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April 22, 2026						FOR IMMEDIATE RELEASE
						Media Contact: Steve Hollister, 727.567.2824
						Investor Contact: Kristina Waugh, 727.567.7654
						raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS FISCAL SECOND QUARTER OF

2026 RESULTS

•Record quarterly net revenues of $3.86 billion, up 13% over the prior year’s fiscal second quarter and 3% over the preceding quarter

•Quarterly net income available to common shareholders of $542 million, or $2.72 per diluted share; quarterly adjusted net income available to common shareholders of $564 million(1), or $2.83 per diluted share(1)

•Domestic Private Client Group net new assets(2) of $23.0 billion for the fiscal second quarter, or annualized growth from beginning of quarter assets of 5.8%

•Client assets under administration of $1.76 trillion, up 15% over March 2025 and down 1% compared to December 2025

•Record quarter-end Private Client Group assets in fee-based accounts of $1.04 trillion, up 20% over March 2025 and up slightly over December 2025

•Record net bank loans of $54.8 billion; Securities-based loans of $23.0 billion, up 31% over March 2025 and 6% over December 2025

•Annualized return on common equity and annualized adjusted return on tangible common equity of 17.3% and 20.9%(1), respectively, for the fiscal second quarter

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.86 billion and net income available to common shareholders of $542 million, or $2.72 per diluted share, for the fiscal second quarter ended March 31, 2026. Quarterly adjusted net income available to common shareholders, which excluded $22 million of acquisition-related expenses, net of tax, was $564 million(1), or $2.83 per diluted share(1).

“We generated record results for the first half of the fiscal year by leveraging the firm’s expertise and resources to support advisors and their clients during this period of market uncertainty. Our ongoing focus and disciplined execution have led to record PCG fee-based assets and annualized net new asset growth of 7% for the first half of the fiscal year,” said CEO Paul Shoukry. “We continue to develop industry-leading technology solutions, including increasing AI integration, to improve efficiency and provide our financial professionals with more time to serve their clients. Looking ahead, financial advisor recruiting activity across all our affiliation options remains robust, and the investment banking pipeline continues to be strong.”

Record quarterly net revenues increased 13% over the prior year’s fiscal second quarter, largely driven by continued growth in asset management and related administrative fees which increased 17% to over $2.0 billion. Compared to the preceding quarter, net revenues reflect strong growth in investment banking revenues and higher brokerage revenues. Quarterly pre-tax income increased 1% over the preceding quarter while net income available to common shareholders decreased 4% due to a higher effective tax rate. For the fiscal second quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 17.3% and 20.9%(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 $7.59 billion increased 9%, record earnings per diluted share of $5.51 increased 6%, and record adjusted earnings per diluted share of $5.69(1) increased 6% over the first six months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first six months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 17.7% and annualized adjusted return on tangible common equity was 21.2%(1).

Segment Results

Private Client Group

•Record quarterly net revenues of $2.81 billion, up 13% over the prior year’s fiscal second quarter and 2% over the preceding quarter

•Quarterly pre-tax income of $416 million, down 3% compared to the prior year’s fiscal second quarter and 5% compared to the preceding quarter

•Domestic Private Client Group net new assets(2) of $23.0 billion for the fiscal second quarter, or annualized growth from beginning of the quarter assets of 5.8%

•Private Client Group assets under administration of $1.70 trillion, up 15% over March 2025 and down 1% compared to December 2025

•Record quarter-end Private Client Group assets in fee-based accounts of $1.04 trillion, up 20% over March 2025 and up slightly over December 2025

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $57.8 billion, approximating the prior year’s fiscal second quarter level and down 1% compared to the preceding quarter

Quarterly net revenues rose 13% year-over-year primarily driven by higher asset management and related administrative fees which grew 17% to $1.71 billion, mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the impact of lower interest-related revenues and certain costs associated with our continued investments in growth.

Capital Markets

•Quarterly net revenues of $464 million, up 17% over the prior year’s fiscal second quarter and 22% over the preceding quarter

•Quarterly investment banking revenues of $272 million, up 31% over the prior year’s fiscal second quarter and 36% over the preceding quarter

•Quarterly pre-tax income of $51 million

Quarterly net revenues increased 17% over the prior year period, driven predominantly by higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 22% largely due to higher debt and equity underwriting revenues, M&A and advisory revenues and fixed income brokerage revenues. During the quarter, we completed the acquisition of GreensLedge Holdings LLC.

Asset Management

•Record quarterly net revenues of $327 million, up 13% over the prior year’s fiscal second quarter and just above the preceding quarter

•Quarterly pre-tax income of $137 million, up 13% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Record quarter-end financial assets under management of $282.4 billion, up 15% over March 2025 and 1% over December 2025

Record quarterly net revenues increased 13% year-over-year largely driven by higher financial assets under management due to 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 $486 million, up 12% over the prior year’s fiscal second quarter and approximating the preceding quarter level

•Quarterly pre-tax income of $166 million, up 42% over the prior year’s fiscal second quarter and down 4% compared to the preceding quarter

•Record net bank loans of $54.8 billion, up 14% over March 2025 and 3% over December 2025

•Bank segment net interest margin (“NIM”) of 2.81% for the quarter, up 14 basis points over the prior year’s fiscal second quarter and unchanged from the preceding quarter

Net bank loans grew 14% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 31% and 10%, respectively. Bank segment net interest income increased 13% over the prior year quarter due to loan growth, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in assets. NIM remained stable with the preceding quarter at 2.81%. The credit quality of the loan portfolio remains strong.

