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October 28, 2026FOR IMMEDIATE RELEASE
Media Contact: Steve Hollister, 727.567.2824
Investor Contact: Kristina Waugh, 727.567.7654
raymondjames.com/news-and-media/press-releases




RAYMOND JAMES FINANCIAL REPORTS FOURTH QUARTER AND FISCAL
2026 RESULTS
•Record annual net revenues of $15.79 billion, record net income available to common shareholders of $2.37 billion, and record earnings per diluted share of $11.91 for fiscal 2026
•Record quarter-end client assets under administration of $1.94 trillion and record quarter-end Private Client Group (PCG) assets in fee-based accounts of $1.16 trillion, up 12% and 15%, respectively, over September 2025
•Returned approximately $1.7 billion of capital to shareholders through the combination of common share repurchases and dividends paid in fiscal 2026
•Record quarterly net revenues of $4.27 billion, up 15% over the prior year’s fiscal fourth quarter and 9% over the preceding quarter
•Record quarterly net income available to common shareholders of $666 million and record diluted earnings per share of $3.40, up 15% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter; record quarterly adjusted net income available to common shareholders of $703 million(1), or a record $3.59 per diluted share(1)
•Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, or growth from beginning of the year assets of 6.4%
•Quarterly combined net interest income and Raymond James Bank Deposit Program (RJBDP) third-party bank fees of $674 million, up 3% over the prior year’s fiscal fourth quarter and 2% over the preceding quarter
•Annualized return on common equity and annualized adjusted return on tangible common equity of 20.6% and 26.6%(1), respectively, for the fiscal fourth quarter; Return on common equity of 18.7% and adjusted return on tangible common equity of 23.0%(1) for fiscal 2026

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $4.27 billion and net income available to common shareholders of $666 million, or $3.40 per diluted share, for the fiscal fourth quarter ended September 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $37 million of acquisition-related expenses, net of tax, was $703 million(1), or $3.59 per diluted share(1).

“We delivered our sixth consecutive year of record annual revenues and earnings, a testament to our resilient, diversified businesses anchored by our Private Client Group," said CEO Paul Shoukry. “We ended the fiscal year with record Private Client Group assets in fee-based accounts, up 15% year-over-year, and domestic Private Client Group net new assets of $98 billion, up 88% over fiscal 2025, reflecting solid financial advisor retention and record recruiting results. We generated an adjusted return on tangible common equity of 23%(1) for the year while investing in long-term growth and maintaining very strong capital levels. These results reflect our advisor- and client-focused values coupled with our robust capabilities and resources. As we enter fiscal 2027, while there are several geopolitical and macroeconomic uncertainties, we are well positioned with record client asset levels, a strong investment banking pipeline, and attractive growth opportunities across our businesses."

Please refer to the footnotes at the end of this press release for additional information.
1

Record quarterly net revenues increased 15% over the prior year’s fiscal fourth quarter, largely driven by robust growth in asset management and related administrative fees, which grew 23% to $2.31 billion. Compared to the preceding quarter, quarterly net revenues grew 9%, primarily driven by higher asset management and related administrative fees, as well as increases in investment banking revenues and affordable housing investments business revenues. Record quarterly pre-tax income increased 15% over the preceding quarter and record net income available to common shareholders increased 12%. For the fiscal fourth quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 20.6% and 26.6%(1), respectively.

For the fiscal year, record net revenues of $15.79 billion increased 12% and record earnings per diluted share of $11.91 and record adjusted earnings per diluted share of $12.41(1) each increased 16% over fiscal 2025. The Private Client Group and the Asset Management segments generated record net revenues, and the Asset Management and Bank segments generated record pre-tax income in fiscal 2026. Return on common equity was 18.7% and adjusted return on tangible common equity was 23.0%(1) for fiscal 2026.

Segment Results
Private Client Group

•Record quarterly net revenues of $3.06 billion, up 15% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
•Quarterly pre-tax income of $458 million, up 10% over the prior year’s fiscal fourth quarter and 8% over the preceding quarter
•Domestic PCG net new assets(2) of $22.8 billion for the fiscal fourth quarter, or annualized growth from beginning of the quarter assets of 5.3%; Fiscal year domestic PCG net new assets(2) of $98.3 billion, up 88% compared to fiscal 2025, reflecting growth from beginning of the year assets of 6.4%
•Record quarter-end Private Client Group assets in fee-based accounts of $1.16 trillion, up 15% over September 2025 and 1% over June 2026
•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.0 billion, up 3% over September 2025 and down 1% compared to June 2026
•Record annual net revenues of $11.48 billion and annual pre-tax income of $1.74 billion, up 13% and 1%, respectively, compared to fiscal 2025

Record quarterly net revenues rose 15% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 21% to $1.92 billion mainly due to market appreciation and net inflows into fee-based accounts. Quarterly pre-tax income increased 10% year-over-year, as growth in asset management fee revenue was partially offset by higher financial advisor commissions tied to strong compensable revenue growth and increased expenses supporting record recruiting results.

Capital Markets

•Quarterly net revenues of $549 million, up 7% over the prior year’s fiscal fourth quarter and 15% over the preceding quarter
•Quarterly investment banking revenues of $361 million, up 17% over the prior year’s fiscal fourth quarter and 27% over the preceding quarter
•Quarterly pre-tax income of $106 million, up 18% over the prior year’s fiscal fourth quarter and 121% over the preceding quarter
•Annual net revenues of $1.87 billion and annual pre-tax income of $214 million, up 6% and 47%, respectively, over fiscal 2025

Quarterly net revenues increased 7% over the prior-year period, driven by higher M&A and advisory revenues which were partially offset by lower fixed income brokerage revenues. Sequentially, quarterly net revenues grew 15%, largely due to higher M&A and advisory revenues, affordable housing investments business revenues and debt underwriting revenues, partially offset by lower fixed income brokerage revenues.


