# RAYMOND JAMES FINANCIAL INC (RJF) Informational only - not investment advice. CIK: 0000720005 SIC: 6211 Security Brokers, Dealers & Flotation Companies SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/) Latest 10-K filed: 2025-11-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=720005 Filing source: https://www.sec.gov/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 15912000000 | USD | 2025 | 2025-11-25 | | Net income | 2135000000 | USD | 2025 | 2025-11-25 | | Assets | 88230000000 | USD | 2025 | 2025-11-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000720005.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 5,521,120,000 | 6,525,000,000 | 7,476,000,000 | 8,023,000,000 | 8,168,000,000 | 9,910,000,000 | 11,308,000,000 | 12,992,000,000 | 14,923,000,000 | 15,912,000,000 | | Net income | 529,350,000 | 636,000,000 | 857,000,000 | 1,034,000,000 | 818,000,000 | 1,403,000,000 | 1,509,000,000 | 1,739,000,000 | 2,068,000,000 | 2,135,000,000 | | Diluted EPS | 3.65 | 4.33 | 5.75 | 4.78 | 3.88 | 6.63 | 6.98 | 7.97 | 9.70 | 10.30 | | Assets | 31,486,976,000 | 34,883,456,000 | 37,413,000,000 | 38,830,000,000 | 47,482,000,000 | 61,891,000,000 | 80,951,000,000 | 78,360,000,000 | 82,992,000,000 | 88,230,000,000 | | Liabilities | 26,424,000,000 | 29,190,105,000 | 30,961,000,000 | 32,187,000,000 | 40,306,000,000 | 53,588,000,000 | 71,519,000,000 | 68,173,000,000 | 71,325,000,000 | 75,726,000,000 | | Stockholders' equity | 4,916,545,000 | 5,581,713,000 | 6,368,000,000 | 6,581,000,000 | 7,114,000,000 | 8,245,000,000 | 9,458,000,000 | 10,214,000,000 | 11,673,000,000 | 12,503,000,000 | | Cash and cash equivalents | 1,650,452,000 | 3,670,000,000 | 3,500,000,000 | 3,957,000,000 | 5,390,000,000 | 7,201,000,000 | 6,178,000,000 | 9,313,000,000 | 10,998,000,000 | 11,389,000,000 | | Net margin | 9.59% | 9.75% | 11.46% | 12.89% | 10.01% | 14.16% | 13.34% | 13.39% | 13.86% | 13.42% | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INDEX PAGE Introduction 41 Executive overview 41 Reconciliation of non-GAAP financial measures to GAAP financial measures 43 Net interest analysis 46 Results of Operations Private Client Group 50 Capital Markets 54 Asset Management 56 Bank 59 Other 60 Statement of financial condition analysis 61 Liquidity and capital resources 61 Regulatory 68 Critical accounting estimates 69 Accounting standards update 70 Risk management 71 40 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index INTRODUCTION The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of our operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and accompanying notes to consolidated financial statements. Where “NM” is used in various percentage change computations, the computed percentage change has been determined to be not meaningful. We operate as a financial holding company and bank holding company. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets and commercial and residential credit trends.  Overall market conditions, economic, political and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control.  These factors affect the financial decisions made by market participants, including investors, borrowers, and competitors, impacting their level of participation in the financial markets. These factors also impact the level of investment banking activity and asset valuations, which ultimately affect our business results. EXECUTIVE OVERVIEW Summary results of operations Year ended September 30, % change $ in millions, except per share amounts 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net revenues $ 14,065  $ 12,821  $ 11,619  10  % 10  % Compensation, commissions and benefits expense $ 9,072  $ 8,213  $ 7,299  10  % 13  % Non-compensation expenses $ 2,279  $ 1,965  $ 2,040  16  % (4) % Pre-tax income $ 2,714  $ 2,643  $ 2,280  3  % 16  % Net income available to common shareholders $ 2,130  $ 2,063  $ 1,733  3  % 19  % Earnings per common share – basic $ 10.53  $ 9.94  $ 8.16  6  % 22  % Earnings per common share – diluted $ 10.30  $ 9.70  $ 7.97  6  % 22  % Non-GAAP measures: Adjusted net income available to common shareholders (1) $ 2,205  $ 2,137  $ 1,806  3  % 18  % Adjusted earnings per common share - diluted (1) $ 10.66  $ 10.05  $ 8.30  6  % 21  % Year ended September 30, Other selected financial highlights 2025 2024 2023 Pre-tax margin 19.3  % 20.6  % 19.6  % Adjusted pre-tax margin (1) 20.0  % 21.4  % 20.5  % Return on common equity (“ROCE”) 17.7  % 18.9  % 17.7  % Adjusted ROCE (1) 18.3  % 19.6  % 18.4  % Return on tangible common equity (“ROTCE”) (1) 20.6  % 22.6  % 21.7  % Adjusted ROTCE (1) 21.3  % 23.3  % 22.5  % Compensation ratio 64.5  % 64.1  % 62.8  % Adjusted compensation ratio (1) 64.3  % 63.7  % 62.1  % Effective income tax rate 21.3  % 21.8  % 23.7  % (1)These are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and for other important disclosures. 41 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Year ended September 30, 2025 compared with the year ended September 30, 2024 For the year ended September 30, 2025, we generated net revenues of $14.07 billion, an increase of 10% compared with the prior year, and pre-tax income of $2.71 billion, an increase of 3%. Our net income available to common shareholders of $2.13 billion was 3% higher than the prior year and our earnings per diluted share were $10.30, reflecting a 6% increase. Our ROCE was 17.7%, down from 18.9% for the prior year, and our ROTCE was 20.6%(1), compared with 22.6%(1) for the prior year. Excluding the impact of $75 million of expenses, net of their tax effect, related to acquisitions completed in prior years, adjusted net income available to common shareholders for the year ended September 30, 2025 was $2.21 billion(1), an increase of 3% compared with adjusted net income available to common shareholders for the prior year. Our adjusted earnings per diluted share were $10.66(1), an increase of 6% compared with the prior year. Adjusted ROCE was 18.3%(1), compared with 19.6%(1) for the prior year, and adjusted ROTCE was 21.3%(1), compared with 23.3%(1) in the