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

July 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 July 24, 2024, Raymond James Financial, Inc. (the “Company”) issued a press release disclosing its results for the fiscal third quarter ended June 30, 2024. 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 third quarter ended June 30, 2024 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 July 24, 2024, issued by Raymond James Financial, Inc.

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

99.3 Earnings Presentation Fiscal T hird 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: July 24, 2024	By:	/s/ Paul M. Shoukry
		Paul M. Shoukry
		President and Chief Financial Officer


July 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 THIRD QUARTER OF

2024 RESULTS

•Record client assets under administration of $1.48 trillion and record Private Client Group assets in fee-based accounts of $820.6 billion, up 15% and 18%, respectively, over June 2023

•Domestic Private Client Group net new assets(1) of $16.5 billion for the fiscal third quarter, annualized growth from beginning of period assets of 5.2%

•Record quarterly net revenues of $3.23 billion, up 11% over the prior year’s fiscal third quarter and 4% over the preceding quarter

•Quarterly net income available to common shareholders of $491 million, or $2.31 per diluted share; quarterly adjusted net income available to common shareholders of $508 million(2), or $2.39 per diluted share(2)

•Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $56.4 billion, down 3% compared to both June 2023 and March 2024

•Record net revenues of $9.36 billion and record net income available to common shareholders of $1.46 billion for the first nine months of fiscal 2024, up 9% and 12%, respectively, over the first nine months of fiscal 2023

•Repurchased approximately 2 million shares of common stock for $243 million during the fiscal third quarter

•Annualized return on common equity of 18.2% and annualized adjusted return on tangible common equity of 22.5%(2) for the first nine months of fiscal 2024

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.23 billion and net income available to common shareholders of $491 million, or $2.31 per diluted share, for the fiscal third quarter ended June 30, 2024. Excluding $23 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $508 million(2), or $2.39 per diluted share(2).

Record quarterly net revenues increased 11% over the prior year’s fiscal third quarter and 4% over the preceding quarter, primarily driven by higher asset management and related administrative fees which grew to $1.61 billion. Compared to both the prior-year and preceding quarters, quarterly net income available to common shareholders increased largely due to higher net revenues and a bank loan benefit for credit losses compared to a bank loan provision in the comparative periods.

For the first nine months of the fiscal year, record net revenues of $9.36 billion increased 9%, record earnings per diluted share of $6.85 increased 15%, and record adjusted earnings per diluted share of $7.10(2) increased 15% over the first nine months of fiscal 2023. The Private Client Group and Asset Management segments generated record net revenues and pre-tax income during the first nine months of the fiscal year. For this period, annualized return on common equity was 18.2% and annualized adjusted return on tangible common equity was 22.5%(2).

“We generated another strong quarter of results with record revenues, record client assets, record bank loans and strong domestic Private Client Group net new asset annualized growth of 5.2%,” said Chair and CEO Paul Reilly. “We are well positioned entering the fiscal fourth quarter with strong capital ratios and a flexible balance sheet.”

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

Segment Results

Private Client Group

•Record quarterly net revenues of $2.42 billion, up 11% over the prior year’s fiscal third quarter and 3% over the preceding quarter

•Quarterly pre-tax income of $441 million, up 7% over the prior year’s fiscal third quarter and down 1% compared to the preceding quarter

•Record Private Client Group assets under administration of $1.42 trillion, up 15% over June 2023 and 2% over March 2024

•Record Private Client Group assets in fee-based accounts of $820.6 billion, up 18% over June 2023 and 3% over March 2024

•Domestic Private Client Group net new assets(1) of $16.5 billion for the fiscal third quarter, or annualized growth from beginning of period assets of 5.2%; Domestic Private Client Group net new assets(1) of $47.7 billion for the first nine months of fiscal 2024, or annualized growth from beginning of period assets of 5.8%

•Total clients’ domestic cash sweep and ESP balances of $56.4 billion, down 3% compared to both the prior year’s fiscal third quarter and the preceding quarter

Record quarterly net revenues grew 11% year-over-year and 3% sequentially primarily driven by higher asset management and related administrative fees, reflecting growth of assets in fee-based accounts during the year.

“As we remain focused on retaining, supporting and attracting high-quality financial advisors, we generated strong domestic net new assets of $16.5 billion(1) during the quarter, an annualized growth rate of 5.2%,” said Reilly. “Recruiting activity remains strong and existing and prospective advisors continue to be attracted to our advisor and client-focused culture and leading technology and product offerings.”

Capital Markets

•Quarterly net revenues of $330 million, up 20% over the prior year’s fiscal third quarter and 3% over the preceding quarter

•Quarterly pre-tax loss of $14 million

•Quarterly investment banking revenues of $173 million, up 23% over the prior year’s fiscal third quarter and 1% over the preceding quarter

Quarterly net revenues grew 20% over the prior-year quarter primarily the result of higher investment banking revenues. Sequentially, quarterly net revenues increased 3%, largely due to higher affordable housing investments business revenues.

“Investment banking revenues increased slightly from the preceding quarter driven by higher debt and equity underwriting revenues, whereas M&A revenues declined,” said Reilly. “We continue to be optimistic about our healthy M&A pipeline and new business activity; however, timing of closings remains difficult to predict.”

Asset Management

•Record quarterly net revenues of $265 million, up 17% over the prior year’s fiscal third quarter and 5% over the preceding quarter

•Quarterly pre-tax income of $112 million, up 26% over the prior year’s fiscal third quarter and 12% over the preceding quarter

•Record financial assets under management of $229.3 billion, up 14% over June 2023 and 1% over March 2024

Record quarterly net revenues grew 17% year-over-year and 5% sequentially 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.

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

Bank

•Quarterly net revenues of $418 million, down 19% compared to the prior year’s fiscal third quarter and 1% compared to the preceding quarter

•Quarterly pre-tax income of $115 million, up 74% over the prior year’s fiscal third quarter and 53% over the preceding quarter

•Bank segment net interest margin (“NIM”) of 2.64% for the quarter, down 62 basis points compared to the prior year’s fiscal third quarter and 2 basis points compared to the preceding quarter

•Record net loans of $45.1 billion, up 4% over June 2023 and 2% over March 2024

Quarterly pre-tax income grew 74% year-over-year predominantly driven by lower expenses which more than offset a decline in net revenues, which was mostly due to lower NIM. The current quarter included a bank loan benefit for credit losses compared to a bank loan provision for credit losses in the same year-ago period, as well as lower RJBDP fees paid to our Private Client Group segment.

The credit quality of the loan portfolio remains solid, with criticized loans as a percent of total loans held for investment ending the quarter at 1.15%, down from 1.21% in the preceding quarter. Bank loan allowance for credit losses as a percent of total loans held for investment was 1.00%, and bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 2.00%.

Other

During the fiscal third quarter, the firm repurchased 2 million shares of common stock for $243 million at an average price of $122 per share. The firm has repurchased $600 million of common shares through the first nine months of fiscal 2024 leaving approximately $945 million available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 23.6%(3) and the tier 1 leverage ratio was 12.7%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, July 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 October 23, 2024. For a connection to the conference call, please dial: 888-596-4144 (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 8,800 financial advisors. Total client assets are $1.48 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

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

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


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

Summary results of operations


	Three months ended						% change from
$ in millions, except per share amounts	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Net revenues	$	3,228	$	2,907	$	3,118	11%	4%
Pre-tax income	$	644	$	486	$	609	33%	6%
Net income available to common shareholders	$	491	$	369	$	474	33%	4%

Earnings per common share: (4)
Basic	$	2.37	$	1.75	$	2.27	35%	4%
Diluted	$	2.31	$	1.71	$	2.22	35%	4%


Non-GAAP measures: (2)
Adjusted pre-tax income	$	667	$	526	$	635	27%	5%
Adjusted net income available to common shareholders	$	508	$	399	$	494	27%	3%
Adjusted earnings per common share – basic (4)	$	2.45	$	1.89	$	2.37	30%	3%
Adjusted earnings per common share – diluted (4)	$	2.39	$	1.85	$	2.31	29%	3%


	Nine months ended
$ in millions, except per share amounts	June 30, 2024		June 30, 2023		% change
Net revenues	$	9,359	$	8,566	9%
Pre-tax income	$	1,883	$	1,695	11%
Net income available to common shareholders	$	1,462	$	1,301	12%

Earnings per common share: (4)
Basic	$	7.02	$	6.09	15%
Diluted	$	6.85	$	5.95	15%


Non-GAAP measures: (2)
Adjusted pre-tax income	$	1,955	$	1,760	11%
Adjusted net income available to common shareholders	$	1,516	$	1,350	12%
Adjusted earnings per common share – basic (4)	$	7.28	$	6.32	15%
Adjusted earnings per common share – diluted (4)	$	7.10	$	6.17	15%


Other selected financial highlights	Three months ended						Nine months ended
	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
Return on common equity (5)	17.8	%	14.9	%	17.5	%	18.2	%	17.9	%
Adjusted return on common equity (2) (5)	18.4	%	16.1	%	18.3	%	18.8	%	18.5	%

Adjusted return on tangible common equity (2) (5)	21.9	%	19.7	%	21.8	%	22.5	%	22.7	%
Pre-tax margin (6)	20.0	%	16.7	%	19.5	%	20.1	%	19.8	%
Adjusted pre-tax margin (2) (6)	20.7	%	18.1	%	20.4	%	20.9	%	20.5	%
Total compensation ratio (7)	64.7	%	63.7	%	65.5	%	64.7	%	63.1	%
Adjusted total compensation ratio (2) (7)	64.4	%	62.7	%	65.2	%	64.3	%	62.4	%
Effective tax rate	23.6	%	24.1	%	21.8	%	22.1	%	23.0	%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2024


Consolidated Statements of Income (Unaudited)

	Three months ended						% change from
in millions, except per share amounts	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Revenues:
Asset management and related administrative fees	$	1,611	$	1,373	$	1,516	17%	6%
Brokerage revenues:
Securities commissions	416		356		414		17%	—%
Principal transactions	116		105		114		10%	2%
Total brokerage revenues	532		461		528		15%	1%
Account and service fees	328		264		335		24%	(2)%
Investment banking	183		151		179		21%	2%
Interest income	1,057		987		1,049		7%	1%
Other	51		57		31		(11)%	65%
Total revenues	3,762		3,293		3,638		14%	3%
Interest expense	(534)		(386)		(520)		38%	3%
Net revenues	3,228		2,907		3,118		11%	4%
Non-interest expenses:
Compensation, commissions and benefits	2,090		1,851		2,043		13%	2%
Non-compensation expenses:
Communications and information processing	166		149		165		11%	1%
Occupancy and equipment	75		68		73		10%	3%
Business development	72		66		60		9%	20%
Investment sub-advisory fees	48		40		44		20%	9%
Professional fees	38		35		33		9%	15%
Bank loan provision/(benefit) for credit losses	(10)		54		21		NM	NM

Other (8)	105		158		70		(34)%	50%
Total non-compensation expenses	494		570		466		(13)%	6%
Total non-interest expenses	2,584		2,421		2,509		7%	3%
Pre-tax income	644		486		609		33%	6%
Provision for income taxes	152		117		133		30%	14%
Net income	492		369		476		33%	3%
Preferred stock dividends	1		—		2		NM	(50)%
Net income available to common shareholders	$	491	$	369	$	474	33%	4%

