Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


$ in millions, except per share amounts	March 31, 2026		September 30, 2025
Assets:
Cash and cash equivalents	$	11,219	$	11,389
Assets segregated for regulatory purposes and restricted cash	3,745		3,398
Collateralized agreements	608		698
Financial instruments, at fair value:
Trading assets ($1,353 and $1,248 pledged as collateral)	1,434		1,538
Available-for-sale securities ($8 and $9 pledged as collateral)	6,402		6,888
Derivative assets	71		68
Other investments ($20 and $8 pledged as collateral)	399		390
Brokerage client receivables, net	3,300		2,821
Other receivables, net	1,812		1,814
Bank loans, net	54,833		51,567
Loans to financial advisors, net	1,894		1,626
Deferred income taxes, net	549		671
Goodwill and identifiable intangible assets, net	1,983		1,847
Other assets	3,695		3,515
Total assets	$	91,944	$	88,230

Liabilities and shareholders’ equity:
Bank deposits	$	62,423	$	58,897
Collateralized financings	1,142		1,111
Financial instrument liabilities, at fair value:
Trading liabilities	726		891
Derivative liabilities	198		190
Brokerage client payables	6,607		5,853
Accrued compensation, commissions and benefits	2,110		2,603
Other payables	1,907		1,961
Other borrowings	700		700
Senior notes payable	3,521		3,520
Total liabilities	79,334		75,726
Commitments and contingencies (see Note 17)
Shareholders’ equity
Preferred stock	—		79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 194,643,210 shares outstanding as of March 31, 2026; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025	3		3
Additional paid-in capital	3,156		3,235
Retained earnings	14,487		13,604
Treasury stock, at cost; 55,440,958 and 51,944,574 common shares as of March 31, 2026 and September 30, 2025, respectively	(4,711)		(4,022)
Accumulated other comprehensive loss	(368)		(396)
Total equity attributable to Raymond James Financial, Inc.	12,567		12,503
Noncontrolling interests	43		1
Total shareholders’ equity	12,610		12,504
Total liabilities and shareholders’ equity	$	91,944	$	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 March 31,				Six months ended March 31,
in millions, except per share amounts	2026		2025		2026		2025
Revenues:
Asset management and related administrative fees	$	2,016	$	1,725	$	4,015	$	3,468
Brokerage revenues:
Securities commissions	507		431		993		871
Principal transactions	136		149		262		268
Total brokerage revenues	643		580		1,255		1,139
Account and service fees	311		321		619		663
Investment banking	279		216		487		541
Interest income	960		963		1,967		1,990
Other	53		40		95		79
Total revenues	4,262		3,845		8,438		7,880
Interest expense	(403)		(442)		(844)		(940)
Net revenues	3,859		3,403		7,594		6,940
Non-interest expenses:
Compensation, commissions and benefits	2,541		2,204		4,991		4,476
Non-compensation expenses:
Communications and information processing	206		184		400		362
Occupancy and equipment	80		74		160		147
Business development	75		64		156		132
Investment sub-advisory fees	63		54		126		107
Professional fees	36		34		73		68
Bank loan provision for credit losses	5		16		2		16


Other	118		102		223		212
Total non-compensation expenses	583		528		1,140		1,044
Total non-interest expenses	3,124		2,732		6,131		5,520
Pre-tax income	735		671		1,463		1,420
Provision for income taxes	191		176		356		325
Net income	544		495		1,107		1,095
Preferred stock dividends	2		2		3		3
Net income available to common shareholders	$	542	$	493	$	1,104	$	1,092

Earnings per common share – basic	$	2.76	$	2.41	$	5.61	$	5.34
Earnings per common share – diluted	$	2.72	$	2.36	$	5.51	$	5.22
Weighted-average common shares outstanding – basic	196.1		204.3		196.6		204.0
Weighted-average common and common equivalent shares outstanding – diluted	199.2		208.7		200.3		208.9

Net income	$	544	$	495	$	1,107	$	1,095
Other comprehensive income/(loss), net of tax:
Available-for-sale securities	(10)		95		33		(11)
Currency translations, net of the impact of net investment hedges	(10)		19		(3)		(34)
Cash flow hedges	—		(5)		(2)		1
Total other comprehensive income/(loss), net of tax	(20)		109		28		(44)
Total comprehensive income	$	524	$	604	$	1,135	$	1,051

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 March 31,				Six months ended March 31,
$ in millions, except per share amounts	2026		2025		2026		2025
Preferred stock:
Balance beginning of period	$	79	$	79	$	79	$	79


Redemption of preferred stock	(79)		—		(79)		—
Balance end of period	—		79		—		79

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

Additional paid-in capital:
Balance beginning of period	3,106		3,125		3,235		3,251


Share-based compensation amortization	52		53		129		145

Net activity under employee stock plans	(2)		(27)		(208)		(245)
Balance end of period	3,156		3,151		3,156		3,151

Retained earnings:
Balance beginning of period	14,051		12,378		13,604		11,894
Net income attributable to Raymond James Financial, Inc.	544		495		1,107		1,095
Common and preferred stock cash dividends declared (see Note 18)	(108)		(104)		(224)		(220)



Balance end of period	14,487		12,769		14,487		12,769

Treasury stock:
Balance beginning of period	(4,321)		(3,007)		(4,022)		(3,051)
Purchases	(406)		(253)		(821)		(314)
Reissuances under employee stock plans	16		16		132		121
Balance end of period	(4,711)		(3,244)		(4,711)		(3,244)

Accumulated other comprehensive income/(loss):
Balance beginning of period	(348)		(655)		(396)		(502)
Other comprehensive income/(loss), net of tax	(20)		109		28		(44)

Balance end of period	(368)		(546)		(368)		(546)
Total equity attributable to Raymond James Financial, Inc.	$	12,567	$	12,212	$	12,567	$	12,212

Noncontrolling interests:
Balance beginning of period	4		6		1		(6)

Increase from acquisition of majority interest in GreensLedge Holdings LLC	40		—		40		—
All other net changes in noncontrolling interests	(1)		9		2		21


Balance end of period	43		15		43		15
Total shareholders’ equity	$	12,610	$	12,227	$	12,610	$	12,227

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

Index

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six months ended March 31,
$ in millions	2026		2025
Cash flows from operating activities:
Net income	$	1,107	$	1,095
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	99		94
Deferred income taxes, net	112		46
Premium and discount amortization on available-for-sale securities and bank loans and net unrealized gains/losses on other investments	(3)		(1)
Provisions for credit losses and legal and regulatory matters, net	21		24
Share-based compensation expense	133		147
Unrealized gains on corporate-owned life insurance policies, net of expenses	10		31

Other	27		21
Net change in:

Collateralized agreements, net of collateralized financings	121		45
Loans (provided to) financial advisors, net of repayments	(286)		(102)
Brokerage client receivables and other receivables, net	(479)		(140)
Trading instruments, net	(62)		(69)
Derivative instruments, net	10		116
Other assets	(44)		23
Brokerage client payables and other payables	621		38
Accrued compensation, commissions and benefits	(493)		(407)
Purchases and originations of loans held for sale, net of proceeds from sales of securitizations and loans held for sale	195		(14)
Net cash provided by operating activities	1,089		947

Cash flows from investing activities:
Increase in bank loans, net	(3,572)		(2,334)
Proceeds from sales of loans held for investment	116		83

Purchases of available-for-sale securities	(409)		(300)
Available-for-sale securities maturations, repayments and redemptions	935		1,009
Proceeds from sales of available-for-sale securities	—		78
Cash paid for acquisition, net of cash acquired	(92)		—
Additions to property and equipment	(91)		(87)
Sales of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock	—		9




Other investing activities, net	(89)		(54)
Net cash used in investing activities	(3,202)		(1,596)




















Cash flows from financing activities:


Increase in bank deposits	3,526		393
Repurchases of common stock and share-based awards withheld for payment of withholding tax requirements	(918)		(459)
Dividends on common and preferred stock	(221)		(211)
Employee stock purchases and exercise of stock options	23		19
Redemption of preferred stock	(81)		—
Proceeds from Federal Home Loan Bank (“FHLB”) advances	300		450
Repayments of FHLB advances	(300)		(650)

Other financing, net	(10)		(5)
Net cash provided by/(used in) financing activities	2,319		(463)

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

Index




RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Six months ended March 31,
$ in millions	2026		2025
Currency adjustment:
Effect of exchange rate changes on cash and cash equivalents, including those segregated for regulatory purposes	(29)		(149)
Net increase/(decrease) in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash	177		(1,261)
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	$	14,964	$	13,087

Cash and cash equivalents	$	11,219	$	9,662
Cash and cash equivalents segregated for regulatory purposes and restricted cash	3,745		3,425
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of period	$	14,964	$	13,087

Supplemental disclosures of cash flow information:
Cash paid for interest	$	845	$	948
Cash paid for income taxes, net	$	275	$	373
Cash outflows for lease liabilities	$	67	$	66
Non-cash right-of-use (“ROU”) assets recorded for new and modified leases	$	52	$	54

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)

March 31, 2026

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 10 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 – ACQUISITIONS

GreensLedge Holdings LLC

During the three months ended March 31, 2026, we completed our acquisition of a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured products advisory and placement services. The acquisition was funded using cash on hand as of the acquisition date. GreensLedge’s results of operations have been included in our Capital Markets segment prospectively beginning March 1, 2026.

The GreensLedge acquisition resulted in the addition of $129 million of goodwill and $30 million of identifiable intangible assets. The goodwill associated with this acquisition primarily represents synergies from combining GreensLedge with our existing businesses and is deductible for tax purposes over 15 years. The identifiable intangible assets primarily relate to client relationships and have a weighted-average useful life of seven years.

See Notes 2 and 10 of our 2025 Form 10-K and Note 11 of this Form 10-Q for additional information about our goodwill and identifiable intangible assets, including the related accounting policies.

Clark Capital Management Group, Inc.

On April 30, 2026, we completed our acquisition of all outstanding shares of Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions. The acquisition was funded using cash on hand as of the acquisition date. Clark Capital will become one of our independent boutique investment managers under Raymond James Investment Management in our Asset Management segment.


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

NOTE 4 – 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 March 31, 2026
Assets at fair value on a recurring basis:

Trading assets:
Municipal and provincial obligations	$	11	$	306	$	—	$	—	$	317
Corporate obligations	15		580		—		—		595
Government and agency obligations	40		87		—		—		127
Agency mortgage-backed securities (“MBS”), collateralized mortgage obligations (“CMOs”) and asset-backed securities (“ABS”)	—		214		—		—		214
Non-agency CMOs and ABS	—		142		—		—		142
Total debt securities	66		1,329		—		—		1,395
Equity securities	12		6		—		—		18
Brokered certificates of deposit	—		19		—		—		19
Other	—		—		2		—		2
Total trading assets	78		1,354		2		—		1,434
Available-for-sale securities (2)	423		5,979		—		—		6,402
Derivative assets:
Interest rate	12		263		—		(214)		61


Foreign exchange	—		10		—		—		10

Total derivative assets	12		273		—		(214)		71

All other investments:
Government and agency obligations (3)	86		—		—		—		86
Other	193		2		7		—		202
Total all other investments	279		2		7		—		288
Other assets – client-owned fractional shares	188		—		—		—		188
Subtotal	980		7,608		9		(214)		8,383
Other investments – private equity – measured at net asset value (“NAV”)									111
Total assets at fair value on a recurring basis	$	980	$	7,608	$	9	$	(214)	$	8,494

Liabilities at fair value on a recurring basis:
Trading liabilities:
Municipal and provincial obligations	$	4	$	—	$	—	$	—	$	4
Corporate obligations	—		469		—		—		469
Government and agency obligations	212		—		—		—		212


Total debt securities	216		469		—		—		685
Equity securities	39		1		—		—		40
Other liabilities	—		—		1		—		1
Total trading liabilities	255		470		1		—		726

Derivative liabilities – interest rate	9		272		—		(83)		198





Other payables – repurchase liabilities related to client-owned fractional shares	188		—		—		—		188
Total liabilities at fair value on a recurring basis	$	452	$	742	$	1	$	(83)	$	1,112


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 6 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 5 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 March 31, 2026 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Derivative assets		All other investments			Trading liabilities
$ in millions	Other		Other		Other			Other
Fair value beginning of period	$	4	$	—	$	7		$	—
Total gains/(losses) included in earnings	—		1		—			1
Purchases and contributions	25		—		—			—
Sales and distributions	(27)		(1)		—			—
Transfers:
Into Level 3	—		—		—			—
Out of Level 3	—		—		—			—
Fair value end of period	$	2	$	—	$	7		$	1
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—	$	—		$	1


Six months ended March 31, 2026 Level 3 instruments at fair value
	Financial assets						Financial liabilities
	Trading assets		Derivative assets		All other investments			Trading liabilities		Derivative liabilities
$ in millions	Other		Other		Other			Other		Other
Fair value beginning of period	$	4	$	—	$	7		$	—	$	(2)
Total gains/(losses) included in earnings	1		2		—			1		1
Purchases and contributions	50		—		—			—		—
Sales and distributions	(53)		(2)		—			—		1
Transfers:
Into Level 3	—		—		—			—		—
Out of Level 3	—		—		—			—		—
Fair value end of period	$	2	$	—	$	7		$	1	$	—
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	—	$	—		$	1	$	—


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


Three months ended March 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	$	2	$	—	$	7		$	(2)
Total gains/(losses) included in earnings	1		6		—			2
Purchases and contributions	21		—		—			—
Sales and distributions	(23)		—		—			—
Transfers:
Into Level 3	—		—		—			—
Out of Level 3	—		—		—			—
Fair value end of period	$	1	$	6	$	7		$	—
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	8	$	—		$	—


Six months ended March 31, 2025 Level 3 instruments at fair value
	Financial assets
	Trading assets		Derivative assets		All other investments
$ in millions	Other		Other		Other
Fair value beginning of period	$	3	$	4	$	7
Total gains/(losses) included in earnings	1		2		—
Purchases and contributions	39		—		—
Sales and distributions	(42)		—		—
Transfers:
Into Level 3	—		—		—
Out of Level 3	—		—		—
Fair value end of period	$	1	$	6	$	7
Unrealized gains/(losses) for the period included in earnings for instruments held at the end of the reporting period	$	—	$	2	$	—

As of March 31, 2026, 9% of our assets and 1% of our liabilities were measured at fair value on a recurring basis. As of September 30, 2025, 10% of our assets and 2% of our liabilities were measured at fair value on a recurring basis. As of both March 31, 2026 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 March 31, 2026 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
March 31, 2026
Private equity investments measured at NAV	$	111	$	36
Private equity investments not measured at NAV	7
Total private equity investments	$	118

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)
March 31, 2026
Bank loans:
Residential mortgage loans	$	4	$	7	$	11	Collateral or discounted cash flow (1)	Prepayment rate	7 yrs. - 12 yrs. (10.6 yrs.)
Corporate loans	$	—	$	155	$	155	Collateral or discounted cash flow (1)	Recovery rate	55% - 87% (74%)
Loans held for sale	$	5	$	—	$	5	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 March 31, 2026 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
March 31, 2026
Financial assets:
Bank loans, net	$	193	$	54,173	$	54,366	$	54,662
Financial liabilities:
Bank deposits - certificates of deposit	$	2,320	$	—	$	2,320	$	2,320



Senior notes payable	$	3,187	$	—	$	3,187	$	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 5 – 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 4 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
March 31, 2026
Agency residential MBS	$	3,322	$	2	$	(239)	$	3,085
Agency commercial MBS	1,055		—		(71)		984
Agency CMOs	1,393		1		(140)		1,254
U.S. Treasuries	422		1		—		423
Other agency obligations	153		—		(1)		152
Non-agency residential MBS	450		—		(31)		419
Corporate bonds	69		1		—		70
Other	16		—		(1)		15
Total available-for-sale securities	$	6,880	$	5	$	(483)	$	6,402

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 March 31, 2026 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 7 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 3.9 years as of March 31, 2026.