prior year. The increase in net revenues compared with the prior year was primarily due to higher asset management and related administrative fees, largely the result of higher PCG client assets in fee-based accounts at the beginning of each of the current-year billing periods compared with the prior-year billing periods. The increase in PCG client assets in fee-based accounts resulted from net market appreciation and net new assets to the firm since the prior year. Investment banking revenues also increased significantly compared with the prior year primarily due to more favorable market conditions during the year. Brokerage revenues also increased compared with the prior year largely due to an increase in client activity in both our PCG and Capital Markets segments. Offsetting these increases was a decrease in combined net interest income and RJBDP fees from third-party banks, due to lower short-term interest rates compared with the prior year and lower RJBDP balances swept to third-party banks, which more than offset a favorable impact from growth in average interest-earning assets. Compensation, commissions and benefits expense increased 10%, primarily due to an increase in compensable revenues, an increase in compensation costs to support our growth, including financial advisor recruiting-related expenses, and annual salary increases. Our compensation ratio was 64.5%, compared with 64.1% for the prior year. Excluding acquisition-related compensation expenses, our adjusted compensation ratio was 64.3%(1), compared with an adjusted compensation ratio of 63.7%(1) for the prior year. The increase in the compensation ratio primarily resulted from changes in our revenue mix due to increases in compensable revenues compared with the prior year, including asset management and related administrative fees, investment banking revenues, and brokerage revenues, as well as a decrease in combined net interest income and RJBDP fees from third-party banks, which have little associated direct compensation. Non-compensation expenses increased 16%, primarily due to higher provisions for legal and regulatory matters as the current year included a net provision expense for legal and regulatory matters, including a $58 million expense increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer sold to institutional investors between 2013 and 2015, while the prior year reflected a net reserve release. Non-compensation expenses also increased due to higher communications and information processing expenses resulting from continued investments in technology to benefit our advisors and their clients and to support our growth, higher investment sub-advisory fees resulting from growth in assets under management in sub-advised programs, and higher business development expenses, primarily due to financial advisor recruiting and other business growth investments. Our effective income tax rate was 21.3% for the year ended September 30, 2025, a decrease from 21.8% for the prior year, primarily due to the impact of a larger tax benefit recognized during the current year related to share-based compensation that vested during the year and, to a lesser extent, the release of accruals for uncertain tax positions following the expiration of applicable statutes of limitations, partially offset by lower non-taxable valuation gains on our corporate-owned life insurance policies recognized in the current year compared with the prior year. (1)ROTCE, adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted ROCE, adjusted ROTCE, and adjusted compensation ratio are non-GAAP financial measures. Please see the “Reconciliation of non-GAAP financial measures to GAAP financial measures” in this MD&A for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, and for other important disclosures. 42 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index We continue to maintain strong levels of liquidity and capital. As of September 30, 2025, our tier 1 leverage ratio was 13.1% and total capital ratio was 24.1%, both well above regulatory capital requirements. On September 11, 2025, to secure financing during a period of favorable market conditions characterized by tight credit spreads and attractive benchmark yields, we issued $1.5 billion in senior notes, consisting of $650 million in 4.90% senior notes due 2035 and $850 million in 5.65% senior notes due 2055. We also amended our revolving credit facility to increase our borrowing capacity to $1 billion and reduce our cost of borrowing. These actions increased our available liquidity on hand for deployment in our growth and to meet client needs, resulting in $3.7 billion of RJF corporate cash(1) as of September 30, 2025. During the year ended September 30, 2025, we repurchased 7.4 million shares of our common stock for $1.1 billion at an average price of $148 per share under the Board of Directors’ common stock repurchase authorization, leaving $399 million available under the authorization as of September 30, 2025. We believe our strong capital and liquidity positions enable us to invest in growth across our businesses and remain opportunistic in our capital deployment. Year ended September 30, 2024 compared with the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. (1) For additional information, please see the “Liquidity and capital resources - Sources of liquidity” section in this MD&A. