Item 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


$ in millions, except per share amounts	December 31, 2025		September 30, 2025
Assets:
Cash and cash equivalents	$	9,890	$	11,389
Assets segregated for regulatory purposes and restricted cash	3,680		3,398
Collateralized agreements	740		698
Financial instruments, at fair value:
Trading assets ($1,256 and $1,248 pledged as collateral)	1,530		1,538
Available-for-sale securities ($8 and $9 pledged as collateral)	6,648		6,888
Derivative assets	70		68
Other investments ($23 and $8 pledged as collateral)	398		390
Brokerage client receivables, net	2,961		2,821
Other receivables, net	1,487		1,814
Bank loans, net	53,443		51,567
Loans to financial advisors, net	1,770		1,626
Deferred income taxes, net	623		671
Goodwill and identifiable intangible assets, net	1,838		1,847
Other assets	3,682		3,515
Total assets	$	88,760	$	88,230

Liabilities and shareholders’ equity:
Bank deposits	$	60,152	$	58,897
Collateralized financings	882		1,111
Financial instrument liabilities, at fair value:
Trading liabilities	883		891
Derivative liabilities	181		190
Brokerage client payables	6,084		5,853
Accrued compensation, commissions and benefits	1,945		2,603
Other payables	1,838		1,961
Other borrowings	700		700
Senior notes payable	3,521		3,520
Total liabilities	76,186		75,726
Commitments and contingencies (see Note 15)
Shareholders’ equity
Preferred stock	79		79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 197,032,070 shares outstanding as of December 31, 2025; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025	3		3
Additional paid-in capital	3,106		3,235
Retained earnings	14,051		13,604
Treasury stock, at cost; 53,052,098 and 51,944,574 common shares as of December 31, 2025 and September 30, 2025, respectively	(4,321)		(4,022)
Accumulated other comprehensive loss	(348)		(396)
Total equity attributable to Raymond James Financial, Inc.	12,570		12,503
Noncontrolling interests	4		1
Total shareholders’ equity	12,574		12,504
Total liabilities and shareholders’ equity	$	88,760	$	88,230

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 December 31,
in millions, except per share amounts		2025		2024
Revenues:
Asset management and related administrative fees		$	1,999	$	1,743
Brokerage revenues:
Securities commissions		486		440
Principal transactions		126		119
Total brokerage revenues		612		559
Account and service fees		308		342
Investment banking		208		325
Interest income		1,007		1,027
Other		42		39
Total revenues		4,176		4,035
Interest expense		(441)		(498)
Net revenues		3,735		3,537
Non-interest expenses:
Compensation, commissions and benefits		2,450		2,272
Non-compensation expenses:
Communications and information processing		194		178
Occupancy and equipment		80		73
Business development		81		68
Investment sub-advisory fees		63		53
Professional fees		37		34
Bank loan benefit for credit losses		(3)		—


Other		105		110
Total non-compensation expenses		557		516
Total non-interest expenses		3,007		2,788
Pre-tax income		728		749
Provision for income taxes		165		149
Net income		563		600
Preferred stock dividends		1		1
Net income available to common shareholders		$	562	$	599

Earnings per common share – basic		$	2.85	$	2.94
Earnings per common share – diluted		$	2.79	$	2.86
Weighted-average common shares outstanding – basic		197.1		203.7
Weighted-average common and common equivalent shares outstanding – diluted		201.4		209.2

Net income		$	563	$	600
Other comprehensive income/(loss), net of tax:
Available-for-sale securities		43		(106)
Currency translations, net of the impact of net investment hedges		7		(53)
Cash flow hedges		(2)		6
Total other comprehensive income/(loss), net of tax		48		(153)
Total comprehensive income		$	611	$	447

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 December 31,
$ in millions, except per share amounts	2025		2024
Preferred stock:
Balance beginning of period	$	79	$	79

Share issuances	—		—

Balance end of period	79		79

Common stock, par value $.01 per share:
Balance beginning of period	3		2
Share issuances	—		1
Balance end of period	3		3

Additional paid-in capital:
Balance beginning of period	3,235		3,251


Share-based compensation amortization	77		92

Net activity under employee stock plans	(206)		(218)
Balance end of period	3,106		3,125

Retained earnings:
Balance beginning of period	13,604		11,894
Net income attributable to Raymond James Financial, Inc.	563		600
Common and preferred stock cash dividends declared (see Note 16)	(116)		(116)



Balance end of period	14,051		12,378

Treasury stock:
Balance beginning of period	(4,022)		(3,051)
Purchases	(415)		(61)
Reissuances under employee stock plans	116		105
Balance end of period	(4,321)		(3,007)

Accumulated other comprehensive income/(loss):
Balance beginning of period	(396)		(502)
Other comprehensive income/(loss), net of tax	48		(153)

Balance end of period	(348)		(655)
Total equity attributable to Raymond James Financial, Inc.	$	12,570	$	11,923

Noncontrolling interests:
Balance beginning of period	1		(6)

Net changes in noncontrolling interests	3		12



Balance end of period	4		6
Total shareholders’ equity	$	12,574	$	11,929

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

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three months ended December 31,
$ in millions	2025		2024
Cash flows from operating activities:
Net income	$	563	$	600
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	49		47
Deferred income taxes, net	35		35
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	1		(4)
Provisions for credit losses and legal and regulatory matters, net	2		7
Share-based compensation expense	79		93
Unrealized gains on corporate-owned life insurance policies, net of expenses	(22)		—

Other	16		31
Net change in:

Collateralized agreements, net of collateralized financings	(272)		48
Loans (provided to) financial advisors, net of repayments	(156)		(35)
Brokerage client receivables and other receivables, net	206		331
Trading instruments, net	119		(66)
Derivative instruments, net	(27)		202
Other assets	(54)		18
Brokerage client payables and other payables	5		119
Accrued compensation, commissions and benefits	(659)		(529)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	105		(67)
Net cash provided by/(used in) operating activities	(10)		830

Cash flows from investing activities:
Increase in bank loans, net	(2,137)		(1,294)
Proceeds from sales of loans held for investment	81		62

Purchases of available-for-sale securities	(66)		(208)
Available-for-sale securities maturations, repayments and redemptions	360		506
Proceeds from sales of available-for-sale securities	—		78

Additions to property and equipment	(46)		(41)





Other investing activities, net	(57)		(40)
Net cash used in investing activities	(1,865)		(937)




















Cash flows from financing activities:


Increase/(decrease) in bank deposits	1,255		(160)
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(513)		(185)
Dividends on common and preferred stock	(112)		(105)
Exercise of stock options and employee stock purchases	9		10

Proceeds from Federal Home Loan Bank (“FHLB”) advances	250		450
Repayments of FHLB advances	(250)		(450)

Other financing, net	(10)		(7)
Net cash provided by/(used in) financing activities	629		(447)

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

Index


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Three months ended December 31,
$ in millions	2025		2024
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	29		(214)
Net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	(1,217)		(768)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year	14,787		14,348
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	13,570	$	13,580

Cash and cash equivalents	$	9,890	$	10,048
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,680		3,532
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	13,570	$	13,580

Supplemental disclosures of cash flow information:
Cash paid for interest	$	423	$	499
Cash paid for income taxes, net	$	19	$	9
Cash outflows for lease liabilities	$	34	$	33
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases	$	19	$	33

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)

December 31, 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 (“2025 Form 10-K”) for the year ended September 30, 2025, 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 2025 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 2025 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2025.


