rjf0630q325supplement

Quarterly Financial Supplement Fiscal third quarter of 2025 results

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

Three months ended % change from Nine months ended in millions, except per share amounts June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Asset management and related administrative fees $ 1,611 $ 1,662 $ 1,743 $ 1,725 $ 1,733 8 % — % $ 4,534 $ 5,201 15 % Brokerage revenues: Securities commissions 416 438 440 431 431 4 % — % 1,213 1,302 7 % Principal transactions 116 123 119 149 128 10 % (14) % 369 396 7 % Total brokerage revenues 532 561 559 580 559 5 % (4) % 1,582 1,698 7 % Account and service fees 328 332 342 321 302 (8) % (6) % 982 965 (2) % Investment banking 183 315 325 216 212 16 % (2) % 543 753 39 % Interest income 1,057 1,073 1,027 963 990 (6) % 3 % 3,159 2,980 (6) % Other 51 60 39 40 46 (10) % 15 % 120 125 4 % Total revenues 3,762 4,003 4,035 3,845 3,842 2 % — % 10,920 11,722 7 % Interest expense (534) (541) (498) (442) (444) (17) % — % (1,561) (1,384) (11) % Net revenues 3,228 3,462 3,537 3,403 3,398 5 % — % 9,359 10,338 10 % Non-interest expenses: Compensation, commissions and benefits 2,090 2,159 2,272 2,204 2,202 5 % — % 6,054 6,678 10 % Non-compensation expenses: Communications and information processing 166 181 178 184 191 15 % 4 % 481 553 15 % Occupancy and equipment 75 76 73 74 77 3 % 4 % 220 224 2 % Business development 72 64 68 64 77 7 % 20 % 193 209 8 % Investment sub-advisory fees 48 50 53 54 56 17 % 4 % 132 163 23 % Professional fees 38 47 34 34 42 11 % 24 % 103 110 7 % Bank loan provision/(benefit) for credit losses (10) 22 — 16 15 NM (6) % 23 31 35 % Other (1) 105 103 110 102 175 67 % 72 % 270 387 43 % Total non-compensation expenses 494 543 516 528 633 28 % 20 % 1,422 1,677 18 % Total non-interest expenses 2,584 2,702 2,788 2,732 2,835 10 % 4 % 7,476 8,355 12 % Pre-tax income 644 760 749 671 563 (13) % (16) % 1,883 1,983 5 % Provision for income taxes 152 158 149 176 127 (16) % (28) % 417 452 8 % Net income 492 602 600 495 436 (11) % (12) % 1,466 1,531 4 % Preferred stock dividends 1 1 1 2 1 — % (50) % 4 4 — % Net income available to common shareholders $ 491 $ 601 $ 599 $ 493 $ 435 (11) % (12) % $ 1,462 $ 1,527 4 % Earnings per common share – basic (2) $ 2.37 $ 2.93 $ 2.94 $ 2.41 $ 2.16 (9) % (10) % $ 7.02 $ 7.51 7 % Earnings per common share – diluted (2) $ 2.31 $ 2.86 $ 2.86 $ 2.36 $ 2.12 (8) % (10) % $ 6.85 $ 7.35 7 % Weighted-average common shares outstanding – basic 206.8 204.7 203.7 204.3 201.2 (3) % (2) % 207.9 203.0 (2) % Weighted-average common and common equivalent shares outstanding – diluted 212.3 210.1 209.2 208.7 205.5 (3) % (2) % 213.1 207.6 (3) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Total assets $ 80,628 $ 82,992 $ 82,282 $ 83,132 $ 84,815 5 % 2 % Total common equity attributable to Raymond James Financial, Inc. $ 11,118 $ 11,594 $ 11,844 $ 12,133 $ 12,180 10 % — % Book value per share (3) $ 54.08 $ 57.03 $ 57.89 $ 59.74 $ 60.90 13 % 2 % Tangible book value per share (3) (4) $ 45.57 $ 48.43 $ 49.49 $ 51.29 $ 52.32 15 % 2 % Capital ratios: Tier 1 leverage 12.7 % 12.8 % 13.0 % 13.3 % 13.1 % (5) Tier 1 capital 22.2 % 22.8 % 23.7 % 23.5 % 23.0 % (5) Common equity tier 1 22.0 % 22.6 % 23.5 % 23.3 % 22.8 % (5) Total capital 23.6 % 24.1 % 25.0 % 24.8 % 24.3 % (5) $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Adjusted