	March 31, 2026
$ 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		$	343		$	1,620		$	1,358		$	3,322
Fair value	$	1		$	325		$	1,492		$	1,267		$	3,085
Weighted-average yield	2.21		%	1.21		%	1.32		%	3.07		%	2.02		%
Agency commercial MBS
Amortized cost	$	200		$	802		$	9		$	44		$	1,055
Fair value	$	198		$	742		$	8		$	36		$	984
Weighted-average yield	1.62		%	1.30		%	1.16		%	1.86		%	1.38		%
Agency CMOs
Amortized cost	$	—		$	—		$	31		$	1,362		$	1,393
Fair value	$	—		$	—		$	29		$	1,225		$	1,254
Weighted-average yield	—		%	—		%	1.47		%	2.41		%	2.39		%
U.S. Treasuries
Amortized cost	$	244		$	178		$	—		$	—		$	422
Fair value	$	245		$	178		$	—		$	—		$	423
Weighted-average yield	3.93		%	3.85		%	—		%	—		%	3.90		%
Other agency obligations
Amortized cost	$	32		$	113		$	—		$	8		$	153
Fair value	$	33		$	112		$	—		$	7		$	152
Weighted-average yield	3.10		%	3.45		%	—		%	3.07		%	3.36		%
Non-agency residential MBS
Amortized cost	$	—		$	—		$	—		$	450		$	450
Fair value	$	—		$	—		$	—		$	419		$	419
Weighted-average yield	—		%	—		%	—		%	4.03		%	4.03		%
Corporate bonds
Amortized cost	$	8		$	44		$	17		$	—		$	69
Fair value	$	8		$	45		$	17		$	—		$	70
Weighted-average yield	5.25		%	4.69		%	4.99		%	—		%	4.83		%
Other
Amortized cost	$	—		$	—		$	6		$	10		$	16
Fair value	$	—		$	—		$	5		$	10		$	15
Weighted-average yield	—		%	—		%	6.78		%	6.40		%	6.53		%
Total available-for-sale securities
Amortized cost	$	485		$	1,480		$	1,683		$	3,232		$	6,880
Fair value	$	485		$	1,402		$	1,551		$	2,964		$	6,402
Weighted-average yield	2.94		%	1.85		%	1.37		%	2.91		%	2.31		%


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
March 31, 2026
Agency residential MBS	$	200	$	(1)	$	2,690	$	(238)	$	2,890	$	(239)
Agency commercial MBS	5		—		976		(71)		981		(71)
Agency CMOs	156		(1)		908		(139)		1,064		(140)
U.S. Treasuries	50		—		8		—		58		—
Other agency obligations	43		—		109		(1)		152		(1)
Non-agency residential MBS	19		—		366		(31)		385		(31)
Corporate bonds	5		—		13		—		18		—
Other	1		—		4		(1)		5		(1)
Total	$	479	$	(2)	$	5,074	$	(481)	$	5,553	$	(483)

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 March 31, 2026, of the 789 available-for-sale securities in an unrealized loss position, 47 were in a continuous unrealized loss position for less than 12 months and 742 securities were in a continuous unrealized loss position for greater than 12 months.

During the three and six months ended March 31, 2026 and three months ended March 31, 2025, there were no sales of available-for-sale securities. During the six months ended March 31, 2025, we received proceeds of $78 million from sales of available-for-sale securities resulting in $2 million of losses. Such losses were reclassified from accumulated other comprehensive income/loss (“AOCI”) to “Other” revenue on the Condensed Consolidated Statements of Income and Comprehensive Income during the six months ended March 31, 2025.


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

NOTE 6 – 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.


	March 31, 2026						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)	$	275	$	281	$	20,547	$	306	$	309	$	20,446

Foreign exchange	3		—		525		—		2		539
Other	—		—		973		—		2		1,096
Subtotal	278		281		22,045		306		313		22,081
Derivatives designated as hedging instruments
Interest rate	—		—		400		—		—		850
Foreign exchange	7		—		1,258		1		—		1,242
Subtotal	7		—		1,658		1		—		2,092
Total gross fair value/notional amount	285		281		$	23,703	307		313		$	24,173
Offset on the Condensed Consolidated Statements of Financial Condition
Counterparty netting	(61)		(61)				(92)		(92)
Cash collateral netting	(153)		(22)				(147)		(31)
Total amounts offset	(214)		(83)				(239)		(123)
Net amounts presented on the Condensed Consolidated Statements of Financial Condition	$	71	$	198			$	68	$	190
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Financial instruments	(1)		—				(1)		—
Total	$	70	$	198			$	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 18 for additional information.


	Three months ended March 31,				Six months ended March 31,
$ in millions	2026		2025		2026		2025
Interest rate (cash flow hedges)	$	—	$	(5)	$	(2)	$	1
Foreign exchange (net investment hedges)	16		3		6		60
Total gains/(losses) included in AOCI, net of taxes	$	16	$	(2)	$	4	$	61

There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for each of the three and six months ended March 31, 2026 and 2025. 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 March 31,						Six months ended March 31,
	Location of gains/(losses)		2026			2025			2026			2025
Interest rate		Principal transactions/other revenue		$	3		$	4		$	6		$	7
Foreign exchange (1)		Principal transactions/other revenue		$	9		$	(13)		$	8		$	48
Other		Principal transactions		$	1		$	8		$	3		$	2

(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 $1 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, and net gains of $3 million and $4 million for the six months ended March 31, 2026 and 2025, respectively.

Risks associated with our derivatives and related risk mitigation

Credit risk

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

Interest rate and foreign exchange risk

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

Derivatives with credit-risk-related contingent features

Certain of our derivative contracts contain provisions that require our debt to maintain an investment-grade rating from one or more of the major credit rating agencies or contain provisions related to default on certain of our outstanding debt. If our debt were to fall below investment-grade or we were to default on certain of our outstanding debt, the counterparties to the derivative instruments could terminate the derivative and request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that were in a liability position was not significant at either March 31, 2026 or September 30, 2025.


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

NOTE 7 – 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
March 31, 2026
Gross amounts of recognized assets/liabilities	$	272	$	336	$	608	$	361	$	781	$	1,142
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition	—		—		—		—		—		—
Net amounts included in the Condensed Consolidated Statements of Financial Condition	272		336		608		361		781		1,142
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition	(272)		(336)		(608)		(361)		(781)		(1,142)
Net amounts	$	—	$	—	$	—	$	—	$	—	$	—

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	March 31, 2026		September 30, 2025
Repurchase agreements:
Government and agency obligations	$	157	$	125
Agency MBS and agency CMOs	204		200
Total repurchase agreements	$	361	$	325
Securities loaned:
Equity securities	781		786
Total collateralized financings	$	1,142	$	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	March 31, 2026		September 30, 2025
Collateral we received that was available to be delivered or repledged	$	4,347	$	4,003
Collateral that we delivered or repledged	$	2,025	$	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	March 31, 2026		September 30, 2025
Had the right to deliver or repledge	$	1,381	$	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 at the FHLB and FRB as security for the repayment of certain borrowings, to secure capacity for additional borrowings as needed, 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 15. The following table presents information about our assets that have been pledged at the FHLB or FRB.