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

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 2025 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.


$ in millions	Level 1		Level 2		Level 3		Netting adjustments (1)		Balance as of December 31, 2025
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	9	$	317	$	—	$	—	$	326
Corporate obligations	12		584		—		—		596
Government and agency obligations	62		93		—		—		155
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)	—		370		—		—		370
Non-agency CMOs and ABS	—		26		—		—		26
Total debt securities	83		1,390		—		—		1,473
Equity securities	9		11		—		—		20
Brokered certificates of deposit	—		33		—		—		33
Other	—		—		4		—		4
Total trading assets	92		1,434		4		—		1,530
Available-for-sale securities (2)	429		6,219		—		—		6,648
Derivative assets:
Interest rate	4		283		—		(217)		70


Foreign exchange	—		8		—		(8)		—

Total derivative assets	4		291		—		(225)		70

All other investments:
Government and agency obligations (3)	88		—		—		—		88
Other	194		2		7		—		203
Total all other investments	282		2		7		—		291
Other assets - client-owned fractional shares	183		—		—		—		183
Subtotal	990		7,946		11		(225)		8,722
Other investments - private equity - measured at net asset value (“NAV”)									107
Total assets at fair value on a recurring basis	$	990	$	7,946	$	11	$	(225)	$	8,829

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	3	$	—	$	—	$	—	$	3
Corporate obligations	—		641		—		—		641
Government and agency obligations	220		—		—		—		220


Total debt securities	223		641		—		—		864
Equity securities	6		11		—		—		17
Brokered certificates of deposit	—		2		—		—		2
Total trading liabilities	229		654		—		—		883
Derivative liabilities:
Interest rate	4		288		—		(115)		177


Foreign exchange	—		11		—		(7)		4

Total derivative liabilities	4		299		—		(122)		181
Other payables - repurchase liabilities related to client-owned fractional shares	183		—		—		—		183
Total liabilities at fair value on a recurring basis	$	416	$	953	$	—	$	(122)	$	1,247


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, 2025
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	6	$	403	$	—	$	—	$	409
Corporate obligations	11		659		—		—		670
Government and agency obligations	41		108		—		—		149
Agency MBS, CMOs, and ABS	—		231		—		—		231
Non-agency CMOs and ABS	—		36		—		—		36
Total debt securities	58		1,437		—		—		1,495
Equity securities	17		3		—		—		20
Brokered certificates of deposit	—		19		—		—		19
Other	—		—		4		—		4
Total trading assets	75		1,459		4		—		1,538
Available-for-sale securities (2)	430		6,458		—		—		6,888
Derivative assets:
Interest rate	2		304		—		(239)		67


Foreign exchange	—		1		—		—		1

Total derivative assets	2		305		—		(239)		68

All other investments:
Government and agency obligations (3)	92		—		—		—		92
Other	185		1		7		—		193
Total all other investments	277		1		7		—		285
Other assets - client-owned fractional shares	171		—		—		—		171
Subtotal	955		8,223		11		(239)		8,950
Other investments - private equity - measured at NAV									105
Total assets at fair value on a recurring basis	$	955	$	8,223	$	11	$	(239)	$	9,055

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	3	$	—	$	—	$	—	$	3
Corporate obligations	—		651		—		—		651
Government and agency obligations	164		—		—		—		164
Agency MBS and CMOs	—		42		—		—		42
Total debt securities	167		693		—		—		860
Equity securities	31		—		—		—		31

Total trading liabilities	198		693		—		—		891
Derivative liabilities:
Interest rate	3		306		—		(123)		186


Foreign exchange	—		2		—		—		2
Other	—		—		2		—		2
Total derivative liabilities	3		308		2		(123)		190
Other payables - repurchase liabilities related to client-owned fractional shares	171		—		—		—		171
Total liabilities at fair value on a recurring basis	$	372	$	1,001	$	2	$	(123)	$	1,252

(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 December 31, 2025 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Derivative assets		All other investments			Derivative liabilities
$ in millions	Other		Other		Other			Other
Fair value beginning of period	$	4	$	—	$	7		$	(2)
Total gains/(losses) included in earnings	1		1		—			1
Purchases and contributions	25		—		—			—
Sales and distributions	(26)		(1)		—			1
Transfers:
Into Level 3	—		—		—			—
Out of Level 3	—		—		—			—
Fair value end of period	$	4	$	—	$	7		$	—
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—	$	—		$	—


Three months ended December 31, 2024 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Derivative assets		All other investments			Derivative liabilities
$ in millions	Other		Other		Other			Other
Fair value beginning of period	$	3	$	4	$	7		$	—
Total gains/(losses) included in earnings	—		(4)		—			(2)
Purchases and contributions	18		—		—			—
Sales and distributions	(19)		—		—			—
Transfers:
Into Level 3	—		—		—			—
Out of Level 3	—		—		—			—
Fair value end of period	$	2	$	—	$	7		$	(2)
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	(3)	$	—	$	—		$	(6)

As of both December 31, 2025 and September 30, 2025, 10% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both December 31, 2025 and September 30, 2025, 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 2025 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 December 31, 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.


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

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


$ in millions	Recorded value		Unfunded commitment
December 31, 2025
Private equity investments measured at NAV	$	107	$	36
Private equity investments not measured at NAV	7
Total private equity investments	$	114

September 30, 2025
Private equity investments measured at NAV	$	105	$	38
Private equity investments not measured at NAV	7
Total private equity investments	$	112

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)
December 31, 2025
Bank loans:
Residential mortgage loans	$	5	$	7	$	12	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.4 yrs.)
Corporate loans	$	—	$	173	$	173	Collateral or discounted cash flow (1)	Recovery rate	70% - 81% (74%)
Loans held for sale	$	1	$	—	$	1	N/A (2)	N/A	N/A


September 30, 2025
Bank loans:
Residential mortgage loans	$	5	$	7	$	12	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.5 yrs.)
Corporate loans	$	—	$	179	$	179	Collateral or discounted cash flow (1)	Recovery rate	24% - 96% (76%)
Loans held for sale	$	31	$	—	$	31	N/A	N/A	N/A

(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 2025 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.