pre-tax income (4) $ 667 $ 785 $ 769 $ 690 $ 582 (13) % (16) % $ 1,955 $ 2,041 4 % Adjusted net income available to common shareholders (4) $ 508 $ 621 $ 614 $ 507 $ 449 (12) % (11) % $ 1,516 $ 1,570 4 % Adjusted earnings per common share – basic (2) (4) $ 2.45 $ 3.03 $ 3.01 $ 2.48 $ 2.23 (9) % (10) % $ 7.28 $ 7.72 6 % Adjusted earnings per common share – diluted (2) (4) $ 2.39 $ 2.95 $ 2.93 $ 2.42 $ 2.18 (9) % (10) % $ 7.10 $ 7.55 6 % Return on common equity (6) 17.8 % 21.2 % 20.4 % 16.4 % 14.3 % 18.2 % 17.1 % Adjusted return on common equity (4) (6) 18.4 % 21.9 % 20.9 % 16.9 % 14.8 % 18.8 % 17.5 % Adjusted return on tangible common equity (4) (6) 21.9 % 25.8 % 24.6 % 19.7 % 17.2 % 22.5 % 20.5 % Pre-tax margin (7) 20.0 % 22.0 % 21.2 % 19.7 % 16.6 % 20.1 % 19.2 % Adjusted pre-tax margin (4) (7) 20.7 % 22.7 % 21.7 % 20.3 % 17.1 % 20.9 % 19.7 % Total compensation ratio (8) 64.7 % 62.4 % 64.2 % 64.8 % 64.8 % 64.7 % 64.6 % Adjusted total compensation ratio (4) (8) 64.4 % 62.1 % 64.0 % 64.5 % 64.5 % 64.3 % 64.4 % Effective tax rate 23.6 % 20.8 % 19.9 % 26.2 % 22.6 % 22.1 % 22.8 % Three months ended % change from Nine months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Client assets under administration $ 1,476.2 $ 1,571.1 $ 1,557.5 $ 1,535.9 $ 1,637.1 11 % 7 % Private Client Group assets under administration $ 1,415.7 $ 1,507.0 $ 1,491.8 $ 1,475.5 $ 1,574.2 11 % 7 % Private Client Group assets in fee-based accounts $ 820.6 $ 875.2 $ 876.6 $ 872.8 $ 943.9 15 % 8 % Financial assets under management $ 229.3 $ 244.8 $ 243.9 $ 245.0 $ 263.2 15 % 7 % Three months ended Nine months ended Net new assets metrics (9) ($ in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Domestic Private Client Group net new assets $ 16,517 $ 12,969 $ 14,020 $ 8,830 $ 11,651 $ 47,740 $ 34,501 Domestic Private Client Group net new assets growth — annualized 5.2 % 4.0 % 4.0 % 2.6 % 3.4 % 5.8 % 3.3 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Raymond James Bank Deposit Program (“RJBDP”): (10) Bank segment (10) $ 23,371 $ 23,978 $ 23,946 $ 25,783 $ 26,635 14 % 3 % Third-party banks 17,325 18,226 20,341 16,813 13,878 (20) % (17) % Subtotal RJBDP 40,696 42,204 44,287 42,596 40,513 — % (5) % Client Interest Program 1,713 1,653 1,664 1,656 1,640 (4) % (1) % Total clients’ domestic cash sweep balances 42,409 43,857 45,951 44,252 42,153 (1) % (5) % Enhanced Savings Program ("ESP") (11) 14,039 14,018 13,785 13,507 13,027 (7) % (4) % Total clients’ domestic cash sweep and ESP balances $ 56,448 $ 57,875 $ 59,736 $ 57,759 $ 55,180 (2) % (4) % Three months ended % change from Nine months ended Net interest income and RJBDP fees ($ in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Net interest income and RJBDP fees (third-party banks) $ 672 $ 678 $ 673 $ 651 $ 656 (2) % 1 % $ 2,059 $ 1,980 (4) % Average yield on RJBDP - third-party banks (12) 3.41 % 3.34 % 3.12 % 3.00 % 2.96 % 3.55 % 3.03 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Asset management and related administrative fees $ 1,364 $ 1,408 $ 1,476 $ 1,457 $ 1,462 7 % — % $ 3,838 $ 4,395 15 % Brokerage revenues: Mutual and other fund products 142 148 152 152 146 3 % (4) % 419 450 7 % Insurance and annuity products 130 137 118 117 129 (1) % 10 % 382 364 (5) % Equities, ETFs, and fixed income products 137 148 163 150 145 6 % (3) % 397 458 15 % Total brokerage revenues 