Other Matters

The effective tax rate for the quarter was 26.0%, which includes the unfavorable impact of nondeductible losses in the corporate-owned life insurance portfolio in the quarter.

During the fiscal second quarter, the firm repurchased $400 million of common stock at an average price of $155 per share, and paid $81 million to redeem preferred stock. As of March 31, 2026, $1.5 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.0%(3) and the tier 1 leverage ratio was 12.4%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, April 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.76 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 Report 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 2026			Selected Financial Highlights (Unaudited)

Summary results of operations


	Three months ended						% change from
$ in millions, except per share amounts	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Net revenues	$	3,859	$	3,403	$	3,735	13%	3%
Pre-tax income	$	735	$	671	$	728	10%	1%
Net income available to common shareholders	$	542	$	493	$	562	10%	(4)%

Earnings per common share: (4)
Basic	$	2.76	$	2.41	$	2.85	15%	(3)%
Diluted	$	2.72	$	2.36	$	2.79	15%	(3)%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	762	$	690	$	748	10%	2%
Adjusted net income available to common shareholders	$	564	$	507	$	577	11%	(2)%
Adjusted earnings per common share – basic (4)	$	2.88	$	2.48	$	2.92	16%	(1)%
Adjusted earnings per common share – diluted (4)	$	2.83	$	2.42	$	2.86	17%	(1)%


	Six months ended
$ in millions, except per share amounts	March 31, 2026		March 31, 2025		% change
Net revenues	$	7,594	$	6,940	9%
Pre-tax income	$	1,463	$	1,420	3%
Net income available to common shareholders	$	1,104	$	1,092	1%

Earnings per common share: (4)
Basic	$	5.61	$	5.34	5%
Diluted	$	5.51	$	5.22	6%


Non-GAAP measures: (1)
Adjusted pre-tax income	$	1,510	$	1,459	3%
Adjusted net income available to common shareholders	$	1,141	$	1,121	2%
Adjusted earnings per common share – basic (4)	$	5.80	$	5.49	6%
Adjusted earnings per common share – diluted (4)	$	5.69	$	5.36	6%


	Three months ended						Six months ended
Other selected financial highlights	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2025
Return on common equity (5)	17.3	%	16.4	%	18.0	%	17.7	%	18.4	%
Adjusted return on common equity (1) (5)	18.0	%	16.9	%	18.5	%	18.2	%	18.9	%

Adjusted return on tangible common equity (1) (5)	20.9	%	19.7	%	21.4	%	21.2	%	22.1	%
Pre-tax margin (6)	19.0	%	19.7	%	19.5	%	19.3	%	20.5	%
Adjusted pre-tax margin (1) (6)	19.7	%	20.3	%	20.0	%	19.9	%	21.0	%
Total compensation ratio (7)	65.8	%	64.8	%	65.6	%	65.7	%	64.5	%
Adjusted total compensation ratio (1) (7)	65.7	%	64.5	%	65.4	%	65.5	%	64.3	%
Effective tax rate	26.0	%	26.2	%	22.7	%	24.3	%	22.9	%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2026


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
in millions, except per share amounts	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Revenues:
Asset management and related administrative fees	$	2,016	$	1,725	$	1,999	17%	1%
Brokerage revenues:
Securities commissions	507		431		486		18%	4%
Principal transactions	136		149		126		(9)%	8%
Total brokerage revenues	643		580		612		11%	5%
Account and service fees	311		321		308		(3)%	1%
Investment banking	279		216		208		29%	34%
Interest income	960		963		1,007		—%	(5)%
Other	53		40		42		33%	26%
Total revenues	4,262		3,845		4,176		11%	2%
Interest expense	(403)		(442)		(441)		(9)%	(9)%
Net revenues	3,859		3,403		3,735		13%	3%
Non-interest expenses:
Compensation, commissions and benefits	2,541		2,204		2,450		15%	4%
Non-compensation expenses:
Communications and information processing	206		184		194		12%	6%
Occupancy and equipment	80		74		80		8%	—%
Business development	75		64		81		17%	(7)%
Investment sub-advisory fees	63		54		63		17%	—%
Professional fees	36		34		37		6%	(3)%
Bank loan provision/(benefit) for credit losses	5		16		(3)		(69)%	NM

Other	118		102		105		16%	12%
Total non-compensation expenses	583		528		557		10%	5%
Total non-interest expenses	3,124		2,732		3,007		14%	4%
Pre-tax income	735		671		728		10%	1%
Provision for income taxes	191		176		165		9%	16%
Net income	544		495		563		10%	(3)%
Preferred stock dividends	2		2		1		—%	100%
Net income available to common shareholders	$	542	$	493	$	562	10%	(4)%

Earnings per common share – basic (4)	$	2.76	$	2.41	$	2.85	15%	(3)%
Earnings per common share – diluted (4)	$	2.72	$	2.36	$	2.79	15%	(3)%
Weighted-average common shares outstanding – basic	196.1		204.3		197.1		(4)%	(1)%
Weighted-average common and common equivalent shares outstanding – diluted	199.2		208.7		201.4		(5)%	(1)%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2026


Consolidated Statements of Income (Unaudited)