Earnings per common share – basic (4)	$	2.37	$	1.75	$	2.27	35%	4%
Earnings per common share – diluted (4)	$	2.31	$	1.71	$	2.22	35%	4%
Weighted-average common shares outstanding – basic	206.8		210.1		208.3		(2)%	(1)%
Weighted-average common and common equivalent shares outstanding – diluted	212.3		214.8		213.4		(1)%	(1)%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2024


Consolidated Statements of Income (Unaudited)

	Nine months ended
in millions, except per share amounts	June 30, 2024		June 30, 2023		% change
Revenues:
Asset management and related administrative fees	$	4,534	$	3,917	16%
Brokerage revenues:
Securities commissions	1,213		1,077		13%
Principal transactions	369		364		1%
Total brokerage revenues	1,582		1,441		10%
Account and service fees	982		811		21%
Investment banking	543		446		22%
Interest income	3,159		2,729		16%
Other	120		133		(10)%
Total revenues	10,920		9,477		15%
Interest expense	(1,561)		(911)		71%
Net revenues	9,359		8,566		9%
Non-interest expenses:
Compensation, commissions and benefits	6,054		5,407		12%
Non-compensation expenses:
Communications and information processing	481		441		9%
Occupancy and equipment	220		202		9%
Business development	193		176		10%
Investment sub-advisory fees	132		110		20%
Professional fees	103		105		(2)%
Bank loan provision for credit losses	23		96		(76)%
Other (8) (9)	270		334		(19)%
Total non-compensation expenses	1,422		1,464		(3)%
Total non-interest expenses	7,476		6,871		9%
Pre-tax income	1,883		1,695		11%
Provision for income taxes	417		390		7%
Net income	1,466		1,305		12%
Preferred stock dividends	4		4		—%
Net income available to common shareholders	$	1,462	$	1,301	12%

Earnings per common share – basic (4)	$	7.02	$	6.09	15%
Earnings per common share – diluted (4)	$	6.85	$	5.95	15%
Weighted-average common shares outstanding – basic	207.9		213.0		(2)%
Weighted-average common and common equivalent shares outstanding – diluted	213.1		218.0		(2)%

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


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


	As of										% change from
$ in millions, except per share amounts	June 30, 2024				June 30, 2023			March 31, 2024			June 30, 2023	March 31, 2024
Total assets	$	80,628			$	77,633		$	81,232		4%	(1)%
Total common equity attributable to Raymond James Financial, Inc.	$	11,118			$	9,870		$	10,905		13%	2%
Book value per share (10)	$	54.08			$	47.34		$	52.60		14%	3%
Tangible book value per share (2) (10)	$	45.57			$	38.71		$	44.11		18%	3%

Capital ratios:
Tier 1 leverage	12.7		%	(3)	11.4		%	12.3		%
Tier 1 capital	22.2		%	(3)	20.6		%	21.9		%
Common equity tier 1	22.0		%	(3)	20.4		%	21.8		%
Total capital	23.6		%	(3)	22.0		%	23.3		%


	As of						% change from
Client asset metrics ($ in billions)	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Client assets under administration	$	1,476.2	$	1,280.9	$	1,449.1	15%	2%
Private Client Group assets under administration	$	1,415.7	$	1,227.0	$	1,388.8	15%	2%
Private Client Group assets in fee-based accounts	$	820.6	$	697.0	$	798.8	18%	3%
Financial assets under management	$	229.3	$	200.7	$	226.8	14%	1%


	Three months ended									Nine months ended
Net new assets metrics ($ in millions)	June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2024			June 30, 2023
Domestic Private Client Group net new assets (1) (11)	$	16,517		$	14,386		$	9,648		$	47,740		$	59,085
Domestic Private Client Group net new assets growth — annualized (1) (11)	5.2		%	5.4		%	3.2		%	5.8		%	8.3		%


	As of			% change from
Private Client Group financial advisors	June 30, 2024	June 30, 2023	March 31, 2024	June 30, 2023	March 31, 2024
Employees	3,812	3,654	3,747	4%	2%
Independent contractors	4,970	5,050	5,014	(2)%	(1)%
Total advisors (12)	8,782	8,704	8,761	1%	—%


	As of						% change from
Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Raymond James Bank Deposit Program (“RJBDP”): (13)
Bank segment (13)	$	23,371	$	27,915	$	23,405	(16)%	—%
Third-party banks (13)	17,325		16,923		18,234		2%	(5)%
Subtotal RJBDP	40,696		44,838		41,639		(9)%	(2)%
Client Interest Program	1,713		1,915		1,715		(11)%	—%
Total clients’ domestic cash sweep balances	42,409		46,753		43,354		(9)%	(2)%



Enhanced Savings Program (“ESP”) (14)	14,039		11,225		14,863		25%	(6)%
Total clients’ domestic cash sweep and ESP balances	$	56,448	$	57,978	$	58,217	(3)%	(3)%


	Three months ended									% change from		Nine months ended
Net interest income and RJBDP fees ($ in millions)	June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2023	March 31, 2024	June 30, 2024			June 30, 2023			% change
Net interest income and RJBDP fees (third-party banks)	$	672		$	708		$	689		(5)%	(2)%	$	2,059		$	2,162		(5)%
Average yield on RJBDP - third-party banks (15)	3.41		%	3.37		%	3.59		%			3.55		%	3.05		%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Third 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
	June 30, 2024						June 30, 2023						March 31, 2024
$ 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	$	5,318	$	72	5.38	%	$	5,502	$	70	5.08	%	$	6,020	$	81	5.40	%
Available-for-sale securities	9,791		55		2.28	%	10,737		56		2.07	%	10,080		56		2.21	%
Loans held for sale and investment: (16)
Loans held for investment:
Securities-based loans (“SBL”) (17)	15,029		269		7.10	%	14,200		251		7.02	%	14,548		263		7.13	%
Commercial and industrial (“C&I”) loans	9,935		194		7.70	%	10,916		202		7.33	%	10,385		200		7.60	%
Commercial real estate (“CRE”) loans	7,465		142		7.52	%	7,097		132		7.31	%	7,385		140		7.52	%
Real estate investment trust (“REIT”) loans	1,731		34		7.71	%	1,716		31		7.30	%	1,687		32		7.67	%
Residential mortgage loans	9,173		83		3.66	%	8,279		67		3.22	%	8,947		80		3.58	%
Tax-exempt loans (18)	1,439		10		3.34	%	1,629		11		3.17	%	1,410		9		3.23	%

Loans held for sale	234		4		7.77	%	195		4		9.63	%	170		3		7.90	%
Total loans held for sale and investment	45,006		736		6.51	%	44,032		698		6.31	%	44,532		727		6.49	%
All other interest-earning assets	227		4		5.95	%	126		2		5.56	%	240		4		6.35	%
Interest-earning assets — Bank segment	$	60,342	$	867	5.72	%	$	60,397	$	826	5.44	%	$	60,872	$	868	5.67	%
All other segments
Cash and cash equivalents	$	3,311	$	49	5.99	%	$	2,820	$	39	5.51	%	$	3,038	$	47	6.18	%
Assets segregated for regulatory purposes and restricted cash	3,624		46		5.08	%	4,236		47		4.69	%	3,654		47		5.23	%
Trading assets — debt securities	1,425		20		5.83	%	1,025		13		5.00	%	1,231		19		5.95	%
Brokerage client receivables	2,370		48		8.13	%	2,105		42		8.14	%	2,290		47		8.17	%
All other interest-earning assets	2,426		27		4.24	%	1,830		20		3.52	%	2,020		21		4.17	%
Interest-earning assets — all other segments	$	13,156	$	190	5.78	%	$	12,016	$	161	5.34	%	$	12,233	$	181	5.91	%
Total interest-earning assets	$	73,498	$	1,057	5.73	%	$	72,413	$	987	5.42	%	$	73,105	$	1,049	5.71	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (13)	$	31,232	$	173	2.24	%	$	38,757	$	134	1.39	%	$	31,138	$	164	2.11	%
Interest-bearing demand deposits (14)	20,261		250		4.95	%	12,877		153		4.76	%	20,638		253		4.94	%
Certificates of deposit	2,491		30		4.81	%	2,806		30		4.24	%	2,677		30		4.69	%
Total bank deposits (19)	53,984		453		3.38	%	54,440		317		2.33	%	54,453		447		3.31	%
Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities	1,189		8		2.90	%	1,478		12		3.18	%	1,183		8		2.84	%
Interest-bearing liabilities — Bank segment	$	55,173	$	461	3.37	%	$	55,918	$	329	2.35	%	$	55,636	$	455	3.30	%
All other segments
Trading liabilities — debt securities	$	862	$	11	5.22	%	$	703	$	9	5.18	%	$	799	$	11	5.55	%
Brokerage client payables	4,558		22		1.93	%	5,184		17		1.48	%	4,815		21		1.71	%
Senior notes payable	2,039		23		4.50	%	2,038		23		4.53	%	2,039		23		4.50	%
All other interest-bearing liabilities (19)	1,522		17		4.42	%	579		8		3.88	%	1,036		10		3.88	%
Interest-bearing liabilities — all other segments	$	8,981	$	73	3.25	%	$	8,504	$	57	2.68	%	$	8,689	$	65	2.98	%
Total interest-bearing liabilities	$	64,154	$	534	3.35	%	$	64,422	$	386	2.39	%	$	64,325	$	520	3.26	%
Firmwide net interest income			$	523					$	601					$	529
Net interest margin (net yield on interest-earning assets)
Bank segment					2.64	%					3.26	%					2.66	%
Firmwide					2.86	%					3.33	%					2.91	%

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


RAYMOND JAMES FINANCIAL, INC.			Consolidated Net Interest
Fiscal Third Quarter of 2024			(Unaudited)


	Nine months ended
	June 30, 2024						June 30, 2023
$ in millions	Average balance		Interest		Annualized average rate		Average balance		Interest		Annualized average rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	5,699	$	232	5.40	%	$	3,637	$	128	4.66	%
Available-for-sale securities	10,069		167		2.22	%	10,886		163		1.99	%
Loans held for sale and investment: (16)
Loans held for investment:
SBL (17)	14,721		798		7.12	%	14,580		717		6.49	%
C&I loans	10,265		597		7.64	%	11,109		566		6.72	%
CRE loans	7,365		423		7.55	%	6,951		358		6.79	%
REIT loans	1,704		100		7.71	%	1,671		86		6.80	%
Residential mortgage loans	8,972		240		3.57	%	7,960		186		3.12	%
Tax-exempt loans (18)	1,443		29		3.28	%	1,625		31		3.13	%

Loans held for sale	180		10		8.15	%	184		10		7.46	%
Total loans held for sale and investment	44,650		2,197		6.50	%	44,080		1,954		5.88	%
All other interest-earning assets	235		11		6.10	%	141		6		5.54	%
Interest-earning assets — Bank segment	$	60,653	$	2,607	5.68	%	$	58,744	$	2,251	5.08	%
All other segments
Cash and cash equivalents	$	3,292	$	149	6.04	%	$	3,084	$	111	4.81	%
Assets segregated for regulatory purposes and restricted cash	3,634		140		5.15	%	5,125		152		3.96	%
Trading assets — debt securities	1,251		54		5.80	%	1,055		40		5.05	%
Brokerage client receivables	2,266		140		8.22	%	2,236		124		7.46	%
All other interest-earning assets	2,265		69		3.89	%	1,829		51		3.25	%
Interest-earning assets — all other segments	$	12,708	$	552	5.77	%	$	13,329	$	478	4.73	%
Total interest-earning assets	$	73,361	$	3,159	5.70	%	$	72,073	$	2,729	5.02	%