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

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 December 31, 2025 and September 30, 2025. This table excludes financial instruments that are carried at amounts which approximate fair value. See Note 3 of our 2025 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
December 31, 2025
Financial assets:
Bank loans, net	$	167	$	52,508	$	52,675	$	53,257
Financial liabilities:
Bank deposits - certificates of deposit	$	1,980	$	—	$	1,980	$	1,974



Senior notes payable	$	3,273	$	—	$	3,273	$	3,521

September 30, 2025
Financial assets:
Bank loans, net	$	386	$	50,362	$	50,748	$	51,345
Financial liabilities:
Bank deposits - certificates of deposit	$	1,943	$	—	$	1,943	$	1,937

Senior notes payable	$	3,299	$	—	$	3,299	$	3,520

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 2025 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
December 31, 2025
Agency residential MBS	$	3,412	$	4	$	(236)	$	3,180
Agency commercial MBS	1,164		—		(75)		1,089
Agency CMOs	1,368		3		(136)		1,235
U.S. Treasuries	428		1		—		429
Other agency obligations	193		—		(1)		192
Non-agency residential MBS	464		1		(29)		436
Corporate bonds	71		1		—		72
Other	14		1		—		15
Total available-for-sale securities	$	7,114	$	11	$	(477)	$	6,648

September 30, 2025
Agency residential MBS	$	3,531	$	3	$	(265)	$	3,269
Agency commercial MBS	1,223		—		(85)		1,138
Agency CMOs	1,421		3		(147)		1,277
U.S. Treasuries	429		1		—		430
Other agency obligations	229		—		(2)		227
Non-agency residential MBS	484		1		(32)		453
Corporate bonds	79		1		(1)		79
Other	14		1		—		15
Total available-for-sale securities	$	7,410	$	10	$	(532)	$	6,888

The amortized costs and fair values in the preceding table exclude $17 million and $18 million of accrued interest on available-for-sale securities as of December 31, 2025 and September 30, 2025, respectively, which was included in “Other receivables, net” on our Condensed Consolidated Statements of Financial Condition.


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

See Note 6 for additional information regarding available-for-sale securities pledged with the FHLB and Federal Reserve Bank (“FRB”).

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 3.8 years as of December 31, 2025.


	December 31, 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	$	1		$	290		$	1,641		$	1,480		$	3,412
Fair value	$	1		$	277		$	1,522		$	1,380		$	3,180
Weighted-average yield	2.06		%	1.29		%	1.31		%	2.79		%	1.95		%
Agency commercial MBS
Amortized cost	$	250		$	853		$	16		$	45		$	1,164
Fair value	$	247		$	789		$	15		$	38		$	1,089
Weighted-average yield	1.47		%	1.29		%	1.25		%	1.85		%	1.35		%
Agency CMOs
Amortized cost	$	—		$	—		$	32		$	1,336		$	1,368
Fair value	$	—		$	—		$	30		$	1,205		$	1,235
Weighted-average yield	—		%	—		%	1.46		%	2.32		%	2.30		%
U.S. Treasuries
Amortized cost	$	338		$	90		$	—		$	—		$	428
Fair value	$	339		$	90		$	—		$	—		$	429
Weighted-average yield	3.92		%	3.83		%	—		%	—		%	3.90		%
Other agency obligations
Amortized cost	$	53		$	104		$	28		$	8		$	193
Fair value	$	53		$	104		$	28		$	7		$	192
Weighted-average yield	2.91		%	3.63		%	2.42		%	3.07		%	3.23		%
Non-agency residential MBS
Amortized cost	$	—		$	—		$	—		$	464		$	464
Fair value	$	—		$	—		$	—		$	436		$	436
Weighted-average yield	—		%	—		%	—		%	4.07		%	4.07		%
Corporate bonds
Amortized cost	$	7		$	47		$	17		$	—		$	71
Fair value	$	7		$	47		$	18		$	—		$	72
Weighted-average yield	6.34		%	4.82		%	5.03		%	—		%	5.02		%
Other
Amortized cost	$	—		$	—		$	4		$	10		$	14
Fair value	$	—		$	—		$	5		$	10		$	15
Weighted-average yield	—		%	—		%	6.85		%	6.46		%	6.59		%
Total available-for-sale securities
Amortized cost	$	649		$	1,384		$	1,738		$	3,343		$	7,114
Fair value	$	647		$	1,307		$	1,618		$	3,076		$	6,648
Weighted-average yield	2.92		%	1.75		%	1.37		%	2.77		%	2.25		%


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
December 31, 2025
Agency residential MBS	$	—	$	—	$	2,852	$	(236)	$	2,852	$	(236)
Agency commercial MBS	—		—		1,080		(75)		1,080		(75)
Agency CMOs	7		—		945		(136)		952		(136)
U.S. Treasuries	175		—		8		—		183		—
Other agency obligations	—		—		164		(1)		164		(1)
Non-agency residential MBS	—		—		375		(29)		375		(29)
Corporate bonds	2		—		13		—		15		—
Other	1		—		5		—		6		—
Total	$	185	$	—	$	5,442	$	(477)	$	5,627	$	(477)

September 30, 2025
Agency residential MBS	$	23	$	—	$	2,994	$	(265)	$	3,017	$	(265)
Agency commercial MBS	—		—		1,129		(85)		1,129		(85)
Agency CMOs	2		—		978		(147)		980		(147)
U.S. Treasuries	215		—		9		—		224		—
Other agency obligations	—		—		227		(2)		227		(2)
Non-agency residential MBS	—		—		380		(32)		380		(32)
Corporate bonds	—		—		15		(1)		15		(1)
Other	1		—		5		—		6		—
Total	$	241	$	—	$	5,737	$	(532)	$	5,978	$	(532)

At December 31, 2025, of the 768 available-for-sale securities in an unrealized loss position, 17 were in a continuous unrealized loss position for less than 12 months and 751 securities were in a continuous unrealized loss position for greater than 12 months.

During the three months ended December 31, 2025, there were no sales of available-for-sale securities. During the three months ended December 31, 2024, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from accumulated other comprehensive income/loss (“AOCI”) to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the three months ended December 31, 2024.


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 2025 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.


	December 31, 2025						September 30, 2025
$ in millions	Derivative assets		Derivative liabilities		Notional amount		Derivative assets		Derivative liabilities		Notional amount
Derivatives not designated as hedging instruments
Interest rate (1)	$	287	$	292	$	19,333	$	306	$	309	$	20,446

Foreign exchange	8		8		952		—		2		539
Other	—		—		1,032		—		2		1,096
Subtotal	295		300		21,317		306		313		22,081
Derivatives designated as hedging instruments
Interest rate	—		—		800		—		—		850
Foreign exchange	—		3		1,266		1		—		1,242
Subtotal	—		3		2,066		1		—		2,092
Total gross fair value/notional amount	295		303		$	23,383	307		313		$	24,173
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting	(91)		(91)				(92)		(92)
Cash collateral netting	(134)		(31)				(147)		(31)
Total amounts offset	(225)		(122)				(239)		(123)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition	$	70	$	181			$	68	$	190
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments	—		—				(1)		—
Total	$	70	$	181			$	67	$	190

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

The following table details the gains/(losses) included in 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 16 for additional information.