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that ROTCE is meaningful to investors as it facilitates comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. Year ended September 30, $ in millions 2025 2024 2023 Net income available to common shareholders $ 2,130  $ 2,063  $ 1,733  Non-GAAP adjustments: Expenses directly related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 31  42  70  Other acquisition-related compensation 4  —  10  Total “Compensation, commissions and benefits” expense 35  42  80  Communications and information processing 2  2  2  Professional fees 10  4  3  Other: Amortization of identifiable intangible assets 41  44  45  All other acquisition-related expenses 9  5  —  Total “Other” expense 50  49  45  Total expenses related to acquisitions 97  97  130  Other — Insurance settlement received —  —  (32) Pre-tax impact of non-GAAP adjustments 97  97  98  Tax effect of non-GAAP adjustments (22) (23) (25) Total non-GAAP adjustments, net of tax 75  74  73  Adjusted net income available to common shareholders $ 2,205  $ 2,137  $ 1,806  43 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Year ended September 30, $ in millions 2025 2024 2023 Pre-tax income $ 2,714  $ 2,643  2,280  Pre-tax impact of non-GAAP adjustments (as detailed above) 97  97  98  Adjusted pre-tax income $ 2,811  $ 2,740  $ 2,378  Compensation, commissions and benefits expense $ 9,072  $ 8,213  $ 7,299  Less: Total compensation-related acquisition expenses (as detailed above) 35  42  80  Adjusted “Compensation, commissions and benefits” expense $ 9,037  $ 8,171  $ 7,219  Pre-tax margin 19.3  % 20.6  % 19.6  % Less the impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 0.2  % 0.4  % 0.6  % Other acquisition-related compensation —  % —  % 0.1  % Total “Compensation, commissions and benefits” expense 0.2  % 0.4  % 0.7  % Communications and information processing —  % —  % —  % Professional fees 0.1  % —  % 0.1  % Other: Amortization of identifiable intangible assets 0.3  % 0.3  % 0.4  % All other acquisition-related expenses 0.1  % 0.1  % —  % Total “Other” expense 0.4  % 0.4  % 0.4  % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.7  % 0.8  % 1.2  % Other — Insurance settlement received —  % —  % (0.3) % Total non-GAAP adjustments 0.7  % 0.8  % 0.9  % Adjusted pre-tax margin 20.0  % 21.4  % 20.5  % Total compensation ratio 64.5  % 64.1  % 62.8  % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention 0.2  % 0.4  % 0.6  % Other acquisition-related compensation —  % —  % 0.1  % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.2  % 0.4  % 0.7  % Adjusted total compensation ratio 64.3  % 63.7  % 62.1  % Diluted earnings per common share $ 10.30  $ 9.70  $ 7.97  Impact of non-GAAP adjustments on diluted earnings per common share: Expenses directly related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 0.15  0.20  0.32  Other acquisition-related compensation 0.02  —  0.05  Total “Compensation, commissions and benefits” expense 0.17  0.20  0.37  Communications and information processing 0.01  0.01  0.01  Professional fees 0.05  0.02  0.01  Other: Amortization of identifiable intangible assets 0.20  0.21  0.21  All other acquisition-related expenses 0.04  0.02  —  Total “Other” expense 0.24  0.23  0.21  Total expenses related to acquisitions 0.47  0.46  0.60  Other — Insurance settlement received —  —  (0.15) Tax effect of non-GAAP adjustments (0.11) (0.11) (0.12) Total non-GAAP adjustments, net of tax 0.36  0.35  0.33  Adjusted diluted earnings per common share $ 10.66  $ 10.05  $ 8.30  44 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Year ended September 30, $ in millions, except per share amounts 2025 2024 2023 Average common equity $ 12,035  $ 10,893  $ 9,791  Impact of non-GAAP adjustments on average common equity: Expenses directly related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 16  22  35  Other acquisition-related compensation 1  —  4  Total “Compensation, commissions and benefits” expense 17  22  39  Communications and information processing —  —  1  Professional fees 3  2  1  Other: Amortization of identifiable intangible assets 21  22  22  All other acquisition-related expenses 1  2  —  Total “Other” expense 22  24  22  Total expenses related to acquisitions 42  48  63  Other — Insurance settlement received —  —  (26) Tax effect of non-GAAP adjustments (10) (12) (9) Total non-GAAP adjustments, net of tax 32  36  28  Adjusted average common equity $ 12,067  $ 10,929  $ 9,819  Average common equity $ 12,035  $ 10,893  $ 9,791  Less: Average goodwill and identifiable intangible assets, net 1,861  1,896  1,928  Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (141) (134) (129) Average tangible common equity $ 10,315  $ 9,131  $ 7,992  Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Acquisition-related retention 16  22  35  Other acquisition-related compensation 1  —  4  Total “Compensation, commissions and benefits” expense 17  22  39  Communications and information processing —  —  1  Professional fees 3  2  1  Other: Amortization of identifiable intangible assets 21  22  22  All other acquisition-related expenses 1  2  —  Total “Other” expense 22  24  22  Total expenses related to acquisitions 42  48  63  Other — Insurance settlement received —  —  (26) Tax effect of non-GAAP adjustments (10) (12) (9) Total non-GAAP adjustments, net of tax 32  36  28  Adjusted average tangible common equity $ 10,347  $ 9,167  $ 8,020  Return on common equity 17.7  % 18.9  % 17.7  % Adjusted return on common equity 18.3  % 19.6  % 18.4  % Return on tangible common equity 20.6  % 22.6  % 21.7  % Adjusted return on tangible common equity 21.3  % 23.3  % 22.5  % 45 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Diluted earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period or, in the case of adjusted diluted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by diluted weighted-average common shares outstanding for each respective period. Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. Tangible common equity is computed by subtracting goodwill and identifiable intangible assets, net, along with the associated deferred tax liabilities, from total common equity attributable to RJF. Average common equity is computed by adding the total common equity attributable to RJF as of each quarter-end date during the indicated fiscal year to the beginning of the year total, and dividing by five, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated fiscal year to the beginning of the year total, and dividing by five. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. ROCE is computed by dividing net income available to common shareholders by average common equity for each respective period or, in the case of ROTCE, computed by dividing net income available to common shareholders by average tangible common equity for each respective period. Adjusted ROCE is computed by dividing adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted ROTCE, computed by dividing adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. NET INTEREST ANALYSIS In the beginning of our fiscal 2024, the Fed funds target rate was at a range of 5.25% to 5.50% where it remained throughout most of our fiscal 2024. In late September 2024, the Fed decreased the Fed funds target rate by 50 basis points, followed by three additional 25-basis-point reductions during fiscal 2025 to end the current year at a range of 4.00% to 4.25%. Effective October 30, 2025, the Fed enacted an additional 25-basis point decrease reducing the Fed funds target rate to a range of 3.75% to 4.00%. The Fed has indicated that it intends to closely monitor market conditions to determine whether it will consider making additional downward adjustments to short-term interest rates in our fiscal 2026. We anticipate our combined net interest income and RJBDP fees from third-party banks will be unfavorably impacted in our fiscal 2026 due to the impact of the two 25-basis point decreases in short-term interest rates enacted by the Fed in September 2025 and October 2025. The magnitude of this decline will largely depend on the level of short-term interest rates, including any additional rate cuts during fiscal 2026, as well as our interest-earning asset levels, client cash balances, and other market-related factors. However, declines in short-term interest rates are also expected to have a favorable impact on certain of our other businesses. The following table details the Fed’s short-term interest rate activity since the end of our fiscal year 2023. RJF fiscal quarter ended Effective date of interest rate action Increase/(decrease) in interest rates (in basis points) Fed funds target rate September 30, 2023 July 27, 2023 25 5.25% - 5.50% September 30, 2024 September 19, 2024 (50) 4.75% - 5.00% December 31, 2024 November 8, 2024 (25) 4.50% - 4.75% December 31, 2024 December 19, 2024 (25) 4.25% - 4.50% September 30, 2025 September 18, 2025 (25) 4.00% - 4.25% Rate changes subsequent to September 30, 2025 December 31, 2025 October 30, 2025 (25) 3.75% - 4.00% 46 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Given the relationship between our interest-sensitive assets and liabilities (primarily held in our PCG, Bank, and Other segments) and the nature of fees we earn from third-party banks on client cash balances swept to such banks as part of the RJBDP (included in account and service fees), our financial results are sensitive to changes in interest rates. Increases in short-term interest rates have historically resulted in an increase in our net earnings, and we expect decreases in short-term interest rates to generally reduce our net earnings, although there may be offsetting favorable impacts. As it relates to our net interest income, the magnitude of the effect of a decrease in interest rates depends on a number of factors impacting balances, asset yields, and the cost of funding. The magnitude of the impact on our net interest margin depends on the yields on interest-earning assets relative to the cost of interest-bearing liabilities, including deposit rates paid to clients on their cash balances. Decreases in short-term interest rates generally result in a decrease to our RJBDP fees earned from third-party banks, although the magnitude of the impact may also be impacted by demand for cash balances by third-party banks and the rate paid to clients on their cash sweep balances. Rates paid to clients on their cash balances are generally impacted by the level of short-term interest rates, as well as competitive industry dynamics and the demand for client cash. Additionally, any future changes to regulatory rules or interpretations governing the fees the firm earns on cash sweep balances could also impact the rates we pay to clients on cash balances. In recent fiscal years, we have sought to continue to meet client demand for higher yields on cash balances, without sacrificing the benefits of FDIC insurance on such balances, by introducing new deposit products leveraging our bank subsidiaries or through initiatives offered within the RJBDP. Such programs include our ESP introduced to our clients in fiscal 2023 where such deposits are held by Raymond James Bank, offer enhanced rates, and offer FDIC coverage of up to $50 million for certain accounts, as well as initiatives offered from time to time within the RJBDP program which may offer enhanced rates to clients on certain balances within the program. These programs, while meeting client needs and diversifying our funding sources, have a higher relative cost than other alternatives therefore reducing our net interest margin and yields on RJBDP balances. Refer to the discussion of our net interest income within the “Management’s Discussion and Analysis - Results of Operations” of our PCG, Bank, and Other segments, where applicable. Also refer to “Management’s Discussion and Analysis - Results of Operations - Private Client Group - Clients’ domestic cash sweep balances” for further information on the RJBDP. Net interest income and RJBDP fees from third-party banks Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net interest income $ 2,147  $ 2,130  $ 2,375  1  % (10) % RJBDP fees from third-party banks 486  607  498  (20) % 22  % Net interest income and RJBDP fees from third-party banks $ 2,633  $ 2,737  $ 2,873  (4) % (5) % Year ended September 30, 2025 compared with the year ended September 30, 2024 Combined net interest income and RJBDP fees from third-party banks was $2.63 billion and $2.74 billion for the years ended September 30, 2025 and 2024, respectively. The 4% decline compared with the prior year was primarily due to lower short-term interest rates and lower average RJBDP balances swept to third-party banks, which more than offset a favorable impact from growth in average interest-earning assets. Year ended September 30, 2024 compared with the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net Interest Analysis” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. 