Please refer to the footnotes at the end of this press release for additional information.
2

Asset Management

•Record quarterly net revenues of $409 million, up 30% over the prior year’s fiscal fourth quarter and 13% over the preceding quarter
•Record quarterly pre-tax income of $170 million, up 29% over the prior year’s fiscal fourth quarter and 19% over the preceding quarter
•Financial assets under management of $342.9 billion, up 25% over September 2025 and down 1% compared to June 2026.
•Record annual net revenues of $1.42 billion and record annual pre-tax income of $593 million, up 20% and 18%, respectively, over fiscal 2025

Record quarterly net revenues increased 30% year-over-year, primarily driven by higher financial assets under management resulting from market appreciation and net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3) during our fiscal third quarter of 2026.

Bank

•Quarterly net revenues of $483 million, up 5% over the prior year’s fiscal fourth quarter and down 1% compared to the preceding quarter
•Quarterly pre-tax income of $180 million, up 35% over the prior year’s fiscal fourth quarter and down 13% compared to the preceding quarter
•Quarterly bank loan benefit for credit losses of $8 million
•Record net bank loans of $57.5 billion, up 11% over September 2025 and 2% over June 2026
•Securities-based loans of $26.2 billion, up $6.4 billion, or 32%, over September 2025
•Annual net revenues of $1.94 billion and record annual pre-tax income of $725 million, up 9% and 48%, respectively, over fiscal 2025

Record net bank loans grew 11% over the prior-year quarter, driven by continued growth in securities-based loans and residential mortgage loans, which rose by 32% and 12%, respectively. Net interest margin of 2.60% for the quarter was down 11 basis points compared to both the prior year’s fiscal fourth quarter and the preceding quarter. The credit quality of the loan portfolio remains strong.

Other Matters

During the fiscal year, the firm repurchased $1.25 billion of common stock at an average price of $156 per share, including $50 million of common stock repurchased in the fiscal fourth quarter. As of September 30, 2026, $1.05 billion remained available under the Board of Directors’ approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.2%(4) and the tier 1 leverage ratio was 12.1%(4), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, October 28, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. To access the conference call by telephone, dial 1.833.461.5787 (toll-free) or 1.585.542.9983 (international/U.S. toll) and reference conference ID 737 557 641.


Please refer to the footnotes at the end of this press release for additional information.
3

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.94 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
Please refer to the footnotes at the end of this press release for additional information.
4
RAYMOND JAMES FINANCIAL, INC.
Fiscal Fourth Quarter of 2026
Selected Financial Highlights
(Unaudited)

Summary results of operations

Three months ended% change from

$ in millions, except per share amounts
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Net revenues$4,269 $3,727 

$3,928 15%9%
Pre-tax income$862 $731 $750 18%15%
Net income available to common shareholders$666 $603 $595 10%12%
Earnings per common share: (5)
Basic$3.46 $3.03 $3.06 14%13%
Diluted$3.40 $2.95 $3.01 15%13%
Non-GAAP measures: (1)
Adjusted pre-tax income
$909 $770 $782 18%16%
Adjusted net income available to common shareholders$703 $635 $620 11%13%
Adjusted earnings per common share – basic (5)
$3.65 $3.19 $3.19 14%14%
Adjusted earnings per common share – diluted (5)
$3.59 $3.11 $3.14 15%14%

Twelve months ended
$ in millions, except per share amountsSeptember 30,
2026		September 30,
2025		% change
Net revenues$15,791 $14,065 

12%
Pre-tax income$3,075 $2,714 13%
Net income available to common shareholders$2,365 $2,130 11%
Earnings per common share: (5)
Basic$12.13 $10.53 15%
Diluted$11.91 $10.30 16%
Non-GAAP measures: (1)
Adjusted pre-tax income$3,201 $2,811 14%
Adjusted net income available to common shareholders$2,464 $2,205 12%
Adjusted earnings per common share – basic (5)
$12.63 $10.90 16%
Adjusted earnings per common share – diluted (5)
$12.41 $10.66 16%

Three months endedTwelve months ended
Other selected financial highlightsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Return on common equity (6)
20.6 %19.6 %18.8 %18.7 %17.7 %
Adjusted return on common equity (1) (6)
21.7 %20.6 %19.6 %19.4 %18.3 %
Adjusted return on tangible common equity (1) (6)
26.6 %23.9 %23.5 %23.0 %21.3 %
Pre-tax margin (7)
20.2 %19.6 %19.1 %19.5 %19.3 %
Adjusted pre-tax margin (1) (7)
21.3 %20.7 %19.9 %20.3 %20.0 %
Total compensation ratio (8)
65.0 %64.2 %65.7 %65.5 %64.5 %
Adjusted total compensation ratio (1) (8)
64.6 %64.0 %65.5 %65.3 %64.3 %
Effective tax rate22.7 %17.4 %20.7 %23.0 %21.3 %
Please refer to the footnotes at the end of this press release for additional information.
5
RAYMOND JAMES FINANCIAL, INC.             
Fiscal Fourth Quarter of 2026