	Three months ended December 31,
$ in millions		2025		2024
Interest rate (cash flow hedges)		$	(2)	$	6
Foreign exchange (net investment hedges)		(10)		57
Total gains/(losses) included in AOCI, net of taxes		$	(12)	$	63

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three months ended December 31, 2025 and 2024. We expect to reclassify $6 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 December 31,
	Location of gains/(losses)			2025			2024
Interest rate		Principal transactions/other revenue			$	3		$	3
Foreign exchange (1)		Principal transactions/other revenue			$	(1)		$	61
Other		Principal transactions			$	2		$	(6)

(1)The impacts included in our Condensed Consolidated Statements of Income and Comprehensive Income of these amounts net of the gains/(losses) on the related hedged item were net gains of $2 million for each of the three months ended December 31, 2025 and 2024.

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 December 31, 2025 or September 30, 2025.


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 2025 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
December 31, 2025
Gross amounts of recognized assets/liabilities	$	311	$	429	$	740	$	368	$	514	$	882
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	311		429		740		368		514		882
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(311)		(415)		(726)		(368)		(492)		(860)
Net amounts	$	—	$	14	$	14	$	—	$	22	$	22

September 30, 2025
Gross amounts of recognized assets/liabilities	$	302	$	396	$	698	$	325	$	786	$	1,111
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	302		396		698		325		786		1,111
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(302)		(372)		(674)		(325)		(768)		(1,093)
Net amounts	$	—	$	24	$	24	$	—	$	18	$	18

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	December 31, 2025		September 30, 2025
Repurchase agreements:
Government and agency obligations	$	160	$	125
Agency MBS and agency CMOs	208		200
Total repurchase agreements	$	368	$	325
Securities loaned:
Equity securities	514		786
Total collateralized financings	$	882	$	1,111


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	December 31, 2025		September 30, 2025
Collateral we received that was available to be delivered or repledged	$	4,354	$	4,003
Collateral that we delivered or repledged	$	1,664	$	2,080

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	December 31, 2025		September 30, 2025
Had the right to deliver or repledge	$	1,287	$	1,265
Did not have the right to deliver or repledge	$	66	$	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 13. The following table presents information about our assets that have been pledged with the FHLB or FRB.


$ in millions	December 31, 2025		September 30, 2025
Assets pledged with the FHLB or FRB:
Available-for-sale securities	$	2,363	$	2,435
Bank loans	31,936		31,014
Total assets pledged with the FHLB or FRB	$	34,299	$	33,449


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 2025 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 less the allowance for credit losses (“ACL”) or fair value where applicable.

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


$ in millions	December 31, 2025			September 30, 2025
SBL	$	21,667		$	19,775
C&I loans	10,801			10,777
CRE loans	7,753			7,840
REIT loans	1,779			1,690
Residential mortgage loans	10,567			10,295
Tax-exempt loans	1,148			1,226
Total loans held for investment	53,715			51,603
Held for sale loans	168			416
Total loans held for sale and investment	53,883			52,019
Allowance for credit losses	(440)			(452)
Bank loans, net	$	53,443		$	51,567

ACL as a % of total loans held for investment	0.82		%	0.88		%
Accrued interest receivable on bank loans (included in “Other receivables, net”)	$	213		$	216

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

Held for sale loans

We originated or purchased $497 million and $706 million of loans held for sale during the three months ended December 31, 2025 and 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 $177 million and $165 million during the three months ended December 31, 2025, and 2024, respectively. Net gains resulting from such sales were insignificant for each of the three months ended December 31, 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		Residential mortgage loans		Total



Three months ended December 31, 2025
Purchases	$	165	$	14	$	179
Sales	$	84	$	—	$	84
Three months ended December 31, 2024
Purchases	$	242	$	65	$	307
Sales	$	48	$	—	$	48

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 2025 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
December 31, 2025
SBL	$	3	$	—	$	3	$	—	$	—	$	21,664	$	21,667
C&I loans	2		—		2		52		5		10,742		10,801
CRE loans	—		—		—		111		8		7,634		7,753
REIT loans	—		—		—		18		—		1,761		1,779
Residential mortgage loans	5		—		5		—		13		10,549		10,567
Tax-exempt loans	—		—		—		—		—		1,148		1,148
Total loans held for investment	$	10	$	—	$	10	$	181	$	26	$	53,498	$	53,715

September 30, 2025
SBL	$	1	$	—	$	1	$	—	$	—	$	19,774	$	19,775
C&I loans	1		—		1		39		5		10,732		10,777
CRE loans	—		—		—		101		9		7,730		7,840
REIT loans	—		—		—		19		—		1,671		1,690
Residential mortgage loans	5		—		5		—		13		10,277		10,295
Tax-exempt loans	—		—		—		—		—		1,226		1,226
Total loans held for investment	$	7	$	—	$	7	$	159	$	27	$	51,410	$	51,603

The preceding table includes $122 million and $109 million at December 31, 2025 and September 30, 2025, respectively, of nonaccrual loans which were current pursuant to their contractual terms.

As more fully described in Note 2 of our 2025 Form 10-K, in the normal course of business, we may 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 months ended December 31, 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	December 31, 2025		September 30, 2025

C&I loans	Commercial real estate and other business assets	$	23	$	13
CRE loans	Office, hospitality, multi-family residential, industrial, and medical office real estate	$	144	$	165
REIT loans	Office real estate	$	106	$	113
Residential mortgage loans	Single family homes	$	6	$	9

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 three months ended December 31, 2025
	Loans by origination fiscal year
$ in millions	2026		2025		2024		2023		2022		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	9	$	19	$	57	$	30	$	19	$	72	$	21,407	$	21,613
Special mention (1)	—		—		—		—		—		—		54		54
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	9	$	19	$	57	$	30	$	19	$	72	$	21,461	$	21,667
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



C&I loans
Risk rating:
Pass	$	244	$	696	$	809	$	341	$	976	$	4,237	$	3,405	$	10,708
Special mention	—		1		—		13		1		—		—		15
Substandard	—		—		1		—		—		62		15		78
Doubtful	—		—		—		—		—		—		—		—
Total C&I loans	$	244	$	697	$	810	$	354	$	977	$	4,299	$	3,420	$	10,801
Gross charge-offs	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	1



CRE loans
Risk rating:
Pass	$	317	$	1,414	$	696	$	960	$	1,484	$	1,878	$	690	$	7,439
Special mention	—		—		4		26		115		—		—		145
Substandard	—		—		—		26		79		41		—		146
Doubtful	—		—		—		—		—		23		—		23
Total CRE loans	$	317	$	1,414	$	700	$	1,012	$	1,678	$	1,942	$	690	$	7,753
Gross charge offs	$	—	$	—	$	—	$	—	$	6	$	2	$	—	$	8



REIT loans
Risk rating:
Pass	$	17	$	302	$	67	$	158	$	59	$	351	$	701	$	1,655
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		18		—		106		—		124
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	17	$	302	$	67	$	176	$	59	$	457	$	701	$	1,779
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	541	$	1,778	$	1,165	$	1,411	$	2,463	$	3,144	$	39	$	10,541
Special mention	—		—		—		1		1		4		—		6
Substandard	—		—		—		—		7		13		—		20
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	541	$	1,778	$	1,165	$	1,412	$	2,471	$	3,161	$	39	$	10,567
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Tax-exempt loans
Risk rating:
Pass	$	55	$	49	$	—	$	57	$	197	$	790	$	—	$	1,148
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	55	$	49	$	—	$	57	$	197	$	790	$	—	$	1,148
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)As of December 31, 2025, this balance related to a loan which was collateralized by private securities.


