[10-Q] Raymond James Financial, Inc. Quarterly Earnings Report

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

08/06/2025 - 04:24 PM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
			THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
			THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from						to

Commission File Number: 1-9109

RAYMOND JAMES FINANCIAL, INC.

(Exact name of registrant as specified in its charter)


Florida						59-1517485
(State or other jurisdiction of incorporation or organization)						(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, former address and former fiscal year, if changed since last report)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

199,383,976 shares of common stock as of August 4, 2025

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES


INDEX
		PAGE
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Financial Condition (Unaudited)	3
	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)	4
	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows (Unaudited)	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	Note 1 - Organization and basis of presentation	8
	Note 2 - Update of significant accounting policies	8

	Note 3 - Fair value	8
	Note 4 - Available-for-sale securities	14
	Note 5 - Derivative assets and derivative liabilities	17
	Note 6 - Collateralized agreements and financings	19
	Note 7 - Bank loans, net	21
	Note 8 - Loans to financial advisors, net	28
	Note 9 - Variable interest entities	28
	Note 10 - Goodwill and identifiable intangible assets, net	29
	Note 11 - Other assets	30
	Note 12 - Leases	30
	Note 13 - Bank deposits	31
	Note 14 - Other borrowings	32


	Note 15 - Income taxes	33
	Note 16 - Commitments, contingencies and guarantees	34
	Note 17 - Shareholders’ equity	36
	Note 18 - Revenues	39
	Note 19 - Interest income and interest expense	43
	Note 20 - Share-based compensation	43
	Note 21 - Regulatory capital requirements	44
	Note 22 - Earnings per share	46
	Note 23 - Segment information	47
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	93
Item 4.	Controls and Procedures	93
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	95
Item 6.	Exhibits	95
	Signatures	96

Index

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


$ in millions, except per share amounts	June 30, 2025		September 30, 2024
Assets:
Cash and cash equivalents	$	9,195	$	10,998
Assets segregated for regulatory purposes and restricted cash	3,770		3,350
Collateralized agreements	941		749
Financial instruments, at fair value:
Trading assets ($1,124 and $1,263 pledged as collateral)	1,349		1,480
Available-for-sale securities ($11 and $11 pledged as collateral)	7,165		8,260
Derivative assets	73		103
Other investments ($8 and $7 pledged as collateral)	315		302
Brokerage client receivables, net	2,917		2,711
Other receivables, net	1,791		1,825
Bank loans, net	49,840		45,994
Loans to financial advisors, net	1,500		1,326
Deferred income taxes, net	642		651
Goodwill and identifiable intangible assets, net	1,860		1,886
Other assets	3,457		3,357
Total assets	$	84,815	$	82,992

Liabilities and shareholders’ equity:
Bank deposits	$	57,249	$	56,010
Collateralized financings	883		938
Financial instrument liabilities, at fair value:
Trading liabilities	920		976
Derivative liabilities	210		224
Brokerage client payables	6,215		5,825
Accrued compensation, commissions and benefits	2,215		2,325
Other payables	1,973		1,938
Other borrowings	849		1,049
Senior notes payable	2,040		2,040
Total liabilities	72,554		71,325
Commitments and contingencies (see Note 16)
Shareholders’ equity
Preferred stock	79		79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,080,849 shares issued and 199,985,079 shares outstanding as of June 30, 2025; 249,972,182 shares issued and 203,291,449 shares outstanding as of September 30, 2024	3		2
Additional paid-in capital	3,202		3,251
Retained earnings	13,104		11,894
Treasury stock, at cost; 50,095,770 and 46,680,733 common shares as of June 30, 2025 and September 30, 2024, respectively	(3,691)		(3,051)
Accumulated other comprehensive loss	(438)		(502)
Total equity attributable to Raymond James Financial, Inc.	12,259		11,673
Noncontrolling interests	2		(6)
Total shareholders’ equity	12,261		11,667
Total liabilities and shareholders’ equity	$	84,815	$	82,992

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)


	Three months ended June 30,				Nine months ended June 30,
in millions, except per share amounts	2025		2024		2025		2024
Revenues:
Asset management and related administrative fees	$	1,733	$	1,611	$	5,201	$	4,534
Brokerage revenues:
Securities commissions	431		416		1,302		1,213
Principal transactions	128		116		396		369
Total brokerage revenues	559		532		1,698		1,582
Account and service fees	302		328		965		982
Investment banking	212		183		753		543
Interest income	990		1,057		2,980		3,159
Other	46		51		125		120
Total revenues	3,842		3,762		11,722		10,920
Interest expense	(444)		(534)		(1,384)		(1,561)
Net revenues	3,398		3,228		10,338		9,359
Non-interest expenses:
Compensation, commissions and benefits	2,202		2,090		6,678		6,054
Non-compensation expenses:
Communications and information processing	191		166		553		481
Occupancy and equipment	77		75		224		220
Business development	77		72		209		193
Investment sub-advisory fees	56		48		163		132
Professional fees	42		38		110		103
Bank loan provision/(benefit) for credit losses	15		(10)		31		23


Other	175		105		387		270
Total non-compensation expenses	633		494		1,677		1,422
Total non-interest expenses	2,835		2,584		8,355		7,476
Pre-tax income	563		644		1,983		1,883
Provision for income taxes	127		152		452		417
Net income	436		492		1,531		1,466
Preferred stock dividends	1		1		4		4
Net income available to common shareholders	$	435	$	491	$	1,527	$	1,462

Earnings per common share – basic	$	2.16	$	2.37	$	7.51	$	7.02
Earnings per common share – diluted	$	2.12	$	2.31	$	7.35	$	6.85
Weighted-average common shares outstanding – basic	201.2		206.8		203.0		207.9
Weighted-average common and common equivalent shares outstanding – diluted	205.5		212.3		207.6		213.1

Net income	$	436	$	492	$	1,531	$	1,466
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	53		11		42		255
Currency translations, net of the impact of net investment hedges	58		(2)		24		16
Cash flow hedges	(3)		(2)		(2)		(17)
Total other comprehensive income, net of tax	108		7		64		254
Total comprehensive income	$	544	$	499	$	1,595	$	1,720

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)


	Three months ended June 30,				Nine months ended June 30,
$ in millions, except per share amounts	2025		2024		2025		2024
Preferred stock:
Balance beginning of period	$	79	$	79	$	79	$	79

Share issuances	—		—		—		—

Balance end of period	79		79		79		79

Common stock, par value $.01 per share:
Balance beginning of period	3		2		2		2
Share issuances due to vesting of restricted stock units and employee stock purchases	—		—		1		—
Balance end of period	3		2		3		2

Additional paid-in capital:
Balance beginning of period	3,151		3,186		3,251		3,143


Share-based compensation amortization	50		52		195		196
Employee stock purchases	5		10		22		32
Distributions due to vesting of restricted stock units and exercise of stock options, net of forfeitures	(4)		(27)		(266)		(150)
Balance end of period	3,202		3,221		3,202		3,221

Retained earnings:
Balance beginning of period	12,769		10,988		11,894		10,213
Net income attributable to Raymond James Financial, Inc.	436		492		1,531		1,466
Common and preferred stock cash dividends declared (see Note 17)	(101)		(95)		(321)		(294)



Balance end of period	13,104		11,385		13,104		11,385

Treasury stock:
Balance beginning of period	(3,244)		(2,547)		(3,051)		(2,252)
Purchases	(452)		(246)		(766)		(618)
Reissuances due to vesting of restricted stock units and exercise of stock options	5		20		126		97
Balance end of period	(3,691)		(2,773)		(3,691)		(2,773)

Accumulated other comprehensive income/(loss):
Balance beginning of period	(546)		(724)		(502)		(971)
Other comprehensive income, net of tax	108		7		64		254

Balance end of period	(438)		(717)		(438)		(717)
Total equity attributable to Raymond James Financial, Inc.	$	12,259	$	11,197	$	12,259	$	11,197

Noncontrolling interests:
Balance beginning of period	15		(5)		(6)		(27)

Net changes in noncontrolling interests	(13)		(2)		8		20



Balance end of period	2		(7)		2		(7)
Total shareholders’ equity	$	12,261	$	11,190	$	12,261	$	11,190

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine months ended June 30,
$ in millions	2025		2024
Cash flows from operating activities:
Net income	$	1,531	$	1,466
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	143		132
Deferred income taxes, net	(4)		(28)
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	(19)		(30)
Provisions for credit losses and legal and regulatory matters, net	107		—
Share-based compensation expense	199		201
Unrealized gains on corporate-owned life insurance policies, net of expenses	(68)		(174)

Other	23		18
Net change in:

Collateralized agreements, net of collateralized financings	(247)		664
Loans (provided to) financial advisors, net of repayments	(194)		(146)
Brokerage client receivables and other receivables, net	(170)		(509)
Trading instruments, net	77		(78)
Derivative instruments, net	31		35
Other assets	78		(18)
Brokerage client payables and other payables	331		72
Accrued compensation, commissions and benefits	(109)		59
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	(71)		(19)
Net cash provided by operating activities	1,638		1,645

Cash flows from investing activities:
Increase in bank loans, net	(4,044)		(1,737)
Proceeds from sales of loans held for investment	218		337

Purchases of available-for-sale securities	(480)		(397)
Available-for-sale securities maturations, repayments and redemptions	1,531		1,279
Proceeds from sales of available-for-sale securities	78		—

Additions to property and equipment	(144)		(155)
Sales/(purchases) of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, net	8		—


Renewable energy tax credit equity investments	—		(15)

Other investing activities, net	(65)		(69)
Net cash used in investing activities	(2,898)		(757)




















Cash flows from financing activities:


Increase in bank deposits	1,239		202
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(914)		(655)
Dividends on common and preferred stock	(314)		(288)
Exercise of stock options and employee stock purchases	26		37

Proceeds from FHLB advances	750		1,300
Repayments of FHLB advances	(950)		(1,350)

Other financing, net	(8)		(2)
Net cash used in financing activities	(171)		(756)

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Index


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Nine months ended June 30,
$ in millions	2025		2024
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	48		56
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	(1,383)		188
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	14,348		12,548
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	12,965	$	12,736

Cash and cash equivalents	$	9,195	$	9,095
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,770		3,641
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	12,965	$	12,736

Supplemental disclosures of cash flow information:
Cash paid for interest	$	1,394	$	1,575
Cash paid for income taxes, net	$	510	$	548
Cash outflows for lease liabilities	$	99	$	91
Non-cash right-of-use assets recorded for new and modified leases	$	78	$	51

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

June 30, 2025

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Organization

Raymond James Financial, Inc. (“RJF” or the “firm”) is a financial holding company which, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services, and trust services. As used herein, the terms “our,” “we,” or “us” refer to RJF and/or one or more of its subsidiaries.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of RJF and its consolidated subsidiaries that are generally controlled through a majority voting interest. We consolidate all of our 100%-owned subsidiaries. In addition, we consolidate any variable interest entity (“VIE”) in which we are the primary beneficiary. Additional information on these VIEs is provided in Note 2 of our Annual Report on Form 10-K (“2024 Form 10-K”) for the year ended September 30, 2024, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and in Note 9 of this Quarterly Report on Form 10-Q (“Form 10-Q”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation.

Accounting estimates and assumptions

Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) but is not required for interim reporting purposes has been condensed or omitted. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of our consolidated financial position and results of operations for the periods presented.

The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and Notes thereto included in our 2024 Form 10-K. To prepare condensed consolidated financial statements in accordance with GAAP, we must make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates and could have a material impact on the condensed consolidated financial statements.

NOTE 2 – UPDATE OF SIGNIFICANT ACCOUNTING POLICIES

A summary of our significant accounting policies is included in Note 2 of our 2024 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2024.

NOTE 3 – FAIR VALUE

Our “Financial instruments” and “Financial instrument liabilities” on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. See Notes 2 and 4 of our 2024 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of June 30, 2025
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	10	$	298	$	—	$	—	$	308
Corporate obligations	15		628		—		—		643
Government and agency obligations	28		119		—		—		147
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)	—		171		—		—		171
Non-agency CMOs and ABS	—		39		—		—		39
Total debt securities	53		1,255		—		—		1,308
Equity securities	8		5		—		—		13
Brokered certificates of deposit	—		26		—		—		26
Other	—		—		2		—		2
Total trading assets	61		1,286		2		—		1,349
Available-for-sale securities (2)	432		6,733		—		—		7,165
Derivative assets:
Interest rate	11		322		—		(261)		72



Other	—		—		1		—		1
Total derivative assets	11		322		1		(261)		73

All other investments:
Government and agency obligations (3)	91		—		—		—		91
Other	106		1		7		—		114
Total all other investments	197		1		7		—		205
Other assets - client-owned fractional shares	155		—		—		—		155
Subtotal	856		8,342		10		(261)		8,947
Other investments - private equity - measured at net asset value (“NAV”)									110
Total assets at fair value on a recurring basis	$	856	$	8,342	$	10	$	(261)	$	9,057

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	2	$	—	$	—	$	—	$	2
Corporate obligations	—		616		—		—		616
Government and agency obligations	153		—		—		—		153
Agency MBS and CMOs	—		25		—		—		25

Total debt securities	155		641		—		—		796
Equity securities	124		—		—		—		124

Total trading liabilities	279		641		—		—		920
Derivative liabilities:
Interest rate	11		327		—		(131)		207


Foreign exchange	—		3		—		—		3

Total derivative liabilities	11		330		—		(131)		210
Other payables - repurchase liabilities related to client-owned fractional shares	155		—		—		—		155
Total liabilities at fair value on a recurring basis	$	445	$	971	$	—	$	(131)	$	1,285


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of September 30, 2024
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	2	$	304	$	—	$	—	$	306
Corporate obligations	12		630		—		—		642
Government and agency obligations	49		144		—		—		193
Agency MBS, CMOs, and ABS	—		205		—		—		205
Non-agency CMOs and ABS	—		95		—		—		95
Total debt securities	63		1,378		—		—		1,441
Equity securities	14		2		—		—		16
Brokered certificates of deposit	—		20		—		—		20
Other	—		—		3		—		3
Total trading assets	77		1,400		3		—		1,480
Available-for-sale securities (2)	704		7,556		—		—		8,260
Derivative assets:
Interest rate	3		335		—		(246)		92


Foreign exchange	—		7		—		—		7
Other	—		—		4		—		4
Total derivative assets	3		342		4		(246)		103

All other investments:
Government and agency obligations (3)	91		—		—		—		91
Other	101		1		7		—		109
Total all other investments	192		1		7		—		200
Other assets - client-owned fractional shares	133		—		—		—		133
Subtotal	1,109		9,299		14		(246)		10,176
Other investments - private equity - measured at NAV									102
Total assets at fair value on a recurring basis	$	1,109	$	9,299	$	14	$	(246)	$	10,278

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	5	$	—	$	—	$	—	$	5
Corporate obligations	—		598		—		—		598
Government and agency obligations	243		6		—		—		249
Agency MBS and CMOs	—		26		—		—		26
Total debt securities	248		630		—		—		878
Equity securities	97		1		—		—		98

Total trading liabilities	345		631		—		—		976
Derivative liabilities:
Interest rate	3		343		—		(123)		223


Foreign exchange	—		1		—		—		1

Total derivative liabilities	3		344		—		(123)		224
Other payables - repurchase liabilities related to client-owned fractional shares	133		—		—		—		133
Total liabilities at fair value on a recurring basis	$	481	$	975	$	—	$	(123)	$	1,333

(1)Netting adjustments represent the impact of counterparty and collateral netting on our derivative balances included on our Condensed Consolidated Statements of Financial Condition. See Note 5 for additional information.

(2)Our available-for-sale securities primarily consist of agency MBS, agency CMOs, and U.S. Treasury securities (“U.S. Treasuries”). See Note 4 for further information.

(3)These assets are primarily comprised of U.S. Treasuries purchased to meet certain deposit requirements with clearing organizations.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Level 3 recurring fair value measurements

The following tables present the changes in fair value for Level 3 assets and liabilities measured at fair value on a recurring basis. The realized and unrealized gains and losses in the tables may include changes in fair value that were attributable to both observable and unobservable inputs. In the following tables, gains/(losses) on trading and derivative instruments are reported in “Principal transactions” and gains/(losses) on other investments are reported in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income.


Three months ended June 30, 2025 Level 3 instruments at fair value
	Financial assets
	Trading assets		Derivative assets		Other investments
$ in millions	Other		Other		All other
Fair value beginning of period	$	1	$	6	$	7
Total gains/(losses) included in earnings	1		(5)		—
Purchases and contributions	27		—		—
Sales and distributions	(27)		—		—
Transfers:
Into Level 3	—		—		—
Out of Level 3	—		—		—
Fair value end of period	$	2	$	1	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	(5)	$	—


Nine months ended June 30, 2025 Level 3 instruments at fair value
	Financial assets
	Trading assets		Derivative assets		Other investments
$ in millions	Other		Other		All other
Fair value beginning of period	$	3	$	4	$	7
Total gains/(losses) included in earnings	2		(3)		—
Purchases and contributions	66		—		—
Sales and distributions	(69)		—		—
Transfers:
Into Level 3	—		—		—
Out of Level 3	—		—		—
Fair value end of period	$	2	$	1	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	(2)	$	—


Three months ended June 30, 2024 Level 3 instruments at fair value
	Financial assets
	Trading assets		Other investments
$ in millions	Other		All other
Fair value beginning of period	$	4	$	29
Total gains/(losses) included in earnings	—		—
Purchases and contributions	31		—
Sales and distributions	(22)		—
Transfers:
Into Level 3	—		—
Out of Level 3	—		—
Fair value end of period	$	13	$	29
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	(1)	$	—


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


Nine months ended June 30, 2024 Level 3 instruments at fair value
	Financial assets
	Trading assets		Other investments
$ in millions	Other		All other
Fair value beginning of period	$	4	$	30
Total gains/(losses) included in earnings	—		(1)
Purchases and contributions	60		—
Sales and distributions	(51)		—
Transfers:
Into Level 3	—		—
Out of Level 3	—		—
Fair value end of period	$	13	$	29
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	(1)	$	—

As of June 30, 2025, 11% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of September 30, 2024, 12% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both June 30, 2025 and September 30, 2024, Level 3 assets represented less than 1% of our assets measured at fair value on a recurring basis.

Investments in private equity measured at net asset value per share

As more fully described in Note 2 of our 2024 Form 10-K, as a practical expedient, we utilize NAV or its equivalent to determine the recorded value of a portion of our private equity investments portfolio. We utilize NAV when the fund investment does not have a readily determinable fair value and the NAV of the fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Our private equity portfolio as of June 30, 2025 primarily included investments in third-party funds, including growth equity, venture capital, and mezzanine lending fund investments. Our investments cannot be redeemed directly with the funds. Our investments are monetized through the liquidation of underlying assets of fund investments, the timing of which is uncertain.

The following table presents the recorded value and unfunded commitments related to our private equity investments portfolio.


$ in millions	Recorded value		Unfunded commitment
June 30, 2025
Private equity investments measured at NAV	$	110	$	31
Private equity investments not measured at NAV	7
Total private equity investments	$	117

September 30, 2024
Private equity investments measured at NAV	$	102	$	26
Private equity investments not measured at NAV	7
Total private equity investments	$	109


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Financial instruments measured at fair value on a nonrecurring basis

The following table presents assets measured at fair value on a nonrecurring basis along with the valuation techniques and significant unobservable inputs used in the valuation of the assets classified as level 3. These inputs represent those that a market participant would take into account when pricing these instruments. Weighted averages are calculated by weighting each input by the relative fair value of the related financial instrument.


$ in millions	Level 2		Level 3		Total fair value		Valuation technique(s)	Unobservable input	Range (weighted-average)
June 30, 2025
Bank loans:
Residential mortgage loans	$	2	$	7	$	9	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	132	$	132	Collateral or discounted cash flow (1)	Recovery rate	35% - 35% (35%)
Loans held for sale	$	38	$	—	$	38	N/A (2)	N/A	N/A


September 30, 2024
Bank loans:
Residential mortgage loans	$	2	$	7	$	9	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	106	$	106	Collateral or discounted cash flow (1)	Recovery rate	0% - 37% (37%)

(1)The valuation techniques used to estimate the fair values are based on collateral value less selling costs for the collateral-dependent loans and discounted cash flows for loans that are not collateral-dependent. Unobservable inputs used in the collateral valuation technique are not meaningful and unobservable inputs used in the discounted cash flow valuation technique are presented in the table.

(2)See the “Bank loans, net - Loans held for sale” section of Note 2 of our 2024 Form 10-K for information on the valuation techniques used in the valuation of our loans held for sale measured at fair value on a nonrecurring basis.

Financial instruments not recorded at fair value

Many, but not all, of the financial instruments we hold were recorded at fair value on the Condensed Consolidated Statements of Financial Condition. The following table presents the estimated fair value and fair value hierarchy of financial assets and liabilities that are not recorded at fair value on the Condensed Consolidated Statements of Financial Condition at June 30, 2025 and September 30, 2024. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 4 of our 2024 Form 10-K for a discussion of our financial instruments that are not recorded at fair value.


$ in millions	Level 2		Level 3		Total estimated fair value		Carrying amount
June 30, 2025
Financial assets:
Bank loans, net	$	217	$	48,906	$	49,123	$	49,661
Financial liabilities:
Bank deposits - certificates of deposit	$	1,788	$	—	$	1,788	$	1,785
Other borrowings - subordinated notes payable	$	98	$	—	$	98	$	99
Senior notes payable	$	1,774	$	—	$	1,774	$	2,040

September 30, 2024
Financial assets:
Bank loans, net	$	183	$	45,002	$	45,185	$	45,879
Financial liabilities:
Bank deposits - certificates of deposit	$	2,623	$	—	$	2,623	$	2,612
Other borrowings - subordinated notes payable	$	97	$	—	$	97	$	99
Senior notes payable	$	1,874	$	—	$	1,874	$	2,040


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 4 – AVAILABLE-FOR-SALE SECURITIES

The following table details the amortized costs and fair values of our available-for-sale securities. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies applicable to our available-for-sale securities. See Note 3 of this Form 10-Q for additional information regarding the fair value of available-for-sale securities.


$ in millions	Cost basis		Gross unrealized gains		Gross unrealized losses		Fair value
June 30, 2025
Agency residential MBS	$	3,693	$	2	$	(299)	$	3,396
Agency commercial MBS	1,282		—		(98)		1,184
Agency CMOs	1,394		2		(161)		1,235
U.S. Treasuries	431		1		—		432
Other agency obligations	354		—		(3)		351
Non-agency residential MBS	499		1		(37)		463
Corporate bonds	89		—		—		89
Other	15		1		(1)		15
Total available-for-sale securities	$	7,757	$	7	$	(599)	$	7,165

September 30, 2024
Agency residential MBS	$	4,147	$	3	$	(327)	$	3,823
Agency commercial MBS	1,415		—		(119)		1,296
Agency CMOs	1,394		1		(170)		1,225
U.S. Treasuries	706		—		(2)		704
Other agency obligations	565		—		(6)		559
Non-agency residential MBS	553		1		(27)		527
Corporate bonds	107		1		(2)		106
Other	19		1		—		20
Total available-for-sale securities	$	8,906	$	7	$	(653)	$	8,260

The amortized costs and fair values in the preceding table exclude $19 million and $23 million of accrued interest on available-for-sale securities as of June 30, 2025 and September 30, 2024, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.

See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and FRB.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table details the contractual maturities, amortized costs, fair values and current yields for our available-for-sale securities. Weighted-average yields are calculated on a taxable-equivalent basis based on estimated annual income divided by the average amortized cost of these securities. Since our MBS and CMO available-for-sale securities are backed by mortgages, actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations without prepayment penalties. As a result, the weighted-average life of our available-for-sale securities portfolio, after factoring in estimated prepayments, was approximately 3.9 years as of June 30, 2025.


	June 30, 2025
$ in millions	Within one year			After one but within five years			After five but within ten years			After ten years			Total
Agency residential MBS
Amortized cost	$	—		$	125		$	1,385		$	2,183		$	3,693
Fair value	$	—		$	120		$	1,295		$	1,981		$	3,396
Weighted-average yield	—		%	1.77		%	1.29		%	2.22		%	1.86		%
Agency commercial MBS
Amortized cost	$	236		$	636		$	362		$	48		$	1,282
Fair value	$	231		$	601		$	314		$	38		$	1,184
Weighted-average yield	1.67		%	1.43		%	1.21		%	1.86		%	1.43		%
Agency CMOs
Amortized cost	$	—		$	—		$	26		$	1,368		$	1,394
Fair value	$	—		$	—		$	24		$	1,211		$	1,235
Weighted-average yield	—		%	—		%	1.43		%	2.17		%	2.16		%
U.S. Treasuries
Amortized cost	$	178		$	253		$	—		$	—		$	431
Fair value	$	178		$	254		$	—		$	—		$	432
Weighted-average yield	4.43		%	4.29		%	—		%	—		%	4.35		%
Other agency obligations
Amortized cost	$	189		$	129		$	28		$	8		$	354
Fair value	$	188		$	127		$	28		$	8		$	351
Weighted-average yield	2.85		%	3.77		%	2.42		%	3.07		%	3.16		%
Non-agency residential MBS
Amortized cost	$	—		$	—		$	—		$	499		$	499
Fair value	$	—		$	—		$	—		$	463		$	463
Weighted-average yield	—		%	—		%	—		%	4.18		%	4.18		%
Corporate bonds
Amortized cost	$	4		$	63		$	22		$	—		$	89
Fair value	$	4		$	63		$	22		$	—		$	89
Weighted-average yield	5.71		%	5.40		%	5.02		%	—		%	5.32		%
Other
Amortized cost	$	—		$	—		$	5		$	10		$	15
Fair value	$	—		$	—		$	4		$	11		$	15
Weighted-average yield	—		%	—		%	6.99		%	6.92		%	6.94		%
Total available-for-sale securities
Amortized cost	$	607		$	1,206		$	1,828		$	4,116		$	7,757
Fair value	$	601		$	1,165		$	1,687		$	3,712		$	7,165
Weighted-average yield	2.88		%	2.52		%	1.36		%	2.45		%	2.24		%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table details the gross unrealized losses and fair values of securities that were in a loss position at the reporting period end, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position.