	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (13)	$	31,459	$	497	2.11	%	$	42,828	$	392	1.22	%
Interest-bearing demand deposits (14)	20,206		747		4.94	%	7,881		257		4.36	%
Certificates of deposit	2,642		92		4.64	%	1,960		54		3.66	%
Total bank deposits (19)	54,307		1,336		3.29	%	52,669		703		1.78	%
FHLB advances and all other interest-bearing liabilities	1,201		26		2.92	%	1,408		30		2.82	%
Interest-bearing liabilities — Bank segment	$	55,508	$	1,362	3.28	%	$	54,077	$	733	1.81	%
All other segments
Trading liabilities — debt securities	$	806	$	33	5.46	%	$	736	$	26	4.80	%
Brokerage client payables	4,688		63		1.78	%	6,291		57		1.25	%
Senior notes payable	2,039		69		4.50	%	2,038		69		4.52	%
All other interest-bearing liabilities (19)	1,134		34		4.00	%	655		26		4.06	%
Interest-bearing liabilities — all other segments	$	8,667	$	199	3.05	%	$	9,720	$	178	2.39	%
Total interest-bearing liabilities	$	64,175	$	1,561	3.25	%	$	63,797	$	911	1.90	%
Firmwide net interest income			$	1,598					$	1,818
Net interest margin (net yield on interest-earning assets)
Bank segment					2.68	%					3.41	%
Firmwide					2.91	%					3.37	%

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


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


	Three months ended						% change from
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Net revenues:
Private Client Group	$	2,416	$	2,182	$	2,341	11%	3%
Capital Markets	330		276		321		20%	3%
Asset Management	265		226		252		17%	5%
Bank	418		514		424		(19)%	(1)%
Other (20)	28		15		17		87%	65%
Intersegment eliminations	(229)		(306)		(237)		(25)%	(3)%
Total net revenues	$	3,228	$	2,907	$	3,118	11%	4%

Pre-tax income/(loss):
Private Client Group	$	441	$	411	$	444	7%	(1)%
Capital Markets	(14)		(34)		(17)		59%	18%
Asset Management	112		89		100		26%	12%
Bank	115		66		75		74%	53%
Other (20)	(10)		(46)		7		78%	NM
Pre-tax income	$	644	$	486	$	609	33%	6%


	Nine months ended
$ in millions	June 30, 2024		June 30, 2023		% change
Net revenues:
Private Client Group	$	6,983	$	6,389	9%
Capital Markets	989		873		13%
Asset Management	752		649		16%
Bank	1,283		1,562		(18)%
Other (20)	71		34		109%
Intersegment eliminations	(719)		(941)		(24)%
Total net revenues	$	9,359	$	8,566	9%

Pre-tax income/(loss):
Private Client Group	$	1,324	$	1,286	3%
Capital Markets	(28)		(84)		67%
Asset Management	305		251		22%
Bank	282		293		(4)%
Other (9) (20)	—		(51)		100%
Pre-tax income	$	1,883	$	1,695	11%

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


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


Private Client Group

	Three months ended						% change from
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Revenues:
Asset management and related administrative fees	$	1,364	$	1,164	$	1,283	17%	6%
Brokerage revenues:
Mutual and other fund products	142		135		141		5%	1%
Insurance and annuity products	130		103		127		26%	2%
Equities, exchange-traded funds (“ETFs”) and fixed income products	137		111		139		23%	(1)%
Total brokerage revenues	409		349		407		17%	—%
Account and service fees:
Mutual fund and annuity service fees	118		103		115		15%	3%
RJBDP fees: (13)
Bank segment	198		277		206		(29)%	(4)%
Third-party banks	149		107		160		39%	(7)%
Client account and other fees	66		59		64		12%	3%
Total account and service fees	531		546		545		(3)%	(3)%
Investment banking	10		9		8		11%	25%
Interest income	121		114		122		6%	(1)%
All other	13		25		6		(48)%	117%
Total revenues	2,448		2,207		2,371		11%	3%
Interest expense	(32)		(25)		(30)		28%	7%
Net revenues	2,416		2,182		2,341		11%	3%
Non-interest expenses:
Financial advisor compensation and benefits	1,327		1,151		1,273		15%	4%
Administrative compensation and benefits	389		355		391		10%	(1)%
Total compensation, commissions and benefits	1,716		1,506		1,664		14%	3%
Non-compensation expenses	259		265		233		(2)%	11%
Total non-interest expenses	1,975		1,771		1,897		12%	4%
Pre-tax income	$	441	$	411	$	444	7%	(1)%

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


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


Private Client Group

	Nine months ended
$ in millions	June 30, 2024		June 30, 2023		% change
Revenues:
Asset management and related administrative fees	$	3,838	$	3,319	16%
Brokerage revenues:
Mutual and other fund products	419		398		5%
Insurance and annuity products	382		320		19%
Equities, ETFs and fixed income products	397		340		17%
Total brokerage revenues	1,198		1,058		13%
Account and service fees:
Mutual fund and annuity service fees	339		306		11%
RJBDP fees: (13)
Bank segment	627		856		(27)%
Third-party banks	461		344		34%
Client account and other fees	195		175		11%
Total account and service fees	1,622		1,681		(4)%
Investment banking	29		27		7%
Interest income	361		340		6%
All other	23		40		(43)%
Total revenues	7,071		6,465		9%
Interest expense	(88)		(76)		16%
Net revenues	6,983		6,389		9%
Non-interest expenses:
Financial advisor compensation and benefits	3,790		3,344		13%
Administrative compensation and benefits	1,159		1,042		11%
Total compensation, commissions and benefits	4,949		4,386		13%
Non-compensation expenses	710		717		(1)%
Total non-interest expenses	5,659		5,103		11%
Pre-tax income	$	1,324	$	1,286	3%

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


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


Capital Markets

	Three months ended						% change from
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Revenues:
Brokerage revenues:
Fixed income	$	86	$	78	$	88	10%	(2)%
Equity	35		32		34		9%	3%
Total brokerage revenues	121		110		122		10%	(1)%
Investment banking:
Merger & acquisition and advisory	91		88		107		3%	(15)%
Equity underwriting	33		25		23		32%	43%
Debt underwriting	49		28		41		75%	20%
Total investment banking	173		141		171		23%	1%
Interest income	32		21		26		52%	23%
Affordable housing investments business revenues	30		21		22		43%	36%
All other	4		4		4		—%	—%
Total revenues	360		297		345		21%	4%
Interest expense	(30)		(21)		(24)		43%	25%
Net revenues	330		276		321		20%	3%
Non-interest expenses:
Compensation, commissions and benefits	243		220		240		10%	1%
Non-compensation expenses	101		90		98		12%	3%
Total non-interest expenses	344		310		338		11%	2%
Pre-tax loss	$	(14)	$	(34)	$	(17)	59%	18%






	Nine months ended
$ in millions	June 30, 2024		June 30, 2023		% change
Revenues:
Brokerage revenues:
Fixed income	$	276	$	274	1%
Equity	107		100		7%
Total brokerage revenues	383		374		2%
Investment banking:
Merger & acquisition and advisory	316		277		14%
Equity underwriting	82		69		19%
Debt underwriting	116		73		59%
Total investment banking	514		419		23%
Interest income	81		65		25%
Affordable housing investments business revenues	75		68		10%
All other	12		11		9%
Total revenues	1,065		937		14%
Interest expense	(76)		(64)		19%
Net revenues	989		873		13%
Non-interest expenses:
Compensation, commissions and benefits	721		664		9%
Non-compensation expenses	296		293		1%
Total non-interest expenses	1,017		957		6%
Pre-tax loss	$	(28)	$	(84)	67%

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


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


Asset Management

	Three months ended						% change from
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Revenues:
Asset management and related administrative fees:
Managed programs	$	171	$	146	$	163	17%	5%
Administration and other	83		71		79		17%	5%
Total asset management and related administrative fees	254		217		242		17%	5%
Account and service fees	5		5		5		—%	—%
All other	6		4		5		50%	20%
Net revenues	265		226		252		17%	5%
Non-interest expenses:
Compensation, commissions and benefits	56		51		58		10%	(3)%
Non-compensation expenses	97		86		94		13%	3%
Total non-interest expenses	153		137		152		12%	1%
Pre-tax income	$	112	$	89	$	100	26%	12%


	Nine months ended
$ in millions	June 30, 2024		June 30, 2023		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	484	$	420	15%
Administration and other	236		200		18%
Total asset management and related administrative fees	720		620		16%
Account and service fees	16		16		—%
All other	16		13		23%
Net revenues	752		649		16%
Non-interest expenses:
Compensation, commissions and benefits	167		150		11%
Non-compensation expenses	280		248		13%
Total non-interest expenses	447		398		12%
Pre-tax income	$	305	$	251	22%

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


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


Bank

	Three months ended						% change from
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Revenues:
Interest income	$	867	$	826	$	868	5%	—%
Interest expense	(461)		(329)		(455)		40%	1%
Net interest income	406		497		413		(18)%	(2)%
All other	12		17		11		(29)%	9%
Net revenues	418		514		424		(19)%	(1)%
Non-interest expenses:
Compensation and benefits	45		48		48		(6)%	(6)%
Non-compensation expenses:
Bank loan provision/(benefit) for credit losses	(10)		54		21		NM	NM
RJBDP fees to Private Client Group (13)	198		277		206		(29)%	(4)%
All other	70		69		74		1%	(5)%
Total non-compensation expenses	258		400		301		(36)%	(14)%
Total non-interest expenses	303		448		349		(32)%	(13)%
Pre-tax income	$	115	$	66	$	75	74%	53%


	Nine months ended
$ in millions	June 30, 2024		June 30, 2023		% change
Revenues:
Interest income	$	2,607	$	2,251	16%
Interest expense	(1,362)		(733)		86%
Net interest income	1,245		1,518		(18)%
All other	38		44		(14)%
Net revenues	1,283		1,562		(18)%
Non-interest expenses:
Compensation and benefits	136		136		—%
Non-compensation expenses:
Bank loan provision for credit losses	23		96		(76)%
RJBDP fees to Private Client Group (13)	627		856		(27)%
All other	215		181		19%
Total non-compensation expenses	865		1,133		(24)%
Total non-interest expenses	1,001		1,269		(21)%
Pre-tax income	$	282	$	293	(4)%

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


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


Other (20)

	Three months ended						% change from
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2023	March 31, 2024
Revenues:
Interest income	$	47	$	37	$	44	27%	7%
All other	6		2		(2)		200%	NM
Total revenues	53		39		42		36%	26%
Interest expense	(25)		(24)		(25)		4%	—%
Net revenues	28		15		17		87%	65%
Non-interest expenses:
Compensation and benefits	29		27		32		7%	(9)%

All other	9		34		(22)		(74)%	NM
Total non-interest expenses	38		61		10		(38)%	280%
Pre-tax income/(loss)	$	(10)	$	(46)	$	7	78%	NM


	Nine months ended
$ in millions	June 30, 2024		June 30, 2023		% change
Revenues:
Interest income	$	140	$	103	36%
All other	6		6		—%
Total revenues	146		109		34%
Interest expense	(75)		(75)		—%
Net revenues	71		34		109%
Non-interest expenses:
Compensation and benefits	78		71		10%
Insurance settlement received (9)	—		(32)		100%
All other	(7)		46		NM
Total non-interest expenses	71		85		(16)%
Pre-tax loss	$	—	$	(51)	100%

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 Third Quarter of 2024			(Unaudited)

