rjf0930q426supplement

Quarterly Financial Supplement Fourth quarter and fiscal 2026 results

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

Three months ended % change from Twelve months ended in millions, except per share amounts September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,877 $ 1,999 $ 2,016 $ 2,075 $ 2,307 23 % 11 % $ 7,078 $ 8,397 19 % Brokerage revenues: Securities commissions 473 486 507 503 507 7 % 1 % 1,775 2,003 13 % Principal transactions 133 126 136 126 107 (20) % (15) % 529 495 (6) % Total brokerage revenues 606 612 643 629 614 1 % (2) % 2,304 2,498 8 % Account and service fees 297 308 311 316 333 12 % 5 % 1,262 1,268 — % Investment banking 316 208 279 291 370 17 % 27 % 1,069 1,148 7 % Interest income 1,014 1,007 960 994 1,034 2 % 4 % 3,994 3,995 — % Other 80 42 53 57 81 1 % 42 % 205 233 14 % Total revenues 4,190 4,176 4,262 4,362 4,739 13 % 9 % 15,912 17,539 10 % Interest expense (463) (441) (403) (434) (470) 2 % 8 % (1,847) (1,748) (5) % Net revenues 3,727 3,735 3,859 3,928 4,269 15 % 9 % 14,065 15,791 12 % Non-interest expenses: Compensation, commissions and benefits 2,394 2,450 2,541 2,579 2,774 16 % 8 % 9,072 10,344 14 % Non-compensation expenses: Communications and information processing 199 194 206 203 208 5 % 2 % 752 811 8 % Occupancy and equipment 84 80 80 85 87 4 % 2 % 308 332 8 % Business development 82 81 75 95 95 16 % — % 291 346 19 % Investment sub-advisory fees 60 63 63 63 70 17 % 11 % 223 259 16 % Professional fees 53 37 36 63 56 6 % (11) % 163 192 18 % Bank loan provision/(benefit) for credit losses 6 (3) 5 (26) (8) NM 69 % 37 (32) NM Other (1) 118 105 118 116 125 6 % 8 % 505 464 (8) % Total non-compensation expenses 602 557 583 599 633 5 % 6 % 2,279 2,372 4 % Total non-interest expenses 2,996 3,007 3,124 3,178 3,407 14 % 7 % 11,351 12,716 12 % Pre-tax income 731 728 735 750 862 18 % 15 % 2,714 3,075 13 % Provision for income taxes 127 165 191 155 196 54 % 26 % 579 707 22 % Net income 604 563 544 595 666 10 % 12 % 2,135 2,368 11 % Preferred stock dividends 1 1 2 — — (100) % — % 5 3 (40) % Net income available to common shareholders $ 603 $ 562 $ 542 $ 595 $ 666 10 % 12 % $ 2,130 $ 2,365 11 % Earnings per common share – basic (2) $ 3.03 $ 2.85 $ 2.76 $ 3.06 $ 3.46 14 % 13 % $ 10.53 $ 12.13 15 % Earnings per common share – diluted (2) $ 2.95 $ 2.79 $ 2.72 $ 3.01 $ 3.40 15 % 13 % $ 10.30 $ 11.91 16 % Weighted-average common shares outstanding – basic 199.0 197.1 196.1 194.0 192.1 (3) % (1) % 202.0 194.8 (4) % Weighted-average common and common equivalent shares outstanding – diluted 203.8 201.4 199.2 197.2 195.6 (4) % (1) % 206.6 198.3 (4) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in billions, except per share amounts September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Total assets $ 88.2 $ 88.8 $ 91.9 $ 94.2 $ 94.4 7 % — % Total common equity attributable to Raymond James Financial, Inc. $ 12.4 $ 12.5 $ 12.6 $ 12.7 $ 13.1 6 % 3 % Book value per share (3) $ 62.72 $ 63.41 $ 64.58 $ 66.11 $ 68.38 9 % 3 % Tangible book value per share (3) (4) $ 54.12 $ 54.82 $ 55.14 $ 53.74 $ 55.96 3 % 4 % Capital ratios: Tier 1 leverage 13.1 % 12.7 % 12.4 % 11.7 % 12.1 % (5) Tier 1 capital 23.0 % 23.2 % 22.9 % 21.5 % 23.2 % (5) Common equity tier 1 22.9 % 23.0 % 22.9 % 21.5 % 23.2 % (5) Total capital 24.1 % 24.3 % 24.0 % 22.5 % 24.2 % (5) $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Adjusted pre-tax income (4) $ 770 $ 748 $ 762 $ 782 $ 909 18 % 16 % $ 2,811 $ 3,201 14 % Adjusted net income available to common shareholders (4) $ 635 $ 577 $ 564 $ 620 $ 703 11 % 13 % $ 2,205 $ 2,464 12 % Adjusted earnings per common share – basic (2) (4) $ 3.19 $ 2.92 $ 2.88 $ 3.19 $ 3.65 14 % 14 % $ 10.90 $ 12.63 16 % Adjusted earnings per common share – diluted (2) (4) $ 3.11 $ 2.86 $ 2.83 $ 3.14 $ 3.59 15 % 14 % $ 10.66 $ 12.41 16 % Return on common equity (6) 19.6 % 18.0 % 17.3 % 18.8 % 20.6 % 17.7 % 18.7 % Adjusted return on common equity (4) (6) 20.6 % 18.5 % 18.0 % 19.6 % 21.7 % 18.3 % 19.4 % Adjusted return on tangible common equity (4) (6) 23.9 % 21.4 % 20.9 % 23.5 % 26.6 % 21.3 % 23.0 % Pre-tax margin (7) 19.6 % 19.5 % 19.0 % 19.1 % 20.2 % 19.3 % 19.5 % Adjusted pre-tax margin (4) (7) 20.7 % 20.0 % 19.7 % 19.9 % 21.3 % 20.0 % 20.3 % Total compensation ratio (8) 64.2 % 65.6 % 65.8 % 65.7 % 65.0 % 64.5 % 65.5 % Adjusted total compensation ratio (4) (8) 64.0 % 65.4 % 65.7 % 65.5 % 64.6 % 64.3 % 65.3 % Effective tax rate 17.4 % 22.7 % 26.0 % 20.7 % 22.7 % 21.3 % 23.0 % Three months ended % change from Twelve 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) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Client assets under administration $ 1,730.6 $ 1,773.1 $ 1,762.9 $ 1,922.4 $ 1,935.3 12 % 1 % Private Client Group assets under administration $ 1,666.5 $ 1,708.5 $ 1,699.0 $ 1,856.5 $ 1,870.9 12 % 1 % Private Client Group assets in fee-based accounts $ 1,008.1 $ 1,040.1 $ 1,043.2 $ 1,153.8 $ 1,163.0 15 % 1 % Financial assets under management (9) $ 274.9 $ 280.8 $ 282.4 $ 345.0 $ 342.9 25 % (1) % Three months ended Twelve months ended Net new assets metrics (10) ($ in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Domestic Private Client Group net new assets $ 17,930 $ 30,828 $ 22,954 $ 21,692 $ 22,841 $ 52,431 $ 98,315 Domestic Private Client Group net new assets growth — annualized 5.0 % 8.0 % 5.8 % 5.5 % 5.3 % 3.8 % 6.4 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 26,555 $ 27,819 $ 29,829 $ 26,004 $ 24,711 (7) % (5) % Third-party banks 14,761 15,996 13,597 16,243 16,437 11 % 1 % Subtotal RJBDP 41,316 43,815 43,426 42,247 41,148 — % (3) % Client Interest Program 1,572 1,815 1,843 1,677 1,771 13 % 6 % Total clients’ domestic cash sweep balances 42,888 45,630 45,269 43,924 42,919 — % (2) % Enhanced Savings Program ("ESP") (12) 13,465 12,448 12,493 14,911 15,039 12 % 1 % Total clients’ domestic cash sweep and ESP balances $ 56,353 $ 58,078 $ 57,762 $ 58,835 $ 57,958 3 % (1) % Three months ended % change from Twelve months ended Net interest income and RJBDP fees ($ in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Net interest income and RJBDP fees (third-party banks) $ 653 $ 667 $ 650 $ 658 $ 674 3 % 2 % $ 2,633 $ 2,649 1 % Average yield on RJBDP - third-party banks (13) 2.91 % 2.76 % 2.70 % 2.75 % 2.81 % 3.01 % 2.76 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Asset management and related administrative fees $ 1,585 $ 1,693 $ 1,711 $ 1,734 $ 1,919 21 % 11 % $ 5,980 $ 7,057 18 % Brokerage revenues: Mutual and other fund products 155 164 176 170 171 10 % 1 % 605 681 13 % Insurance and annuity products 147 132 132 142 157 7 % 11 % 511 563 10 % Equities, ETFs, and fixed income products 163 174 180 173 170 4 % (2) % 621 697 12 % Total brokerage revenues 465 470 488 485 498 7 % 3 % 1,737 1,941 12 % Account and service fees: Mutual fund and other investment products 136 142 152 149 155 14 % 4 % 518 598 15 % RJBDP fees: (11) Bank segment 191 188 187 185 178 (7) % (4) % 754 738 (2) % Third-party banks 102 101 93 98 110 8 % 12 % 486 402 (17) % Client account and other fees 67 71 74 78 78 16 % — % 275 301 9 % Total account and service fees 496 502 506 510 521 5 % 2 % 2,033 2,039 — % Investment banking 9 8 7 9 9 — % — % 35 33 (6) % Interest income 118 114 107 115 118 — % 3 % 468 454 (3) % All other 13 4 8 8 9 (31) % 13 % 29 29 — % Total revenues 2,686 2,791 2,827 2,861 3,074 14 % 7 % 10,282 11,553 12 % Interest expense (26) (23) (17) (20) (18) (31) % (10) % (100) (78) (22) % Net revenues 2,660 2,768 2,810 2,841 3,056 15 % 8 % 10,182 