409 433 433 419 420 3 % — % 1,198 1,272 6 % Account and service fees: Mutual fund and annuity service fees 118 122 126 130 126 7 % (3) % 339 382 13 % RJBDP fees: (10) Bank segment 198 197 187 183 193 (3) % 5 % 627 563 (10) % Third-party banks 149 146 144 130 110 (26) % (15) % 461 384 (17) % Client account and other fees 66 69 70 66 72 9 % 9 % 195 208 7 % Total account and service fees 531 534 527 509 501 (6) % (2) % 1,622 1,537 (5) % Investment banking 10 9 8 9 9 (10) % — % 29 26 (10) % Interest income (13) 121 119 126 110 114 (6) % 4 % 361 350 (3) % All other 13 4 5 6 5 (62) % (17) % 23 16 (30) % Total revenues 2,448 2,507 2,575 2,510 2,511 3 % — % 7,071 7,596 7 % Interest expense (32) (31) (27) (24) (23) (28) % (4) % (88) (74) (16) % Net revenues 2,416 2,476 2,548 2,486 2,488 3 % — % 6,983 7,522 8 % Non-interest expenses: Financial advisor compensation and benefits 1,327 1,364 1,413 1,411 1,414 7 % — % 3,790 4,238 12 % Administrative compensation and benefits 389 387 418 388 389 — % — % 1,159 1,195 3 % Total compensation, commissions and benefits 1,716 1,751 1,831 1,799 1,803 5 % — % 4,949 5,433 10 % Non-compensation expenses 259 264 255 256 274 6 % 7 % 710 785 11 % Total non-interest expenses 1,975 2,015 2,086 2,055 2,077 5 % 1 % 5,659 6,218 10 % Pre-tax income $ 441 $ 461 $ 462 $ 431 $ 411 (7) % (5) % $ 1,324 $ 1,304 (2) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Brokerage revenues: Fixed income $ 86 $ 91 $ 85 $ 116 $ 97 13 % (16) % $ 276 $ 298 8 % Equity 35 36 41 45 41 17 % (9) % 107 127 19 % Total brokerage revenues 121 127 126 161 138 14 % (14) % 383 425 11 % Investment banking: Merger & acquisition and advisory 91 205 226 129 105 15 % (19) % 316 460 46 % Equity underwriting 33 49 35 31 38 15 % 23 % 82 104 27 % Debt underwriting 49 52 56 47 60 22 % 28 % 116 163 41 % Total investment banking 173 306 317 207 203 17 % (2) % 514 727 41 % Interest income 32 28 29 28 27 (16) % (4) % 81 84 4 % Affordable housing investments business revenues 30 43 29 20 33 10 % 65 % 75 82 9 % All other 4 6 5 4 4 — % — % 12 13 8 % Total revenues 360 510 506 420 405 13 % (4) % 1,065 1,331 25 % Interest expense (30) (27) (26) (24) (24) (20) % — % (76) (74) (3) % Net revenues 330 483 480 396 381 15 % (4) % 989 1,257 27 % Non-interest expenses: Compensation, commissions and benefits 243 281 301 262 262 8 % — % 721 825 14 % Non-compensation expenses (1) 101 107 105 98 173 71 % 77 % 296 376 27 % Total non-interest expenses 344 388 406 360 435 26 % 21 % 1,017 1,201 18 % Pre-tax income/(loss) $ (14) $ 95 $ 74 $ 36 $ (54) (286) % NM $ (28) $ 56 NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Interest income $ 867 $ 887 $ 847 $ 802 $ 823 (5) % 3 % $ 2,607 $ 2,472 (5) % Interest expense (461) (476) (433) (383) (383) (17) % — % (1,362) (1,199) (12) % Net interest income 406 411 414 419 440 8 % 5 % 1,245 1,273 2 % All other 12 22 11 15 18 50 % 20 % 38 44 16 % Net revenues 418 433 425 434 458 10 % 6 % 1,283 1,317 3 % Non-interest expenses: Compensation and benefits 45 44 46 45 47 4 % 4 % 136 138 1 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses (10) 22 — 16 15 NM (6) % 23 31 35 % RJBDP fees to Private Client Group (10) 198 197 187 183 193 (3) % 5 % 627 563 (10) % All other 70 72 74 73 80 14 % 10 % 215 227 6 % Total non-compensation expenses 258 291 261 272 288 12 % 6 % 865 821 (5) % Total non-interest expenses 303 335 