RAYMOND JAMES FINANCIAL INC

Previous wording

Certain statements made in this Quarterly Report on Form 10-Q 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 flows 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, words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “projects,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties, and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K and 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.

Current wording

Certain statements made in this Quarterly Report on Form 10-Q 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 flows 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, words such as “believes,” “expects,” “anticipates,” “estimates,” “projects,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties, and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly 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.

Previous wording

For our fiscal first quarter of 2026, we generated net revenues of $3.74 billion, an increase of 6% compared with the prior-year quarter, while pre-tax income of $728 million decreased 3% compared with the prior-year quarter. Our net income available to common shareholders of $562 million was 6% lower than the prior-year quarter and our earnings per diluted share were $2.79, reflecting a decrease of 2%. Our ROCE was 18.0%, down from 20.4% for the prior-year quarter, and our ROTCE was 20.9%(1), compared with 24.0%(1) for the prior-year quarter.

Current wording

For our fiscal second quarter of 2026, we generated net revenues of $3.86 billion, an increase of 13% compared with the prior-year quarter, and pre-tax income of $735 million, an increase of 10%. Our net income available to common shareholders of $542 million increased 10% compared with the prior-year quarter and our earnings per diluted share were $2.72, an increase of 15%. Our ROCE was 17.3%, up from 16.4% for the prior-year quarter, and our ROTCE was 20.1%(1), compared with 19.2%(1) for the prior-year quarter.

Previous wording

Excluding the impact of $15 million of expenses, net of tax, related to acquisitions, adjusted net income available to common shareholders for the three months ended December 31, 2025 was $577 million(1), a decrease of 6% compared with adjusted net income available to common shareholders for the prior-year quarter. Our adjusted earnings per diluted share were $2.86(1), a decrease of 2% compared with the prior-year quarter. Adjusted ROCE was 18.5%(1), compared with 20.9%(1)for the prior-year quarter, and adjusted ROTCE was 21.4%(1), compared with 24.6%(1) for the prior-year quarter.

Current wording

For the three months ended March 31, 2026, adjusted net income available to common shareholders, which excluded the impact of $22 million of acquisition-related expenses, net of tax, was $564 million(1), an increase of 11% compared with adjusted net income available to common shareholders for the prior-year quarter. Our adjusted earnings per diluted share were $2.83(1), an increase of 17% compared with the prior-year quarter. Adjusted ROCE was 18.0%(1), compared with 16.9%(1)for the prior-year quarter, and adjusted ROTCE was 20.9%(1), compared with 19.7%(1) for the prior-year quarter.

Previous wording

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of the current-year billing period compared with the prior-year billing period. The increase in PCG client assets in fee-based accounts resulted from market-driven appreciation and net new assets to the firm since the prior-year period, reflecting the favorable impact of our advisor recruiting and retention. Brokerage revenues also increased compared with the prior-year quarter largely due to an increase in client activity in both our PCG and Capital Markets segments. Offsetting these increases, investment banking revenues decreased 36% primarily due to lower merger & acquisition and advisory revenues compared with a strong prior-year quarter.

Current wording

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of the current-year billing period compared with the prior-year billing period. The increase in PCG client assets in fee-based accounts resulted from market-driven appreciation and net new assets to the firm since the prior-year period driven by financial advisor recruiting and retention. Net revenues also increased due to higher investment banking revenues primarily driven by higher underwriting revenues and higher brokerage revenues due to an increase in client activity in our PCG segment.

Previous wording

Non-compensation expenses increased 8%, primarily due to higher communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients and to support our growth, higher business development expenses primarily related to financial advisor recruiting, and higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs.

Current wording

Non-compensation expenses increased 10%, primarily due to an increase in expenses to support our growth, including communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients, higher business development expenses primarily related to financial advisor recruiting, and higher investment sub-advisory fee expense resulting from growth in assets under management in sub-advised programs.

