Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 24, 2024

Date of Report (date of earliest event reported)

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Florida

1-9109

59-1517485

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

880 Carillon Parkway

St. Petersburg

Florida

33716

(Address of principal executive offices)

(Zip Code)

(727) 567-1000

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	RJF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock	RJF PrB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 Results of Operations and Financial Condition

On January 24, 2024, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal first quarter ended December 31, 2023. A copy of this press release is attached to this Current Report as Exhibit 99.1 and incorporated by reference herein. In addition, a copy of the Company’s Financial Supplement and Earnings Presentation for the fiscal first quarter ended December 31, 2023 are attached as Exhibits 99.2 and 99.3, respectively, to this Current Report and are incorporated by reference herein.

The information in this Current Report, including any exhibits hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibit in this particular report is incorporated by reference).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following are filed as exhibits to this report:

Exhibit No.

99.1 Press release, dated January 24, 2024, issued by Raymond James Financial, Inc.

99.2 Financial Supplement Fiscal First Quarter 2024 of Raymond James Financial, Inc.

99.3 Earnings Presentation Fiscal First Quarter 2024 of Raymond James Financial, Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	RAYMOND JAMES FINANCIAL, INC.


Date: January 24, 2024	By:	/s/ Paul M. Shoukry
		Paul M. Shoukry
		Chief Financial Officer


January 24, 2024						FOR 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 FISCAL FIRST QUARTER OF

2024 RESULTS

•Record client assets under administration of $1.37 trillion and record financial assets under management of $215 billion, up 17% and 16%, respectively, over December 2022

•Domestic Private Client Group net new assets(1) of $21.6 billion for the fiscal first quarter, annualized growth from beginning of period assets of 7.8%

•Quarterly net revenues of $3.01 billion, up 8% over the prior year’s fiscal first quarter and down 1% compared to the preceding quarter

•Quarterly net income available to common shareholders of $497 million, or record $2.32 per diluted share; record quarterly adjusted net income available to common shareholders of $514 million(2), or record $2.40 per diluted share(2)

•Annualized return on common equity of 19.1% and annualized adjusted return on tangible common equity of 23.8%(2) for fiscal first quarter

•Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $58.0 billion, down 4% compared to December 2022 and up 3% over September 2023

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.01 billion and net income available to common shareholders of $497 million, or $2.32 per diluted share, for the fiscal first quarter ended December 31, 2023. Excluding $23 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was record $514 million(2), or $2.40 per diluted share(2).

Quarterly net revenues increased 8% over the prior year’s fiscal first quarter primarily driven by higher asset management and related administrative fees. Despite higher revenues, quarterly net income available to common shareholders declined 2% compared to the prior-year quarter largely due to the receipt of a $32 million insurance settlement in the year-ago period. Sequentially, quarterly net revenues decreased 1% primarily due to lower asset management and related administrative fees and investment banking revenues which were partially offset by higher brokerage revenues. Quarterly net income available to common shareholders increased 15% over the preceding quarter mainly resulting from lower legal and regulatory reserves and a lower bank loan loss provision for credit losses. Annualized return on common equity was 19.1% and annualized adjusted return on tangible common equity was 23.8%(2).

“High satisfaction between clients and advisors, along with solid financial advisor retention and recruiting in the Private Client Group segment drove record quarterly earnings per share and strong net new asset(1) annualized growth of 7.8% in the quarter,” said Chair and CEO Paul Reilly. “We are well positioned entering the fiscal second quarter with record client assets and robust financial advisor recruiting activity.”

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

Segment Results

Private Client Group

•Domestic Private Client Group net new assets(1) of $21.6 billion for the fiscal first quarter, annualized growth from beginning of period assets of 7.8%

•Quarterly net revenues of $2.23 billion, up 8% over the prior year’s fiscal first quarter and down 2% compared to the preceding quarter

•Quarterly pre-tax income of $439 million, up 1% over the prior year’s fiscal first quarter and down 8% compared to the preceding quarter

•Record Private Client Group assets under administration of $1.31 trillion and record Private Client Group assets in fee-based accounts of $746.6 billion, both up 18% over December 2022 and 9% over September 2023

•Total clients’ domestic cash sweep and ESP balances of $58.0 billion, down 4% compared to December 2022 and up 3% over September 2023

Year-over-year, quarterly net revenues and pre-tax income grew 8% and 1%, respectively, predominantly driven by higher asset management and related administrative fees, reflecting growth of assets in fee-based accounts during the year. Sequentially, quarterly net revenues declined 2% primarily resulting from lower asset management and related administrative fees due to lower balances at the beginning of the current quarter compared to the preceding quarter.

Total clients’ domestic cash sweep and ESP balances of $58 billion increased 3% over September 2023, driven by higher ESP and cash sweep balances. The average yield on Raymond James Bank Deposit Program third-party bank balances increased 6 basis points over the preceding quarter to 3.66% in the fiscal first quarter.

“Advisor recruiting and retention started the fiscal year off strong with domestic Private Client Group net new asset(1) annualized growth of 7.8% in the quarter,” said Reilly. “Our robust technology capabilities, client-first values and our long-established multiple affiliation model continue to fuel the strength and quality of the recruiting pipeline.”

Capital Markets

•Quarterly net revenues of $338 million, up 15% over the prior year’s fiscal first quarter and down 1% compared to the preceding quarter

•Quarterly pre-tax income of $3 million

•Quarterly investment banking revenues of $170 million, up 28% over the prior year’s fiscal first quarter and down 12% compared to the preceding quarter

Quarterly net revenues grew 15% over the prior-year quarter primarily the result of higher investment banking revenues. Sequentially, quarterly net revenues declined 1% driven by lower M&A and advisory revenues and affordable housing investments business revenues, largely offset by higher fixed income brokerage revenues.

“Fixed income brokerage revenues experienced strong quarterly growth due to higher client activity as well as a more favorable trading environment,” said Reilly. “Investment banking activity industry-wide appears to be on a gradual recovery and our pipeline and new business activity remain healthy.”

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

Asset Management

•Quarterly net revenues of $235 million, up 14% over the prior year’s fiscal first quarter and flat compared to the preceding quarter

•Quarterly pre-tax income of $93 million, up 16% over the prior year’s fiscal first quarter and down 7% compared to the preceding quarter

•Record financial assets under management of $215 billion, up 16% over December 2022 and 9% over September 2023

The increase in quarterly net revenues and pre-tax income over the prior year’s fiscal first quarter was largely attributable to higher financial assets under management due to higher equity markets and net inflows into fee-based accounts in the Private Client Group.

Bank

•Quarterly net revenues of $441 million, down 13% compared to the prior year’s fiscal first quarter and 2% compared to the preceding quarter

•Quarterly pre-tax income of $92 million, down 32% compared to the prior year’s fiscal first quarter and up 18% over the preceding quarter

•Bank segment net interest margin (“NIM”) of 2.74% for the quarter, down 62 basis points compared to the prior year’s fiscal first quarter and 13 basis points compared to the preceding quarter

•Record net loans of $44.2 billion, up slightly over December 2022 and 1% over September 2023

Quarterly net revenues declined 13% year-over-year and 2% sequentially due to lower NIM. The Bank segment’s NIM decreased 13 basis points during the quarter to 2.74%, largely the result of increased interest expense from higher-cost funding as ESP balances replaced a portion of lower-cost Raymond James Bank Deposit Program client cash sweep balances, which were swept to third-party banks. Quarterly results include an FDIC special assessment of $9 million.

The credit quality of the loan portfolio is solid, with criticized loans as a percent of total loans held for investment ending the quarter at 1.09%. Bank loan allowance for credit losses as a percent of total loans held for investment was 1.08%, and bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 2.06%.

Other

Other segment pre-tax income increased sequentially primarily due to a large provision for litigation and regulatory matters in the preceding quarter. The effective tax rate for the quarter was 21.0%, reflecting a tax benefit recognized for share-based compensation that vested during the period.

In November, the Board of Directors increased the quarterly cash dividend on common shares 7% to $0.45 per share and authorized common stock repurchases of up to $1.5 billion, replacing the previous authorization. During the fiscal first quarter, the firm repurchased 1.41 million shares of common stock for $150 million at an average price of $107 per share. As of January 24, 2024, approximately $1.39 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 23.0%(3) and the tier 1 leverage ratio was 12.1%(3), both well above regulatory requirements.

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

A conference call to discuss the results will take place today, Wednesday, January 24, 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. A replay of the call will be available at the same location until April 24, 2024. For a connection to the conference call, please dial: 877-400-4013 (conference code: 3778589).

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. The company has approximately 8,700 financial advisors. Total client assets are $1.37 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), demand for and pricing of our products (including cash sweep and deposit offerings), acquisitions, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “may,” “will,” “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.