	Less than 12 months				12 months or more				Total
$ in millions	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
June 30, 2025
Agency residential MBS	$	82	$	—	$	3,138	$	(299)	$	3,220	$	(299)
Agency commercial MBS	5		—		1,176		(98)		1,181		(98)
Agency CMOs	8		—		996		(161)		1,004		(161)
U.S. Treasuries	—		—		11		—		11		—
Other agency obligations	—		—		342		(3)		342		(3)
Non-agency residential MBS	14		—		383		(37)		397		(37)
Corporate bonds	4		—		21		—		25		—
Other	1		—		4		(1)		5		(1)
Total	$	114	$	—	$	6,071	$	(599)	$	6,185	$	(599)

September 30, 2024
Agency residential MBS	$	—	$	—	$	3,679	$	(327)	$	3,679	$	(327)
Agency commercial MBS	—		—		1,287		(119)		1,287		(119)
Agency CMOs	30		—		1,114		(170)		1,144		(170)
U.S. Treasuries	475		—		229		(2)		704		(2)
Other agency obligations	10		—		539		(6)		549		(6)
Non-agency residential MBS	—		—		417		(27)		417		(27)
Corporate bonds	—		—		42		(2)		42		(2)
Other	—		—		4		—		4		—
Total	$	515	$	—	$	7,311	$	(653)	$	7,826	$	(653)

At June 30, 2025, of the 794 available-for-sale securities in an unrealized loss position, 17 were in a continuous unrealized loss position for less than 12 months and 777 securities were in a continuous unrealized loss position for greater than 12 months.

At June 30, 2025, debt securities we held in excess of ten percent of our equity included those issued by the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with amortized costs of $3.66 billion and $2.28 billion, respectively, and fair values of $3.35 billion and $2.05 billion, respectively.

During the nine months ended June 30, 2025, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from AOCI to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the nine months ended June 30, 2025. During the three months ended June 30, 2025 and the three and nine months ended June 30, 2024, there were no sales of available-for-sale securities.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 5 – DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES

Our derivative assets and derivative liabilities are recorded at fair value and are included in “Derivative assets” and “Derivative liabilities” on our Condensed Consolidated Statements of Financial Condition. Cash flows related to our derivatives are included within operating activities on the Condensed Consolidated Statements of Cash Flows. The significant accounting policies governing our derivatives, including our methodologies for determining fair value, are described in Note 2 of our 2024 Form 10-K.

Derivative balances included on our financial statements

The following table presents the gross fair values and notional amounts of derivatives by product type, the amounts of counterparty and cash collateral netting on our Condensed Consolidated Statements of Financial Condition, as well as collateral posted and received under credit support agreements that do not meet the criteria for netting under GAAP.


	June 30, 2025						September 30, 2024
$ in millions	Derivative assets		Derivative liabilities		Notional amount		Derivative assets		Derivative liabilities		Notional amount
Derivatives not designated as hedging instruments
Interest rate (1)	$	333	$	338	$	20,776	$	336	$	346	$	20,629

Foreign exchange	—		1		646		2		1		949
Other	1		—		1,010		4		—		1,105
Subtotal	334		339		22,432		342		347		22,683
Derivatives designated as hedging instruments
Interest rate	—		—		900		2		—		1,250
Foreign exchange	—		2		1,257		5		—		1,226
Subtotal	—		2		2,157		7		—		2,476
Total gross fair value/notional amount	334		341		$	24,589	349		347		$	25,159
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting	(94)		(94)				(86)		(86)
Cash collateral netting	(167)		(37)				(160)		(37)
Total amounts offset	(261)		(131)				(246)		(123)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition	$	73	$	210			$	103	$	224
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments	(1)		—				(5)		—
Total	$	72	$	210			$	98	$	224

(1)Included to-be-announced security contracts that are accounted for as derivatives.

The following table details the gains/(losses) included in accumulated other comprehensive income/(loss) (“AOCI”), net of income taxes, on derivatives designated as hedging instruments. These amounts do not include any offsetting gains/(losses) on the related hedged item. These gains/(losses) included any amounts reclassified from AOCI to net income during the period. See Note 17 for additional information.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Interest rate (cash flow hedges)	$	(3)	$	(2)	$	(2)	$	(17)
Foreign exchange (net investment hedges)	(46)		10		14		10
Total gains/(losses) included in AOCI, net of taxes	$	(49)	$	8	$	12	$	(7)

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and nine months ended June 30, 2025 and 2024. We expect to reclassify $11 million of interest expense out of AOCI and into earnings within the next 12 months. The maximum length of time over which forecasted transactions are or will be hedged is two years.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table details the gains/(losses) on derivatives not designated as hedging instruments recognized on the Condensed Consolidated Statements of Income and Comprehensive Income. These amounts do not include any offsetting gains/(losses) on the related hedged item.


$ in millions		Three months ended June 30,				Nine months ended June 30,
	Location of gains/(losses)	2025		2024		2025		2024
Interest rate	Principal transactions/other revenue	$	4	$	3	$	11	$	7
Foreign exchange (1)	Other revenue	$	(48)	$	11	$	—	$	3
Other	Principal transactions	$	(6)	$	—	$	(3)	$	—

(1)The impacts included in our Condensed Consolidated Statements of Income and Comprehensive income of these gains/(losses) net of the gains/(losses) on the related hedged item were gains of $3 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and gains of $7 million and $5 million for the nine months ended June 30, 2025 and 2024, respectively.

Risks associated with our derivatives and related risk mitigation

Credit risk

We are exposed to credit losses primarily in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization. Where we are subject to credit exposure, we perform a credit evaluation of counterparties prior to entering into derivative transactions and we continue to monitor their credit standings on an ongoing basis. We may require initial margin or collateral from counterparties, generally in the form of cash or marketable securities to support certain of these obligations as established by the credit threshold specified by the agreement and/or as a result of monitoring the credit standing of the counterparties. We also enter into derivatives with clients, typically interest rate derivatives, to which either of our bank subsidiaries have provided loans. Such derivatives are generally collateralized by marketable securities or other assets of the client.

Interest rate and foreign exchange risk

We are exposed to interest rate risk related to certain of our interest rate derivatives. We are also exposed to foreign exchange risk related to our forward foreign exchange derivatives. On a daily basis, we monitor our risk exposure on our derivatives based on established sensitivity-based and foreign exchange spot limits.

Derivatives with credit-risk-related contingent features

Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt. If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either June 30, 2025 or September 30, 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 6 – COLLATERALIZED AGREEMENTS AND FINANCINGS

Collateralized agreements are comprised of securities purchased under agreements to resell (“reverse repurchase agreements”) and securities borrowed. Collateralized financings are comprised of securities sold under agreements to repurchase (“repurchase agreements”) and securities loaned. We enter into these transactions in order to facilitate client activities, acquire securities to cover short positions, and finance certain firm activities. The significant accounting policies governing our collateralized agreements and financings are described in Note 2 of our 2024 Form 10-K.

Our reverse repurchase agreements, repurchase agreements, securities borrowing, and securities lending transactions are governed by master agreements that are widely used by counterparties and that may allow for net settlements of payments in the normal course, as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the parties to the transaction. For financial statement purposes, we do not offset our reverse repurchase agreements, repurchase agreements, securities borrowed, and securities loaned because the conditions for netting as specified by GAAP are not met. Although not offset on the Condensed Consolidated Statements of Financial Condition, these transactions are included in the following table.


	Collateralized agreements						Collateralized financings
$ in millions	Reverse repurchase agreements		Securities borrowed		Total		Repurchase agreements		Securities loaned		Total
June 30, 2025
Gross amounts of recognized assets/liabilities	$	210	$	731	$	941	$	228	$	655	$	883
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	210		731		941		228		655		883
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(210)		(714)		(924)		(228)		(637)		(865)
Net amounts	$	—	$	17	$	17	$	—	$	18	$	18

September 30, 2024
Gross amounts of recognized assets/liabilities	$	413	$	336	$	749	$	402	$	536	$	938
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	413		336		749		402		536		938
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(413)		(326)		(739)		(402)		(522)		(924)
Net amounts	$	—	$	10	$	10	$	—	$	14	$	14

The total amount of collateral received under reverse repurchase agreements and the total amount of collateral posted under repurchase agreements exceeds the carrying value of these agreements on our Condensed Consolidated Statements of Financial Condition.

Repurchase agreements and securities loaned accounted for as secured borrowings

The following table presents our repurchase agreements and securities lending transactions accounted for as secured borrowings by type of collateral. Such secured borrowings have no stated maturity and are generally overnight and continuous.


$ in millions	June 30, 2025		September 30, 2024
Repurchase agreements:
Government and agency obligations	$	107	$	206
Agency MBS and agency CMOs	121		196
Total repurchase agreements	$	228	$	402
Securities loaned:
Equity securities	655		536
Total collateralized financings	$	883	$	938


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Collateral received and pledged

We receive cash and securities as collateral, primarily in connection with reverse repurchase agreements, securities borrowing agreements, derivative transactions, and client margin loans. The collateral we receive reduces our credit exposure to individual counterparties.

In many cases, we are permitted to deliver or repledge financial instruments we have received as collateral to satisfy our collateral requirements under our repurchase agreements, securities lending agreements or other secured borrowings, to satisfy deposit requirements with clearing organizations, or to otherwise meet either our or our clients’ settlement requirements.

The following table presents financial instruments at fair value that we received as collateral, were not included on our Condensed Consolidated Statements of Financial Condition, and that were available to be delivered or repledged, along with the balances of such instruments that were delivered or repledged, to satisfy one of our purposes previously described.


$ in millions	June 30, 2025		September 30, 2024
Collateral we received that was available to be delivered or repledged	$	4,093	$	3,800
Collateral that we delivered or repledged	$	1,581	$	1,653

Encumbered assets

We pledge certain of our assets, primarily trading assets, to collateralize repurchase agreements or other secured borrowings, maintain lines of credit, or to satisfy our collateral or settlement requirements with counterparties or clearing organizations who may or may not have the right to deliver or repledge such instruments. The following table presents information about our assets that have been pledged for such purposes and whether third parties had the right to deliver or repledge such assets.


$ in millions	June 30, 2025		September 30, 2024
Had the right to deliver or repledge	$	1,143	$	1,281
Did not have the right to deliver or repledge	$	64	$	66

We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. We also pledge certain loans and available-for-sale securities with the FRB to be eligible to participate in the Federal Reserve’s discount window program and to participate in certain deposit programs. The FHLB and the FRB do not have the ability to sell or repledge such loans and securities. For additional information regarding our outstanding FHLB advances see Note 14. The following table presents information about our assets that have been pledged with the FHLB or FRB.


$ in millions	June 30, 2025		September 30, 2024
Assets pledged with the FHLB or FRB:
Available-for-sale securities	$	2,602	$	3,979
Bank loans	21,139		11,794
Total assets pledged with the FHLB or FRB	$	23,741	$	15,773


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 7 – BANK LOANS, NET

Bank client receivables are comprised of loans originated or purchased by our Bank segment and include securities-based loans (“SBL”), corporate loans (commercial and industrial (“C&I”) loans, commercial real estate (“CRE”) loans, and real estate investment trust (“REIT”) loans), residential mortgage loans, and tax-exempt loans. These receivables are collateralized by first and, to a lesser extent, second mortgages on residential or other real property, other assets of the borrower, a pledge of revenue, securities, or are unsecured. We segregate our loan portfolio into six loan portfolio segments: SBL, C&I, CRE, REIT, residential mortgage, and tax-exempt. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies related to bank loans and the allowance for credit losses.

Loan balances in the following tables are presented at amortized cost (outstanding principal balance net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs), except for certain held for sale loans recorded at fair value. Bank loans are presented on our Condensed Consolidated Statements of Financial Condition at amortized cost (or fair value where applicable) less the allowance for credit losses (“ACL”).

The following table presents the balances for held for investment loans by portfolio segment and held for sale loans.


$ in millions	June 30, 2025			September 30, 2024
SBL	$	18,497		$	16,233
C&I loans	10,754			9,953
CRE loans	7,777			7,615
REIT loans	1,735			1,716
Residential mortgage loans	9,976			9,412
Tax-exempt loans	1,311			1,338
Total loans held for investment	50,050			46,267
Held for sale loans	255			184
Total loans held for sale and investment	50,305			46,451
Allowance for credit losses	(465)			(457)
Bank loans, net	$	49,840		$	45,994

ACL as a % of total loans held for investment	0.93		%	0.99		%
Accrued interest receivable on bank loans (included in “Other receivables, net”)	$	207		$	214

See Note 6 for additional information regarding bank loans pledged with the FHLB and FRB.

Held for sale loans

We originated or purchased $877 million and $2.59 billion of loans held for sale during the three and nine months ended June 30, 2025, respectively, and $856 million and $1.85 billion during the three and nine months ended June 30, 2024, respectively. The majority of these loans were purchases of the guaranteed portions of Small Business Administration (“SBA”) loans that were initially classified as loans held for sale upon purchase and subsequently transferred to trading instruments once they had been securitized into pools. Proceeds from the sales of these loans held for sale and not securitized amounted to $197 million and $859 million during the three and nine months ended June 30, 2025, respectively, and $200 million and $443 million during the three and nine months ended June 30, 2024, respectively. Net gains resulting from such sales were insignificant for each of the three and nine months ended June 30, 2025 and 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Purchases and sales of loans held for investment

The following table presents purchases and sales of loans held for investment by portfolio segment.


$ in millions	C&I loans		CRE loans		REIT loans		Residential mortgage loans		Total
Three months ended June 30, 2025
Purchases	$	156	$	—	$	14	$	94	$	264
Sales	$	103	$	—	$	—	$	—	$	103
Nine months ended June 30, 2025
Purchases	$	802	$	—	$	14	$	226	$	1,042
Sales	$	180	$	13	$	—	$	—	$	193
Three months ended June 30, 2024
Purchases	$	218	$	—	$	5	$	112	$	335
Sales	$	159	$	—	$	—	$	—	$	159
Nine months ended June 30, 2024
Purchases	$	738	$	—	$	5	$	234	$	977
Sales	$	322	$	—	$	9	$	—	$	331

Sales in the preceding table represent the recorded investment (i.e., net of charge-offs and discounts or premiums) of loans held for investment that were transferred to loans held for sale and subsequently sold to a third party during the respective period. As more fully described in Note 2 of our 2024 Form 10-K, corporate loan sales generally occur as part of our credit management activities.

Past due, nonaccrual, and modified loans

The following table presents information on delinquency status of our loans held for investment.


$ in millions	30-89 days and accruing		90 days or more and accruing		Total past due and accruing		Nonaccrual with allowance		Nonaccrual with no allowance		Current and accruing		Total loans held for investment
June 30, 2025
SBL	$	1	$	—	$	1	$	—	$	—	$	18,496	$	18,497
C&I loans	—		—		—		47		5		10,702		10,754
CRE loans	—		—		—		120		9		7,648		7,777
REIT loans	—		—		—		19		—		1,716		1,735
Residential mortgage loans	2		—		2		—		14		9,960		9,976
Tax-exempt loans	—		—		—		—		—		1,311		1,311
Total loans held for investment	$	3	$	—	$	3	$	186	$	28	$	49,833	$	50,050

September 30, 2024
SBL	$	3	$	—	$	3	$	—	$	—	$	16,230	$	16,233
C&I loans	—		—		—		58		—		9,895		9,953
CRE loans	—		—		—		67		18		7,530		7,615
REIT loans	—		—		—		19		—		1,697		1,716
Residential mortgage loans	3		—		3		—		13		9,396		9,412
Tax-exempt loans	—		—		—		—		—		1,338		1,338
Total loans held for investment	$	6	$	—	$	6	$	144	$	31	$	46,086	$	46,267

The preceding table includes $127 million and $89 million at June 30, 2025 and September 30, 2024, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2024 Form 10-K, in the normal course of business, we may modify the original terms of a loan agreement. In certain circumstances, we may agree to modify the original terms of a loan agreement to a borrower experiencing financial difficulty, which may include a borrower in default, financial distress, bankruptcy or other circumstances. Loans to borrowers experiencing financial difficulty modified during the three and nine months ended June 30, 2025 and 2024 were not significant.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Collateral-dependent loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the underlying collateral. Collateral-dependent loans are recorded based upon the fair value of the collateral less the estimated selling costs. The following table presents the amortized cost of our collateral-dependent loans and the nature of the collateral.


$ in millions	Nature of collateral	June 30, 2025		September 30, 2024

C&I loans	Commercial real estate and other business assets	$	14	$	9
CRE loans	Hospitality, office, multi-family residential, industrial, healthcare, and medical office real estate	$	128	$	115

Residential mortgage loans	Single family homes	$	14	$	8

Credit quality indicators

The credit quality of our bank loan portfolio is summarized monthly by management using internal risk ratings, which align with the standard asset classification system utilized by bank regulators. These classifications are divided into three groups: Not Classified (Pass), Special Mention, and Classified or Adverse Rating (Substandard, Doubtful and Loss). These terms are defined as follows:

Pass – Loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell, of any underlying collateral and generally are performing in accordance with the contractual terms.

Special Mention – Loans which have potential weaknesses that deserve management’s close attention. These loans are not adversely classified and do not expose us to sufficient risk to warrant an adverse classification.

Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently-known facts, conditions and values.

Loss – Loans which are considered by management to be uncollectible and of such little value that their continuance on our books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. We do not have any loan balances within this classification because, in accordance with our accounting policy, loans, or a portion thereof considered to be uncollectible are charged-off prior to the assignment of this classification.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following tables present our held for investment bank loan portfolio by credit quality indicator. Loans classified as special mention, substandard or doubtful are all considered to be “criticized” loans.


	As of and for the nine months ended June 30, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	17	$	118	$	124	$	20	$	62	$	69	$	18,087	$	18,497
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	17	$	118	$	124	$	20	$	62	$	69	$	18,087	$	18,497
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



C&I loans
Risk rating:
Pass	$	574	$	660	$	361	$	1,122	$	799	$	3,745	$	3,340	$	10,601
Special mention	—		—		17		1		—		12		9		39
Substandard	—		1		—		—		—		95		18		114
Doubtful	—		—		—		—		—		—		—		—
Total C&I loans	$	574	$	661	$	378	$	1,123	$	799	$	3,852	$	3,367	$	10,754
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	17



CRE loans
Risk rating:
Pass	$	891	$	803	$	1,118	$	1,885	$	698	$	1,575	$	551	$	7,521
Special mention	—		—		25		79		—		1		—		105
Substandard	—		—		58		9		—		61		—		128
Doubtful	—		—		—		—		—		23		—		23
Total CRE loans	$	891	$	803	$	1,201	$	1,973	$	698	$	1,660	$	551	$	7,777
Gross charge offs	$	—	$	—	$	—	$	—	$	—	$	6	$	2	$	8



REIT loans
Risk rating:
Pass	$	69	$	177	$	185	$	106	$	111	$	290	$	662	$	1,600
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		19		—		116		—		—		135
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	69	$	177	$	204	$	106	$	227	$	290	$	662	$	1,735
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	1,252	$	1,246	$	1,509	$	2,576	$	1,412	$	1,914	$	39	$	9,948
Special mention	—		—		—		1		1		6		—		8
Substandard	—		—		—		8		—		12		—		20
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,252	$	1,246	$	1,509	$	2,585	$	1,413	$	1,932	$	39	$	9,976
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Tax-exempt loans
Risk rating:
Pass	$	57	$	62	$	57	$	234	$	145	$	756	$	—	$	1,311
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	57	$	62	$	57	$	234	$	145	$	756	$	—	$	1,311
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	As of and for the year ended September 30, 2024
	Loans by origination fiscal year
$ in millions	2024		2023		2022		2021		2020		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	131	$	30	$	15	$	76	$	27	$	52	$	15,900	$	16,231
Special mention	—		—		—		—		—		—		—		—
Substandard (1)	2		—		—		—		—		—		—		2
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	133	$	30	$	15	$	76	$	27	$	52	$	15,900	$	16,233
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




C&I loans
Risk rating:
Pass	$	616	$	454	$	1,178	$	716	$	586	$	3,287	$	2,966	$	9,803
Special mention	—		4		1		—		54		1		—		60
Substandard	—		—		—		—		46		25		12		83
Doubtful	—		—		—		—		—		5		2		7
Total C&I loans	$	616	$	458	$	1,179	$	716	$	686	$	3,318	$	2,980	$	9,953
Gross charge-offs	$	—	$	—	$	—	$	3	$	4	$	38	$	—	$	45




CRE loans
Risk rating:
Pass	$	873	$	1,156	$	2,082	$	930	$	706	$	1,111	$	435	$	7,293
Special mention	—		30		76		—		14		16		—		136
Substandard	—		58		9		5		9		89		16		186
Doubtful	—		—		—		—		—		—		—		—
Total CRE loans	$	873	$	1,244	$	2,167	$	935	$	729	$	1,216	$	451	$	7,615
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	21	$	—	$	21




REIT loans
Risk rating:
Pass	$	172	$	250	$	167	$	135	$	55	$	195	$	564	$	1,538
Special mention	—		—		—		—		—		—		—		—
Substandard	—		19		—		—		40		—		119		178
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	172	$	269	$	167	$	135	$	95	$	195	$	683	$	1,716
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	1,373	$	1,637	$	2,725	$	1,493	$	858	$	1,260	$	39	$	9,385
Special mention	—		—		1		1		—		5		—		7
Substandard	—		—		8		—		—		12		—		20
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,373	$	1,637	$	2,734	$	1,494	$	858	$	1,277	$	39	$	9,412
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




Tax-exempt loans
Risk rating:
Pass	$	62	$	57	$	248	$	153	$	52	$	766	$	—	$	1,338
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	62	$	57	$	248	$	153	$	52	$	766	$	—	$	1,338
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)As of September 30, 2024, these balances related to loans which were collateralized by private securities or other financial instruments with a limited trading market.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

We also monitor the credit quality of the residential mortgage loan portfolio utilizing FICO scores and loan-to-value (“LTV”) ratios. A FICO score measures a borrower’s creditworthiness by considering factors such as payment and credit history. LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan. The following table presents the held for investment residential mortgage loan portfolio by LTV ratio at origination and by FICO score.


	June 30, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
FICO score:
Below 600	$	4	$	5	$	11	$	17	$	7	$	19	$	—	$	63
600 - 699	46		60		67		102		43		94		4		416
700 - 799	991		765		846		1,465		759		1,058		27		5,911
800 +	211		414		585		1,001		602		758		8		3,579
FICO score not available	—		2		—		—		2		3		—		7
Total	$	1,252	$	1,246	$	1,509	$	2,585	$	1,413	$	1,932	$	39	$	9,976

LTV ratio:
Below 80%	$	878	$	899	$	1,071	$	1,977	$	1,120	$	1,487	$	38	$	7,470
80%+	374		347		438		608		293		445		1		2,506
Total	$	1,252	$	1,246	$	1,509	$	2,585	$	1,413	$	1,932	$	39	$	9,976


	September 30, 2024
	Loans by origination fiscal year
$ in millions	2024		2023		2022		2021		2020		Prior		Revolving loans		Total
FICO score:
Below 600	$	1	$	7	$	13	$	5	$	3	$	14	$	—	$	43
600 - 699	79		52		107		52		44		124		5		463
700 - 799	1,093		992		1,564		793		469		636		23		5,570
800 +	197		584		1,050		642		341		499		10		3,323
FICO score not available	3		2		—		2		1		4		1		13
Total	$	1,373	$	1,637	$	2,734	$	1,494	$	858	$	1,277	$	39	$	9,412

LTV ratio:
Below 80%	$	988	$	1,155	$	2,104	$	1,182	$	665	$	973	$	38	$	7,105
80%+	385		482		630		312		193		304		1		2,307
Total	$	1,373	$	1,637	$	2,734	$	1,494	$	858	$	1,277	$	39	$	9,412


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Allowance for credit losses

The following table presents changes in the allowance for credit losses on held for investment bank loans by portfolio segment.


$ in millions	SBL			C&I loans			CRE loans			REIT loans			Residential mortgage loans			Tax-exempt loans			Total
Three months ended June 30, 2025
Balance at beginning of period	$	7		$	171		$	181		$	32		$	60		$	1		$	452


Provision/(benefit) for credit losses	(1)			12			(1)			4			1			—			15

Net (charge-offs)/recoveries:
Charge-offs	—			(4)			—			—			—			—			(4)
Recoveries	—			1			—			—			—			—			1
Net (charge-offs)/recoveries	—			(3)			—			—			—			—			(3)
Foreign exchange translation adjustment	—			1			—			—			—			—			1
Balance at end of period	$	6		$	181		$	180		$	36		$	61		$	1		$	465

Nine months ended June 30, 2025
Balance at beginning of period	$	6		$	173		$	188		$	23		$	65		$	2		$	457


Provision/(benefit) for credit losses	—			23			—			13			(4)			(1)			31

Net (charge-offs)/recoveries:
Charge-offs	—			(17)			(8)			—			—			—			(25)
Recoveries	—			2			1			—			—			—			3
Net (charge-offs)/recoveries	—			(15)			(7)			—			—			—			(22)
Foreign exchange translation adjustment	—			—			(1)			—			—			—			(1)
Balance at end of period	$	6		$	181		$	180		$	36		$	61		$	1		$	465

ACL by loan portfolio segment as a % of total ACL	1.3		%	39.0		%	38.7		%	7.7		%	13.1		%	0.2		%	100.0		%

Three months ended June 30, 2024
Balance at beginning of period	$	6		$	196		$	181		$	19		$	67		$	2		$	471



Provision/(benefit) for credit losses	(1)			(20)			16			1			(6)			—			(10)

Net (charge-offs)/recoveries:
Charge-offs	—			(6)			(1)			—			—			—			(7)
Recoveries	—			—			—			—			1			—			1
Net (charge-offs)/recoveries	—			(6)			(1)			—			1			—			(6)
Foreign exchange translation adjustment	—			—			1			—			—			—			1
Balance at end of period	$	5		$	170		$	197		$	20		$	62		$	2		$	456

Nine months ended June 30, 2024
Balance at beginning of period	$	7		$	214		$	161		$	16		$	74		$	2		$	474



Provision/(benefit) for credit losses	(2)			(9)			43			4			(13)			—			23

Net (charge-offs)/recoveries:
Charge-offs	—			(37)			(8)			—			—			—			(45)
Recoveries	—			2			—			—			1			—			3
Net (charge-offs)/recoveries	—			(35)			(8)			—			1			—			(42)
Foreign exchange translation adjustment	—			—			1			—			—			—			1
Balance at end of period	$	5		$	170		$	197		$	20		$	62		$	2		$	456

ACL by loan portfolio segment as a % of total ACL	1.1		%	37.3		%	43.2		%	4.4		%	13.6		%	0.4		%	100.0		%

The allowance for credit losses on held for investment bank loans increased $13 million during the three months ended June 30, 2025, primarily resulting from the bank loan provision for credit losses of $15 million, partially offset by net charge-offs during the quarter. The bank loan provision for credit losses for the three months ended June 30, 2025 primarily reflected the impacts of a weaker economic outlook for the C&I loan portfolio, loan downgrades, and specific reserves.