Previous wording

We continue to maintain strong levels of liquidity and capital. As of December 31, 2025, our tier 1 leverage ratio was 12.7% and total capital ratio was 24.3%, both well above regulatory capital requirements. We also continue to have substantial liquidity with $3.3 billion of RJF corporate cash(2) as of December 31, 2025. Consistent with our long‑term strategic priorities and disciplined acquisition approach, we intend to deploy capital in connection with our announced acquisitions of GreensLedge and Clark Capital, which are expected to close later in fiscal 2026. In December 2025, the Board of Directors increased the quarterly cash dividend on common shares by 8% to $0.54 per share and authorized common stock repurchases of up to $2 billion, replacing the previous authorization under which approximately $105 million was remaining as of December 2, 2025. During the three months ended December 31, 2025, we repurchased 2.5 million shares of our common stock for $400 million at an average price of $162 per share under the Board’s common stock repurchase authorization, leaving $1.9 billion available under such authorization as of December 31, 2025. We believe our strong capital and liquidity positions enable us to invest in growth across our businesses and remain opportunistic in our capital deployment.

Current wording

We continue to maintain strong levels of liquidity and capital. As of March 31, 2026, our tier 1 leverage ratio was 12.4% and total capital ratio was 24.0%, both well above regulatory capital requirements. We also continue to have substantial liquidity with $3.0 billion of RJF corporate cash(2) as of March 31, 2026. Consistent with our long‑term strategic priorities and disciplined acquisition approach, we deployed capital in connection with our acquisition of GreensLedge during the current quarter, and subsequent to quarter-end, our acquisition of Clark Capital, which closed in April 2026. During the three months ended March 31, 2026, we repurchased $400 million of our common stock at an average price of $155 per share under the Board’s common stock repurchase authorization, leaving $1.5 billion available under such authorization as of March 31, 2026. We believe our strong capital and liquidity positions enable us to continue to invest in growth across our businesses and remain opportunistic in our capital deployment.

Previous wording

Compensation, commissions and benefits expense increased 8%, primarily due to an increase in compensable revenues in the PCG segment, and an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses. Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.6% compared with 64.2% for the prior-year quarter. Excluding acquisition-related compensation expenses, our adjusted total compensation ratio was 65.4%(1) compared with 64.0%(1) for the prior-year quarter. The increase in the total compensation ratio primarily resulted from changes in our compensable revenue mix, as a decrease in revenues in the Capital Markets segment generally has an adverse impact on our firmwide compensation ratio.

Current wording

Compensation, commissions and benefits expense increased 12%, primarily due to higher commissions expenses resulting from an increase in asset management and related administrative fees and brokerage revenues in the PCG segment, and an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses. Our total compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 65.7%, compared with 64.5% for the prior-year period. Our adjusted compensation ratio, which excluded acquisition-related compensation expenses, was 65.5%(1), compared with 64.3% for the prior-year period. For the year‑to‑date period, the increase in the total compensation ratio primarily reflected a shift in our revenue mix, driven by growth in compensable asset management and related administrative fees and brokerage revenues outpacing non-compensable interest‑related revenues, as well as lower investment banking revenues where decreases generally have an adverse impact on our firmwide compensation ratio.

Previous wording

Our effective income tax rate was 22.7% for our fiscal first quarter of 2026, an increase from 19.9% for the prior-year quarter, primarily due to a lower benefit related to share-based compensation that settled during the current quarter compared with the prior-year quarter.

Current wording

Our effective income tax rate was 24.3% for the six months ended March 31, 2026, an increase from 22.9% for the prior-year period, primarily due to a lower benefit related to share-based compensation that settled during the current-year period compared with the prior-year period.

Previous wording

(1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures.

Current wording

(1)ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted annualized ROCE, adjusted annualized ROTCE, and adjusted compensation ratio are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.

Previous wording

Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. Average common equity is computed by adding the total common equity attributable to RJF 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.

Current wording

Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to RJF 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. Average common equity for the year-to-date period is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated year-to-date 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 year-to-date 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.