Consolidated Statements of Income
(Unaudited)
Three months ended% change from
in millions, except per share amountsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Revenues:
Asset management and related administrative fees$2,307 $1,877 $2,075 23%11%
Brokerage revenues:
Securities commissions507 473 503 7%1%
Principal transactions107 133 126 (20)%(15)%
Total brokerage revenues614 606 629 1%(2)%
Account and service fees333 297 316 12%5%
Investment banking370 316 291 17%27%
Interest income1,034 1,014 994 2%4%
Other81 80 57 1%42%
Total revenues4,739 4,190 4,362 13%9%
Interest expense(470)(463)(434)2%8%
Net revenues4,269 3,727 3,928 15%9%
Non-interest expenses:
Compensation, commissions and benefits
2,774 2,394 2,579 16%8%
Non-compensation expenses:
Communications and information processing208 199 203 5%2%
Occupancy and equipment87 84 85 4%2%
Business development95 82 95 16%—%
Investment sub-advisory fees70 60 63 17%11%
Professional fees56 53 63 6%(11)%
Bank loan provision/(benefit) for credit losses(8)6 (26)NM69%
Other 125 118 116 6%8%
Total non-compensation expenses633 602 599 5%6%
Total non-interest expenses3,407 2,996 3,178 14%7%
Pre-tax income
862 731 750 18%15%
Provision for income taxes196 127 155 54%26%
Net income666 604 595 10%12%
Preferred stock dividends— 1 — (100)%—%
Net income available to common shareholders$666 $603 $595 10%12%
Earnings per common share – basic (5)
$3.46 $3.03 $3.06 14%13%
Earnings per common share – diluted (5)
$3.40 $2.95 $3.01 15%13%
Weighted-average common shares outstanding – basic 192.1 199.0 194.0 (3)%(1)%
Weighted-average common and common equivalent shares outstanding – diluted 195.6 203.8 197.2 (4)%(1)%
Please refer to the footnotes at the end of this press release for additional information.
6
RAYMOND JAMES FINANCIAL, INC.             
Fiscal Fourth Quarter of 2026


Consolidated Statements of Income
(Unaudited)
Twelve months ended
in millions, except per share amountsSeptember 30,
2026		September 30,
2025		% change
Revenues:
Asset management and related administrative fees$8,397 $7,078 19%
Brokerage revenues:
Securities commissions2,003 1,775 13%
Principal transactions495 529 (6)%
Total brokerage revenues2,498 2,304 8%
Account and service fees1,268 1,262 —%
Investment banking1,148 1,069 7%
Interest income3,995 3,994 —%
Other233 205 14%
Total revenues17,539 15,912 10%
Interest expense(1,748)(1,847)(5)%
Net revenues15,791 14,065 12%
Non-interest expenses:
Compensation, commissions and benefits
10,344 9,072 14%
Non-compensation expenses:
Communications and information processing811 752 8%
Occupancy and equipment332 308 8%
Business development346 291 19%
Investment sub-advisory fees259 223 16%
Professional fees192 163 18%
Bank loan provision/(benefit) for credit losses(32)37 NM
Other (9)
464 505 (8)%
Total non-compensation expenses2,372 2,279 4%
Total non-interest expenses12,716 11,351 12%
Pre-tax income
3,075 2,714 13%
Provision for income taxes707 579 22%
Net income2,368 2,135 11%
Preferred stock dividends3 5 (40)%
Net income available to common shareholders$2,365 $2,130 11%
Earnings per common share – basic (5)
$12.13 $10.53 15%
Earnings per common share – diluted (5)
$11.91 $10.30 16%
Weighted-average common shares outstanding – basic 194.8 202.0 (4)%
Weighted-average common and common equivalent shares outstanding – diluted 198.3 206.6 (4)%
    

Please refer to the footnotes at the end of this press release for additional information.
7
RAYMOND JAMES FINANCIAL, INC.Consolidated Selected Key Metrics
Fiscal Fourth Quarter of 2026
(Unaudited)

As of% change from
$ in billions, except per share amounts
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Total assets$94.4 $88.2 $94.2 7%—%
Total common equity attributable to Raymond James Financial, Inc.$13.1 $12.4 $12.7 6%3%
Book value per share (10)
$68.38 $62.72 $66.11 9%3%
Tangible book value per share (1) (10)
$55.96 $54.12 $53.74 3%4%
Capital ratios:
Tier 1 leverage12.1 %
(4)
13.1 %11.7 %
Tier 1 capital23.2 %
(4)
23.0 %21.5 %
Common equity tier 123.2 %
(4)
22.9 %21.5 %
Total capital24.2 %
(4)
24.1 %22.5 %
As of% change from
Client asset metrics ($ in billions)
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Client assets under administration $1,935.3 $1,730.6 $1,922.4 12%1%
Private Client Group assets under administration $1,870.9 $1,666.5 $1,856.5 12%1%
Private Client Group assets in fee-based accounts $1,163.0 $1,008.1 $1,153.8 15%1%
Financial assets under management (3)
$342.9 $274.9 $345.0 25%(1)%
Three months endedTwelve months ended
Net new assets metrics ($ in millions)
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Domestic Private Client Group net new assets (2)
$22,841 $17,930 $21,692 $98,315 $52,431 
Domestic Private Client Group net new assets growth — annualized (2)
5.3 %5.0 %5.5 %6.4 %3.8 %
As of% change from
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Raymond James Bank Deposit Program (“RJBDP”): (11)
Bank segment $24,711 $26,555 $26,004 (7)%(5)%
Third-party banks 16,437 14,761 16,243 11%1%
Subtotal RJBDP41,148 41,316 42,247 —%(3)%
Client Interest Program1,771 1,572 1,677 13%6%
Total clients’ domestic cash sweep balances
42,919 42,888 43,924 —%(2)%
Enhanced Savings Program (“ESP”) (12)
15,039 13,465 14,911 12%1%
Total clients’ domestic cash sweep and ESP balances$57,958 $56,353 $58,835 3%(1)%

Net interest income and RJBDP fees
($ in millions)
Three months ended% change fromTwelve months ended
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025		% change
Net interest income and RJBDP fees (third-party banks)$674 $653 $658 3%2%$2,649 $2,633 1%
Average yield on RJBDP - third-party banks (13)
2.81 %2.91 %2.75 %2.76 %3.01 %
Please refer to the footnotes at the end of this press release for additional information.
8
RAYMOND JAMES FINANCIAL, INC.Consolidated Net Interest
Fiscal Fourth Quarter of 2026
(Unaudited)