Bank Segment

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


	As of									% change from
$ in millions	June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2023	March 31, 2024
Total assets	$	60,574		$	59,506		$	61,038		2%	(1)%

Bank loans, net	$	45,149		$	43,345		$	44,099		4%	2%

Bank loan allowance for credit losses	$	456		$	456		$	471		—%	(3)%
Bank loan allowance for credit losses as a % of total loans held for investment	1.00		%	1.04		%	1.06		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (21)	2.00		%	1.90		%	2.05		%

Total nonperforming assets	$	160		$	127		$	187		26%	(14)%
Nonperforming assets as a % of total assets	0.26		%	0.21		%	0.31		%

Total criticized loans	$	523		$	411		$	538		27%	(3)%
Criticized loans as a % of loans held for investment	1.15		%	0.94		%	1.21		%

Total bank deposits	$	54,401		$	53,768		$	54,843		1%	(1)%



















	Three months ended									% change from		Nine months ended
$ in millions	June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2023	March 31, 2024	June 30, 2024			June 30, 2023			% change
Net interest margin (net yield on interest-earning assets)	2.64		%	3.26		%	2.66		%			2.68		%	3.41		%

Bank loan provision/(benefit) for credit losses	$	(10)		$	54		$	21		NM	NM	$	23		$	96		(76)%
Net charge-offs	$	6		$	15		$	28		(60)%	(79)%	$	42		$	37		14%

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third 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						Nine months ended
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
Net income available to common shareholders	$	491	$	369	$	474	$	1,462	$	1,301
Non-GAAP adjustments:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (22)	11		18		11		33		53
Other acquisition-related compensation	—		10		—		—		10
Total “Compensation, commissions and benefits” expense	11		28		11		33		63
Communications and information processing	—		—		1		1		—
Professional fees	1		1		1		3		1

Other:
Amortization of identifiable intangible assets (23)	11		11		11		33		33

All other acquisition-related expenses	—		—		2		2		—
Total “Other” expense	11		11		13		35		33
Total expenses related to acquisitions	23		40		26		72		97
Other — Insurance settlement received (9)	—		—		—		—		(32)
Pre-tax impact of non-GAAP adjustments	23		40		26		72		65
Tax effect of non-GAAP adjustments	(6)		(10)		(6)		(18)		(16)
Total non-GAAP adjustments, net of tax	17		30		20		54		49
Adjusted net income available to common shareholders (2)	$	508	$	399	$	494	$	1,516	$	1,350

Pre-tax income	$	644	$	486	$	609	$	1,883	$	1,695
Pre-tax impact of non-GAAP adjustments (as detailed above)	23		40		26		72		65
Adjusted pre-tax income (2)	$	667	$	526	$	635	$	1,955	$	1,760

Compensation, commissions and benefits expense	$	2,090	$	1,851	$	2,043	$	6,054	$	5,407
Less: Total compensation-related acquisition expenses (as detailed above)	11		28		11		33		63
Adjusted “Compensation, commissions and benefits” expense (2)	$	2,079	$	1,823	$	2,032	$	6,021	$	5,344

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


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


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

	Three months ended						Nine months ended
	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
Pre-tax margin (6)	20.0	%	16.7	%	19.5	%	20.1	%	19.8	%
Impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (22)	0.3	%	0.7	%	0.3	%	0.4	%	0.6	%
Other acquisition-related compensation	—	%	0.3	%	—	%	—	%	0.1	%
Total “Compensation, commissions and benefits” expense	0.3	%	1.0	%	0.3	%	0.4	%	0.7	%
Communications and information processing	—	%	—	%	—	%	—	%	—	%
Professional fees	—	%	—	%	0.1	%	—	%	—	%

Other:
Amortization of identifiable intangible assets (23)	0.4	%	0.4	%	0.4	%	0.4	%	0.4	%

All other acquisition-related expenses	—	%	—	%	0.1	%	—	%	—	%
Total “Other” expense	0.4	%	0.4	%	0.5	%	0.4	%	0.4	%
Total expenses related to acquisitions	0.7	%	1.4	%	0.9	%	0.8	%	1.1	%
Other — Insurance settlement received (9)	—	%	—	%	—	%	—	%	(0.4)	%
Total non-GAAP adjustments	0.7	%	1.4	%	0.9	%	0.8	%	0.7	%
Adjusted pre-tax margin (2) (6)	20.7	%	18.1	%	20.4	%	20.9	%	20.5	%

Total compensation ratio (7)	64.7	%	63.7	%	65.5	%	64.7	%	63.1	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (22)	0.3	%	0.7	%	0.3	%	0.4	%	0.6	%
Other acquisition-related compensation	—	%	0.3	%	—	%	—	%	0.1	%
Total “Compensation, commissions and benefits” expenses related to acquisitions	0.3	%	1.0	%	0.3	%	0.4	%	0.7	%
Adjusted total compensation ratio (2) (7)	64.4	%	62.7	%	65.2	%	64.3	%	62.4	%

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


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


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

	Three months ended						Nine months ended
Earnings per common share (4)	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
Basic	$	2.37	$	1.75	$	2.27	$	7.02	$	6.09
Impact of non-GAAP adjustments on basic earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (22)	0.05		0.09		0.05		0.16		0.25
Other acquisition-related compensation	—		0.05		—		—		0.05
Total “Compensation, commissions and benefits” expense	0.05		0.14		0.05		0.16		0.30
Communications and information processing	—		—		0.01		—		—
Professional fees	0.01		—		0.01		0.01		—

Other:
Amortization of identifiable intangible assets (23)	0.05		0.05		0.05		0.17		0.16

All other acquisition-related expenses	—		—		0.01		0.01		—
Total “Other” expense	0.05		0.05		0.06		0.18		0.16
Total expenses related to acquisitions	0.11		0.19		0.13		0.35		0.46
Other — Insurance settlement received (9)	—		—		—		—		(0.15)
Tax effect of non-GAAP adjustments	(0.03)		(0.05)		(0.03)		(0.09)		(0.08)
Total non-GAAP adjustments, net of tax	0.08		0.14		0.10		0.26		0.23
Adjusted basic (2)	$	2.45	$	1.89	$	2.37	$	7.28	$	6.32

Diluted	$	2.31	$	1.71	$	2.22	$	6.85	$	5.95
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (22)	0.05		0.09		0.05		0.15		0.24
Other acquisition-related compensation	—		0.05		—		—		0.05
Total “Compensation, commissions and benefits” expense	0.05		0.14		0.05		0.15		0.29
Communications and information processing	—		—		—		—		—
Professional fees	0.01		—		0.01		0.01		—

Other:
Amortization of identifiable intangible assets (23)	0.05		0.05		0.05		0.16		0.15

All other acquisition-related expenses	—		—		0.01		0.01		—
Total “Other” expense	0.05		0.05		0.06		0.17		0.15
Total expenses related to acquisitions	0.11		0.19		0.12		0.33		0.44
Other — Insurance settlement received (9)	—		—		—		—		(0.15)
Tax effect of non-GAAP adjustments	(0.03)		(0.05)		(0.03)		(0.08)		(0.07)
Total non-GAAP adjustments, net of tax	0.08		0.14		0.09		0.25		0.22
Adjusted diluted (2)	$	2.39	$	1.85	$	2.31	$	7.10	$	6.17

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


RAYMOND JAMES FINANCIAL, INC.			Non-GAAP Financial Measures
Fiscal Third 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	June 30, 2024		June 30, 2023		March 31, 2024
Total common equity attributable to Raymond James Financial, Inc.	$	11,118	$	9,870	$	10,905
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,884		1,928		1,894
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(136)		(129)		(134)
Tangible common equity attributable to Raymond James Financial, Inc. (2)	$	9,370	$	8,071	$	9,145
Common shares outstanding	205.6		208.5		207.3
Book value per share (10)	$	54.08	$	47.34	$	52.60
Tangible book value per share (2) (10)	$	45.57	$	38.71	$	44.11


Return on common equity	Three months ended						Nine months ended
$ in millions	June 30, 2024		June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2023
Average common equity (24)	$	11,012	$	9,873	$	10,808	$	10,717	$	9,705
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (22)	5		9		6		17		27
Other acquisition-related compensation	—		4		—		—		2
Total “Compensation, commissions and benefits” expense	5		13		6		17		29
Communications and information processing	—		—		—		—		—
Professional fees	1		1		—		2		—

Other:
Amortization of identifiable intangible assets (23)	5		6		6		16		17

All other acquisition-related expenses	—		—		1		1		—
Total “Other” expense	5		6		7		17		17
Total expenses related to acquisitions	11		20		13		36		46
Other — Insurance settlement received (9)	—		—		—		—		(24)
Tax effect of non-GAAP adjustments	(3)		(5)		(3)		(9)		(5)
Total non-GAAP adjustments, net of tax	8		15		10		27		17
Adjusted average common equity (2) (24)	$	11,020	$	9,888	$	10,818	$	10,744	$	9,722

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


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


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

	Three months ended									Nine months ended
$ in millions	June 30, 2024			June 30, 2023			March 31, 2024			June 30, 2024			June 30, 2023
Average common equity (24)	$	11,012		$	9,873		$	10,808		$	10,717		$	9,705
Less:
Average goodwill and identifiable intangible assets, net	1,889			1,930			1,901			1,898			1,932
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(135)			(128)			(133)			(133)			(128)
Average tangible common equity (2) (24)	$	9,258		$	8,071		$	9,040		$	8,952		$	7,901
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:
Compensation, commissions and benefits:
Acquisition-related retention (22)	5			9			6			17			27
Other acquisition-related compensation	—			4			—			—			2
Total “Compensation, commissions and benefits” expense	5			13			6			17			29
Communications and information processing	—			—			—			—			—
Professional fees	1			1			—			2			—

Other:
Amortization of identifiable intangible assets (23)	5			6			6			16			17

All other acquisition-related expenses	—			—			1			1			—
Total “Other” expense	5			6			7			17			17
Total expenses related to acquisitions	11			20			13			36			46
Other — Insurance settlement received (9)	—			—			—			—			(24)
Tax effect of non-GAAP adjustments	(3)			(5)			(3)			(9)			(5)
Total non-GAAP adjustments, net of tax	8			15			10			27			17
Adjusted average tangible common equity (2) (24)	$	9,266		$	8,086		$	9,050		$	8,979		$	7,918

Return on common equity (5)	17.8		%	14.9		%	17.5		%	18.2		%	17.9		%
Adjusted return on common equity (2) (5)	18.4		%	16.1		%	18.3		%	18.8		%	18.5		%
Return on tangible common equity (2) (5)	21.2		%	18.3		%	21.0		%	21.8		%	22.0		%
Adjusted return on tangible common equity (2) (5)	21.9		%	19.7		%	21.8		%	22.5		%	22.7		%

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third 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 June 30, 2024, March 31, 2024, and June 30, 2023, and $3 million and $4 million for the nine months ended June 30, 2024 and June 30, 2023, respectively.

(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 identifiable 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)						Provisions for legal and regulatory matters did not have a significant impact on our results for the three months ended June 30, 2024. The nine months ended June 30, 2024 and three months ended March 31, 2024 included the favorable impact of a legal and regulatory reserve release. The three and nine months ended June 30, 2023 included the unfavorable impact of elevated provisions for legal and regulatory matters.

(9)						The nine months ended June 30, 2023 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.

(10)						Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period.

(11)						These metrics for the three and nine months ended June 30, 2023 include the impact of the departure of 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.

(12)						This metric includes the impact of the transfer of approximately 50 financial advisors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2024, primarily related to one firm with financial advisors previously affiliated as independent contractors. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration.