Previous wording

The Fed funds target rate began our fiscal 2025 at a range of 4.75% to 5.00%. The Fed lowered the federal funds target rate by 75 basis points during fiscal 2025 and an additional 50 basis points thus far in fiscal 2026, for a total decrease of 125 basis points since the beginning of fiscal 2025. These rate cuts brought the target range down to 3.50% to 3.75% at the end of our first fiscal quarter of 2026. The Fed has indicated that it intends to closely monitor market conditions to determine whether it will consider making additional downward adjustments to short-term interest rates during the remainder of our fiscal 2026. We anticipate our combined net interest income and RJBDP fees from third-party banks will be unfavorably impacted in our fiscal second quarter 2026 due to the full-quarter impact of the two 25-basis point decreases in short-term interest rates enacted by the Fed in October 2025 and December 2025. The magnitude of this decline will largely depend on the level of short-term interest rates, including any additional rate cuts during the remainder of fiscal 2026, as well as our interest-earning asset levels, client cash balances, and other market-related factors. However, declines in short-term interest rates are also expected to have an indirect favorable impact on certain non-interest-related components of net revenues.

Current wording

The Fed funds target rate began our fiscal 2025 at a range of 4.75% to 5.00%. The Fed lowered the federal funds target rate by 75 basis points during fiscal 2025 and an additional 50 basis points thus far in fiscal 2026, for a total decrease of 125 basis points since the beginning of fiscal 2025. These rate cuts brought the target range to 3.50% to 3.75% by the end of our fiscal first quarter of 2026, where it remained through our fiscal second quarter of 2026. The Fed has indicated that it intends to closely monitor market conditions to determine whether it will consider making any adjustments to short-term interest rates during the remainder of our fiscal 2026.

Previous wording

Combined net interest income and RJBDP fees from third-party banks was $667 million and $673 million for the three months ended December 31, 2025 and 2024, respectively. The 1% decline compared with the prior-year quarter was primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, which more than offset favorable impacts from growth in average interest-earning assets in the Bank segment, including significant growth in securities‑based and residential mortgage loans.

Current wording

For the three months ended March 31, 2026, combined net interest income and RJBDP fees from third-party banks was $650 million, a slight decrease compared with the prior-year quarter, primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, which largely offset the impacts from growth in average interest-earning assets in the Bank segment, including significant growth in securities‑based and residential mortgage loans, and a favorable mix shift in interest-earning assets, primarily from available-for-sale securities to loans.

Previous wording

As of December 31, 2025, September 30, 2025, and December 31, 2024 PCG AUA included assets associated with firms affiliated with us through our RIA and custody services (“RCS”) division of $224.6 billion, $217.3 billion, and $188.2 billion, respectively, of which $195.0 billion, $188.0 billion, and $160.2 billion, respectively, were assets in fee-based accounts. Based on the nature of the services provided to such firms, revenues related to these assets in the PCG segment are included in “Account and service fees.” The growth in RCS client assets over time is partially due to transfers into RCS from our other financial advisor channels. We may continue to experience transfers to our RCS division; however, consistent with our experience in recent fiscal years, we would not expect these financial advisor transfers to significantly impact our results of operations.

Current wording

As of March 31, 2026, December 31, 2025, and March 31, 2025 PCG AUA included assets associated with firms affiliated with us through our RIA and custody services (“RCS”) division of $228.2 billion, $224.6 billion, and $185.6 billion, respectively, of which $199.1 billion, $195.0 billion, and $158.5 billion, respectively, were assets in fee-based accounts. Based on the nature of the services provided to such firms, revenues related to these assets in the PCG segment are included in “Account and service fees.” The growth in RCS client assets over time is partially due to transfers into RCS from our other financial advisor channels. We may continue to experience transfers to our RCS division; however, consistent with our experience in recent fiscal years, we would not expect these financial advisor transfers to significantly impact our results of operations.

Previous wording

The “Average yield on RJBDP - third-party banks” in the preceding table is computed by dividing annualized RJBDP fees from 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. The average yield on RJBDP - third-party banks for the three months ended December 31, 2025 decreased from the prior-year quarter largely as a result of decreases in the Fed’s short-term benchmark interest rate. See “Management’s Discussion and Analysis - Net interest analysis” for further information.

Current wording

The “Average yield on RJBDP - third-party banks” in the preceding table is computed by dividing annualized RJBDP fees from 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. The average yield on RJBDP - third-party banks for the three and six months ended March 31, 2026 decreased from the comparative prior-year periods largely as a result of decreases in the Fed’s short-term benchmark interest rate. See “Management’s Discussion and Analysis - Net interest analysis” for further information.

