202.0 (2) % Weighted-average common and common equivalent shares outstanding – diluted 210.1 209.2 208.7 205.5 203.8 (3) % (1) % 212.3 206.6 (3) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in billions, except per share amounts September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 Total assets $ 83.0 $ 82.3 $ 83.1 $ 84.8 $ 88.2 6 % 4 % Total common equity attributable to Raymond James Financial, Inc. $ 11.6 $ 11.8 $ 12.1 $ 12.2 $ 12.4 7 % 2 % Book value per share (3) $ 57.03 $ 57.89 $ 59.74 $ 60.90 $ 62.72 10 % 3 % Tangible book value per share (3) (4) $ 48.43 $ 49.49 $ 51.29 $ 52.32 $ 54.12 12 % 3 % Capital ratios: Tier 1 leverage 12.8 % 13.0 % 13.3 % 13.1 % 13.1 % (5) Tier 1 capital 22.8 % 23.7 % 23.5 % 22.9 % 23.0 % (5) Common equity tier 1 22.6 % 23.5 % 23.3 % 22.7 % 22.9 % (5) Total capital 24.1 % 25.0 % 24.8 % 24.2 % 24.1 % (5) $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Adjusted pre-tax income (4) $ 785 $ 769 $ 690 $ 582 $ 770 (2) % 32 % $ 2,740 $ 2,811 3 % Adjusted net income available to common shareholders (4) $ 621 $ 614 $ 507 $ 449 $ 635 2 % 41 % $ 2,137 $ 2,205 3 % Adjusted earnings per common share – basic (2) (4) $ 3.03 $ 3.01 $ 2.48 $ 2.23 $ 3.19 5 % 43 % $ 10.30 $ 10.90 6 % Adjusted earnings per common share – diluted (2) (4) $ 2.95 $ 2.93 $ 2.42 $ 2.18 $ 3.11 5 % 43 % $ 10.05 $ 10.66 6 % Return on common equity (6) 21.2 % 20.4 % 16.4 % 14.3 % 19.6 % 18.9 % 17.7 % Adjusted return on common equity (4) (6) 21.9 % 20.9 % 16.9 % 14.8 % 20.6 % 19.6 % 18.3 % Adjusted return on tangible common equity (4) (6) 25.8 % 24.6 % 19.7 % 17.2 % 23.9 % 23.3 % 21.3 % Pre-tax margin (7) 22.0 % 21.2 % 19.7 % 16.6 % 19.6 % 20.6 % 19.3 % Adjusted pre-tax margin (4) (7) 22.7 % 21.7 % 20.3 % 17.1 % 20.7 % 21.4 % 20.0 % Total compensation ratio (8) 62.4 % 64.2 % 64.8 % 64.8 % 64.2 % 64.1 % 64.5 % Adjusted total compensation ratio (4) (8) 62.1 % 64.0 % 64.5 % 64.5 % 64.0 % 63.7 % 64.3 % Effective tax rate 20.8 % 19.9 % 26.2 % 22.6 % 17.4 % 21.8 % 21.3 % Three months ended % change from Twelve 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) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 Client assets under administration $ 1,571.1 $ 1,557.5 $ 1,535.9 $ 1,637.1 $ 1,730.6 10 % 6 % Private Client Group assets under administration $ 1,507.0 $ 1,491.8 $ 1,475.5 $ 1,574.2 $ 1,666.5 11 % 6 % Private Client Group assets in fee-based accounts $ 875.2 $ 876.6 $ 872.8 $ 943.9 $ 1,008.1 15 % 7 % Financial assets under management $ 244.8 $ 243.9 $ 245.0 $ 263.2 $ 274.9 12 % 4 % Three months ended Twelve months ended Net new assets metrics (9) ($ in millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Domestic Private Client Group net new assets $ 12,969 $ 14,020 $ 8,830 $ 11,651 $ 17,930 $ 60,709 $ 52,431 Domestic Private Client Group net new assets growth — annualized 4.0 % 4.0 % 2.6 % 3.4 % 5.0 % 5.5 % 3.8 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 Raymond James Bank Deposit Program (“RJBDP”): (10) Bank segment (10) $ 23,978 $ 23,946 $ 25,783 $ 26,635 $ 26,555 11 % — % Third-party banks 18,226 20,341 16,813 13,878 14,761 (19) % 6 % Subtotal RJBDP 42,204 44,287 42,596 40,513 41,316 (2) % 2 % Client Interest Program 1,653 1,664 1,656 1,640 1,572 (5) % (4) % Total clients’ domestic cash sweep balances 43,857 45,951 44,252 42,153 42,888 (2) % 2 % Enhanced Savings Program ("ESP") (11) 14,018 13,785 13,507 13,027 13,465 (4) % 3 % Total clients’ domestic cash sweep and ESP balances $ 57,875 $ 59,736 $ 57,759 $ 55,180 $ 56,353 (3) % 2 % Three months ended % change from Twelve months ended Net interest income and RJBDP fees ($ in millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Net interest income and RJBDP fees (third-party banks) $ 678 $ 673 $ 651 $ 656 $ 653 (4) % — % $ 2,737 $ 2,633 (4) % Average yield on RJBDP - third-party