The allowance for credit losses on held for investment bank loans increased $8 million during the nine months ended June 30, 2025, primarily resulting from the bank loan provision for credit losses of $31 million, partially offset by net charge-offs during the period. The bank loan provision for credit losses for the nine months ended June 30, 2025 primarily reflected the impacts of loan downgrades, charge-offs in our C&I and CRE loan portfolios, and specific reserves.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $24 million, $20 million, and $22 million at June 30, 2025, March 31, 2025, and September 30, 2024, respectively. The increase in the allowance for credit losses on unfunded lending commitments for the three and nine months ended June 30, 2025 was primarily due to growth in our unfunded lending commitments.

NOTE 8 – LOANS TO FINANCIAL ADVISORS, NET

Loans to financial advisors are primarily comprised of loans originated as a part of our recruiting activities. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies related to loans to financial advisors and the related allowance for credit losses. The following table presents the balances for our loans to financial advisors and the related accrued interest receivable.


$ in millions	June 30, 2025			September 30, 2024
Affiliated with the firm as of period-end (1)	$	1,527		$	1,350
No longer affiliated with the firm as of period-end (2)	15			16
Total loans to financial advisors	1,542			1,366
Allowance for credit losses	(42)			(40)
Loans to financial advisors, net	$	1,500		$	1,326
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)	$	11		$	9
Allowance for credit losses as a percent of total loans to financial advisors	2.72		%	2.93		%

(1)These loans were predominantly current.

(2)These loans were on nonaccrual status and predominantly past due for a period of 180 days or more.

NOTE 9 – VARIABLE INTEREST ENTITIES

A VIE requires consolidation by the entity’s primary beneficiary. We evaluate all of the entities in which we are involved to determine if the entity is a VIE and if so, whether we hold a variable interest and are the primary beneficiary. Refer to Note 2 of our 2024 Form 10-K for a discussion of our principal involvement with VIEs and the accounting policies regarding determination of whether we are deemed to be the primary beneficiary of VIEs.

VIEs where we are the primary beneficiary

Of the VIEs in which we hold an interest, we have determined that certain investments in low-income housing tax credit (“LIHTC”) funds and the trust we utilize in connection with restricted stock unit (“RSU”) awards granted to certain employees of one of our Canadian subsidiaries (the “Restricted Stock Trust Fund”) require consolidation in our financial statements, as we are deemed the primary beneficiary of such VIEs. The aggregate assets and liabilities of the VIEs we consolidate are provided in the following table. Aggregate assets and aggregate liabilities may differ from the consolidated carrying value of assets and liabilities due to the elimination of intercompany assets and liabilities held by the consolidated VIE.


$ in millions	Aggregate assets		Aggregate liabilities
June 30, 2025

LIHTC funds	$	89	$	33
Restricted Stock Trust Fund	28		28
Total	$	117	$	61

September 30, 2024

LIHTC funds	$	136	$	60
Restricted Stock Trust Fund	19		19
Total	$	155	$	79


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table presents information about the carrying value of the assets and liabilities of the VIEs which we consolidate and which are included on our Condensed Consolidated Statements of Financial Condition. Intercompany balances are eliminated in consolidation and are not reflected in the following table.


$ in millions	June 30, 2025		September 30, 2024
Assets:
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash	$	20	$	17


Other assets	69		119
Total assets	$	89	$	136
Liabilities:
Other payables	$	24	$	37

Total liabilities	$	24	$	37
Noncontrolling interests	$	2	$	(6)

VIEs where we hold a variable interest but are not the primary beneficiary

As discussed in Note 2 of our 2024 Form 10-K, we have concluded that for certain VIEs we are not the primary beneficiary and therefore do not consolidate these VIEs. Such VIEs primarily include certain LIHTC funds, our interests in certain limited partnerships which are part of our private equity portfolio (“Private Equity Interests”), and other limited partnerships. Our risk of loss for these VIEs is limited to our investments in, advances to, and/or receivables due from these VIEs.

Aggregate assets, liabilities, and risk of loss

The aggregate assets, liabilities, and our exposure to loss from those VIEs in which we hold a variable interest, but as to which we have concluded we are not the primary beneficiary, are provided in the following table.


	June 30, 2025						September 30, 2024
$ in millions	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
LIHTC funds	$	9,644	$	3,085	$	68	$	9,049	$	3,079	$	116
Private Equity Interests	3,002		871		110		2,824		873		102
Other	536		173		79		204		146		64
Total	$	13,182	$	4,129	$	257	$	12,077	$	4,098	$	282

NOTE 10 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. See Notes 2 and 11 of our 2024 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired. We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2025 evaluation date, evaluating balances as of December 31, 2024. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

Our qualitative assessments considered macroeconomic indicators and industry and market considerations, such as trends in equity and fixed income markets, gross domestic product, labor markets, interest rates, and housing markets. We also considered regulatory changes, as well as company-specific factors such as market capitalization, reporting unit specific results, and changes in key personnel and strategy. Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date. Based upon the outcome of our qualitative assessments, no impairment was identified. No events have occurred since such assessments that would cause us to update this impairment testing.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 11 - OTHER ASSETS

The following table details the components of other assets as of the dates indicated. See Note 2 of our 2024 Form 10-K for a discussion of our accounting policies related to certain of these components.



$ in millions	June 30, 2025		September 30, 2024
Investments in corporate-owned life insurance policies	$	1,504	$	1,396
Property and equipment, net	669		635
Lease right-of-use (“ROU”) assets	576		568
Prepaid expenses	243		220

Investments in FHLB and FRB stock	106		114
Client-owned fractional shares	155		133
All other	204		291
Total other assets	$	3,457	$	3,357

See Note 13 of our 2024 Form 10-K for additional information regarding our property and equipment and Note 12 of this Form 10-Q and Note 14 of our 2024 Form 10-K for additional information regarding our leases.

NOTE 12 – LEASES

The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 14 of our 2024 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.


$ in millions	June 30, 2025		September 30, 2024
ROU lease assets (included in “Other assets”)	$	576	$	568
Lease liabilities (included in “Other payables”)	$	543	$	533

Lease liabilities as of June 30, 2025 excluded $21 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence later in fiscal year 2025 through fiscal year 2026 with lease terms ranging from four to eleven years.

Lease expense

The following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Condensed Consolidated Statements of Income and Comprehensive Income.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Lease costs	$	37	$	37	$	110	$	106
Variable lease costs	$	7	$	9	$	20	$	28

Variable lease costs in the preceding table include payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 13 – BANK DEPOSITS

Bank deposits include money market and savings accounts, interest-bearing demand deposits, which include Negotiable Order of Withdrawal accounts, certificates of deposit, and non-interest-bearing demand deposits held by our bank subsidiaries. The following table presents a summary of bank deposits, excluding affiliate deposits, as well as the weighted-average interest rates on such deposits. The calculation of the weighted-average rates was based on the actual deposit balances and rates at each respective period end.


	June 30, 2025				September 30, 2024
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	33,289	1.63	%	$	32,304	2.18	%
Interest-bearing demand deposits	21,651		4.09	%	20,570		4.56	%
Certificates of deposit	1,785		4.31	%	2,612		4.70	%
Non-interest-bearing demand deposits	524		—		524		—
Total bank deposits	$	57,249	2.65	%	$	56,010	3.18	%

Total bank deposits included $26.64 billion and $23.98 billion of cash balances as of June 30, 2025 and September 30, 2024, respectively, which were swept to our Bank segment from the client investment accounts maintained at Raymond James & Associates, Inc. (“RJ&A”). Such deposits are held in Federal Deposit Insurance Corporation (“FDIC”)-insured bank accounts through the Raymond James Bank Deposit Program (“RJBDP”), and substantially all of these deposits were included in money market and savings accounts in the preceding table. Total bank deposits in the preceding table included $13.03 billion and $14.02 billion of deposits as of June 30, 2025 and September 30, 2024, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account. The vast majority of the ESP balances were reflected in interest-bearing demand deposits in the preceding table.

The following table details the amount of total bank deposits (which excludes affiliate deposits) that are FDIC-insured, as well as the amount that exceeded the FDIC insurance limit at each respective period end.


$ in millions	June 30, 2025			September 30, 2024
FDIC-insured bank deposits	$	48,836		$	48,964
Bank deposits exceeding FDIC insurance limit (1) (2)	8,413			7,046
Total bank deposits	$	57,249		$	56,010
FDIC-insured bank deposits as a % of total bank deposits	85		%	87		%

(1)Bank deposits that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.

(2)Excluded affiliate deposits exceeding the FDIC insurance limit of $1.14 billion and $1.05 billion as of June 30, 2025 and September 30, 2024, respectively.

The following table sets forth the amount of certificates of deposit that exceeded the FDIC insurance limit, categorized by the time remaining until maturity, as of June 30, 2025.


$ in millions	June 30, 2025
Three months or less	$	75
Over three through six months	48
Over six through twelve months	22
Over twelve months	16
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	161

(1)Total certificates of deposit that exceeded the FDIC insurance limit were calculated in accordance with applicable regulatory reporting requirements.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The maturities by fiscal year of our certificates of deposit as of June 30, 2025 are presented in the following table.


	$ in millions
Remainder of 2025	$	515
2026	1,059
2027	120
2028	54
2029	24
Thereafter	13
Total certificates of deposit	$	1,785

Interest expense on deposits, excluding interest expense related to affiliate deposits, is summarized in the following table.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Money market and savings accounts	$	142	$	169	$	446	$	484
Interest-bearing demand deposits	212		247		646		742
Certificates of deposit	19		30		71		92
Total interest expense on deposits	$	373	$	446	$	1,163	$	1,318

We use an interest rate swap to manage the risk of increases in interest rates associated with certain money market and savings accounts by converting the balances subject to variable interest rates to a fixed interest rate. See Note 2 of our 2024 Form 10-K for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.

NOTE 14 – OTHER BORROWINGS

The following table details the components of our other borrowings.


	June 30, 2025					September 30, 2024
$ in millions	Weighted-average interest rate		Maturity date	Balance		Weighted-average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term	4.68	%	September 2025 - December 2026	$	550	5.14	%	March 2025 - December 2025	$	650

Fixed rate	4.10	%	December 2028	200		4.47	%	December 2024 - December 2028	300
Total FHLB advances				750					950
Subordinated notes - fixed-to-floating (including an unaccreted premium of $1 and $1, respectively)	9.95	%	May 2030	99		5.75	%	May 2030	99
Total other borrowings				$	849				$	1,049

FHLB advances

We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. See Note 2 of our 2024 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 6 of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Subordinated notes

As of June 30, 2025, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $98 million and a carrying value of $99 million. Our subordinated notes incurred interest at a fixed rate of 5.75% until May 15, 2025 and thereafter at a variable interest rate equal to 3-month CME Term Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 5.62% per annum. In July 2025, we notified holders of the subordinated notes of our intent to redeem all such subordinated notes on August 15, 2025 (the “Redemption Date”), pursuant to the applicable indenture provisions. The subordinated notes will be redeemed at 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date. The redemption of the subordinated notes will not have a material impact on our results for our fiscal fourth quarter of 2025.

Credit Facility

RJF and RJ&A are parties to a revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow. The Credit Facility has a term through April 2028 and provides for maximum borrowings of up to $750 million. The interest rates on borrowings under the Credit Facility are variable and based on SOFR, as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of June 30, 2025 or September 30, 2024. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating (the “Variable Rate Facility Fee”). Based upon RJF’s credit rating as of June 30, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125% per annum.

Other

In addition to the Credit Facility, we maintain various secured and unsecured lines of credit, which are generally utilized to finance certain fixed income trading instruments or for cash management purposes. Borrowings during the period were generally day-to-day and there were no borrowings outstanding on these arrangements as of June 30, 2025 or September 30, 2024. The interest rates for these arrangements are variable and are based on a daily bank quoted rate, which may reference SOFR, the federal funds rate, a lender’s prime rate, the Canadian prime rate or another commercially available rate, as applicable.

A portion of our fixed income transactions are cleared through a third-party clearing organization, which provides financing for the purchase of trading instruments to support such transactions. The amount of financing is based on the amount of trading inventory financed, as well as any deposits held at the clearing organization. Amounts outstanding under this financing arrangement are collateralized by a portion of our trading inventory and accrue interest based on market rates. While we had borrowings outstanding as of June 30, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement. We also have other collateralized financings included in “Collateralized financings” on our Consolidated Statements of Financial Condition. See Note 6 for information regarding our other collateralized financing arrangements.

NOTE 15 – INCOME TAXES

The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 18 of our 2024 Form 10-K.

Effective tax rate

Our effective income tax rate of 22.8% for the nine months ended June 30, 2025 was higher than the 21.8% effective tax rate for our fiscal year 2024. The increase in the effective income tax rate was primarily due to lower non-taxable valuation gains recognized on our corporate-owned life insurance in the current-year period compared with fiscal 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Uncertain tax positions

Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably possible that our uncertain tax position liability balance may decrease within the next 12 months by up to $17 million due to expiration of statutes of limitations of federal and state tax returns.

NOTE 16 – COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments and contingencies

Underwriting commitments

In the normal course of business, we enter into commitments for debt and equity underwritings. As of June 30, 2025, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Lending commitments and other credit-related financial instruments

We have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments.

The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.


$ in millions	June 30, 2025		September 30, 2024
SBL and other consumer lines of credit	$	53,468	$	44,057
Commercial lines of credit	$	5,262	$	4,630
Unfunded lending commitments	$	595	$	640
Standby letters of credit	$	160	$	111

SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards. These amounts reflect the maximum credit availability, contingent upon borrowers meeting applicable collateral posting requirements. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are unconditionally cancelable and we reserve the right to not make any advances or may terminate these lines at any time.

Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the current expected credit losses model provides for potential losses related to the unfunded lending commitments. See Note 2 of our 2024 Form 10-K and Note 7 of this Form 10-Q for additional information regarding this allowance for credit losses related to unfunded lending commitments.

RJ&A enters into margin lending arrangements which allow clients to borrow against the value of qualifying securities. Such loans are extended on a demand basis and are generally not committed facilities. Margin loans are collateralized by the securities held in the client’s account at RJ&A. Collateral levels and established credit terms are monitored daily and we require clients to deposit additional collateral or reduce balances as necessary.

We offer loans to prospective financial advisors for recruiting and retention purposes. See Note 2 of our 2024 Form 10-K and Note 8 of this Form 10-Q for additional information regarding our loans to financial advisors. These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer. We have unfunded commitments of $15 million for loans to financial advisors who have met such conditions as of June 30, 2025.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Investment commitments

We had unfunded commitments to various investments, primarily held by Raymond James Bank and TriState Capital Bank, of $95 million as of June 30, 2025.

Other commitments

Raymond James Affordable Housing Investments, Inc. (“RJAHI”) sells investments in project partnerships to various LIHTC funds, which have third-party investors, and for which RJAHI serves as the managing member or general partner. RJAHI typically sells investments in project partnerships to LIHTC funds within 90 days of their acquisition. Until such investments are sold to LIHTC funds, RJAHI is responsible for funding investment commitments to such partnerships. As of June 30, 2025, RJAHI had committed approximately $443 million to project partnerships that had not yet been sold to LIHTC funds. Because we expect to sell these project partnerships to LIHTC funds and the equity funding events arise over future periods, the contractual commitments are not expected to materially impact our future liquidity requirements. RJAHI may also make short-term loans or advances to project partnerships and LIHTC funds.

For information regarding our lease commitments see Note 12 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 14 of our 2024 Form 10-K.

Guarantees

Our U.S. broker-dealer subsidiaries are required by federal law to be members of the Securities Investors Protection Corporation (“SIPC”). The SIPC fund provides protection up to $500 thousand per client for securities and cash held in client accounts, including a limitation of $250 thousand on claims for cash balances. We have purchased excess SIPC coverage through various syndicates of Lloyd’s of London. For RJ&A, our clearing broker-dealer, the additional protection currently provided has an aggregate firm limit of $750 million for cash and securities, including a sub-limit of $1.9 million per client for cash above basic SIPC. Account protection applies when a SIPC member fails financially and is unable to meet its obligations to clients. This coverage does not protect against market fluctuations. RJF has provided an indemnity to Lloyd’s of London against any and all losses they may incur associated with the excess SIPC policies.

Legal and regulatory matters contingencies

In the normal course of our business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with our activities as a diversified financial services institution.

RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations (“SROs”). Reviews can result in the imposition of sanctions for regulatory violations, ranging from non-monetary censures to fines and, in serious cases, temporary or permanent suspension from conducting business, or limitations on certain business activities. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things, which can also result in the imposition of such sanctions.

We may contest liability and/or the amount of damages, as appropriate, in each pending matter. The level of litigation and investigatory activity (both formal and informal) by government and self-regulatory agencies in the financial services industry continues to be significant. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be material.

For many legal and regulatory matters, we are unable to estimate a range of reasonably possible loss as we cannot predict if, how or when such proceedings or investigations will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be. A large number of factors may contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental proceedings, potential fines and penalties); the matters present significant legal uncertainties; we have not engaged in settlement discussions; discovery is not complete; there are significant facts in dispute; and numerous parties are named as defendants (including where it is uncertain how liability might be shared among defendants). Subject to the foregoing, after consultation with counsel, we believe that the outcome of such litigation and regulatory proceedings will not have a material adverse effect on our consolidated financial condition. However, the outcome of such litigation and regulatory proceedings could be material to our operating results and cash flows for a particular future period, depending on, among other things, our revenues or income for such period.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

There are certain matters for which we are unable to estimate the upper end of the range of reasonably possible loss. With respect to legal and regulatory matters for which management has been able to estimate a range of reasonably possible loss as of June 30, 2025, the estimated upper end of the range of reasonably possible aggregate loss to be approximately $10 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2024 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.

NOTE 17 – SHAREHOLDERS’ EQUITY

Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2024 Form 10-K.


$ in millions	June 30, 2025		September 30, 2024
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding	80,500		80,500
Carrying value	$	79	$	79
Aggregate liquidation preference	$	81	$	81

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and nine months ended June 30, 2025 and 2024.


	Three months ended June 30,				Nine months ended June 30,
$ in millions, except per share amounts	2025		2024		2025		2024




Dividends declared:
Total dividends declared	$	1	$	1	$	4	$	4
Dividends declared per preferred share	$	15.94	$	15.94	$	47.82	$	47.82








Dividends paid:
Total dividends paid	$	1	$	1	$	4	$	4
Dividends paid per preferred share	$	15.94	$	15.94	$	47.82	$	47.82

Common equity

The following table presents the changes in our common shares outstanding for the three and nine months ended June 30, 2025 and 2024.


	Three months ended June 30,		Nine months ended June 30,
Shares in millions	2025	2024	2025	2024
Balance beginning of period	203.1	207.3	203.3	208.8
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization	(3.3)	(2.0)	(5.3)	(5.1)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures	0.2	0.3	2.0	1.9


Balance end of period	200.0	205.6	200.0	205.6

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 20 of this Form 10-Q and Note 23 of our 2024 Form 10-K for additional information on these programs.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In December 2024, our Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended June 30, 2025, we repurchased 3.3 million shares of our common stock for $451 million at an average price of $137 per share under the Board of Directors’ common stock repurchase authorization. During the nine months ended June 30, 2025, we repurchased 5.3 million shares of our common stock for $751 million at an average price of $141 per share. As of June 30, 2025, $749 million remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.


	Three months ended June 30,				Nine months ended June 30,
	2025		2024		2025		2024
Dividends per common share - declared	$	0.50	$	0.45	$	1.50	$	1.35
Dividends per common share - paid	$	0.50	$	0.45	$	1.45	$	1.32

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.


	Three months ended June 30,				Nine months ended June 30,
	2025		2024		2025		2024
Dividend payout ratio	23.6	%	19.5	%	20.4	%	19.7	%

We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by our regulators on dividends to the parent from our subsidiaries. See Note 21 of this Form 10-Q for additional information on our regulatory capital requirements.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Accumulated other comprehensive income/(loss)

All of the components of other comprehensive income/(loss) (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.


$ in millions	Net investment hedges		Currency translations		Subtotal: net investment hedges and currency translations		Available- for-sale securities		Cash flow hedges		Total
Three months ended June 30, 2025
AOCI as of beginning of period	$	205	$	(263)	$	(58)	$	(496)	$	8	$	(546)
OCI:
OCI before reclassifications and taxes	(60)		104		44		71		—		115
Amounts reclassified from AOCI, before tax	—		—		—		—		(4)		(4)
Pre-tax net OCI	(60)		104		44		71		(4)		111
Income tax effect	14		—		14		(18)		1		(3)
OCI for the period, net of tax	(46)		104		58		53		(3)		108
AOCI as of end of period	$	159	$	(159)	$	—	$	(443)	$	5	$	(438)

Nine months ended June 30, 2025
AOCI as of beginning of period	$	145	$	(169)	$	(24)	$	(485)	$	7	$	(502)
OCI:
OCI before reclassifications and taxes	19		10		29		52		13		94
Amounts reclassified from AOCI, before tax	—		—		—		2		(16)		(14)
Pre-tax net OCI	19		10		29		54		(3)		80
Income tax effect	(5)		—		(5)		(12)		1		(16)
OCI for the period, net of tax	14		10		24		42		(2)		64
AOCI as of end of period	$	159	$	(159)	$	—	$	(443)	$	5	$	(438)

Three months ended June 30, 2024
AOCI as of beginning of period	$	143	$	(198)	$	(55)	$	(698)	$	29	$	(724)
OCI:
OCI before reclassifications and taxes	14		(12)		2		14		4		20
Amounts reclassified from AOCI, before tax	—		—		—		—		(7)		(7)
Pre-tax net OCI	14		(12)		2		14		(3)		13
Income tax effect	(4)		—		(4)		(3)		1		(6)
OCI for the period, net of tax	10		(12)		(2)		11		(2)		7
AOCI as of end of period	$	153	$	(210)	$	(57)	$	(687)	$	27	$	(717)

Nine months ended June 30, 2024
AOCI as of beginning of period	$	143	$	(216)	$	(73)	$	(942)	$	44	$	(971)
OCI:
OCI before reclassifications and taxes	14		6		20		338		4		362
Amounts reclassified from AOCI, before tax	—		—		—		—		(26)		(26)
Pre-tax net OCI	14		6		20		338		(22)		336
Income tax effect	(4)		—		(4)		(83)		5		(82)
OCI for the period, net of tax	10		6		16		255		(17)		254
AOCI as of end of period	$	153	$	(210)	$	(57)	$	(687)	$	27	$	(717)

Reclassifications from AOCI to net income, excluding taxes, for the nine months ended June 30, 2025 were recorded in “Other” revenue and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the three months ended June 30, 2025 and three and nine months ended June 30, 2024 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2024 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.

NOTE 18 – REVENUES

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2024 Form 10-K. See Note 26 of our 2024 Form 10-K and Note 23 of this Form 10-Q for additional information on our segments.


	Three months ended June 30, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,462	$	—	$	280	$	—	$	(9)	$	1,733
Brokerage revenues:
Securities commissions:
Mutual and other fund products	146		1		1		—		—		148
Insurance and annuity products	129		—		—		—		—		129
Equities, exchange-traded funds (“ETFs”) and fixed income products	115		41		1		—		(3)		154
Subtotal securities commissions	390		42		2		—		(3)		431
Principal transactions (1)	30		96		—		2		—		128
Total brokerage revenues	420		138		2		2		(3)		559
Account and service fees:
Mutual fund and annuity service fees	126		—		3		—		—		129
RJBDP fees	303		2		—		—		(195)		110
Client account and other fees	72		2		2		—		(13)		63
Total account and service fees	501		4		5		—		(208)		302
Investment banking:
Merger & acquisition and advisory	—		105		—		—		—		105
Equity underwriting	9		38		—		—		—		47
Debt underwriting	—		60		—		—		—		60
Total investment banking	9		203		—		—		—		212
Other:
Affordable housing investments business revenues	—		33		—		—		—		33
All other (1)	5		—		1		16		(9)		13
Total other	5		33		1		16		(9)		46
Total non-interest revenues	2,397		378		288		18		(229)		2,852
Interest income (1)	114		27		3		823		23		990
Total revenues	2,511		405		291		841		(206)		3,842
Interest expense	(23)		(24)		—		(383)		(14)		(444)
Net revenues	$	2,488	$	381	$	291	$	458	$	(220)	$	3,398

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	Three months ended June 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,364	$	—	$	254	$	—	$	(7)	$	1,611
Brokerage revenues:
Securities commissions:
Mutual and other fund products	142		1		1		—		—		144
Insurance and annuity products	130		—		—		—		—		130
Equities, ETFs and fixed income products	111		33		—		—		(2)		142
Subtotal securities commissions	383		34		1		—		(2)		416
Principal transactions (1)	26		87		—		3		—		116
Total brokerage revenues	409		121		1		3		(2)		532
Account and service fees:
Mutual fund and annuity service fees	118		—		2		—		—		120
RJBDP fees	347		1		—		—		(199)		149
Client account and other fees	66		1		3		—		(11)		59
Total account and service fees	531		2		5		—		(210)		328
Investment banking:
Merger & acquisition and advisory	—		91		—		—		—		91
Equity underwriting	10		33		—		—		—		43
Debt underwriting	—		49		—		—		—		49
Total investment banking	10		173		—		—		—		183
Other:
Affordable housing investments business revenues	—		30		—		—		—		30
All other (1)	13		2		1		9		(4)		21
Total other	13		32		1		9		(4)		51
Total non-interest revenues	2,327		328		261		12		(223)		2,705
Interest income (1)	121		32		4		867		33		1,057
Total revenues	2,448		360		265		879		(190)		3,762
Interest expense	(32)		(30)		—		(461)		(11)		(534)
Net revenues	$	2,416	$	330	$	265	$	418	$	(201)	$	3,228

(1) These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	Nine months ended June 30, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	4,395	$	1	$	840	$	—	$	(35)	$	5,201
Brokerage revenues:
Securities commissions:
Mutual and other fund products	450		5		3		—		(1)		457
Insurance and annuity products	364		—		—		—		—		364
Equities, ETFs and fixed income products	371		117		3		—		(10)		481
Subtotal securities commissions	1,185		122		6		—		(11)		1,302
Principal transactions (1)	87		303		—		6		—		396
Total brokerage revenues	1,272		425		6		6		(11)		1,698
Account and service fees:
Mutual fund and annuity service fees	382		—		10		—		(1)		391
RJBDP fees	947		5		—		—		(568)		384
Client account and other fees	208		6		7		—		(31)		190
Total account and service fees	1,537		11		17		—		(600)		965
Investment banking:
Merger & acquisition and advisory	—		460		—		—		—		460
Equity underwriting	26		104		—		—		—		130
Debt underwriting	—		163		—		—		—		163
Total investment banking	26		727		—		—		—		753
Other:
Affordable housing investments business revenues	—		82		—		—		—		82
All other (1)	16		1		1		38		(13)		43
Total other	16		83		1		38		(13)		125
Total non-interest revenues	7,246		1,247		864		44		(659)		8,742
Interest income (1)	350		84		10		2,472		64		2,980
Total revenues	7,596		1,331		874		2,516		(595)		11,722
Interest expense	(74)		(74)		—		(1,199)		(37)		(1,384)
Net revenues	$	7,522	$	1,257	$	874	$	1,317	$	(632)	$	10,338

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index


	Nine months ended June 30, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,838	$	1	$	720	$	—	$	(25)	$	4,534
Brokerage revenues:
Securities commissions:
Mutual and other fund products	419		4		4		—		(3)		424
Insurance and annuity products	382		—		—		—		—		382
Equities, ETFs and fixed income products	313		101		—		—		(7)		407
Subtotal securities commissions	1,114		105		4		—		(10)		1,213
Principal transactions (1)	84		278		—		7		—		369
Total brokerage revenues	1,198		383		4		7		(10)		1,582
Account and service fees:
Mutual fund and annuity service fees	339		—		7		—		(1)		345
RJBDP fees	1,088		4		—		—		(631)		461
Client account and other fees	195		4		9		—		(32)		176
Total account and service fees	1,622		8		16		—		(664)		982
Investment banking:
Merger & acquisition and advisory	—		316		—		—		—		316
Equity underwriting	29		82		—		—		—		111
Debt underwriting	—		116		—		—		—		116
Total investment banking	29		514		—		—		—		543
Other:
Affordable housing investments business revenues	—		75		—		—		—		75
All other (1)	23		3		2		31		(14)		45
Total other	23		78		2		31		(14)		120
Total non-interest revenues	6,710		984		742		38		(713)		7,761
Interest income (1)	361		81		10		2,607		100		3,159
Total revenues	7,071		1,065		752		2,645		(613)		10,920
Interest expense	(88)		(76)		—		(1,362)		(35)		(1,561)
Net revenues	$	6,983	$	989	$	752	$	1,283	$	(648)	$	9,359

(1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

At June 30, 2025 and September 30, 2024, net receivables related to contracts with customers were $470 million and $600 million, respectively.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 19 – INTEREST INCOME AND INTEREST EXPENSE

The following table details the components of interest income and interest expense.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Interest income:
Cash and cash equivalents	$	103	$	121	$	331	$	381
Assets segregated for regulatory purposes and restricted cash	36		46		114		140
Trading assets — debt securities	19		20		57		54
Available-for-sale securities	45		55		142		167
Brokerage client receivables	42		48		128		140
Bank loans, net	715		736		2,123		2,197
All other	30		31		85		80
Total interest income	$	990	$	1,057	$	2,980	$	3,159
Interest expense:
Bank deposits	$	373	$	446	1,163		$	1,318
Trading liabilities — debt securities	11		11		32		33
Brokerage client payables	15		22		52		63
Other borrowings	7		7		21		23
Senior notes payable	23		23		69		69
All other	15		25		47		55
Total interest expense	$	444	$	534	$	1,384	$	1,561
Net interest income	$	546	$	523	$	1,596	$	1,598
Less: Bank loan provision/(benefit) for credit losses	15		(10)		31		23
Net interest income after bank loan provision/(benefit) for credit losses	$	531	$	533	$	1,565	$	1,575

Interest expense related to bank deposits in the preceding table excludes interest expense associated with affiliate deposits, which has been eliminated in consolidation.