Previous wording

Total clients’ domestic cash sweep and ESP balances increased 3% compared with September 30, 2025, primarily due to increases in RJBDP balances, partially offset by a decline in ESP balances. PCG segment results can be impacted by not only changes in the level of client cash balances, but also by the allocation of client cash balances between the RJBDP, the CIP, and the ESP, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors.

Current wording

Total clients’ domestic cash sweep and ESP balances decreased 1% compared with December 31, 2025, primarily due to decreases in RJBDP balances, and remained flat compared with March 31, 2025, as declines in ESP balances were offset by higher RJBDP balances. PCG segment results can be impacted by not only changes in the level of client cash balances, but also by the allocation of client cash balances between the RJBDP, the CIP, and the ESP, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors.

Previous wording

Asset management and related administrative fees increased $217 million, or 15%, primarily due to higher assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter resulting from market-driven appreciation and net new assets, due to the favorable impact of our advisor recruiting and retention.

Current wording

Asset management and related administrative fees increased $254 million, or 17%, primarily due to higher assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter, resulting from market-driven appreciation and net new assets driven by financial advisor recruiting and retention.

Previous wording

Brokerage revenues increased $37 million, or 9%, primarily due to higher client activity in the current quarter, as well as higher trailing revenues primarily due to higher asset values.

Current wording

Brokerage revenues increased $69 million, or 16%, primarily due to higher client activity in the current quarter, as well as higher trailing revenues primarily due to higher client asset values.

Previous wording

Compensation-related expenses increased $220 million, or 12%, primarily due to higher commissions expense resulting from higher compensable revenues, including asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses.

Current wording

Compensation-related expenses increased $309 million, or 17%, primarily due to higher commissions expense resulting from higher asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses, and annual salary increases.

Previous wording

Non-compensation expenses increased $23 million, or 9%, primarily due to higher expenses to support our growth, including investments in technology to benefit our advisors and their clients and higher financial advisor recruiting-related expenses.

Current wording

Non-compensation expenses increased $30 million, or 12%, primarily due to higher expenses to support our growth, including investments in technology to benefit our advisors and their clients, higher financial advisor recruiting-related expenses, and higher occupancy and equipment expenses.

Previous wording

Account and service fees decreased $25 million, or 5%, primarily due to a decrease in RJBDP fees paid to PCG from third-party banks which reflects the impacts of lower average balances swept to such banks and the aforementioned reduction in the average RJBDP third-party bank yield. Partially offsetting the decline in total RJBDP fees, mutual fund service fees increased primarily due to higher average mutual fund assets.

Current wording

Account and service fees decreased $28 million, or 3%, primarily due to a decrease in RJBDP fees paid to PCG from third-party banks, which reflects the impacts of lower average balances swept to such banks and the aforementioned decline in the average RJBDP third-party bank yield, partially offset by higher mutual fund service fees primarily driven by higher average mutual fund assets.

Previous wording

Compensation-related expenses decreased $40 million, or 13%, primarily due to the decrease in revenues.

Current wording

Compensation-related expenses decreased $9 million, or 2%, generally consistent with the decrease in revenues.

Previous wording

The increase in these assets compared with the preceding and prior-year quarters was primarily due to market-driven appreciation and net new assets, reflecting the favorable impact of our advisor recruiting and retention.

Current wording

Compared with the preceding quarter, the increase in these assets was due to net new assets driven by financial advisor recruiting and retention, which more than offset market depreciation during the current quarter. Compared with the prior‑year quarter, the increase primarily reflected market appreciation and net new assets driven by financial advisor recruiting and retention.

Previous wording

Asset management and related administrative fees increased $34 million, or 12%, driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values and net inflows into PCG fee-based accounts.

Current wording

Asset management and related administrative fees increased $37 million, or 13%, driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values and net inflows into PCG fee-based accounts.

Previous wording

Non-compensation expenses increased $13 million, or 12%, largely due to higher investment sub-advisory fee expense resulting from the increase in assets under management in sub-advised programs, as well as higher communications and information processing expenses due to investments in our growth.