banks (12) 3.34 % 3.12 % 3.00 % 2.96 % 2.91 % 3.50 % 3.01 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Revenues: Asset management and related administrative fees $ 1,408 $ 1,476 $ 1,457 $ 1,462 $ 1,585 13 % 8 % $ 5,246 $ 5,980 14 % Brokerage revenues: Mutual and other fund products 148 152 152 146 155 5 % 6 % 567 605 7 % Insurance and annuity products 137 118 117 129 147 7 % 14 % 519 511 (2) % Equities, ETFs, and fixed income products 148 163 150 145 163 10 % 12 % 545 621 14 % Total brokerage revenues 433 433 419 420 465 7 % 11 % 1,631 1,737 6 % Account and service fees: Mutual fund and other investment products 122 126 130 126 136 11 % 8 % 461 518 12 % RJBDP fees: (10) Bank segment 197 187 183 193 191 (3) % (1) % 824 754 (8) % Third-party banks 146 144 130 110 102 (30) % (7) % 607 486 (20) % Client account and other fees 69 70 66 72 67 (3) % (7) % 264 275 4 % Total account and service fees 534 527 509 501 496 (7) % (1) % 2,156 2,033 (6) % Investment banking 9 8 9 9 9 — % — % 38 35 (8) % Interest income (13) 119 126 110 114 118 (1) % 4 % 480 468 (3) % All other 4 5 6 5 13 225 % 160 % 27 29 7 % Total revenues 2,507 2,575 2,510 2,511 2,686 7 % 7 % 9,578 10,282 7 % Interest expense (31) (27) (24) (23) (26) (16) % 13 % (119) (100) (16) % Net revenues 2,476 2,548 2,486 2,488 2,660 7 % 7 % 9,459 10,182 8 % Non-interest expenses: Financial advisor compensation and benefits 1,364 1,413 1,411 1,414 1,532 12 % 8 % 5,154 5,770 12 % Administrative compensation and benefits 387 418 388 389 419 8 % 8 % 1,546 1,614 4 % Total compensation, commissions and benefits 1,751 1,831 1,799 1,803 1,951 11 % 8 % 6,700 7,384 10 % Non-compensation expenses 264 255 256 274 293 11 % 7 % 974 1,078 11 % Total non-interest expenses 2,015 2,086 2,055 2,077 2,244 11 % 8 % 7,674 8,462 10 % Pre-tax income $ 461 $ 462 $ 431 $ 411 $ 416 (10) % 1 % $ 1,785 $ 1,720 (4) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Revenues: Brokerage revenues: Fixed income $ 91 $ 85 $ 116 $ 97 $ 99 9 % 2 % $ 367 $ 397 8 % Equity 36 41 45 41 41 14 % — % 143 168 17 % Total brokerage revenues 127 126 161 138 140 10 % 1 % 510 565 11 % Investment banking: Merger & acquisition and advisory 205 226 129 105 163 (20) % 55 % 521 623 20 % Equity underwriting 49 35 31 38 46 (6) % 21 % 131 150 15 % Debt underwriting 52 56 47 60 100 92 % 67 % 168 263 57 % Total investment banking 306 317 207 203 309 1 % 52 % 820 1,036 26 % Interest income 28 29 28 27 27 (4) % — % 109 111 2 % Affordable housing investments business revenues 43 29 20 33 58 35 % 76 % 118 140 19 % All other 6 5 4 4 4 (33) % — % 18 17 (6) % Total revenues 510 506 420 405 538 5 % 33 % 1,575 1,869 19 % Interest expense (27) (26) (24) (24) (25) (7) % 4 % (103) (99) (4) % Net revenues 483 480 396 381 513 6 % 35 % 1,472 1,770 20 % Non-interest expenses: Compensation, commissions and benefits 281 301 262 262 303 8 % 16 % 1,002 1,128 13 % Non-compensation expenses (1) 107 105 98 173 120 12 % (31) % 403 496 23 % Total non-interest expenses 388 406 360 435 423 9 % (3) % 1,405 1,624 16 % Pre-tax income/(loss) $ 95 $ 74 $ 36 $ (54) $ 90 (5) % NM $ 67 $ 146 118 % 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 Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Revenues: Interest income $ 887 $ 847 $ 802 $ 823 $ 843 (5) % 2 % $ 3,494 $ 3,315 (5) % Interest expense (476) (433) (383) (383) (401) (16) % 5 % (1,838) (1,600) (13) % Net interest income 411 414 419 440 442 8 % — % 1,656 1,715 4 % All other 22 11 15 18 17 (23) % (6) % 60 61 2 % Net revenues 433 425 434 458 459 6 % — % 1,716 1,776 3 % Non-interest expenses: Compensation and benefits 44 46 45 47 46 5 % (2) % 180 184 2 % Non-compensation expenses: Bank loan provision for credit losses 22 — 16 15 6 (73) % (60) % 45 37 (18) % RJBDP fees to Private Client Group (10) 197 187 183 193 191 (3) % (1) % 