	Six months ended
in millions, except per share amounts	March 31, 2026		March 31, 2025		% change
Revenues:
Asset management and related administrative fees	$	4,015	$	3,468	16%
Brokerage revenues:
Securities commissions	993		871		14%
Principal transactions	262		268		(2)%
Total brokerage revenues	1,255		1,139		10%
Account and service fees	619		663		(7)%
Investment banking	487		541		(10)%
Interest income	1,967		1,990		(1)%
Other	95		79		20%
Total revenues	8,438		7,880		7%
Interest expense	(844)		(940)		(10)%
Net revenues	7,594		6,940		9%
Non-interest expenses:
Compensation, commissions and benefits	4,991		4,476		12%
Non-compensation expenses:
Communications and information processing	400		362		10%
Occupancy and equipment	160		147		9%
Business development	156		132		18%
Investment sub-advisory fees	126		107		18%
Professional fees	73		68		7%
Bank loan provision for credit losses	2		16		(88)%
Other	223		212		5%
Total non-compensation expenses	1,140		1,044		9%
Total non-interest expenses	6,131		5,520		11%
Pre-tax income	1,463		1,420		3%
Provision for income taxes	356		325		10%
Net income	1,107		1,095		1%
Preferred stock dividends	3		3		—%
Net income available to common shareholders	$	1,104	$	1,092	1%

Earnings per common share – basic (4)	$	5.61	$	5.34	5%
Earnings per common share – diluted (4)	$	5.51	$	5.22	6%
Weighted-average common shares outstanding – basic	196.6		204.0		(4)%
Weighted-average common and common equivalent shares outstanding – diluted	200.3		208.9		(4)%

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 2026			(Unaudited)


	As of										% change from
$ in billions, except per share amounts	March 31, 2026				March 31, 2025			December 31, 2025			March 31, 2025	December 31, 2025
Total assets	$	91.9			$	83.1		$	88.8		11%	3%
Total common equity attributable to Raymond James Financial, Inc.	$	12.6			$	12.1		$	12.5		4%	1%
Book value per share (8)	$	64.58			$	59.74		$	63.41		8%	2%
Tangible book value per share (1) (8)	$	55.14			$	51.29		$	54.82		8%	1%

Capital ratios:
Tier 1 leverage	12.4		%	(3)	13.3		%	12.7		%
Tier 1 capital	22.9		%	(3)	23.5		%	23.2		%
Common equity tier 1	22.9		%	(3)	23.3		%	23.0		%
Total capital	24.0		%	(3)	24.8		%	24.3		%


	As of						% change from
Client asset metrics ($ in billions)	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Client assets under administration	$	1,762.9	$	1,535.9	$	1,773.1	15%	(1)%
Private Client Group assets under administration	$	1,699.0	$	1,475.5	$	1,708.5	15%	(1)%
Private Client Group assets in fee-based accounts	$	1,043.2	$	872.8	$	1,040.1	20%	—%
Financial assets under management	$	282.4	$	245.0	$	280.8	15%	1%


	Three months ended									Six months ended
Net new assets metrics ($ in millions)	March 31, 2026			March 31, 2025			December 31, 2025			March 31, 2026			March 31, 2025
Domestic Private Client Group net new assets (2)	$	22,954		$	8,830		$	30,828		$	53,782		$	22,850
Domestic Private Client Group net new assets growth — annualized (2)	5.8		%	2.6		%	8.0		%	7.0		%	3.3		%


	As of						% change from
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Raymond James Bank Deposit Program (“RJBDP”): (9)
Bank segment	$	29,829	$	25,783	$	27,819	16%	7%
Third-party banks	13,597		16,813		15,996		(19)%	(15)%
Subtotal RJBDP	43,426		42,596		43,815		2%	(1)%
Client Interest Program	1,843		1,656		1,815		11%	2%
Total clients’ domestic cash sweep balances	45,269		44,252		45,630		2%	(1)%



Enhanced Savings Program (“ESP”) (10)	12,493		13,507		12,448		(8)%	—%
Total clients’ domestic cash sweep and ESP balances	$	57,762	$	57,759	$	58,078	—%	(1)%


Net interest income and RJBDP fees ($ in millions)	Three months ended									% change from		Six months ended
	March 31, 2026			March 31, 2025			December 31, 2025			March 31, 2025	December 31, 2025	March 31, 2026			March 31, 2025			% change
Net interest income and RJBDP fees (third-party banks)	$	650		$	651		$	667		—%	(3)%	$	1,317		$	1,324		(1)%
Average yield on RJBDP - third-party banks (11)	2.70		%	3.00		%	2.76		%			2.73		%	3.06		%

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 2026			(Unaudited)

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


	Three months ended
	March 31, 2026						March 31, 2025						December 31, 2025
$ 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	$	5,376	$	47	3.57	%	$	5,823	$	62	4.26	%	$	5,321	$	52	3.85	%
Available-for-sale securities	6,956		39		2.28	%	8,352		48		2.26	%	7,276		42		2.29	%
Loans held for sale and investment: (12)
Loans held for investment:
Securities-based loans (“SBL”) (13)	22,199		295		5.31	%	17,110		260		6.08	%	20,626		296		5.62	%
Commercial and industrial (“C&I”) loans	10,587		157		5.90	%	10,371		168		6.50	%	10,701		168		6.16	%
Commercial real estate (“CRE”) loans	7,810		115		5.88	%	7,599		124		6.52	%	7,718		121		6.13	%
Real estate investment trust (“REIT”) loans	1,725		26		6.02	%	1,713		30		7.02	%	1,718		29		6.59	%
Residential mortgage loans	10,684		110		4.12	%	9,732		96		3.91	%	10,467		107		4.10	%
Tax-exempt loans (14)	1,132		7		3.37	%	1,277		8		3.37	%	1,148		8		3.41	%

