rjf1231q126supplement

Quarterly Financial Supplement Fiscal first quarter of 2026 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from in millions, except per share amounts December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Revenues: Asset management and related administrative fees $ 1,743 $ 1,725 $ 1,733 $ 1,877 $ 1,999 15 % 6 % Brokerage revenues: Securities commissions 440 431 431 473 486 10 % 3 % Principal transactions 119 149 128 133 126 6 % (5) % Total brokerage revenues 559 580 559 606 612 9 % 1 % Account and service fees 342 321 302 297 308 (10) % 4 % Investment banking 325 216 212 316 208 (36) % (34) % Interest income 1,027 963 990 1,014 1,007 (2) % (1) % Other 39 40 46 80 42 8 % (48) % Total revenues 4,035 3,845 3,842 4,190 4,176 3 % — % Interest expense (498) (442) (444) (463) (441) (11) % (5) % Net revenues 3,537 3,403 3,398 3,727 3,735 6 % — % Non-interest expenses: Compensation, commissions and benefits 2,272 2,204 2,202 2,394 2,450 8 % 2 % Non-compensation expenses: Communications and information processing 178 184 191 199 194 9 % (3) % Occupancy and equipment 73 74 77 84 80 10 % (5) % Business development 68 64 77 82 81 19 % (1) % Investment sub-advisory fees 53 54 56 60 63 19 % 5 % Professional fees 34 34 42 53 37 9 % (30) % Bank loan provision/(benefit) for credit losses — 16 15 6 (3) NM NM Other (1) 110 102 175 118 105 (5) % (11) % Total non-compensation expenses 516 528 633 602 557 8 % (7) % Total non-interest expenses 2,788 2,732 2,835 2,996 3,007 8 % — % Pre-tax income 749 671 563 731 728 (3) % — % Provision for income taxes 149 176 127 127 165 11 % 30 % Net income 600 495 436 604 563 (6) % (7) % Preferred stock dividends 1 2 1 1 1 — % — % Net income available to common shareholders $ 599 $ 493 $ 435 $ 603 $ 562 (6) % (7) % Earnings per common share – basic (2) $ 2.94 $ 2.41 $ 2.16 $ 3.03 $ 2.85 (3) % (6) % Earnings per common share – diluted (2) $ 2.86 $ 2.36 $ 2.12 $ 2.95 $ 2.79 (2) % (5) % Weighted-average common shares outstanding – basic 203.7 204.3 201.2 199.0 197.1 (3) % (1) % Weighted-average common and common equivalent shares outstanding – diluted 209.2 208.7 205.5 203.8 201.4 (4) % (1) % 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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Total assets $ 82.3 $ 83.1 $ 84.8 $ 88.2 $ 88.8 8 % 1 % Total common equity attributable to Raymond James Financial, Inc. $ 11.8 $ 12.1 $ 12.2 $ 12.4 $ 12.5 6 % 1 % Book value per share (3) $ 57.89 $ 59.74 $ 60.90 $ 62.72 $ 63.41 10 % 1 % Tangible book value per share (3) (4) $ 49.49 $ 51.29 $ 52.32 $ 54.12 $ 54.82 11 % 1 % Capital ratios: Tier 1 leverage 13.0 % 13.3 % 13.1 % 13.1 % 12.7 % (5) Tier 1 capital 23.7 % 23.5 % 22.9 % 23.0 % 23.2 % (5) Common equity tier 1 23.5 % 23.3 % 22.7 % 22.9 % 23.0 % (5) Total capital 25.0 % 24.8 % 24.2 % 24.1 % 24.3 % (5) $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Adjusted pre-tax income (4) $ 769 $ 690 $ 582 $ 770 $ 748 (3) % (3) % Adjusted net income available to common shareholders (4) $ 614 $ 507 $ 449 $ 635 $ 577 (6) % (9) % Adjusted earnings per common share – basic (2) (4) $ 3.01 $ 2.48 $ 2.23 $ 3.19 $ 2.92 (3) % (8) % Adjusted earnings per common share – diluted (2) (4) $ 2.93 $ 2.42 $ 2.18 $ 3.11 $ 2.86 (2) % (8) % Return on common equity (6) 20.4 % 16.4 % 14.3 % 19.6 % 18.0 % Adjusted return on common equity (4) (6) 20.9 % 16.9 % 14.8 % 20.6 % 18.5 % Adjusted return on tangible common equity (4) (6) 24.6 % 19.7 % 17.2 % 23.9 % 21.4 % Pre-tax margin (7) 21.2 % 19.7 % 16.6 % 19.6 % 19.5 % Adjusted pre-tax margin (4) (7) 21.7 % 20.3 % 17.1 % 20.7 % 20.0 % Total compensation ratio (8) 64.2 % 64.8 % 64.8 % 64.2 % 65.6 % Adjusted total compensation ratio (4) (8) 64.0 % 64.5 % 64.5 % 64.0 % 65.4 % Effective tax rate 19.9 % 26.2 % 22.6 % 17.4 % 22.7 % Three months ended % change