(13)						We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at 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. RJBDP balances swept to third-party banks are not included in our bank deposit liability balance reflected on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.

(14)						Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and substantially all are reflected within interest-bearing demand deposits in our net interest disclosures in this release.

(15)						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.

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

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2024 Footnotes


(17)						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.

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

(19)						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.”

(20)						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.

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

(22)						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.

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

(24)						Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period.

5 Quarterly Financial Supplement Fiscal third 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 Nine months ended $ in millions, except per share amounts June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Asset management and related administrative fees $ 1,373 $ 1,446 $ 1,407 $ 1,516 $ 1,611 17 % 6 % $ 3,917 $ 4,534 16 % Brokerage revenues: Securities commissions 356 382 383 414 416 17 % — % 1,077 1,213 13 % Principal transactions 105 98 139 114 116 10 % 2 % 364 369 1 % Total brokerage revenues 461 480 522 528 532 15 % 1 % 1,441 1,582 10 % Account and service fees 264 314 319 335 328 24 % (2) % 811 982 21 % Investment banking 151 202 181 179 183 21 % 2 % 446 543 22 % Interest income 987 1,019 1,053 1,049 1,057 7 % 1 % 2,729 3,159 16 % Other 57 54 38 31 51 (11) % 65 % 133 120 (10) % Total revenues 3,293 3,515 3,520 3,638 3,762 14 % 3 % 9,477 10,920 15 % Interest expense (386) (462) (507) (520) (534) 38 % 3 % (911) (1,561) 71 % Net revenues 2,907 3,053 3,013 3,118 3,228 11 % 4 % 8,566 9,359 9 % Non-interest expenses: Compensation, commissions and benefits 1,851 1,892 1,921 2,043 2,090 13 % 2 % 5,407 6,054 12 % Non-compensation expenses: Communications and information processing 149 158 150 165 166 11 % 1 % 441 481 9 % Occupancy and equipment 68 69 72 73 75 10 % 3 % 202 220 9 % Business development 66 66 61 60 72 9 % 20 % 176 193 10 % Investment sub-advisory fees 40 41 40 44 48 20 % 9 % 110 132 20 % Professional fees 35 40 32 33 38 9 % 15 % 105 103 (2) % Bank loan provision/(benefit) for credit losses 54 36 12 21 (10) NM NM 96 23 (76) % Other (1) 158 166 95 70 105 (34) % 50 % 334 270 (19) % Total non-compensation expenses 570 576 462 466 494 (13) % 6 % 1,464 1,422 (3) % Total non-interest expenses 2,421 2,468 2,383 2,509 2,584 7 % 3 % 6,871 7,476 9 % Pre-tax income 486 585 630 609 644 33 % 6 % 1,695 1,883 11 % Provision for income taxes 117 151 132 133 152 30 % 14 % 390 417 7 % Net income 369 434 498 476 492 33 % 3 % 1,305 1,466 12 % Preferred stock dividends — 2 1 2 1 NM (50) % 4 4 — % Net income available to common shareholders $ 369 $ 432 $ 497 $ 474 $ 491 33 % 4 % $ 1,301 $ 1,462 12 % Earnings per common share – basic (2) $ 1.75 $ 2.07 $ 2.38 $ 2.27 $ 2.37 35 % 4 % $ 6.09 $ 7.02 15 % Earnings per common share – diluted (2) $ 1.71 $ 2.02 $ 2.32 $ 2.22 $ 2.31 35 % 4 % $ 5.95 $ 6.85 15 % Weighted-average common shares outstanding – basic 210.1 208.3 208.6 208.3 206.8 (2) % (1) % 213.0 207.9 (2) % Weighted-average common and common equivalent shares outstanding – diluted 214.8 213.8 213.8 213.4 212.3 (1) % (1) % 218.0 213.1 (2) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Total assets $ 77,633 $ 78,360 $ 80,130 $ 81,232 $ 80,628 4 % (1) % Total common equity attributable to Raymond James Financial, Inc. $ 9,870 $ 10,135 $ 10,711 $ 10,905 $ 11,118 13 % 2 % Book value per share (3) $ 47.34 $ 48.54 $ 51.32 $ 52.60 $ 54.08 14 % 3 % Tangible book value per share (3) (4) $ 38.71 $ 40.03 $ 42.81 $ 44.11 $ 45.57 18 % 3 % Capital ratios: Tier 1 leverage 11.4 % 11.9 % 12.1 % 12.3 % 12.7 % (5) Tier 1 capital 20.6 % 21.4 % 21.6 % 21.9 % 22.2 % (5) Common equity tier 1 20.4 % 21.2 % 21.5 % 21.8 % 22.0 % (5) Total capital 22.0 % 22.8 % 23.0 % 23.3 % 23.6 % (5) $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Adjusted pre-tax income (4) $ 526 $ 619 $ 653 $ 635 $ 667 27 % 5 % $ 1,760 $ 1,955 11 % Adjusted net income available to common shareholders (4) $ 399 $ 457 $ 514 $ 494 $ 508 27 % 3 % $ 1,350 $ 1,516 12 % Adjusted earnings per common share – basic (2) (4) $ 1.89 $ 2.19 $ 2.46 $ 2.37 $ 2.45 30 % 3 % $ 6.32 $ 7.28 15 % Adjusted earnings per common share – diluted (2) (4) $ 1.85 $ 2.13 $ 2.40 $ 2.31 $ 2.39 29 % 3 % $ 6.17 $ 7.10 15 % Return on common equity (6) 14.9 % 17.3 % 19.1 % 17.5 % 17.8 % 17.9 % 18.2 % Adjusted return on common equity (4) (6) 16.1 % 18.3 % 19.7 % 18.3 % 18.4 % 18.5 % 18.8 % Adjusted return on tangible common equity (4) (6) 19.7 % 22.2 % 23.8 % 21.8 % 21.9 % 22.7 % 22.5 % Pre-tax margin (7) 16.7 % 19.2 % 20.9 % 19.5 % 20.0 % 19.8 % 20.1 % Adjusted pre-tax margin (4) (7) 18.1 % 20.3 % 21.7 % 20.4 % 20.7 % 20.5 % 20.9 % Total compensation ratio (8) 63.7 % 62.0 % 63.8 % 65.5 % 64.7 % 63.1 % 64.7 % Adjusted total compensation ratio (4) (8) 62.7 % 61.4 % 63.4 % 65.2 % 64.4 % 62.4 % 64.3 % Effective tax rate 24.1 % 25.8 % 21.0 % 21.8 % 23.6 % 23.0 % 22.1 % Three months ended % change from Nine months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Client assets under administration $ 1,280.9 $ 1,256.5 $ 1,370.6 $ 1,449.1 $ 1,476.2 15 % 2 % Private Client Group assets under administration $ 1,227.0 $ 1,201.2 $ 1,310.5 $ 1,388.8 $ 1,415.7 15 % 2 % Private Client Group assets in fee-based accounts $ 697.0 $ 683.2 $ 746.6 $ 798.8 $ 820.6 18 % 3 % Financial assets under management $ 200.7 $ 196.4 $ 215.0 $ 226.8 $ 229.3 14 % 1 % Three months ended Nine months ended Net new assets metrics (9) ($ in millions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Domestic Private Client Group net new assets (10) $ 14,386 $ 14,169 $ 21,575 $ 9,648 $ 16,517 $ 59,085 $ 47,740 Domestic Private Client Group net new assets growth — annualized (10) 5.4 % 5.0 % 7.8 % 3.2 % 5.2 % 8.3 % 5.8 % As of % change from Private Client Group financial advisors June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Employees 3,654 3,693 3,718 3,747 3,812 4 % 2 % Independent contractors 5,050 5,019 4,992 5,014 4,970 (2) % (1) % Total advisors (11) 8,704 8,712 8,710 8,761 8,782 1 % — % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Raymond James Bank Deposit Program (“RJBDP”): (12) Bank segment (12) $ 27,915 $ 25,355 $ 23,912 $ 23,405 $ 23,371 (16) % — % Third-party banks 16,923 15,858 17,820 18,234 17,325 2 % (5) % Subtotal RJBDP 44,838 41,213 41,732 41,639 40,696 (9) % (2) % Client Interest Program 1,915 1,620 1,765 1,715 1,713 (11) % — % Total clients’ domestic cash sweep balances 46,753 42,833 43,497 43,354 42,409 (9) % (2) % Enhanced Savings Program ("ESP") (13) 11,225 13,592 14,476 14,863 14,039 25 % (6) % Total clients’ domestic cash sweep and ESP balances $ 57,978 $ 56,425 $ 57,973 $ 58,217 $ 56,448 (3) % (3) % Three months ended % change from Nine months ended Net interest income and RJBDP fees ($ in millions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Net interest income and RJBDP fees (third-party banks) $ 708 $ 711 $ 698 $ 689 $ 672 (5) % (2) % $ 2,162 $ 2,059 (5) % Average yield on RJBDP - third-party banks (14) 3.37 % 3.60 % 3.66 % 3.59 % 3.41 % 3.05 % 3.55 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Asset management and related administrative fees $ 1,164 $ 1,226 $ 1,191 $ 1,283 $ 1,364 17 % 6 % $ 3,319 $ 3,838 16 % Brokerage revenues: Mutual and other fund products 135 142 136 141 142 5 % 1 % 398 419 5 % Insurance and annuity products 103 119 125 127 130 26 % 2 % 320 382 19 % Equities, ETFs, and fixed income products 111 115 121 139 137 23 % (1) % 340 397 17 % Total brokerage revenues 349 376 382 407 409 17 % — % 1,058 1,198 13 % Account and service fees: Mutual fund and annuity service fees 103 109 106 115 118 15 % 3 % 306 339 11 % RJBDP fees: (12) Bank segment 277 237 223 206 198 (29) % (4) % 856 627 (27) % Third-party banks 107 154 152 160 149 39 % (7) % 344 461 34 % Client account and other fees 59 56 65 64 66 12 % 3 % 175 195 11 % Total account and service fees 546 556 546 545 531 (3) % (3) % 1,681 1,622 (4) % Investment banking 9 8 11 8 10 11 % 25 % 27 29 7 % Interest income 114 115 118 122 121 6 % (1) % 340 361 6 % All other 25 8 4 6 13 (48) % 117 % 40 23 (43) % Total revenues 2,207 2,289 2,252 2,371 2,448 11 % 3 % 6,465 7,071 9 % Interest expense (25) (24) (26) (30) (32) 28 % 7 % (76) (88) 16 % Net revenues 2,182 2,265 2,226 2,341 2,416 11 % 3 % 6,389 6,983 9 % Non-interest expenses: Financial advisor compensation and benefits 1,151 1,193 1,190 1,273 1,327 15 % 4 % 3,344 3,790 13 % Administrative compensation and benefits 355 348 379 391 389 10 % (1) % 1,042 1,159 11 % Total compensation, commissions and benefits 1,506 1,541 1,569 1,664 1,716 14 % 3 % 4,386 4,949 13 % Non-compensation expenses 265 247 218 233 259 (2) % 11 % 717 710 (1) % Total non-interest expenses 1,771 1,788 1,787 1,897 1,975 12 % 4 % 5,103 5,659 11 % Pre-tax income $ 411 $ 477 $ 439 $ 444 $ 441 7 % (1) % $ 1,286 $ 1,324 3 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Brokerage revenues: Fixed income $ 78 $ 71 $ 102 $ 88 $ 86 10 % (2) % $ 274 $ 276 1 % Equity 32 30 38 34 35 9 % 3 % 100 107 7 % Total brokerage revenues 110 101 140 122 121 10 % (1) % 374 383 2 % Investment banking: Merger & acquisition and advisory 88 141 118 107 91 3 % (15) % 277 316 14 % Equity underwriting 25 16 26 23 33 32 % 43 % 69 82 19 % Debt underwriting 28 37 26 41 49 75 % 20 % 73 116 59 % Total investment banking 141 194 170 171 173 23 % 1 % 419 514 23 % Interest income 21 23 23 26 32 52 % 23 % 65 81 25 % Affordable housing investments business revenues 21 41 23 22 30 43 % 36 % 68 75 10 % All other 4 3 4 4 4 — % — % 11 12 9 % Total revenues 297 362 360 345 360 21 % 4 % 937 1,065 14 % Interest expense (21) (21) (22) (24) (30) 43 % 25 % (64) (76) 19 % Net revenues 276 341 338 321 330 20 % 3 % 873 989 13 % Non-interest expenses: Compensation, commissions and benefits 220 238 238 240 243 10 % 1 % 664 721 9 % Non-compensation expenses 90 110 97 98 101 12 % 3 % 293 296 1 % Total non-interest expenses 310 348 335 338 344 11 % 2 % 957 1,017 6 % Pre-tax income/(loss) $ (34) $ (7) $ 3 $ (17) $ (14) 59 % 18 % $ (84) $ (28) 67 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Interest income $ 826 $ 847 $ 872 $ 868 $ 867 5 % — % $ 2,251 $ 2,607 16 % Interest expense (329) (408) (446) (455) (461) 40 % 1 % (733) (1,362) 86 % Net interest income 497 439 426 413 406 (18) % (2) % 1,518 1,245 (18) % All other 17 12 15 11 12 (29) % 9 % 44 38 (14) % Net revenues 514 451 441 424 418 (19) % (1) % 1,562 1,283 (18) % Non-interest expenses: Compensation and benefits 48 41 43 48 45 (6) % (6) % 136 136 — % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 54 36 12 21 (10) NM NM 96 23 (76) % RJBDP fees to Private Client Group (12) 277 237 223 206 198 (29) % (4) % 856 627 (27) % All other 69 59 71 74 70 1 % (5) % 181 215 19 % Total non-compensation expenses 400 332 306 301 258 (36) % (14) % 1,133 865 (24) % Total non-interest expenses 448 373 349 349 303 (32) % (13) % 1,269 1,001 (21) % Pre-tax income $ 66 $ 78 $ 92 $ 75 $ 115 74 % 53 % $ 293 $ 282 (4) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Interest income $ 37 $ 44 $ 49 $ 44 $ 47 27 % 7 % $ 103 $ 140 36 % All other 