RAYMOND JAMES FINANCIAL, INC. Fiscal First Quarter of 2024			Selected Financial Highlights (Unaudited)

Summary results of operations


	Three months ended						% change from
$ in millions, except per share amounts	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Net revenues	$	3,013	$	2,786	$	3,053	8%	(1)%
Pre-tax income	$	630	$	652	$	585	(3)%	8%
Net income available to common shareholders	$	497	$	507	$	432	(2)%	15%

Earnings per common share: (4)
Basic	$	2.38	$	2.36	$	2.07	1%	15%
Diluted	$	2.32	$	2.30	$	2.02	1%	15%


Non-GAAP measures: (2)
Adjusted pre-tax income	$	653	$	649	$	619	1%	5%
Adjusted net income available to common shareholders	$	514	$	505	$	457	2%	12%
Adjusted earnings per common share – basic (4)	$	2.46	$	2.35	$	2.19	5%	12%
Adjusted earnings per common share – diluted (4)	$	2.40	$	2.29	$	2.13	5%	13%


Other selected financial highlights	Three months ended
	December 31, 2023		December 31, 2022		September 30, 2023
Return on common equity (5)	19.1	%	21.3	%	17.3	%
Adjusted return on common equity (2) (5)	19.7	%	21.2	%	18.3	%

Adjusted return on tangible common equity (2) (5)	23.8	%	26.1	%	22.2	%
Pre-tax margin (6)	20.9	%	23.4	%	19.2	%
Adjusted pre-tax margin (2) (6)	21.7	%	23.3	%	20.3	%
Total compensation ratio (7)	63.8	%	62.3	%	62.0	%
Adjusted total compensation ratio (2) (7)	63.4	%	61.7	%	61.4	%
Effective tax rate	21.0	%	21.9	%	25.8	%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal First Quarter of 2024


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
in millions, except per share amounts	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Revenues:
Asset management and related administrative fees	$	1,407	$	1,242	$	1,446	13%	(3)%
Brokerage revenues:
Securities commissions	383		352		382		9%	—%
Principal transactions	139		132		98		5%	42%
Total brokerage revenues	522		484		480		8%	9%
Account and service fees	319		289		314		10%	2%
Investment banking	181		141		202		28%	(10)%
Interest income	1,053		827		1,019		27%	3%
Other	38		44		54		(14)%	(30)%
Total revenues	3,520		3,027		3,515		16%	—%
Interest expense	(507)		(241)		(462)		110%	10%
Net revenues	3,013		2,786		3,053		8%	(1)%
Non-interest expenses:
Compensation, commissions and benefits	1,921		1,736		1,892		11%	2%
Non-compensation expenses:
Communications and information processing	150		139		158		8%	(5)%
Occupancy and equipment	72		66		69		9%	4%
Business development	61		56		66		9%	(8)%
Investment sub-advisory fees	40		34		41		18%	(2)%
Professional fees	32		32		40		—%	(20)%
Bank loan provision for credit losses	12		14		36		(14)%	(67)%

Other (8)	95		57		166		67%	(43)%
Total non-compensation expenses	462		398		576		16%	(20)%
Total non-interest expenses	2,383		2,134		2,468		12%	(3)%
Pre-tax income	630		652		585		(3)%	8%
Provision for income taxes	132		143		151		(8)%	(13)%
Net income	498		509		434		(2)%	15%
Preferred stock dividends	1		2		2		(50)%	(50)%
Net income available to common shareholders	$	497	$	507	$	432	(2)%	15%

Earnings per common share – basic (4)	$	2.38	$	2.36	$	2.07	1%	15%
Earnings per common share – diluted (4)	$	2.32	$	2.30	$	2.02	1%	15%
Weighted-average common shares outstanding – basic	208.6		214.7		208.3		(3)%	—%
Weighted-average common and common equivalent shares outstanding – diluted	213.8		220.4		213.8		(3)%	—%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Selected Key Metrics
Fiscal First Quarter of 2024			(Unaudited)


	As of										% change from
$ in millions, except per share amounts	December 31, 2023				December 31, 2022			September 30, 2023			December 31, 2022	September 30, 2023
Total assets	$	80,130			$	77,047		$	78,360		4%	2%
Total common equity attributable to Raymond James Financial, Inc.	$	10,711			$	9,736		$	10,135		10%	6%
Book value per share (9)	$	51.32			$	45.28		$	48.54		13%	6%
Tangible book value per share (2) (9)	$	42.81			$	36.87		$	40.03		16%	7%

Capital ratios:
Tier 1 leverage	12.1		%	(3)	11.3		%	11.9		%
Tier 1 capital	21.6		%	(3)	20.3		%	21.4		%
Common equity tier 1	21.5		%	(3)	20.0		%	21.2		%
Total capital	23.0		%	(3)	21.6		%	22.8		%


Client asset metrics ($ in billions)	As of						% change from
	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Client assets under administration	$	1,370.6	$	1,169.7	$	1,256.5	17%	9%
Private Client Group assets under administration	$	1,310.5	$	1,114.3	$	1,201.2	18%	9%
Private Client Group assets in fee-based accounts	$	746.6	$	633.1	$	683.2	18%	9%
Financial assets under management	$	215.0	$	185.9	$	196.4	16%	9%


Net new assets metrics ($ in millions)	Three months ended
	December 31, 2023			December 31, 2022			September 30, 2023
Domestic Private Client Group net new assets (1)	$	21,575		$	23,226		$	14,169
Domestic Private Client Group net new assets growth — annualized (1)	7.8		%	9.8		%	5.0		%


Private Client Group financial advisors	As of			% change from
	December 31, 2023	December 31, 2022	September 30, 2023	December 31, 2022	September 30, 2023
Employees	3,718	3,631	3,693	2%	1%
Independent contractors	4,992	5,068	5,019	(1)%	(1)%
Total advisors	8,710	8,699	8,712	—%	—%


Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	As of						% change from
	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Raymond James Bank Deposit Program (“RJBDP”): (10)
Bank segment (10)	$	23,912	$	39,098	$	25,355	(39)%	(6)%
Third-party banks	17,820		18,231		15,858		(2)%	12%
Subtotal RJBDP	41,732		57,329		41,213		(27)%	1%
Client Interest Program	1,765		3,053		1,620		(42)%	9%
Total clients’ domestic cash sweep balances	43,497		60,382		42,833		(28)%	2%
Enhanced Savings Program (11)	14,476		—		13,592		NM	7%
Total clients’ domestic cash sweep and Enhanced Savings Program balances	$	57,973	$	60,382	$	56,425	(4)%	3%


Net interest income and RJBDP fees ($ in millions)	Three months ended									% change from
	December 31, 2023			December 31, 2022			September 30, 2023			December 31, 2022	September 30, 2023
Net interest income and RJBDP fees (third-party banks)	$	698		$	723		$	711		(3)%	(2)%
Average yield on RJBDP - third-party banks (12)	3.66		%	2.72		%	3.60		%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal First Quarter of 2024			(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
	December 31, 2023						December 31, 2022						September 30, 2023
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	5,760	$	79	5.41	%	$	2,325	$	22	3.72	%	$	5,208	$	71	5.36	%
Available-for-sale securities	10,333		56		2.16	%	11,050		53		1.92	%	10,563		56		2.12	%
Loans held for sale and investment: (13)
Loans held for investment:
Securities-based loans (14)	14,587		266		7.16	%	15,038		226		5.87	%	14,307		260		7.14	%
Commercial and industrial loans	10,472		203		7.60	%	11,176		172		6.01	%	10,499		201		7.49	%
Commercial real estate loans	7,245		141		7.61	%	6,798		107		6.18	%	7,115		138		7.59	%
Real estate investment trust loans	1,694		34		7.76	%	1,628		24		5.87	%	1,707		33		7.54	%
Residential mortgage loans	8,799		77		3.48	%	7,626		57		2.99	%	8,570		72		3.34	%
Tax-exempt loans (15)	1,481		10		3.27	%	1,594		10		3.06	%	1,512		10		3.17	%

Loans held for sale	140		3		8.86	%	189		3		5.39	%	140		3		8.23	%
Total loans held for sale and investment	44,418		734		6.51	%	44,049		599		5.35	%	43,850		717		6.44	%
All other interest-earning assets	237		3		5.98	%	143		2		5.29	%	201		3		5.94	%
Interest-earning assets — Bank segment	$	60,748	$	872	5.66	%	$	57,567	$	676	4.63	%	$	59,822	$	847	5.58	%
All other segments
Cash and cash equivalents	$	3,469	$	53	6.07	%	$	3,436	$	33	3.78	%	$	3,231	$	48	5.85	%
Assets segregated for regulatory purposes and restricted cash	3,623		47		5.13	%	6,237		50		3.17	%	3,510		45		5.12	%
Trading assets — debt securities	1,100		15		5.57	%	1,080		14		5.10	%	1,070		17		5.56	%
Brokerage client receivables	2,138		45		8.39	%	2,398		41		6.70	%	2,150		46		8.34	%
All other interest-earning assets	1,936		21		3.92	%	2,001		13		2.58	%	1,782		16		3.79	%
Interest-earning assets — all other segments	$	12,266	$	181	5.81	%	$	15,152	$	151	3.93	%	$	11,743	$	172	5.75	%
Total interest-earning assets	$	73,014	$	1,053	5.69	%	$	72,719	$	827	4.48	%	$	71,565	$	1,019	5.61	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (10)	$	32,001	$	160	1.99	%	$	45,165	$	123	1.08	%	$	33,447	$	155	1.84	%
Interest-bearing demand deposits (11)	19,565		244		4.97	%	5,149		45		3.42	%	17,519		216		4.91	%
Certificates of deposit	2,757		32		4.56	%	1,225		8		2.48	%	2,762		30		4.35	%
Total bank deposits (16)	54,323		436		3.19	%	51,539		176		1.35	%	53,728		401		2.97	%
Federal Home Loan Bank advances and all other interest-bearing liabilities	1,231		10		3.03	%	1,397		9		2.61	%	1,233		7		2.20	%
Interest-bearing liabilities — Bank segment	$	55,554	$	446	3.19	%	$	52,936	$	185	1.38	%	$	54,961	$	408	2.95	%
All other segments
Trading liabilities — debt securities	$	756	$	11	5.66	%	$	778	$	10	5.07	%	$	702	$	10	5.22	%
Brokerage client payables	4,668		20		1.72	%	7,749		17		0.87	%	4,620		21		1.65	%
Senior notes payable	2,039		23		4.51	%	2,038		23		4.52	%	2,039		23		4.53	%
All other interest-bearing liabilities (16)	980		7		2.96	%	585		6		2.61	%	584		—		1.17	%
Interest-bearing liabilities — all other segments	$	8,443	$	61	2.89	%	$	11,150	$	56	1.92	%	$	7,945	$	54	2.67	%
Total interest-bearing liabilities	$	63,997	$	507	3.15	%	$	64,086	$	241	1.47	%	$	62,906	$	462	2.91	%
Firmwide net interest income			$	546					$	586					$	557
Net interest margin (net yield on interest-earning assets)
Bank segment					2.74	%					3.36	%					2.87	%
Firmwide					2.97	%					3.19	%					3.09	%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal First Quarter of 2024			(Unaudited)