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


	As of and for the year ended September 30, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	21	$	62	$	30	$	20	$	29	$	43	$	19,485	$	19,690
Special mention (1)	—		—		—		—		—		—		85		85
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	21	$	62	$	30	$	20	$	29	$	43	$	19,570	$	19,775
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




C&I loans
Risk rating:
Pass	$	746	$	743	$	366	$	1,016	$	849	$	3,495	$	3,455	$	10,670
Special mention	—		—		16		1		—		—		3		20
Substandard	—		1		—		—		2		64		20		87
Doubtful	—		—		—		—		—		—		—		—
Total C&I loans	$	746	$	744	$	382	$	1,017	$	851	$	3,559	$	3,478	$	10,777
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	32	$	1	$	33




CRE loans
Risk rating:
Pass	$	1,333	$	789	$	1,023	$	1,698	$	599	$	1,473	$	612	$	7,527
Special mention	—		—		25		90		—		7		—		122
Substandard	—		—		27		86		—		55		—		168
Doubtful	—		—		—		—		—		23		—		23
Total CRE loans	$	1,333	$	789	$	1,075	$	1,874	$	599	$	1,558	$	612	$	7,840
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	11	$	1	$	12




REIT loans
Risk rating:
Pass	$	289	$	128	$	158	$	59	$	113	$	241	$	570	$	1,558
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		19		—		113		—		—		132
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	289	$	128	$	177	$	59	$	226	$	241	$	570	$	1,690
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	1,810	$	1,206	$	1,465	$	2,511	$	1,389	$	1,849	$	42	$	10,272
Special mention	—		—		—		1		1		3		—		5
Substandard	—		—		—		6		—		12		—		18
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,810	$	1,206	$	1,465	$	2,518	$	1,390	$	1,864	$	42	$	10,295
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1




Tax-exempt loans
Risk rating:
Pass	$	49	$	62	$	57	$	215	$	144	$	699	$	—	$	1,226
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	49	$	62	$	57	$	215	$	144	$	699	$	—	$	1,226
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)As of September 30, 2025, this balance related to a loan which was collateralized by private securities.


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.


	December 31, 2025
	Loans by origination fiscal year
$ in millions	2026		2025		2024		2023		2022		Prior		Revolving loans		Total
FICO score:
Below 600	$	2	$	5	$	5	$	11	$	16	$	24	$	—	$	63
600 - 699	39		75		58		61		93		131		3		460
700 - 799	387		1,399		722		786		1,394		1,728		30		6,446
800 +	112		299		378		554		968		1,275		6		3,592
FICO score not available	1		—		2		—		—		3		—		6
Total	$	541	$	1,778	$	1,165	$	1,412	$	2,471	$	3,161	$	39	$	10,567

LTV ratio:
Below 80%	$	350	$	1,251	$	841	$	1,003	$	1,891	$	2,456	$	38	$	7,830
80%+	191		527		324		409		580		705		1		2,737
Total	$	541	$	1,778	$	1,165	$	1,412	$	2,471	$	3,161	$	39	$	10,567


	September 30, 2025
	Loans by origination fiscal year
$ in millions	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
FICO score:
Below 600	$	5	$	5	$	11	$	17	$	7	$	18	$	—	$	63
600 - 699	74		60		66		96		43		90		5		434
700 - 799	1,424		747		815		1,419		744		1,026		29		6,204
800 +	306		392		572		986		594		727		8		3,585
FICO score not available	1		2		1		—		2		3		—		9
Total	$	1,810	$	1,206	$	1,465	$	2,518	$	1,390	$	1,864	$	42	$	10,295

LTV ratio:
Below 80%	$	1,271	$	874	$	1,037	$	1,926	$	1,100	$	1,432	$	41	$	7,681
80%+	539		332		428		592		290		432		1		2,614
Total	$	1,810	$	1,206	$	1,465	$	2,518	$	1,390	$	1,864	$	42	$	10,295


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 December 31, 2025
Balance at beginning of period	$	8		$	148		$	182		$	52		$	61		$	1		$	452


Provision/(benefit) for credit losses	(1)			(1)			2			(4)			1			—			(3)

Net (charge-offs)/recoveries:
Charge-offs	—			(1)			(8)			—			—			—			(9)
Recoveries	—			—			—			—			—			—			—
Net charge-offs	—			(1)			(8)			—			—			—			(9)
Foreign exchange translation adjustment	—			—			—			—			—			—			—
Balance at end of period	$	7		$	146		$	176		$	48		$	62		$	1		$	440

ACL by loan portfolio segment as a % of total ACL	1.6		%	33.2		%	40.0		%	10.9		%	14.1		%	0.2		%	100.0		%















Three months ended December 31, 2024
Balance at beginning of period	$	6		$	173		$	188		$	23		$	65		$	2		$	457



Provision/(benefit) for credit losses	(1)			7			(10)			4			—			—			—

Net (charge-offs)/recoveries:
Charge-offs	—			(4)			—			—			—			—			(4)
Recoveries	—			—			—			—			—			—			—
Net charge-offs	—			(4)			—			—			—			—			(4)
Foreign exchange translation adjustment	—			—			(1)			—			—			—			(1)
Balance at end of period	$	5		$	176		$	177		$	27		$	65		$	2		$	452

ACL by loan portfolio segment as a % of total ACL	1.1		%	38.9		%	39.2		%	6.0		%	14.4		%	0.4		%	100.0		%

The allowance for credit losses on held for investment bank loans decreased $12 million during the three months ended December 31, 2025, primarily resulting from net charge-offs during the period. The bank loan benefit for credit losses for the three months ended December 31, 2025 primarily reflected the impact of net paydowns of higher-risk loans in our corporate loan portfolio and an improved economic outlook for the C&I loan portfolio, partially offset by specific reserves on certain loans.

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 at both December 31, 2025 and September 30, 2025.

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 2025 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	December 31, 2025			September 30, 2025
Affiliated with the firm as of period-end (1)	$	1,805		$	1,658
No longer affiliated with the firm as of period-end (2)	8			7
Total loans to financial advisors	1,813			1,665
Allowance for credit losses	(43)			(39)
Loans to financial advisors, net	$	1,770		$	1,626
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)	$	13		$	12
Allowance for credit losses as a percent of total loans to financial advisors	2.37		%	2.34		%

(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.


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

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 2025 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 other funds that qualify for tax credits 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
December 31, 2025

LIHTC funds	$	85	$	22
Restricted Stock Trust Fund	32		32
Total	$	117	$	54

September 30, 2025

LIHTC funds	$	74	$	20
Restricted Stock Trust Fund	19		19
Total	$	93	$	39

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	December 31, 2025		September 30, 2025
Assets:
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash	$	24	$	19

Other receivables	2		—
Other assets	59		55
Total assets	$	85	$	74
Liabilities:
Other payables	$	16	$	13

Total liabilities	$	16	$	13
Noncontrolling interests	$	4	$	1

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

As discussed in Note 2 of our 2025 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, certain other investments for which we receive tax credits, 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.