2 3 2 (2) 6 200 % NM 6 6 — % Total revenues 39 47 51 42 53 36 % 26 % 109 146 34 % Interest expense (24) (22) (25) (25) (25) 4 % — % (75) (75) — % Net revenues 15 25 26 17 28 87 % 65 % 34 71 109 % Non-interest expenses: Compensation and benefits 27 24 17 32 29 7 % (9) % 71 78 10 % Insurance settlement received (1) — — — — — — % — % (32) — 100 % All other 34 64 6 (22) 9 (74) % NM 46 (7) NM Total non-interest expenses 61 88 23 10 38 (38) % 280 % 85 71 (16) % Pre-tax income/(loss) $ (46) $ (63) $ 3 $ 7 $ (10) 78 % NM $ (51) $ — 100 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (15) (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 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Total assets $ 59,506 $ 60,041 $ 61,517 $ 61,038 $ 60,574 2 % (1) % Bank loans, net: Raymond James Bank $ 30,834 $ 30,906 $ 31,092 $ 30,980 $ 31,237 1 % 1 % TriState Capital Bank 12,511 12,869 13,090 13,119 13,912 11 % 6 % Total bank loans, net $ 43,345 $ 43,775 $ 44,182 $ 44,099 $ 45,149 4 % 2 % Bank loan allowance for credit losses $ 456 $ 474 $ 479 $ 471 $ 456 — % (3) % Bank loan allowance for credit losses as a % of total loans held for investment 1.04 % 1.07 % 1.08 % 1.06 % 1.00 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (16) 1.90 % 2.03 % 2.06 % 2.05 % 2.00 % Total nonperforming assets $ 127 $ 128 $ 164 $ 187 $ 160 26 % (14) % Nonperforming assets as a % of total assets 0.21 % 0.21 % 0.27 % 0.31 % 0.26 % Total criticized loans $ 411 $ 518 $ 472 $ 538 $ 523 27 % (3) % Criticized loans as a % of loans held for investment 0.94 % 1.17 % 1.06 % 1.21 % 1.15 % Total bank deposits $ 53,768 $ 54,199 $ 55,393 $ 54,843 $ 54,401 1 % (1) % As of % change from $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Securities-based loans (17) $ 14,227 $ 14,606 $ 14,647 $ 14,610 $ 15,429 8 % 6 % Commercial and industrial loans 10,663 10,406 10,503 10,190 9,956 (7) % (2) % Commercial real estate loans 7,091 7,221 7,331 7,462 7,619 7 % 2 % Real estate investment trust loans 1,715 1,668 1,697 1,701 1,755 2 % 3 % Residential mortgage loans 8,422 8,662 8,861 9,016 9,245 10 % 3 % Tax-exempt loans 1,548 1,541 1,411 1,445 1,431 (8) % (1) % Total loans held for investment 43,666 44,104 44,450 44,424 45,435 4 % 2 % Held for sale loans 135 145 211 146 170 26 % 16 % Total loans held for sale and investment 43,801 44,249 44,661 44,570 45,605 4 % 2 % Allowance for credit losses (456) (474) (479) (471) (456) — % (3) % Bank loans, net $ 43,345 $ 43,775 $ 44,182 $ 44,099 $ 45,149 4 % 2 % Three months ended % change from Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Net interest margin (net yield on interest-earning assets) 3.26 % 2.87 % 2.74 % 2.66 % 2.64 % 3.41 % 2.68 % Bank loan provision/(benefit) for credit losses $ 54 $ 36 $ 12 $ 21 $ (10) NM NM $ 96 $ 23 (76) % Net charge-offs $ 15 $ 17 $ 8 $ 28 $ 6 (60) % (79) % $ 37 $ 42 14 % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Net income available to common shareholders $ 369 $ 432 $ 497 $ 474 $ 491 $ 1,301 $ 1,462 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 18 17 11 11 11 53 33 Other acquisition-related compensation 10 — — — — 10 — Total “Compensation, commissions and benefits” expense 28 17 11 11 11 63 33 Communication and information processing — 2 — 1 — — 1 Professional fees 1 3 1 1 1 1 3 Other: Amortization of identifiable intangible assets (19) 11 12 11 11 11 33 33 All other acquisition-related expenses — — — 2 — — 2 Total “Other” expense 11 12 11 13 11 33 35 Total expenses related to acquisitions 40 34 23 26 23 97 72 Other — Insurance settlement received (1) — — — — — (32) — Pre-tax impact of non-GAAP adjustments 40 34 23 26 23 65 72 Tax effect of non-GAAP adjustments (10) (9) (6) (6) (6) (16) (18) Total non-GAAP adjustments, net of tax 30 25 17 20 17 49 54 Adjusted net income available to common shareholders (4) $ 399 $ 457 $ 514 $ 494 $ 508 $ 1,350 $ 1,516 Pre-tax income $ 486 $ 585 $ 630 $ 609 $ 644 $ 1,695 $ 1,883 Pre-tax impact of non-GAAP adjustments (as detailed above) 40 34 23 26 23 65 72 Adjusted pre-tax income (4) $ 526 $ 619 $ 653 $ 635 $ 667 $ 1,760 $ 1,955 Compensation, commissions and benefits expense $ 1,851 $ 1,892 $ 1,921 $ 2,043 $ 2,090 $ 5,407 $ 6,054 Less: Total compensation-related acquisition expenses (as detailed above) 28 17 11 11 11 63 33 Adjusted “Compensation, commissions and benefits” expense (4) $ 1,823 $ 1,875 $ 1,910 $ 2,032 $ 2,079 $ 5,344 $ 6,021 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Pre-tax margin (7) 16.7 % 19.2 % 20.9 % 19.5 % 20.0 % 19.8 % 20.1 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.7 % 0.6 % 0.4 % 0.3 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation 0.3 % — % — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expense 1.0 % 0.6 % 0.4 % 0.3 % 0.3 % 0.7 % 0.4 % Communications and information processing — % — % — % — % — % — % — % Professional fees — % 0.1 % — % 0.1 % — % — % — % Other: Amortization of identifiable intangible assets (19) 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % All other acquisition-related expenses — % — % — % 0.1 % — % — % — % Total “Other” expense 0.4 % 0.4 % 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 1.4 % 1.1 % 0.8 % 0.9 % 0.7 % 1.1 % 0.8 % Other — Insurance settlement received (1) — % — % — % — % — % (0.4) % — % Total non-GAAP adjustments 1.4 % 1.1 % 0.8 % 0.9 % 0.7 % 0.7 % 0.8 % Adjusted pre-tax margin (4) (7) 18.1 % 20.3 % 21.7 % 20.4 % 20.7 % 20.5 % 20.9 % Total compensation ratio (8) 63.7 % 62.0 % 63.8 % 65.5 % 64.7 % 63.1 % 64.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (18) 0.7 % 0.6 % 0.4 % 0.3 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation 0.3 % — % — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 1.0 % 0.6 % 0.4 % 0.3 % 0.3 % 0.7 % 0.4 % Adjusted total compensation ratio (4) (8) 62.7 % 61.4 % 63.4 % 65.2 % 64.4 % 62.4 % 64.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Diluted $ 1.71 $ 2.02 $ 2.32 $ 2.22 $ 2.31 $ 5.95 $ 6.85 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.09 0.08 0.05 0.05 0.05 0.24 0.15 Other acquisition-related compensation 0.05 — — — — 0.05 — Total “Compensation, commissions and benefits” expense 0.14 0.08 0.05 0.05 0.05 0.29 0.15 Communications and information processing — 0.01 — — — — — Professional fees — 0.01 0.01 0.01 0.01 — 0.01 Other: Amortization of identifiable intangible assets (19) 0.05 0.05 0.05 0.05 0.05 0.15 0.16 All other acquisition-related expenses — — — 0.01 — — 0.01 Total “Other” expense 0.05 0.05 0.05 0.06 0.05 0.15 0.17 Total expenses related to acquisitions 0.19 0.15 0.11 0.12 0.11 0.44 0.33 Other — Insurance settlement received (1) — — — — — (0.15) — Tax effect of non-GAAP adjustments (0.05) (0.04) (0.03) (0.03) (0.03) (0.07) (0.08) Total non-GAAP adjustments, net of tax 0.14 0.11 0.08 0.09 0.08 0.22 0.25 Adjusted diluted (4) $ 1.85 $ 2.13 $ 2.40 $ 2.31 $ 2.39 $ 6.17 $ 7.10 Book value per share As of $ in millions, except per share amounts June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Total common equity attributable to Raymond James Financial, Inc. $ 9,870 $ 10,135 $ 10,711 $ 10,905 $ 11,118 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,928 1,907 1,908 1,894 1,884 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (131) (132) (134) (136) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 8,071 $ 8,359 $ 8,935 $ 9,145 $ 9,370 Common shares outstanding 208.5 208.8 208.7 207.3 205.6 Book value per share (3) $ 47.34 $ 48.54 $ 51.32 $ 52.60 $ 54.08 Tangible book value per share (3) (4) $ 38.71 $ 40.03 $ 42.81 $ 44.11 $ 45.57 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Average common equity (20) $ 9,873 $ 10,003 $ 10,423 $ 10,808 $ 11,012 $ 9,705 $ 10,717 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 9 9 6 6 5 27 17 Other acquisition-related compensation 4 — — — — 2 — Total “Compensation, commissions and benefits” expense 13 9 6 6 5 29 17 Communications and information processing — 1 — — — — — Professional fees 1 2 — — 1 — 2 Other: Amortization of identifiable intangible assets (19) 6 6 6 6 5 17 16 All other acquisition-related expenses — — — 1 — — 1 Total “Other” expense 6 6 6 7 5 17 17 Total expenses related to acquisitions 20 18 12 13 11 46 36 Other — Insurance settlement received (1) — — — — — (24) — Tax effect of non-GAAP adjustments (5) (5) (3) (3) (3) (5) (9) Total non-GAAP adjustments, net of tax 15 13 9 10 8 17 27 Adjusted average common equity (4) (20) $ 9,888 $ 10,016 $ 10,432 $ 10,818 $ 11,020 $ 9,722 $ 10,744 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Average common equity (20) $ 9,873 $ 10,003 $ 10,423 $ 10,808 $ 11,012 $ 9,705 $ 10,717 Less: Average goodwill and identifiable intangible assets, net 1,930 1,918 1,908 1,901 1,889 1,932 1,898 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (130) (132) (133) (135) (128) (133) Average tangible common equity (4) (20) $ 8,071 $ 8,215 $ 8,647 $ 9,040 $ 9,258 $ 7,901 $ 8,952 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 9 9 6 6 5 27 17 Other acquisition-related compensation 4 — — — — 2 — Total “Compensation, commissions and benefits” expense 13 9 6 6 5 29 17 Communications and information processing — 1 — — — — — Professional fees 1 2 — — 1 — 2 Other: Amortization of identifiable intangible assets (19) 6 6 6 6 5 17 16 All other acquisition-related expenses — — — 1 — — 1 Total “Other” expense 6 6 6 7 5 17 17 Total expenses related to acquisitions 20 18 12 13 11 46 36 Other — Insurance settlement received (1) — — — — — (24) — Tax effect of non-GAAP adjustments (5) (5) (3) (3) (3) (5) (9) Total non-GAAP adjustments, net of tax 15 13 9 10 8 17 27 Adjusted average tangible common equity (4) (20) $ 8,086 $ 8,228 $ 8,656 $ 9,050 $ 9,266 $ 7,918 $ 8,979 Return on common equity (6) 14.9 % 17.3 % 19.1 % 17.5 % 17.8 % 17.9 % 18.2 % Adjusted return on common equity (4) (6) 16.1 % 18.3 % 19.7 % 18.3 % 18.4 % 18.5 % 18.8 % Return on tangible common equity (4) (6) 18.3 % 21.0 % 23.0 % 21.0 % 21.2 % 22.0 % 21.8 % Adjusted return on tangible common equity (4) (6) 19.7 % 22.2 % 23.8 % 21.8 % 21.9 % 22.7 % 22.5 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) The nine months ended June 30, 2023 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, June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024, and June 30, 2024, $4 million for the nine months ended June 30, 2023, and $3 million for the nine months ended June 30, 2024. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The Domestic Private Client Group net new asset growth — annualized percentage is based on the beginning Domestic Private Client Group assets under administration balance for the indicated period. (10) These metrics for the three and nine months ended June 30, 2023 include the impact of the departure of 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) This metric includes the impact of the transfer of approximately 50 financial advisors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2024, primarily related to one firm with financial advisors previously affiliated as independent contractors. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. (12) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at 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. RJBDP balances swept to third-party banks are not included in our bank deposit liability balance reflected on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (13) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition. (14) 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. (15) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (16) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (17) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. RAYMOND JAMES FINANCIAL, INC. 18