from 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) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Client assets under administration $ 1,557.5 $ 1,535.9 $ 1,637.1 $ 1,730.6 $ 1,773.1 14 % 2 % Private Client Group assets under administration $ 1,491.8 $ 1,475.5 $ 1,574.2 $ 1,666.5 $ 1,708.5 15 % 3 % Private Client Group assets in fee-based accounts $ 876.6 $ 872.8 $ 943.9 $ 1,008.1 $ 1,040.1 19 % 3 % Financial assets under management $ 243.9 $ 245.0 $ 263.2 $ 274.9 $ 280.8 15 % 2 % Three months ended Net new assets metrics (9) ($ in millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Domestic Private Client Group net new assets $ 14,020 $ 8,830 $ 11,651 $ 17,930 $ 30,828 Domestic Private Client Group net new assets growth — annualized 4.0 % 2.6 % 3.4 % 5.0 % 8.0 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Raymond James Bank Deposit Program (“RJBDP”): (10) Bank segment (10) $ 23,946 $ 25,783 $ 26,635 $ 26,555 $ 27,819 16 % 5 % Third-party banks 20,341 16,813 13,878 14,761 15,996 (21) % 8 % Subtotal RJBDP 44,287 42,596 40,513 41,316 43,815 (1) % 6 % Client Interest Program 1,664 1,656 1,640 1,572 1,815 9 % 15 % Total clients’ domestic cash sweep balances 45,951 44,252 42,153 42,888 45,630 (1) % 6 % Enhanced Savings Program ("ESP") (11) 13,785 13,507 13,027 13,465 12,448 (10) % (8) % Total clients’ domestic cash sweep and ESP balances $ 59,736 $ 57,759 $ 55,180 $ 56,353 $ 58,078 (3) % 3 % Three months ended % change from Net interest income and RJBDP fees ($ in millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Net interest income and RJBDP fees (third-party banks) $ 673 $ 651 $ 656 $ 653 $ 667 (1) % 2 % Average yield on RJBDP - third-party banks (12) 3.12 % 3.00 % 2.96 % 2.91 % 2.76 % 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Revenues: Asset management and related administrative fees $ 1,476 $ 1,457 $ 1,462 $ 1,585 $ 1,693 15 % 7 % Brokerage revenues: Mutual and other fund products 152 152 146 155 164 8 % 6 % Insurance and annuity products 118 117 129 147 132 12 % (10) % Equities, ETFs, and fixed income products 163 150 145 163 174 7 % 7 % Total brokerage revenues 433 419 420 465 470 9 % 1 % Account and service fees: Mutual fund and other investment products 126 130 126 136 142 13 % 4 % RJBDP fees: (10) Bank segment 187 183 193 191 188 1 % (2) % Third-party banks 144 130 110 102 101 (30) % (1) % Client account and other fees 70 66 72 67 71 1 % 6 % Total account and service fees 527 509 501 496 502 (5) % 1 % Investment banking 8 9 9 9 8 — % (11) % Interest income 126 110 114 118 114 (10) % (3) % All other 5 6 5 13 4 (20) % (69) % Total revenues 2,575 2,510 2,511 2,686 2,791 8 % 4 % Interest expense (27) (24) (23) (26) (23) (15) % (12) % Net revenues 2,548 2,486 2,488 2,660 2,768 9 % 4 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,325 1,322 1,317 1,434 1,512 14 % 5 % Recruiting and retention-related compensation (13) 88 89 97 98 107 22 % 9 % Total financial advisor compensation 1,413 1,411 1,414 1,532 1,619 15 % 6 % Administrative compensation and benefits 418 388 389 419 432 3 % 3 % Total compensation, commissions and benefits 1,831 1,799 1,803 1,951 2,051 12 % 5 % Non-compensation expenses 255 256 274 293 278 9 % (5) % Total non-interest expenses 2,086 2,055 2,077 2,244 2,329 12 % 4 % Pre-tax income $ 462 $ 431 $ 411 $ 416 $ 439 (5) % 6 % 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Revenues: Brokerage revenues: Fixed income $ 85 $ 116 $ 97 $ 99 $ 91 7 % (8) % Equity 41 45 41 41 50 22 % 22 % Total brokerage revenues 126 161 138 140 141 12 % 1 % Investment banking: Merger & acquisition and advisory 226 129 105 163 119 (47) % (27) % Equity underwriting 35 31 38 46 31 (11) % (33) % Debt underwriting 56 47 60 100 50 (11) % (50) % Total investment banking 317 207 203 309 200 (37) % (35) % Interest income 