$ in millions	March 31, 2026		September 30, 2025
Assets pledged at the FHLB or FRB:
Available-for-sale securities	$	2,216	$	2,435
Bank loans	33,602		31,014
Total assets pledged at the FHLB or FRB	$	35,818	$	33,449


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

NOTE 8 – 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	March 31, 2026			September 30, 2025
SBL	$	23,007		$	19,775
C&I loans	10,489			10,777
CRE loans	7,972			7,840
REIT loans	1,695			1,690
Residential mortgage loans	10,789			10,295
Tax-exempt loans	1,123			1,226
Total loans held for investment	55,075			51,603
Held for sale loans	198			416
Total loans held for sale and investment	55,273			52,019
Allowance for credit losses	(440)			(452)
Bank loans, net	$	54,833		$	51,567

ACL as a % of total loans held for investment	0.80		%	0.88		%
Accrued interest receivable on bank loans (included in “Other receivables, net”)	$	211		$	216

See Note 7 for additional information regarding bank loans pledged with the FHLB and FRB.

Held for sale loans

We originated or purchased $717 million and $1.21 billion of loans held for sale during the three and six months ended March 31, 2026, respectively, and $1.01 billion and $1.72 billion during the three and six months ended March 31, 2025, 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 $122 million and $299 million during the three and six months ended March 31, 2026, respectively, and $497 million and $662 million during the three and six months ended March 31, 2025, respectively. Net gains resulting from such sales were insignificant for each of the three and six months ended March 31, 2026 and 2025.


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

Purchases and sales of loans held for investment

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


$ in millions	C&I loans		CRE loans		Residential mortgage loans		Total
Three months ended March 31, 2026
Purchases	$	123	$	—	$	2	$	125
Sales	$	20	$	—	$	—	$	20
Six months ended March 31, 2026
Purchases	$	288	$	—	$	16	$	304
Sales	$	104	$	—	$	—	$	104
Three months ended March 31, 2025
Purchases	$	404	$	—	$	67	$	471
Sales	$	29	$	13	$	—	$	42
Six months ended March 31, 2025
Purchases	$	646	$	—	$	132	$	778
Sales	$	77	$	13	$	—	$	90

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
March 31, 2026
SBL	$	6	$	—	$	6	$	—	$	—	$	23,001	$	23,007
C&I loans	—		—		—		31		19		10,439		10,489
CRE loans	—		—		—		113		8		7,851		7,972
REIT loans	—		—		—		—		—		1,695		1,695
Residential mortgage loans	2		—		2		—		11		10,776		10,789
Tax-exempt loans	—		—		—		—		—		1,123		1,123
Total loans held for investment	$	8	$	—	$	8	$	144	$	38	$	54,885	$	55,075

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 included $75 million and $109 million at March 31, 2026 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 each of the three and six months ended March 31, 2026 and 2025 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	March 31, 2026		September 30, 2025

C&I loans	Commercial real estate and other business assets	$	17	$	13
CRE loans (1)	Office, hospitality, industrial, multi-family residential, and medical office real estate	$	278	$	165
REIT loans (1)	Office real estate	$	—	$	113
Residential mortgage loans	Single family homes	$	4	$	9

(1) During the six months ended March 31, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

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 six months ended March 31, 2026
	Loans by origination fiscal year
$ in millions	2026		2025		2024		2023		2022		Prior		Revolving loans		Total
SBL
Risk rating:
Pass	$	8	$	15	$	57	$	156	$	24	$	72	$	22,621	$	22,953
Special mention (1)	—		—		—		—		—		—		54		54
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total SBL	$	8	$	15	$	57	$	156	$	24	$	72	$	22,675	$	23,007
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



C&I loans
Risk rating:
Pass	$	336	$	617	$	838	$	330	$	956	$	4,028	$	3,292	$	10,397
Special mention	—		2		—		12		1		—		10		25
Substandard	—		—		1		—		—		43		13		57
Doubtful	—		—		—		—		—		9		1		10
Total C&I loans	$	336	$	619	$	839	$	342	$	957	$	4,080	$	3,316	$	10,489
Gross charge-offs	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	1



CRE loans
Risk rating:
Pass	$	705	$	1,480	$	633	$	812	$	1,390	$	1,788	$	729	$	7,537
Special mention	—		—		4		26		114		—		—		144
Substandard	—		—		—		51		74		143		—		268
Doubtful	—		—		—		—		—		23		—		23
Total CRE loans	$	705	$	1,480	$	637	$	889	$	1,578	$	1,954	$	729	$	7,972
Gross charge offs	$	—	$	—	$	—	$	—	$	12	$	2	$	—	$	14



REIT loans
Risk rating:
Pass	$	105	$	324	$	68	$	146	$	58	$	297	$	697	$	1,695
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total REIT loans	$	105	$	324	$	68	$	146	$	58	$	297	$	697	$	1,695
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Residential mortgage loans
Risk rating:
Pass	$	1,066	$	1,729	$	1,113	$	1,367	$	2,419	$	3,031	$	38	$	10,763
Special mention	—		—		1		1		3		5		—		10
Substandard	—		—		—		1		5		10		—		16
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage loans	$	1,066	$	1,729	$	1,114	$	1,369	$	2,427	$	3,046	$	38	$	10,789
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



Tax-exempt loans
Risk rating:
Pass	$	55	$	49	$	—	$	57	$	194	$	768	$	—	$	1,123
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total tax-exempt loans	$	55	$	49	$	—	$	57	$	194	$	768	$	—	$	1,123
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)As of March 31, 2026, 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.


	March 31, 2026
	Loans by origination fiscal year
$ in millions	2026		2025		2024		2023		2022		Prior		Revolving loans		Total
FICO score:
Below 600	$	2	$	5	$	4	$	11	$	16	$	24	$	—	$	62
600 - 699	64		74		57		60		90		120		3		468
700 - 799	791		1,364		698		762		1,366		1,657		28		6,666
800 +	208		286		353		536		955		1,242		7		3,587
FICO score not available	1		—		2		—		—		3		—		6
Total	$	1,066	$	1,729	$	1,114	$	1,369	$	2,427	$	3,046	$	38	$	10,789

LTV ratio:
Below 80%	$	708	$	1,212	$	804	$	968	$	1,864	$	2,364	$	37	$	7,957
80%+	358		517		310		401		563		682		1		2,832
Total	$	1,066	$	1,729	$	1,114	$	1,369	$	2,427	$	3,046	$	38	$	10,789


	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 (1)			REIT loans (1)			Residential mortgage loans			Tax-exempt loans			Total
Three months ended March 31, 2026
Balance at beginning of period	$	7		$	146		$	176		$	48		$	62		$	1		$	440


Provision/(benefit) for credit losses	(1)			(2)			36			(29)			1			—			5

Net (charge-offs)/recoveries:
Charge-offs	—			—			(6)			—			—			—			(6)
Recoveries	—			—			—			—			1			—			1
Net (charge-offs)/recoveries	—			—			(6)			—			1			—			(5)
Foreign exchange translation adjustment	—			—			—			—			—			—			—
Balance at end of period	$	6		$	144		$	206		$	19		$	64		$	1		$	440

Six months ended March 31, 2026
Balance at beginning of period	$	8		$	148		$	182		$	52		$	61		$	1		$	452


Provision/(benefit) for credit losses	(2)			(3)			38			(33)			2			—			2

Net (charge-offs)/recoveries:
Charge-offs	—			(1)			(14)			—			—			—			(15)
Recoveries	—			—			—			—			1			—			1
Net (charge-offs)/recoveries	—			(1)			(14)			—			1			—			(14)
Foreign exchange translation adjustment	—			—			—			—			—			—			—
Balance at end of period	$	6		$	144		$	206		$	19		$	64		$	1		$	440

ACL by loan portfolio segment as a % of total ACL	1.4		%	32.8		%	46.8		%	4.3		%	14.5		%	0.2		%	100.0		%

Three months ended March 31, 2025
Balance at beginning of period	$	5		$	176		$	177		$	27		$	65		$	2		$	452



Provision/(benefit) for credit losses	2			4			11			5			(5)			(1)			16

Net (charge-offs)/recoveries:
Charge-offs	—			(9)			(8)			—			—			—			(17)
Recoveries	—			1			1			—			—			—			2
Net (charge-offs)/recoveries	—			(8)			(7)			—			—			—			(15)
Foreign exchange translation adjustment				(1)			—			—			—			—			(1)
Balance at end of period	$	7		$	171		$	181		$	32		$	60		$	1		$	452

Six months ended March 31, 2025
Balance at beginning of period	$	6		$	173		$	188		$	23		$	65		$	2		$	457



Provision/(benefit) for credit losses	1			11			1			9			(5)			(1)			16

Net (charge-offs)/recoveries:
Charge-offs	—			(13)			(8)			—			—						(21)
Recoveries	—			1			1			—			—						2
Net charge-offs	—			(12)			(7)			—			—			—			(19)
Foreign exchange translation adjustment	—			(1)			(1)			—			—						(2)
Balance at end of period	$	7		$	171		$	181		$	32		$	60		$	1		$	452

ACL by loan portfolio segment as a % of total ACL	1.5		%	37.9		%	40.0		%	7.1		%	13.3		%	0.2		%	100.0		%

(1) During the three and six months ended March 31, 2026, a certain loan was reassigned from the REIT loan portfolio to the CRE loan portfolio based on changes in the loan characteristics during the period.