	Three months ended						% change from
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Net revenues:
Private Client Group	$	2,226	$	2,063	$	2,265	8%	(2)%
Capital Markets	338		295		341		15%	(1)%
Asset Management	235		207		236		14%	—%
Bank	441		508		451		(13)%	(2)%
Other (17)	26		9		25		189%	4%
Intersegment eliminations	(253)		(296)		(265)		(15)%	(5)%
Total net revenues	$	3,013	$	2,786	$	3,053	8%	(1)%

Pre-tax income/(loss):
Private Client Group	$	439	$	434	$	477	1%	(8)%
Capital Markets	3		(16)		(7)		NM	NM
Asset Management	93		80		100		16%	(7)%
Bank	92		136		78		(32)%	18%
Other (17)	3		18		(63)		(83)%	NM
Pre-tax income	$	630	$	652	$	585	(3)%	8%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal First Quarter of 2024			(Unaudited)


Private Client Group

	Three months ended						% change from
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Revenues:
Asset management and related administrative fees	$	1,191	$	1,053	$	1,226	13%	(3)%
Brokerage revenues:
Mutual and other fund products	136		128		142		6%	(4)%
Insurance and annuity products	125		104		119		20%	5%
Equities, ETFs and fixed income products	121		113		115		7%	5%
Total brokerage revenues	382		345		376		11%	2%
Account and service fees:
Mutual fund and annuity service fees	106		98		109		8%	(3)%
RJBDP fees: (10)
Bank segment (10)	223		268		237		(17)%	(6)%
Third-party banks	152		137		154		11%	(1)%
Client account and other fees	65		60		56		8%	16%
Total account and service fees	546		563		556		(3)%	(2)%
Investment banking	11		9		8		22%	38%
Interest income	118		109		115		8%	3%
All other	4		6		8		(33)%	(50)%
Total revenues	2,252		2,085		2,289		8%	(2)%
Interest expense	(26)		(22)		(24)		18%	8%
Net revenues	2,226		2,063		2,265		8%	(2)%
Non-interest expenses:
Financial advisor compensation and benefits	1,190		1,075		1,193		11%	—%
Administrative compensation and benefits	379		342		348		11%	9%
Total compensation, commissions and benefits	1,569		1,417		1,541		11%	2%
Non-compensation expenses	218		212		247		3%	(12)%
Total non-interest expenses	1,787		1,629		1,788		10%	—%
Pre-tax income	$	439	$	434	$	477	1%	(8)%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal First Quarter of 2024			(Unaudited)


Capital Markets

	Three months ended						% change from
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Revenues:
Brokerage revenues:
Fixed income	$	102	$	100	$	71	2%	44%
Equity	38		34		30		12%	27%
Total brokerage revenues	140		134		101		4%	39%
Investment banking:
Merger & acquisition and advisory	118		102		141		16%	(16)%
Equity underwriting	26		15		16		73%	63%
Debt underwriting	26		16		37		63%	(30)%
Total investment banking	170		133		194		28%	(12)%
Interest income	23		23		23		—%	—%
Affordable housing investments business revenues	23		24		41		(4)%	(44)%
All other	4		4		3		—%	33%
Total revenues	360		318		362		13%	(1)%
Interest expense	(22)		(23)		(21)		(4)%	5%
Net revenues	338		295		341		15%	(1)%
Non-interest expenses:
Compensation, commissions and benefits	238		213		238		12%	—%
Non-compensation expenses	97		98		110		(1)%	(12)%
Total non-interest expenses	335		311		348		8%	(4)%
Pre-tax income/(loss)	$	3	$	(16)	$	(7)	NM	NM

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal First Quarter of 2024			(Unaudited)


Asset Management

	Three months ended						% change from
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Revenues:
Asset management and related administrative fees:
Managed programs	$	150	$	134	$	153	12%	(2)%
Administration and other	74		63		73		17%	1%
Total asset management and related administrative fees	224		197		226		14%	(1)%
Account and service fees	6		5		5		20%	20%
All other	5		5		5		—%	—%
Net revenues	235		207		236		14%	—%
Non-interest expenses:
Compensation, commissions and benefits	53		47		48		13%	10%
Non-compensation expenses	89		80		88		11%	1%
Total non-interest expenses	142		127		136		12%	4%
Pre-tax income	$	93	$	80	$	100	16%	(7)%


Bank

	Three months ended						% change from
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Revenues:
Interest income	$	872	$	676	$	847	29%	3%
Interest expense	(446)		(185)		(408)		141%	9%
Net interest income	426		491		439		(13)%	(3)%
All other	15		17		12		(12)%	25%
Net revenues	441		508		451		(13)%	(2)%
Non-interest expenses:
Compensation and benefits	43		40		41		8%	5%
Non-compensation expenses:
Bank loan provision for credit losses	12		14		36		(14)%	(67)%
RJBDP fees to Private Client Group (10)	223		268		237		(17)%	(6)%
All other	71		50		59		42%	20%
Total non-compensation expenses	306		332		332		(8)%	(8)%
Total non-interest expenses	349		372		373		(6)%	(6)%
Pre-tax income	$	92	$	136	$	78	(32)%	18%

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


RAYMOND JAMES FINANCIAL, INC.			Segment Results
Fiscal First Quarter of 2024			(Unaudited)


Other (17)

	Three months ended						% change from
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023		December 31, 2022	September 30, 2023
Revenues:
Interest income	$	49	$	30	$	44	63%	11%
All other	2		3		3		(33)%	(33)%
Total revenues	51		33		47		55%	9%
Interest expense	(25)		(24)		(22)		4%	14%
Net revenues	26		9		25		189%	4%
Non-interest expenses:
Compensation and benefits	17		18		24		(6)%	(29)%
Insurance settlement received (8)	—		(32)		—		100%	—%
All other	6		5		64		20%	(91)%
Total non-interest expenses	23		(9)		88		NM	(74)%
Pre-tax income/(loss)	$	3	$	18	$	(63)	(83)%	NM

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


RAYMOND JAMES FINANCIAL, INC.			Bank Segment Selected Key Metrics
Fiscal First Quarter of 2024			(Unaudited)

Bank Segment

Our Bank segment includes Raymond James Bank and TriState Capital Bank.


	As of									% change from
$ in millions	December 31, 2023			December 31, 2022			September 30, 2023			December 31, 2022	September 30, 2023
Total assets	$	61,517		$	57,623		$	60,041		7%	2%

Bank loans, net	$	44,182		$	44,066		$	43,775		—%	1%

Bank loan allowance for credit losses	$	479		$	408		$	474		17%	1%
Bank loan allowance for credit losses as a % of total loans held for investment	1.08		%	0.92		%	1.07		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18)	2.06		%	1.64		%	2.03		%

Total nonperforming assets	$	164		$	61		$	128		169%	28%
Nonperforming assets as a % of total assets	0.27		%	0.11		%	0.21		%

Total criticized loans	$	485		$	447		$	518		9%	(6)%
Criticized loans as a % of loans held for investment	1.09		%	1.01		%	1.17		%

Total bank deposits	$	55,393		$	51,979		$	54,199		7%	2%



















	Three months ended									% change from
$ in millions	December 31, 2023			December 31, 2022			September 30, 2023			December 31, 2022	September 30, 2023
Net interest margin (net yield on interest-earning assets)	2.74		%	3.36		%	2.87		%

Bank loan provision for credit losses	$	12		$	14		$	36		(14)%	(67)%
Net charge-offs	$	8		$	2		$	17		300%	(53)%

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal First Quarter of 2024			(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 ended
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023
Net income available to common shareholders	$	497	$	507	$	432
Non-GAAP adjustments:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention (19)	11		18		17