47 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table presents our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates. Year ended September 30, 2025 2024 2023 $ in millions Average balance Interest Average rate Average balance Interest Average rate Average balance Interest Average rate Interest-earning assets: Bank segment: Cash and cash equivalents $ 5,860 $ 257  4.37  % $ 5,694  $ 307  5.37  % $ 4,033  $ 199  4.89  % Available-for-sale securities 8,174 185  2.27  % 9,852  220  2.23  % 10,805  219  2.02  % Loans held for sale and investment: (1) (2) Loans held for investment: SBL 17,666  1,095  6.11  % 15,000  1,081  7.09  % 14,510  977  6.65  % C&I loans 10,383  692  6.57  % 10,167  784  7.59  % 10,955  767  6.90  % CRE loans 7,678  512  6.57  % 7,425  568  7.53  % 6,993  496  6.99  % REIT loans 1,685  122  7.12  % 1,728  136  7.71  % 1,680  119  6.99  % Residential mortgage loans 9,839  388  3.94  % 9,069  329  3.62  % 8,114  258  3.18  % Tax-exempt loans (3) 1,276  35  3.40  % 1,428  38  3.30  % 1,596  41  3.14  % Loans held for sale 232  16  6.97  % 194  16  8.26  % 173  13  7.61  % Total loans held for sale and investment 48,759  2,860  5.81  % 45,011  2,952  6.48  % 44,021  2,671  6.02  % All other interest-earning assets 237  13  5.30  % 239  15  6.06  % 156  9  5.67  % Interest-earning assets — Bank segment $ 63,030  $ 3,315  5.22  % $ 60,796  $ 3,494  5.69  % $ 59,015  $ 3,098  5.21  % All other segments: Cash and cash equivalents $ 4,164  $ 182  4.36  % $ 3,358  $ 202  6.00  % $ 3,125  $ 159  5.08  % Assets segregated for regulatory purposes and restricted cash 3,585  149  4.16  % 3,583  183  5.10  % 4,722  197  4.17  % Trading assets — debt securities 1,388  75  5.43  % 1,274  73  5.71  % 1,059  57  5.40  % Brokerage client receivables 2,413  171  7.09  % 2,287  187  8.17  % 2,214  170  7.68  % All other interest-earning assets 2,591  102  3.87  % 2,304  93  3.98  % 1,809  67  3.46  % Interest-earning assets — all other segments $ 14,141  $ 679  4.79  % $ 12,806  $ 738  5.74  % $ 12,929  $ 650  4.99  % Total interest-earning assets $ 77,171  $ 3,994  5.14  % $ 73,602  $ 4,232  5.70  % $ 71,944  $ 3,748  5.17  % Interest-bearing liabilities: Bank segment: Bank deposits: Money market and savings accounts $ 33,196  $ 601  1.81  % $ 31,519  $ 681  2.16  % $ 40,463  $ 547  1.35  % Interest-bearing demand deposits 21,328  877  4.11  % 20,329  1,001  4.92  % 10,352  473  4.57  % Certificates of deposit 2,034  91  4.47  % 2,633  123  4.66  % 2,163  84  3.88  % Total bank deposits (4) 56,558  1,569  2.77  % 54,481  1,805  3.31  % 52,978  1,104  2.08  % FHLB advances and all other interest-bearing liabilities 955  31  2.74  % 1,168  33  2.80  % 1,364  37  2.67  % Interest-bearing liabilities — Bank segment $ 57,513  $ 1,600  2.78  % $ 55,649  $ 1,838  3.30  % $ 54,342  $ 1,141  2.09  % All other segments: Trading liabilities — debt securities $ 846  $ 44  5.23  % $ 825  $ 44  5.34  % $ 727  $ 36  5.24  % Brokerage client payables 4,808  66  1.38  % 4,663  83  1.78  % 5,877  78  1.33  % Senior notes payable 2,121  96  4.54  % 2,039  92  4.50  % 2,038  92  4.53  % All other interest-bearing liabilities (4) 1,202  41  3.41  % 1,157  45  4.03  % 620  26  3.78  % Interest-bearing liabilities — all other segments $ 8,977  $ 247  2.76  % $ 8,684  $ 264  3.06  % $ 9,262  $ 232  2.51  % Total interest-bearing liabilities $ 66,490  $ 1,847  2.78  % $ 64,333  $ 2,102  3.27  % $ 63,604  $ 1,373  2.15  % Firmwide net interest income $ 2,147  $ 2,130  $ 2,375  Net interest margin (net yield on interest-earning assets): Bank segment 2.68  % 2.67  % 3.28  % Firmwide 2.78  % 2.89  % 3.30  % (1)Loans are presented net of unamortized purchase discounts or premiums, unearned income, deferred origination fees and costs, and charge-offs. (2)Nonaccrual loans are included in the average loan balances. Any payments received for corporate nonaccrual loans are applied entirely to principal. Interest income on residential mortgage nonaccrual loans is recognized on a cash basis. (3)The average rate on tax-exempt loans in the preceding table is presented on a taxable-equivalent basis utilizing the applicable federal statutory rates for each of the years presented. (4)The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments.” 48 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest-earning assets and the interest incurred on our interest-bearing liabilities. The effect of changes in volume is determined by multiplying the change in volume by the previous year’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous year’s volume. Changes attributable to both volume and rate have been allocated proportionately. Year ended September 30, 2025 compared to 2024 2024 compared to 2023 Increase/(decrease) due to Increase/(decrease) due to $ in millions Volume Rate Total Volume Rate Total Interest-earning assets: Interest income Bank segment: Cash and cash equivalents $ 9  $ (59) $ (50) $ 87  $ 21  $ 108  Available-for-sale securities (39) 4  $ (35) (22) 23  1  Loans held for sale and investment: Loans held for investment: SBL 161  (147) 14  35  69  104  C&I loans 15  (107) (92) (59) 76  17  CRE loans 18  (74) (56) 32  40  72  REIT loans (3) (11) (14) 3  14  17  Residential mortgage loans 29  30  59  32  39  71  Tax-exempt loans (4) 1  (3) (6) 3  (3) Loans held for sale 3  (3) —  2  1  3  Total loans held for sale and investment 219  (311) (92) 39  242  281  All other interest-earning assets —  (2) (2) 5  1  6  Interest-earning assets — Bank segment $ 189  $ (368) $ (179) $ 109  $ 287  $ 396  All other segments: Cash and cash equivalents $ 35  $ (55) $ (20) $ 13  $ 30  $ 43  Assets segregated for regulatory purposes and restricted cash —  (34) $ (34) (58) 44  (14) Trading assets — debt securities 6  (4) $ 2  13  3  16  Brokerage client receivables 9  (25) $ (16) 6  11  17  All other