The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.
Three months ended
September 30, 2026September 30, 2025June 30, 2026
$ in millionsAverage
balance		InterestAnnualized
average
rate		Average
balance		InterestAnnualized
average
rate		Average
balance		InterestAnnualized
average
rate
INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents $6,143 $56 3.59 %$5,564 $60 4.30 %$5,570 $50 3.56 %
Available-for-sale securities 7,174 47 2.62 %7,611 43 2.28 %6,966 43 2.44 %
Loans held for sale and investment: (14)
Loans held for investment:
Securities-based loans (“SBL”) (15)
25,354 346 5.34 %18,961 289 5.96 %23,904 319 5.28 %
Residential mortgage loans11,413 122 4.29 %10,154 103 4.05 %11,051 116 4.18 %
Commercial and industrial (“C&I”) loans9,751 145 5.85 %10,614 174 6.40 %10,156 150 5.83 %
Commercial real estate (“CRE”) loans7,505 112 5.83 %7,709 127 6.44 %7,825 115 5.85 %
Real estate investment trust (“REIT”) loans1,541 24 5.97 %1,662 31 7.06 %1,645 24 5.92 %
Tax-exempt loans (16)
1,131 8 3.49 %1,257 9 3.47 %1,114 8 3.38 %
Loans held for sale113 1 5.67 %232 4 7.00 %214 4 6.69 %
Total loans held for sale and investment56,808 758 5.26 %50,589 737 5.72 %55,909 736 5.23 %
All other interest-earning assets233 3 4.58 %239 3 5.06 %229 2 4.36 %
Interest-earning assets — Bank segment$70,358 $864 4.84 %$64,003 $843 5.19 %$68,674 $831 4.81 %
All other segments
Cash and cash equivalents$4,631 $42 3.56 %$4,444 $48 4.23 %$4,287 $38 3.54 %
Assets segregated for regulatory purposes and restricted cash3,244 27 3.35 %3,634 35 3.91 %3,764 32 3.41 %
Trading assets — debt securities1,386 19 5.48 %1,409 18 5.23 %1,423 20 5.51 %
Brokerage client receivables3,014 47 6.15 %2,448 43 6.94 %2,907 44 6.13 %
All other interest-earning assets3,514 35 3.78 %2,755 27 3.83 %3,198 29 3.76 %
Interest-earning assets — all other segments$15,789 $170 4.23 %$14,690 $171 4.62 %$15,579 $163 4.22 %
Total interest-earning assets$86,147 $1,034 4.73 %$78,693 $1,014 5.08 %$84,253 $994 4.70 %
INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (11)
$34,016 $122 1.42 %$33,517 $143 1.69 %$35,552 $120 1.36 %
Interest-bearing demand deposits (12)
26,151 235 3.57 %22,262 227 4.03 %23,768 207 3.47 %
Certificates of deposit 3,421 34 3.93 %1,855 20 4.27 %2,715 27 3.90 %
Total bank deposits (17)
63,588 391 2.44 %57,634 390 2.68 %62,035 354 2.28 %
Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities826 6 3.03 %818 11 2.02 %784 5 2.94 %
Interest-bearing liabilities — Bank segment$64,414 $397 2.45 %$58,452 $401 2.71 %$62,819 $359 2.29 %
All other segments
Trading liabilities — debt securities$774 $11 5.42 %$883 $12 5.39 %$734 $11 5.73 %
Brokerage client payables5,274 13 0.94 %4,882 14 1.20 %5,524 13 0.97 %
Senior notes payable3,522 43 4.91 %2,362 27 4.65 %3,522 43 4.91 %
All other interest-bearing liabilities (17)
1,210 6 1.89 %1,277 9 2.79 %1,169 8 3.05 %
Interest-bearing liabilities — all other segments$10,780 $73 2.67 %$9,404 $62 2.68 %$10,949 $75 2.78 %
Total interest-bearing liabilities$75,194 $470 2.48 %$67,856 $463 2.71 %$73,768 $434 2.36 %
Firmwide net interest income$564 $551 $560 
Net interest margin (net yield on interest-earning assets)
Bank segment2.60 %2.71 %2.71 %
Firmwide2.60 %2.78 %2.67 %
Please refer to the footnotes at the end of this press release for additional information.
9
RAYMOND JAMES FINANCIAL, INC.Consolidated Net Interest
Fiscal Fourth Quarter of 2026
(Unaudited)
Twelve months ended
September 30, 2026September 30, 2025
$ in millionsAverage
balance		InterestAverage rateAverage
balance		InterestAverage rate
INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents $5,604 $205 3.63 %$5,860 $257 4.37 %
Available-for-sale securities 7,094 171 2.41 %8,174 185 2.27 %
Loans held for sale and investment: (14)
Loans held for investment:
SBL (15)
23,023 1,256 5.38 %17,666 1,095 6.11 %
Residential mortgage loans 10,905 455 4.17 %9,839 388 3.94 %
C&I loans 10,298 620 5.94 %10,383 692 6.57 %
CRE loans 7,713 463 5.92 %7,678 512 6.57 %
REIT loans 1,657 103 6.13 %1,685 122 7.12 %
Tax-exempt loans (16)
1,131 31 3.41 %1,276 35 3.40 %
Loans held for sale213 13 6.32 %232 16 6.97 %
Total loans held for sale and investment54,940 2,941 5.31 %48,759 2,860 5.81 %
All other interest-earning assets237 11 4.61 %237 13 5.30 %
Interest-earning assets — Bank segment$67,875 $3,328 4.87 %$63,030 $3,315 5.22 %
All other segments
Cash and cash equivalents$4,661 $168 3.60 %$4,164 $182 4.36 %
Assets segregated for regulatory purposes and restricted cash3,668 125 3.42 %3,585 149 4.16 %
Trading assets — debt securities1,436 80 5.55 %1,388 75 5.43 %
Brokerage client receivables2,807 175 6.24 %2,413 171 7.09 %
All other interest-earning assets3,174 119 3.68 %2,591 102 3.87 %
Interest-earning assets — all other segments$15,746 $667 4.22 %$14,141 $679 4.79 %
Total interest-earning assets$83,621 $3,995 4.75 %$77,171 $3,994 5.14 %
INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (11)
$35,221 $492 1.40 %$33,196 $601 1.81 %
Interest-bearing demand deposits (12)
23,482 829 3.53 %21,328 877 4.11 %
Certificates of deposit 2,582 103 3.97 %2,034 91 4.47 %
Total bank deposits (17)
61,285 1,424 2.32 %56,558 1,569 2.77 %
FHLB advances and all other interest-bearing liabilities779 23 2.95 %955 31 2.74 %
Interest-bearing liabilities — Bank segment$62,064 $1,447 2.33 %$57,513 $1,600 2.78 %
All other segments
Trading liabilities — debt securities$804 $46 5.65 %$846 $44 5.23 %
Brokerage client payables5,284 50 0.95 %4,808 66 1.38 %
Senior notes payable3,521 172 4.91 %2,121 96 4.54 %
All other interest-bearing liabilities (17)
1,188 33 2.75 %1,202 41 3.41 %
Interest-bearing liabilities — all other segments$10,797 $301 2.79 %$8,977 $247 2.76 %
Total interest-bearing liabilities$72,861 $1,748 2.40 %$66,490 $1,847 2.78 %
Firmwide net interest income$2,247 $2,147 
Net interest margin (net yield on interest-earning assets)
Bank segment2.73 %2.68 %
Firmwide2.69 %2.78 %
Please refer to the footnotes at the end of this press release for additional information.
10
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)