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

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.


	December 31, 2025						September 30, 2025
$ in millions	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
LIHTC funds	$	10,352	$	3,414	$	57	$	9,680	$	3,031	$	133
Private Equity Interests	3,019		905		107		3,043		948		105
Other	641		226		146		596		217		115
Total	$	14,012	$	4,545	$	310	$	13,319	$	4,196	$	353

NOTE 10 - OTHER ASSETS

The following table details the components of other assets as of the dates indicated. See Note 2 of our 2025 Form 10-K for a discussion of our accounting policies related to certain of these components.



$ in millions	December 31, 2025		September 30, 2025
Investments in corporate-owned life insurance policies	$	1,628	$	1,575
Property and equipment, net	678		670
ROU lease assets	578		583
Prepaid expenses	254		218

Investments in FHLB and FRB stock	103		103
Client-owned fractional shares	183		171
All other	258		195
Total other assets	$	3,682	$	3,515

See Note 12 of our 2025 Form 10-K for additional information regarding our property and equipment and Note 11 of this Form 10-Q and Note 13 of our 2025 Form 10-K for additional information regarding our leases.

NOTE 11 – LEASES

The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 13 of our 2025 Form 10-K for additional information related to our leases, including a discussion of our accounting policies.


$ in millions	December 31, 2025		September 30, 2025
ROU lease assets (included in “Other assets”)	$	578	$	583
Lease liabilities (included in “Other payables”)	$	533	$	538

Lease liabilities as of December 31, 2025 excluded $87 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 2026 through fiscal year 2027 with lease terms ranging from 3 to 11 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 December 31,
$ in millions		2025		2024
Lease costs		$	37	$	36
Variable lease costs		$	9	$	6

Variable lease costs in the preceding table included 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 12 – 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.


	December 31, 2025				September 30, 2025
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	35,714	1.31	%	$	33,881	1.60	%
Interest-bearing demand deposits	21,797		3.44	%	22,532		3.86	%
Certificates of deposit	1,974		3.93	%	1,937		4.21	%
Non-interest-bearing demand deposits	667		—		547		—
Total bank deposits	$	60,152	2.18	%	$	58,897	2.56	%

Total bank deposits included $27.82 billion and $26.56 billion as of December 31, 2025 and September 30, 2025, respectively, of cash balances 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. Interest-bearing demand deposits in the preceding table included $12.45 billion and $13.47 billion of deposits as of December 31, 2025 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which PCG clients deposit cash in a high-yield Raymond James Bank account.

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


$ in millions	December 31, 2025			September 30, 2025
FDIC-insured bank deposits	$	50,001		$	49,117
Bank deposits exceeding FDIC insurance limit (1) (2)	10,151			9,780
Total bank deposits	$	60,152		$	58,897
FDIC-insured bank deposits as a % of total bank deposits	83		%	83		%

(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 $1.45 billion and $1.24 billion as of December 31, 2025 and September 30, 2025, 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 December 31, 2025.


$ in millions	December 31, 2025
Three months or less	$	60
Over three through six months	44
Over six through twelve months	34
Over twelve months	24
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	162

(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 December 31, 2025 are presented in the following table.


	$ in millions
Remainder of 2026	$	1,357
2027	400
2028	119
2029	49
2030	39
Thereafter	10
Total certificates of deposit	$	1,974

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


	Three months ended December 31,
$ in millions		2025		2024
Money market and savings accounts		$	127	$	164
Interest-bearing demand deposits		203		228
Certificates of deposit		20		28
Total interest expense on deposits		$	350	$	420

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 2025 Form 10-K for information regarding this interest rate swap, which has been designated and accounted for as a cash flow hedge.

NOTE 13 – OTHER BORROWINGS

The following table details the components of our other borrowings.


	December 31, 2025					September 30, 2025
$ in millions	Weighted-average interest rate		Maturity date	Balance		Weighted-average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term	3.98	%	March 2026 - September 2027	$	450	4.44	%	December 2025 - December 2026	$	500

Fixed rate	3.99	%	December 2027 - December 2028	250		4.10	%	December 2028	200
Total FHLB advances				$	700				$	700

FHLB advances

We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities. The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (“SOFR”) and reset daily. 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 2025 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.

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 both RJ&A or RJF have the ability to borrow. The Credit Facility has a term through September 2030 and provides for maximum borrowings of up to $1 billion. 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 December 31, 2025 or September 30, 2025. 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 December 31, 2025, the Variable Rate Facility Fee, which is applied to the committed amount, was 0.125% per annum.


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

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 December 31, 2025 or September 30, 2025. 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 December 31, 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 Condensed Consolidated Statements of Financial Condition. See Note 6 for information regarding our other collateralized financing arrangements.

NOTE 14 – 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 17 of our 2025 Form 10-K.

Effective tax rate

Our effective income tax rate of 22.7% for the three months ended December 31, 2025 was higher than the 21.3% effective tax rate for our fiscal year 2025. The effective tax rate for our fiscal first quarter of 2026 reflects the seasonal benefit from share-based compensation that settled during the quarter. For additional information regarding our fiscal 2025 effective tax rate, refer to Note 17 of our 2025 Form 10-K.

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 $12 million due to expiration of statutes of limitations of federal and state tax returns.

NOTE 15 – 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 December 31, 2025, we had no such open underwriting commitments.


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

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	December 31, 2025		September 30, 2025
SBL and other consumer lines of credit	$	58,739	$	56,048
Commercial lines of credit	$	5,472	$	5,441
Unfunded lending commitments	$	648	$	716
Standby letters of credit	$	233	$	217

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 2025 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 2025 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.

Investment commitments

We had unfunded commitments of $112 million as of December 31, 2025, to various investments, primarily held by Raymond James Bank and TriState Capital Bank, and to certain renewable energy tax credit investments.

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 December 31, 2025, RJAHI had committed approximately $210 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.


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

On October 14, 2025, we announced we had reached an agreement to acquire a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured credit and securitization. The transaction, which is subject to the satisfaction of customary closing conditions, including regulatory approvals, is currently expected to close in our fiscal 2026. The acquisition of GreensLedge will add securitization and advisory capabilities to our existing fixed income operations. We currently have the ability to utilize our cash on hand to fund the acquisition. GreensLedge will operate within our Capital Markets segment upon completion of the acquisition.

On January 15, 2026, we announced we had reached an agreement to acquire all of the outstanding shares in Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions. The transaction, which is subject to the satisfaction of customary closing conditions, including regulatory approvals, is currently expected to close in our fiscal 2026. Upon completion of the acquisition, Clark Capital will maintain its brand and become an independent boutique investment manager within Raymond James Investment Management. We currently have the ability to utilize our cash on hand to fund the acquisition. Clark Capital will operate within our Asset Management segment upon completion of the acquisition.