Current wording

Non-compensation expenses increased $27 million, or 12%, largely due to higher investment sub-advisory fees, resulting from the increase in assets under management in sub-advised programs, as well as higher communications and information processing expenses due to investments in our growth.

Previous wording

Net interest income increased $56 million, or 14%, primarily due to the impacts of higher average interest-earning assets, particularly securities-based and residential mortgage loans, and lower funding costs driven by the decline in short-term interest rates and a favorable mix shift in deposits. The Bank segment net interest margin increased to 2.81% from 2.60% for the prior-year quarter.

Current wording

Net interest income increased $53 million, or 13%, primarily due to higher average interest-earning assets, particularly securities-based and residential mortgage loans, lower funding costs driven by the decline in short-term interest rates, and a favorable mix shift in interest-earning assets from available-for-sale securities to loans. The Bank segment net interest margin increased to 2.81% from 2.67% for the prior-year quarter.

Previous wording

The bank loan benefit for credit losses was $3 million for the current quarter. The bank loan benefit for credit losses for the current quarter primarily reflected the impact of net paydowns of higher-risk loans in our corporate loan portfolio and an improved economic outlook for the C&I loan portfolio, partially offset by specific reserves on certain loans. The bank loan provision for credit losses for the prior-year quarter primarily reflected the impacts of an improved macroeconomic forecast and loan repayments on criticized loans, offset by provisions on new loans, loan downgrades, primarily in the CRE and C&I loan portfolios, and charge-offs of certain loans.

Current wording

The bank loan provision for credit losses was $5 million for the current quarter, compared with $16 million for the prior-year quarter. The bank loan provision for credit losses for the current quarter primarily reflected the impacts of a weakened economic outlook toward the end of the quarter, specific reserves on certain CRE loans, and loan downgrades primarily in our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio. The bank loan provision for credit losses for the prior-year quarter primarily reflected the impacts of charge-offs of certain CRE and C&I loans and loan downgrades primarily related to our CRE loan portfolio.

Previous wording

Pre-tax loss was $36 million, compared with a pre-tax loss of $30 million for the prior-year quarter.

Current wording

Pre-tax loss was $35 million, compared with a pre-tax loss of $34 million for the prior-year quarter.

Previous wording

Net revenues decreased $13 million primarily due to the impact of incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, as well as the impact of lower short-term interest rates on our corporate cash balances.

Current wording

Net revenues decreased $14 million primarily due to the impact of incremental interest expense from the $1.5 billion of senior notes issued in September 2025, net of interest income on the reinvested proceeds, as well as the impact of decreases in short-term interest rates.

Previous wording

Non-interest expenses decreased $7 million, or 17%, primarily due to lower compensation-related expenses in the current quarter.

Current wording

Non-interest expenses decreased $13 million, or 28%, primarily due to lower compensation-related expenses in the current quarter.

Previous wording

As of December 31, 2025, our total liabilities of $76.19 billion were $460 million, or 1%, higher than our total liabilities as of September 30, 2025, largely due to a $1.3 billion increase in bank deposits. This increase was partially offset by a $658 million decrease in accrued compensation, commissions and benefits, primarily due to the annual payment in our fiscal first quarter of prior-year bonuses and certain benefits.

Current wording

As of March 31, 2026, our total liabilities of $79.33 billion were $3.6 billion, or 5%, higher than our total liabilities as of September 30, 2025, largely due to a $3.5 billion increase in bank deposits primarily driven by higher RJBDP balances swept to our Bank segment. Brokerage client payables also increased $754 million due to the aforementioned increase in client cash balances at our broker-dealer subsidiaries. These increases were partially offset by a $493 million decrease in accrued compensation, commissions and benefits primarily due to the payment of prior-year bonuses and certain benefits during the period.

Previous wording

The primary goal of our liquidity management activities is to ensure adequate funding and liquidity to conduct our business over a range of economic and market environments, including times of broader industry or market liquidity stress events. In times of market stress or uncertainty, we generally maintain higher levels of liquidity to ensure we have adequate funding to support our businesses and meet our clients’ needs. We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets, while at the same time meeting our regulatory capital requirements and conservative internal management targets.