307 317 335 11 % 6 % 1,001 959 (4) % Pre-tax income $ 115 $ 98 $ 118 $ 117 $ 123 7 % 5 % $ 282 $ 358 27 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Revenues: Interest income (13) $ 47 $ 53 $ 34 $ 34 $ 34 (28) % — % $ 140 $ 102 (27) % All other 6 — 3 4 — (100) % (100) % 6 7 17 % Total revenues 53 53 37 38 34 (36) % (11) % 146 109 (25) % Interest expense (25) (25) (25) (25) (25) — % — % (75) (75) — % Net revenues 28 28 12 13 9 (68) % (31) % 71 34 (52) % Non-interest expenses: Compensation and benefits 29 26 36 40 36 24 % (10) % 78 112 44 % All other 9 12 6 7 15 67 % 114 % (7) 28 NM Total non-interest expenses 38 38 42 47 51 34 % 9 % 71 140 97 % Pre-tax loss $ (10) $ (10) $ (30) $ (34) $ (42) (320) % (24) % $ — $ (106) NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Total assets $ 60,574 $ 62,367 $ 62,278 $ 62,700 $ 63,561 5 % 1 % Bank loans, net $ 45,149 $ 45,994 $ 47,164 $ 48,273 $ 49,840 10 % 3 % Bank loan allowance for credit losses $ 456 $ 457 $ 452 $ 452 $ 465 2 % 3 % Bank loan allowance for credit losses as a % of total loans held for investment 1.00 % 0.99 % 0.95 % 0.93 % 0.93 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (15) 2.00 % 1.99 % 1.93 % 1.94 % 1.96 % Total nonperforming assets $ 160 $ 175 $ 161 $ 214 $ 214 34 % — % Nonperforming assets as a % of total assets 0.26 % 0.28 % 0.26 % 0.34 % 0.34 % Total criticized loans $ 523 $ 679 $ 599 $ 551 $ 572 9 % 4 % Criticized loans as a % of total loans held for investment 1.15 % 1.47 % 1.26 % 1.14 % 1.14 % Total bank deposits $ 54,401 $ 56,010 $ 55,850 $ 56,403 $ 57,249 5 % 1 % As of % change from $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 Securities-based loans (16) $ 15,429 $ 16,233 $ 16,869 $ 17,608 $ 18,497 20 % 5 % Commercial and industrial loans 9,956 9,953 10,390 10,462 10,754 8 % 3 % Commercial real estate loans 7,619 7,615 7,586 7,569 7,777 2 % 3 % Real estate investment trust loans 1,755 1,716 1,683 1,794 1,735 (1) % (3) % Residential mortgage loans 9,245 9,412 9,602 9,801 9,976 8 % 2 % Tax-exempt loans 1,431 1,338 1,294 1,268 1,311 (8) % 3 % Total loans held for investment 45,435 46,267 47,424 48,502 50,050 10 % 3 % Held for sale loans 170 184 192 223 255 50 % 14 % Total loans held for sale and investment 45,605 46,451 47,616 48,725 50,305 10 % 3 % Allowance for credit losses (456) (457) (452) (452) (465) 2 % 3 % Bank loans, net $ 45,149 $ 45,994 $ 47,164 $ 48,273 $ 49,840 10 % 3 % Three months ended % change from Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2024 June 30, 2025 % change Net interest margin (net yield on interest-earning assets) 2.64 % 2.62 % 2.60 % 2.67 % 2.74 % 2.68 % 2.67 % Bank loan provision/(benefit) for credit losses $ (10) $ 22 $ — $ 16 $ 15 NM (6) % $ 23 $ 31 35 % Net charge-offs $ 6 $ 20 $ 4 $ 15 $ 3 (50) % (80) % $ 42 $ 22 (48) % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non- GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Net income available to common shareholders $ 491 $ 601 $ 599 $ 493 $ 435 $ 1,462 $ 1,527 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (17) 11 9 8 8 9 33 25 Communication and information processing — 1 — — — 1 — Professional fees 1 1 1 1 — 3 2 Other: Amortization of identifiable intangible assets (18) 11 11 11 10 10 33 31 All other acquisition-related expenses — 3 — — — 2 — Total “Other” expense 11 14 11 10 10 35 31 Total pre-tax impact of