interest-earning assets 12  (3) $ 9  17  9  26  Interest-earning assets — all other segments $ 62  $ (121) $ (59) $ (9) $ 97  $ 88  Total interest-earning assets $ 251  $ (489) $ (238) $ 100  $ 384  $ 484  Interest-bearing liabilities: Interest expense Bank segment: Bank deposits: Money market and savings accounts $ 33  $ (113) $ (80) $ (163) $ 297  $ 134  Interest-bearing demand deposits 46  (170) $ (124) 489  39  528  Certificates of deposit (27) (5) $ (32) 20  19  39  Total bank deposits 52  (288) (236) 346  355  701  FHLB advances and all other interest-bearing liabilities (2) —  (2) (6) 2  (4) Interest-bearing liabilities — Bank segment $ 50  $ (288) $ (238) $ 340  $ 357  $ 697  All other segments: Trading liabilities — debt securities 1  (1) —  7  1  8  Brokerage client payables 3  (20) (17) (21) 26  5  Senior notes payable 3  1  4  —  —  —  All other interest-bearing liabilities 2  (6) (4) 17  2  19  Interest-bearing liabilities — all other segments $ 9  $ (26) $ (17) $ 3  $ 29  $ 32  Total interest-bearing liabilities $ 59  $ (314) $ (255) $ 343  $ 386  $ 729  Change in firmwide net interest income $ 192  $ (175) $ 17  $ (243) $ (2) $ (245) 49 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RESULTS OF OPERATIONS – PRIVATE CLIENT GROUP Through our PCG segment, we provide financial planning, investment advisory, and securities transaction services for which we generally charge either asset-based fees (presented in “Asset management and related administrative fees”) or sales commissions (presented in “Brokerage revenues”). We also earn revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products. Asset management and related administrative fees and brokerage revenues in this segment are typically correlated with the level of PCG client AUA, including those in fee-based accounts, as well as the overall U.S. equity markets. In periods where equity markets improve, AUA and client activity generally increase, thereby having a favorable impact on net revenues. In periods of rising interest rates, we may also see increased activity in fixed income and fixed annuity products. We also earn servicing fees, such as omnibus and education and marketing support fees, from mutual fund, annuity, and exchange-traded fund companies whose products we distribute. Servicing fees earned from such companies are based on the level of assets or number of positions in such programs or a flat fee. Our PCG segment also earns fees from banks to which we sweep clients’ cash in the RJBDP, including both third-party banks and our Bank segment. Such fees, which generally fluctuate based on average balances in the program and the level of short-term interest rates, are included in “Account and service fees.” See “Clients’ domestic cash sweep balances” in the “Selected key metrics” section and “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-K for additional information about fees earned from the RJBDP. Net interest income in the PCG segment is primarily generated by interest earnings on assets segregated for regulatory purposes, margin loans provided to clients, cash balances, and securities borrowing transactions, less interest paid on client cash balances in the CIP and securities lending transactions. Amounts are impacted by client cash balances in the CIP and short-term interest rates. Higher client cash balances generally lead to increased net interest income, depending on interest rate spreads realized in the CIP (i.e., between interest received on assets segregated for regulatory purposes and interest paid on CIP balances). For additional information on client cash balances, see “Clients’ domestic cash sweep balances” in the “Selected key metrics” section. For an overview of our PCG segment operations, refer to the information presented in “Item 1 - Business” of this Form 10-K. 50 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Operating results Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues: Asset management and related administrative fees $ 5,980  $ 5,246  $ 4,545  14  % 15  % Brokerage revenues: Mutual and other fund products 605  567  540  7  % 5  % Insurance and annuity products 511  519  439  (2) % 18  % Equities, ETFs and fixed income products 621  545  455  14  % 20  % Total brokerage revenues 1,737  1,631  1,434  6  % 14  % Account and service fees: Mutual fund and other investment products 518  461  415  12  % 11  % RJBDP fees: Bank segment 754  824  1,093  (8) % (25) % Third-party banks 486  607  498  (20) % 22  % Client account and other fees 275  264  231  4  % 14  % Total account and service fees 2,033  2,156  2,237  (6) % (4) % Investment banking 35  38  35  (8) % 9  % Interest income (1) 468  480  455  (3) % 5  % All other 29  27  48  7  % (44) % Total revenues 10,282  9,578  8,754  7  % 9  % Interest expense (100) (119) (100) (16) % 19  % Net revenues 10,182  9,459  8,654  8  % 9  % Non-interest expenses: Financial advisor compensation and benefits 5,770  5,154  4,537  12  % 14  % Administrative compensation and benefits 1,614  1,546  1,390  4  % 11  % Total compensation, commissions and benefits 7,384  6,700  5,927  10  % 13  % Non-compensation expenses 1,078  974  964  11  % 1  % Total non-interest expenses 8,462  7,674  6,891  10  % 11  % Pre-tax income $ 1,720  $ 1,785  $ 1,763  (4) % 1  % (1)Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances to our segments, resulting in a reallocation of interest income from the Other segment to the PCG segment. Prior year segment results have not been conformed to the current year presentation. 