Loans held for sale	220		3		5.75	%	231		4		6.67	%	304		5		6.69	%
Total loans held for sale and investment	54,357		713		5.26	%	48,033		690		5.76	%	52,682		734		5.49	%
All other interest-earning assets	245		3		4.62	%	234		2		5.09	%	241		3		4.85	%
Interest-earning assets — Bank segment	$	66,934	$	802	4.81	%	$	62,442	$	802	5.15	%	$	65,520	$	831	5.00	%
All other segments
Cash and cash equivalents	$	4,601	$	39	3.47	%	$	4,004	$	42	4.27	%	$	5,109	$	49	3.81	%
Assets segregated for regulatory purposes and restricted cash	3,747		31		3.38	%	3,425		36		4.23	%	3,897		35		3.56	%
Trading assets — debt securities	1,399		19		5.60	%	1,433		19		5.28	%	1,570		22		5.47	%
Brokerage client receivables	2,688		41		6.12	%	2,371		41		7.11	%	2,617		43		6.56	%
All other interest-earning assets	3,043		28		3.65	%	2,477		23		3.81	%	2,928		27		3.53	%
Interest-earning assets — all other segments	$	15,478	$	158	4.14	%	$	13,710	$	161	4.77	%	$	16,121	$	176	4.31	%
Total interest-earning assets	$	82,412	$	960	4.68	%	$	76,152	$	963	5.08	%	$	81,641	$	1,007	4.86	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (9)	$	36,315	$	119	1.33	%	$	32,905	$	144	1.78	%	$	35,027	$	131	1.49	%
Interest-bearing demand deposits (10)	21,831		183		3.42	%	20,872		208		4.04	%	22,144		204		3.66	%
Certificates of deposit	2,226		22		3.96	%	2,064		24		4.59	%	1,961		20		4.13	%
Total bank deposits (15)	60,372		324		2.18	%	55,841		376		2.73	%	59,132		355		2.39	%
Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities	753		6		2.95	%	1,064		7		2.69	%	751		6		2.85	%
Interest-bearing liabilities — Bank segment	$	61,125	$	330	2.19	%	$	56,905	$	383	2.73	%	$	59,883	$	361	2.40	%
All other segments
Trading liabilities — debt securities	$	817	$	12	5.99	%	$	824	$	10	5.10	%	$	932	$	12	5.25	%
Brokerage client payables	5,337		10		0.77	%	4,683		17		1.45	%	5,042		14		1.09	%
Senior notes payable	3,521		43		4.91	%	2,040		23		4.50	%	3,521		43		4.91	%
All other interest-bearing liabilities (15)	1,087		8		2.90	%	1,146		9		3.60	%	1,272		11		3.19	%
Interest-bearing liabilities — all other segments	$	10,762	$	73	2.74	%	$	8,693	$	59	2.80	%	$	10,767	$	80	2.95	%
Total interest-bearing liabilities	$	71,887	$	403	2.27	%	$	65,598	$	442	2.74	%	$	70,650	$	441	2.48	%
Firmwide net interest income			$	557					$	521					$	566
Net interest margin (net yield on interest-earning assets)
Bank segment					2.81	%					2.67	%					2.81	%
Firmwide					2.74	%					2.77	%					2.75	%

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 2026			(Unaudited)


	Six months ended
	March 31, 2026						March 31, 2025
$ in millions	Average balance		Interest		Annualizedaverage rate		Average balance		Interest		Annualizedaverage rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	5,348	$	99	3.71	%	$	6,141	$	138	4.47	%
Available-for-sale securities	7,117		81		2.28	%	8,555		97		2.26	%
Loans held for sale and investment: (12)
Loans held for investment:
SBL (13)	21,404		591		5.46	%	16,794		530		6.24	%
C&I loans	10,645		325		6.03	%	10,248		346		6.69	%
CRE loans	7,763		236		6.01	%	7,620		259		6.72	%
REIT loans	1,721		55		6.31	%	1,683		61		7.18	%
Residential mortgage loans	10,575		217		4.11	%	9,633		187		3.87	%
Tax-exempt loans (14)	1,140		15		3.39	%	1,291		17		3.37	%

Loans held for sale	262		8		6.30	%	221		8		6.95	%
Total loans held for sale and investment	53,510		1,447		5.37	%	47,490		1,408		5.89	%
All other interest-earning assets	243		6		4.73	%	239		6		5.45	%
Interest-earning assets — Bank segment	$	66,218	$	1,633	4.90	%	$	62,425	$	1,649	5.25	%
All other segments
Cash and cash equivalents	$	4,855	$	88	3.65	%	$	4,056	$	90	4.47	%
Assets segregated for regulatory purposes and restricted cash	3,820		66		3.48	%	3,539		78		4.39	%
Trading assets — debt securities	1,476		41		5.57	%	1,414		38		5.35	%
Brokerage client receivables	2,652		84		6.34	%	2,389		86		7.23	%
All other interest-earning assets	2,986		55		3.59	%	2,529		49		3.86	%
Interest-earning assets — all other segments	$	15,789	$	334	4.23	%	$	13,927	$	341	4.90	%
Total interest-earning assets	$	82,007	$	1,967	4.77	%	$	76,352	$	1,990	5.19	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (9)	$	35,664	$	250	1.41	%	$	32,725	$	312	1.92	%
Interest-bearing demand deposits (10)	21,989		387		3.54	%	20,897		437		4.19	%
Certificates of deposit	2,092		42		4.04	%	2,260		52		4.59	%
Total bank deposits (15)	59,745		679		2.29	%	55,882		801		2.88	%
FHLB advances and all other interest-bearing liabilities	752		12		2.90	%	1,078		15		2.69	%
Interest-bearing liabilities — Bank segment	$	60,497	$	691	2.30	%	$	56,960	$	816	2.88	%
All other segments
Trading liabilities — debt securities	$	869	$	24	5.64	%	$	842	$	21	5.08	%
Brokerage client payables	5,189		24		0.93	%	4,732		37		1.55	%
Senior notes payable	3,521		86		4.91	%	2,040		46		4.50	%
All other interest-bearing liabilities (15)	1,181		19		3.05	%	1,141		20		3.68	%
Interest-bearing liabilities — all other segments	$	10,760	$	153	2.85	%	$	8,755	$	124	2.85	%
Total interest-bearing liabilities	$	71,257	$	844	2.38	%	$	65,715	$	940	2.88	%
Firmwide net interest income			$	1,123					$	1,050
Net interest margin (net yield on interest-earning assets)
Bank segment					2.81	%					2.63	%
Firmwide					2.75	%					2.76	%