NOTE 20 – SHARE-BASED COMPENSATION

We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, Board of Directors, and independent contractor financial advisors. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2024 Form 10-K. Other information related to our share-based awards is presented in Note 23 of our 2024 Form 10-K.

Restricted stock units

During the three and nine months ended June 30, 2025, we granted approximately 110 thousand and 2.0 million RSUs, respectively, with a weighted-average grant-date fair value of $148.72 and $162.23, respectively, compared with approximately 90 thousand and 1.9 million RSUs granted during the three and nine months ended June 30, 2024, respectively, with a weighted-average grant-date fair value of $125.42 and $108.09, respectively. For the three and nine months ended June 30, 2025, total share-based compensation amortization related to RSUs was $49 million and $192 million, respectively, compared with $51 million and $191 million for the three and nine months ended June 30, 2024, respectively.

As of June 30, 2025, there were $382 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2025. These costs are expected to be recognized over a weighted-average period of three years.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

Restricted stock awards

Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital Holdings, Inc. (“TriState Capital”) on June 1, 2022, in accordance with the terms of the acquisition. For the three and nine months ended June 30, 2025, total share-based compensation amortization related to these RSAs was $1 million and $3 million, respectively, compared with $1 million and $5 million for the three and nine months ended June 30, 2024, respectively. As of June 30, 2025, there were $2 million of total pre-tax compensation costs not yet recognized for these RSAs. These costs are expected to be recognized over a weighted-average period of 1.3 years. See Note 3 of our 2024 Form 10-K for additional information regarding the acquisition of TriState Capital.

NOTE 21 – REGULATORY CAPITAL REQUIREMENTS

RJF, as a bank holding company and financial holding company, as well as Raymond James Bank, TriState Capital Bank, our broker-dealer subsidiaries and our trust subsidiaries are subject to capital requirements by various regulatory authorities. Capital levels of each entity are monitored to ensure compliance with our various regulatory capital requirements. Failure to meet applicable capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial results.

As a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), that has made an election to be a financial holding company, RJF is subject to supervision, examination, and regulation by the Board of Governors of the Federal Reserve System (“the Fed”). We are subject to the Fed’s capital rules which establish an integrated regulatory capital framework and implement, in the U.S., the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. We apply the standardized approach for calculating risk-weighted assets and are also subject to the market risk provisions of the Fed’s capital rules (“market risk rule”).

Under these rules, requirements are established for both the quantity and quality of capital held by banking organizations. RJF, Raymond James Bank, and TriState Capital Bank are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, common equity tier 1 (“CET1”) capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make certain discretionary bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. As of June 30, 2025, capital levels at RJF, Raymond James Bank, and TriState Capital Bank exceeded the capital conservation buffer requirements and each entity was categorized as “well-capitalized.” For further discussion of regulatory capital requirements applicable to certain of our businesses and subsidiaries, see Note 24 of our 2024 Form 10-K.

The following table presents regulatory capital ratio requirements for RJF as of June 30, 2025 and September 30, 2024.


	Required ratio (1)		Well-capitalized		June 30, 2025				September 30, 2024
$ in millions					Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		13.1	%	$	10,957	12.8	%	$	10,383
Tier 1 capital	8.5	%	6.0	%	22.9	%	$	10,957	22.8	%	$	10,383
CET1 capital	7.0	%	N/A (2)		22.7	%	$	10,882	22.6	%	$	10,307
Total capital	10.5	%	10.0	%	24.2	%	$	11,575	24.1	%	$	11,001

(1)The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%.

(2)The Fed’s regulations do not establish well-capitalized thresholds for these measures for BHCs.

As of June 30, 2025, RJF’s regulatory capital increased compared with September 30, 2024 driven by an increase in equity due to positive earnings, partially offset by share repurchases and dividends. RJF’s tier 1 capital and total capital ratios increased compared with September 30, 2024 resulting from the increase in regulatory capital, partially offset by an increase in risk-weighted assets largely due to an increase in bank loans. RJF’s tier 1 leverage ratio at June 30, 2025 increased compared to September 30, 2024 due to the increase in regulatory capital, which was partially offset by higher average assets. The increase


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

in average assets was primarily driven by increases in average bank loans, partially offset by a decline in our available-for-sale securities portfolio.

For RJF to maintain its status as a financial holding company, Raymond James Bank and TriState Capital Bank must, among other things, qualify as “well-capitalized.” The following table presents regulatory capital ratio requirements for RJB and TSC as of June 30, 2025 and September 30, 2024. Our banks’ failure to remain well-capitalized could result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our financial statements.


	Required ratio (1)		Well-capitalized		June 30, 2025				September 30, 2024
$ in millions					Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.1	%	$	3,427	8.1	%	$	3,401
Tier 1 capital	8.5	%	8.0	%	14.0	%	$	3,427	14.4	%	$	3,401
CET1 capital	7.0	%	6.5	%	14.0	%	$	3,427	14.4	%	$	3,401
Total capital	10.5	%	10.0	%	15.2	%	$	3,735	15.7	%	$	3,698
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.5	%	$	1,616	7.5	%	$	1,505
Tier 1 capital	8.5	%	8.0	%	17.0	%	$	1,616	16.9	%	$	1,505
CET1 capital	7.0	%	6.5	%	17.0	%	$	1,616	16.9	%	$	1,505
Total capital	10.5	%	10.0	%	17.7	%	$	1,679	17.5	%	$	1,558

(1)The required ratio for tier 1 capital, CET1 capital, and total capital reflect our minimum risk-based capital requirements plus a capital conservation buffer of 2.5%.

Our bank subsidiaries may pay dividends to RJF out of retained earnings without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income and they satisfy applicable regulatory capital requirements. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. The following table presents the net capital position of RJ&A.


$ in millions	June 30, 2025			September 30, 2024
Raymond James & Associates, Inc.:
(Alternative Method elected)
Net capital as a percent of aggregate debit items	25.5		%	33.6		%
Net capital	$	857		$	1,019
Less: required net capital	(67)			(61)
Excess net capital	$	790		$	958

As of June 30, 2025, all of our other active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 22 – EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share.


	Three months ended June 30,				Nine months ended June 30,
in millions, except per share amounts	2025		2024		2025		2024
Income for basic earnings per common share:
Net income available to common shareholders	$	435	$	491	$	1,527	$	1,462
Less allocation of earnings and dividends to participating securities	—		(1)		(2)		(3)
Net income available to common shareholders after participating securities	$	435	$	490	$	1,525	$	1,459
Income for diluted earnings per common share:
Net income available to common shareholders	$	435	$	491	$	1,527	$	1,462
Less allocation of earnings and dividends to participating securities	—		(1)		(2)		(3)
Net income available to common shareholders after participating securities	$	435	$	490	$	1,525	$	1,459
Common shares:
Average common shares in basic computation	201.2		206.8		203.0		207.9
Dilutive effect of outstanding stock options and certain RSUs	4.3		5.5		4.6		5.2
Average common and common equivalent shares used in diluted computation	205.5		212.3		207.6		213.1
Earnings per common share:
Basic	$	2.16	$	2.37	$	7.51	$	7.02
Diluted	$	2.12	$	2.31	$	7.35	$	6.85
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	1.1		0.1		1.1		0.1

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of RSAs and certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2025 and 2024. Undistributed earnings are allocated to participating securities based upon their right to share in earnings as if all earnings for the period had been distributed.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

NOTE 23 – SEGMENT INFORMATION

We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other.

The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 26 of our 2024 Form 10-K.

The following table presents information concerning operations in these segments.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Net revenues:
Private Client Group	$	2,488	$	2,416	$	7,522	$	6,983
Capital Markets	381		330		1,257		989
Asset Management	291		265		874		752
Bank	458		418		1,317		1,283
Other	9		28		34		71
Intersegment eliminations	(229)		(229)		(666)		(719)
Total net revenues	$	3,398	$	3,228	$	10,338	$	9,359
Pre-tax income/(loss):
Private Client Group	$	411	$	441	$	1,304	$	1,324
Capital Markets	(54)		(14)		56		(28)
Asset Management	125		112		371		305
Bank	123		115		358		282
Other	(42)		(10)		(106)		—
Total pre-tax income	$	563	$	644	$	1,983	$	1,883

No individual client accounted for more than ten percent of revenues in any of the periods presented.

The following table presents our net interest income on a segment basis.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Net interest income:
Private Client Group (1)	$	91	$	89	$	276	$	273
Capital Markets	3		2		10		5
Asset Management	3		4		10		10
Bank	440		406		1,273		1,245
Other (1)	9		22		27		65
Net interest income	$	546	$	523	$	1,596	$	1,598

(1)Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reallocation of interest income from the Other segment to the PCG segment. Prior-period segment results have not been conformed to the current-period presentation.

The following table presents our total assets on a segment basis.


$ in millions	June 30, 2025		September 30, 2024
Total assets:
Private Client Group	$	14,236	$	13,413
Capital Markets	2,991		3,518
Asset Management	633		616
Bank	63,561		62,367
Other	3,394		3,078
Total	$	84,815	$	82,992


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)						Index

The following table presents goodwill, which was included in our total assets, on a segment basis.


$ in millions	June 30, 2025		September 30, 2024
Goodwill:
Private Client Group	$	581	$	578
Capital Markets	276		275
Asset Management	69		69
Bank	529		529
Total	$	1,455	$	1,451

We have operations in the U.S., Canada, and Europe. The vast majority of our long-lived assets are located in the U.S. The following table presents our net revenues and pre-tax income/(loss) classified by major geographic area in which they were earned.


	Three months ended June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Net revenues:
U.S.	$	3,107	$	2,950	$	9,445	$	8,557
Canada	149		154		474		448
Europe	142		124		419		354
Total net revenues	$	3,398	$	3,228	$	10,338	$	9,359
Pre-tax income/(loss):
U.S.	$	546	$	615	$	1,875	$	1,801
Canada	23		31		97		95
Europe	(6)		(2)		11		(13)
Total pre-tax income	$	563	$	644	$	1,983	$	1,883

The following table presents our total assets by major geographic area in which they were held.


$ in millions	June 30, 2025		September 30, 2024
Total assets:
U.S.	$	78,714	$	77,033
Canada	3,185		3,347
Europe	2,916		2,612
Total	$	84,815	$	82,992

The following table presents goodwill, which was included in our total assets, classified by major geographic area in which it was held.


$ in millions	June 30, 2025		September 30, 2024
Goodwill:
U.S.	$	1,250	$	1,250
Canada	24		25
Europe	181		176
Total	$	1,455	$	1,451


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES						Index

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


INDEX
			PAGE
Factors affecting “forward-looking statements”			50
Introduction			50
Executive overview			51
Reconciliation of non-GAAP financial measures to GAAP financial measures			54
Net interest analysis			57
Results of operations
Private Client Group			63
Capital Markets			67
Asset Management			68
Bank			71
Other			73
Statement of financial condition analysis			74
Liquidity and capital resources			74
Regulatory			81
Critical accounting estimates			82
Accounting standards update			83
Risk management			83


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

FACTORS AFFECTING “FORWARD-LOOKING STATEMENTS”

Certain statements made in this Quarterly Report on Form 10-Q 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, inflation, and international trade policies), 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, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” 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, subsequent Quarterly Report 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.

INTRODUCTION

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of our operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and accompanying notes to condensed consolidated financial statements. Where “NM” is used in various percentage change computations, the computed percentage change has been determined to be not meaningful.

We operate as a financial holding company and bank holding company. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets and commercial and residential credit trends. Overall market conditions, economic, political and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants, including investors, borrowers, and competitors, impacting their level of participation in the financial markets. These factors also impact the level of investment banking activity and asset valuations, which ultimately affect our business results.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

EXECUTIVE OVERVIEW

Summary results of operations


	Three months ended June 30,						Nine months ended June 30,
$ in millions, except per share amounts	2025		2024		% change		2025		2024		% change
Net revenues	$	3,398	$	3,228	5	%	$	10,338	$	9,359	10	%
Compensation, commissions and benefits expense	$	2,202	$	2,090	5	%	$	6,678	$	6,054	10	%
Non-compensation expenses	$	633	$	494	28	%	$	1,677	$	1,422	18	%
Pre-tax income	$	563	$	644	(13)	%	$	1,983	$	1,883	5	%
Net income available to common shareholders	$	435	$	491	(11)	%	$	1,527	$	1,462	4	%

Earnings per common share – basic	$	2.16	$	2.37	(9)	%	$	7.51	$	7.02	7	%
Earnings per common share – diluted	$	2.12	$	2.31	(8)	%	$	7.35	$	6.85	7	%

Non-GAAP measures:
Adjusted net income available to common shareholders (1)	$	449	$	508	(12)	%	$	1,570	$	1,516	4	%
Adjusted earnings per common share - diluted (1)	$	2.18	$	2.39	(9)	%	$	7.55	$	7.10	6	%


	Three months ended June 30,				Nine months ended June 30,
Other selected financial highlights	2025		2024		2025		2024
Pre-tax margin	16.6	%	20.0	%	19.2	%	20.1	%
Adjusted pre-tax margin (1)	17.1	%	20.7	%	19.7	%	20.9	%
Return on common equity	14.3	%	17.8	%	17.1	%	18.2	%
Adjusted return on common equity (1)	14.8	%	18.4	%	17.5	%	18.8	%
Return on tangible common equity (1)	16.7	%	21.2	%	19.9	%	21.8	%
Adjusted return on tangible common equity (1)	17.2	%	21.9	%	20.5	%	22.5	%
Compensation ratio	64.8	%	64.7	%	64.6	%	64.7	%
Adjusted compensation ratio (1)	64.5	%	64.4	%	64.4	%	64.3	%
Effective income tax rate	22.6	%	23.6	%	22.8	%	22.1	%

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

For our fiscal third quarter of 2025, we generated net revenues of $3.40 billion, an increase of 5% compared with the prior-year quarter, while pre-tax income of $563 million decreased 13% compared with the prior-year quarter. Our net income available to common shareholders was $435 million and our earnings per diluted share were $2.12, reflecting a decrease from the prior-year quarter levels of 11% and 8%, respectively. Our annualized return on common equity (“ROCE”) for the quarter was 14.3%, compared with 17.8% for the prior-year quarter, and our annualized return on tangible common equity (“ROTCE”) was 16.7%(1), compared with 21.2%(1) for the prior-year quarter. The results for the quarter were adversely impacted by a $58 million increase in expense associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 and 2015.

Excluding the impact of $14 million of expenses, net of their tax effect, related to acquisitions completed in prior years, such as compensation expenses related to retention awards and amortization of identifiable intangible assets, our adjusted net income available to common shareholders was $449 million(1) for the three months ended June 30, 2025, a decrease of 12% compared with adjusted net income available to common shareholders for the prior-year quarter. Our adjusted earnings per diluted share were $2.18(1), a decrease of 9% compared with the prior-year quarter. Adjusted annualized ROCE for the quarter was 14.8%(1) and adjusted annualized ROTCE was 17.2%(1) compared with adjusted annualized ROCE of 18.4%(1) and adjusted annualized ROTCE of 21.9%(1) for the prior-year quarter.

(1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

The increase in net revenues compared with the prior-year quarter was primarily due to higher asset management and related administrative fees largely the result of higher PCG client assets in fee-based accounts. The increase in PCG client assets in fee-based accounts was primarily due to market appreciation and net new assets to the firm since the prior-year period. Investment banking revenues increased 16% compared with the prior-year quarter primarily due to an increase in mergers & acquisition and advisory revenues, as well as increased underwriting revenues, although uncertain market conditions for transaction closings adversely impacted both periods. Brokerage revenues also increased compared with the prior-year quarter. Offsetting these increases was a decrease in combined net interest income and RJBDP fees from third‑party banks due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks compared with the prior-year quarter, which more than offset a favorable impact from growth in average interest-earning assets.

Compensation, commissions and benefits expense increased 5%, resulting from an increase in compensable revenues, annual salary increases, and an increase in compensation costs to support our growth. Our compensation ratio, or the ratio of compensation, commissions and benefits expense to net revenues, was 64.8%, and excluding acquisition-related compensation expenses, our adjusted compensation ratio was 64.5%(1), both remaining relatively unchanged compared with the prior-year quarter.

Non-compensation expenses increased 28%, primarily due to higher provisions for legal and regulatory matters as the current quarter included the aforementioned $58 million expense increase related to the settlement of a legal matter. Non-compensation expenses also increased due to a bank loan provision for credit losses of $15 million for the current quarter compared with a benefit of $10 million for the prior-year quarter, higher communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients and to support our growth, and higher investment sub-advisory fees resulting from growth in assets under management in sub-advised programs.

Our effective income tax rate was 22.6% for our fiscal third quarter of 2025, a decrease compared with the 23.6% effective income tax rate for the prior-year quarter, primarily due to higher non-taxable valuation gains on our corporate-owned life insurance policies recognized in the current quarter compared with the prior-year quarter.

As of June 30, 2025, our tier 1 leverage ratio was 13.1% and total capital ratio was 24.2% both well above regulatory capital requirements. We also continue to have substantial liquidity with $2.35 billion of RJF corporate cash(2) as of June 30, 2025. During the three months ended June 30, 2025, we repurchased 3.3 million shares of our common stock for $451 million at an average price of $137 per share under the Board of Directors’ common stock repurchase authorization, leaving $749 million available under the authorization as of June 30, 2025. We believe our capital and liquidity levels allow us to invest in growth across our businesses and continue to be opportunistic in our deployment of capital.

(2)This amount includes cash on hand at the parent, as well as parent cash loaned to RJ&A, which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. For additional information, please see the “Liquidity and capital resources - Sources of liquidity” section in this MD&A.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

For the nine months ended June 30, 2025, we generated net revenues of $10.34 billion, an increase of 10% compared with the prior-year period, and pre-tax income of $1.98 billion, an increase of 5%. Our net income available to common shareholders of $1.53 billion was 4% higher than the prior-year period and our earnings per diluted share were $7.35, reflecting a 7% increase. Our annualized ROCE was 17.1%, down from 18.2% for the prior-year period, and our annualized ROTCE was 19.9%(1), compared with 21.8%(1) for the prior-year period.

Excluding the impact of $43 million of expenses, net of their tax effect, related to acquisitions completed in prior years, adjusted net income available to common shareholders for the nine months ended June 30, 2025 was $1.57 billion(1), an increase of 4% compared with adjusted net income available to common shareholders for the prior-year period. Our adjusted earnings per diluted share were $7.55(1), an increase of 6% compared with the prior-year period. Adjusted annualized ROCE was 17.5%(1), compared with 18.8%(1) for the prior-year period, and adjusted annualized ROTCE was 20.5%(1), compared with 22.5%(1) for the prior-year period.

The increase in net revenues compared with the prior-year period was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of each of the current-year quarterly billing periods compared with the prior-year billing periods. The increase in PCG client assets in fee-based accounts resulted from net market appreciation and net new assets to the firm since the prior-year period. Investment banking revenues also increased significantly compared with the prior-year period primarily due to more favorable market conditions at the beginning of our fiscal 2025. Brokerage revenues also increased compared with the prior-year period largely due to an increase in client activity in both our PCG and Capital Markets segments. Offsetting these increases was a decrease in combined net interest income and RJBDP fees from third‑party banks, due to lower short-term interest rates compared with the prior-year period and, to a lesser extent, lower RJBDP balances swept to third-party banks, which more than offset a favorable impact from growth in average interest-earning assets.

Compensation, commissions and benefits expense increased 10%, primarily due to an increase in compensable revenues, an increase in compensation costs to support our growth, and annual salary increases. Our compensation ratio was 64.6%, and excluding acquisition-related compensation expenses, our adjusted compensation ratio was 64.4%(1), both remaining relatively unchanged compared with the prior-year period.

Non-compensation expenses increased 18%, primarily due to higher legal and regulatory matters expenses as the current-year period included a net provision expense for legal and regulatory matters, including a $58 million expense increase associated with the aforementioned settlement of a legal matter while the prior-year period reflected a net reserve release. Non-compensation expenses also increased due to higher communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients and to support our growth, higher investment sub-advisory fees resulting from growth in assets under management in sub-advised programs, and higher business development expenses.

Our effective income tax rate was 22.8% for the nine months ended June 30, 2025, an increase from 22.1% for the prior-year period, primarily due to lower non-taxable valuation gains on our corporate-owned life insurance policies recognized in the current-year period compared with the prior-year period.

During the nine months ended June 30, 2025, we repurchased 5.3 million shares of our common stock for $751 million at an average price of $141 per share under the Board of Directors’ common stock repurchase authorization.

(1)ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted annualized ROCE, adjusted annualized ROTCE, and adjusted compensation ratio are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

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 ROTCE is meaningful to investors as it facilitates 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 June 30,				Nine months ended June 30,
$ in millions	2025		2024		2025		2024
Net income available to common shareholders	$	435	$	491	$	1,527	$	1,462
Non-GAAP adjustments:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention	9		11		25		33


Communications and information processing	—		—		—		1
Professional fees	—		1		2		3
Other:
Amortization of identifiable intangible assets	10		11		31		33
All other acquisition-related expenses	—		—		—		2
Total “Other” expense	10		11		31		35
Total pre-tax impact of non-GAAP adjustments related to acquisitions	19		23		58		72


Tax effect of non-GAAP adjustments	(5)		(6)		(15)		(18)
Total non-GAAP adjustments, net of tax	14		17		43		54
Adjusted net income available to common shareholders	$	449	$	508	$	1,570	$	1,516



Pre-tax income	$	563	$	644	$	1,983	$	1,883
Pre-tax impact of non-GAAP adjustments (as detailed above)	19		23		58		72
Adjusted pre-tax income	$	582	$	667	$	2,041	$	1,955

Compensation, commissions and benefits expense	$	2,202	$	2,090	$	6,678	$	6,054
Less: Acquisition-related retention (as detailed above)	9		11		25		33
Adjusted compensation, commissions and benefits expense	$	2,193	$	2,079	$	6,653	$	6,021


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index


	Three months ended June 30,						Nine months ended June 30,
$ in millions, except per share amounts	2025			2024			2025			2024
Pre-tax margin	16.6		%	20.0		%	19.2		%	20.1		%
Less the impact of non-GAAP adjustments on pre-tax margin:
Expenses related to acquisitions:


Compensation, commissions and benefits — Acquisition-related retention	0.3		%	0.3		%	0.2		%	0.4		%
Communications and information processing	—		%	—		%	—		%	—		%
Professional fees	—		%	—		%	—		%	—		%
Other:
Amortization of identifiable intangible assets	0.2		%	0.4		%	0.3		%	0.4		%
All other acquisition-related expenses	—		%	—		%	—		%	—		%
Total “Other” expense	0.2		%	0.4		%	0.3		%	0.4		%
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.5		%	0.7		%	0.5		%	0.8		%
Adjusted pre-tax margin	17.1		%	20.7		%	19.7		%	20.9		%

Total compensation ratio	64.8		%	64.7		%	64.6		%	64.7		%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention	0.3		%	0.3		%	0.2		%	0.4		%


Adjusted total compensation ratio	64.5		%	64.4		%	64.4		%	64.3		%




Diluted earnings per common share	$	2.12		$	2.31		$	7.35		$	6.85
Impact of non-GAAP adjustments on diluted earnings per common share:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention	0.04			0.05			0.12			0.15


Communications and information processing	—			—			—			—
Professional fees	—			0.01			0.01			0.01
Other:
Amortization of identifiable intangible assets	0.04			0.05			0.14			0.16
All other acquisition-related expenses	—			—			—			0.01
Total “Other” expense	0.04			0.05			0.14			0.17
Total pre-tax impact of non-GAAP adjustments related to acquisitions	0.08			0.11			0.27			0.33

Tax effect of non-GAAP adjustments	(0.02)			(0.03)			(0.07)			(0.08)
Total non-GAAP adjustments, net of tax	0.06			0.08			0.20			0.25
Adjusted diluted earnings per common share	$	2.18		$	2.39		$	7.55		$	7.10


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025			2024			2025			2024
Average common equity	$	12,157		$	11,012		$	11,938		$	10,717
Impact of non-GAAP adjustments on average common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention	5			5			12			17


Communications and information processing	—			—			—			—
Professional fees	—			1			1			2
Other:
Amortization of identifiable intangible assets	5			5			16			16
All other acquisition-related expenses	—			—			—			1
Total “Other” expense	5			5			16			17
Total pre-tax impact of non-GAAP adjustments related to acquisitions	10			11			29			36

Tax effect of non-GAAP adjustments	(3)			(3)			(7)			(9)
Total non-GAAP adjustments, net of tax	7			8			22			27
Adjusted average common equity	$	12,164		$	11,020		$	11,960		$	10,744

Average common equity	$	12,157		$	11,012		$	11,938		$	10,717
Less:
Average goodwill and identifiable intangible assets, net	1,858			1,889			1,865			1,898
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(142)			(135)			(140)			(133)
Average tangible common equity	$	10,441		$	9,258		$	10,213		$	8,952
Impact of non-GAAP adjustments on average tangible common equity:
Expenses related to acquisitions:

Compensation, commissions and benefits — Acquisition-related retention	5			5			12			17


Communications and information processing	—			—			—			—
Professional fees	—			1			1			2
Other:
Amortization of identifiable intangible assets	5			5			16			16
All other acquisition-related expenses	—			—			—			1
Total “Other” expense	5			5			16			17
Total pre-tax impact of non-GAAP adjustments related to acquisitions	10			11			29			36

Tax effect of non-GAAP adjustments	(3)			(3)			(7)			(9)
Total non-GAAP adjustments, net of tax	7			8			22			27
Adjusted average tangible common equity	$	10,448		$	9,266		$	10,235		$	8,979

Return on common equity	14.3		%	17.8		%	17.1		%	18.2		%
Adjusted return on common equity	14.8		%	18.4		%	17.5		%	18.8		%
Return on tangible common equity	16.7		%	21.2		%	19.9		%	21.8		%
Adjusted return on tangible common equity	17.2		%	21.9		%	20.5		%	22.5		%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Diluted earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period or, in the case of adjusted diluted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period.