Communications and information processing	—		—		2
Professional fees	1		—		3


Other — Amortization of identifiable intangible assets (20)	11		11		12



Total expenses related to acquisitions	23		29		34
Other — Insurance settlement received (8)	—		(32)		—
Pre-tax impact of non-GAAP adjustments	23		(3)		34
Tax effect of non-GAAP adjustments	(6)		1		(9)
Total non-GAAP adjustments, net of tax	17		(2)		25
Adjusted net income available to common shareholders (2)	$	514	$	505	$	457

Pre-tax income	$	630	$	652	$	585
Pre-tax impact of non-GAAP adjustments (as detailed above)	23		(3)		34
Adjusted pre-tax income (2)	$	653	$	649	$	619

Compensation, commissions and benefits expense	$	1,921	$	1,736	$	1,892
Less: Acquisition-related retention (as detailed above)	11		18		17
Adjusted “Compensation, commissions and benefits” expense (2)	$	1,910	$	1,718	$	1,875

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal First Quarter of 2024			(Unaudited)


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

	Three months ended
	December 31, 2023		December 31, 2022		September 30, 2023
Pre-tax margin (6)	20.9	%	23.4	%	19.2	%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention (19)	0.4	%	0.6	%	0.6	%


Communications and information processing	—	%	—	%	—	%
Professional fees	—	%	—	%	0.1	%


Other — Amortization of identifiable intangible assets (20)	0.4	%	0.4	%	0.4	%



Total expenses related to acquisitions	0.8	%	1.0	%	1.1	%
Other — Insurance settlement received (8)	—	%	(1.1)	%	—	%
Total non-GAAP adjustments	0.8	%	(0.1)	%	1.1	%
Adjusted pre-tax margin (2) (6)	21.7	%	23.3	%	20.3	%

Total compensation ratio (7)	63.8	%	62.3	%	62.0	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (19)	0.4	%	0.6	%	0.6	%


Adjusted total compensation ratio (2) (7)	63.4	%	61.7	%	61.4	%

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal First Quarter of 2024			(Unaudited)


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

	Three months ended
Earnings per common share (4)	December 31, 2023		December 31, 2022		September 30, 2023
Basic	$	2.38	$	2.36	$	2.07
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention (19)	0.05		0.08		0.08


Communications and information processing	—		—		0.01
Professional fees	0.01		—		0.01


Other — Amortization of identifiable intangible assets (20)	0.05		0.06		0.06



Total expenses related to acquisitions	0.11		0.14		0.16
Other — Insurance settlement received (8)	—		(0.15)		—
Tax effect of non-GAAP adjustments	(0.03)		—		(0.04)
Total non-GAAP adjustments, net of tax	0.08		(0.01)		0.12
Adjusted basic (2)	$	2.46	$	2.35	$	2.19

Diluted	$	2.32	$	2.30	$	2.02
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention (19)	0.05		0.08		0.08


Communications and information processing	—		—		0.01
Professional fees	0.01		—		0.01


Other — Amortization of identifiable intangible assets (20)	0.05		0.06		0.05



Total expenses related to acquisitions	0.11		0.14		0.15
Other — Insurance settlement received (8)	—		(0.15)		—
Tax effect of non-GAAP adjustments	(0.03)		—		(0.04)
Total non-GAAP adjustments, net of tax	0.08		(0.01)		0.11
Adjusted diluted (2)	$	2.40	$	2.29	$	2.13

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal First Quarter of 2024			(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)


Book value per share	As of
$ in millions, except per share amounts	December 31, 2023		December 31, 2022		September 30, 2023
Total common equity attributable to Raymond James Financial, Inc.	$	10,711	$	9,736	$	10,135
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,908		1,938		1,907
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(132)		(129)		(131)
Tangible common equity attributable to Raymond James Financial, Inc. (2)	$	8,935	$	7,927	$	8,359
Common shares outstanding	208.7		215.0		208.8
Book value per share (9)	$	51.32	$	45.28	$	48.54
Tangible book value per share (2) (9)	$	42.81	$	36.87	$	40.03


Return on common equity	Three months ended
$ in millions	December 31, 2023		December 31, 2022		September 30, 2023
Average common equity (21)	$	10,423	$	9,537	$	10,003
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention (19)	6		9		9


Communications and information processing	—		—		1
Professional fees	—		—		2


Other — Amortization of identifiable intangible assets (20)	6		5		6



Total expenses related to acquisitions	12		14		18
Other — Insurance settlement received (8)	—		(16)		—
Tax effect of non-GAAP adjustments	(3)		1		(5)
Total non-GAAP adjustments, net of tax	9		(1)		13
Adjusted average common equity (2) (21)	$	10,432	$	9,536	$	10,016

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal First Quarter of 2024			(Unaudited)


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

	Three months ended
$ in millions	December 31, 2023			December 31, 2022			September 30, 2023
Average common equity (21)	$	10,423		$	9,537		$	10,003
Less:
Average goodwill and identifiable intangible assets, net	1,908			1,935			1,918
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(132)			(128)			(130)
Average tangible common equity (2) (21)	$	8,647		$	7,730		$	8,215
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention (19)	6			9			9


Communications and information processing	—			—			1
Professional fees	—			—			2


Other — Amortization of identifiable intangible assets (20)	6			5			6



Total expenses related to acquisitions	12			14			18
Other — Insurance settlement received (8)	—			(16)			—
Tax effect of non-GAAP adjustments	(3)			1			(5)
Total non-GAAP adjustments, net of tax	9			(1)			13
Adjusted average tangible common equity (2) (21)	$	8,656		$	7,729		$	8,228

Return on common equity (5)	19.1		%	21.3		%	17.3		%
Adjusted return on common equity (2) (5)	19.7		%	21.2		%	18.3		%
Return on tangible common equity (2) (5)	23.0		%	26.2		%	21.0		%
Adjusted return on tangible common equity (2) (5)	23.8		%	26.1		%	22.2		%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal First Quarter of 2024 Footnotes


(1)						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.

(2)						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.

(3)						Estimated.

(4)						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 December 31, 2023, December 31, 2022, and September 30, 2023.

(5)						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 intangible assets, net of related deferred taxes.

(6)						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.

(7)						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.

(8)						The three months ended December 31, 2022 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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.

(9)						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.

(10)						We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in 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 within money market and other savings accounts in our net interest disclosures in this release. Fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

(11)						In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Consolidated Statement of Financial Condition and substantially all are reflected within interest-bearing demand deposits in our net interest disclosures in this release.

(12)						Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks.

(13)						Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs.

(14)						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.

(15)						The average rate on tax-exempt loans is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each respective period.

(16)						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.”

(17)						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.

(18)						Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

RAYMOND JAMES FINANCIAL, INC.

Fiscal First Quarter of 2024 Footnotes


(19)						Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period.

(20)						Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.

(21)						Average common equity 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. 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.