For information regarding our lease commitments see Note 11 of this Form 10-Q and for information on the maturities of our lease liabilities see Note 13 of our 2025 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.


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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 December 31, 2025, the estimated upper end of the range of reasonably possible aggregate loss was approximately $10 million in excess of the aggregate accruals for such matters. Refer to Note 2 of our 2025 Form 10-K for a discussion of our criteria for recognizing liabilities for contingencies.

NOTE 16 – 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 19 of our 2025 Form 10-K.


$ in millions	December 31, 2025		September 30, 2025
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

On January 2, 2026, we redeemed all 80,500 outstanding shares of our Series B Preferred Stock, which triggered the redemption of the related depositary shares, each representing a 1/40th interest in a share of Series B Preferred Stock, for an aggregate redemption value of $81 million. The redemption of the Series B Preferred Stock will be reflected in our condensed consolidated financial statements in our fiscal second quarter of 2026.

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three months ended December 31, 2025 and 2024.


	Three months ended December 31,
$ in millions, except per share amounts		2025		2024




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








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

Common equity

The following table presents the changes in our common shares outstanding for the three months ended December 31, 2025 and 2024.


	Three months ended December 31,
Shares in millions		2025	2024
Balance beginning of period		198.1	203.3
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization		(2.5)	(0.3)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures		1.4	1.6


Balance end of period		197.0	204.6

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 19 of this Form 10-Q and Note 22 of our 2025 Form 10-K for additional information on these programs.

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 2025, our Board of Directors authorized common stock repurchases of up to $2 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


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

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 December 31, 2025, we repurchased 2.5 million shares of our common stock for $400 million at an average price of $162 per share. As of December 31, 2025, $1.9 billion 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 December 31,
		2025		2024
Dividends per common share - declared		$	0.54	$	0.50
Dividends per common share - paid		$	0.50	$	0.45

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 December 31,
		2025		2024
Dividend payout ratio		19.4	%	17.5	%

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 20 of this Form 10-Q for additional information on our regulatory capital requirements.


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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 December 31, 2025
AOCI as of beginning of period	$	184	$	(196)	$	(12)	$	(391)	$	7	$	(396)
OCI:
OCI before reclassifications and taxes	(13)		17		4		56		—		60
Amounts reclassified from AOCI, before tax	—		—		—		—		(3)		(3)
Pre-tax net OCI	(13)		17		4		56		(3)		57
Income tax effect	3		—		3		(13)		1		(9)
OCI for the period, net of tax	(10)		17		7		43		(2)		48
AOCI as of end of period	$	174	$	(179)	$	(5)	$	(348)	$	5	$	(348)











Three months ended December 31, 2024
AOCI as of beginning of period	$	145	$	(169)	$	(24)	$	(485)	$	7	$	(502)
OCI:
OCI before reclassifications and taxes	75		(110)		(35)		(144)		15		(164)
Amounts reclassified from AOCI, before tax	—		—		—		2		(7)		(5)
Pre-tax net OCI	75		(110)		(35)		(142)		8		(169)
Income tax effect	(18)		—		(18)		36		(2)		16
OCI for the period, net of tax	57		(110)		(53)		(106)		6		(153)
AOCI as of end of period	$	202	$	(279)	$	(77)	$	(591)	$	13	$	(655)

Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2025 were recorded in “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 December 31, 2024 were recorded in “Other revenue” and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.

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 2025 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.


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NOTE 17 – 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 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments.


	Three months ended December 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,693	$	—	$	316	$	—	$	(10)	$	1,999
Brokerage revenues:
Securities commissions:
Mutual and other fund products	164		2		1		—		—		167
Insurance and annuity products	132		—		—		—		—		132
Equities, exchange-traded funds (“ETFs”) and fixed income products	144		46		—		—		(3)		187
Subtotal securities commissions	440		48		1		—		(3)		486
Principal transactions (1)	30		93		—		4		(1)		126
Total brokerage revenues	470		141		1		4		(4)		612
Account and service fees:
Mutual fund and other investment products	142		1		4		—		(1)		146
RJBDP fees	289		1		—		—		(189)		101
Client account and other fees	71		2		2		—		(14)		61
Total account and service fees	502		4		6		—		(204)		308
Investment banking:
Merger & acquisition and advisory	—		119		—		—		—		119
Equity underwriting	8		31		—		—		—		39
Debt underwriting	—		50		—		—		—		50
Total investment banking	8		200		—		—		—		208
Other:
Affordable housing investments business revenues	—		31		—		—		—		31
All other (1)	4		—		—		13		(6)		11
Total other	4		31		—		13		(6)		42
Total non-interest revenues	2,677		376		323		17		(224)		3,169
Interest income (1)	114		28		3		831		31		1,007
Total revenues	2,791		404		326		848		(193)		4,176
Interest expense	(23)		(24)		—		(361)		(33)		(441)
Net revenues	$	2,768	$	380	$	326	$	487	$	(226)	$	3,735

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


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	Three months ended December 31, 2024
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,476	$	—	$	282	$	—	$	(15)	$	1,743
Brokerage revenues:
Securities commissions:
Mutual and other fund products	152		2		1		—		(1)		154
Insurance and annuity products	118		—		—		—		—		118
Equities, ETFs and fixed income products	133		38		1		—		(4)		168
Subtotal securities commissions	403		40		2		—		(5)		440
Principal transactions (1)	30		86		—		3		—		119
Total brokerage revenues	433		126		2		3		(5)		559
Account and service fees:
Mutual fund and other investment products	126		—		4		—		—		130
RJBDP fees	331		1		—		—		(188)		144
Client account and other fees	70		3		2		—		(7)		68
Total account and service fees	527		4		6		—		(195)		342
Investment banking:
Merger & acquisition and advisory	—		226		—		—		—		226
Equity underwriting	8		35		—		—		—		43
Debt underwriting	—		56		—		—		—		56
Total investment banking	8		317		—		—		—		325
Other:
Affordable housing investments business revenues	—		29		—		—		—		29
All other (1)	5		1		—		8		(4)		10
Total other	5		30		—		8		(4)		39
Total non-interest revenues	2,449		477		290		11		(219)		3,008
Interest income (1)	126		29		4		847		21		1,027
Total revenues	2,575		506		294		858		(198)		4,035
Interest expense	(27)		(26)		—		(433)		(12)		(498)
Net revenues	$	2,548	$	480	$	294	$	425	$	(210)	$	3,537

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

At December 31, 2025 and September 30, 2025, net receivables related to contracts with customers were $472 million and $532 million, respectively.


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

NOTE 18 – INTEREST INCOME AND INTEREST EXPENSE

For further information about our significant accounting policies related to interest income and interest expense see Notes 2 and 21 of our 2025 Form 10-K. The following table details the components of interest income and interest expense.