(18) 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. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (20) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year- to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19

Fiscal 3Q24 Results July 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 and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions or divestitures, and our level of success in integrating acquired businesses, 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 “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward- looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. 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 3Q24 vs. 3Q23 vs. 2Q24 As reported: Net revenues RECORD $ 3,228 11% 4% Net income available to common shareholders $ 491 33% 4% Earnings per common share — diluted $ 2.31 35% 4% 3Q23 2Q24 Return on common equity — annualized 17.8 % 14.9% 17.5% vs. 3Q23 vs. 2Q24 Non-GAAP measures*: Adjusted net income available to common shareholders $ 508 27% 3% Adjusted earnings per common share — diluted $ 2.39 29% 3% 3Q23 2Q24 Adjusted return on common equity — annualized 18.4 % 16.1% 18.3% Adjusted return on tangible common equity — annualized 21.9 % 19.7% 21.8% Fiscal 3Q24 highlights

Fiscal 3Q24 key metrics 5 $ in billions 3Q24 vs. 3Q23 vs. 2Q24 Client assets under administration RECORD $ 1,476.2 15% 2% Private Client Group (PCG) assets under administration RECORD $ 1,415.7 15% 2% PCG assets in fee-based accounts RECORD $ 820.6 18% 3% Financial assets under management RECORD $ 229.3 14% 1% Total clients’ domestic cash sweep and Enhanced Savings Program balances $ 56.4 (3)% (3)% PCG financial advisors* RECORD 8,782 1% —% Bank loans, net RECORD $ 45.1 4% 2% 3Q23 2Q24 Domestic PCG net new assets** $ 16.5 $ 14.4 $ 9.6 Domestic PCG net new assets growth — annualized** 5.2 % 5.4 % 3.2 % *This metric includes the impact of the transfer of approximately 50 financial advisors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2024, primarily related to one firm with financial advisors previously affiliated as independent contractors. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. **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 3Q24 segment results 6 $ in millions 3Q24 vs. 3Q23 vs. 2Q24 Net revenues: Private Client Group RECORD $ 2,416 11% 3% Capital Markets $ 330 20% 3% Asset Management RECORD $ 265 17% 5% Bank $ 418 (19)% (1)% Consolidated net revenues RECORD $ 3,228 11% 4% Pre-tax income/(loss): Private Client Group $ 441 7% (1)% Capital Markets $ (14) 59% 18% Asset Management $ 112 26% 12% Bank $ 115 74% 53% Consolidated pre-tax income $ 644 33% 6%

FYTD 2024 highlights (9 months) 7 *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 FYTD 2024 vs. FYTD 2023 As reported: Net revenues RECORD $ 9,359 9% Net income available to common shareholders RECORD $ 1,462 12% Earnings per common share — diluted RECORD $ 6.85 15% FYTD 2023 Return on common equity — annualized 18.2 % 17.9% vs. FYTD 2023 Non-GAAP measures*: Adjusted net income available to common shareholders RECORD $ 1,516 12% Adjusted earnings per common share — diluted RECORD $ 7.10 15% FYTD 2023 Adjusted return on common equity — annualized 18.8 % 18.5% Adjusted return on tangible common equity — annualized 22.5 % 22.7%

FYTD 2024 segment results (9 months) 8 $ in millions FYTD 2024 vs. FYTD 2023 Net revenues: Private Client Group RECORD $ 6,983 9% Capital Markets $ 989 13% Asset Management RECORD $ 752 16% Bank $ 1,283 (18)% Consolidated net revenues RECORD $ 9,359 9% Pre-tax income/(loss): Private Client Group RECORD $ 1,324 3% Capital Markets $ (28) 67% Asset Management RECORD $ 305 22% Bank $ 282 (4)% Consolidated pre-tax income RECORD $ 1,883 11% Note: Segments do not total consolidated results because of the Other segment and intersegment eliminations not shown.

Financial Review Paul Shoukry President and Chief Financial Officer, Raymond James Financial 9

Consolidated net revenues 10 $ in millions 3Q24 vs. 3Q23 vs. 2Q24 Asset management and related administrative fees $ 1,611 17% 6% Brokerage revenues 532 15% 1% Account and service fees 328 24% (2)% Investment banking 183 21% 2% Interest income 1,057 7% 1% Other 51 (11)% 65% Total revenues 3,762 14% 3% Interest expense (534) 38% 3% Net revenues $ 3,228 11% 4%

Domestic cash sweep and ESP balances 11 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) 27.9 25.4 23.9 23.4 23.4 16.9 15.9 17.8 18.2 17.3 1.9 1.6 1.8 1.7 1.7 11.2 13.6 14.5 14.9 14.0 58.0 56.4 58.0 58.2 56.4 5.2% 5.1% 4.8% 4.6% 4.3% RJBDP - Bank Segment** RJBDP - Third-Party Banks** Client Interest Program ESP* 3Q23 4Q23 1Q24 2Q24 3Q24 Note: May not total due to rounding. *Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. **We earn fees from the Raymond James Bank Deposit Program (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. Year-over-year change: (3)% Sequential change: (3)%

Net interest income & RJBDP fees (third-party banks) 12 *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 708 711 698 689 672 601 557 546 529 523 107 154 152 160 149 Firmwide Net Interest Income RJBDP Fees (Third-Party Banks)* 3Q23 4Q23 1Q24 2Q24 3Q24 NET INTEREST MARGIN (NIM) 3.26% 2.87% 2.74% 2.66% 2.64% 3.33% 3.09% 2.97% 2.91% 2.86% Firmwide NIM Bank Segment NIM 3Q23 4Q23 1Q24 2Q24 3Q24 AVERAGE YIELD ON RJBDP (THIRD-PARTY BANKS)** 3.37% 3.60% 3.66% 3.59% 3.41% 3Q23 4Q23 1Q24 2Q24 3Q24 Year-over-year change: (5)% Sequential change: (2)%

Consolidated expenses 13 $ in millions 3Q24 vs. 3Q23 vs. 2Q24 Compensation, commissions and benefits $ 2,090 13% 2% Non-compensation expenses: Communications and information processing 166 11% 1% Occupancy and equipment 75 10% 3% Business development 72 9% 20% Investment sub-advisory fees 48 20% 9% Professional fees 38 9% 15% Bank loan provision/(benefit) for credit losses (10) NM NM Other* 105 (34)% 50% Total non-compensation expenses 494 (13)% 6% Total non-interest expenses $ 2,584 7% 3% *Provisions for legal and regulatory matters did not have a significant impact on our results for 3Q24. 3Q23 included the unfavorable impact of elevated provisions for legal and regulatory matters. 2Q24 included the favorable impact of a legal and regulatory reserve release. **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 570 576 462 466 494 3Q23 4Q23 1Q24 2Q24 3Q24 TOTAL COMPENSATION RATIO** 63.7% 62.0% 63.8% 65.5% 64.7% 62.7% 61.4% 63.4% 65.2% 64.4% Total Compensation Ratio Adjusted Total Compensation Ratio*** 3Q23 4Q23 1Q24 2Q24 3Q24

*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 14 16.7% 19.2% 20.9% 19.5% 20.0%18.1% 20.3% 21.7% 20.4% 20.7% Pre-Tax Margin (GAAP) Adjusted Pre-Tax Margin* 3Q23 4Q23 1Q24 2Q24 3Q24

