RAYMOND JAMES FINANCIAL INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. __ )

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Who We Are

OUR FOUR CORE VALUES

Letter from Leadership

January 7, 2026

Dear Fellow Shareholder,

We are pleased to invite you to our 2026 Annual Meeting of Shareholders, which will be held virtually via webcast, on February 19, 2026, at 4:30 p.m. Eastern Standard Time (EST).

Raymond James, for the fifth consecutive year, delivered record results in fiscal 2025. The firm generated annual net revenues of $14.1 billion and net income available to common shareholders of $2.1 billion. Additionally, we achieved a return on common equity of 17.7% and an adjusted return on tangible common equity of 21.3%(1) while maintaining capital ratios well above regulatory requirements, providing significant flexibility to continue being opportunistic and investing in growth. During the year, we returned more than $1.5 billion of capital to shareholders through common stock dividends and share repurchases. Our strong financial performance demonstrates our consistent focus on generating sustainable growth over the long term through deep personal relationships across our diverse and complementary businesses.

This year we extend our heartfelt gratitude to Gordon Johnson for his invaluable service on the Raymond James Financial Board of Directors. Since joining us in 2010, Gordon has played a pivotal role in guiding our company toward sustained growth and profitability. We benefited greatly from his passion for Raymond James, our associates, advisors and communities. As his tenure comes to a close, we, along with the other directors, express our deep appreciation for his wise counsel and lasting contributions.

We are once again delivering proxy materials to certain shareholders over the Internet. The Notice of Internet Availability of Proxy Materials (“Notice”) contains instructions on how to access our Proxy Statement, Annual Report and other soliciting materials, and on how to vote. The Notice also contains instructions on how to request paper copies of these materials if you so desire.

During the meeting, we will consider the proposals described in this Proxy Statement, and we will provide updates on our performance and progress on strategic initiatives. Your vote is very important to us. Whether or not you plan to participate in the virtual meeting directly, we ask that your shares be represented and voted.

On behalf of the Board of Directors and the management of Raymond James, we extend our appreciation for your continued support.

Yours sincerely,

Paul M. ShoukryChief Executive Officer

Paul C. ReillyExecutive Chair

(1)Adjusted return on tangible common equity is a non-GAAP financial measure. Please refer to Appendix C for a reconciliation of this measure to the most directly comparable GAAP measure and other important disclosures.

Notice of 2026 Annual Meeting of Shareholders

AgendaThe following proposals will be voted upon:

Proposal 1:To elect the twelve (12) director nominees named in the Proxy Statement

Proposal 2:To hold an advisory vote on our executive compensation

Proposal 3:To approve the Amended and Restated 2012 Stock Incentive Plan

Proposal 4:To approve the Amended and Restated 2003 Employee Stock Purchase Plan

Proposal 5:To ratify our independent registered public accounting firm for fiscal 2026

Other: To act on any other business that may properly come before the meeting

Date and TimeThursday, February 19, 2026,4:30 p.m. (EST)PlaceThe meeting will be a virtual-only meeting, conducted exclusively via webcast at www.virtualshareholdermeeting.com/RJF2026. There will not be a physical location for the meeting, so you will not be able to attend the meeting in person. Shareholders will be able to attend, vote and submit questions (both before, and during a portion of, the meeting) virtually.Record DateDecember 17, 2025 (“Record Date”)

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on February 19, 2026:The Proxy Statement, the 2025 Annual Report to Shareholders and the form of proxy card are available online at www.raymondjames.com/investor-relations/news-and-events/shareholders-meeting.

Whether or not you are able to attend the virtual Annual Meeting, please complete, sign and return your proxy card by mail, or vote via the Internet or the toll-free telephone number.

By Order of the Board of Directors,

AnnMarie H. Davis,

Company Secretary

January 7, 2026

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