Current wording

The primary goal of our liquidity management activities is to ensure adequate funding and liquidity to conduct our business over a range of economic and market environments, including times of broader industry or market liquidity stress events. In times of market stress or uncertainty, we generally maintain higher levels of liquidity to ensure we have adequate funding to support our businesses and meet our clients’ needs. We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets. This includes meeting our regulatory capital requirements and conservative internal management targets.

Previous wording

Senior management establishes our liquidity and capital management frameworks. Our liquidity and capital management frameworks are overseen by our Asset and Liability Committee, a senior management committee that develops and executes strategies and policies to manage our liquidity risk and interest rate risk, as well as provides oversight over the firm’s investments. Our liquidity management framework is designed to ensure we have a sufficient amount of funding, even when funding markets experience stress. We manage the maturities and diversity of our funding across products and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets (e.g., the maturities of our available-for-sale securities portfolio). The liquidity management framework includes senior management’s review of short- and long-term cash flow forecasts, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of resources to our business units consider, among other factors, projected profitability, cash flow, risk, future liquidity needs, and required capital levels. Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition and liquidity, and also maintains our relationships with various lenders. The objective of our liquidity management framework is to support the successful execution of our business strategies while ensuring ongoing and sufficient funding and liquidity.

Current wording

Senior management establishes our liquidity and capital management frameworks, which support the successful execution of our business strategies by ensuring ongoing and sufficient funding and liquidity. Our liquidity and capital management frameworks are overseen by our Asset and Liability Committee, a senior management committee that develops and executes strategies and policies to manage our liquidity risk and interest rate risk, as well as provides oversight over the firm’s investments. Our liquidity management framework is designed to ensure we have a sufficient amount of funding, even when funding markets experience stress. We manage the maturities and diversity of our funding across products and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets (e.g., the maturities of our available-for-sale securities portfolio). The liquidity management framework includes senior management’s review of short- and long-term cash flow forecasts, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of resources to our business units consider, among other factors, projected profitability, cash flow, risk, future liquidity needs, and required capital levels. Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition and liquidity, and also maintains our relationships with various lenders.

Previous wording

Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $9.89 billion at December 31, 2025 decreased $1.5 billion compared with September 30, 2025. The decrease in cash and cash equivalents primarily resulted from net investments in bank loans, the annual payment in our fiscal first quarter of prior-year bonuses and certain benefits, common stock repurchases, net loans provided to financial advisors, and dividends paid on our common stock. These decreases were partially offset by an increase in bank deposits, net income, and net maturities of available-for-sale securities during the period.

Current wording

Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $11.2 billion at March 31, 2026 decreased $170 million compared with September 30, 2025. The decrease in cash and cash equivalents primarily resulted from net investments in bank loans, common stock repurchases, the annual payment of prior-year bonuses and certain benefits, net loans provided to financial advisors, and dividends paid on our common stock. These decreases were partially offset by an increase in bank deposits, net income, and net maturities or redemptions of available-for-sale securities during the period.

Previous wording

RJF corporate cash of $3.31 billion as of December 31, 2025, included cash and cash equivalents held directly at the parent company as well as cash loaned by the parent company to RJ&A. As of December 31, 2025, RJF had loaned $1.23 billion to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

Current wording

RJF corporate cash of $2.96 billion as of March 31, 2026, included cash and cash equivalents held directly at the parent company as well as cash loaned by the parent company to RJ&A. As of March 31, 2026, RJF had loaned $1.10 billion to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF or otherwise deployed in its normal business activities.

Previous wording

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $380 million as of December 31, 2025. The portion of this total that was available on demand without restrictions, which amounted to $348 million as of December 31, 2025, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table.

Current wording

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $384 million as of March 31, 2026. The portion of this total that was available on demand without restrictions, which amounted to $351 million as of March 31, 2026, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table.