Other financial information 15 *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 3Q24 vs. 3Q23 vs. 2Q24 Total assets $ 80,628 4% (1)% RJF corporate cash* $ 2,109 23% 4% Total common equity attributable to RJF $ 11,118 13% 2% Book value per share $ 54.08 14% 3% Tangible book value per share** $ 45.57 18% 3% Weighted-average common and common equivalent shares outstanding — diluted 212.3 (1)% (1)% 3Q23 2Q24 Tier 1 leverage ratio*** 12.7 % 11.4% 12.3% Tier 1 capital ratio*** 22.2 % 20.6% 21.9% Common equity tier 1 ratio*** 22.0 % 20.4% 21.8% Total capital ratio*** 23.6 % 22.0% 23.3% Effective tax rate 23.6 % 24.1% 21.8%

$1.4B of dividends paid and share repurchases over the past 5 quarters Capital management 16 DIVIDENDS PAID AND SHARE REPURCHASES $ IN MILLIONS 390 88 245 302 337 300 150 207 243 90 88 95 95 94 Share Repurchases* Dividends Paid** 3Q23 4Q23 1Q24 2Q24 3Q24 Number of Shares Repurchased* (thousands) 3,314 N/A 1,408 1,695 1,994 Average Share Price of Shares Repurchased* $90.51 N/A $106.51 $121.99 $121.98 *Under the Board of Directors' common stock repurchase authorization. **Reflects dividends paid to holders of common shares. ***Indicates amount remaining as of June 30, 2024 under the Board of Directors' $1.5 billion common stock repurchase authorization approved on November 30, 2023. ~$945M remains under current common stock repurchase authorization***

Bank segment key credit trends 17 $ in millions 3Q24 vs. 3Q23 vs. 2Q24 Bank loan provision/(benefit) for credit losses $ (10) NM NM Net charge-offs $ 6 (60)% (79)% 3Q23 2Q24 Nonperforming assets as a % of total assets 0.26 % 0.21% 0.31% Bank loan allowance for credit losses as a % of loans held for investment 1.00 % 1.04% 1.06% Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment* 2.00 % 1.90% 2.05% Criticized loans as a % of loans held for investment 1.15 % 0.94% 1.21% 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 18

Appendix 19

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 20 We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non- GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Note: Please refer to the footnotes on slide 29 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 29 for additional information. continued on next slide Three months ended Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Net income available to common shareholders $ 369 $ 432 $ 497 $ 474 $ 491 $ 1,301 $ 1,462 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 18 17 11 11 11 53 33 Other acquisition-related compensation 10 — — — — 10 — Total “Compensation, commissions and benefits” expense 28 17 11 11 11 63 33 Communication and information processing — 2 — 1 — — 1 Professional fees 1 3 1 1 1 1 3 Other Amortization of identifiable intangible assets (2) 11 12 11 11 11 33 33 All other acquisition-related expenses — — — 2 — — 2 Total “Other” expense 11 12 11 13 11 33 35 Total expenses related to acquisitions 40 34 23 26 23 97 72 Other — Insurance settlement received (3) — — — — — (32) — Pre-tax impact of non-GAAP adjustments 40 34 23 26 23 65 72 Tax effect of non-GAAP adjustments (10) (9) (6) (6) (6) (16) (18) Total non-GAAP adjustments, net of tax 30 25 17 20 17 49 54 Adjusted net income available to common shareholders $ 399 $ 457 $ 514 $ 494 $ 508 $ 1,350 $ 1,516 Pre-tax income $ 486 $ 585 $ 630 $ 609 $ 644 $ 1,695 $ 1,883 Pre-tax impact of non-GAAP adjustments (as detailed above) 40 34 23 26 23 65 72 Adjusted pre-tax income $ 526 $ 619 $ 653 $ 635 $ 667 $ 1,760 $ 1,955 21

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Three months ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Pre-tax margin (4) 16.7 % 19.2 % 20.9 % 19.5 % 20.0 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.7 % 0.6 % 0.4 % 0.3 % 0.3 % Other acquisition-related compensation 0.3 % — % — % — % — % Total “Compensation, commissions and benefits” expense 1.0 % 0.6 % 0.4 % 0.3 % 0.3 % Communication and information processing — % — % — % — % — % Professional fees — % 0.1 % — % 0.1 % — % Other: Amortization of identifiable intangible assets (2) 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % All other acquisition-related expenses — % — % — % 0.1 % — % Total “Other” expense 0.4 % 0.4 % 0.4 % 0.5 % 0.4 % Total expenses related to acquisitions 1.4 % 1.1 % 0.8 % 0.9 % 0.7 % Other — Insurance settlement received (3) — % — % — % — % — % Total non-GAAP adjustments 1.4 % 1.1 % 0.8 % 0.9 % 0.7 % Adjusted pre-tax margin (4) 18.1 % 20.3 % 21.7 % 20.4 % 20.7 % Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide22

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 23 Note: Please refer to the footnotes on slide 29 for additional information. continued on next slide Three months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Compensation, commissions and benefits expense $ 1,851 $ 1,892 $ 1,921 $ 2,043 $ 2,090 Less: Total compensation-related acquisition expenses (1) 28 17 11 11 11 Adjusted compensation, commissions and benefits expense $ 1,823 $ 1,875 $ 1,910 $ 2,032 $ 2,079 Total compensation ratio (5) 63.7 % 62.0 % 63.8 % 65.5 % 64.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.7 % 0.6 % 0.4 % 0.3 % 0.3 % Other acquisition-related compensation 0.3 % — % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 1.0 % 0.6 % 0.4 % 0.3 % 0.3 % Adjusted total compensation ratio (5) 62.7 % 61.4 % 63.4 % 65.2 % 64.4 %

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 24 Note: Please refer to the footnotes on slide 29 for additional information. Three months ended Nine months ended Earnings per common share (6) June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Basic $ 1.75 $ 2.27 $ 2.37 $ 6.09 $ 7.02 Impact of non-GAAP adjustments on basic earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.09 0.05 0.05 0.25 0.16 Other acquisition-related compensation 0.05 — — 0.05 — Total “Compensation, commissions and benefits” expense 0.14 0.05 0.05 0.30 0.16 Communication and information processing — 0.01 — — — Professional fees — 0.01 0.01 — 0.01 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.16 0.17 All other acquisition-related expenses — 0.01 — — 0.01 Total “Other” expense 0.05 0.06 0.05 0.16 0.18 Total expenses related to acquisitions 0.19 0.13 0.11 0.46 0.35 Other — Insurance settlement received (3) — — — (0.15) — Tax effect of non-GAAP adjustments (0.05) (0.03) (0.03) (0.08) (0.09) Total non-GAAP adjustments, net of tax 0.14 0.10 0.08 0.23 0.26 Adjusted basic $ 1.89 $ 2.37 $ 2.45 $ 6.32 $ 7.28 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 25 Note: Please refer to the footnotes on slide 29 for additional information. Three months ended Nine months ended Earnings per common share (6) June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Diluted $ 1.71 $ 2.22 $ 2.31 $ 5.95 $ 6.85 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 0.09 0.05 0.05 0.24 0.15 Other acquisition-related compensation 0.05 — — 0.05 — Total “Compensation, commissions and benefits” expense 0.14 0.05 0.05 0.29 0.15 Communication and information processing — — — — — Professional fees — 0.01 0.01 — 0.01 Other: Amortization of identifiable intangible assets (2) 0.05 0.05 0.05 0.15 0.16 All other acquisition-related expenses — 0.01 — — 0.01 Total “Other” expense 0.05 0.06 0.05 0.15 0.17 Total expenses related to acquisitions 0.19 0.12 0.11 0.44 0.33 Other — Insurance settlement received (3) — — — (0.15) — Tax effect of non-GAAP adjustments (0.05) (0.03) (0.03) (0.07) (0.08) Total non-GAAP adjustments, net of tax 0.14 0.09 0.08 0.22 0.25 Adjusted diluted $ 1.85 $ 2.31 $ 2.39 $ 6.17 $ 7.10 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 26 Note: Please refer to the footnotes on slide 29 for additional information. Book value per share As of $ in millions, except per share amounts June 30, 2023 March 31, 2024 June 30, 2024 Total common equity attributable to Raymond James Financial, Inc. $ 9,870 $ 10,905 $ 11,118 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,928 1,894 1,884 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (134) (136) Tangible common equity attributable to Raymond James Financial, Inc. $ 8,071 $ 9,145 $ 9,370 Common shares outstanding 208.5 207.3 205.6 Book value per share (7) $ 47.34 $ 52.60 $ 54.08 Tangible book value per share (7) $ 38.71 $ 44.11 $ 45.57 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 27 Note: Please refer to the footnotes on slide 29 for additional information. Return on common equity Three months ended Nine months ended $ in millions June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Average common equity (8) $ 9,873 $ 10,808 $ 11,012 $ 9,705 $ 10,717 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (1) 9 6 5 27 17 Other acquisition-related compensation 4 — — 2 — Total “Compensation, commissions and benefits” expense 13 6 5 29 17 Communication and information processing — — — — — Professional fees 1 — 1 — 2 Other: Amortization of identifiable intangible assets (2) 6 6 5 17 16 All other acquisition-related expenses — 1 — — 1 Total “Other” expense 6 7 5 17 17 Total expenses related to acquisitions 20 13 11 46 36 Other — Insurance settlement received (3) — — — (24) — Tax effect of non-GAAP adjustments (5) (3) (3) (5) (9) Total non-GAAP adjustments, net of tax 15 10 8 17 27 Adjusted average common equity (8) $ 9,888 $ 10,818 $ 11,020 $ 9,722 $ 10,744 continued on next slide

Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) 28 Return on tangible common equity Three months ended Nine months ended $ in millions June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Average common equity (8) $ 9,873 $ 10,808 $ 11,012 $ 9,705 $ 10,717 Less: Average goodwill and identifiable intangible assets, net 1,930 1,901 1,889 1,932 1,898 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (133) (135) (128) (133) Average tangible common equity (8) $ 8,071 $ 9,040 $ 9,258 $ 7,901 $ 8,952 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitons: Compensation, commissions and benefits: Acquisition-related retention (1) 9 6 5 27 17 Other acquisition-related compensation 4 — — 2 — Total “Compensation, commissions and benefits” expense 13 6 5 29 17 Communication and information processing — — — — — Professional fees 1 — 1 — 2 Other: Amortization of identifiable intangible assets (2) 6 6 5 17 16 All other acquisition-related expenses — 1 — — 1 Total “Other” expense 6 7 5 17 17 Total expenses related to acquisitions 20 13 11 46 36 Other — Insurance settlement received (3) — — — (24) — Tax effect of non-GAAP adjustments (5) (3) (3) (5) (9) Total non-GAAP adjustments, net of tax 15 10 8 17 27 Adjusted average tangible common equity (8) $ 8,086 $ 9,050 $ 9,266 $ 7,918 $ 8,979 Return on common equity (9) 14.9 % 17.5 % 17.8 % 17.9 % 18.2 % Adjusted return on common equity (9) 16.1 % 18.3 % 18.4 % 18.5 % 18.8 % Return on tangible common equity (9) 18.3 % 21.0 % 21.2 % 22.0 % 21.8 % Adjusted return on tangible common equity (9) 19.7 % 21.8 % 21.9 % 22.7 % 22.5 % Note: Please refer to the footnotes on slide 29 for additional information.

Footnotes 29 (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 nine months ended June 30, 2023 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 June 30, 2024, March 31, 2024, and June 30, 2023, and $3 million and $4 million for the nine months ended June 30, 2024 and June 30, 2023, respectively. (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 for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. (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 identifiable intangible assets, net of related deferred taxes.

Cover Page	Jul. 24, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 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