824 754 (8) % All other 72 74 73 80 83 15 % 4 % 287 310 8 % Total non-compensation expenses 291 261 272 288 280 (4) % (3) % 1,156 1,101 (5) % Total non-interest expenses 335 307 317 335 326 (3) % (3) % 1,336 1,285 (4) % Pre-tax income $ 98 $ 118 $ 117 $ 123 $ 133 36 % 8 % $ 380 $ 491 29 % 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 Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 September 30, 2024 September 30, 2025 % change Revenues: Interest income (13) $ 53 $ 34 $ 34 $ 34 $ 37 (30) % 9 % $ 193 $ 139 (28) % All other — 3 4 — — — % — % 6 7 17 % Total revenues 53 37 38 34 37 (30) % 9 % 199 146 (27) % Interest expense (25) (25) (25) (25) (25) — % — % (100) (100) — % Net revenues 28 12 13 9 12 (57) % 33 % 99 46 (54) % Non-interest expenses: Compensation and benefits 26 36 40 36 35 35 % (3) % 104 147 41 % All other 12 6 7 15 17 42 % 13 % 5 45 800 % Total non-interest expenses 38 42 47 51 52 37 % 2 % 109 192 76 % Pre-tax loss $ (10) $ (30) $ (34) $ (42) $ (40) (300) % 5 % $ (10) $ (146) (1,360) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in billions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 Total assets $ 62.4 $ 62.3 $ 62.7 $ 63.6 $ 65.3 5 % 3 % Bank deposits $ 56.0 $ 55.9 $ 56.4 $ 57.2 $ 58.9 5 % 3 % As of % change from $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 June 30, 2025 Bank loans by portfolio segment: Securities-based loans (15) $ 16,233 $ 16,869 $ 17,608 $ 18,497 $ 19,775 22 % 7 % Commercial and industrial loans 9,953 10,390 10,462 10,754 10,777 8 % — % Commercial real estate loans 7,615 7,586 7,569 7,777 7,840 3 % 1 % Real estate investment trust loans 1,716 1,683 1,794 1,735 1,690 (2) % (3) % Residential mortgage loans 9,412 9,602 9,801 9,976 10,295 9 % 3 % Tax-exempt loans 1,338 1,294 1,268 1,311 1,226 (8) % (6) % Total loans held for investment 46,267 47,424 48,502 50,050 51,603 12 % 3 % Held for sale loans 184 192 223 255 416 126 % 63 % Total loans held for sale and investment 46,451 47,616 48,725 50,305 52,019 12 % 3 % Allowance for credit losses (457) (452) (452) (465) (452) (1) % (3) % Bank loans, net $ 45,994 $ 47,164 $ 48,273 $ 49,840 $ 51,567 12 % 3 % Total nonperforming assets $ 175 $ 161 $ 214 $ 214 $ 187 7 % (13) % Total criticized loans $ 679 $ 599 $ 551 $ 572 $ 660 (3) % 15 % Bank loan allowance for credit losses as a % of total loans held for investment 0.99 % 0.95 % 0.93 % 0.93 % 0.88 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (16) 1.99 % 1.93 % 1.94 % 1.96 % 1.88 % Nonperforming assets as a % of total assets 0.28 % 0.26 % 0.34 % 0.34 % 0.29 % Criticized loans as a % of total loans held for investment 1.47 % 1.26 % 1.14 % 1.14 % 1.28 % Three months ended Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Net interest margin (net yield on interest-earning assets) 2.62 % 2.60 % 2.67 % 2.74 % 2.71 % 2.67 % 2.68 % Bank loan provision for credit losses $ 22 $ — $ 16 $ 15 $ 6 $ 45 $ 37 Net charge-offs $ 20 $ 4 $ 15 $ 3 $ 19 $ 62 $ 41 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 Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Net income available to common shareholders $ 601 $ 599 $ 493 $ 435 $ 603 $ 2,063 $ 2,130 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 8 8 9 6 42 31 Other acquisition-related compensation — — — — 4 — 4 Total “Compensation, commissions and benefits” expense 9 8 8 9 10 42 35 Communications and information processing 1 — — — 2 2 2 Professional fees 1 1 1 — 8 4 10 Other: Amortization of identifiable intangible assets (18) 11 11 10 10 10 44 41 All other acquisition-related expenses 3 — — — 9 5 9 Total “Other” expense 14 11 10 10 19 49 50 Total pre-tax impact of non-GAAP adjustments related to acquisitions 25 20 19 19 39 97 97 Tax effect of non-GAAP adjustments (5) (5) (5) (5) (7) (23) (22) Total non-GAAP adjustments, net of tax 20 15 14 14 32 