11,475 13 % Non-interest expenses: Financial advisor compensation: Commissions, benefits and other compensation 1,434 1,512 1,554 1,566 1,719 20 % 10 % 5,398 6,351 18 % Recruiting and retention-related compensation (14) 98 107 111 117 125 28 % 7 % 372 460 24 % Total financial advisor compensation 1,532 1,619 1,665 1,683 1,844 20 % 10 % 5,770 6,811 18 % Administrative compensation and benefits 419 432 443 441 461 10 % 5 % 1,614 1,777 10 % Total compensation, commissions and benefits 1,951 2,051 2,108 2,124 2,305 18 % 9 % 7,384 8,588 16 % Non-compensation expenses 293 278 286 294 293 — % — % 1,078 1,151 7 % Total non-interest expenses 2,244 2,329 2,394 2,418 2,598 16 % 7 % 8,462 9,739 15 % Pre-tax income $ 416 $ 439 $ 416 $ 423 $ 458 10 % 8 % $ 1,720 $ 1,736 1 % 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 Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Brokerage revenues: Fixed income $ 99 $ 91 $ 104 $ 99 $ 71 (28) % (28) % $ 397 $ 365 (8) % Equity 41 50 52 50 47 15 % (6) % 168 199 18 % Total brokerage revenues 140 141 156 149 118 (16) % (21) % 565 564 — % Investment banking: Merger & acquisition and advisory 163 119 139 150 218 34 % 45 % 623 626 — % Equity underwriting 46 31 56 50 41 (11) % (18) % 150 178 19 % Debt underwriting 100 50 77 85 102 2 % 20 % 263 314 19 % Total investment banking 309 200 272 285 361 17 % 27 % 1,036 1,118 8 % Interest income 27 28 27 25 27 — % 8 % 111 107 (4) % Affordable housing investments business revenues 58 31 28 35 63 9 % 80 % 140 157 12 % All other 4 4 6 6 5 25 % (17) % 17 21 24 % Total revenues 538 404 489 500 574 7 % 15 % 1,869 1,967 5 % Interest expense (25) (24) (25) (23) (25) — % 9 % (99) (97) (2) % Net revenues 513 380 464 477 549 7 % 15 % 1,770 1,870 6 % Non-interest expenses: Compensation, commissions and benefits 303 261 293 300 310 2 % 3 % 1,128 1,164 3 % Non-compensation expenses (1) 120 110 120 129 133 11 % 3 % 496 492 (1) % Total non-interest expenses 423 371 413 429 443 5 % 3 % 1,624 1,656 2 % Pre-tax income $ 90 $ 9 $ 51 $ 48 $ 106 18 % 121 % $ 146 $ 214 47 % 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 Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Interest income $ 843 $ 831 $ 802 $ 831 $ 864 2 % 4 % $ 3,315 $ 3,328 — % Interest expense (401) (361) (330) (359) (397) (1) % 11 % (1,600) (1,447) (10) % Net interest income 442 470 472 472 467 6 % (1) % 1,715 1,881 10 % All other 17 17 14 16 16 (6) % — % 61 63 3 % Net revenues 459 487 486 488 483 5 % (1) % 1,776 1,944 9 % Non-interest expenses: Compensation and benefits 46 48 47 47 49 7 % 4 % 184 191 4 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 6 (3) 5 (26) (8) NM 69 % 37 (32) NM RJBDP fees to Private Client Group (11) 191 188 187 185 178 (7) % (4) % 754 738 (2) % All other 83 81 81 76 84 1 % 11 % 310 322 4 % Total non-compensation expenses 280 266 273 235 254 (9) % 8 % 1,101 1,028 (7) % Total non-interest expenses 326 314 320 282 303 (7) % 7 % 1,285 1,219 (5) % Pre-tax income $ 133 $ 173 $ 166 $ 206 $ 180 35 % (13) % $ 491 $ 725 48 % 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 Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 September 30, 2026 % change Revenues: Interest income $ 37 $ 42 $ 34 $ 34 $ 32 (14) % (6) % $ 139 $ 142 2 % All other — 1 9 4 4 NM — % 7 18 157 % Total revenues 37 43 43 38 36 (3) % (5) % 146 160 10 % Interest expense (25) (44) (44) (45) (40) 60 % (11) % (100) (173) 73 % Net revenues 12 (1) (1) (7) (4) NM 43 % 46 (13) NM Non-interest expenses: Compensation and benefits 35 31 29 30 29 (17) % (3) % 147 119 (19) % All other 17 4 5 33 19 12 % (42) % 45 61 36 % Total non-interest expenses 52 35 34 63 48 (8) % (24) % 192 180 (6) % Pre-tax loss $ (40) $ (36) $ (35) $ (70) $ (52) (30) % 26 % $ (146) $ (193) (32) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (15) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in billions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Total assets $ 65.3 $ 66.7 $ 69.0 $ 70.1 $ 70.1 7 % — % Bank deposits $ 58.9 $ 60.2 $ 62.4 $ 63.3 $ 63.3 7 % — % As of % change from $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 June 30, 2026 Bank loans by portfolio segment: Securities-based loans (16) $ 19,775 $ 21,667 $ 23,007 $ 24,767 $ 26,178 32 % 6 % Residential mortgage loans 10,295 10,567 10,789 11,223 11,570 12 % 3 % Commercial and industrial loans 10,777 10,801 10,489 10,040 9,798 (9) % (2) % Commercial real estate loans 7,840 7,753 7,972 7,689 7,432 (5) % (3) % Real estate investment trust loans 1,690 1,779 1,695 1,671 1,668 (1) % — % Tax-exempt loans 1,226 1,148 1,123 1,101 1,103 (10) % — % Total loans held for investment 51,603 53,715 55,075 56,491 57,749 12 % 2 % Held for sale loans 416 168 198 134 96 (77) % (28) % Total loans held for sale and investment 52,019 53,883 55,273 56,625 57,845 11 % 2 % Allowance for credit losses (452) (440) (440) (398) (384) (15) % (4) % Bank loans, net $ 51,567 $ 53,443 $ 54,833 $ 56,227 $ 57,461 11 % 2 % Total nonperforming assets $ 187 $ 208 $ 183 $ 152 $ 155 (17) % 2 % Total criticized loans $ 660 $ 611 $ 607 $ 593 $ 634 (4) % 7 % Bank loan allowance for credit losses as a % of total loans held for investment 0.88 % 0.82 % 0.80 % 0.70 % 0.66 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (17) 1.88 % 1.82 % 1.83 % 1.69 % 1.67 % Nonperforming assets as a % of total assets 0.29 % 0.31 % 0.27 % 0.22 % 0.22 % Criticized loans as a % of total loans held for investment 1.28 % 1.14 % 1.10 % 1.05 % 1.10 % Three months ended Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Net interest margin (net yield on interest-earning assets) 2.71 % 2.81 % 2.81 % 2.71 % 2.60 % 2.68 % 2.73 % Bank loan provision/(benefit) for credit losses $ 6 $ (3) $ 5 $ (26) $ (8) $ 37 $ (32) Net charge-offs $ 19 $ 9 $ 5 $ 15 $ 6 $ 41 $ 35 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 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 Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Net income available to common shareholders $ 603 $ 562 $ 542 $ 595 $ 666 $ 2,130 $ 2,365 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 6 7 6 8 9 31 30 Other acquisition-related compensation 4 — 1 — 6 4 7 Total “Compensation, commissions and benefits” expense 10 7 7 8 15 35 37 Communications and information processing 2 1 3 2 3 2 9 Professional fees 8 2 4 5 3 10 14 Other: Amortization of identifiable intangible assets (19) 10 10 10 14 16 41 50 All other acquisition-related expenses 9 — 3 3 10 9 16 Total “Other” expense 19 10 13 17 26 50 66 Total pre-tax impact of non-GAAP adjustments related to acquisitions 39 20 27 32 47 97 126 Tax effect of non-GAAP adjustments (7) (5) (5) (7) (10) (22) (27) Total non-GAAP adjustments, net of tax 32 15 22 25 37 75 99 Adjusted net income available to common shareholders (4) $ 635 $ 577 $ 564 $ 620 $ 703 $ 2,205 $ 2,464 Pre-tax income $ 731 $ 728 $ 735 $ 750 $ 862 $ 2,714 $ 3,075 Pre-tax impact of non-GAAP adjustments (as detailed above) 39 20 27 32 47 97 126 Adjusted pre-tax income (4) $ 770 $ 748 $ 762 $ 782 $ 909 $ 2,811 $ 3,201 Compensation, commissions and benefits expense $ 2,394 $ 2,450 $ 2,541 $ 2,579 $ 2,774 $ 9,072 $ 10,344 Less: Total compensation-related acquisition expenses (as detailed above) (18) 10 7 7 8 15 35 37 Adjusted “Compensation, commissions and benefits” expense (4) $ 2,384 $ 2,443 $ 2,534 $ 2,571 $ 2,759 $ 9,037 $ 10,307 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 Twelve months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Pre-tax margin (7) 19.6 % 19.5 % 19.0 % 19.1 % 20.2 % 19.3 % 19.5 