The allowance for credit losses on held for investment bank loans remained flat during the three months ended March 31, 2026, primarily resulting from a $5 million bank loan provision for credit losses, offset by net charge-offs. The allowance for credit losses on held for investment bank loans decreased $12 million during the six months ended March 31, 2026, primarily resulting from net charge-offs during the period, partially offset by a $2 million bank loan provision for credit losses. The bank loan provision for credit losses for the three months ended March 31, 2026 primarily reflected the impacts of a weakened economic outlook towards the end of the period, specific reserves on certain CRE loans, and loan downgrades primarily related to our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio. The bank loan provision for credit losses for the six months ended March 31, 2026, primarily reflected the impacts of specific reserves


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

and loan downgrades in our CRE and C&I loan portfolios, partially offset by net paydowns of certain loans in our corporate loan portfolio.

The allowance for credit losses on unfunded lending commitments, which is included in “Other payables” on our Condensed Consolidated Statements of Financial Condition, was $23 million as of March 31, 2026 and $24 million at both December 31, 2025 and September 30, 2025.

NOTE 9 – 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	March 31, 2026			September 30, 2025
Affiliated with the firm as of period-end (1)	$	1,932		$	1,658
No longer affiliated with the firm as of period-end (2)	7			7
Total loans to financial advisors	1,939			1,665
Allowance for credit losses	(45)			(39)
Loans to financial advisors, net	$	1,894		$	1,626
Accrued interest receivable on loans to financial advisors (included in “Other receivables, net”)	$	16		$	12
Allowance for credit losses as a percent of total loans to financial advisors	2.32		%	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.

The increase in the allowance for credit losses as of March 31, 2026 compared with September 30, 2025 was primarily due to loan growth.

NOTE 10 – 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
March 31, 2026

LIHTC funds	$	81	$	20
Restricted Stock Trust Fund	31		31
Total	$	112	$	51

September 30, 2025

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


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

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


$ in millions	March 31, 2026		September 30, 2025
Assets:
Cash and cash equivalents and assets segregated for regulatory purposes and restricted cash	$	23	$	19


Other assets	58		55
Total assets	$	81	$	74
Liabilities:
Other payables	$	13	$	13

Total liabilities	$	13	$	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.

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.


	March 31, 2026						September 30, 2025
$ in millions	Aggregate assets		Aggregate liabilities		Our risk of loss		Aggregate assets		Aggregate liabilities		Our risk of loss
LIHTC funds	$	10,626	$	3,198	$	57	$	9,680	$	3,031	$	133
Private Equity Interests	3,113		923		111		3,043		948		105
Other	813		235		139		596		217		115
Total	$	14,552	$	4,356	$	307	$	13,319	$	4,196	$	353

NOTE 11 - GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET

Our goodwill and identifiable intangible assets result from various acquisitions. During the six months ended March 31, 2026, we acquired GreensLedge, which resulted in an increase in our goodwill and identifiable intangible assets. See Note 3 for additional information on this acquisition and the related goodwill and identifiable intangibles assets. See Notes 2 and 10 of our 2025 Form 10-K for additional information about our goodwill and intangible assets, including the related accounting policies.

We perform goodwill and indefinite-lived intangible asset impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value or indicate that the asset is impaired. We performed our latest annual impairment testing for our goodwill and indefinite-lived intangible assets as of our January 1, 2026 evaluation date, evaluating balances as of December 31, 2025. In that testing, we performed a qualitative impairment assessment for each of our reporting units that had goodwill, as well as for our indefinite-lived intangible assets.

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


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

NOTE 12 - 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	March 31, 2026		September 30, 2025
Investments in corporate-owned life insurance policies	$	1,610	$	1,575
Property and equipment, net	683		670
ROU lease assets	597		583
Prepaid expenses	241		218

Investments in FHLB and FRB stock	103		103
Client-owned fractional shares	188		171
All other	273		195
Total other assets	$	3,695	$	3,515

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

NOTE 13 – 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	March 31, 2026		September 30, 2025
ROU lease assets (included in “Other assets”)	$	597	$	583
Lease liabilities (included in “Other payables”)	$	552	$	538

Lease liabilities as of March 31, 2026 excluded $98 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 March 31,				Six months ended March 31,
$ in millions	2026		2025		2026		2025
Lease costs	$	39	$	37	$	76	$	73
Variable lease costs	$	6	$	7	$	15	$	13

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 14 – 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.


	March 31, 2026				September 30, 2025
$ in millions	Balance		Weighted-average rate		Balance		Weighted-average rate
Money market and savings accounts	$	37,532	1.30	%	$	33,881	1.60	%
Interest-bearing demand deposits	22,032		3.38	%	22,532		3.86	%
Certificates of deposit	2,320		3.90	%	1,937		4.21	%
Non-interest-bearing demand deposits	539		—		547		—
Total bank deposits	$	62,423	2.14	%	$	58,897	2.56	%

Total bank deposits included $29.83 billion and $26.56 billion as of March 31, 2026 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 $12.49 billion and $13.47 billion of deposits as of March 31, 2026 and September 30, 2025, respectively, associated with our Enhanced Savings Program (“ESP”), in which clients, substantially all within our Private Client Group, 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	March 31, 2026			September 30, 2025
FDIC-insured bank deposits	$	52,188		$	49,117
Bank deposits exceeding FDIC insurance limit (1) (2)	10,235			9,780
Total bank deposits	$	62,423		$	58,897
FDIC-insured bank deposits as a % of total bank deposits	84		%	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 $1.50 billion and $1.24 billion as of March 31, 2026 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 March 31, 2026.


$ in millions	March 31, 2026
Three months or less	$	70
Over three through six months	51
Over six through twelve months	21
Over twelve months	278
Total certificates of deposit that exceeded the FDIC insurance limit (1)	$	420

(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 March 31, 2026 are presented in the following table.


	$ in millions
Remainder of 2026	$	1,140
2027	635
2028	408
2029	62
2030	50
Thereafter	25
Total certificates of deposit	$	2,320

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


	Three months ended March 31,				Six months ended March 31,
$ in millions	2026		2025		2026		2025
Money market and savings accounts	$	115	$	140	$	242	$	304
Interest-bearing demand deposits	182		206		385		434
Certificates of deposit	22		24		42		52
Total interest expense on deposits	$	319	$	370	$	669	$	790

During the six months ended March 31, 2026 and 2025, we used 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. This interest rate swap matured during the three months ended March 31, 2026 and was not renewed. See Note 2 of our 2025 Form 10-K for information regarding this interest rate swap, which was designated and accounted for as a cash flow hedge.

NOTE 15 – OTHER BORROWINGS

The following table details the components of our other borrowings.