5 Quarterly Financial Supplement Fiscal first quarter of 2024 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 $ in millions, except per share amounts December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Asset management and related administrative fees $ 1,242 $ 1,302 $ 1,373 $ 1,446 $ 1,407 13 % (3) % Brokerage revenues: Securities commissions 352 369 356 382 383 9 % — % Principal transactions 132 127 105 98 139 5 % 42 % Total brokerage revenues 484 496 461 480 522 8 % 9 % Account and service fees 289 258 264 314 319 10 % 2 % Investment banking 141 154 151 202 181 28 % (10) % Interest income 827 915 987 1,019 1,053 27 % 3 % Other 44 32 57 54 38 (14) % (30) % Total revenues 3,027 3,157 3,293 3,515 3,520 16 % — % Interest expense (241) (284) (386) (462) (507) 110 % 10 % Net revenues 2,786 2,873 2,907 3,053 3,013 8 % (1) % Non-interest expenses: Compensation, commissions and benefits 1,736 1,820 1,851 1,892 1,921 11 % 2 % Non-compensation expenses: Communications and information processing 139 153 149 158 150 8 % (5) % Occupancy and equipment 66 68 68 69 72 9 % 4 % Business development 56 54 66 66 61 9 % (8) % Investment sub-advisory fees 34 36 40 41 40 18 % (2) % Professional fees 32 38 35 40 32 — % (20) % Bank loan provision for credit losses 14 28 54 36 12 (14) % (67) % Other (1) 57 119 158 166 95 67 % (43) % Total non-compensation expenses 398 496 570 576 462 16 % (20) % Total non-interest expenses 2,134 2,316 2,421 2,468 2,383 12 % (3) % Pre-tax income 652 557 486 585 630 (3) % 8 % Provision for income taxes 143 130 117 151 132 (8) % (13) % Net income 509 427 369 434 498 (2) % 15 % Preferred stock dividends 2 2 — 2 1 (50) % (50) % Net income available to common shareholders $ 507 $ 425 $ 369 $ 432 $ 497 (2) % 15 % Earnings per common share – basic (2) $ 2.36 $ 1.97 $ 1.75 $ 2.07 $ 2.38 1 % 15 % Earnings per common share – diluted (2) $ 2.30 $ 1.93 $ 1.71 $ 2.02 $ 2.32 1 % 15 % Weighted-average common shares outstanding – basic 214.7 214.3 210.1 208.3 208.6 (3) % — % Weighted-average common and common equivalent shares outstanding – diluted 220.4 219.2 214.8 213.8 213.8 (3) % — % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Total assets $ 77,047 $ 79,180 $ 77,633 $ 78,360 $ 80,130 4 % 2 % Total common equity attributable to Raymond James Financial, Inc. $ 9,736 $ 9,875 $ 9,870 $ 10,135 $ 10,711 10 % 6 % Book value per share (3) $ 45.28 $ 46.67 $ 47.34 $ 48.54 $ 51.32 13 % 6 % Tangible book value per share (3) (4) $ 36.87 $ 38.14 $ 38.71 $ 40.03 $ 42.81 16 % 7 % Capital ratios: Tier 1 leverage 11.3 % 11.5 % 11.4 % 11.9 % 12.1 % (5) Tier 1 capital 20.3 % 20.1 % 20.6 % 21.4 % 21.6 % (5) Common equity tier 1 20.0 % 19.9 % 20.4 % 21.2 % 21.5 % (5) Total capital 21.6 % 21.4 % 22.0 % 22.8 % 23.0 % (5) Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Adjusted pre-tax income (4) $ 649 $ 585 $ 526 $ 619 $ 653 1 % 5 % Adjusted net income available to common shareholders (4) $ 505 $ 446 $ 399 $ 457 $ 514 2 % 12 % Adjusted earnings per common share – basic (2) (4) $ 2.35 $ 2.07 $ 1.89 $ 2.19 $ 2.46 5 % 12 % Adjusted earnings per common share – diluted (2) (4) $ 2.29 $ 2.03 $ 1.85 $ 2.13 $ 2.40 5 % 13 % Return on common equity (6) 21.3 % 17.3 % 14.9 % 17.3 % 19.1 % Adjusted return on common equity (4) (6) 21.2 % 18.2 % 16.1 % 18.3 % 19.7 % Adjusted return on tangible common equity (4) (6) 26.1 % 22.3 % 19.7 % 22.2 % 23.8 % Pre-tax margin (7) 23.4 % 19.4 % 16.7 % 19.2 % 20.9 % Adjusted pre-tax margin (4) (7) 23.3 % 20.4 % 18.1 % 20.3 % 21.7 % Total compensation ratio (8) 62.3 % 63.3 % 63.7 % 62.0 % 63.8 % Adjusted total compensation ratio (4) (8) 61.7 % 62.8 % 62.7 % 61.4 % 63.4 % Effective tax rate 21.9 % 23.3 % 24.1 % 25.8 % 21.0 % 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) December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Client assets under administration $ 1,169.7 $ 1,224.4 $ 1,280.9 $ 1,256.5 $ 1,370.6 17 % 9 % Private Client Group assets under administration $ 1,114.3 $ 1,171.1 $ 1,227.0 $ 1,201.2 $ 1,310.5 18 % 9 % Private Client Group assets in fee-based accounts $ 633.1 $ 666.3 $ 697.0 $ 683.2 $ 746.6 18 % 9 % Financial assets under management $ 185.9 $ 194.4 $ 200.7 $ 196.4 $ 215.0 16 % 9 % Net new assets metrics (9) ($ in millions) Three months ended December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Domestic Private Client Group net new assets (10) $ 23,226 $ 21,473 $ 14,386 $ 14,169 $ 21,575 Domestic Private Client Group net new assets growth — annualized (10) 9.8 % 8.4 % 5.4 % 5.0 % 7.8 % As of % change from Private Client Group financial advisors December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Employees 3,631 3,628 3,654 3,693 3,718 2 % 1 % Independent contractors (10) 5,068 5,098 5,050 5,019 4,992 (1) % (1) % Total advisors (10) 8,699 8,726 8,704 8,712 8,710 — % — % Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) As of % change from December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 39,098 $ 37,682 $ 27,915 $ 25,355 $ 23,912 (39) % (6) % Third-party banks 18,231 9,408 16,923 15,858 17,820 (2) % 12 % Subtotal RJBDP 57,329 47,090 44,838 41,213 41,732 (27) % 1 % Client Interest Program 3,053 2,385 1,915 1,620 1,765 (42) % 9 % Total clients’ domestic cash sweep balances 60,382 49,475 46,753 42,833 43,497 (28) % 2 % Enhanced Savings Program (12) — 2,746 11,225 13,592 14,476 NM 7 % Total clients’ domestic cash sweep and Enhanced Savings Program balances $ 60,382 $ 52,221 $ 57,978 $ 56,425 $ 57,973 (4) % 3 % Net interest income and RJBDP fees ($ in millions) Three months ended % change from December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Net interest income and RJBDP fees (third-party banks) $ 723 $ 731 $ 708 $ 711 $ 698 (3) % (2) % Average yield on RJBDP - third-party banks (13) 2.72 % 3.25 % 3.37 % 3.60 % 3.66 % 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Asset management and related administrative fees $ 1,053 $ 1,102 $ 1,164 $ 1,226 $ 1,191 13 % (3) % Brokerage revenues: Mutual and other fund products 128 135 135 142 136 6 % (4) % Insurance and annuity products 104 113 103 119 125 20 % 5 % Equities, ETFs, and fixed income products 113 116 111 115 121 7 % 5 % Total brokerage revenues 345 364 349 376 382 11 % 2 % Account and service fees: Mutual fund and annuity service fees 98 105 103 109 106 8 % (3) % RJBDP fees: (11) Bank segment (11) 268 311 277 237 223 (17) % (6) % Third-party banks 137 100 107 154 152 11 % (1) % Client account and other fees 60 56 59 56 65 8 % 16 % Total account and service fees 563 572 546 556 546 (3) % (2) % Investment banking 9 9 9 8 11 22 % 38 % Interest income 109 117 114 115 118 8 % 3 % All other 6 9 25 8 4 (33) % (50) % Total revenues 2,085 2,173 2,207 2,289 2,252 8 % (2) % Interest expense (22) (29) (25) (24) (26) 18 % 8 % Net revenues 2,063 2,144 2,182 2,265 2,226 8 % (2) % Non-interest expenses: Financial advisor compensation and benefits 1,075 1,118 1,151 1,193 1,190 11 % — % Administrative compensation and benefits 342 345 355 348 379 11 % 9 % Total compensation, commissions and benefits 1,417 1,463 1,506 1,541 1,569 11 % 2 % Non-compensation expenses 212 240 265 247 218 3 % (12) % Total non-interest expenses 1,629 1,703 1,771 1,788 1,787 10 % — % Pre-tax income $ 434 $ 441 $ 411 $ 477 $ 439 1 % (8) % 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Brokerage revenues: Fixed income $ 100 $ 96 $ 78 $ 71 $ 102 2 % 44 % Equity 34 34 32 30 38 12 % 27 % Total brokerage revenues 134 130 110 101 140 4 % 39 % Investment banking: Merger & acquisition and advisory 102 87 88 141 118 16 % (16) % Equity underwriting 15 29 25 16 26 73 % 63 % Debt underwriting 16 29 28 37 26 63 % (30) % Total investment banking 133 145 141 194 170 28 % (12) % Interest income 23 21 21 23 23 — % — % Affordable housing investments business revenues 24 23 21 41 23 (4) % (44) % All other 4 3 4 3 4 — % 33 % Total revenues 318 322 297 362 360 13 % (1) % Interest expense (23) (20) (21) (21) (22) (4) % 5 % Net revenues 295 302 276 341 338 15 % (1) % Non-interest expenses: Compensation, commissions and benefits 213 231 220 238 238 12 % — % Non-compensation expenses 98 105 90 110 97 (1) % (12) % Total non-interest expenses 311 336 310 348 335 8 % (4) % Pre-tax income/(loss) $ (16) $ (34) $ (34) $ (7) $ 3 NM NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Asset management and related administrative fees: Managed programs $ 134 $ 140 $ 146 $ 153 $ 150 12 % (2) % Administration and other 63 66 71 73 74 17 % 1 % Total asset management and related administrative fees 197 206 217 226 224 14 % (1) % Account and service fees 5 6 5 5 6 20 % 20 % All other 5 4 4 5 5 — % — % Net revenues 207 216 226 236 235 14 % — % Non-interest expenses: Compensation, commissions and benefits 47 52 51 48 53 13 % 10 % Non-compensation expenses 80 82 86 88 89 11 % 1 % Total non-interest expenses 127 134 137 136 142 12 % 4 % Pre-tax income $ 80 $ 82 $ 89 $ 100 $ 93 16 % (7) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Interest income $ 676 $ 749 $ 826 $ 847 $ 872 29 % 3 % Interest expense (185) (219) (329) (408) (446) 141 % 9 % Net interest income 491 530 497 439 426 (13) % (3) % All other 17 10 17 12 15 (12) % 25 % Net revenues 508 540 514 451 441 (13) % (2) % Non-interest expenses: Compensation and benefits 40 48 48 41 43 8 % 5 % Non-compensation expenses: Bank loan provision for credit losses 14 28 54 36 12 (14) % (67) % RJBDP fees to Private Client Group (11) 268 311 277 237 223 (17) % (6) % All other 50 62 69 59 71 42 % 20 % Total non-compensation expenses 332 401 400 332 306 (8) % (8) % Total non-interest expenses 372 449 448 373 349 (6) % (6) % Pre-tax income $ 136 $ 91 $ 66 $ 78 $ 92 (32) % 18 % 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Revenues: Interest income $ 30 $ 36 $ 37 $ 44 $ 49 63 % 11 % All other 3 1 2 3 2 (33) % (33) % Total revenues 33 37 39 47 51 55 % 9 % Interest expense (24) (27) (24) (22) (25) 4 % 14 % Net revenues 9 10 15 25 26 189 % 4 % Non-interest expenses: Compensation and benefits 18 26 27 24 17 (6) % (29) % Insurance settlement received (1) (32) — — — — 