51 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Selected key metrics PCG client asset balances  As of September 30, % change $ in billions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 AUA $ 1,666.5  $ 1,507.0  $ 1,201.2  11  % 25  % Assets in fee-based accounts (1) $ 1,008.1  $ 875.2  $ 683.2  15  % 28  % Percent of AUA in fee-based accounts 60.5  % 58.1  % 56.9  % (1)A portion of our “Assets in fee-based accounts” is invested in “managed programs” overseen by our Asset Management segment, specifically our Asset Management Services division of RJ&A (“AMS”). These assets are included in our financial assets under management as disclosed in the “Selected key metrics” section of our “Management’s Discussion and Analysis - Results of Operations - Asset Management.” As of September 30, 2025, 2024, and 2023, PCG AUA included assets associated with firms affiliated with us through our RCS division of $217.3 billion, $180.7 billion, and $133.3 billion, respectively, of which $188.0 billion, $153.1 billion, and $111.7 billion, respectively, were assets in fee-based accounts. Based on the nature of the services provided to such firms, revenues related to these assets in the PCG segment are included in “Account and service fees.” The growth in RCS client assets over time is partially due to transfers into RCS from our other financial advisor channels. We may continue to experience transfers to our RCS division; however, consistent with our experience in recent fiscal years, we would not expect these financial advisor transfers to significantly impact our results of operations. Domestic PCG net new assets As of September 30, $ in millions 2025 2024 2023 Domestic PCG net new assets (1) $ 52,431  $ 60,709  $ 73,254  Domestic PCG net new assets growth (2) 3.8  % 5.5  % 7.7  % (1)Domestic PCG net new assets represents domestic PCG client inflows, including dividends and interest, less domestic PCG client outflows, including commissions, advisory fees, and other fees. (2)The Domestic PCG net new asset growth percentage is based on the beginning Domestic PCG AUA balance for the indicated period. PCG AUA and PCG assets in fee-based accounts as of September 30, 2025 increased 11% and 15%, respectively, compared with September 30, 2024, due to market-driven appreciation and net new assets, reflecting the favorable impact of our advisor recruiting and retention. Offsetting these favorable impacts, domestic PCG net new assets, as well as our PCG AUA and assets in fee-based accounts, were negatively impacted by the departure of primarily one large branch in our independent contractor division in our first fiscal quarter of 2025. PCG fee-based assets increased 7% from June 30, 2025 to September 30, 2025, which will favorably impact asset management and related administrative fees for our fiscal first quarter of 2026 results. PCG assets in fee-based accounts continued to be a significant percentage of overall PCG AUA due to many clients’ preference for fee-based alternatives versus transaction-based accounts and, as a result, a significant portion of our PCG revenues is directly impacted by market movements. Fee-based accounts within our PCG segment are comprised of a wide array of products and programs that we offer our clients. The majority of assets in fee-based accounts within our PCG segment are invested in programs for which our financial advisors provide investment advisory services, either on a discretionary or non-discretionary basis. Administrative services for such accounts (e.g., record-keeping) are generally performed by our Asset Management segment and, as a result, a portion of the related revenue is shared with the Asset Management segment. We also offer our clients fee-based accounts that are invested in “Managed programs” overseen by AMS, which is part of our Asset Management segment. Fee-billable assets invested in managed programs are included in both “Assets in fee-based accounts” in the preceding table and “Financial assets under management” in the Asset Management segment. Revenues related to managed programs are shared by our PCG and Asset Management segments. The Asset Management segment receives a higher portion of the revenues related to accounts invested in managed programs, as compared to the portion received for non-managed programs, as it is performing portfolio management services in addition to administrative services. 52 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The vast majority of the revenues we earn from fee-based accounts are recorded in “Asset management and related administrative fees” on our Consolidated Statements of Income and Comprehensive Income. Fees received from such accounts are based on the value of client assets in fee-based accounts and vary based on the specific account types in which the client invests and the level of assets in the client relationship. As fees for the majority of such accounts are billed based on balances as of the beginning of the quarter, revenues from fee-based accounts may not be immediately affected by changes in asset values, but rather the impacts are seen in the following quarter. Financial advisors As of September 30, 2025 2024 2023 Employees 3,878  3,826  3,693  Independent contractors 5,065  4,961  5,019  Total advisors 8,943  8,787  8,712  The number of financial advisors as of September 30, 2025 increased compared to the prior year, as new recruits and trainees that were moved into production roles exceeded departures and planned retirements. Generally, with planned retirements, assets are retained at the firm pursuant to advisor succession plans. Advisors in our RCS division are not included in our financial advisor metric although their client assets are included in PCG AUA. Clients’ domestic cash sweep balances and ESP balances As of September 30, $ in millions 2025 2024 2023 RJBDP: Bank segment $ 26,555  $ 23,978  $ 25,355  Third-party banks 14,761  18,226  15,858  Subtotal RJBDP 41,316  42,204  41,213  CIP 1,572  1,653  1,620  Total clients’ domestic cash sweep balances 42,888  43,857  42,833  ESP 13,465  14,018  13,592  Total clients’ domestic cash sweep and ESP balances $ 56,353  $ 57,875  $ 56,425  Year ended September 30, 2025 2024 2023 Average yield on RJBDP - third-party banks 3.01  % 3.50  % 3.20  % A portion of our domestic clients’ cash is included in the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at either of our bank subsidiaries, which are included in our Bank segment, or various third-party banks. Balances swept to third-party banks are not reflected on our