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.

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.

Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. Average common equity is computed by adding the total common equity attributable to RJF 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. Average common equity for the year-to-date period is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated year-to-date 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 year-to-date 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.

ROCE is computed by dividing annualized net income available to common shareholders for the period indicated by average common equity for each respective period or, in the case of ROTCE, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted ROCE 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 ROTCE, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period.

NET INTEREST ANALYSIS

The Fed funds target rate began our fiscal 2024 at a range of 5.25% to 5.50% where it remained throughout most of our fiscal 2024. In late September 2024, the Fed decreased the Fed funds target rate by 50 basis points, followed by two additional 25‑basis-point reductions during fiscal 2025 to end the current-year period at a range of 4.25% to 4.50%. The Fed has indicated that it intends to closely monitor market conditions to determine whether it will consider making additional adjustments to short-term interest rates during the remainder of our fiscal 2025. The following table details the Fed’s short-term interest rate activity since the beginning of our fiscal year 2024.


RJF fiscal quarter ended	Effective date of interest rate action	Increase/(decrease) in interest rates (in basis points)	Fed funds target rate
September 30, 2023	July 27, 2023	25	5.25% - 5.50%
September 30, 2024	September 19, 2024	(50)	4.75% - 5.00%
December 31, 2024	November 8, 2024	(25)	4.50% - 4.75%
December 31, 2024	December 19, 2024	(25)	4.25% - 4.50%

Given the relationship between our interest-sensitive assets and liabilities (primarily held in our PCG, Bank, and Other segments) and the nature of fees we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), our financial results are sensitive to changes in interest rates. Increases in short-term interest rates have historically resulted in an increase in our net earnings, and we expect decreases in short-term interest rates to generally reduce our net earnings, although there may be offsetting favorable impacts. As it relates to our net interest income, the magnitude of the effect of a decrease in interest rates depends on a number of factors impacting balances, asset yields, and the cost of funding. The magnitude of the impact to our net interest margin depends on the yields on interest-earning assets relative to the cost of interest-bearing liabilities, including deposit rates paid to clients on their cash balances.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Decreases in short-term interest rates generally result in a decrease to our RJBDP fees earned from third-party banks, although the magnitude of the impact may also be impacted by demand for cash balances by third-party banks and the rate paid to clients on their cash sweep balances. Rates paid to clients on their cash balances are generally impacted by the level of short-term interest rates, as well as competitive industry dynamics and the demand for client cash. Additionally, any future changes to regulatory rules or interpretations governing the fees the firm earns on cash sweep balances could also impact the rates we pay to clients on cash balances. In recent fiscal years, we have sought to continue to meet client demand for higher yields on cash balances, without sacrificing the benefits of FDIC insurance on such balances, by introducing new deposit products leveraging our bank subsidiaries or through initiatives offered within the RJBDP. Such programs include our ESP introduced to our clients in fiscal 2023 where such deposits are held by Raymond James Bank, offer enhanced rates, and offer FDIC coverage of up to $50 million for certain accounts, as well as initiatives offered from time to time within the RJBDP program which may offer enhanced rates to clients on certain balances within the program. These programs, while meeting client needs and diversifying our funding sources, have a higher relative cost than other alternatives therefore reducing our net interest margin and yields on RJBDP balances.

Refer to the discussion of our net interest income within the “Management’s Discussion and Analysis - Results of Operations” of our PCG, Bank, and Other segments, where applicable. Also refer to “Management’s Discussion and Analysis - Results of Operations - Private Client Group - Clients’ domestic cash sweep balances” for further information on the RJBDP.

Net interest income and RJBDP fees from third-party banks


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025		2024		% change		2025		2024		% change
Net interest income	$	546	$	523	4	%	$	1,596	$	1,598	—	%
RJBDP fees from third-party banks	110		149		(26)	%	384		461		(17)	%
Net interest income and RJBDP fees from third-party banks	$	656	$	672	(2)	%	$	1,980	$	2,059	(4)	%

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

Combined net interest income and RJBDP fees from third-party banks was $656 million and $672 million for the three months ended June 30, 2025 and 2024, respectively. The 2% decline compared with the prior-year quarter was primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, which more than offset favorable impacts from growth in average interest-earning assets and a slight increase in net interest margin.

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

Combined net interest income and RJBDP fees from third-party banks was $1.98 billion and $2.06 billion for the nine months ended June 30, 2025 and 2024, respectively. The 4% decline compared with the prior-year period was primarily due to lower short-term interest rates and, to a lesser extent, lower average RJBDP balances swept to third-party banks, which more than offset a favorable impact from growth in average interest-earning assets.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

The following table presents our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024


	Three months ended June 30,
	2025						2024
$ in millions	Average daily balance		Interest		Annualized average rate		Average daily balance		Interest		Annualized average rate
Interest-earning assets:
Bank segment:
Cash and cash equivalents	$	5,598	$	59	4.24	%	$	5,318	$	72	5.38	%
Available-for-sale securities	7,980		45		2.27	%	9,791		55		2.28	%
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL	18,100		276		6.04	%	15,029		269		7.10	%
C&I loans	10,418		172		6.53	%	9,935		194		7.70	%
CRE loans	7,764		126		6.42	%	7,465		142		7.52	%
REIT loans	1,712		30		7.04	%	1,731		34		7.71	%
Residential mortgage loans	9,934		98		3.96	%	9,173		83		3.66	%
Tax-exempt loans (3)	1,266		9		3.39	%	1,439		10		3.34	%

Loans held for sale	255		4		6.98	%	234		4		7.77	%
Total loans held for sale and investment	49,449		715		5.76	%	45,006		736		6.51	%
All other interest-earning assets	231		4		5.27	%	227		4		5.95	%
Interest-earning assets — Bank segment	$	63,258	$	823	5.18	%	$	60,342	$	867	5.72	%
All other segments:
Cash and cash equivalents	$	4,152	$	44	4.24	%	$	3,311	$	49	5.99	%
Assets segregated for regulatory purposes and restricted cash	3,628		36		3.95	%	3,624		46		5.08	%
Trading assets — debt securities	1,335		19		5.73	%	1,425		20		5.83	%
Brokerage client receivables	2,427		42		6.97	%	2,370		48		8.13	%
All other interest-earning assets	2,535		26		3.93	%	2,426		27		4.24	%
Interest-earning assets — all other segments	$	14,077	$	167	4.72	%	$	13,156	$	190	5.78	%
Total interest-earning assets	$	77,335	$	990	5.10	%	$	73,498	$	1,057	5.73	%
Interest-bearing liabilities:
Bank segment:
Bank deposits:
Money market and savings accounts	$	33,814	$	146	1.73	%	$	31,232	$	173	2.24	%
Interest-bearing demand deposits	21,246		213		4.03	%	20,261		250		4.95	%
Certificates of deposit	1,763		19		4.34	%	2,491		30		4.81	%
Total bank deposits (4)	56,823		378		2.67	%	53,984		453		3.38	%
FHLB advances and all other interest-bearing liabilities	847		5		2.79	%	1,189		8		2.90	%
Interest-bearing liabilities — Bank segment	$	57,670	$	383	2.67	%	$	55,173	$	461	3.37	%
All other segments:
Trading liabilities — debt securities	$	818	$	11	5.35	%	$	862	$	11	5.22	%
Brokerage client payables	4,882		15		1.24	%	4,558		22		1.93	%
Senior notes payable	2,040		23		4.50	%	2,039		23		4.50	%
All other interest-bearing liabilities (4)	1,272		12		3.83	%	1,522		17		4.42	%
Interest-bearing liabilities — all other segments	$	9,012	$	61	2.72	%	$	8,981	$	73	3.25	%
Total interest-bearing liabilities	$	66,682	$	444	2.68	%	$	64,154	$	534	3.35	%
Firmwide net interest income			$	546					$	523
Net interest margin (net yield on interest-earning assets)
Bank segment					2.74	%					2.64	%
Firmwide					2.83	%					2.86	%

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

(2)Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis.

(3)The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the periods presented.

(4)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.”


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately.


	Three months ended June 30,
	2025 compared to 2024
	Increase/(decrease) due to
$ in millions	Volume		Rate		Total
Interest-earning assets:	Interest income
Bank segment:
Cash and cash equivalents	$	3	$	(16)	$	(13)
Available-for-sale securities	(10)		—		(10)
Loans held for sale and investment:
Loans held for investment:
SBL	47		(40)		7
C&I loans	8		(30)		(22)
CRE loans	6		(22)		(16)
REIT loans	—		(4)		(4)
Residential mortgage loans	8		7		15
Tax-exempt loans	(1)		—		(1)
Loans held for sale	—		—		—
Total loans held for sale and investment	68		(89)		(21)
All other interest-earning assets	—		—		—
Interest-earning assets — Bank segment	$	61	$	(105)	$	(44)
All other segments:
Cash and cash equivalents	$	9	$	(14)	$	(5)
Assets segregated for regulatory purposes and restricted cash	—		(10)		(10)
Trading assets — debt securities	(1)		—		(1)
Brokerage client receivables	1		(7)		(6)
All other interest-earning assets	1		(2)		(1)
Interest-earning assets — all other segments	$	10	$	(33)	$	(23)
Total interest-earning assets	$	71	$	(138)	$	(67)

Interest-bearing liabilities:	Interest expense
Bank segment:
Bank deposits:
Money market and savings accounts	$	13	$	(40)	$	(27)
Interest-bearing demand deposits	11		(48)		(37)
Certificates of deposit	(8)		(3)		(11)
Total bank deposits	16		(91)		(75)
FHLB advances and all other interest-bearing liabilities	(3)		—		(3)
Interest-bearing liabilities — Bank segment	$	13	$	(91)	$	(78)
All other segments:
Trading liabilities — debt securities	$	—	$	—	$	—
Brokerage client payables	2		(9)		(7)
Senior notes payable	—		—		—
All other interest-bearing liabilities	(3)		(2)		(5)
Interest-bearing liabilities — all other segments	$	(1)	$	(11)	$	(12)
Total interest-bearing liabilities	$	12	$	(102)	$	(90)
Change in firmwide net interest income	$	59	$	(36)	$	23


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024


	Nine months ended June 30,
	2025						2024
$ in millions	Average daily balance		Interest		Annualized average rate		Average daily balance		Interest		Annualized average rate
Interest-earning assets:
Bank segment:
Cash and cash equivalents	$	5,960	$	197	4.40	%	$	5,699	$	232	5.40	%
Available-for-sale securities	8,363		142		2.27	%	10,069		167		2.22	%
Loans held for sale and investment: (1) (2)
Loans held for investment:
SBL	17,229		806		6.17	%	14,721		798		7.12	%
C&I loans	10,305		518		6.64	%	10,265		597		7.64	%
CRE loans	7,668		385		6.62	%	7,365		423		7.55	%
REIT loans	1,692		91		7.13	%	1,704		100		7.71	%
Residential mortgage loans	9,733		285		3.90	%	8,972		240		3.57	%
Tax-exempt loans (3)	1,283		26		3.37	%	1,443		29		3.28	%

Loans held for sale	232		12		6.96	%	180		10		8.15	%
Total loans held for sale and investment	48,142		2,123		5.85	%	44,650		2,197		6.50	%
All other interest-earning assets	237		10		5.39	%	235		11		6.10	%
Interest-earning assets — Bank segment	$	62,702	$	2,472	5.23	%	$	60,653	$	2,607	5.68	%
All other segments:
Cash and cash equivalents	$	4,076	$	134	4.40	%	$	3,292	$	149	6.04	%
Assets segregated for regulatory purposes and restricted cash	3,571		114		4.24	%	3,634		140		5.15	%
Trading assets — debt securities	1,387		57		5.47	%	1,251		54		5.80	%
Brokerage client receivables	2,402		128		7.15	%	2,266		140		8.22	%
All other interest-earning assets	2,531		75		3.88	%	2,265		69		3.89	%
Interest-earning assets — all other segments	$	13,967	$	508	4.84	%	$	12,708	$	552	5.77	%
Total interest-earning assets	$	76,669	$	2,980	5.16	%	$	73,361	$	3,159	5.70	%
Interest-bearing liabilities:
Bank segment:
Bank deposits:
Money market and savings accounts	$	33,088	$	458	1.85	%	$	31,459	$	497	2.11	%
Interest-bearing demand deposits	21,013		650		4.14	%	20,206		747		4.94	%
Certificates of deposit	2,094		71		4.52	%	2,642		92		4.64	%
Total bank deposits (4)	56,195		1,179		2.81	%	54,307		1,336		3.29	%
FHLB advances and all other interest-bearing liabilities	1,001		20		2.72	%	1,201		26		2.92	%
Interest-bearing liabilities — Bank segment	$	57,196	$	1,199	2.81	%	$	55,508	$	1,362	3.28	%
All other segments:
Trading liabilities — debt securities	$	834	$	32	5.17	%	$	806	$	33	5.46	%
Brokerage client payables	4,794		52		1.44	%	4,688		63		1.78	%
Senior notes payable	2,040		69		4.50	%	2,039		69		4.50	%
All other interest-bearing liabilities (4)	1,182		32		3.62	%	1,134		34		4.00	%
Interest-bearing liabilities — all other segments	$	8,850	$	185	2.79	%	$	8,667	$	199	3.05	%
Total interest-bearing liabilities	$	66,046	$	1,384	2.81	%	$	64,175	$	1,561	3.25	%
Firmwide net interest income			$	1,596					$	1,598
Net interest margin (net yield on interest-earning assets)
Bank segment					2.67	%					2.68	%
Firmwide					2.78	%					2.91	%

(1)Loans are presented net of unamortized discounts, unearned income, deferred loan fees and costs, and charge-offs.

(3)The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the years presented.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average yield/cost. Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous period’s volume. Changes attributable to both volume and rate have been allocated proportionately.


	Nine months ended June 30,
	2025 compared to 2024
	Increase/(decrease) due to
$ in millions	Volume		Rate		Total
Interest-earning assets:	Interest income
Bank segment:
Cash and cash equivalents	$	10	$	(45)	$	(35)
Available-for-sale securities	(29)		4		(25)
Loans held for sale and investment:
Loans held for investment:
SBL	113		(105)		8
C&I loans	2		(81)		(79)
CRE loans	15		(53)		(38)
REIT loans	(1)		(8)		(9)
Residential mortgage loans	21		24		45
Tax-exempt loans	(4)		1		(3)
Loans held for sale	4		(2)		2
Total loans held for sale and investment	150		(224)		(74)
All other interest-earning assets	—		(1)		(1)
Interest-earning assets — Bank segment	$	131	$	(266)	$	(135)
All other segments:
Cash and cash equivalents	$	26	$	(41)	$	(15)
Assets segregated for regulatory purposes and restricted cash	(2)		(24)		(26)
Trading assets — debt securities	6		(3)		3
Brokerage client receivables	6		(18)		(12)
All other interest-earning assets	6		—		6
Interest-earning assets — all other segments	$	42	$	(86)	$	(44)
Total interest-earning assets	$	173	$	(352)	$	(179)

Interest-bearing liabilities:	Interest expense
Bank segment:
Bank deposits:
Money market and savings accounts	$	23	$	(62)	$	(39)
Interest-bearing demand deposits	28		(125)		(97)
Certificates of deposit	(19)		(2)		(21)
Total bank deposits	32		(189)		(157)
FHLB advances and all other interest-bearing liabilities	(4)		(2)		(6)
Interest-bearing liabilities — Bank segment	$	28	$	(191)	$	(163)
All other segments:
Trading liabilities — debt securities	$	1	$	(2)	$	(1)
Brokerage client payables	1		(12)		(11)
Senior notes payable	—		—		—
All other interest-bearing liabilities	1		(3)		(2)
Interest-bearing liabilities — all other segments	$	3	$	(17)	$	(14)
Total interest-bearing liabilities	$	31	$	(208)	$	(177)
Change in firmwide net interest income	$	142	$	(144)	$	(2)


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

RESULTS OF OPERATIONS – PRIVATE CLIENT GROUP

For an overview of our PCG segment operations, as well as a description of the key factors impacting our PCG results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K.

Operating results


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025		2024		% change		2025		2024		% change
Revenues:
Asset management and related administrative fees	$	1,462	$	1,364	7	%	$	4,395	$	3,838	15	%
Brokerage revenues:
Mutual and other fund products	146		142		3	%	450		419		7	%
Insurance and annuity products	129		130		(1)	%	364		382		(5)	%
Equities, ETFs and fixed income products	145		137		6	%	458		397		15	%
Total brokerage revenues	420		409		3	%	1,272		1,198		6	%
Account and service fees:
Mutual fund and annuity service fees	126		118		7	%	382		339		13	%
RJBDP fees:
Bank segment	193		198		(3)	%	563		627		(10)	%
Third-party banks	110		149		(26)	%	384		461		(17)	%
Client account and other fees	72		66		9	%	208		195		7	%
Total account and service fees	501		531		(6)	%	1,537		1,622		(5)	%
Investment banking	9		10		(10)	%	26		29		(10)	%
Interest income (1)	114		121		(6)	%	350		361		(3)	%
All other	5		13		(62)	%	16		23		(30)	%
Total revenues	2,511		2,448		3	%	7,596		7,071		7	%
Interest expense	(23)		(32)		(28)	%	(74)		(88)		(16)	%
Net revenues	2,488		2,416		3	%	7,522		6,983		8	%
Non-interest expenses:
Financial advisor compensation and benefits	1,414		1,327		7	%	4,238		3,790		12	%
Administrative compensation and benefits	389		389		—	%	1,195		1,159		3	%
Total compensation, commissions and benefits	1,803		1,716		5	%	5,433		4,949		10	%
Non-compensation expenses:
Communications and information processing	119		106		12	%	347		303		15	%
Occupancy and equipment	58		57		2	%	169		168		1	%
Business development	48		49		(2)	%	130		126		3	%
Professional fees	16		16		—	%	47		47		—	%
All other	33		31		6	%	92		66		39	%
Total non-compensation expenses	274		259		6	%	785		710		11	%
Total non-interest expenses	2,077		1,975		5	%	6,218		5,659		10	%
Pre-tax income	$	411	$	441	(7)	%	$	1,304	$	1,324	(2)	%

(1)Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances to our segments, resulting in a reallocation of interest income from the Other segment to the PCG segment. Prior-period segment results have not been conformed to the current-period presentation.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Selected key metrics

PCG client asset balances


	As of
$ in billions	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Assets under administration (“AUA”)	$	1,574.2		$	1,475.5		$	1,491.8		$	1,507.0		$	1,415.7
Assets in fee-based accounts (1)	$	943.9		$	872.8		$	876.6		$	875.2		$	820.6
Percent of AUA in fee-based accounts	60.0		%	59.2		%	58.8		%	58.1		%	58.0		%

(1)A portion of our “Assets in fee-based accounts” is invested in “managed programs” overseen by our Asset Management segment, specifically our Asset Management Services division of RJ&A (“AMS”). These assets are included in our financial assets under management as disclosed in the “Selected key metrics” section of our “Management’s Discussion and Analysis - Results of Operations - Asset Management.”

As of June 30, 2025, March 31, 2025, and June 30, 2024 PCG AUA included assets associated with firms affiliated with us through our RIA and custody services (“RCS”) division of $201.6 billion, $185.6 billion, and $167.2 billion, respectively, of which $173.9 billion, $158.5 billion, and $140.6 billion, respectively, were assets in fee-based accounts. Based on the nature of the services provided to such firms, revenues related to these assets in the PCG segment are included in “Account and service fees.” The growth in RCS client assets over time is partially due to transfers into RCS from our other financial advisor channels. We may continue to experience transfers to our RCS division; however, consistent with our experience in recent fiscal years, we would not expect these financial advisor transfers to significantly impact our results of operations.

Domestic PCG net new assets


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025			2024			2025			2024
Domestic PCG net new assets (1)	$	11,651		$	16,517		$	34,501		$	47,740
Domestic PCG net new assets growth - annualized (2)	3.4		%	5.2		%	3.3		%	5.8		%

(1)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees, and other fees.

(2)The Domestic PCG net new asset growth - annualized percentage is based on the beginning Domestic PCG AUA balance for the indicated period.

PCG AUA and PCG assets in fee-based accounts as of June 30, 2025 increased 7% and 8%, respectively, compared with March 31, 2025, and increased 11% and 15%, respectively, compared with June 30, 2024 due to market-driven appreciation and net new assets, reflecting the favorable impact of our advisor recruiting and retention. PCG assets in fee-based accounts continued to be a significant percentage of overall PCG AUA due to many clients’ preference for fee-based alternatives versus transaction-based accounts and, as a result, a significant portion of our PCG revenues is directly impacted by market movements.

Fee-based accounts within our PCG segment are comprised of a wide array of products and programs that we offer our clients. The majority of assets in fee-based accounts within our PCG segment are invested in programs for which our financial advisors provide investment advisory services, either on a discretionary or non-discretionary basis. Administrative services for such accounts (e.g., record-keeping) are generally performed by our Asset Management segment and, as a result, a portion of the related revenue is shared with the Asset Management segment.

We also offer our clients fee-based accounts that are invested in “Managed programs” overseen by AMS, which is part of our Asset Management segment. Fee-billable assets invested in managed programs are included in both “Assets in fee-based accounts” in the preceding table and “Financial assets under management” in the Asset Management segment. Revenues related to managed programs are shared by our PCG and Asset Management segments. The Asset Management segment receives a higher portion of the revenues related to accounts invested in managed programs, as compared to the portion received for non-managed programs, as it is performing portfolio management services in addition to administrative services.

The vast majority of the revenues we earn from fee-based accounts are recorded in “Asset management and related administrative fees” on our Condensed Consolidated Statements of Income and Comprehensive Income. Fees received from such accounts are based on the value of client assets in fee-based accounts and vary based on the specific account types in which the client invests and the level of assets in the client relationship. As fees for the majority of such accounts are billed based on balances as of the beginning of the quarter, revenues from fee-based accounts may not be immediately affected by changes in asset values, but rather the impacts are seen in the following quarter.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Clients’ domestic cash sweep balances and ESP balances


	As of
$ in millions	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
RJBDP:
Bank segment	$	26,635	$	25,783	$	23,946	$	23,978	$	23,371
Third-party banks	13,878		16,813		20,341		18,226		17,325
Subtotal RJBDP	40,513		42,596		44,287		42,204		40,696
Client Interest Program (“CIP”)	1,640		1,656		1,664		1,653		1,713
Total clients’ domestic cash sweep balances	42,153		44,252		45,951		43,857		42,409
ESP	13,027		13,507		13,785		14,018		14,039
Total clients’ domestic cash sweep and ESP balances	$	55,180	$	57,759	$	59,736	$	57,875	$	56,448


	Three months ended June 30,				Nine months ended June 30,
	2025		2024		2025		2024
Average yield on RJBDP - third-party banks	2.96	%	3.41	%	3.03	%	3.55	%

A portion of our domestic clients’ cash is included in the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at either of our bank subsidiaries, which are included in our Bank segment, or various third-party banks. Balances swept to third-party banks are not reflected on our Condensed Consolidated Statements of Financial Condition. Our PCG segment earns servicing fees for the administrative services we provide related to our clients’ deposits that are swept to banks as part of the RJBDP. These servicing fees are variable in nature and fluctuate based on client cash balances in the program, as well as the level of short-term interest rates and the interest paid to clients on balances in the RJBDP. Under our intersegment policies, the PCG segment receives from our Bank segment the greater of a base servicing fee or a net yield equivalent to the average yield that the firm would otherwise receive from third-party banks in the RJBDP. In the current interest-rate environment the PCG segment RJBDP fee revenues are derived from the yield from third-party banks in the program and the Bank segment RJBDP servicing costs reflect such market rate for the deposits. The fees that the PCG segment earns from the Bank segment, as well as the servicing costs incurred on the deposits in the Bank segment, are eliminated in consolidation. See “Management’s Discussion and Analysis - Net interest analysis” for further information regarding factors impacting the servicing fees we receive related to the RJBDP, as well as the interest paid to clients on their cash balances.

The “Average yield on RJBDP - third-party banks” in the preceding table is computed by dividing annualized RJBDP fees from 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. The average yield on RJBDP - third-party banks for the three and nine months ended June 30, 2025 decreased from the corresponding prior-year periods largely as a result of decreases in the Fed’s short-term benchmark interest rate. For the nine-month period, the decrease also reflected the impact of growth in RJBDP balances offering enhanced rates to clients which reduced the yield earned from third-party banks on such balances. See “Management’s Discussion and Analysis - Net interest analysis” for further information.