100 % — % All other 5 7 34 64 6 20 % (91) % Total non-interest expenses (9) 33 61 88 23 NM (74) % Pre-tax income/(loss) $ 18 $ (23) $ (46) $ (63) $ 3 (83) % NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Our Bank segment includes Raymond James Bank and TriState Capital Bank. Bank Segment As of % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Total assets $ 57,623 $ 60,400 $ 59,506 $ 60,041 $ 61,517 7 % 2 % Bank loans, net: Raymond James Bank $ 31,690 $ 31,425 $ 30,834 $ 30,906 $ 31,092 (2) % 1 % TriState Capital Bank 12,376 12,258 12,511 12,869 13,090 6 % 2 % Total bank loans, net $ 44,066 $ 43,683 $ 43,345 $ 43,775 $ 44,182 — % 1 % Bank loan allowance for credit losses $ 408 $ 415 $ 456 $ 474 $ 479 17 % 1 % Bank loan allowance for credit losses as a % of total loans held for investment 0.92 % 0.94 % 1.04 % 1.07 % 1.08 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (15) 1.64 % 1.67 % 1.90 % 2.03 % 2.06 % Total nonperforming assets $ 61 $ 99 $ 127 $ 128 $ 164 169 % 28 % Nonperforming assets as a % of total assets 0.11 % 0.16 % 0.21 % 0.21 % 0.27 % Total criticized loans $ 447 $ 403 $ 411 $ 518 $ 485 9 % (6) % Criticized loans as a % of loans held for investment 1.01 % 0.92 % 0.94 % 1.17 % 1.09 % Total bank deposits $ 51,979 $ 54,229 $ 53,768 $ 54,199 $ 55,393 7 % 2 % As of % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Securities-based loans (16) $ 14,885 $ 14,227 $ 14,227 $ 14,606 $ 14,647 (2) % — % Commercial and industrial loans 11,405 11,259 10,663 10,406 10,503 (8) % 1 % Commercial real estate loans 6,929 7,054 7,091 7,221 7,331 6 % 2 % Real estate investment trust loans 1,680 1,717 1,715 1,668 1,697 1 % 2 % Residential mortgage loans 7,818 8,079 8,422 8,662 8,861 13 % 2 % Tax-exempt loans 1,667 1,643 1,548 1,541 1,411 (15) % (8) % Total loans held for investment 44,384 43,979 43,666 44,104 44,450 — % 1 % Held for sale loans 90 119 135 145 211 134 % 46 % Total loans held for sale and investment 44,474 44,098 43,801 44,249 44,661 — % 1 % Allowance for credit losses (408) (415) (456) (474) (479) 17 % 1 % Bank loans, net $ 44,066 $ 43,683 $ 43,345 $ 43,775 $ 44,182 — % 1 % Three months ended % change from $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2022 September 30, 2023 Net interest margin (net yield on interest-earning assets) 3.36 % 3.63 % 3.26 % 2.87 % 2.74 % Bank loan provision for credit losses $ 14 $ 28 $ 54 $ 36 $ 12 (14) % (67) % Net charge-offs $ 2 $ 20 $ 15 $ 17 $ 8 300 % (53) % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net income available to common shareholders $ 507 $ 425 $ 369 $ 432 $ 497 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 18 17 18 17 11 Other acquisition-related compensation — — 10 — — Total “Compensation, commissions and benefits” expense 18 17 28 17 11 Communication and information processing — — — 2 — Professional fees — — 1 3 1 Other — Amortization of identifiable intangible assets (18) 11 11 11 12 11 Total expenses related to acquisitions 29 28 40 34 23 Other — Insurance settlement received (1) (32) — — — — Pre-tax impact of non-GAAP adjustments (3) 28 40 34 23 Tax effect of non-GAAP adjustments 1 (7) (10) (9) (6) Total non-GAAP adjustments, net of tax (2) 21 30 25 17 Adjusted net income available to common shareholders (4) $ 505 $ 446 $ 399 $ 457 $ 514 Pre-tax income $ 652 $ 557 $ 486 $ 585 $ 630 Pre-tax impact of non-GAAP adjustments (as detailed above) (3) 28 40 34 23 Adjusted pre-tax income (4) $ 649 $ 585 $ 526 $ 619 $ 653 Compensation, commissions and benefits expense $ 1,736 $ 1,820 $ 1,851 $ 1,892 $ 1,921 Less: Total compensation-related acquisition expenses (as detailed above) 18 17 28 17 11 Adjusted “Compensation, commissions and benefits” expense (4) $ 1,718 $ 1,803 $ 1,823 $ 1,875 $ 1,910 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 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Pre-tax margin (7) 23.4 % 19.4 % 16.7 % 19.2 % 20.9 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.6 % 0.5 % 0.7 % 0.6 % 0.4 % Other acquisition-related compensation — % — % 0.3 % — % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.5 % 1.0 % 0.6 % 0.4 % Communications and information processing — % — % — % — % — % Professional fees — % — % — % 0.1 % — % Other — Amortization of identifiable intangible assets (18) 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 1.0 % 1.0 % 1.4 % 1.1 % 0.8 % Other — Insurance settlement received (1) (1.1) % — % — % — % — % Total non-GAAP adjustments (0.1) % 1.0 % 1.4 % 1.1 % 0.8 % Adjusted pre-tax margin (4) (7) 23.3 % 20.4 % 18.1 % 20.3 % 21.7 % Total compensation ratio (8) 62.3 % 63.3 % 63.7 % 62.0 % 63.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.6 % 0.5 % 0.7 % 0.6 % 0.4 % Other acquisition-related compensation — % — % 0.3 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.5 % 1.0 % 0.6 % 0.4 % Adjusted total compensation ratio (4) (8) 61.7 % 62.8 % 62.7 % 61.4 % 63.4 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Earnings per common share (2) December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Diluted $ 2.30 $ 1.93 $ 1.71 $ 2.02 $ 2.32 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.08 0.08 0.09 0.08 0.05 Other acquisition-related compensation — — 0.05 — — Total “Compensation, commissions and benefits” expense 0.08 0.08 0.14 0.08 0.05 Communications and information processing — — — 0.01 — Professional fees — — — 0.01 0.01 Other — Amortization of identifiable intangible assets (18) 0.06 0.05 0.05 0.05 0.05 Total expenses related to acquisitions 0.14 0.13 0.19 0.15 0.11 Other — Insurance settlement received (1) (0.15) — — — — Tax effect of non-GAAP adjustments — (0.03) (0.05) (0.04) (0.03) Total non-GAAP adjustments, net of tax (0.01) 0.10 0.14 0.11 0.08 Adjusted diluted (4) $ 2.29 $ 2.03 $ 1.85 $ 2.13 $ 2.40 Book value per share As of $ in millions, except per share amounts December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 9,736 $ 9,875 $ 9,870 $ 10,135 $ 10,711 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,938 1,932 1,928 1,907 1,908 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (128) (129) (131) (132) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 7,927 $ 8,071 $ 8,071 $ 8,359 $ 8,935 Common shares outstanding 215.0 211.6 208.5 208.8 208.7 Book value per share (3) $ 45.28 $ 46.67 $ 47.34 $ 48.54 $ 51.32 Tangible book value per share (3) (4) $ 36.87 $ 38.14 $ 38.71 $ 40.03 $ 42.81 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Average common equity (19) $ 9,537 $ 9,806 $ 9,873 $ 10,003 $ 10,423 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 9 9 9 6 Other acquisition-related compensation — — 4 — — Total “Compensation, commissions and benefits” expense 9 9 13 9 6 Communications and information processing — — — 1 — Professional fees — — 1 2 — Other — Amortization of identifiable intangible assets (18) 5 6 6 6 6 Total expenses related to acquisitions 14 15 20 18 12 Other — Insurance settlement received (1) (16) — — — — Tax effect of non-GAAP adjustments 1 (4) (5) (5) (3) Total non-GAAP adjustments, net of tax (1) 11 15 13 9 Adjusted average common equity (4) (19) $ 9,536 $ 9,817 $ 9,888 $ 10,016 $ 10,432 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 $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Average common equity (19) $ 9,537 $ 9,806 $ 9,873 $ 10,003 $ 10,423 Less: Average goodwill and identifiable intangible assets, net 1,935 1,936 1,930 1,918 1,908 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (129) (128) (130) (132) Average tangible common equity (4) (19) $ 7,730 $ 7,999 $ 8,071 $ 8,215 $ 8,647 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 9 9 9 6 Other acquisition-related compensation — — 4 — — Total “Compensation, commissions and benefits” expense 9 9 13 9 6 Communications and information processing — — — 1 — Professional fees — — 1 2 — Other — Amortization of identifiable intangible assets (18) 5 6 6 6 6 Total expenses related to acquisitions 14 15 20 18 12 Other — Insurance settlement received (1) (16) — — — — Tax effect of non-GAAP adjustments 1 (4) (5) (5) (3) Total non-GAAP adjustments, net of tax (1) 11 15 13 9 Adjusted average tangible common equity (4) (19) $ 7,729 $ 8,010 $ 8,086 $ 8,228 $ 8,656 Return on common equity (6) 21.3 % 17.3 % 14.9 % 17.3 % 19.1 % Adjusted return on common equity (4) (6) 21.2 % 18.2 % 16.1 % 18.3 % 19.7 % Return on tangible common equity (4) (6) 26.2 % 21.3 % 18.3 % 21.0 % 23.0 % Adjusted return on tangible common equity (4) (6) 26.1 % 22.3 % 19.7 % 22.2 % 23.8 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) The three months ended December 31, 2022 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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) 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 December 31, 2022, June 30, 2023, September 30, 2023, and December 31, 2023, and $2 million for the three months ended March 31, 2023. (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 intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The Domestic Private Client Group net new asset growth — annualized percentage is based on the beginning Domestic Private Client Group assets under administration balance for the indicated period. (10) These metrics include the impact of the departure of approximately 60 financial advisors and approximately $5 billion of assets under administration, representing the portion of advisors previously associated through a single relationship in the firm’s independent contractors division whose affiliation with the firm ended in the fiscal third quarter of 2023. (11) We earn fees from RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in 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. Fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Consolidated Statement of Financial Condition. (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) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (19) Average common equity 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. 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. 18