29 28 27 27 28 (3) % 4 % Affordable housing investments business revenues 29 20 33 58 31 7 % (47) % All other 5 4 4 4 4 (20) % — % Total revenues 506 420 405 538 404 (20) % (25) % Interest expense (26) (24) (24) (25) (24) (8) % (4) % Net revenues 480 396 381 513 380 (21) % (26) % Non-interest expenses: Compensation, commissions and benefits 301 262 262 303 261 (13) % (14) % Non-compensation expenses (1) 105 98 173 120 110 5 % (8) % Total non-interest expenses 406 360 435 423 371 (9) % (12) % Pre-tax income/(loss) $ 74 $ 36 $ (54) $ 90 $ 9 (88) % (90) % 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Revenues: Asset management and related administrative fees: Managed programs $ 189 $ 187 $ 189 $ 204 $ 211 12 % 3 % Administration and other 93 91 91 99 105 13 % 6 % Total asset management and related administrative fees 282 278 280 303 316 12 % 4 % Account and service fees 6 6 5 6 6 — % — % All other 6 5 6 5 4 (33) % (20) % Net revenues 294 289 291 314 326 11 % 4 % Non-interest expenses: Compensation, commissions and benefits 58 57 54 60 59 2 % (2) % Non-compensation expenses 111 111 112 122 124 12 % 2 % Total non-interest expenses 169 168 166 182 183 8 % 1 % Pre-tax income $ 125 $ 121 $ 125 $ 132 $ 143 14 % 8 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Revenues: Interest income $ 847 $ 802 $ 823 $ 843 $ 831 (2) % (1) % Interest expense (433) (383) (383) (401) (361) (17) % (10) % Net interest income 414 419 440 442 470 14 % 6 % All other 11 15 18 17 17 55 % — % Net revenues 425 434 458 459 487 15 % 6 % Non-interest expenses: Compensation and benefits 46 45 47 46 48 4 % 4 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses — 16 15 6 (3) NM NM RJBDP fees to Private Client Group (10) 187 183 193 191 188 1 % (2) % All other 74 73 80 83 81 9 % (2) % Total non-compensation expenses 261 272 288 280 266 2 % (5) % Total non-interest expenses 307 317 335 326 314 2 % (4) % Pre-tax income $ 118 $ 117 $ 123 $ 133 $ 173 47 % 30 % 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Revenues: Interest income $ 34 $ 34 $ 34 $ 37 $ 42 24 % 14 % All other 3 4 — — 1 (67) % NM Total revenues 37 38 34 37 43 16 % 16 % Interest expense (25) (25) (25) (25) (44) 76 % 76 % Net revenues 12 13 9 12 (1) NM NM Non-interest expenses: Compensation and benefits 36 40 36 35 31 (14) % (11) % All other 6 7 15 17 4 (33) % (76) % Total non-interest expenses 42 47 51 52 35 (17) % (33) % Pre-tax loss $ (30) $ (34) $ (42) $ (40) $ (36) (20) % 10 % 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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Total assets $ 62.3 $ 62.7 $ 63.6 $ 65.3 $ 66.7 7 % 2 % Bank deposits $ 55.9 $ 56.4 $ 57.2 $ 58.9 $ 60.2 8 % 2 % As of % change from $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Bank loans by portfolio segment: Securities-based loans (15) $ 16,869 $ 17,608 $ 18,497 $ 19,775 $ 21,667 28 % 10 % Commercial and industrial loans 10,390 10,462 10,754 10,777 10,801 4 % — % Commercial real estate loans 7,586 7,569 7,777 7,840 7,753 2 % (1) % Real estate investment trust loans 1,683 1,794 1,735 1,690 1,779 6 % 5 % Residential mortgage loans 9,602 9,801 9,976 10,295 10,567 10 % 3 % Tax-exempt loans 1,294 1,268 1,311 1,226 1,148 (11) % (6) % Total loans held for investment 47,424 48,502 50,050 51,603 53,715 13 % 4 % Held for sale loans 192 223 255 416 168 (13) % (60) % Total loans held for sale and investment 47,616 48,725 50,305 52,019 53,883 13 % 4 % Allowance for credit losses (452) (452) (465) (452) (440) (3) % (3) % Bank loans, net $ 47,164 $ 48,273 $ 49,840 $ 51,567 $ 53,443 13 % 4 % Total nonperforming assets $ 161 $ 214 $ 214 $ 187 $ 208 29 % 11 % Total criticized loans $ 599 $ 551 $ 572 $ 660 $ 611 2 % (7) % Bank loan allowance for credit losses as a % of total loans held for investment 0.95 % 0.93 % 0.93 % 0.88 % 0.82 