	March 31, 2026					September 30, 2025
$ in millions	Weighted-average interest rate		Maturity date	Balance		Weighted-average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term	3.91	%	June 2026 - September 2027	$	400	4.44	%	December 2025 - December 2026	$	500

Fixed rate	3.99	%	December 2027 - December 2028	300		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 6 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 7 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 March 31, 2026 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 March 31, 2026, 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 March 31, 2026 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 March 31, 2026, 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 7 for information regarding our other collateralized financing arrangements.

NOTE 16 – 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 income tax rate

Our effective income tax rate of 24.3% for the six months ended March 31, 2026, compared with 21.3% for our fiscal year 2025. The increase in the effective income tax rate was primarily driven by non-deductible valuation losses recognized on our corporate-owned life insurance in the current-year period compared with nontaxable valuation gains recognized in fiscal 2025, as well as the favorable impact on our fiscal 2025 effective income tax rate of the release of accruals for uncertain tax positions following the expiration of applicable statutes of limitations that did not reoccur in the current-year period. For additional information regarding our fiscal 2025 effective income 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 $11 million due to expiration of statutes of limitations of federal and state tax returns.

NOTE 17 – 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 March 31, 2026, we had three such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.


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	March 31, 2026		September 30, 2025
SBL and other consumer lines of credit	$	63,401	$	56,048
Commercial lines of credit	$	5,415	$	5,441
Unfunded lending commitments	$	523	$	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 8 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 9 of this Form 10-Q for additional information regarding our loans to financial advisors. These offers are contingent upon certain events occurring, including the individuals joining us or continuing their affiliation with us and meeting certain other conditions outlined in their offer. We had unfunded commitments of $19 million for loans to financial advisors who have met such conditions as of March 31, 2026.

Investment commitments

We had unfunded commitments of $132 million as of March 31, 2026, 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 March 31, 2026, RJAHI had committed approximately $294 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

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.

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

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.

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 March 31, 2026, 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.


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

NOTE 18 – SHAREHOLDERS’ EQUITY

Preferred stock

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 of a share of Series B Preferred Stock, for an aggregate redemption value of $81 million. For further details regarding our preferred stock see Note 19 of our 2025 Form 10‑K.

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock.


$ in millions	March 31, 2026		September 30, 2025
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding	—		80,500
Carrying value	$	—	$	79
Aggregate liquidation preference	$	—	$	81

The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three and six months ended March 31, 2026 and 2025.


	Three months ended March 31,				Six months ended March 31,
$ in millions, except per share amounts	2026		2025		2026		2025




Dividends declared:
Total dividends declared (1)	$	2	$	2	$	3	$	3
Dividends declared per preferred share	$	—	$	15.94	$	15.94	$	31.88








Dividends paid:
Total dividends paid (1)	$	3	$	2	$	4	$	3
Dividends paid per preferred share	$	15.94	$	15.94	$	31.88	$	31.88

(1)Preferred stock dividends on our Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended March 31, 2026 included the $2 million excess of the redemption value of our Series B Preferred Stock over the carrying value, which was reported as an increase to preferred dividends and reduced net income available to common shareholders.

Common equity

The following table presents the changes in our common shares outstanding for the three and six months ended March 31, 2026 and 2025.


	Three months ended March 31,		Six months ended March 31,
Shares in millions	2026	2025	2026	2025
Balance beginning of period	197.0	204.6	198.1	203.3
Repurchases of common stock under the Board of Directors’ common stock repurchase authorization	(2.5)	(1.7)	(5.0)	(2.0)
Issuances due to vesting of RSUs, employee stock purchases, and exercise of stock options, net of forfeitures	0.1	0.2	1.5	1.8


Balance end of period	194.6	203.1	194.6	203.1

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


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

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In December 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 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 March 31, 2026, we repurchased 2.5 million shares of our common stock for $400 million at an average price of $155 per share. During the six months ended March 31, 2026, we repurchased 5.0 million shares of our common stock for $800 million at an average price of $158 per share. As of March 31, 2026, $1.5 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 March 31,				Six months ended March 31,
	2026		2025		2026		2025
Dividends per common share - declared	$	0.54	$	0.50	$	1.08	$	1.00
Dividends per common share - paid	$	0.54	$	0.50	$	1.04	$	0.95

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 March 31,				Six months ended March 31,
	2026		2025		2026		2025
Dividend payout ratio	19.9	%	21.2	%	19.6	%	19.2	%

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


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

Accumulated other comprehensive income/(loss)

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


$ in millions	Net investment hedges		Currency translations		Subtotal: net investment hedges and currency translations		Available- for-sale securities		Cash flow hedges		Total
Three months ended March 31, 2026
AOCI as of beginning of period	$	174	$	(179)	$	(5)	$	(348)	$	5	$	(348)
OCI:
OCI before reclassifications and taxes	22		(26)		(4)		(12)		2		(14)
Amounts reclassified from AOCI, before tax	—		—		—		—		(2)		(2)
Pre-tax net OCI	22		(26)		(4)		(12)		—		(16)
Income tax effect	(6)		—		(6)		2		—		(4)
OCI for the period, net of tax	16		(26)		(10)		(10)		—		(20)
AOCI as of end of period	$	190	$	(205)	$	(15)	$	(358)	$	5	$	(368)

Six months ended March 31, 2026
AOCI as of beginning of period	$	184	$	(196)	$	(12)	$	(391)	$	7	$	(396)
OCI:
OCI before reclassifications and taxes	9		(9)		—		44		2		46
Amounts reclassified from AOCI, before tax	—		—		—		—		(5)		(5)
Pre-tax net OCI	9		(9)		—		44		(3)		41
Income tax effect	(3)		—		(3)		(11)		1		(13)
OCI for the period, net of tax	6		(9)		(3)		33		(2)		28
AOCI as of end of period	$	190	$	(205)	$	(15)	$	(358)	$	5	$	(368)

Three months ended March 31, 2025
AOCI as of beginning of period	$	202	$	(279)	$	(77)	$	(591)	$	13	$	(655)
OCI:
OCI before reclassifications and taxes	4		16		20		125		(2)		143
Amounts reclassified from AOCI, before tax	—		—		—		—		(5)		(5)
Pre-tax net OCI	4		16		20		125		(7)		138
Income tax effect	(1)		—		(1)		(30)		2		(29)
OCI for the period, net of tax	3		16		19		95		(5)		109
AOCI as of end of period	$	205	$	(263)	$	(58)	$	(496)	$	8	$	(546)

Six months ended March 31, 2025
AOCI as of beginning of period	$	145	$	(169)	$	(24)	$	(485)	$	7	$	(502)
OCI:
OCI before reclassifications and taxes	79		(94)		(15)		(19)		13		(21)
Amounts reclassified from AOCI, before tax	—		—		—		2		(12)		(10)
Pre-tax net OCI	79		(94)		(15)		(17)		1		(31)
Income tax effect	(19)		—		(19)		6		—		(13)
OCI for the period, net of tax	60		(94)		(34)		(11)		1		(44)
AOCI as of end of period	$	205	$	(263)	$	(58)	$	(496)	$	8	$	(546)

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2026 and three months ended March 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 six months ended March 31, 2025 were recorded in “Other revenue” and “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.


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

Our net investment hedges and cash flow hedges relate to derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2025 Form 10-K. In addition, see Note 6 of this Form 10-Q for additional information on these derivatives.

NOTE 19 – 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 24 of this Form 10-Q for additional information on our segments.