non-GAAP adjustments related to acquisitions 23 25 20 19 19 72 58 Tax effect of non-GAAP adjustments (6) (5) (5) (5) (5) (18) (15) Total non-GAAP adjustments, net of tax 17 20 15 14 14 54 43 Adjusted net income available to common shareholders (4) $ 508 $ 621 $ 614 $ 507 $ 449 $ 1,516 $ 1,570 Pre-tax income $ 644 $ 760 $ 749 $ 671 $ 563 $ 1,883 $ 1,983 Pre-tax impact of non-GAAP adjustments (as detailed above) 23 25 20 19 19 72 58 Adjusted pre-tax income (4) $ 667 $ 785 $ 769 $ 690 $ 582 $ 1,955 $ 2,041 Compensation, commissions and benefits expense $ 2,090 $ 2,159 $ 2,272 $ 2,204 $ 2,202 $ 6,054 $ 6,678 Less: Acquisition-related retention (17) 11 9 8 8 9 33 25 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,079 $ 2,150 $ 2,264 $ 2,196 $ 2,193 $ 6,021 $ 6,653 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Pre-tax margin (7) 20.0 % 22.0 % 21.2 % 19.7 % 16.6 % 20.1 % 19.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (17) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % 0.4 % 0.2 % Communications and information processing — % — % — % — % — % — % — % Professional fees — % — % — % — % — % — % — % Other: Amortization of identifiable intangible assets (18) 0.4 % 0.3 % 0.3 % 0.3 % 0.2 % 0.4 % 0.3 % All other acquisition-related expenses — % 0.1 % — % — % — % — % — % Total “Other” expense 0.4 % 0.4 % 0.3 % 0.3 % 0.2 % 0.4 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.7 % 0.7 % 0.5 % 0.6 % 0.5 % 0.8 % 0.5 % Adjusted pre-tax margin (4) (7) 20.7 % 22.7 % 21.7 % 20.3 % 17.1 % 20.9 % 19.7 % Total compensation ratio (8) 64.7 % 62.4 % 64.2 % 64.8 % 64.8 % 64.7 % 64.6 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.3 % 0.3 % 0.2 % 0.3 % 0.3 % 0.4 % 0.2 % Adjusted total compensation ratio (4) (8) 64.4 % 62.1 % 64.0 % 64.5 % 64.5 % 64.3 % 64.4 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Diluted $ 2.31 $ 2.86 $ 2.86 $ 2.36 $ 2.12 $ 6.85 $ 7.35 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (17) 0.05 0.04 0.04 0.04 0.04 0.15 0.12 Communications and information processing — — — — — — — Professional fees 0.01 — — — — 0.01 0.01 Other: Amortization of identifiable intangible assets (18) 0.05 0.05 0.05 0.05 0.04 0.16 0.14 All other acquisition-related expenses — 0.02 — — — 0.01 — Total “Other” expense 0.05 0.07 0.05 0.05 0.04 0.17 0.14 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.11 0.11 0.09 0.09 0.08 0.33 0.27 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.02) (0.03) (0.02) (0.08) (0.07) Total non-GAAP adjustments, net of tax 0.08 0.09 0.07 0.06 0.06 0.25 0.20 Adjusted diluted (4) $ 2.39 $ 2.95 $ 2.93 $ 2.42 $ 2.18 $ 7.10 $ 7.55 Book value per share As of $ in millions, except per share amounts June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 11,118 $ 11,594 $ 11,844 $ 12,133 $ 12,180 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,884 1,886 1,858 1,855 1,860 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (136) (138) (139) (140) (143) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 9,370 $ 9,846 $ 10,125 $ 10,418 $ 10,463 Common shares outstanding 205.6 203.3 204.6 203.1 200.0 Book value per share (3) $ 54.08 $ 57.03 $ 57.89 $ 59.74 $ 60.90 Tangible book value per share (3) (4) $ 45.57 $ 48.43 $ 49.49 $ 51.29 $ 52.32 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Average common equity (19) $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (17) 