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (16) 1.93 % 1.94 % 1.96 % 1.88 % 1.82 % Nonperforming assets as a % of total assets 0.26 % 0.34 % 0.34 % 0.29 % 0.31 % Criticized loans as a % of total loans held for investment 1.26 % 1.14 % 1.14 % 1.28 % 1.14 % Three months ended $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net interest margin (net yield on interest-earning assets) 2.60 % 2.67 % 2.74 % 2.71 % 2.81 % Bank loan provision/(benefit) for credit losses $ — $ 16 $ 15 $ 6 $ (3) Net charge-offs $ 4 $ 15 $ 3 $ 19 $ 9 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net income available to common shareholders $ 599 $ 493 $ 435 $ 603 $ 562 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 8 8 9 6 7 Other acquisition-related compensation — — — 4 — Total “Compensation, commissions and benefits” expense 8 8 9 10 7 Communications and information processing — — — 2 1 Professional fees 1 1 — 8 2 Other: Amortization of identifiable intangible assets (18) 11 10 10 10 10 All other acquisition-related expenses — — — 9 — Total “Other” expense 11 10 10 19 10 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 19 19 39 20 Tax effect of non-GAAP adjustments (5) (5) (5) (7) (5) Total non-GAAP adjustments, net of tax 15 14 14 32 15 Adjusted net income available to common shareholders (4) $ 614 $ 507 $ 449 $ 635 $ 577 Pre-tax income $ 749 $ 671 $ 563 $ 731 $ 728 Pre-tax impact of non-GAAP adjustments (as detailed above) 20 19 19 39 20 Adjusted pre-tax income (4) $ 769 $ 690 $ 582 $ 770 $ 748 Compensation, commissions and benefits expense $ 2,272 $ 2,204 $ 2,202 $ 2,394 $ 2,450 Less: Total compensation-related acquisition expenses (as detailed above) (17) 8 8 9 10 7 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,264 $ 2,196 $ 2,193 $ 2,384 $ 2,443 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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Pre-tax margin (7) 21.2 % 19.7 % 16.6 % 19.6 % 19.5 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.2 % 0.3 % 0.3 % 0.1 % 0.2 % Other acquisition-related compensation — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expense 0.2 % 0.3 % 0.3 % 0.2 % 0.2 % Communications and information processing — % — % — % 0.1 % — % Professional fees — % — % — % 0.2 % — % Other: Amortization of identifiable intangible assets (18) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % All other acquisition-related expenses — % — % — % 0.3 % — % Total “Other” expense 0.3 % 0.3 % 0.2 % 0.6 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.5 % 0.6 % 0.5 % 1.1 % 0.5 % Adjusted pre-tax margin (4) (7) 21.7 % 20.3 % 17.1 % 20.7 % 20.0 % Total compensation ratio (8) 64.2 % 64.8 % 64.8 % 64.2 % 65.6 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.2 % 0.3 % 0.3 % 0.1 % 0.2 % Other acquisition-related compensation — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.2 % 0.3 % 0.3 % 0.2 % 0.2 % Adjusted total compensation ratio (4) (8) 64.0 % 64.5 % 64.5 % 64.0 % 65.4 % 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 Earnings per common share (2) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Diluted $ 2.86 $ 2.36 $ 2.12 $ 2.95 $ 2.79 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 0.03 0.03 Other acquisition-related compensation — — — 0.02 — Total “Compensation, commissions and benefits” expense 0.04 0.04 0.04 0.05 0.03 Communications and information processing — — — 0.01 — Professional fees — — — 0.04 0.01 Other: Amortization of identifiable intangible assets (18) 0.05 0.05 0.04 0.05 0.05 All other acquisition-related expenses — — — 0.04 — Total “Other” expense 0.05 0.05 0.04 0.09 0.05 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.09 0.09 0.08 0.19 0.09 Tax effect of non-GAAP adjustments (0.02) (0.03) (0.02) (0.03) (0.02) Total non-GAAP adjustments, net of tax 0.07 0.06 0.06 0.16 0.07 Adjusted