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 2026			(Unaudited)


	Three months ended						% change from
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Net revenues:
Private Client Group	$	2,810	$	2,486	$	2,768	13%	2%
Capital Markets	464		396		380		17%	22%
Asset Management	327		289		326		13%	—%
Bank	486		434		487		12%	—%
Other (16)	(1)		13		(1)		NM	—%
Intersegment eliminations	(227)		(215)		(225)		6%	1%
Total net revenues	$	3,859	$	3,403	$	3,735	13%	3%

Pre-tax income/(loss):
Private Client Group	$	416	$	431	$	439	(3)%	(5)%
Capital Markets	51		36		9		42%	467%
Asset Management	137		121		143		13%	(4)%
Bank	166		117		173		42%	(4)%
Other (16)	(35)		(34)		(36)		(3)%	3%
Pre-tax income	$	735	$	671	$	728	10%	1%


	Six months ended
$ in millions	March 31, 2026		March 31, 2025		% change
Net revenues:
Private Client Group	$	5,578	$	5,034	11%
Capital Markets	844		876		(4)%
Asset Management	653		583		12%
Bank	973		859		13%
Other (16)	(2)		25		NM
Intersegment eliminations	(452)		(437)		3%
Total net revenues	$	7,594	$	6,940	9%

Pre-tax income/(loss):
Private Client Group	$	855	$	893	(4)%
Capital Markets	60		110		(45)%
Asset Management	280		246		14%
Bank	339		235		44%
Other (16)	(71)		(64)		(11)%
Pre-tax income	$	1,463	$	1,420	3%

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 2026			(Unaudited)


Private Client Group

	Three months ended						% change from
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Revenues:
Asset management and related administrative fees	$	1,711	$	1,457	$	1,693	17%	1%
Brokerage revenues:
Mutual and other fund products	176		152		164		16%	7%
Insurance and annuity products	132		117		132		13%	—%
Equities, exchange-traded funds (“ETFs”) and fixed income products	180		150		174		20%	3%
Total brokerage revenues	488		419		470		16%	4%
Account and service fees:
Mutual fund and other investment products	152		130		142		17%	7%
RJBDP fees: (9)
Bank segment	187		183		188		2%	(1)%
Third-party banks	93		130		101		(28)%	(8)%
Client account and other fees	74		66		71		12%	4%
Total account and service fees	506		509		502		(1)%	1%
Investment banking	7		9		8		(22)%	(13)%
Interest income	107		110		114		(3)%	(6)%
All other	8		6		4		33%	100%
Total revenues	2,827		2,510		2,791		13%	1%
Interest expense	(17)		(24)		(23)		(29)%	(26)%
Net revenues	2,810		2,486		2,768		13%	2%
Non-interest expenses:
Financial advisor compensation:
Commissions, benefits and other compensation	1,554		1,322		1,512		18%	3%
Recruiting and retention-related compensation (17)	111		89		107		25%	4%
Total financial advisor compensation	1,665		1,411		1,619		18%	3%
Administrative compensation and benefits	443		388		432		14%	3%
Total compensation, commissions and benefits	2,108		1,799		2,051		17%	3%
Non-compensation expenses	286		256		278		12%	3%
Total non-interest expenses	2,394		2,055		2,329		16%	3%
Pre-tax income	$	416	$	431	$	439	(3)%	(5)%

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 2026			(Unaudited)


Private Client Group

	Six months ended
$ in millions	March 31, 2026		March 31, 2025		% change
Revenues:
Asset management and related administrative fees	$	3,404	$	2,933	16%
Brokerage revenues:
Mutual and other fund products	340		304		12%
Insurance and annuity products	264		235		12%
Equities, ETFs and fixed income products	354		313		13%
Total brokerage revenues	958		852		12%
Account and service fees:
Mutual fund and other investment products	294		256		15%
RJBDP fees: (9)
Bank segment	375		370		1%
Third-party banks	194		274		(29)%
Client account and other fees	145		136		7%
Total account and service fees	1,008		1,036		(3)%
Investment banking	15		17		(12)%
Interest income	221		236		(6)%
All other	12		11		9%
Total revenues	5,618		5,085		10%
Interest expense	(40)		(51)		(22)%
Net revenues	5,578		5,034		11%
Non-interest expenses:
Financial advisor compensation:
Commissions, benefits and other compensation	3,066		2,647		16%
Recruiting and retention-related compensation (17)	218		177		23%
Total financial advisor compensation	3,284		2,824		16%
Administrative compensation and benefits	875		806		9%
Total compensation, commissions and benefits	4,159		3,630		15%
Non-compensation expenses	564		511		10%
Total non-interest expenses	4,723		4,141		14%
Pre-tax income	$	855	$	893	(4)%