	Three months ended December 31,
$ in millions		2025		2024
Interest income:
Cash and cash equivalents		$	101	$	124
Assets segregated for regulatory purposes and restricted cash		35		42
Trading assets — debt securities		22		19
Available-for-sale securities		42		49
Brokerage client receivables		43		45
Bank loans, net		734		718
All other		30		30
Total interest income		$	1,007	$	1,027
Interest expense:
Bank deposits		350		$	420
Trading liabilities — debt securities		12		11
Brokerage client payables		14		20
Other borrowings		5		7
Senior notes payable		43		23
All other		17		17
Total interest expense		$	441	$	498
Net interest income		$	566	$	529
Less: Bank loan benefit for credit losses		(3)		—
Net interest income after bank loan benefit for credit losses		$	569	$	529

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

NOTE 19 – 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 2025 Form 10-K. Other information related to our share-based awards is presented in Note 22 of our 2025 Form 10-K.

Restricted stock units

During the three months ended December 31, 2025, we granted approximately 1.5 million RSUs, respectively, with a weighted-average grant-date fair value of $156.33, compared with approximately 1.3 million RSUs granted during the three months ended December 31, 2024, with a weighted-average grant-date fair value of $163.63. For the three months ended December 31, 2025, total share-based compensation amortization related to RSUs was $76 million, compared with $91 million for the three months ended December 31, 2024.

As of December 31, 2025, there were $463 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the three months ended December 31, 2025. These costs are expected to be recognized over a weighted-average period of three years.


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NOTE 20 – 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 December 31, 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 23 of our 2025 Form 10-K.

The following table presents regulatory capital ratio requirements for RJF as of December 31, 2025 and September 30, 2025.


	Required ratio (1)		Well-capitalized		December 31, 2025				September 30, 2025
$ in millions			Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		12.7	%	$	11,196	13.1	%	$	11,156
Tier 1 capital	8.5	%	6.0	%	23.2	%	$	11,196	23.0	%	$	11,156
CET1 capital	7.0	%	N/A (2)		23.0	%	$	11,121	22.9	%	$	11,081
Total capital	10.5	%	10.0	%	24.3	%	$	11,717	24.1	%	$	11,687

(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 December 31, 2025, RJF’s regulatory capital increased compared with September 30, 2025 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, 2025 resulting from the increase in regulatory capital and a slight decrease in risk-weighted assets. RJF’s tier 1 leverage ratio at December 31, 2025 decreased compared to September 30, 2025 due to an increase in average assets, which was partially offset by the increase in regulatory capital. Average assets increased primarily due to the full-quarter impact of cash proceeds from the $1.5 billion of senior notes issued in September 2025.


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

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 December 31, 2025 and September 30, 2025. 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		December 31, 2025				September 30, 2025
$ in millions			Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.0	%	$	3,461	8.0	%	$	3,434
Tier 1 capital	8.5	%	8.0	%	13.9	%	$	3,461	13.9	%	$	3,434
CET1 capital	7.0	%	6.5	%	13.9	%	$	3,461	13.9	%	$	3,434
Total capital	10.5	%	10.0	%	15.2	%	$	3,772	15.2	%	$	3,743
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.5	%	$	1,708	7.6	%	$	1,661
Tier 1 capital	8.5	%	8.0	%	17.9	%	$	1,708	16.8	%	$	1,661
CET1 capital	7.0	%	6.5	%	17.9	%	$	1,708	16.8	%	$	1,661
Total capital	10.5	%	10.0	%	18.7	%	$	1,777	17.5	%	$	1,732

(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	December 31, 2025			September 30, 2025
Raymond James & Associates, Inc.:
(Alternative Method elected)
Net capital as a percent of aggregate debit items	30.7		%	30.3		%
Net capital	$	1,047		$	1,030
Less: required net capital	(68)			(68)
Excess net capital	$	979		$	962

As of December 31, 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 21 – EARNINGS PER SHARE

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


	Three months ended December 31,
$ in millions, except per share amounts		2025		2024
Income for basic earnings per common share:
Net income available to common shareholders		$	562	$	599
Less allocation of earnings and dividends to participating securities		(1)		(1)
Net income available to common shareholders after participating securities		$	561	$	598
Income for diluted earnings per common share:
Net income available to common shareholders		$	562	$	599
Less allocation of earnings and dividends to participating securities		(1)		(1)
Net income available to common shareholders after participating securities		$	561	$	598
Common shares:
Average common shares in basic computation		197.1		203.7
Dilutive effect of outstanding stock options and certain RSUs		4.3		5.5
Average common and common equivalent shares used in diluted computation		201.4		209.2
Earnings per common share:
Basic		$	2.85	$	2.94
Diluted		$	2.79	$	2.86
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive		0.1		1.0

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of restricted stock awards 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 months ended December 31, 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 22 – 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 25 of our 2025 Form 10-K.

The following table presents information concerning operations in these segments.


$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Three months ended December 31, 2025
Revenues:
Non-interest revenues (1)	$	2,677	$	376	$	323	$	17	$	(224)	$	3,169
Net interest income	91		4		3		470		(2)		566
Net revenues	2,768		380		326		487		(226)		3,735
Non-interest expenses:
Compensation, commissions and benefits	2,051		261		59		48		31		2,450

Bank loan benefit for credit losses	—		—		—		(3)		—		(3)
All other (1)	278		110		124		269		(221)		560
Total non-interest expense	2,329		371		183		314		(190)		3,007
Total pre-tax income/(loss)	$	439	$	9	$	143	$	173	$	(36)	$	728

Three months ended December 31, 2024
Revenues:
Non-interest revenues (1)	$	2,449	$	477	$	290	$	11	$	(219)	$	3,008
Net interest income	99		3		4		414		9		529
Net revenues	2,548		480		294		425		(210)		3,537
Non-interest expenses:
Compensation, commissions and benefits	1,831		301		58		46		36		2,272

Bank loan provision for credit losses	—		—		—		—		—		—
All other (1)	255		105		111		261		(216)		516
Total non-interest expense	2,086		406		169		307		(180)		2,788
Total pre-tax income/(loss)	$	462	$	74	$	125	$	118	$	(30)	$	749

(1)“Non-interest revenues” and “All other” non-interest expenses for the PCG and Bank segments, respectively, included $188 million and $187 million of RJBDP fees paid to PCG for the three months ended December 31, 2025 and 2024, respectively. Such fees were eliminated in consolidation.

No individual client accounted for more than 10% of revenues in any of the periods presented.

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


$ in millions	December 31, 2025		September 30, 2025
Total assets:
Private Client Group	$	13,961	$	14,007
Capital Markets	3,352		3,426
Asset Management	656		632
Bank	66,693		65,263
Other	4,098		4,902
Total	$	88,760	$	88,230


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

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 December 31,
$ in millions		2025		2024
Net revenues:
U.S.		$	3,409	$	3,222
Canada		185		164
Europe		141		151
Total net revenues		$	3,735	$	3,537
Pre-tax income/(loss):
U.S.		$	693	$	692
Canada		39		39
Europe		(4)		18
Total pre-tax income		$	728	$	749

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


$ in millions	December 31, 2025		September 30, 2025
Total assets:
U.S.	$	82,711	$	82,289
Canada	3,339		3,182
Europe	2,710		2,759
Total	$	88,760	$	88,230


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES						Index

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