Three months ended% change from
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Net revenues:
Private Client Group$3,056 $2,660 $2,841 15%8%
Capital Markets 549 513 477 7%15%
Asset Management
409 314 362 30%13%
Bank 483 459 488 5%(1)%
Other (18)
(4)12 (7)NM43%
Intersegment eliminations(224)(231)(233)(3)%(4)%
Total net revenues
$4,269 $3,727 $3,928 15%9%
Pre-tax income/(loss):
Private Client Group $458 $416 $423 10%8%
Capital Markets 106 90 48 18%121%
Asset Management
170 132 143 29%19%
Bank180 133 206 35%(13)%
Other (18)
(52)(40)(70)(30)%26%
Pre-tax income
$862 $731 $750 18%15%

Twelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		% change
Net revenues:
Private Client Group$11,475 $10,182 13%
Capital Markets 1,870 1,770 6%
Asset Management 1,424 1,188 20%
Bank1,944 1,776 9%
Other (18)
(13)46 NM
Intersegment eliminations(909)(897)1%
Total net revenues$15,791 $14,065 12%
Pre-tax income/(loss):
Private Client Group $1,736 $1,720 1%
Capital Markets (9)
214 146 47%
Asset Management 593 503 18%
Bank725 491 48%
Other (18)
(193)(146)(32)%
Pre-tax income$3,075 $2,714 13%
Please refer to the footnotes at the end of this press release for additional information.
11
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)

Private Client Group
Three months ended% change from
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Revenues:
Asset management and related administrative fees$1,919 $1,585 $1,734 21%11%
Brokerage revenues:
Mutual and other fund products171 155 170 10%1%
Insurance and annuity products157 147 142 7%11%
Equities, exchange-traded funds (“ETFs”) and fixed income products170 163 173 4%(2)%
Total brokerage revenues498 465 485 7%3%
Account and service fees:
Mutual fund and other investment products155 136 149 14%4%
RJBDP fees: (11)
Bank segment178 191 185 (7)%(4)%
Third-party banks110 102 98 8%12%
Client account and other fees78 67 78 16%—%
Total account and service fees521 496 510 5%2%
Investment banking9 9 9 —%—%
Interest income 118 118 115 —%3%
All other9 13 8 (31)%13%
Total revenues3,074 2,686 2,861 14%7%
Interest expense(18)(26)(20)(31)%(10)%
Net revenues3,056 2,660 2,841 15%8%
Non-interest expenses:
Financial advisor compensation:
Commissions, benefits and other compensation1,719 1,434 1,566 20%10%
Recruiting and retention-related compensation (19)
125 98 117 28%7%
Total financial advisor compensation1,844 1,532 1,683 20%10%
Administrative compensation and benefits461 419 441 10%5%
Total compensation, commissions and benefits2,305 1,951 2,124 18%9%
Non-compensation expenses 293 293 294 —%—%
Total non-interest expenses2,598 2,244 2,418 16%7%
Pre-tax income$458 $416 $423 10%8%


Please refer to the footnotes at the end of this press release for additional information.
12
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)

Private Client Group
Twelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		% change
Revenues:
Asset management and related administrative fees$7,057 $5,980 18%
Brokerage revenues:
Mutual and other fund products681 605 13%
Insurance and annuity products563 511 10%
Equities, ETFs and fixed income products697 621 12%
Total brokerage revenues1,941 1,737 12%
Account and service fees:
Mutual fund and other investment products598 518 15%
RJBDP fees: (11)
Bank segment738 754 (2)%
Third-party banks402 486 (17)%
Client account and other fees301 275 9%
Total account and service fees2,039 2,033 —%
Investment banking33 35 (6)%
Interest income454 468 (3)%
All other29 29 —%
Total revenues11,553 10,282 12%
Interest expense(78)(100)(22)%
Net revenues11,475 10,182 13%
Non-interest expenses:
Financial advisor compensation:
Commissions, benefits and other compensation6,351 5,398 18%
Recruiting and retention-related compensation (19)
460 372 24%
Total financial advisor compensation6,811 5,770 18%
Administrative compensation and benefits1,777 1,614 10%
Total compensation, commissions and benefits8,588 7,384 16%
Non-compensation expenses 1,151 1,078 7%
Total non-interest expenses9,739 8,462 15%
Pre-tax income$1,736 $1,720 1%
Please refer to the footnotes at the end of this press release for additional information.
13
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)