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 2026			(Unaudited)


Capital Markets

	Three months ended						% change from
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Revenues:
Brokerage revenues:
Fixed income	$	104	$	116	$	91	(10)%	14%
Equity	52		45		50		16%	4%
Total brokerage revenues	156		161		141		(3)%	11%
Investment banking:
Merger & acquisition and advisory	139		129		119		8%	17%
Equity underwriting	56		31		31		81%	81%
Debt underwriting	77		47		50		64%	54%
Total investment banking	272		207		200		31%	36%
Interest income	27		28		28		(4)%	(4)%
Affordable housing investments business revenues	28		20		31		40%	(10)%
All other	6		4		4		50%	50%
Total revenues	489		420		404		16%	21%
Interest expense	(25)		(24)		(24)		4%	4%
Net revenues	464		396		380		17%	22%
Non-interest expenses:
Compensation, commissions and benefits	293		262		261		12%	12%
Non-compensation expenses	120		98		110		22%	9%
Total non-interest expenses	413		360		371		15%	11%
Pre-tax income	$	51	$	36	$	9	42%	467%






	Six months ended
$ in millions	March 31, 2026		March 31, 2025		% change
Revenues:
Brokerage revenues:
Fixed income	$	195	$	201	(3)%
Equity	102		86		19%
Total brokerage revenues	297		287		3%
Investment banking:
Merger & acquisition and advisory	258		355		(27)%
Equity underwriting	87		66		32%
Debt underwriting	127		103		23%
Total investment banking	472		524		(10)%
Interest income	55		57		(4)%
Affordable housing investments business revenues	59		49		20%
All other	10		9		11%
Total revenues	893		926		(4)%
Interest expense	(49)		(50)		(2)%
Net revenues	844		876		(4)%
Non-interest expenses:
Compensation, commissions and benefits	554		563		(2)%
Non-compensation expenses	230		203		13%
Total non-interest expenses	784		766		2%
Pre-tax income	$	60	$	110	(45)%

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 2026						(Unaudited)


Asset Management

	Three months ended						% change from
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Revenues:
Asset management and related administrative fees:
Managed programs	$	211	$	187	$	211	13%	—%
Administration and other	104		91		105		14%	(1)%
Total asset management and related administrative fees	315		278		316		13%	—%
Account and service fees	7		6		6		17%	17%
All other	5		5		4		—%	25%
Net revenues	327		289		326		13%	—%
Non-interest expenses:
Compensation, commissions and benefits	65		57		59		14%	10%
Non-compensation expenses	125		111		124		13%	1%
Total non-interest expenses	190		168		183		13%	4%
Pre-tax income	$	137	$	121	$	143	13%	(4)%


	Six months ended
$ in millions	March 31, 2026		March 31, 2025		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	422	$	376	12%
Administration and other	209		184		14%
Total asset management and related administrative fees	631		560		13%
Account and service fees	13		12		8%
All other	9		11		(18)%
Net revenues	653		583		12%
Non-interest expenses:
Compensation, commissions and benefits	124		115		8%
Non-compensation expenses	249		222		12%
Total non-interest expenses	373		337		11%
Pre-tax income	$	280	$	246	14%

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 2026						(Unaudited)


Bank

	Three months ended						% change from
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Revenues:
Interest income	$	802	$	802	$	831	—%	(3)%
Interest expense	(330)		(383)		(361)		(14)%	(9)%
Net interest income	472		419		470		13%	—%
All other	14		15		17		(7)%	(18)%
Net revenues	486		434		487		12%	—%
Non-interest expenses:
Compensation and benefits	47		45		48		4%	(2)%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses	5		16		(3)		(69)%	NM
RJBDP fees to Private Client Group (9)	187		183		188		2%	(1)%
All other	81		73		81		11%	—%
Total non-compensation expenses	273		272		266		—%	3%
Total non-interest expenses	320		317		314		1%	2%
Pre-tax income	$	166	$	117	$	173	42%	(4)%


	Six months ended
$ in millions	March 31, 2026		March 31, 2025		% change
Revenues:
Interest income	$	1,633	$	1,649	(1)%
Interest expense	(691)		(816)		(15)%
Net interest income	942		833		13%
All other	31		26		19%
Net revenues	973		859		13%
Non-interest expenses:
Compensation and benefits	95		91		4%
Non-compensation expenses:
Bank loan provision for credit losses	2		16		(88)%
RJBDP fees to Private Client Group (9)	375		370		1%
All other	162		147		10%
Total non-compensation expenses	539		533		1%
Total non-interest expenses	634		624		2%
Pre-tax income	$	339	$	235	44%

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 2026						(Unaudited)


Other (16)

	Three months ended						% change from
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Revenues:
Interest income	$	34	$	34	$	42	—%	(19)%
All other	9		4		1		125%	800%
Total revenues	43		38		43		13%	—%
Interest expense	(44)		(25)		(44)		76%	—%
Net revenues	(1)		13		(1)		NM	—%
Non-interest expenses:
Compensation and benefits	29		40		31		(28)%	(6)%

All other	5		7		4		(29)%	25%
Total non-interest expenses	34		47		35		(28)%	(3)%
Pre-tax loss	$	(35)	$	(34)	$	(36)	(3)%	3%