Fiscal 1Q24 Results January 24, 2024

Forward-looking statements Certain statements made in this presentation and the associated conference call 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), demand for and pricing of our products (including cash sweep and deposit offerings), acquisitions, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “may,” “will,” “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. 2

Overview of Results Paul Reilly Chair & CEO, Raymond James Financial 3

4 *These are non-GAAP measures. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. $ in millions, except per share amounts 1Q24 vs. 1Q23 vs. 4Q23 As reported: Net revenues $ 3,013 8% (1)% Net income available to common shareholders $ 497 (2)% 15% Earnings per common share - diluted RECORD $ 2.32 1% 15% 1Q23 4Q23 Return on common equity 19.1 % 21.3% 17.3% vs. 1Q23 vs. 4Q23 Non-GAAP measures*: Adjusted net income available to common shareholders RECORD $ 514 2% 12% Adjusted earnings per common share - diluted RECORD $ 2.40 5% 13% 1Q23 4Q23 Adjusted return on common equity 19.7 % 21.2% 18.3% Adjusted return on tangible common equity 23.8 % 26.1% 22.2% Fiscal 1Q24 highlights

Fiscal 1Q24 key metrics 5 $ in billions 1Q24 vs. 1Q23 vs. 4Q23 Client assets under administration RECORD $ 1,370.6 17% 9% Private Client Group (PCG) assets under administration RECORD $ 1,310.5 18% 9% PCG assets in fee-based accounts RECORD $ 746.6 18% 9% Financial assets under management RECORD $ 215.0 16% 9% Total clients’ domestic cash sweep and ESP balances* $ 58.0 (4)% 3% PCG financial advisors 8,710 —% —% Bank loans, net RECORD $ 44.2 —% 1% 1Q23 4Q23 Domestic PCG net new assets** $ 21.6 $ 23.2 $ 14.2 Domestic PCG net new assets growth — annualized** 7.8 % 9.8 % 5.0 % *In March 2023, we launched our Enhanced Savings Program (ESP), in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. **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.

Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown. Fiscal 1Q24 segment results 6 $ in millions 1Q24 vs. 1Q23 vs. 4Q23 Net revenues: Private Client Group $ 2,226 8% (2)% Capital Markets $ 338 15% (1)% Asset Management $ 235 14% —% Bank $ 441 (13)% (2)% Consolidated net revenues $ 3,013 8% (1)% Pre-tax income: Private Client Group $ 439 1% (8)% Capital Markets $ 3 NM NM Asset Management $ 93 16% (7)% Bank $ 92 (32)% 18% Consolidated pre-tax income $ 630 (3)% 8%

Financial Review Paul Shoukry Chief Financial Officer, Raymond James Financial 7

Consolidated net revenues 8 $ in millions 1Q24 vs. 1Q23 vs. 4Q23 Asset management and related administrative fees $ 1,407 13% (3)% Brokerage revenues 522 8% 9% Account and service fees 319 10% 2% Investment banking 181 28% (10)% Interest income 1,053 27% 3% Other 38 (14)% (30)% Total revenues 3,520 16% —% Interest expense (507) 110% 10% Net revenues $ 3,013 8% (1)%

Domestic cash sweep and ESP balances 9 C lie nt s' D om es tic C as h S w ee p & E S P B al an ce s ($ B ) C ash S w eep & E S P B alances as a % of D om estic P C G A U A CLIENTS' DOMESTIC CASH SWEEP & ENHANCED SAVINGS PROGRAM (ESP)* BALANCES AS A % OF DOMESTIC PCG ASSETS UNDER ADMINISTRATION (AUA) 39.1 37.7 27.9 25.4 23.9 18.2 9.4 16.9 15.9 17.8 3.1 2.4 1.9 1.6 1.8 11.2 13.6 14.5 60.4 52.2 58.0 56.4 5.9% 4.9% 5.2% 5.1% 4.8% RJBDP - Bank Segment** RJBDP - Third-Party Banks** Client Interest Program ESP* 1Q23 2Q23 3Q23 4Q23 1Q24 Note: May not total due to rounding. *In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. **Raymond James Bank Deposit Program (RJBDP) is 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, which includes Raymond James Bank and TriState Capital Bank, as well as various third-party banks. Year-over-year change: (4)% Sequential change: 3% 2.7 58.0

Net interest income & RJBDP fees (third-party banks) 10 *As reported in "Account and service fees" in the PCG segment. **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. $ IN MILLIONS 723 731 708 711 698 586 631 601 557 546 137 100 107 154 152 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 1Q23 2Q23 3Q23 4Q23 1Q24 NET INTEREST MARGIN (NIM) 3.36% 3.63% 3.26% 2.87% 2.74% 3.19% 3.59% 3.33% 3.09% 2.97% Firmwide NIM Bank Segment NIM 1Q23 2Q23 3Q23 4Q23 1Q24 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 2.72% 3.25% 3.37% 3.60% 3.66% 1Q23 2Q23 3Q23 4Q23 1Q24 Year-over-year change: (3)% Sequential change: (2)%

Consolidated expenses 11 $ in millions 1Q24 vs. 1Q23 vs. 4Q23 Compensation, commissions and benefits $ 1,921 11% 2% Non-compensation expenses: Communications and information processing 150 8% (5)% Occupancy and equipment 72 9% 4% Business development 61 9% (8)% Investment sub-advisory fees 40 18% (2)% Professional fees 32 —% (20)% Bank loan provision for credit losses 12 (14)% (67)% Other* 95 67% (43)% Total non-compensation expenses 462 16% (20)% Total non-interest expenses $ 2,383 12% (3)% *The three months ended December 31, 2022 included the favorable impact of a $32 million insurance settlement received during the quarter related to a previously settled litigation matter. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. **Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. ***This is a non-GAAP financial measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. TOTAL NON-COMPENSATION EXPENSES $ IN MILLIONS 398 496 570 576 462 1Q23 2Q23 3Q23 4Q23 1Q24 TOTAL COMPENSATION RATIO** 62.3% 63.3% 63.7% 62.0% 63.8% 61.7% 62.8% 62.7% 61.4% 63.4% Adjusted Total Compensation Ratio*** Total Compensation Ratio 1Q23 2Q23 3Q23 4Q23 1Q24

*This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures and for more information on these measures. Consolidated pre-tax margin 12 23.4% 19.4% 16.7% 19.2% 20.9% 23.3% 20.4% 18.1% 20.3% 21.7% Pre-Tax Margin (GAAP) Pre-Tax Margin (Adjusted)* 1Q23 2Q23 3Q23 4Q23 1Q24

Other financial information 13 *This amount includes cash on hand at the parent, as well as parent cash loaned to Raymond James & Associates ("RJ&A"), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. **This is a non-GAAP measure. See the schedules in the Appendix of this presentation for a reconciliation of our non- GAAP measures to the most directly comparable GAAP measures and for more information on these measures. ***Estimated. $ in millions, except per share amounts 1Q24 vs. 1Q23 vs. 4Q23 Total assets $ 80,130 4% 2% RJF corporate cash* $ 2,084 3% —% Total common equity attributable to RJF $ 10,711 10% 6% Book value per share $ 51.32 13% 6% Tangible book value per share** $ 42.81 16% 7% Weighted-average common and common equivalent shares outstanding – diluted 213.8 (3)% —% 1Q23 4Q23 Tier 1 leverage ratio*** 12.1 % 11.3% 11.9% Tier 1 capital ratio*** 21.6 % 20.3% 21.4% Common equity tier 1 ratio*** 21.5 % 20.0% 21.2% Total capital ratio*** 23.0 % 21.6% 22.8% Effective tax rate 21.0 % 21.9% 25.8%

$1.4B of dividends paid and share repurchases over the past 5 quarters Capital management 14 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 217 441 390 88 245 138 350 300 150 79 91 90 88 95 Share Repurchases* Dividends Paid** 1Q23 2Q23 3Q23 4Q23 1Q24 Number of Shares Repurchased* (thousands) 1,292 3,745 3,314 N/A 1,408 Average Share Price of Shares Repurchased* $106.46 $93.45 $90.51 N/A $106.51 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates amount remaining as of December 31, 2023 under the Board of Directors' $1.5 billion common stock repurchase authorization approved on November 30, 2023. $1.4B remains under current common stock repurchase authorization***

Bank segment key credit trends 15 $ in millions 1Q24 vs. 1Q23 vs. 4Q23 Bank loan provision for credit losses $ 12 (14)% (67)% Net charge-offs $ 8 300% (53)% 1Q23 4Q23 Nonperforming assets as a % of total assets 0.27 % 0.11% 0.21% Bank loan allowance for credit losses as a % of loans held for investment 1.08 % 0.92% 1.07% Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment* 2.06 % 1.64% 2.03% Criticized loans as a % of loans held for investment 1.09 % 1.01% 1.17% Note: Our Bank segment includes Raymond James Bank and TriState Capital Bank. *Corporate loans include commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.