Total clients’ domestic cash sweep and ESP balances decreased 4% compared with March 31, 2025, primarily due to seasonal declines related to client tax payments as well as quarterly asset management fee billings. PCG segment results can be impacted by not only changes in the level of client cash balances, but also by the allocation of client cash balances between the RJBDP, the CIP, and the ESP, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors.

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

Net revenues of $2.49 billion increased 3%, while pre-tax income of $411 million decreased 7%.

Asset management and related administrative fees increased $98 million, or 7%, primarily due to higher assets in fee-based accounts at the beginning of the current quarter compared with the prior-year quarter resulting from market-driven appreciation and net new assets, due to the favorable impact of our advisor recruiting and retention.

Brokerage revenues increased $11 million, or 3%, primarily due to higher client activity in the current quarter.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Account and service fees decreased $30 million, or 6%, primarily due to a decrease in RJBDP fees. RJBDP fees paid to PCG from third-party banks and our Bank segment decreased despite an increase in average RJBDP balances, primarily driven by a reduction in the average RJBDP third-party bank yield. RJBDP fees from third-party banks decreased by a greater amount than RJBDP fees from our Bank segment as average balances swept to third-party banks declined due to a higher allocation of balances to our Bank segment. Partially offsetting the overall decline in total RJBDP fees, mutual fund service fees increased primarily due to higher average mutual fund assets.

Compensation-related expenses increased $87 million, or 5%, primarily due to higher commission expense resulting from higher compensable revenues, including asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth and annual salary increases.

Non-compensation expenses increased $15 million, or 6%, primarily due to higher communications and information processing expenses, largely due to investments in technology to support our growth.

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

Net revenues of $7.52 billion increased 8%, while pre-tax income of $1.3 billion decreased 2%.

Asset management and related administrative fees increased $557 million, or 15%, primarily due to higher assets in fee-based accounts at the beginning of each of the current-year billing periods compared with the prior-year periods resulting from market-driven appreciation and net new assets, due to the favorable impact of our advisor recruiting and retention.

Brokerage revenues increased $74 million, or 6%, primarily due to higher client activity in the current-year period.

Account and service fees decreased $85 million, or 5%, primarily due to a decrease in RJBDP fees. RJBDP fees paid to PCG from third-party banks and our Bank segment decreased primarily due to a decrease in the average RJBDP third-party bank yield. RJBDP fees from third-party banks decreased by a greater amount than RJBDP fees from our Bank segment as average balances swept to third-party banks declined due to a higher allocation of balances to our Bank segment. These decreases were partially offset by higher average RJBDP balances. Partially offsetting the decline in total RJBDP fees, mutual fund service fees increased primarily due to higher average mutual fund assets.

Compensation-related expenses increased $484 million, or 10%, primarily due to higher commission expense resulting from higher compensable revenues, including asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth and annual salary increases.

Non-compensation expenses increased $75 million, or 11%, primarily due to higher communications and information processing expenses, largely due to investments in technology to support our growth, and higher expenses related to legal and regulatory matters as the prior-year period reflected a net reserve release which did not reoccur in the current-year period.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

RESULTS OF OPERATIONS – CAPITAL MARKETS

For an overview of our Capital Markets segment operations, as well as a description of the key factors impacting our Capital Markets results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K.

Operating results


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025		2024		% change		2025		2024		% change
Revenues:
Brokerage revenues:
Fixed income	$	97	$	86	13	%	$	298	$	276	8	%
Equity	41		35		17	%	127		107		19	%
Total brokerage revenues	138		121		14	%	425		383		11	%
Investment banking:
Merger & acquisition and advisory	105		91		15	%	460		316		46	%
Equity underwriting	38		33		15	%	104		82		27	%
Debt underwriting	60		49		22	%	163		116		41	%
Total investment banking	203		173		17	%	727		514		41	%
Interest income	27		32		(16)	%	84		81		4	%
Affordable housing investments business revenues	33		30		10	%	82		75		9	%
All other	4		4		—	%	13		12		8	%
Total revenues	405		360		13	%	1,331		1,065		25	%
Interest expense	(24)		(30)		(20)	%	(74)		(76)		(3)	%
Net revenues	381		330		15	%	1,257		989		27	%
Non-interest expenses:
Compensation, commissions and benefits	262		243		8	%	825		721		14	%
Non-compensation expenses:
Communications and information processing	32		28		14	%	92		85		8	%
Occupancy and equipment	12		12		—	%	35		35		—	%
Business development	19		14		36	%	56		45		24	%
Professional fees	16		17		(6)	%	36		42		(14)	%
All other	94		30		213	%	157		89		76	%
Total non-compensation expenses	173		101		71	%	376		296		27	%
Total non-interest expenses	435		344		26	%	1,201		1,017		18	%
Pre-tax income/(loss)	$	(54)	$	(14)	(286)	%	$	56	$	(28)	NM

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

Net revenues of $381 million increased 15%, while the segment pre-tax loss was $54 million, compared with a pre-tax loss of $14 million for the prior-year quarter.

Investment banking revenues increased $30 million, or 17%, due to increases in mergers & acquisition and advisory revenues, debt underwriting revenues and, to a lesser extent, equity underwriting revenues.

Brokerage revenues increased $17 million, or 14%, due to higher client activity in fixed income and equity products.

Compensation-related expenses increased $19 million, or 8%, primarily due to the increase in revenues.

Non-compensation expenses increased $72 million, or 71%, primarily due to the aforementioned $58 million reserve increase in the current quarter associated with the settlement of a legal matter, as well as higher business development expenses and communications and information processing expenses largely to support our growth.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

Net revenues of $1.26 billion increased 27% and pre-tax income was $56 million, compared with a pre-tax loss of $28 million for the prior-year period.

Investment banking revenues increased $213 million, or 41%, primarily due to more favorable market conditions and larger transactions during the current-year period.

Brokerage revenues increased $42 million, or 11%, primarily due to an increase in both fixed income and equity securities.

Compensation-related expenses increased $104 million, or 14%, primarily due to the increase in revenues.

Non-compensation expenses increased $80 million, or 27%, primarily due to the aforementioned $58 million reserve increase in the current quarter, as well as higher business development expenses and communications and information processing expenses largely to support our growth, partially offset by lower professional fees.

RESULTS OF OPERATIONS – ASSET MANAGEMENT

For an overview of our Asset Management segment operations as well as a description of the key factors impacting our Asset Management results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K.

Operating results


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025		2024		% change		2025		2024		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	189	$	171	11	%	$	565	$	484	17	%
Administration and other	91		83		10	%	275		236		17	%
Total asset management and related administrative fees	280		254		10	%	840		720		17	%
Account and service fees	5		5		—	%	17		16		6	%
All other	6		6		—	%	17		16		6	%
Net revenues	291		265		10	%	874		752		16	%
Non-interest expenses:
Compensation, commissions and benefits	54		56		(4)	%	169		167		1	%
Non-compensation expenses:
Communications and information processing	20		16		25	%	56		47		19	%
Investment sub-advisory fees	54		47		15	%	159		129		23	%

All other	38		34		12	%	119		104		14	%
Total non-compensation expenses	112		97		15	%	334		280		19	%
Total non-interest expenses	166		153		8	%	503		447		13	%
Pre-tax income	$	125	$	112	12	%	$	371	$	305	22	%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Selected key metrics

Managed programs

Management fees recorded in our Asset Management segment are generally calculated as a percentage of the value of our fee-billable financial assets under management (“AUM”). These AUM include the portion of fee-based AUA in our PCG segment that is invested in programs overseen by AMS, as well as retail accounts managed on behalf of third-party institutions, institutional accounts and proprietary mutual funds managed by Raymond James Investment Management.

Revenues related to fee-based AUA in our PCG segment are shared by the PCG and Asset Management segments, the amount of which depends on whether or not clients are invested in assets that are in managed programs overseen by our Asset Management segment and the administrative services provided (see our “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for additional information). Our AUM in AMS are impacted by market fluctuations and net inflows or outflows of assets, including transfers between fee-based accounts and transaction-based accounts within our PCG segment.

Revenues earned by Raymond James Investment Management for retail accounts managed on behalf of third-party institutions, institutional accounts, and our proprietary mutual funds are recorded entirely in the Asset Management segment. Our AUM in Raymond James Investment Management are impacted by market and investment performance and net inflows or outflows of assets.

Fees for our managed programs are generally collected quarterly. Approximately 75% of these fees are based on balances as of the beginning of the quarter (primarily in AMS), approximately 15% are based on balances as of the end of the quarter, and approximately 10% are based on average daily balances throughout the quarter.

Financial assets under management


$ in billions	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
AMS (1)	$	198.0	$	183.3	$	181.9	$	182.7	$	170.5
Raymond James Investment Management	80.6		76.6		76.7		76.8		72.5
Subtotal financial assets under management	278.6		259.9		258.6		259.5		243.0
Less: Assets managed for affiliated entities (2)	(15.4)		(14.9)		(14.7)		(14.7)		(13.7)
Total financial assets under management	$	263.2	$	245.0	$	243.9	$	244.8	$	229.3

(1)Represents the portion of our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”) that is invested in managed programs overseen by AMS.

(2)Represents the portion of the AMS AUM that is managed by Raymond James Investment Management and, as a result, is included in both AMS and Raymond James Investment Management in the preceding table. This amount is removed in the calculation of “Total financial assets under management.”

Activity (including activity in assets managed for affiliated entities)


	Three months ended June 30,				Nine months ended June 30,
$ in billions	2025		2024		2025		2024
Financial assets under management at beginning of period	$	259.9	$	240.1	$	259.5	$	207.9

Raymond James Investment Management:
Net outflows	—		(1.5)		(0.6)		(3.7)
Transfer of Charles Stanley Asset Management (1)	—		—		1.4		—
Total Raymond James Investment Management	—		(1.5)		0.8		(3.7)
AMS - net inflows	2.1		4.2		6.9		8.4
Net market appreciation in asset values	16.6		0.2		11.4		30.4
Financial assets under management at end of period	$	278.6	$	243.0	$	278.6	$	243.0

(1)The transfer was effective as of October 1, 2024.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

AMS

See “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for further information about our retail client assets, including those fee-based assets invested in programs managed by AMS.

Raymond James Investment Management

The following table presents Raymond James Investment Management’s AUM by objective, excluding assets for which it does not exercise discretion, as well as the approximate average client fee rate earned on such assets.


	As of June 30, 2025
$ in billions	AUM		Average fee rate
Equity	$	21.7	0.56	%
Fixed income	47.8		0.20	%
Balanced	11.1		0.33	%
Total financial assets under management	$	80.6	0.31	%

Non-discretionary asset-based programs

The following table includes assets held in certain non-discretionary asset-based programs for which the Asset Management segment does not exercise discretion but provides other services such as administrative support (including for affiliated entities) and investment advice. The vast majority of these assets are also included in our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”). Administrative fees associated with these programs are predominantly based on balances at the beginning of the quarter.


$ in billions	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total assets	$	547.8	$	505.3	$	509.8	$	506.2	$	474.7

Raymond James Trust

The following table includes assets held in asset-based programs in Raymond James Trust, N.A. (including those managed for affiliated entities).


$ in billions	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total assets	$	11.2	$	10.6	$	10.7	$	10.6	$	10.0

Fees earned on trust services are primarily reported within “Asset management and related administrative fees” on the Condensed Consolidated Statements of Income and Comprehensive Income.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

Net revenues of $291 million increased 10% and pre-tax income of $125 million increased 12%.

Asset management and related administrative fees increased $26 million, or 10%, driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values and net inflows to PCG fee-based accounts.

Non-compensation expenses increased $15 million, or 15%, largely due to higher investment sub-advisory fees resulting from the increase in assets under management in sub-advised programs, as well as higher communications and information processing expenses.

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

Net revenues of $874 million increased 16% and pre-tax income of $371 million increased 22%.

Asset management and related administrative fees increased $120 million, or 17%, primarily driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values and net inflows to PCG fee-based accounts.

Non-compensation expenses increased $54 million, or 19%, largely due to higher investment sub-advisory fees, resulting from the increase in assets under management in sub-advised programs, as well as higher communications and information processing expenses.

RESULTS OF OPERATIONS – BANK

For an overview of our Bank segment operations, as well as a description of the key factors impacting our Bank segment results of operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K.

Operating results


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025		2024		% change		2025		2024		% change
Revenues:
Interest income	$	823	$	867	(5)	%	$	2,472	$	2,607	(5)	%
Interest expense	(383)		(461)		(17)	%	(1,199)		(1,362)		(12)	%
Net interest income	440		406		8	%	1,273		1,245		2	%
All other	18		12		50	%	44		38		16	%
Net revenues	458		418		10	%	1,317		1,283		3	%
Non-interest expenses:
Compensation and benefits	47		45		4	%	138		136		1	%
Non-compensation expenses:
Bank loan provision for credit losses	15		(10)		NM		31		23		35	%
RJBDP fees to PCG	193		198		(3)	%	563		627		(10)	%

All other	80		70		14	%	227		215		6	%
Total non-compensation expenses	288		258		12	%	821		865		(5)	%
Total non-interest expenses	335		303		11	%	959		1,001		(4)	%
Pre-tax income	$	123	$	115	7	%	$	358	$	282	27	%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

Net revenues of $458 million increased 10% and pre-tax income of $123 million increased 7%.

Net interest income increased $34 million, or 8%, primarily due to the impact of higher average interest-earning assets, particularly securities-based loans, partially offset by the impact of the decrease in short-term interest rates. The Bank segment net interest margin increased to 2.74% from 2.64% for the prior-year quarter.

The bank loan provision for credit losses was $15 million for the current quarter compared with a benefit of $10 million for the prior-year quarter. The bank loan provision for credit losses for the current quarter primarily reflected the impacts of a weaker economic outlook for the C&I loan portfolio, loan downgrades, and specific reserves. The bank loan benefit for credit losses for the prior-year quarter primarily reflected the positive impacts of net loan repayments, sales, and improved loan grades on the C&I loan portfolio, and an improvement in forecasted home prices on the residential mortgage portfolio, partially offset by the impact of loan downgrades in our CRE portfolio.

Non-compensation expenses, excluding the bank loan provision for credit losses, increased $5 million, or 2%, primarily due to higher expenses related to our growth, partially offset by a decrease of $5 million, or 3%, in RJBDP fees paid to PCG. These Bank segment fees and the related revenues earned by the PCG segment are eliminated in consolidation (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Private Client Group” for further information about these servicing fees).

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

Net revenues of $1.32 billion increased 3% and pre-tax income of $358 million increased 27%.

Net interest income increased $28 million, or 2%, primarily due to the impact of higher average interest-earning assets, particularly securities-based loans, partially offset by the impact of lower short-term interest rates. The Bank segment net interest margin decreased slightly to 2.67% from 2.68% for the prior-year period.

The bank loan provision for credit losses was $31 million for the current-year period, compared with $23 million for the prior-year period. The bank loan provision for credit losses for the current-year period primarily reflected the impacts of loan downgrades, charge-offs in our C&I and CRE loan portfolios, and specific reserves. The bank loan provision for credit losses for the prior-year period primarily reflected the impacts of loan growth, specific reserves, loan downgrades, and charge-offs in our C&I and CRE loan portfolios, partially offset by the favorable impacts of an improved economic forecast, loan repayments, and loan sales.

Non-compensation expenses, excluding the bank loan provision for credit losses, decreased $52 million, or 6%, primarily due to a decrease of $64 million, or 10%, in RJBDP fees paid to PCG, partially offset by higher expenses related to our growth. These Bank segment fees and the related revenues earned by the PCG segment are eliminated in consolidation.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

RESULTS OF OPERATIONS – OTHER

This segment includes interest income on certain RJF corporate cash balances, 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. For an overview of our Other segment operations, refer to the information presented in “Item 1 - Business” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K.

Operating results


	Three months ended June 30,						Nine months ended June 30,
$ in millions	2025		2024		% change		2025		2024		% change
Revenues:
Interest income (1)	$	34	$	47	(28)	%	$	102	$	140	(27)	%
All other	—		6		(100)	%	7		6		17	%
Total revenues	34		53		(36)	%	109		146		(25)	%
Interest expense	(25)		(25)		—	%	(75)		(75)		—	%
Net revenues	9		28		(68)	%	34		71		(52)	%
Non-interest expenses:
Compensation and benefits	36		29		24	%	112		78		44	%


All other	15		9		67	%	28		(7)		NM
Total non-interest expenses	51		38		34	%	140		71		97	%
Pre-tax loss	$	(42)	$	(10)	(320)	%	$	(106)	$	—	NM

Quarter ended June 30, 2025 compared with the quarter ended June 30, 2024

Pre-tax loss was $42 million, compared with a pre-tax loss of $10 million for the prior-year quarter.

Net revenues decreased $19 million due to a decrease in interest income which reflected the impact of a decrease in short-term interest rates and, to a lesser extent, lower gains from certain investments in the current-year period.

Non-interest expenses increased $13 million, primarily due to higher compensation costs, professional fees, and communications and information processing expenses in the current-year period.

Nine months ended June 30, 2025 compared with the nine months ended June 30, 2024

Pre-tax loss was $106 million, compared with breakeven results for the prior-year period.

Net revenues decreased $37 million due to a decrease in interest income which reflected the impact of a decrease in short-term interest rates.

Non-interest expenses increased $69 million, or 97%, as the prior-year period reflected a net reserve release related to legal and regulatory matters which did not reoccur in the current-year period, as well as higher compensation costs, professional fees, and communications and information processing expenses in the current-year period partially due to investments in our growth.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

STATEMENT OF FINANCIAL CONDITION ANALYSIS

The assets on our Condensed Consolidated Statements of Financial Condition consisted primarily of cash and cash equivalents, assets segregated for regulatory purposes and restricted cash (primarily segregated for the benefit of clients), receivables, including bank loans, financial instruments held either for trading purposes or as investments, goodwill and identifiable intangible assets, and other assets. A significant portion of our assets were liquid in nature providing us with flexibility in financing our business.

Total assets of $84.82 billion as of June 30, 2025 were $1.8 billion, or 2%, higher than our total assets as of September 30, 2024. Banks loans, net increased $3.8 billion, primarily due to continued growth in securities-based loans. Assets segregated for regulatory purposes and restricted cash balances increased $420 million primarily due to an increase in client cash balances in our broker-dealer subsidiaries. Brokerage client receivables, net, collateralized agreements, and loans to financial advisors, net also increased $206 million, $192 million, and $174 million, respectively. These increases were partially offset by a $1.8 billion decrease in cash and cash equivalents primarily due to net investments in bank loans, common stock repurchases, and dividends paid on our common stock during the period, partially offset by net income, an increase in bank deposits, and net maturities of available-for-sale securities during the period. The net maturities of available-for-sale securities also contributed to a $1.1 billion decrease in our total assets.

As of June 30, 2025, our total liabilities of $72.55 billion were $1.2 billion, or 2%, higher than our total liabilities as of September 30, 2024, largely due to a $1.2 billion increase in bank deposits. Brokerage client payables also increased $390 million due to an increase in client cash balances. These increases were partially offset by a $200 million decrease in other borrowings due to the maturity and repayment of certain FHLB borrowings.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity and capital are essential to our business. The primary goal of our liquidity management activities is to ensure adequate funding and liquidity to conduct our business over a range of economic and market environments, including times of broader industry or market liquidity stress events. In times of market stress or uncertainty, we generally maintain higher levels of liquidity to ensure we have adequate funding to support our business and meet our clients’ needs. We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets, while at the same time meeting our regulatory capital requirements and conservative internal management targets.

Liquidity and capital resources are provided primarily through our business operations and financing activities. Our businesses generate substantially all of their own liquidity and funding needs. We have a contingency funding plan which would guide our actions if one or more of our businesses were to experience disruptions from normal funding and liquidity sources. These actions include reallocating client cash balances in the RJBDP from third-party banks to our bank subsidiaries thereby bringing those deposits onto our Condensed Consolidated Statements of Financial Condition, increasing our FHLB borrowings or borrowing from the Federal Reserve’s discount window at our bank subsidiaries, accessing committed and uncommitted lines of credit at the parent or certain operating subsidiaries, or accessing capital markets.

We also have the ability to create additional sources of funding by developing new products to meet the financial needs of our clients, such as the ESP deposit offering and, from time to time, offering enhanced rates on certain RJBDP deposits. With each of our deposit offerings, we work to obtain sufficient liquidity to support our business operations while also maintaining a high level of FDIC insurance coverage for our clients.

Our financing activities could also include bank borrowings, collateralized financing arrangements, or additional capital raising activities under our “universal” shelf registration statement. We believe our existing assets, most of which can be readily monetized, together with funds generated from operations and available from committed and uncommitted financing facilities, provide adequate funds for continuing operations at current levels of activity in the short-term. We also believe that we will be able to continue to meet our long-term funding and liquidity requirements due to our strong financial position and ability to access capital from financial markets.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Liquidity and capital management

Senior management establishes our liquidity and capital management frameworks. Our liquidity and capital management frameworks are overseen by our Asset and Liability Committee, a senior management committee that develops and executes strategies and policies to manage our liquidity risk and interest rate risk, as well as provides oversight over the firm’s investments. Our liquidity management framework is designed to ensure we have a sufficient amount of funding, even when funding markets experience stress. We manage the maturities and diversity of our funding across products and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets (e.g., the maturities of our available-for-sale securities portfolio). The liquidity management framework includes senior management’s review of short- and long-term cash flow forecasts, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of resources to our business units consider, among other factors, projected profitability, cash flow, risk, future liquidity needs, and required capital levels. Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition and liquidity, and also maintains our relationships with various lenders. The objective of our liquidity management framework is to support the successful execution of our business strategies while ensuring ongoing and sufficient funding and liquidity.

Our capital planning and capital risk management processes are governed by the Capital Planning Committee (“CPC”), a senior management committee that provides oversight on our capital planning and ensures that our strategic planning and risk management processes are integrated into the capital planning process. The CPC meets at least quarterly to review key metrics related to the firm’s capital, such as debt structure and capital ratios; to analyze potential and emerging risks to capital; to oversee our annual firmwide capital stress test; and to propose capital actions to the Board of Directors, such as declaring dividends, repurchasing securities, and raising capital. To ensure that we have sufficient capital to absorb unanticipated losses, the firm adheres to capital risk appetite statements and tolerances set in excess of regulatory minimums, which are established by the CPC and approved by the Board of Directors. We conduct enterprise-wide capital stress testing to ensure that we maintain adequate capital to adhere to our established tolerances under multiple scenarios, including a stressed scenario.

Capital structure

Common equity (i.e., common stock, additional paid-in capital, and retained earnings) is the primary component of our capital structure. Common equity allows for the absorption of losses on an ongoing basis and for the conservation of resources during stress periods, as we have discretion on the amount and timing of dividends and other capital actions. Information about our common equity is included in the Condensed Consolidated Statements of Financial Condition, the Condensed Consolidated Statements of Changes in Shareholders’ Equity, and Note 17 of this Form 10-Q.

Under regulatory capital rules applicable to us as a bank holding company that has made an election to be a financial holding company, we are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, CET1 capital, and total capital to risk-weighted assets. These capital ratios incorporate quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under the regulatory capital rules and are subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. We calculate these ratios in order to assess compliance with both regulatory requirements and internal capital policies. In order to maintain our ability to take certain capital actions, including dividends and common equity repurchases, and to make bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. See Note 21 for further information about our regulatory capital and related capital ratios.

We have classified all of our investments in debt securities as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. Accordingly, we account for our available-for-sale securities at fair value at each reporting date, with unrealized gains and losses, net of tax, included in AOCI. Current Basel III rules permit us to make an election to exclude most components of AOCI when calculating CET1 capital, tier 1 capital, and total capital. We have elected the AOCI opt-out for regulatory capital purposes and therefore exclude certain elements of AOCI, including gains/losses on our available-for-sale portfolio, from our capital calculations.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

The following table presents the components of RJF’s regulatory capital used to calculate the aforementioned regulatory capital ratios.


$ in millions	June 30, 2025		September 30, 2024
Common equity tier 1 capital/Tier 1 capital
Common stock and related additional paid-in capital	$	3,205	$	3,253
Retained earnings	13,104		11,894
Treasury stock	(3,691)		(3,051)
Accumulated other comprehensive loss	(438)		(502)
Less: Goodwill and identifiable intangible assets, net of related deferred tax liabilities	(1,717)		(1,748)
Other adjustments	419		461
Common equity tier 1 capital	10,882		10,307
Preferred stock	79		79
Less: Tier 1 capital deductions	(4)		(3)
Tier 1 capital	10,957		10,383
Tier 2 capital
Qualifying subordinated debt	79		99
Qualifying allowances for credit losses	539		519
Tier 2 capital	618		618
Total capital	$	11,575	$	11,001

The following table presents RJF’s risk-weighted assets by exposure type used to calculate the aforementioned regulatory capital ratios.


$ in millions	June 30, 2025		September 30, 2024
Credit risk-weighted assets:
On-balance sheet assets:
Corporate exposures	$	20,541	$	19,118
Exposures to sovereign and government-sponsored entities (1)	1,380		1,611
Exposures to depository institutions, foreign banks, and credit unions	2,058		2,009
Exposures to public-sector entities	615		621
Residential mortgage exposures	5,034		4,760
Statutory multi-family mortgage exposures	211		213
High volatility commercial real estate exposures	47		83
Past due loans	345		284
Equity exposures	563		706
Securitization exposures	121		134
Other assets	9,932		9,894
Off-balance sheet:
Standby letters of credit	102		83
Commitments with original maturity of one year or less	147		181
Commitments with original maturity greater than one year	2,872		2,415
Over-the-counter derivatives	331		284

Other off-balance sheet items	789		429
Total credit risk-weighted assets	45,088		42,825
Market risk-weighted assets	2,756		2,800
Total standardized risk-weighted assets	$	47,844	$	45,625

(1)Exposure is predominantly to the U.S. government and its agencies.

Cash flows

Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $9.20 billion at June 30, 2025 decreased $1.80 billion compared with September 30, 2024. The decrease in cash and cash equivalents primarily resulted from net investments in bank loans, common stock repurchases, dividends paid on our common stock, the repayment of certain FHLB borrowings, and net loans provided to financial advisors during the period. These decreases were partially offset by net income, net maturities of available-for-sale securities, and an increase in bank deposits during the period.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Sources of liquidity

Approximately $2.35 billion of our total June 30, 2025 cash and cash equivalents was RJF corporate cash, which included the cash held at the parent company, as well as cash it loaned to RJ&A. As of June 30, 2025, RJF had loaned $1.56 billion to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities.

The following table presents our holdings of cash and cash equivalents.