	Six months ended
$ in millions	March 31, 2026		March 31, 2025		% change
Revenues:
Interest income	$	76	$	68	12%
All other	10		7		43%
Total revenues	86		75		15%
Interest expense	(88)		(50)		76%
Net revenues	(2)		25		NM
Non-interest expenses:
Compensation and benefits	60		76		(21)%

All other	9		13		(31)%
Total non-interest expenses	69		89		(22)%
Pre-tax loss	$	(71)	$	(64)	(11)%

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 2026			(Unaudited)

Bank Segment


	As of						% change from
$ in billions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2025	December 31, 2025
Total assets	$	69.0	$	62.7	$	66.7	10%	3%
Bank loans, net	$	54.8	$	48.3	$	53.4	14%	3%
Bank deposits	$	62.4	$	56.4	$	60.2	11%	4%


	As of									% change from
$ in millions	March 31, 2026			March 31, 2025			December 31, 2025			March 31, 2025	December 31, 2025
Bank loan allowance for credit losses	$	440		$	452		$	440		(3)%	—%
Total nonperforming assets	$	183		$	214		$	208		(14)%	(12)%
Total criticized loans	$	607		$	551		$	611		10%	(1)%

Bank loan allowance for credit losses as a % of total loans held for investment	0.80		%	0.93		%	0.82		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18)	1.83		%	1.94		%	1.82		%

Nonperforming assets as a % of total assets	0.27		%	0.34		%	0.31		%

Criticized loans as a % of total loans held for investment	1.10		%	1.14		%	1.14		%



















	Three months ended									Six months ended
$ in millions	March 31, 2026			March 31, 2025			December 31, 2025			March 31, 2026			March 31, 2025
Net interest margin (net yield on interest-earning assets)	2.81		%	2.67		%	2.81		%	2.81		%	2.63		%

Bank loan provision/(benefit) for credit losses	$	5		$	16		$	(3)		$	2		$	16
Net charge-offs	$	5		$	15		$	9		$	14		$	19

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 2026			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

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


	Three months ended						Six months ended
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2025
Net income available to common shareholders	$	542	$	493	$	562	$	1,104	$	1,092
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:

Acquisition-related retention (19)	6		8		7		13		16
Other acquisition-related compensation	1		—		—		1		—
Total “Compensation, commissions and benefits” expense	7		8		7		14		16
Communications and information processing	3		—		1		4		—
Professional fees	4		1		2		6		2

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

All other acquisition-related expenses	3		—		—		3		—
Total “Other” expense	13		10		10		23		21
Total pre-tax impact of non-GAAP adjustments related to acquisitions	27		19		20		47		39


Tax effect of non-GAAP adjustments	(5)		(5)		(5)		(10)		(10)
Total non-GAAP adjustments, net of tax	22		14		15		37		29
Adjusted net income available to common shareholders (1)	$	564	$	507	$	577	$	1,141	$	1,121

Pre-tax income	$	735	$	671	$	728	$	1,463	$	1,420
Pre-tax impact of non-GAAP adjustments (as detailed above)	27		19		20		47		39
Adjusted pre-tax income (1)	$	762	$	690	$	748	$	1,510	$	1,459

Compensation, commissions and benefits expense	$	2,541	$	2,204	$	2,450	$	4,991	$	4,476
Less: Total compensation-related acquisition expenses (as detailed above)	7		8		7		14		16
Adjusted “Compensation, commissions and benefits” expense (1)	$	2,534	$	2,196	$	2,443	$	4,977	$	4,460

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 2026			(Unaudited)


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

	Three months ended						Six months ended
	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2025
Pre-tax margin (6)	19.0	%	19.7	%	19.5	%	19.3	%	20.5	%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:

Acquisition-related retention (19)	0.1	%	0.3	%	0.2	%	0.2	%	0.2	%
Other acquisition-related compensation	—	%	—	%	—	%	—	%	—	%
Total “Compensation, commissions and benefits” expense	0.1	%	0.3	%	0.2	%	0.2	%	0.2	%
Communications and information processing	0.1	%	—	%	—	%	—	%	—	%
Professional fees	0.1	%	—	%	—	%	0.1	%	—	%

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

All other acquisition-related expenses	0.1	%	—	%	—	%	—	%	—	%
Total “Other” expense	0.4	%	0.3	%	0.3	%	0.3	%	0.3	%
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.7	%	0.6	%	0.5	%	0.6	%	0.5	%


Adjusted pre-tax margin (1) (6)	19.7	%	20.3	%	20.0	%	19.9	%	21.0	%

Total compensation ratio (7)	65.8	%	64.8	%	65.6	%	65.7	%	64.5	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (19)	0.1	%	0.3	%	0.2	%	0.2	%	0.2	%
Other acquisition-related compensation	—	%	—	%	—	%	—	%	—	%
Total “Compensation, commissions and benefits” expenses related to acquisitions	0.1	%	0.3	%	0.2	%	0.2	%	0.2	%
Adjusted total compensation ratio (1) (7)	65.7	%	64.5	%	65.4	%	65.5	%	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 2026			(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, 2026		March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2025
Basic	$	2.76	$	2.41	$	2.85	$	5.61	$	5.34
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:

Acquisition-related retention (19)	0.03		0.04		0.04		0.07		0.08
Other acquisition-related compensation	0.01		—		—		—		—
Total “Compensation, commissions and benefits” expense	0.04		0.04		0.04		0.07		0.08
Communications and information processing	0.02		—		—		0.02		—
Professional fees	0.02		—		0.01		0.03		0.01