Previous wording

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities and Exchange Act of 1934. As a member firm of the Financial Industry Regulatory Authority (“FINRA”), RJ&A is subject to FINRA’s capital requirements, which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an “alternative net capital requirement,” which RJ&A has elected. Regulations require that minimum net capital, as defined, be equal to the greater of $1.5 million or 2% of aggregate debit items arising from client balances. In addition, covenants in RJ&A’s committed financing arrangements require its net capital to be a minimum of 10% of aggregate debit items. At December 31, 2025, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances. FINRA may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements which may result in RJ&A limiting dividends it would otherwise remit to RJF. We

Current wording

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities and Exchange Act of 1934. As a member firm of the Financial Industry Regulatory Authority (“FINRA”), RJ&A is subject to FINRA’s capital requirements, which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an “alternative net capital requirement,” which RJ&A has elected. Regulations require that minimum net capital, as defined, be equal to the greater of $1.5 million or 2% of aggregate debit items arising from client balances. In addition, covenants in RJ&A’s committed financing arrangements require its net capital to be a minimum of 10% of aggregate debit items. At March 31, 2026, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances. FINRA may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements which may result in RJ&A limiting dividends it would otherwise remit to RJF. We evaluate regulatory requirements, loan covenants and certain internal tolerances when determining the amount of liquidity available to RJF from RJ&A.

Previous wording

In addition to our Credit Facility, we have various uncommitted financing arrangements with third-party lenders, which are in the form of secured lines of credit, secured bilateral repurchase agreements, or unsecured lines of credit. Our uncommitted secured financing arrangements generally require us to post collateral in excess of the amount borrowed and are generally collateralized by RJ&A-owned securities or by securities that we have received as collateral under reverse repurchase agreements (i.e., securities purchased under agreements to resell). As of December 31, 2025, we had outstanding borrowings under three uncommitted secured borrowing arrangements out of a total of 14 uncommitted financing arrangements (nine uncommitted secured and five uncommitted unsecured). However, lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities. See Notes 6 and 13 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these borrowings.

Current wording

In addition to our Credit Facility, we have various uncommitted financing arrangements with third-party lenders, which are in the form of secured lines of credit, secured bilateral repurchase agreements, or unsecured lines of credit. Our uncommitted secured financing arrangements generally require us to post collateral in excess of the amount borrowed and are generally collateralized by RJ&A-owned securities or by securities that we have received as collateral under reverse repurchase agreements (i.e., securities purchased under agreements to resell). As of March 31, 2026, we had outstanding borrowings under three uncommitted secured borrowing arrangements out of a total of 14 uncommitted financing arrangements (nine uncommitted secured and five uncommitted unsecured). Lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities. See Notes 7 and 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these borrowings.

Previous wording

We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. As of December 31, 2025, we had $9.7 billion in immediate credit available from the FHLB based on the collateral pledged. See Notes 6 and 13 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB and for additional information on our FHLB borrowings, including the related maturities and interest rates.

Current wording

We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. As of March 31, 2026, we had $9.4 billion in immediate credit available from the FHLB based on the collateral pledged. See Notes 7 and 15 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB and for additional information on our FHLB borrowings, including the related maturities and interest rates.

Previous wording

As member banks, our bank subsidiaries have access to the Federal Reserve’s discount window and may have access to other lending programs that may be established by the Federal Reserve in unusual and exigent circumstances. As of December 31, 2025, our bank subsidiaries had pledged certain bank loans with the Federal Reserve and had $15.6 billion in immediate credit available from the FRB based on collateral pledged. See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding our assets pledged with the FRB.

Current wording

As member banks, our bank subsidiaries have access to the Federal Reserve’s discount window and may have access to other lending programs that may be established by the Federal Reserve in unusual and exigent circumstances. As of March 31, 2026, our bank subsidiaries had pledged certain bank loans with the Federal Reserve and had $17.2 billion in immediate credit available from the FRB based on collateral pledged. See Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding our assets pledged with the FRB.

Previous wording

We may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one counterparty and then lend them to another counterparty. Where permitted, we have also loaned securities owned by clients or the firm to broker-dealers and other financial institutions. We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $514 million as of December 31, 2025 related to the securities loaned included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition of this Form 10-Q. See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 2 of our 2025 Form 10-K for additional information on our collateralized agreements and financings.

Current wording

We may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one counterparty and then lend them to another counterparty. Where permitted, we have also loaned securities owned by clients or the firm to broker-dealers and other financial institutions. We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $781 million as of March 31, 2026 related to the securities loaned included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition of this Form 10-Q. See Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 2 of our 2025 Form 10-K for additional information on our collateralized agreements and financings.