	Three months ended March 31, 2026
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,711	$	1	$	315	$	—	$	(11)	$	2,016
Brokerage revenues:
Securities commissions:
Mutual and other fund products	176		2		1		—		(1)		178
Insurance and annuity products	132		—		—		—		—		132
Equities, exchange-traded funds (“ETFs”) and fixed income products	151		50		—		—		(4)		197
Subtotal securities commissions	459		52		1		—		(5)		507
Principal transactions (1)	29		104		—		3		—		136
Total brokerage revenues	488		156		1		3		(5)		643
Account and service fees:
Mutual fund and other investment products	152		—		4		—		(1)		155
RJBDP fees	280		2		—		—		(189)		93
Client account and other fees	74		2		3		—		(16)		63
Total account and service fees	506		4		7		—		(206)		311
Investment banking:
Merger & acquisition and advisory	—		139		—		—		—		139
Equity underwriting	7		56		—		—		—		63
Debt underwriting	—		77		—		—		—		77
Total investment banking	7		272		—		—		—		279
Other:
Affordable housing investments business revenues	—		28		—		—		—		28
All other (1)	8		1		1		11		4		25
Total other	8		29		1		11		4		53
Total non-interest revenues	2,720		462		324		14		(218)		3,302
Interest income (1)	107		27		3		802		21		960
Total revenues	2,827		489		327		816		(197)		4,262
Interest expense	(17)		(25)		—		(330)		(31)		(403)
Net revenues	$	2,810	$	464	$	327	$	486	$	(228)	$	3,859

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


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


	Three months ended March 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	1,457	$	1	$	278	$	—	$	(11)	$	1,725
Brokerage revenues:
Securities commissions:
Mutual and other fund products	152		2		1		—		—		155
Insurance and annuity products	117		—		—		—		—		117
Equities, ETFs and fixed income products	123		38		1		—		(3)		159
Subtotal securities commissions	392		40		2		—		(3)		431
Principal transactions (1)	27		121		—		1		—		149
Total brokerage revenues	419		161		2		1		(3)		580
Account and service fees:
Mutual fund and other investment products	130		—		3		—		(1)		132
RJBDP fees	313		2		—		—		(185)		130
Client account and other fees	66		1		3		—		(11)		59
Total account and service fees	509		3		6		—		(197)		321
Investment banking:
Merger & acquisition and advisory	—		129		—		—		—		129
Equity underwriting	9		31		—		—		—		40
Debt underwriting	—		47		—		—		—		47
Total investment banking	9		207		—		—		—		216
Other:
Affordable housing investments business revenues	—		20		—		—		—		20
All other (1)	6		—		—		14		—		20
Total other	6		20		—		14		—		40
Total non-interest revenues	2,400		392		286		15		(211)		2,882
Interest income (1)	110		28		3		802		20		963
Total revenues	2,510		420		289		817		(191)		3,845
Interest expense	(24)		(24)		—		(383)		(11)		(442)
Net revenues	$	2,486	$	396	$	289	$	434	$	(202)	$	3,403

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


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


	Six months ended March 31, 2026
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	3,404	$	1	$	631	$	—	$	(21)	$	4,015
Brokerage revenues:
Securities commissions:
Mutual and other fund products	340		4		2		—		(1)		345
Insurance and annuity products	264		—		—		—		—		264
Equities, ETFs and fixed income products	295		96		—		—		(7)		384
Subtotal securities commissions	899		100		2		—		(8)		993
Principal transactions (1)	59		197		—		7		(1)		262
Total brokerage revenues	958		297		2		7		(9)		1,255
Account and service fees:
Mutual fund and other investment products	294		1		8		—		(2)		301
RJBDP fees	569		3		—		—		(378)		194
Client account and other fees	145		4		5		—		(30)		124
Total account and service fees	1,008		8		13		—		(410)		619
Investment banking:
Merger & acquisition and advisory	—		258		—		—		—		258
Equity underwriting	15		87		—		—		—		102
Debt underwriting	—		127		—		—		—		127
Total investment banking	15		472		—		—		—		487
Other:
Affordable housing investments business revenues	—		59		—		—		—		59
All other (1)	12		1		1		24		(2)		36
Total other	12		60		1		24		(2)		95
Total non-interest revenues	5,397		838		647		31		(442)		6,471
Interest income (1)	221		55		6		1,633		52		1,967
Total revenues	5,618		893		653		1,664		(390)		8,438
Interest expense	(40)		(49)		—		(691)		(64)		(844)
Net revenues	$	5,578	$	844	$	653	$	973	$	(454)	$	7,594

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


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


	Six months ended March 31, 2025
$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Revenues:
Asset management and related administrative fees	$	2,933	$	1	$	560	$	—	$	(26)	$	3,468
Brokerage revenues:
Securities commissions:
Mutual and other fund products	304		4		2		—		(1)		309
Insurance and annuity products	235		—		—		—		—		235
Equities, ETFs and fixed income products	256		76		2		—		(7)		327
Subtotal securities commissions	795		80		4		—		(8)		871
Principal transactions (1)	57		207		—		4		—		268
Total brokerage revenues	852		287		4		4		(8)		1,139
Account and service fees:
Mutual fund and other investment products	256		—		7		—		(1)		262
RJBDP fees	644		3		—		—		(373)		274
Client account and other fees	136		4		5		—		(18)		127
Total account and service fees	1,036		7		12		—		(392)		663
Investment banking:
Merger & acquisition and advisory	—		355		—		—		—		355
Equity underwriting	17		66		—		—		—		83
Debt underwriting	—		103		—		—		—		103
Total investment banking	17		524		—		—		—		541
Other:
Affordable housing investments business revenues	—		49		—		—		—		49
All other (1)	11		1		—		22		(4)		30
Total other	11		50		—		22		(4)		79
Total non-interest revenues	4,849		869		576		26		(430)		5,890
Interest income (1)	236		57		7		1,649		41		1,990
Total revenues	5,085		926		583		1,675		(389)		7,880
Interest expense	(51)		(50)		—		(816)		(23)		(940)
Net revenues	$	5,034	$	876	$	583	$	859	$	(412)	$	6,940

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

At March 31, 2026 and September 30, 2025, net receivables related to contracts with customers were $536 million and $532 million, respectively.


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

NOTE 20 – 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 March 31,				Six months ended March 31,
$ in millions	2026		2025		2026		2025
Interest income:
Cash and cash equivalents	$	86	$	104	$	187	$	228
Assets segregated for regulatory purposes and restricted cash	31		36		66		78
Trading assets — debt securities	19		19		41		38
Available-for-sale securities	39		48		81		97
Brokerage client receivables	41		41		84		86
Bank loans, net	713		690		1,447		1,408
All other	31		25		61		55
Total interest income	$	960	$	963	$	1,967	$	1,990
Interest expense:
Bank deposits	$	319	$	370	669		$	790
Trading liabilities — debt securities	12		10		24		21
Brokerage client payables	10		17		24		37
Other borrowings	5		7		10		14
Senior notes payable	43		23		86		46
All other	14		15		31		32
Total interest expense	$	403	$	442	$	844	$	940
Net interest income	$	557	$	521	$	1,123	$	1,050
Less: Bank loan provision for credit losses	5		16		2		16
Net interest income after bank loan provision for credit losses	$	552	$	505	$	1,121	$	1,034

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

NOTE 21 – 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. On February 19, 2026 our shareholders approved an amendment to the Plan increasing the number of authorized shares by 2.6 million, to a total of 99.0 million shares. 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 and six months ended March 31, 2026, we granted approximately 97 thousand and 1.6 million RSUs, respectively, with a weighted-average grant-date fair value of $161.23 and $156.62, respectively, compared with approximately 572 thousand and 1.8 million RSUs granted during the three and six months ended March 31, 2025, respectively, with a weighted-average grant-date fair value of $159.65 and $163.04, respectively. For the three and six months ended March 31, 2026, total share-based compensation amortization related to RSUs was $52 million and $128 million, respectively, compared with $52 million and $143 million for the three and six months ended March 31, 2025, respectively.

As of March 31, 2026, there were $423 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the six months ended March 31, 2026. These costs are expected to be recognized over a weighted-average period of three years.


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

NOTE 22 – 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 March 31, 2026, 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 March 31, 2026 and September 30, 2025.