Capital Markets
Three months ended% change from
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Revenues:
Brokerage revenues:
Fixed income$71 $99 $99 (28)%(28)%
Equity47 41 50 15%(6)%
Total brokerage revenues118 140 149 (16)%(21)%
Investment banking:
Merger & acquisition and advisory 218 163 150 34%45%
Equity underwriting41 46 50 (11)%(18)%
Debt underwriting102 100 85 2%20%
Total investment banking361 309 285 17%27%
Interest income27 27 25 —%8%
Affordable housing investments business revenues63 58 35 9%80%
All other5 4 6 25%(17)%
Total revenues574 538 500 7%15%
Interest expense(25)(25)(23)—%9%
Net revenues 549 513 477 7%15%
Non-interest expenses:
Compensation, commissions and benefits
310 303 300 2%3%
Non-compensation expenses 133 120 129 11%3%
Total non-interest expenses443 423 429 5%3%
Pre-tax income$106 $90 $48 18%121%

Twelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		% change
Revenues:
Brokerage revenues:
Fixed income$365 $397 (8)%
Equity199 168 18%
Total brokerage revenues564 565 —%
Investment banking:
Merger & acquisition and advisory626 623 —%
Equity underwriting178 150 19%
Debt underwriting314 263 19%
Total investment banking1,118 1,036 8%
Interest income107 111 (4)%
Affordable housing investments business revenues157 140 12%
All other21 17 24%
Total revenues1,967 1,869 5%
Interest expense(97)(99)(2)%
Net revenues1,870 1,770 6%
Non-interest expenses:
Compensation, commissions and benefits1,164 1,128 3%
Non-compensation expenses (9)
492 496 (1)%
Total non-interest expenses1,656 1,624 2%
Pre-tax income$214 $146 47%

Please refer to the footnotes at the end of this press release for additional information.
14
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)
Asset Management
Three months ended% change from
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Revenues:
Asset management and related administrative fees:
Managed programs$257 $204 $230 26%12%
Administration and other141 99 122 42%16%
Total asset management and related administrative fees
398 303 352 31%13%
Account and service fees7 6 6 17%17%
All other4 5 4 (20)%—%
Net revenues409 314 362 30%13%
Non-interest expenses:
Compensation, commissions and benefits
82 60 76 37%8%
Non-compensation expenses157 122 143 29%10%
Total non-interest expenses239 182 219 31%9%
Pre-tax income
$170 $132 $143 29%19%


Twelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		% change
Revenues:
Asset management and related administrative fees:
Managed programs$909 $769 18%
Administration and other472 374 26%
Total asset management and related administrative fees1,381 1,143 21%
Account and service fees26 23 13%
All other17 22 (23)%
Net revenues1,424 1,188 20%
Non-interest expenses:
Compensation, commissions and benefits282 229 23%
Non-compensation expenses549 456 20%
Total non-interest expenses831 685 21%
Pre-tax income$593 $503 18%
Please refer to the footnotes at the end of this press release for additional information.
15
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)


Bank
Three months ended% change from
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Revenues:
Interest income$864 $843 $831 2%4%
Interest expense(397)(401)(359)(1)%11%
Net interest income467 442 472 6%(1)%
All other16 17 16 (6)%—%
Net revenues483 459 488 5%(1)%
Non-interest expenses:
Compensation and benefits49 46 47 7%4%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses (8)6 (26)NM69%
RJBDP fees to Private Client Group (11)
178 191 185 (7)%(4)%
All other84 83 76 1%11%
Total non-compensation expenses254 280 235 (9)%8%
Total non-interest expenses303 326 282 (7)%7%
Pre-tax income$180 $133 $206 35%(13)%


Twelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		% change
Revenues:
Interest income$3,328 $3,315 —%
Interest expense(1,447)(1,600)(10)%
Net interest income1,881 1,715 10%
All other63 61 3%
Net revenues1,944 1,776 9%
Non-interest expenses:
Compensation and benefits191 184 4%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses (32)37 NM
RJBDP fees to Private Client Group (11)
738 754 (2)%
All other322 310 4%
Total non-compensation expenses1,028 1,101 (7)%
Total non-interest expenses1,219 1,285 (5)%
Pre-tax income$725 $491 48%

Please refer to the footnotes at the end of this press release for additional information.
16
RAYMOND JAMES FINANCIAL, INC.Segment Results
Fiscal Fourth Quarter of 2026
(Unaudited)
Other (18)
Three months ended% change from
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Revenues:
Interest income $32 $37 $34 (14)%(6)%
All other4 — 4 NM—%
Total revenues36 37 38 (3)%(5)%
Interest expense(40)(25)(45)60%(11)%
Net revenues(4)12 (7)NM43%
Non-interest expenses:
Compensation and benefits29 35 30 (17)%(3)%
All other 19 17 33 12%(42)%
Total non-interest expenses48 52 63 (8)%(24)%
Pre-tax loss
$(52)$(40)$(70)(30)%26%


Twelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		% change
Revenues:
Interest income$142 $139 2%
All other18 7 157%
Total revenues160 146 10%
Interest expense(173)(100)73%
Net revenues(13)46 NM
Non-interest expenses:
Compensation and benefits119 147 (19)%
All other 61 45 36%
Total non-interest expenses180 192 (6)%
Pre-tax loss
$(193)$(146)(32)%
Please refer to the footnotes at the end of this press release for additional information.
17
RAYMOND JAMES FINANCIAL, INC.Bank Segment Selected Key Metrics
Fiscal Fourth Quarter of 2026
(Unaudited)

Bank Segment

As of% change from
$ in billions
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Total assets $70.1 $65.3 $70.1 7%—%
Bank loans, net$57.5 $51.6 $56.2 11%2%
Bank deposits$63.3 $58.9 $63.3 7%—%

As of% change from
$ in millions
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2025		June 30,
2026
Bank loan allowance for credit losses $384 $452 $398 (15)%(4)%
Total nonperforming assets $155 $187 $152 (17)%2%
Total criticized loans $634 $660 $593 (4)%7%
Bank loan allowance for credit losses as a % of total loans held for investment 0.66 %0.88 %0.70 %
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (20)
1.67 %1.88 %1.69 %
Nonperforming assets as a % of total assets0.22 %0.29 %0.22 %
Criticized loans as a % of total loans held for investment 1.10 %1.28 %1.05 %

Three months endedTwelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Net interest margin (net yield on interest-earning assets) 2.60 %2.71 %2.71 %2.73 %2.68 %
Bank loan provision/(benefit) for credit losses$(8)$6 $(26)$(32)$37 
Net charge-offs $6 $19 $15 $35 $41 

Please refer to the footnotes at the end of this press release for additional information.
18
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026
(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

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

Three months endedTwelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Net income available to common shareholders$666 $603 $595 $2,365 $2,130 
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)
9 6 8 30 31 
Other acquisition-related compensation6 4 — 7 4 
Total “Compensation, commissions and benefits” expense15 10 8 37 35 
Communications and information processing3 2 2 9 2 
Professional fees3 8 5 14 10 
Other:
Amortization of identifiable intangible assets (22)
16 10 14 50 41 
All other acquisition-related expenses10 9 3 16 9 
Total “Other” expense 26 19 17 66 50 
Total pre-tax impact of non-GAAP adjustments related to acquisitions47 39 32 126 97 
Tax effect of non-GAAP adjustments
(10)(7)(7)(27)(22)
Total non-GAAP adjustments, net of tax
37 32 25 99 75 
Adjusted net income available to common shareholders (1)
$703 $635 $620 $2,464 $2,205 
Pre-tax income
$862 $731 $750 $3,075 $2,714 
Pre-tax impact of non-GAAP adjustments (as detailed above)
47 39 32 126 97 
Adjusted pre-tax income (1)
$909 $770 $782 $3,201 $2,811 
Compensation, commissions and benefits expense$2,774 $2,394 $2,579 $10,344 $9,072 
Less: Total compensation-related acquisition expenses (as detailed above)15 10 8 37 35 
Adjusted “Compensation, commissions and benefits” expense (1)
$2,759 $2,384 $2,571 $10,307 $9,037 

Please refer to the footnotes at the end of this press release for additional information.
19
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026
(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
Three months endedTwelve months ended
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Pre-tax margin (7)
20.2 %19.6 %19.1 %19.5 %19.3 %
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)
0.2 %0.1 %0.2 %0.2 %0.2 %
Other acquisition-related compensation0.2 %0.1 %— %— %— %
Total “Compensation, commissions and benefits” expense0.4 %0.2 %0.2 %0.2 %0.2 %
Communications and information processing0.1 %0.1 %— %0.1 %— %
Professional fees0.1 %0.2 %0.1 %0.1 %0.1 %
Other:
Amortization of identifiable intangible assets (22)
0.4 %0.3 %0.4 %0.3 %0.3 %
All other acquisition-related expenses0.1 %0.3 %0.1 %0.1 %0.1 %
Total “Other” expense 0.5 %0.6 %0.5 %0.4 %0.4 %
Total pre-tax impact of non-GAAP adjustments related to acquisitions1.1 %1.1 %0.8 %0.8 %0.7 %
Adjusted pre-tax margin (1) (7)
21.3 %20.7 %19.9 %20.3 %20.0 %
Total compensation ratio (8)
65.0 %64.2 %65.7 %65.5 %64.5 %
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (21)
0.2 %0.1 %0.2 %0.2 %0.2 %
Other acquisition-related compensation0.2 %0.1 %— %— %— %
Total “Compensation, commissions and benefits” expenses related to acquisitions0.4 %0.2 %0.2 %0.2 %0.2 %
Adjusted total compensation ratio (1) (8)
64.6 %64.0 %65.5 %65.3 %64.3 %
Please refer to the footnotes at the end of this press release for additional information.
20
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026
(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
Three months endedTwelve months ended
Earnings per common share (5)
September 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Basic$3.46 $3.03 $3.06 $12.13 $10.53 
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)
0.05 0.03 0.04 0.15 0.15 
Other acquisition-related compensation0.03 0.02 — 0.04 0.02 
Total “Compensation, commissions and benefits” expense0.08 0.05 0.04 0.19 0.17 
Communications and information processing0.02 0.01 0.01 0.05 0.01 
Professional fees0.02 0.04 0.03 0.07 0.05 
Other:
Amortization of identifiable intangible assets (22)
0.07 0.05 0.07 0.25 0.20 
All other acquisition-related expenses0.05 0.05 0.02 0.08 0.05 
Total “Other” expense 0.12 0.10 0.09 0.33 0.25 
Total pre-tax impact of non-GAAP adjustments related to acquisitions0.24 0.20 0.17 0.64 0.48 
Tax effect of non-GAAP adjustments
(0.05)(0.04)(0.04)(0.14)(0.11)
Total non-GAAP adjustments, net of tax0.19 0.16 0.13 0.50 0.37 
Adjusted basic (1)
$3.65 $3.19 $3.19 $12.63 $10.90 
Diluted$3.40 $2.95 $3.01 $11.91 $10.30 
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)
0.05 0.03 0.04 0.15 0.15 
Other acquisition-related compensation0.03 0.02 — 0.04 0.02 
Total “Compensation, commissions and benefits” expense0.08 0.05 0.04 0.19 0.17 
Communications and information processing0.02 0.01 0.01 0.05 0.01 
Professional fees0.02 0.04 0.03 0.07 0.05 
Other:
Amortization of identifiable intangible assets (22)
0.07 0.05 0.07 0.25 0.20 
All other acquisition-related expenses0.05 0.04 0.02 0.08 0.04 
Total “Other” expense0.12 0.09 0.09 0.33 0.24 
Total pre-tax impact of non-GAAP adjustments related to acquisitions0.24 0.19 0.17 0.64 0.47 
Tax effect of non-GAAP adjustments
(0.05)(0.03)(0.04)(0.14)(0.11)
Total non-GAAP adjustments, net of tax0.19 0.16 0.13 0.50 0.36 
Adjusted diluted (1)
$3.59 $3.11 $3.14 $12.41 $10.66 
Please refer to the footnotes at the end of this press release for additional information.
21
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026
(Unaudited)