5 5 4 4 5 17 12 Communications and information processing — — — — — — — Professional fees 1 1 1 1 — 2 1 Other: Amortization of identifiable intangible assets (18) 5 6 6 5 5 16 16 All other acquisition-related expenses — 1 — — — 1 — Total “Other” expense 5 7 6 5 5 17 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 13 11 10 10 36 29 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (9) (7) Total non-GAAP adjustments, net of tax 8 10 8 7 7 27 22 Adjusted average common equity (4) (19) $ 11,020 $ 11,366 $ 11,727 $ 11,996 $ 12,164 $ 10,744 $ 11,960 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 Average common equity (19) $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 12,157 $ 10,717 $ 11,938 Less: Average goodwill and identifiable intangible assets, net 1,889 1,885 1,872 1,857 1,858 1,898 1,865 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (135) (137) (139) (140) (142) (133) (140) Average tangible common equity (4) (19) $ 9,258 $ 9,608 $ 9,986 $ 10,272 $ 10,441 $ 8,952 $ 10,213 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits (17) 5 5 4 4 5 17 12 Communications and information processing — — — — — — — Professional fees 1 1 1 1 — 2 1 Other: Amortization of identifiable intangible assets (18) 5 6 6 5 5 16 16 All other acquisition-related expenses — 1 — — — 1 — Total “Other” expense 5 7 6 5 5 17 16 Total pre-tax impact of non-GAAP adjustments related to acquisitions 11 13 11 10 10 36 29 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (9) (7) Total non-GAAP adjustments, net of tax 8 10 8 7 7 27 22 Adjusted average tangible common equity (4) (19) $ 9,266 $ 9,618 $ 9,994 $ 10,279 $ 10,448 $ 8,979 $ 10,235 Return on common equity (6) 17.8 % 21.2 % 20.4 % 16.4 % 14.3 % 18.2 % 17.1 % Adjusted return on common equity (4) (6) 18.4 % 21.9 % 20.9 % 16.9 % 14.8 % 18.8 % 17.5 % Return on tangible common equity (4) (6) 21.2 % 25.0 % 24.0 % 19.2 % 16.7 % 21.8 % 19.9 % Adjusted return on tangible common equity (4) (6) 21.9 % 25.8 % 24.6 % 19.7 % 17.2 % 22.5 % 20.5 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the three and nine months ended June 30, 2025 reflected the impact of a reserve increase associated with the settlement of a certain legal matter which resulted in a $58M increase in "Other" expense in the Capital Markets segment. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025, an insignificant amount for the three months ended June 30, 2025, and $3 million and $2 million for the nine months ended June 30, 2024 and 2025, respectively. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (10) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (11) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release. (12) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. (13) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior-period segment results have not been conformed to the current-period presentation. (14) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (16) 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. (17) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. RAYMOND JAMES FINANCIAL, INC. 18

(18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (19) Average common equity 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 four, 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 four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19