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

All other acquisition-related expenses	0.02		—		—		0.02		—
Total “Other” expense	0.07		0.05		0.05		0.12		0.10
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.15		0.09		0.10		0.24		0.19

Tax effect of non-GAAP adjustments	(0.03)		(0.02)		(0.03)		(0.05)		(0.04)
Total non-GAAP adjustments, net of tax	0.12		0.07		0.07		0.19		0.15
Adjusted basic (1)	$	2.88	$	2.48	$	2.92	$	5.80	$	5.49

Diluted	$	2.72	$	2.36	$	2.79	$	5.51	$	5.22
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:

Acquisition-related retention (19)	0.03		0.04		0.03		0.06		0.08
Other acquisition-related compensation	—		—		—		—		—
Total “Compensation, commissions and benefits” expense	0.03		0.04		0.03		0.06		0.08
Communications and information processing	0.02		—		—		0.02		—
Professional fees	0.02		—		0.01		0.03		0.01

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

All other acquisition-related expenses	0.02		—		—		0.02		—
Total “Other” expense	0.07		0.05		0.05		0.12		0.10
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.14		0.09		0.09		0.23		0.19

Tax effect of non-GAAP adjustments	(0.03)		(0.03)		(0.02)		(0.05)		(0.05)
Total non-GAAP adjustments, net of tax	0.11		0.06		0.07		0.18		0.14
Adjusted diluted (1)	$	2.83	$	2.42	$	2.86	$	5.69	$	5.36

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 2026			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)


Book value per share	As of
$ in millions, except per share amounts	March 31, 2026		March 31, 2025		December 31, 2025
Total common equity attributable to Raymond James Financial, Inc.	$	12,567	$	12,133	$	12,491
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,983		1,855		1,838
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(147)		(140)		(146)
Tangible common equity attributable to Raymond James Financial, Inc. (1)	$	10,731	$	10,418	$	10,799
Common shares outstanding	194.6		203.1		197.0
Book value per share (8)	$	64.58	$	59.74	$	63.41
Tangible book value per share (1) (8)	$	55.14	$	51.29	$	54.82


Return on common equity	Three months ended						Six months ended
$ in millions	March 31, 2026		March 31, 2025		December 31, 2025		March 31, 2026		March 31, 2025
Average common equity (21)	$	12,529	$	11,989	$	12,458	$	12,494	$	11,857
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:

Acquisition-related retention (19)	3		4		4		7		8
Other acquisition-related compensation	1		—		—		—		—
Total “Compensation, commissions and benefits” expense	4		4		4		7		8
Communications and information processing	1		—		1		1		—
Professional fees	2		1		1		3		1

Other:
Amortization of identifiable intangible assets (20)	5		5		5		10		11

All other acquisition-related expenses	2		—		—		1		—
Total “Other” expense	7		5		5		11		11
Total pre-tax impact of non-GAAP adjustments related to acquisitions	14		10		11		22		20

Tax effect of non-GAAP adjustments	(3)		(3)		(3)		(5)		(5)
Total non-GAAP adjustments, net of tax	11		7		8		17		15
Adjusted average common equity (1) (21)	$	12,540	$	11,996	$	12,466	$	12,511	$	11,872

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 2026			(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, 2026			March 31, 2025			December 31, 2025			March 31, 2026			March 31, 2025
Average common equity (21)	$	12,529		$	11,989		$	12,458		$	12,494		$	11,857
Less:
Average goodwill and identifiable intangible assets, net	1,911			1,857			1,843			1,889			1,866
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(147)			(140)			(145)			(145)			(139)
Average tangible common equity (1) (21)	$	10,765		$	10,272		$	10,760		$	10,750		$	10,130
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:

Acquisition-related retention (19)	3			4			4			7			8
Other acquisition-related compensation	1			—			—			—			—
Total “Compensation, commissions and benefits” expense	4			4			4			7			8
Communications and information processing	1			—			1			1			—
Professional fees	2			1			1			3			1

Other:
Amortization of identifiable intangible assets (20)	5			5			5			10			11

All other acquisition-related expenses	2			—			—			1			—
Total “Other” expense	7			5			5			11			11
Total pre-tax impact of non-GAAP adjustments related to acquisitions	14			10			11			22			20

Tax effect of non-GAAP adjustments	(3)			(3)			(3)			(5)			(5)
Total non-GAAP adjustments, net of tax	11			7			8			17			15
Adjusted average tangible common equity (1) (21)	$	10,776		$	10,279		$	10,768		$	10,767		$	10,145

Return on common equity (5)	17.3		%	16.4		%	18.0		%	17.7		%	18.4		%
Adjusted return on common equity (1) (5)	18.0		%	16.9		%	18.5		%	18.2		%	18.9		%
Return on tangible common equity (1) (5)	20.1		%	19.2		%	20.9		%	20.5		%	21.6		%
Adjusted return on tangible common equity (1) (5)	20.9		%	19.7		%	21.4		%	21.2		%	22.1		%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Second Quarter of 2026 Footnotes


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

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

(3)						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 an insignificant amount for the three months ended March 31, 2026, $1 million for each of the three months ended December 31 and March 31, 2025, and $1 million and $2 million for the six months ended March 31, 2026 and 2025, respectively.

(5)						Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and 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 the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

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

(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)						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 19). Such awards are expensed over the requisite service period (typically between 5 and 10 years).

(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 2026 Footnotes


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

(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.