Outlook 16

Appendix 17

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 18 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. Note: Please refer to the footnotes on slide 27 for additional information. continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Note: Please refer to the footnotes on slide 27 for additional information. continued on next slide19 Three months ended $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net income available to common shareholders $ 507 $ 425 $ 369 $ 432 $ 497 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 18 17 18 17 11 Other acquisition-related compensation — — 10 — — Total “Compensation, commissions and benefits” expense 18 17 28 17 11 Communication and information processing — — — 2 — Professional fees — — 1 3 1 Other — Amortization of identifiable intangible assets (2) 11 11 11 12 11 Total expenses related to acquisitions 29 28 40 34 23 Other — Insurance settlement received (3) (32) — — — — Pre-tax impact of non-GAAP adjustments (3) 28 40 34 23 Tax effect of non-GAAP adjustments 1 (7) (10) (9) (6) Total non-GAAP adjustments, net of tax (2) 21 30 25 17 Adjusted net income available to common shareholders $ 505 $ 446 $ 399 $ 457 $ 514 Pre-tax income $ 652 $ 557 $ 486 $ 585 $ 630 Pre-tax impact of non-GAAP adjustments (as detailed above) (3) 28 40 34 23 Adjusted pre-tax income $ 649 $ 585 $ 526 $ 619 $ 653

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Pre-tax margin (4) 23.4 % 19.4 % 16.7 % 19.2 % 20.9 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.6 % 0.5 % 0.7 % 0.6 % 0.4 % Other acquisition-related compensation — % — % 0.3 % — % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.5 % 1.0 % 0.6 % 0.4 % Communication and information processing — % — % — % — % — % Professional fees — % — % — % 0.1 % — % Other — Amortization of identifiable intangible assets (2) 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 1.0 % 1.0 % 1.4 % 1.1 % 0.8 % Other — Insurance settlement received (3) (1.1) % — % — % — % — % Total non-GAAP adjustments (0.1) % 1.0 % 1.4 % 1.1 % 0.8 % Adjusted pre-tax margin (4) 23.3 % 20.4 % 18.1 % 20.3 % 21.7 % Note: Please refer to the footnotes on slide 27 for additional information. continued on next slide20

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 21 Note: Please refer to the footnotes on slide 27 for additional information. continued on next slide Three months ended December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Total compensation ratio (5) 62.3 % 63.3 % 63.7 % 62.0 % 63.8 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.6 % 0.5 % 0.7 % 0.6 % 0.4 % Other acquisition-related compensation — % — % 0.3 % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.5 % 1.0 % 0.6 % 0.4 % Adjusted total compensation ratio (5) 61.7 % 62.8 % 62.7 % 61.4 % 63.4 % Three months ended $ in millions December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Compensation, commissions and benefits expense $ 1,736 $ 1,820 $ 1,851 $ 1,892 $ 1,921 Less: Total compensation-related acquisition expenses (1) 18 17 28 17 11 Adjusted compensation, commissions and benefits expense $ 1,718 $ 1,803 $ 1,823 $ 1,875 $ 1,910

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 22 Note: Please refer to the footnotes on slide 27 for additional information. Three months ended Earnings per common share (6) December 31, 2022 September 30, 2023 December 31, 2023 Basic $ 2.36 $ 2.07 $ 2.38 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits — Acquisition-related retention (1) 0.08 0.08 0.05 Communication and information processing — 0.01 — Professional fees — 0.01 0.01 Other — Amortization of identifiable intangible assets (2) 0.06 0.06 0.05 Total expenses related to acquisitions 0.14 0.16 0.11 Other — Insurance settlement received (3) (0.15) — — Tax effect of non-GAAP adjustments — (0.04) (0.03) Total non-GAAP adjustments, net of tax (0.01) 0.12 0.08 Adjusted basic $ 2.35 $ 2.19 $ 2.46 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 27 for additional information. continued on next slide Three months ended Earnings per common share (6) December 31, 2022 September 30, 2023 December 31, 2023 Diluted $ 2.30 $ 2.02 $ 2.32 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits — Acquisition-related retention (1) 0.08 0.08 0.05 Communication and information processing — 0.01 — Professional fees — 0.01 0.01 Other — Amortization of identifiable intangible assets (2) 0.06 0.05 0.05 Total expenses related to acquisitions 0.14 0.15 0.11 Other — Insurance settlement received (3) (0.15) — — Tax effect of non-GAAP adjustments — (0.04) (0.03) Total non-GAAP adjustments, net of tax (0.01) 0.11 0.08 Adjusted diluted $ 2.29 $ 2.13 $ 2.40

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 27 for additional information. continued on next slide Book value per share As of $ in millions, except per share amounts December 31, 2022 September 30, 2023 December 31, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 9,736 $ 10,135 $ 10,711 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,938 1,907 1,908 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (131) (132) Tangible common equity attributable to Raymond James Financial, Inc. $ 7,927 $ 8,359 $ 8,935 Common shares outstanding 215.0 208.8 208.7 Book value per share (7) $ 45.28 $ 48.54 $ 51.32 Tangible book value per share (7) $ 36.87 $ 40.03 $ 42.81

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Note: Please refer to the footnotes on slide 27 for additional information. Return on common equity Three months ended $ in millions December 31, 2022 September 30, 2023 December 31, 2023 Average common equity (8) $ 9,537 $ 10,003 $ 10,423 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits — Acquisition-related retention (1) 9 9 6 Communication and information processing — 1 — Professional fees — 2 — Other — Amortization of identifiable intangible assets (2) 5 6 6 Total expenses related to acquisitions 14 18 12 Other — Insurance settlement received (3) (16) — — Tax effect of non-GAAP adjustments 1 (5) (3) Total non-GAAP adjustments, net of tax (1) 13 9 Adjusted average common equity (8) $ 9,536 $ 10,016 $ 10,432 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 26 Note: Please refer to the footnotes on slide 27 for additional information. Return on tangible common equity Three months ended $ in millions December 31, 2022 September 30, 2023 December 31, 2023 Average common equity (8) $ 9,537 $ 10,003 $ 10,423 Less: Average goodwill and identifiable intangible assets, net 1,935 1,918 1,908 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (130) (132) Average tangible common equity (8) $ 7,730 $ 8,215 $ 8,647 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitons: Compensation, commissions and benefits — Acquisition-related retention (1) 9 9 6 Communication and information processing — 1 — Professional fees — 2 — Other — Amortization of identifiable intangible assets (2) 5 6 6 Total expenses related to acquisitions 14 18 12 Other — Insurance settlement received (3) (16) — — Tax effect of non-GAAP adjustments 1 (5) (3) Total non-GAAP adjustments, net of tax (1) 13 9 Adjusted average tangible common equity (8) $ 7,729 $ 8,228 $ 8,656 Return on common equity (9) 21.3 % 17.3 % 19.1 % Adjusted return on common equity (9) 21.2 % 18.3 % 19.7 % Return on tangible common equity (9) 26.2 % 21.0 % 23.0 % Adjusted return on tangible common equity (9) 26.1 % 22.2 % 23.8 %

Footnotes 27 (1) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (2) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (3) The three months ended December 31, 2022 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. (4) 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. (5) 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. (6) 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 December 31, 2022, September 30, 2023, and December 31, 2023. (7) 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. (8) Average common equity 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. 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. (9) 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 intangible assets, net of related deferred taxes.

Cover Page	Jan. 24, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 24, 2024
Entity Registrant Name	RAYMOND JAMES FINANCIAL, INC.
Entity Incorporation, State or Country Code	FL
Entity File Number	1-9109
Entity Tax Identification Number	59-1517485
Entity Address, Address Line One	880 Carillon Parkway
Entity Address, City or Town	St. Petersburg
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33716
City Area Code	727
Local Phone Number	567-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000720005
Amendment Flag	false
Common Stock, $.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	RJF
Security Exchange Name	NYSE
Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock
Trading Symbol	RJF PrB
Security Exchange Name	NYSE