$ in millions	June 30, 2025
RJF	$	814
TriState Capital Bank	2,795
RJ&A	2,175
Raymond James Bank	1,885
RJ Ltd.	553
Raymond James Capital Services, LLC	144
Raymond James Wealth Management Limited (1)	140
Raymond James Trust Company of New Hampshire	133
Raymond James Financial Services, Inc.	124
Raymond James Investment Management	111
Other subsidiaries	321
Total cash and cash equivalents	$	9,195

(1)Effective July 1, 2025, Charles Stanley & Co. Limited changed its legal name to Raymond James Wealth Management Limited (“RJWM”).

RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $299 million as of June 30, 2025. The portion of this total that was available on demand without restrictions, which amounted to $267 million as of June 30, 2025, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table.

A large portion of the cash and cash equivalents balances at our non-U.S. subsidiaries, including RJ Ltd. and RJWM, was held to meet regulatory requirements and was not available for use by the parent as of June 30, 2025.

In addition to the cash balances described, we have various other potential sources of cash available to the parent company from subsidiaries, as described in the following section.

Liquidity available from subsidiaries

Liquidity is principally available to RJF from RJ&A and Raymond James Bank.

Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities and Exchange Act of 1934. As a member firm of the Financial Industry Regulatory Authority (“FINRA”), RJ&A is subject to FINRA’s capital requirements, which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an “alternative net capital requirement,” which RJ&A has elected. Regulations require that minimum net capital, as defined, be equal to the greater of $1.5 million or 2% of aggregate debit items arising from client balances. In addition, covenants in RJ&A’s committed financing arrangements require its net capital to be a minimum of 10% of aggregate debit items. At June 30, 2025, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances. FINRA may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements which may result in RJ&A limiting dividends it would otherwise remit to RJF. We evaluate regulatory requirements, loan covenants and certain internal tolerances when determining the amount of liquidity available to RJF from RJ&A.

Our bank subsidiaries may pay dividends to RJF without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income, and they maintain their targeted regulatory capital ratios, among other restrictions. Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

If necessary, RJF can also access additional liquidity, largely without regulatory preapproval, from certain other subsidiaries that generally do not serve as regular sources of dividend distributions to the parent.

Borrowings and financing arrangements

Financing arrangements

We have various financing arrangements in place with third-party lenders that allow us the flexibility to borrow funds on a secured or unsecured basis to meet our liquidity needs. We generally utilize these financing arrangements to finance a portion of our fixed income trading instruments held by RJ&A or for cash management purposes. Our ability to borrow under these arrangements is dependent upon compliance with the conditions in our various loan agreements and, in the case of secured borrowings, collateral eligibility requirements.

As of June 30, 2025, RJF and RJ&A had the ability to borrow under our $750 million Credit Facility, a committed unsecured line of credit. We had no such borrowings outstanding under this facility as of June 30, 2025. See Note 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding our Credit Facility.

In addition to our Credit Facility, we have various uncommitted financing arrangements with third-party lenders, which are in the form of secured lines of credit, secured bilateral repurchase agreements, or unsecured lines of credit. Our uncommitted secured financing arrangements generally require us to post collateral in excess of the amount borrowed and are generally collateralized by RJ&A-owned securities or by securities that we have received as collateral under reverse repurchase agreements (i.e., securities purchased under agreements to resell). As of June 30, 2025, we had outstanding borrowings under two uncommitted secured borrowing arrangements out of a total of 13 uncommitted financing arrangements (eight uncommitted secured and five uncommitted unsecured). However, lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities. See Notes 6 and 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these borrowings.

Our borrowings on uncommitted secured financing arrangements, which were in the form of repurchase agreements in RJ&A, were included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition. The average daily balance outstanding during the five most recent quarters, the maximum month-end balance outstanding during the quarter and the period-end balances for repurchase agreements and reverse repurchase agreements are detailed in the following table.


	Repurchase transactions						Reverse repurchase transactions
For the quarter ended: ($ in millions)	Average daily balance outstanding		Maximum month-end balance outstanding during the quarter		End of period balance outstanding		Average daily balance outstanding		Maximum month-end balance outstanding during the quarter		End of period balance outstanding
June 30, 2025	$	273	$	315	$	228	$	211	$	210	$	210
March 31, 2025	$	273	$	299	$	205	$	268	$	305	$	215
December 31, 2024	$	344	$	345	$	307	$	318	$	330	$	267
September 30, 2024	$	344	$	402	$	402	$	337	$	413	$	413
June 30, 2024	$	407	$	374	$	110	$	349	$	311	$	181

Other borrowings and collateralized financings

We had $750 million in FHLB borrowings outstanding at June 30, 2025, comprised of floating-rate and fixed-rate advances. The interest rates on our floating-rate advances are based on SOFR. We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate.

We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. As of June 30, 2025, we had $9.38 billion in immediate credit available from the FHLB based on the collateral pledged. With the pledge of incremental collateral, we could further increase credit available to us from the FHLB. See Notes 6 and 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB and for additional information on our FHLB borrowings, including the related maturities and interest rates.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

As member banks, our bank subsidiaries have access to the Federal Reserve’s discount window and may have access to other lending programs that may be established by the Federal Reserve in unusual and exigent circumstances. As of June 30, 2025, our bank subsidiaries had pledged certain bank loans with the Federal Reserve and had $7.2 billion in immediate credit available from the FRB based on collateral pledged. Subsequent to June 30, 2025, we have continued to pledge incremental collateral, further increasing our credit available to us from the FRB. See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding our assets pledged with the FRB.

At June 30, 2025, we had subordinated notes due May 2030 outstanding, with an aggregate principal amount of $98 million. In July 2025, we notified holders of the subordinated notes of our intent to redeem all such notes on August 15, 2025 (the “Redemption Date”), pursuant to the applicable indenture provisions. The subordinated notes will be redeemed at 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date for a total of $100 million. We have the ability to utilize our cash on hand to fund the redemption. The redemption of the subordinated notes will not have a material impact on results for our fiscal fourth quarter of 2025. See Note 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 16 of our 2024 Form 10-K for additional information regarding these borrowings.

We may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one counterparty and then lend them to another counterparty. Where permitted, we have also loaned securities owned by clients or the firm to broker-dealers and other financial institutions. We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $655 million as of June 30, 2025 related to the securities loaned included in “Collateralized financings” on our Condensed Consolidated Statements of Financial Condition of this Form 10-Q. See Note 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Note 2 of our 2024 Form 10-K for more information on our collateralized agreements and financings.

Senior notes payable

At June 30, 2025, we had aggregate outstanding senior notes payable of $2.04 billion, which, exclusive of any unaccreted premiums or discounts and debt issuance costs, was comprised of $500 million par 4.65% senior notes due April 2030, $800 million par 4.95% senior notes due July 2046, and $750 million par 3.75% senior notes due April 2051. See Note 17 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K for additional information on our senior notes payable.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Credit ratings

Our issuer, senior long-term debt, and preferred stock credit ratings as of the most current report are detailed in the following table.

Credit Rating

Fitch Ratings, Inc.

Moody’s

Standard & Poor’s Ratings Services

Issuer and senior long-term debt:

Rating

A-

Outlook

Stable

Last rating action

Affirmed

Date of last rating action

April 2025

March 2025

February 2025

Preferred stock:

Rating

BB+

Baa3 (hyb)

Not rated

Last rating action

Affirmed

N/A

Date of last rating action

April 2025

March 2025

N/A

Our current credit ratings depend upon a number of factors, including industry dynamics, operating and economic environment, operating results, operating margins, earnings trends and volatility, balance sheet composition, liquidity and liquidity management, capital structure, overall risk management, business diversification and market share, and competitive position in the markets in which we operate. Deterioration in any of these factors could impact our credit ratings. Any rating downgrades could increase our costs in the event we were to obtain additional financing.

Should our credit rating be downgraded prior to a public debt offering, it is probable that we would have to offer a higher rate of interest to bond investors. A downgrade to below investment grade may make a public debt offering difficult to execute on terms we would consider to be favorable. A downgrade below investment grade could result in the termination of certain derivative contracts and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. A credit downgrade could damage our reputation and result in certain counterparties limiting their business with us, result in negative comments by analysts, potentially negatively impact investors’ and/or clients’ perception of us, cause clients to withdraw bank deposits that exceed FDIC insurance limits from our bank subsidiaries, and cause a decline in our stock price. None of our borrowing arrangements contains a condition or event of default related to our credit ratings. However, a credit downgrade would result in the firm incurring a higher facility fee on the Credit Facility, in addition to triggering a higher interest rate applicable to any borrowings outstanding on that line as of and subsequent to such downgrade. Conversely, an improvement in RJF’s current credit rating could have a favorable impact on the facility fee, as well as the interest rate applicable to any borrowings on such line.

Other sources and uses of liquidity

We have corporate-owned life insurance policies which are utilized to fund certain non-qualified deferred compensation plans and other employee benefit plans. Certain of our non-qualified deferred compensation plans and other employee benefit plans are employee-directed (i.e., the participant chooses investment portfolio benchmarks) while others are company-directed. Of the corporate-owned life insurance policies which fund these plans, certain policies could be used as a source of liquidity for the firm. Those policies against which we could readily borrow had a cash surrender value of $1.28 billion as of June 30, 2025, comprised of $888 million related to employee-directed plans and $392 million related to company-directed plans, and we were able to borrow up to 90%, or $1.15 billion, of the June 30, 2025 total without restriction. To effect any such borrowing, the underlying investments would be converted to money market investments, therefore requiring us to take market risk related to the employee-directed plans. There were no borrowings outstanding against any of these policies as of June 30, 2025.

On May 8, 2024, we filed a “universal” shelf registration statement with the SEC pursuant to which we can issue debt, equity and other capital instruments if and when necessary or perceived by us to be opportune. Subject to certain conditions, this registration statement will be effective through May 8, 2027.

We purchase our own common stock from time to time in conjunction with a number of activities, which are described in further detail in Note 17 and “Part II - Item 2 - Unregistered sales of equity securities and use of proceeds” of this Form 10-Q. In periods where our capital and liquidity position are strong, and subject to our Board of Directors’ common stock repurchase authorization limit, we may purchase higher quantities of our shares on a more consistent basis than we have historically as part of our capital deployment strategies.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

As part of our ongoing operations, we also enter into contractual arrangements that may require future cash payments, including certificates of deposit, lease obligations and other contractual arrangements, such as for software licenses and various services. See Notes 12 and 13 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and Notes 14 and 15 of our 2024 Form 10-K for information regarding our lease obligations and certificates of deposit, respectively. We have entered into investment commitments, lending commitments and other commitments to extend credit for which we are unable to reasonably predict the timing of future payments. See Note 16 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information.

REGULATORY

Refer to the discussion of the regulatory environment in which we operate and the impact on our operations of certain rules and regulations in “Item 1 - Business - Regulation” of our 2024 Form 10-K.

RJF and many of its subsidiaries are each subject to various regulatory capital requirements. As of June 30, 2025, all of our active regulated domestic and international subsidiaries had net capital in excess of minimum requirements. In addition, RJF, Raymond James Bank, and TriState Capital Bank were categorized as “well-capitalized” as of June 30, 2025. The maintenance of certain risk-based and other regulatory capital levels could influence various capital allocation decisions impacting one or more of our businesses. However, due to the current capital position of RJF and its regulated subsidiaries, we do not anticipate these capital requirements will have a negative impact on our future business activities. See Note 21 of the Notes to Condensed Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources - Capital structure” of this Form 10-Q for additional information on regulatory capital requirements.

RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and SROs. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things. For example, beginning in August 2024, the SEC’s Division of Enforcement requested information regarding our practices related to cash sweep programs for investment advisory clients and is reportedly conducting similar reviews at other financial institutions. The firm has been cooperating with this inquiry. In addition, in August and December 2024, a total of three putative class action lawsuits were filed in federal district court alleging, among other things, that the firm breached its fiduciary duties or agreements with regard to rates paid to clients in our cash sweep programs. All three cases were subsequently consolidated, but on July 24, 2025, the plaintiff in one of the three lawsuits voluntarily dismissed all of their claims without prejudice. We intend to vigorously defend against the claims asserted by the remaining named plaintiffs.

The SEC adopted final rules mandating central clearing of cash, repurchase, and reverse repurchase transactions in U.S. Treasuries. In February 2025, the SEC extended the compliance dates for these rules by one year to December 2026 for cash market transactions and to June 2027 for repurchase and reverse repurchase transactions. We are actively working to update our business practices to align with the new requirements and do not expect the rule to have a material impact on our financial position.

In December 2024, the SEC adopted a final rule amending SEC Rules 15c3-3, the Customer Protection rule, and 15c3-1, the Net Capital rule. These amendments will require large clearing/carrying broker-dealers, including RJ&A, to compute customer and Proprietary Account of Broker-dealer reserve requirements and make any required reserve account deposits daily rather than the current weekly requirement. In June 2025, the SEC extended the compliance date for this rule by six months to June 30, 2026. We are prepared to comply with the rule as of its effective date and do not expect it to have a material impact on our statement of financial position.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law, enacting significant changes to the U.S. tax code.  Among its many provisions, those most likely to have an impact on our firm include the restoration of accelerated depreciation provisions (i.e., bonus depreciation), immediate expensing for domestic research and development costs (reversing prior amortization requirements), modifications to certain U.S. international tax provisions enacted under the 2017 Tax Cuts and Jobs Act, a new limitation on charitable contributions whereby deductions will only be permitted for amounts exceeding 1% of taxable income, and the eventual phaseout of certain renewable energy tax credit programs.  The changes to renewable energy programs do not impact tax credits applicable to our existing renewable energy equity investments. The effective dates of these provisions vary, and we are currently evaluating the impact these changes will have on our consolidated financial statements, including the potential effects on our effective tax rate, deferred tax assets and liabilities, and related disclosures.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

CRITICAL ACCOUNTING ESTIMATES

The condensed consolidated financial statements are prepared in accordance with GAAP, which require us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses for the reporting period. Management has established detailed policies and control procedures intended to ensure the appropriateness of such estimates and assumptions and their consistent application from period to period. For a description of our significant accounting policies, see Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K.

Due to their nature, estimates involve judgment based upon available information. Actual results or amounts could differ from estimates and the difference could have a material impact on the condensed consolidated financial statements. Therefore, understanding these critical accounting estimates is important in understanding our reported results of operations and financial position. We believe that of our accounting estimates and assumptions, those described in the following sections involve a high degree of judgment and complexity.

Loss provisions

Allowance for credit losses

We evaluate certain of our financial assets, including bank loans, to estimate an allowance for credit losses based on expected credit losses over a financial asset’s lifetime. The remaining life of our financial assets is determined by considering contractual terms and expected prepayments, among other factors. We use multiple methodologies in estimating an allowance for credit losses and our approaches differ by type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of our financial assets, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. Our process for determining the allowance for credit losses includes a complex analysis of several quantitative and qualitative factors requiring significant management judgment due to matters that are inherently uncertain. This uncertainty can produce volatility in our allowance for credit losses. In addition, the allowance for credit losses could be insufficient to cover actual losses. In such an event, any losses in excess of our allowance would result in a decrease in our net income, as well as a decrease in the level of regulatory capital.

We generally estimate the allowance for credit losses on bank loans using credit risk models which incorporate relevant available information from internal and external sources relating to past events, current conditions, and most notably, reasonable and supportable economic forecasts. After testing the reasonableness of a variety of economic forecast scenarios, each model is run using a single forecast scenario selected for each model. Our forecasts incorporate assumptions related to macroeconomic indicators as of June 30, 2025 including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, and commercial real estate and residential home price indices.

To demonstrate the sensitivity of credit loss estimates on our bank loan portfolio to macroeconomic forecasts, we compared our modeled estimates under the base case economic scenario used to estimate the allowance for credit losses as of June 30, 2025, to what our estimate would have been under a downside case scenario and an upside case scenario, without considering any offsetting effects in the qualitative component of our allowance for credit losses as of June 30, 2025. As of June 30, 2025, use of the downside case scenario would have resulted in an increase of approximately $185 million in the quantitative portion of our allowance for credit losses on bank loans, while the use of the upside case scenario would have resulted in a reduction of approximately $30 million in the quantitative portion of our allowance for credit losses on bank loans at June 30, 2025. These hypothetical outcomes reflect the relative sensitivity of the modeled portion of our allowance estimate to macroeconomic forecasted scenarios but do not consider any potential impact qualitative adjustments could have on the allowance for credit losses in such environments. Qualitative adjustments could either increase or decrease modeled loss estimates calculated using an alternative economic scenario assumption. Further, such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance for a number of reasons including: (1) management’s predictions of future economic trends and relationships among the scenarios may differ from actual events; and (2) management’s application of subjective measures to modeled results through the qualitative portion of the allowance for credit losses when appropriate. The downside case scenario utilized in this hypothetical sensitivity analysis assumes a moderate recession. To the extent macroeconomic conditions worsen beyond those assumed in this downside case scenario, we could incur provisions for credit losses significantly in excess of those estimated in this analysis.

See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K for information regarding our methodologies and assumptions used in estimating the allowance for credit losses. See Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our allowance for credit losses related to bank loans as of June 30, 2025.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Loss provisions for legal and regulatory matters

The recorded amount of liabilities related to legal and regulatory matters is subject to significant management judgment. For a description of the significant estimates and judgments associated with establishing such accruals, see the “Contingent liabilities” section of Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K. In addition, refer to Note 16 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding legal and regulatory matters contingencies as of June 30, 2025.

ACCOUNTING STANDARDS UPDATE

In November 2023, the Financial Accounting Standards Board (“FASB”) issued amended guidance related to disclosures for segment reporting (ASU 2023-07). The amendment requires a public entity to disclose on an annual and interim basis, for each reportable segment, the significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The guidance also requires a public entity to disclose, for each reportable segment, an amount for other segment items (those not captured as a significant expense) and the reported measure of a segment’s profit or loss. This new guidance is effective for annual periods beginning in our fiscal 2025 and interim periods beginning in our fiscal first quarter of 2026 with early adoption permitted, although we do not plan to early adopt. This guidance will be applied on a retrospective basis. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows.

In December 2023, the FASB issued amended guidance related to disclosures for income taxes (ASU 2023-09). The amendment requires a public entity to enhance its existing annual tabular reconciliation of its statutory income tax rate to its effective tax rate, with certain reconciling items at or above 5% of the applicable statutory income tax rate broken out by nature and/or jurisdiction. The guidance also requires an entity to disclose income taxes paid (net of refunds received), disaggregated by federal, state, and foreign taxes, and net amounts paid to an individual jurisdiction when they represent 5% or more of the total income taxes paid. This new guidance is effective for annual periods beginning in our fiscal 2026 with early adoption permitted, although we do not plan to early adopt. This guidance will be applied on a prospective basis with retrospective application permitted. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows.

In November 2024, the FASB issued amended guidance related to disclosure of disaggregated expenses (ASU 2024-03). This amendment requires public business entities to provide detailed disclosures in the notes to financial statements disaggregating specific expense categories, including employee compensation, depreciation, and intangible asset amortization, as well as certain other disclosures to provide enhanced transparency into the nature and function of expenses. This new guidance is effective for annual periods beginning in our fiscal 2028 and interim periods beginning in our fiscal first quarter of 2029 with early adoption permitted, although we do not plan to early adopt. This guidance will be applied on a prospective basis with retrospective application permitted. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows.

RISK MANAGEMENT

Risks are an inherent part of our business and activities. Management of risk is critical to our fiscal soundness and profitability. Our risk management processes are multi-faceted and require communication, judgment, and knowledge of financial products and markets. We have a formal Enterprise Risk Management (“ERM”) program to assess and review aggregate risks across the firm. Our management takes an active role in the ERM process, which requires specific administrative and business functions to participate in the identification, assessment, monitoring and control of various risks.

The principal risks related to our business activities are market, credit, liquidity, operational, model, and compliance.

Governance

Our Board of Directors, including its Risk Committee and Audit Committee, oversees the firm’s management and mitigation of risk, reinforcing a culture that encourages ethical conduct and risk management throughout the firm. Senior management communicates and reinforces this culture through three lines of risk management and a number of senior-level management committees. Our first line of risk management, which includes all of our businesses, owns its risks and is responsible for identifying, mitigating, and escalating risks arising from its day-to-day activities. The second line of risk management, which includes Compliance and Risk Management, advises our client-facing businesses and other first-line functions in identifying, assessing, and mitigating risk. The second line of risk management tests and monitors the effectiveness of controls, as deemed necessary, and escalates risks when appropriate to senior management and the Board of Directors. The third line of risk


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

management, Internal Audit, independently reviews activities conducted by the previous lines of risk management to assess their management and mitigation of risk, providing additional assurance to the Board of Directors and senior management, with a view toward enhancing our oversight, management, and mitigation of risk. Our legal department provides legal advice and guidance to each of these three lines of risk management.

Market risk

Market risk is our risk of loss resulting from the impact of changes in market prices on our trading inventory, derivatives, and investment positions. We have exposure to market risk primarily through our broker-dealer trading operations and our banking operations. Through our broker-dealer subsidiaries, we trade debt obligations and, to a lesser extent, equity securities and maintain trading inventories to ensure availability of securities to facilitate client transactions. Inventory levels may fluctuate daily as a result of client demand. Within our banking operations, we hold investments in an available-for-sale securities portfolio, and from time to time may hold SBA loan securitizations not yet sold. Our primary market risks relate to interest rates, equity prices, and foreign exchange rates. Interest rate risk results from changes in levels of interest rates, the volatility of interest rates, mortgage prepayment speeds, and credit spreads. Equity risk results from changes in prices of equity securities. Foreign exchange risk results from changes in spot prices, forward prices, and volatility of foreign exchange rates. See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Notes 3, 4, and 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for fair value and other information regarding our trading inventories, available-for-sale securities, and derivative instruments.

We regularly enter into underwriting commitments and, as a result, we may be subject to market risk on any unsold securities issued in the offerings to which we are committed. Risk exposure is controlled by limiting our participation, the transaction size, or through the syndication process.

Market Risk Management is responsible for measuring, monitoring, and reporting market risks associated with the firm’s trading and derivative portfolios. While Market Risk Management maintains ongoing communication with the revenue-generating business units, it is independent of such units.

Trading activities

We are exposed to market risk, primarily related to interest rate risk, as a result of our trading inventory (primarily comprised of fixed income financial instruments) in our Capital Markets segment. Changes in the value of our trading inventory may result from fluctuations in interest rates, credit spreads, equity prices, macroeconomic factors, investor expectations or risk appetites, liquidity, as well as dynamic relationships between these factors. We actively manage interest rate risk arising from our fixed income trading inventory through the use of hedging strategies utilizing U.S. Treasuries, exchange traded funds, futures contracts, liquid spread products, and derivatives.

We are also exposed to equity price risk as a result of our capital markets activities. Our broker-dealer activities are generally client-driven, and we hold equity securities as part of our trading inventory to facilitate such activities, although the amounts are not as significant as our fixed income trading inventory.

Our primary method for controlling risks within trading inventories is through the use of dollar-based and exposure-based limits. A hierarchy of limits exists at multiple levels, including firm, business unit, desk (e.g., for equities, corporate bonds, municipal bonds), product sub-type (e.g., below-investment-grade positions) and issuer concentration. For derivative positions, which are primarily comprised of interest rate swaps, we have established sensitivity-based and foreign exchange spot limits. Trading positions and derivatives are monitored against these limits through daily reports that are distributed to senior management. During volatile markets, we may temporarily reduce limits and/or choose to pare our trading inventories to reduce risk.

We monitor Value-at-Risk (“VaR”) for all of our trading portfolios on a daily basis for risk management purposes and as a result of applying the Fed’s Market Risk Rule (“MRR”) for the purpose of calculating our capital ratios. The MRR, also known as the “Risk-Based Capital Guidelines: Market Risk” rule released by the Fed, the Office of the Comptroller of the Currency and the FDIC, requires us to calculate VaR for all of our trading portfolios, including fixed income, equity, derivatives, and foreign exchange instruments. VaR is an appropriate statistical technique for estimating potential losses in trading portfolios due to typical adverse market movements over a specified time horizon with a suitable confidence level. However, there are inherent limitations to utilizing VaR including: historical movements in markets may not accurately predict future market movements; VaR does not take into account the liquidity of individual positions; VaR does not estimate losses over longer time horizons; and extended periods of one-directional markets potentially distort risks within the portfolio. In addition, should markets become more volatile, actual trading losses may exceed VaR results presented on a single day and might accumulate


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

over a longer time horizon. As a result, management complements VaR with sensitivity analysis and stress testing and employs additional controls such as a daily review of trading results, review of aged inventory, independent review of pricing, monitoring of concentrations, and review of issuer ratings.

To calculate VaR, we use models that incorporate historical simulation. This approach assumes that historical changes in market conditions, such as in interest rates and equity prices, are representative of future changes. Simulation is based on daily market data for the previous twelve months. VaR is reported at a 99% confidence level for a one-day time horizon. Assuming that future market conditions change as they have in the past twelve months, we would expect to incur losses greater than those predicted by our one-day VaR estimates about once every 100 trading days, or two to three times per year on average. The VaR model is independently reviewed by our Model Risk Management function. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of our 2024 Form 10-K for further information.

The modeling of the risk characteristics of trading positions involves a number of assumptions and approximations that management believes to be reasonable. However, there is no uniform industry methodology for estimating VaR, and different assumptions or approximations could produce materially different VaR estimates. As a result, VaR results are more reliable when used as indicators of risk levels and trends within a firm than as a basis for inferring differences in risk-taking across firms.

The following table sets forth the high, low, period-end and average daily one-day VaR for all of our trading portfolios, including fixed income and equity instruments, and for our derivatives for the periods and dates indicated.


	Nine months ended June 30, 2025				Period-end VaR					Three months ended June 30,				Nine months ended June 30,
$ in millions	High		Low		June 30, 2025		September 30, 2024		$ in millions	2025		2024		2025		2024
Daily VaR	$	4	$	1	$	3	$	2	Average daily VaR	$	3	$	2	$	3	$	2

We perform daily back-testing procedures for our VaR model, as defined by the Fed’s MRR, whereby we compare each day’s projected VaR to its regulatory-defined daily trading losses, which exclude fees, commissions, reserves, net interest income, and intraday trading. Regulatory-defined daily trading losses are used to evaluate the performance of our VaR model and are not comparable to our actual daily net revenues. Based on these daily “ex ante” versus “ex post” comparisons, we determine whether the number of times that regulatory-defined daily trading losses exceed VaR is consistent with our expectations at a 99% confidence level. During the three and nine months ended June 30, 2025, our regulatory-defined daily losses in our trading portfolios exceeded our predicted VaR on two and three occasions, respectively, primarily due to heightened market volatility in early April 2025 driven by economic uncertainties surrounding the potential impacts of changes in international trade policy.