diluted (4) $ 2.93 $ 2.42 $ 2.18 $ 3.11 $ 2.86 Book value per share As of $ in millions, except per share amounts December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,844 $ 12,133 $ 12,180 $ 12,424 $ 12,491 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,858 1,855 1,860 1,847 1,838 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (139) (140) (143) (144) (146) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 10,125 $ 10,418 $ 10,463 $ 10,721 $ 10,799 Common shares outstanding 204.6 203.1 200.0 198.1 197.0 Book value per share (3) $ 57.89 $ 59.74 $ 60.90 $ 62.72 $ 63.41 Tangible book value per share (3) (4) $ 49.49 $ 51.29 $ 52.32 $ 54.12 $ 54.82 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Average common equity (19) $ 11,719 $ 11,989 $ 12,157 $ 12,302 $ 12,458 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 4 4 5 3 4 Other acquisition-related compensation — — — 2 — Total “Compensation, commissions and benefits” expense 4 4 5 5 4 Communications and information processing — — — 1 1 Professional fees 1 1 — 4 1 Other: Amortization of identifiable intangible assets (18) 6 5 5 5 5 All other acquisition-related expenses — — — 5 — Total “Other” expense 6 5 5 10 5 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 10 10 20 11 Tax effect of non-GAAP adjustments (3) (3) (3) (4) (3) Total non-GAAP adjustments, net of tax 8 7 7 16 8 Adjusted average common equity (4) (19) $ 11,727 $ 11,996 $ 12,164 $ 12,318 $ 12,466 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 $ in millions December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Average common equity (19) $ 11,719 $ 11,989 $ 12,157 $ 12,302 $ 12,458 Less: Average goodwill and identifiable intangible assets, net 1,872 1,857 1,858 1,854 1,843 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (139) (140) (142) (144) (145) Average tangible common equity (4) (19) $ 9,986 $ 10,272 $ 10,441 $ 10,592 $ 10,760 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 4 4 5 3 4 Other acquisition-related compensation — — — 2 — Total “Compensation, commissions and benefits” expense 4 4 5 5 4 Communications and information processing — — — 1 1 Professional fees 1 1 — 4 1 Other: Amortization of identifiable intangible assets (18) 6 5 5 5 5 All other acquisition-related expenses — — — 5 — Total “Other” expense 6 5 5 10 5 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 10 10 20 11 Tax effect of non-GAAP adjustments (3) (3) (3) (4) (3) Total non-GAAP adjustments, net of tax 8 7 7 16 8 Adjusted average tangible common equity (4) (19) $ 9,994 $ 10,279 $ 10,448 $ 10,608 $ 10,768 Return on common equity (6) 20.4 % 16.4 % 14.3 % 19.6 % 18.0 % Adjusted return on common equity (4) (6) 20.9 % 16.9 % 14.8 % 20.6 % 18.5 % Return on tangible common equity (4) (6) 24.0 % 19.2 % 16.7 % 22.8 % 20.9 % Adjusted return on tangible common equity (4) (6) 24.6 % 19.7 % 17.2 % 23.9 % 21.4 % 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 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 December 31, 2024, March 31, 2025, September 30, 2025, December 31, 2025 and an insignificant amount for the three months ended June 30, 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) PCG recruiting and retention-related compensation includes expenses related to cash and equity awards issued in conjunction with recruiting activities, as retention for existing advisors, or in conjunction with our acquisitions (as further described in footnote 17). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (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. (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. RAYMOND JAMES FINANCIAL, INC. 18

(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 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. 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