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

Book value per shareAs of
$ in millions, except per share amountsSeptember 30,
2026		September 30,
2025		June 30,
2026
Total common equity attributable to Raymond James Financial, Inc.$13,128 $12,424 $12,699 
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net
2,618 1,847 2,608 
Deferred tax liabilities related to goodwill and identifiable intangible assets, net(235)(144)(232)
Tangible common equity attributable to Raymond James Financial, Inc. (1)
$10,745 $10,721 $10,323 
Common shares outstanding 192.0 198.1 192.1 
Book value per share (10)
$68.38 $62.72 $66.11 
Tangible book value per share (1) (10)
$55.96 $54.12 $53.74 

Return on common equityThree months endedTwelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Average common equity (23)
$12,914 $12,302 $12,633 $12,662 $12,035 
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)
5 3 4 14 16 
Other acquisition-related compensation3 2 — 2 1 
Total “Compensation, commissions and benefits” expense8 5 4 16 17 
Communications and information processing1 1 1 4 — 
Professional fees2 4 3 7 3 
Other:
Amortization of identifiable intangible assets (22)
8 5 7 23 21 
All other acquisition-related expenses5 5 2 5 1 
Total “Other” expense 13 10 9 28 22 
Total pre-tax impact of non-GAAP adjustments related to acquisitions24 20 17 55 42 
Tax effect of non-GAAP adjustments
(5)(4)(4)(12)(10)
Total non-GAAP adjustments, net of tax19 16 13 43 32 
Adjusted average common equity (1) (23)
$12,933 $12,318 $12,646 $12,705 $12,067 

















Please refer to the footnotes at the end of this press release for additional information.
22
RAYMOND JAMES FINANCIAL, INC.Non-GAAP Financial Measures
Fiscal Fourth Quarter of 2026
(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
Three months endedTwelve months ended
$ in millionsSeptember 30,
2026		September 30,
2025		June 30,
2026		September 30,
2026		September 30,
2025
Average common equity (23)
$12,914 $12,302 $12,633 $12,662 $12,035 
Less:
Average goodwill and identifiable intangible assets, net2,613 1,854 2,296 2,179 1,861 
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net(233)(144)(190)(181)(141)
Average tangible common equity (1) (23)
$10,534 $10,592 $10,527 $10,664 $10,315 
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (21)
5 3 4 14 16 
Other acquisition-related compensation3 2 — 2 1 
Total “Compensation, commissions and benefits” expense8 5 4 16 17 
Communications and information processing1 1 1 4 — 
Professional fees2 4 3 7 3 
Other:
Amortization of identifiable intangible assets (22)
8 5 7 23 21 
All other acquisition-related expenses5 5 2 5 1 
Total “Other” expense 13 10 9 28 22 
Total pre-tax impact of non-GAAP adjustments related to acquisitions24 20 17 55 42 
Tax effect of non-GAAP adjustments
(5)(4)(4)(12)(10)
Total non-GAAP adjustments, net of tax19 16 13 43 32 
Adjusted average tangible common equity (1) (23)
$10,553 $10,608 $10,540 $10,707 $10,347 
Return on common equity (6)
20.6 %19.6 %18.8 %18.7 %17.7 %
Adjusted return on common equity (1) (6)
21.7 %20.6 %19.6 %19.4 %18.3 %
Return on tangible common equity (1) (6)
25.3 %22.8 %22.6 %22.2 %20.6 %
Adjusted return on tangible common equity (1) (6)
26.6 %23.9 %23.5 %23.0 %21.3 %
Please refer to the footnotes at the end of this press release for additional information.
23
RAYMOND JAMES FINANCIAL, INC.                             
Fiscal Fourth Quarter of 2026                                 Footnotes
(1)These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures.
(2)
Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period.
(3)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.
(4)Estimated.
(5)
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, 2026, June 30, 2026, and September 30, 2025, and $3 million for each of the twelve months ended September 30, 2026 and 2025.
(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)
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.
(10)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.
(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 and the vast majority are included in money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.
(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)Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.
(15)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.
(16)The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.
(17)
The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.”

24
RAYMOND JAMES FINANCIAL, INC.                             
Fiscal Fourth Quarter of 2026                                 Footnotes
(18)
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.
(19)
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 21). Such awards are expensed over the requisite service period (typically between 5 and 10 years).
(20)Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.
(21)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.
(22)Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.
(23)
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.

25