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation 0.1 % — % — % — % 0.2 % — % — % Total “Compensation, commissions and benefits” expense 0.2 % 0.2 % 0.1 % 0.2 % 0.4 % 0.2 % 0.2 % Communications and information processing 0.1 % — % 0.1 % — % 0.1 % — % 0.1 % Professional fees 0.2 % — % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % Other: Amortization of identifiable intangible assets (19) 0.3 % 0.3 % 0.3 % 0.4 % 0.4 % 0.3 % 0.3 % All other acquisition-related expenses 0.3 % — % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % Total “Other” expense 0.6 % 0.3 % 0.4 % 0.5 % 0.5 % 0.4 % 0.4 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 1.1 % 0.5 % 0.7 % 0.8 % 1.1 % 0.7 % 0.8 % Adjusted pre-tax margin (4) (7) 20.7 % 20.0 % 19.7 % 19.9 % 21.3 % 20.0 % 20.3 % Total compensation ratio (8) 64.2 % 65.6 % 65.8 % 65.7 % 65.0 % 64.5 % 65.5 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (18) 0.1 % 0.2 % 0.1 % 0.2 % 0.2 % 0.2 % 0.2 % Other acquisition-related compensation 0.1 % — % — % — % 0.2 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.2 % 0.2 % 0.1 % 0.2 % 0.4 % 0.2 % 0.2 % Adjusted total compensation ratio (4) (8) 64.0 % 65.4 % 65.7 % 65.5 % 64.6 % 64.3 % 65.3 % 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 Twelve months ended Earnings per common share (2) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Diluted $ 2.95 $ 2.79 $ 2.72 $ 3.01 $ 3.40 $ 10.30 $ 11.91 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.03 0.03 0.03 0.04 0.05 0.15 0.15 Other acquisition-related compensation 0.02 — — — 0.03 0.02 0.04 Total “Compensation, commissions and benefits” expense 0.05 0.03 0.03 0.04 0.08 0.17 0.19 Communications and information processing 0.01 — 0.02 0.01 0.02 0.01 0.05 Professional fees 0.04 0.01 0.02 0.03 0.02 0.05 0.07 Other: Amortization of identifiable intangible assets (19) 0.05 0.05 0.05 0.07 0.07 0.20 0.25 All other acquisition-related expenses 0.04 — 0.02 0.02 0.05 0.04 0.08 Total “Other” expense 0.09 0.05 0.07 0.09 0.12 0.24 0.33 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.19 0.09 0.14 0.17 0.24 0.47 0.64 Tax effect of non-GAAP adjustments (0.03) (0.02) (0.03) (0.04) (0.05) (0.11) (0.14) Total non-GAAP adjustments, net of tax 0.16 0.07 0.11 0.13 0.19 0.36 0.50 Adjusted diluted (4) $ 3.11 $ 2.86 $ 2.83 $ 3.14 $ 3.59 $ 10.66 $ 12.41 Book value per share As of $ in millions, except per share amounts September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Total common equity attributable to Raymond James Financial, Inc. $ 12,424 $ 12,491 $ 12,567 $ 12,699 $ 13,128 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,847 1,838 1,983 2,608 2,618 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (144) (146) (147) (232) (235) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 10,721 $ 10,799 $ 10,731 $ 10,323 $ 10,745 Common shares outstanding 198.1 197.0 194.6 192.1 192.0 Book value per share (3) $ 62.72 $ 63.41 $ 64.58 $ 66.11 $ 68.38 Tangible book value per share (3) (4) $ 54.12 $ 54.82 $ 55.14 $ 53.74 $ 55.96 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 Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (20) $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 12,914 $ 12,035 $ 12,662 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 3 4 3 4 5 16 14 Other acquisition-related compensation 2 — 1 — 3 1 2 Total “Compensation, commissions and benefits” expense 5 4 4 4 8 17 16 Communications and information processing 1 1 1 1 1 — 4 Professional fees 4 1 2 3 2 3 7 Other: Amortization of identifiable intangible assets (19) 5 5 5 7 8 21 23 All other acquisition-related expenses 5 — 2 2 5 1 5 Total “Other” expense 10 5 7 9 13 22 28 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 11 14 17 24 42 55 Tax effect of non-GAAP adjustments (4) (3) (3) (4) (5) (10) (12) Total non-GAAP adjustments, net of tax 16 8 11 13 19 32 43 Adjusted average common equity (4) (20) $ 12,318 $ 12,466 $ 12,540 $ 12,646 $ 12,933 $ 12,067 $ 12,705 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 Twelve months ended $ in millions September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 Average common equity (20) $ 12,302 $ 12,458 $ 12,529 $ 12,633 $ 12,914 $ 12,035 $ 12,662 Less: Average goodwill and identifiable intangible assets, net 1,854 1,843 1,911 2,296 2,613 1,861 2,179 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (144) (145) (147) (190) (233) (141) (181) Average tangible common equity (4) (20) $ 10,592 $ 10,760 $ 10,765 $ 10,527 $ 10,534 $ 10,315 $ 10,664 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 3 4 3 4 5 16 14 Other acquisition-related compensation 2 — 1 — 3 1 2 Total “Compensation, commissions and benefits” expense 5 4 4 4 8 17 16 Communications and information processing 1 1 1 1 1 — 4 Professional fees 4 1 2 3 2 3 7 Other: Amortization of identifiable intangible assets (19) 5 5 5 7 8 21 23 All other acquisition-related expenses 5 — 2 2 5 1 5 Total “Other” expense 10 5 7 9 13 22 28 Total pre-tax impact of non-GAAP adjustments related to acquisitions 20 11 14 17 24 42 55 Tax effect of non-GAAP adjustments (4) (3) (3) (4) (5) (10) (12) Total non-GAAP adjustments, net of tax 16 8 11 13 19 32 43 Adjusted average tangible common equity (4) (20) $ 10,608 $ 10,768 $ 10,776 $ 10,540 $ 10,553 $ 10,347 $ 10,707 Return on common equity (6) 19.6 % 18.0 % 17.3 % 18.8 % 20.6 % 17.7 % 18.7 % Adjusted return on common equity (4) (6) 20.6 % 18.5 % 18.0 % 19.6 % 21.7 % 18.3 % 19.4 % Return on tangible common equity (4) (6) 22.8 % 20.9 % 20.1 % 22.6 % 25.3 % 20.6 % 22.2 % Adjusted return on tangible common equity (4) (6) 23.9 % 21.4 % 20.9 % 23.5 % 26.6 % 21.3 % 23.0 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Results for the twelve months ended September 30, 2025 included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 to 2015. The impact of this settlement was an increase in “Other” expense in the Capital Markets segment of $58 million for the twelve months ended September 30, 2025. (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 September 30, 2025, December 31, 2025, June 30, 2026, and September 30, 2026, an insignificant amount for the three months ended March 31, 2026, and $3 million for each of the twelve months ended September 30, 2025 and 2026. (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) On April 30, 2026, we completed our acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), which has been integrated into our Asset Management segment. As of the acquisition date, Clark Capital contributed $36 billion of financial assets under management and $11 billion of non-discretionary assets, representing total client assets of $47 billion. (10) 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. (11) 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. (12) 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. (13) 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. (14) 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 18). Such awards are expensed over the requisite service period (typically between 5 and 10 years). (15) 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. (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. RAYMOND JAMES FINANCIAL, INC. 18

(17) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (18) 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. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (20) 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 five, 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 five. 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