	Required ratio (1)		Well-capitalized		March 31, 2026				September 30, 2025
$ in millions			Ratio		Amount		Ratio		Amount
RJF:
Tier 1 leverage	4.0	%	N/A (2)		12.4	%	$	11,044	13.1	%	$	11,156
Tier 1 capital	8.5	%	6.0	%	22.9	%	$	11,044	23.0	%	$	11,156
CET1 capital	7.0	%	N/A (2)		22.9	%	$	11,044	22.9	%	$	11,081
Total capital	10.5	%	10.0	%	24.0	%	$	11,568	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 March 31, 2026, RJF’s regulatory capital decreased compared with September 30, 2025, primarily due to share repurchases, dividends, goodwill and intangible assets arising from the GreensLedge acquisition (see Note 3 for further information), and the redemption of our Series B preferred shares, partially offset by positive earnings. RJF’s tier 1 capital and total capital ratios decreased slightly compared with September 30, 2025 resulting from the decrease in regulatory capital, partially offset by the impact of a decrease in risk-weighted assets. RJF’s tier 1 leverage ratio at March 31, 2026 decreased compared to September 30, 2025 due to an increase in average assets and the decrease in regulatory capital. The increase in average assets was primarily driven by increases in average bank loans.


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 March 31, 2026 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		March 31, 2026				September 30, 2025
$ in millions			Ratio		Amount		Ratio		Amount
Raymond James Bank:
Tier 1 leverage	4.0	%	5.0	%	8.1	%	$	3,580	8.0	%	$	3,434
Tier 1 capital	8.5	%	8.0	%	14.5	%	$	3,580	13.9	%	$	3,434
CET1 capital	7.0	%	6.5	%	14.5	%	$	3,580	13.9	%	$	3,434
Total capital	10.5	%	10.0	%	15.8	%	$	3,890	15.2	%	$	3,743
TriState Capital Bank:
Tier 1 leverage	4.0	%	5.0	%	7.4	%	$	1,750	7.6	%	$	1,661
Tier 1 capital	8.5	%	8.0	%	18.6	%	$	1,750	16.8	%	$	1,661
CET1 capital	7.0	%	6.5	%	18.6	%	$	1,750	16.8	%	$	1,661
Total capital	10.5	%	10.0	%	19.3	%	$	1,817	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	March 31, 2026			September 30, 2025
Raymond James & Associates, Inc.:
(Alternative Method elected)
Net capital as a percent of aggregate debit items	30.1		%	30.3		%
Net capital	$	1,077		$	1,030
Less: required net capital	(72)			(68)
Excess net capital	$	1,005		$	962

As of March 31, 2026, 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 23 – EARNINGS PER SHARE

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


	Three months ended March 31,				Six months ended March 31,
$ in millions, except per share amounts	2026		2025		2026		2025
Income for basic earnings per common share:
Net income available to common shareholders	$	542	$	493	$	1,104	$	1,092
Less allocation of earnings and dividends to participating securities	—		(1)		(1)		(2)
Net income available to common shareholders after participating securities	$	542	$	492	$	1,103	$	1,090
Income for diluted earnings per common share:
Net income available to common shareholders	$	542	$	493	$	1,104	$	1,092
Less allocation of earnings and dividends to participating securities	—		(1)		(1)		(2)
Net income available to common shareholders after participating securities	$	542	$	492	$	1,103	$	1,090
Common shares:
Average common shares in basic computation	196.1		204.3		196.6		204.0
Dilutive effect of outstanding stock options and certain RSUs	3.1		4.4		3.7		4.9
Average common and common equivalent shares used in diluted computation	199.2		208.7		200.3		208.9
Earnings per common share:
Basic	$	2.76	$	2.41	$	5.61	$	5.34
Diluted	$	2.72	$	2.36	$	5.51	$	5.22
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	0.1		1.0		—		1.4

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 and six months ended March 31, 2026 and 2025. 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 24 – SEGMENT INFORMATION

We currently operate through the following five segments: Private Client Group (“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 tables present information concerning operations in these segments.


$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Three months ended March 31, 2026
Revenues:
Non-interest revenues (1)	$	2,720	$	462	$	324	$	14	$	(218)	$	3,302
Net interest income	90		2		3		472		(10)		557
Net revenues	2,810		464		327		486		(228)		3,859
Non-interest expenses:
Compensation, commissions and benefits	2,108		293		65		47		28		2,541

Bank loan provision for credit losses	—		—		—		5		—		5
All other (1)	286		120		125		268		(221)		578
Total non-interest expense	2,394		413		190		320		(193)		3,124
Total pre-tax income/(loss)	$	416	$	51	$	137	$	166	$	(35)	$	735

Three months ended March 31, 2025
Revenues:
Non-interest revenues (1)	$	2,400	$	392	$	286	$	15	$	(211)	$	2,882
Net interest income	86		4		3		419		9		521
Net revenues	2,486		396		289		434		(202)		3,403
Non-interest expenses:
Compensation, commissions and benefits	1,799		262		57		45		41		2,204

Bank loan provision for credit losses	—		—		—		16		—		16
All other (1)	256		98		111		256		(209)		512
Total non-interest expense	2,055		360		168		317		(168)		2,732
Total pre-tax income/(loss)	$	431	$	36	$	121	$	117	$	(34)	$	671

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $187 million and $183 million of RJBDP fees paid to PCG for the three months ended March 31, 2026 and 2025, respectively. Such fees were eliminated in consolidation.


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


$ in millions	Private Client Group		Capital Markets		Asset Management		Bank		Other and intersegment eliminations		Total
Six months ended March 31, 2026
Revenues:
Non-interest revenues (1)	$	5,397	$	838	$	647	$	31	$	(442)	$	6,471
Net interest income	181		6		6		942		(12)		1,123
Net revenues	5,578		844		653		973		(454)		7,594
Non-interest expenses:
Compensation, commissions and benefits	4,159		554		124		95		59		4,991

Bank loan provision for credit losses	—		—		—		2		—		2
All other (1)	564		230		249		537		(442)		1,138
Total non-interest expense	4,723		784		373		634		(383)		6,131
Total pre-tax income/(loss)	$	855	$	60	$	280	$	339	$	(71)	$	1,463

Six months ended March 31, 2025
Revenues:
Non-interest revenues (1)	$	4,849	$	869	$	576	$	26	$	(430)	$	5,890
Net interest income	185		7		7		833		18		1,050
Net revenues	5,034		876		583		859		(412)		6,940
Non-interest expenses:
Compensation, commissions and benefits	3,630		563		115		91		77		4,476

Bank loan provision for credit losses	—		—		—		16		—		16
All other (1)	511		203		222		517		(425)		1,028
Total non-interest expense	4,141		766		337		624		(348)		5,520
Total pre-tax income/(loss)	$	893	$	110	$	246	$	235	$	(64)	$	1,420

(1)“Non-interest revenues” for the PCG segment and “All other” non-interest expenses for the Bank segment included $375 million and $370 million of RJBDP fees paid to PCG for the six months ended March 31, 2026 and 2025, 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	March 31, 2026		September 30, 2025
Total assets:
Private Client Group	$	14,563	$	14,007
Capital Markets	3,775		3,426
Asset Management	595		632
Bank	68,986		65,263
Other	4,025		4,902
Total	$	91,944	$	88,230


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

Substantially all of our operations are located 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 March 31,				Six months ended March 31,
$ in millions	2026		2025		2026		2025
Net revenues:
U.S.	$	3,528	$	3,116	$	6,937	$	6,338
Canada	191		161		376		325
Europe	140		126		281		277
Total net revenues	$	3,859	$	3,403	$	7,594	$	6,940
Pre-tax income/(loss):
U.S.	$	706	$	637	$	1,399	$	1,329
Canada	40		35		79		74
Europe	(11)		(1)		(15)		17
Total pre-tax income	$	735	$	671	$	1,463	$	1,420

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


$ in millions	March 31, 2026		September 30, 2025
Total assets:
U.S.	$	85,384	$	82,289
Canada	3,492		3,182
Europe	3,068		2,759
Total	$	91,944	$	88,230


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES						Index

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