74 75 Adjusted net income available to common shareholders (4) $ 621 $ 614 $ 507 $ 449 $ 635 $ 2,137 $ 2,205 Pre-tax income $ 760 $ 749 $ 671 $ 563 $ 731 $ 2,643 $ 2,714 Pre-tax impact of non-GAAP adjustments (as detailed above) 25 20 19 19 39 97 97 Adjusted pre-tax income (4) $ 785 $ 769 $ 690 $ 582 $ 770 $ 2,740 $ 2,811 Compensation, commissions and benefits expense $ 2,159 $ 2,272 $ 2,204 $ 2,202 $ 2,394 $ 8,213 $ 9,072 Less: Total compensation-related acquisition expenses (as detailed above) (17) 9 8 8 9 10 42 35 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,150 $ 2,264 $ 2,196 $ 2,193 $ 2,384 $ 8,171 $ 9,037 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Twelve months ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Pre-tax margin (7) 22.0 % 21.2 % 19.7 % 16.6 % 19.6 % 20.6 % 19.3 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.3 % 0.2 % 0.3 % 0.3 % 0.1 % 0.4 % 0.2 % Other acquisition-related compensation — % — % — % — % 0.1 % — % — % Total “Compensation, commissions and benefits” expense 0.3 % 0.2 % 0.3 % 0.3 % 0.2 % 0.4 % 0.2 % Communications and information processing — % — % — % — % 0.1 % — % — % Professional fees — % — % — % — % 0.2 % — % 0.1 % Other: Amortization of identifiable intangible assets (18) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % 0.3 % All other acquisition-related expenses 0.1 % — % — % — % 0.3 % 0.1 % 0.1 % Total “Other” expense 0.4 % 0.3 % 0.3 % 0.2 % 0.6 % 0.4 % 0.4 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.7 % 0.5 % 0.6 % 0.5 % 1.1 % 0.8 % 0.7 % Adjusted pre-tax margin (4) (7) 22.7 % 21.7 % 20.3 % 17.1 % 20.7 % 21.4 % 20.0 % Total compensation ratio (8) 62.4 % 64.2 % 64.8 % 64.8 % 64.2 % 64.1 % 64.5 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.3 % 0.2 % 0.3 % 0.3 % 0.1 % 0.4 % 0.2 % Other acquisition-related compensation — % — % — % — % 0.1 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.3 % 0.2 % 0.3 % 0.3 % 0.2 % 0.4 % 0.2 % Adjusted total compensation ratio (4) (8) 62.1 % 64.0 % 64.5 % 64.5 % 64.0 % 63.7 % 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 Twelve months ended Earnings per common share (2) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Diluted $ 2.86 $ 2.86 $ 2.36 $ 2.12 $ 2.95 $ 9.70 $ 10.30 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.04 0.04 0.04 0.04 0.03 0.20 0.15 Other acquisition-related compensation — — — — 0.02 — 0.02 Total “Compensation, commissions and benefits” expense 0.04 0.04 0.04 0.04 0.05 0.20 0.17 Communications and information processing — — — — 0.01 0.01 0.01 Professional fees — — — — 0.04 0.02 0.05 Other: Amortization of identifiable intangible assets (18) 0.05 0.05 0.05 0.04 0.05 0.21 0.20 All other acquisition-related expenses 0.02 — — — 0.04 0.02 0.04 Total “Other” expense 0.07 0.05 0.05 0.04 0.09 0.23 0.24 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.11 0.09 0.09 0.08 0.19 0.46 0.47 Tax effect of non-GAAP adjustments (0.02) (0.02) (0.03) (0.02) (0.03) (0.11) (0.11) Total non-GAAP adjustments, net of tax 0.09 0.07 0.06 0.06 0.16 0.35 0.36 Adjusted diluted (4) $ 2.95 $ 2.93 $ 2.42 $ 2.18 $ 3.11 $ 10.05 $ 10.66 Book value per share As of $ in millions, except per share amounts September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,594 $ 11,844 $ 12,133 $ 12,180 $ 12,424 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,886 1,858 1,855 1,860 1,847 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (138) (139) (140) (143) (144) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 9,846 $ 10,125 $ 10,418 $ 10,463 $ 10,721 Common shares outstanding 203.3 204.6 203.1 200.0 198.1 Book value per share (3) $ 57.03 $ 57.89 $ 59.74 $ 60.90 $ 62.72 Tangible book value per share (3) (4) $ 48.43 $ 49.49 $ 51.29 $ 52.32 $ 54.12 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Average common equity (19) $ 11,356 $ 11,719 $ 11,989 $ 12,157 $ 12,302 $ 10,893 $ 12,035 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 5 4 4 5 3 22 16 Other acquisition-related compensation — — — — 2 — 1 Total “Compensation, commissions and benefits” expense 5 4 4 5 5 22 17 Communications and information processing — — — — 1 — — Professional fees 1 1 1 — 4 2 3 Other: Amortization of identifiable intangible assets (18) 6 6 5 5 5 22 21 All other acquisition-related expenses 1 — — — 5 2 1 Total “Other” expense 7 6 5 5 10 24 22 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 10 10 20 48 42 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (4) (12) (10) Total non-GAAP adjustments, net of tax 10 8 7 7 16 36 32 Adjusted average common equity (4) (19) $ 11,366 $ 11,727 $ 11,996 $ 12,164 $ 12,318 $ 10,929 $ 12,067 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Twelve months ended $ in millions September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2024 September 30, 2025 Average common equity (19) $ 11,356 $ 11,719 $ 11,989 $ 12,157 $ 12,302 $ 10,893 $ 12,035 Less: Average goodwill and identifiable intangible assets, net 1,885 1,872 1,857 1,858 1,854 1,896 1,861 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (137) (139) (140) (142) (144) (134) (141) Average tangible common equity (4) (19) $ 9,608 $ 9,986 $ 10,272 $ 10,441 $ 10,592 $ 9,131 $ 10,315 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 5 4 4 5 3 22 16 Other acquisition-related compensation — — — — 2 — 1 Total “Compensation, commissions and benefits” expense 5 4 4 5 5 22 17 Communications and information processing — — — — 1 — — Professional fees 1 1 1 — 4 2 3 Other: Amortization of identifiable intangible assets (18) 6 6 5 5 5 22 21 All other acquisition-related expenses 1 — — — 5 2 1 Total “Other” expense 7 6 5 5 10 24 22 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 10 10 20 48 42 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (4) (12) (10) Total non-GAAP adjustments, net of tax 10 8 7 7 16 36 32 Adjusted average tangible common equity (4) (19) $ 9,618 $ 9,994 $ 10,279 $ 10,448 $ 10,608 $ 9,167 $ 10,347 Return on common equity (6) 21.2 % 20.4 % 16.4 % 14.3 % 19.6 % 18.9 % 17.7 % Adjusted return on common equity (4) (6) 21.9 % 20.9 % 16.9 % 14.8 % 20.6 % 19.6 % 18.3 % Return on tangible common equity (4) (6) 25.0 % 24.0 % 19.2 % 16.7 % 22.8 % 22.6 % 20.6 % Adjusted return on tangible common equity (4) (6) 25.8 % 24.6 % 19.7 % 17.2 % 23.9 % 23.3 % 21.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the three months ended June 30, 2025 and twelve months ended September 30, 2025 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended September 30, 2024, December 31, 2024, March 31, 2025, and September 30, 2025, and an insignificant amount for the three months ended June 30, 2025. The allocations of earnings and dividends to participating securities were $4 million and $3 million for the twelve months ended September 30, 2024 and 2025. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) 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. (10) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (11) 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. (12) 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. (13) 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. (14) 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. (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) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. RAYMOND JAMES FINANCIAL, INC. 18

(17) 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. (18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (19) 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 five, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by five. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19