Item 1A. RISK FACTORS

During the six months ended March 31, 2026, there have been no material changes to the risk factors set forth under “Part 1 - Item 1A. Risk factors” of our 2025 Form 10-K.

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

We did not have any sales of unregistered securities for the six months ended March 31, 2026.

We purchase our own stock from time to time in conjunction with a number of activities, each of which is described in the following paragraphs. The following table presents information on our purchases of our own stock, on a monthly basis, for the six months ended March 31, 2026.


	Total number of shares purchased	Average price per share		Number of shares purchased as part of publicly announced plans or programs	Approximate dollar value (in millions) at each month-end of securities that may yet be purchased under the plans or programs
October 1, 2025 – October 31, 2025	984,743	$	163.53	984,366	$238
November 1, 2025 – November 30, 2025	746,138	$	158.70	746,025	$119
December 1, 2025 – December 31, 2025	822,404	$	162.03	742,370	$1,900
First quarter	2,553,285	$	161.64	2,472,761

January 1, 2026 – January 31, 2026	8,978	$	169.53	—	$1,900
February 1, 2026 – February 28, 2026	1,417,613	$	159.68	1,416,775	$1,674
March 1, 2026 – March 31, 2026	1,166,753	$	149.90	1,157,532	$1,501
Second quarter	2,593,344	$	155.31	2,574,307






Fiscal year-to-date total	5,146,629	$	158.45	5,047,068

In December 2025, the Board of Directors authorized repurchase of our common stock in an aggregate amount of up to $2 billion, which replaced the previous authorization. For additional information about our share repurchase activities, see Note 18 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q.

In the preceding table, the total number of shares purchased includes shares purchased pursuant to the Restricted Stock Trust Fund, which was established to acquire our common stock in the open market and used to settle RSUs granted as a retention vehicle for certain employees of our wholly-owned Canadian subsidiaries. For additional information on this trust fund, see Note 2 of the Notes to Consolidated Financial Statements of our 2025 Form 10-K and Note 10 of the Notes to Condensed Consolidated Financial Statements of this Form 10-Q. These activities do not utilize the repurchase authorization presented in the preceding table.

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


RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES						Index

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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