Separately, RJF provides additional market risk disclosures to comply with the MRR, including 10-day VaR and 10-day Stressed VaR, which are available on our website at https://www.raymondjames.com/investor-relations/financial-information/filings-and-reports within “Other Reports and Information.”

Banking operations

Our Bank segment maintains an interest-earning asset portfolio that is comprised of cash, SBL, C&I loans, CRE loans, REIT loans, residential mortgage loans, and tax-exempt loans, as well as an available-for-sale securities portfolio. These interest-earning assets are primarily funded by client deposits. Based on the current asset portfolio, our banking operations are subject to interest rate risk. We analyze interest rate risk based on forecasted net interest income, which is the net amount of interest received and interest paid, and the net portfolio valuation, both across a range of interest rate scenarios.

One of the objectives of our Asset and Liability Committee is to manage the sensitivity of net interest income to changes in market interest rates. This committee uses several measures to monitor and limit interest rate risk in our banking operations, including scenario analysis and economic value of equity (“EVE”). We utilize hedging strategies using interest rate swaps in our banking operations as a component of our asset and liability management process. For additional information regarding this hedging strategy, see Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Notes 5, 13 and 14 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q. We also manage interest rate risk as part of our liquidity management framework. See “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-Q for additional information.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

To ensure that we remain within the tolerances established for net interest income, a sensitivity analysis of net interest income to interest rate conditions is estimated under a variety of scenarios. We use simulation models and estimation techniques to assess the sensitivity of net interest income to movements in interest rates. The model estimates the sensitivity by calculating interest income and interest expense in a dynamic balance sheet environment using current repricing, prepayment, and reinvestment of cash flow assumptions over a 12-month time horizon. Assumptions used in the model include interest rate movement, the slope of the yield curve, and balance sheet composition and growth. The model also considers interest rate-related risks such as pricing spreads, pricing of client cash accounts, including deposit betas, and prepayments. Various interest rate scenarios are modeled in order to determine the effect those scenarios may have on net interest income.

The following table is an analysis of our banking operations’ estimated net interest income over a 12-month period based on instantaneous shifts in interest rates (expressed in basis points) using our previously described asset/liability model, which assumes a dynamic balance sheet, a weighted-average deposit beta on our interest-bearing deposit accounts without stated maturities of approximately 70% as interest rates rise and approximately 60% as interest rates fall, and that interest rates do not decline below zero. While not presented, additional rate scenarios are performed, including interest rate ramps and yield curve shifts that may more realistically mimic the speed of potential interest rate movements. We also perform simulations on time horizons of up to five years to assess longer-term impacts to various interest rate scenarios. On a quarterly basis, we test expected model results to actual performance. Additionally, any changes made to key assumptions in the model are documented and approved by the Asset and Liability Committee.


Instantaneous changes in rate (1)	Net interest income ($ in millions)	Projected change in net interest income
+200	$1,969	3%
+100	$1,951	3%
0	$1,903	—%
-100	$1,823	(4)%
-200	$1,718	(10)%

(1)Our 0-basis point scenario was based on interest rates as of June 30, 2025.

The preceding table does not include the impacts of an instantaneous change in interest rates on net interest income on assets and liabilities outside of our banking operations or on our RJBDP fees from third-party banks, which are also sensitive to changes in interest rates and are included in “Account and service fees” on our Condensed Consolidated Statements of Income and Comprehensive Income. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-Q for additional information on our net interest income.

We have classified all of our investments in debt securities in our banking operations as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. In our available-for-sale securities portfolio, we hold primarily fixed-rate agency-backed MBS, agency-backed CMOs, and U.S. Treasuries, which are carried at fair value on our Condensed Consolidated Statements of Financial Condition, with changes in the fair value of the portfolio recorded through OCI on our Condensed Consolidated Statements of Income and Comprehensive Income. As the majority of our available-for-sale securities portfolio is comprised of U.S. government and government agency-backed securities, changes in fair value are primarily driven by changes in interest rates. At June 30, 2025, our available-for-sale securities portfolio had a fair value of $7.17 billion with a weighted-average yield of 2.24% and a weighted-average life, after factoring in estimated prepayments, of 3.9 years. To evaluate the interest rate sensitivity of our available-for-sale securities portfolio we also monitor, among other things, effective duration, defined as the approximate percentage change in price for a 100-basis point change in rates. As of June 30, 2025, the effective duration of our available-for-sale securities portfolio was approximately 3.50, which means that we would expect the market value of our available-for-sale securities portfolio to increase approximately 3.50% for every 100-basis point decline in interest rates and decline approximately 3.50% for every 100-basis point increase in interest rates. See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Note 4 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information on our available-for-sale securities portfolio.

The Asset and Liability Committee also reviews EVE, which is a point in time analysis of current interest-earning assets and interest-bearing liabilities that incorporates cash flows over their estimated remaining lives, discounted at current rates. The EVE approach is based on a static balance sheet and provides an indicator of future earnings and capital levels as the changes in EVE indicate the anticipated change in the value of future cash flows. We monitor sensitivity to changes in EVE utilizing Board of Directors-approved limits. These limits set a risk tolerance to changing interest rates and assist in determining strategies for mitigating this risk as EVE approaches these limits. As of June 30, 2025, our EVE analyses were within approved limits.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

The following table shows the maturities of our bank loan portfolio at June 30, 2025, including contractual principal repayments. Maturities are generally determined based upon contractual terms; however, rollovers or extensions that are included for the purposes of measuring the allowance for credit losses are reflected in maturities in the following table. This table does not include any estimates of prepayments, which could shorten the average loan lives and cause the actual timing of the loan repayments to differ significantly from those shown in the table.


	Due in
$ in millions	One year or less		> One year - five years		> Five years - fifteen years		> Fifteen years		Total
SBL	$	18,120	$	364	$	12	$	1	$	18,497
C&I loans	1,236		5,845		3,636		37		10,754
CRE loans	831		5,405		1,510		31		7,777
REIT loans	552		1,183		—		—		1,735
Residential mortgage loans	6		26		145		9,799		9,976
Tax-exempt loans	64		407		840		—		1,311
Total loans held for investment	20,809		13,230		6,143		9,868		50,050
Held for sale loans	—		1		77		177		255
Total loans held for sale and investment	$	20,809	$	13,231	$	6,220	$	10,045	$	50,305

The following table shows the distribution of the recorded investment of those bank loans that mature in more than one year between fixed and adjustable interest rate loans at June 30, 2025.


	Interest rate type
$ in millions	Fixed		Adjustable		Total
SBL	$	57	$	320	$	377
C&I loans	958		8,560		9,518
CRE loans	385		6,561		6,946
REIT loans	—		1,183		1,183
Residential mortgage loans (1)	213		9,757		9,970
Tax-exempt loans	1,247		—		1,247
Total loans held for investment	2,860		26,381		29,241
Held for sale loans	3		252		255
Total loans held for sale and investment	$	2,863	$	26,633	$	29,496

(1)Adjustable rate residential mortgage loans included loans which were still in their fixed-rate period at June 30, 2025

Contractual loan terms for SBL, C&I loans, CRE loans, REIT loans, and residential mortgage loans may include an interest rate floor, cap and/or fixed interest rates for a certain period of time, which would impact the timing of the interest rate reset for the respective loan. See the discussion within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Risk monitoring process” section of this Form 10-Q for additional information regarding our interest-only residential mortgage loan portfolio.

Our banking operations are also subject to foreign exchange risk due to our investments in foreign subsidiaries as well as transactions and resulting balances denominated in a currency other than the U.S. dollar (“USD”). For example, our bank loan portfolio includes loans which are denominated in Canadian dollars (“CAD”), totaling $1.04 billion and $1.23 billion at June 30, 2025 and September 30, 2024, respectively, when converted to the USD using the spot rate at that time. A majority of such loans are held in a Canadian subsidiary of Raymond James Bank. Raymond James Bank utilizes short-term, forward foreign exchange contracts to mitigate its foreign exchange risk related to such investment in the Canadian subsidiary. These derivatives are primarily accounted for as net investment hedges in the condensed consolidated financial statements. See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Note 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding these derivatives.

Other sources of foreign exchange risk

Investments in non-bank foreign subsidiaries

At June 30, 2025, we had foreign exchange risk in our investment in RJ Ltd. of CAD 474 million, and in our investment in our U.K. PCG subsidiary, of £314 million, which were not hedged. We had other, less significant investments in foreign domiciled subsidiaries, primarily in Europe, which were not hedged; however, we do not believe we had material foreign exchange risk


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

either individually, or in the aggregate, pertaining to these subsidiaries as of June 30, 2025. Foreign exchange gains/losses related to our foreign investments are primarily reflected in OCI on our Condensed Consolidated Statements of Income and Comprehensive Income. See Note 17 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information regarding our components of OCI.

Transactions and resulting balances denominated in a currency other than the USD

We are subject to foreign exchange risk due to our holdings of cash and certain other assets and liabilities resulting from transactions denominated in a currency other than the USD. Any currency-related gains/losses arising from these foreign currency denominated balances are reflected in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. The foreign exchange risk associated with a portion of such transactions and balances denominated in foreign currency are mitigated utilizing short-term, forward foreign exchange contracts. Such derivatives are not designated hedges and therefore, the related gains/losses are included in “Other” revenues on our Condensed Consolidated Statements of Income and Comprehensive Income. See Note 5 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for information regarding our derivatives.

Credit risk

Credit risk is the risk of loss due to adverse changes in a borrower’s, issuer’s, or counterparty’s ability to meet its financial obligations under contractual or agreed-upon terms. The nature and amount of credit risk depends on the type of transaction, the structure and duration of that transaction, and the parties involved. Credit risk is an integral component of the profit assessment of lending and other financing activities. See further discussion of our credit risk, including how we manage such risk, in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2024 Form 10-K.

Corporate activities

We maintain cash balances with the Fed and with various financial institutions, primarily global systemically important financial institutions, in our normal course of business. A large portion of such balances are in excess of FDIC insurance limits. As a result, we may be exposed to the risk that these financial institutions may not return our cash to us in the event that the institution experiences financial distress or ceases its operations. In order to mitigate our credit risk to such financial institutions, we monitor our exposure with each institution on a daily basis and subject each institution to limits based on various factors including but not limited to financial strength, capitalization levels, liquidity, credit ratings, and market factors to the extent applicable.

Brokerage activities

We are engaged in various trading and brokerage activities in which our counterparties primarily include broker-dealers, banks, exchanges, clearing organizations, and other financial institutions. We are exposed to risk that these counterparties may not fulfill their obligations. In addition, certain commitments, including underwritings, may create exposure to individual issuers and businesses. The risk of default depends on the creditworthiness of the counterparty and/or the issuer of the instrument. In addition, we may be subject to concentration risk if we hold large positions in or have large commitments to a single counterparty, borrower, or group of similar counterparties or borrowers (e.g., in the same industry). We seek to mitigate these risks by imposing and monitoring individual and aggregate position limits within each business segment for each counterparty, conducting regular credit reviews of financial counterparties, reviewing security, derivative, and loan concentrations, holding collateral as security for certain transactions and conducting business through clearing organizations, which may guarantee performance. See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Notes 5 and 6 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information about our credit risk mitigation related to derivatives and collateralized agreements.

Our client activities involve the execution, settlement, and financing of various transactions on behalf of our clients. Client activities are transacted on either a cash or margin basis. Credit exposure results from client margin loans, which are monitored daily and are collateralized by the securities in the clients’ accounts. We monitor exposure to industry sectors and individual securities on a daily basis in connection with our margin lending activities. We adjust our margin requirements if we believe our risk exposure is not appropriate based on market conditions. In addition, when clients execute a purchase, we are at some risk that the client will default on their financial obligation associated with the trade. If this occurs, we may have to liquidate the position at a loss. See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K for additional information about our determination of the allowance for credit losses associated with certain of our brokerage lending activities.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

We offer loans to financial advisors for recruiting and retention purposes. We have credit risk and may incur a loss primarily in the event that such borrower is no longer affiliated with us. See Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Note 8 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further information about our loans to financial advisors.

Banking operations

Our Bank segment has a substantial loan portfolio. Our strategy for credit risk management related to bank loans includes well-defined credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all credit exposures. The strategy also includes diversification across loan types, geographic locations, industries and clients, regular credit examinations and management reviews of all corporate and tax-exempt loans as well as individual delinquent residential loans. The credit risk management process also includes periodic independent reviews of the credit risk monitoring process that performs assessments of compliance with credit policies, risk ratings, and other critical credit information. We seek to identify potential problem loans early, record any necessary risk rating changes and charge-offs promptly, and maintain appropriate reserve levels for expected losses. We use a credit risk rating system to measure the credit quality of individual corporate and tax-exempt loans and related unfunded lending commitments. For our SBL and residential mortgage loans, we utilize the credit risk rating system used by bank regulators in measuring the credit quality of each homogeneous class of loans. In evaluating credit risk, we consider trends in loan performance, historical experience through various economic cycles, industry or client concentrations, the loan portfolio composition and macroeconomic factors (both current and forecasted). These factors have a potentially negative impact on loan performance and net charge-offs.

While our bank loan portfolio is diversified, a significant downturn in the overall economy, deterioration in real estate values or a significant issue within any sector or sectors where we have a concentration will generally result in large provisions for credit losses and/or charge-offs. We determine the allowance required for specific loan pools based on relative risk characteristics of the loan portfolio. On an ongoing basis, we evaluate our methods for determining the allowance for each loan portfolio segment and make enhancements we consider appropriate. Our allowance for credit losses methodology is described in Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K. We segregate our bank loan portfolio into six loan portfolio segments, which also serve as classes of financing receivables for purposes of credit analysis. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2024 Form 10-K for further information about the risk characteristics relevant to each portfolio segment.

The level of charge-off activity is a factor that is considered in evaluating the potential severity of future credit losses. The following table presents net loan (charge-offs)/recoveries and the annualized percentage of net loan (charge-offs)/recoveries to the average outstanding loan balances by loan portfolio segment.


	Three months ended June 30,								Nine months ended June 30,
	2025				2024				2025				2024
$ in millions	Net loan (charge-off)/recovery amount		Annualized % of avg. outstanding loans		Net loan (charge-off)/recovery amount		Annualized % of avg. outstanding loans		Net loan (charge-off)/recovery amount		Annualized % of avg. outstanding loans		Net loan (charge-off)/recovery amount		Annualized % of avg. outstanding loans

C&I loans	$	(3)	0.12	%	$	(6)	0.24	%	$	(15)	0.19	%	$	(35)	0.45	%
CRE loans	—		—	%	(1)		0.05	%	(7)		0.12	%	(8)		0.14	%

Residential mortgage loans	—		—	%	1		0.04	%	—		—	%	1		0.09	%

Total loans held for investment	$	(3)	0.02	%	$	(6)	0.05	%	$	(22)	0.06	%	$	(42)	0.13	%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

The level of nonperforming assets is another indicator of potential future credit losses. Nonperforming assets are comprised of both nonperforming loans and other real estate owned. Nonperforming loans include those loans which have been placed on nonaccrual status and any accruing loans which are 90 days or more past due and in the process of collection. The following table presents the balance of nonperforming loans, nonperforming assets, and related key credit ratios.


$ in millions	June 30, 2025			September 30, 2024

Nonperforming loans (1)	$	214		$	175
Nonperforming assets	$	214		$	175






Nonperforming loans as a % of total loans held for sale and investment	0.43		%	0.38		%
Allowance for credit losses as a % of nonperforming loans	217		%	261		%
Nonperforming assets as a % of Bank segment total assets	0.34		%	0.28		%

(1)Nonperforming loans at June 30, 2025 and September 30, 2024 included $127 million and $89 million, respectively, of loans, which were current pursuant to their contractual terms.

See the table summarizing nonaccrual loans by portfolio segment in Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information.

Although our nonperforming assets as a percentage of our Bank segment’s assets remained low as of June 30, 2025, any prolonged period of market deterioration could result in an increase in our nonperforming assets, an increase in our allowance for credit losses and/or an increase in net charge-offs in future periods, although the extent would depend on future developments that are highly uncertain.

See further explanation of our bank loan portfolio segments, allowance for credit losses, and the credit loss provision in Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q and “Management’s Discussion and Analysis - Results of Operations - Bank” of this Form 10-Q and Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K.

Loan underwriting policies

Our underwriting policies for the major types of bank loans are described in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk” of our 2024 Form 10-K.

Risk monitoring process

Another component of credit risk strategy for our bank loan portfolio is the ongoing risk monitoring and review processes, including our independent loan review process, as well as our processes to manage and limit credit losses arising from loan delinquencies. There are various other factors included in these processes, depending on the loan portfolio. There were no significant changes to those processes during the three months ended June 30, 2025. See further discussion of our risk monitoring process in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Banking activities” of our 2024 Form 10-K.

SBL and residential mortgage loan portfolios

Substantially all collateral securing our SBL portfolio is monitored on a daily basis. Collateral adjustments, as triggered by our monitoring procedures, are made by the borrower as necessary to ensure our loans are adequately secured, resulting in minimizing our credit risk.

We track and review many factors to monitor credit risk in our residential mortgage loan portfolio. The factors include, but are not limited to: loan performance trends, loan product parameters and qualification requirements, borrower credit scores, level of documentation, loan purpose, geographic concentrations, average loan size, risk rating, and LTV ratios. See Note 7 of the Notes to the Condensed Consolidated Financial Statements of this Form 10-Q for additional information.


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

The following table presents a summary of delinquent residential mortgage loans, the vast majority of which are first mortgage loans, which are comprised of loans which are two or more payments past due as well as loans in the process of foreclosure.


	Amount of delinquent residential mortgage loans						Delinquent residential mortgage loans as a percentage of outstanding residential mortgage loan balances
$ in millions	30-89 days		90 days or more		Total		30-89 days		90 days or more		Total
June 30, 2025	$	3	$	10	$	13	0.03	%	0.10	%	0.13	%
September 30, 2024	$	6	$	8	$	14	0.07	%	0.08	%	0.15	%

Our June 30, 2025 percentage of over 30 day delinquent residential mortgage loans compares favorably to the national average of 1.91%, as most recently reported by the Fed.

Credit risk is also managed by diversifying the residential mortgage portfolio. Most of the loans in our residential loan portfolio are to PCG clients across the U.S. The following table details the geographic concentrations (top five states) of our one-to-four family residential mortgage loans.


	June 30, 2025
	Loans outstanding as a % of total residential mortgage loans held for sale and investment	Loans outstanding as a % of total loans held for sale and investment
California	22%	4%
Florida	18%	4%
Texas	8%	2%
New York	7%	1%
Colorado	4%	1%

The occurrence of a natural disaster or severe weather event in any of these states, for example wildfires in California and hurricanes in Florida, could result in additional credit loss provisions and/or charge-offs on our loans in such states and therefore negatively impact our net income and regulatory capital in any given period.

Loans where borrowers may be subject to payment increases include adjustable rate mortgage loans with terms that initially require payment of interest only. Payments may increase significantly when the interest-only period ends and the loan principal begins to amortize. At June 30, 2025 and September 30, 2024, these loans totaled $2.97 billion and $2.96 billion, respectively, or approximately 30% and 31% of the residential mortgage portfolio, respectively. The weighted-average number of years before the remainder of the loans, which were still in their interest-only period at June 30, 2025, begins amortizing is five years.

Corporate and tax-exempt loans

We closely monitor economic and other factors that may impact our borrowers and corporate loan portfolio which could impact our provision for credit losses in future periods. Credit risk in our corporate and tax-exempt loan portfolios is monitored on an individual loan basis for trends in borrower operating performance, payment history, credit ratings, collateral performance, loan covenant compliance, municipality demographics and other factors including industry performance and concentrations, geographic concentrations, and total relationship exposure. In addition, credit quality trends are monitored by industry to determine if a change in the risk exposure to a certain industry may warrant incremental monitoring or tightening of our underwriting standards during times of market uncertainty. We also utilize loan sales and other risk mitigation techniques to manage the size and risk profile of our corporate bank loans.

Our corporate bank loan portfolio does not contain a significant concentration in any single industry. The following table details the industry concentrations (top five categories) of our corporate bank loans.


	June 30, 2025
	Loans outstanding as a % of total corporate bank loans held for sale and investment	Loans outstanding as a % of total loans held for sale and investment
Multi-family	12%	5%
Industrial warehouse	10%	4%
Loan fund	9%	4%
Office real estate	6%	3%
Subscription lines	5%	2%


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis						Index

Risks related to our CRE loans, specifically, office real estate loans, continue to be impacted by corporate remote work policies, pressure from the relatively high interest rate environment that persisted throughout most of our fiscal 2024, uncertainty related to tenant lease renewals, and elevated refinancing risk for loans with near-term maturities, among other issues. As of June 30, 2025, our highest industry concentrations within our CRE portfolio were multi-family, industrial warehouse, and office real estate, and the concentrations of such loans were generally consistent with those for our corporate loan portfolio detailed in the preceding table. Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Banking activities” of our 2024 Form 10-K for further information on our CRE loans and a discussion of our risk monitoring process for these loans. There were no significant changes to those processes during the nine months ended June 30, 2025. Refer to Note 7 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q for additional information on our credit metrics related to our CRE loan portfolio.

Liquidity risk

See the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-Q for information regarding our liquidity and how we manage liquidity risk.

Operational risk

Operational risk generally refers to the risk of loss resulting from our operations, including, but not limited to, business disruptions, improper or unauthorized execution and processing of transactions, deficiencies in our technology or financial operating systems and inadequacies or breaches in our control processes, including cybersecurity incidents. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Operational risk” of our 2024 Form 10-K for a discussion of our operational risk and certain of our risk mitigation processes.

Periods of severe market volatility can result in a significantly higher level of transactions on specific days, which may present operational challenges from time to time that may result in losses. These losses can result from, but are not limited to, trade errors, failed transaction settlements, late collateral calls to borrowers and counterparties, or interruptions to our system processing. We did not incur any significant losses related to such operational challenges during the nine months ended June 30, 2025 or 2024.

As more fully described in the discussion of our business technology risks included in various risk factors presented in “Item 1A - Risk Factors” and “Item 1C - Cybersecurity” of our 2024 Form 10-K, despite our implementation of protective measures and endeavoring to modify them as circumstances warrant, our computer systems, software and networks may be vulnerable to human error, natural disasters, power loss, cyber-attacks and other information security breaches, and other events that could have an impact on the security and stability of our operations.

Model risk

Model risk refers to the possibility of unintended business outcomes arising from the design, implementation or use of models. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of our 2024 Form 10-K for information regarding how we utilize models throughout the firm and how we manage model risk.

Compliance risk

Compliance risk is the risk of legal or regulatory sanctions, financial loss, or reputational damage that the firm may suffer from a failure to comply with applicable laws, external standards, or internal requirements. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Compliance risk” of our 2024 Form 10-K for information on our compliance risks, including how we manage such risks.


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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management” of this Form 10-Q for our quantitative and qualitative disclosures about market risk.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls are procedures designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this report, are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls are also designed to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Securities Exchange Act of 1934 Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There were no changes during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

We did not have any sales of unregistered securities for the nine months ended June 30, 2025.

We purchase our own stock from time to time in conjunction with a number of activities, each of which is described in the following paragraphs. The following table presents information on our purchases of our own stock, on a monthly basis, for the nine months ended June 30, 2025.


	Total number of shares purchased	Average price per share		Number of shares purchased as part of publicly announced plans or programs	Approximate dollar value (in millions) at each month-end of securities that may yet be purchased under the plans or programs
October 1, 2024 – October 31, 2024	—	$	—	—	$644
November 1, 2024 – November 30, 2024	427	$	154.42	—	$644
December 1, 2024 – December 31, 2024	371,287	$	161.98	310,302	$1,450
First quarter	371,714	$	161.97	310,302

January 1, 2025 – January 31, 2025	23,435	$	162.69	—	$1,450
February 1, 2025 – February 28, 2025	315,686	$	158.54	315,391	$1,400
March 1, 2025 – March 31, 2025	1,402,024	$	142.78	1,399,870	$1,200
Second quarter	1,741,145	$	145.91	1,715,261

April 1, 2025 – April 30, 2025	1,559,201	$	125.67	1,555,458	$1,005
May 1, 2025 – May 31, 2025	712,149	$	147.48	711,957	$900
June 1, 2025 – June 30, 2025	1,019,018	$	148.17	1,019,018	$749
Third quarter	3,290,368	$	137.36	3,286,433

Fiscal year-to-date total	5,403,227	$	141.81	5,311,996

In December 2024, the Board of Directors authorized repurchase of our common stock in an aggregate amount of up to $1.5 billion, which replaced the previous authorization. For additional information about our share repurchase activities, see Note 17 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q.

In the preceding table, the total number of shares purchased includes shares purchased pursuant to the Restricted Stock Trust Fund, which was established to acquire our common stock in the open market and used to settle RSUs granted as a retention vehicle for certain employees of our wholly-owned Canadian subsidiaries. For additional information on this trust fund, see Note 2 of the Notes to Consolidated Financial Statements of our 2024 Form 10-K and Note 9 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q. These activities do not utilize the repurchase authorization presented in the preceding table.

The total number of shares purchased also includes shares repurchased as a result of employees surrendering shares as payment for option exercises or withholding taxes. These activities do not utilize the repurchase authorization presented in the preceding table.


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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025.

ITEM 6. EXHIBITS


Exhibit Number						Description
3.1.1						Amended and Restated Articles of Incorporation of Raymond James Financial, Inc. as filed with the Secretary of State of Florida on February 28, 2022, incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 9, 2022.
3.1.2						Articles of Amendment to Amended and Restated Articles of Incorporation of Raymond James Financial, Inc. relating to the Raymond James Financial, Inc. 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, $0.10 par value per share, incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on May 31, 2022.
3.1.3						Articles of Amendment to Amended and Restated Articles of Incorporation of Raymond James Financial, Inc. relating to the Raymond James Financial, Inc. 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.10 par value per share, incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on May 31, 2022.
3.2						Amended and Restated By-Laws of Raymond James Financial, Inc., reflecting amendments adopted by the Board of Directors on August 21, 2023, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 25, 2023.
31.1						Certification of Paul M. Shoukry pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2						Certification of Jonathan W. Oorlog, Jr. pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32						Certification of Paul M. Shoukry and Jonathan W. Oorlog, Jr. pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

* Indicates a management contract or compensatory plan or arrangement in which a director or executive officer participates.


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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 thereunto duly authorized.


		RAYMOND JAMES FINANCIAL, INC.
		(Registrant)

Date:	August 6, 2025	/s/ Paul M. Shoukry
		Paul M. Shoukry
		Chief Executive Officer (Principal Executive Officer)

Date:	August 6, 2025	/s/ Jonathan W. Oorlog, Jr.
		Jonathan W. Oorlog, Jr.
		Chief Financial Officer (Principal Financial Officer)

Source:

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