Consolidated Statements of Financial Condition. Our PCG segment earns servicing fees for the administrative services we provide related to our clients’ deposits that are swept to banks as part of the RJBDP. These servicing fees are variable in nature and fluctuate based on client cash balances in the program, as well as the level of short-term interest rates and the interest paid to clients on balances in the RJBDP. Under our intersegment policies, the PCG segment receives from our Bank segment the greater of a base servicing fee or a net yield equivalent to the average yield that the firm would otherwise receive from third-party banks in the RJBDP. In the current interest rate environment the PCG segment RJBDP fee revenues are derived from the yield from third-party banks in the program and the Bank segment RJBDP servicing costs reflect such market rate for the deposits. The fees that the PCG segment earns from the Bank segment, as well as the servicing costs incurred on the deposits in the Bank segment, are eliminated in consolidation. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-K for further information regarding factors impacting the servicing fees we receive related to the RJBDP, as well as the interest paid to clients on their cash balances. 53 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The “Average yield on RJBDP - third-party banks” in the preceding table is computed by dividing RJBDP fees from third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. The average yield on RJBDP - third-party banks for the year ended September 30, 2025 decreased from the prior year largely as a result of the decreases in the Fed’s short-term benchmark interest rate and, to a lesser extent, the impact of growth in RJBDP balances offering enhanced rates to clients which reduced the yield earned from third-party banks on such balances. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-K for additional information. Total clients’ domestic cash sweep and ESP balances decreased 3% compared with September 30, 2024, with decreases in both RJBDP balances and the ESP. PCG segment results can be impacted by not only changes in the level of client cash balances, but also by the allocation of client cash balances between the RJBDP, the CIP, and the ESP, as the PCG segment may earn different amounts from each of these client cash destinations, depending on multiple factors. Year ended September 30, 2025 compared with the year ended September 30, 2024 Net revenues of $10.18 billion increased 8% while pre-tax income of $1.72 billion decreased 4%. Asset management and related administrative fees increased $734 million, or 14%, primarily due to higher assets in fee-based accounts at the beginning of each of the current-year quarterly billing periods compared with the prior-year billing periods resulting from market-driven appreciation and net new assets, due to the favorable impact of our advisor recruiting and retention. Brokerage revenues increased $106 million, or 6%, primarily due to higher client activity in the current year. Account and service fees decreased $123 million, or 6%, primarily due to a decrease in RJBDP fees largely resulting from a decrease in the average RJBDP third-party bank yield. RJBDP fees from third-party banks decreased by a greater amount than RJBDP fees from our Bank segment as average balances swept to third-party banks declined due to a higher allocation of balances swept to our Bank segment, which increased compared to the prior year. Partially offsetting the decline in total RJBDP fees, mutual fund service fees increased primarily due to higher average mutual fund assets. Compensation-related expenses increased $684 million, or 10%, primarily due to higher commission expense resulting from higher compensable revenues, including asset management and related administrative fees and brokerage revenues, as well as an increase in compensation costs to support our growth, including higher financial advisor recruiting-related expenses, and annual salary increases. Non-compensation expenses increased $104 million, or 11%, compared with the prior year primarily due to higher expenses to support our growth, including investments in technology and financial advisor recruiting activities. In addition, the current year included higher expenses related to legal and regulatory matters as the prior year reflected a net reserve release which did not reoccur in the current year. Year ended September 30, 2024 compared with the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. RESULTS OF OPERATIONS – CAPITAL MARKETS Our Capital Markets segment conducts investment banking, institutional sales and trading of financial instruments, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature, the majority of which qualify for tax credits. We provide various investment banking services, including merger & acquisition advisory, and other advisory services, underwriting and placement of public and private equity and debt securities for corporate clients, private capital fundraising, and public financing activities. Revenues from investment banking activities are driven principally by our role in the transaction and the number and sizes of the transactions in which we are involved. We earn brokerage revenues for the sale of both equity and fixed income products to institutional clients, as well as from our market-making activities in fixed income debt instruments. Client activity is influenced by a combination of general market 54 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index activity and our Capital Markets group’s ability to find attractive investment opportunities for clients.  In certain cases, we transact on a principal basis, which involves the purchase of financial instruments from, and the sale of financial instruments to, our clients as well as other dealers who may be purchasing or selling financial instruments for their own account or acting on behalf of their clients.  Profits and losses related to this activity are primarily derived from the spreads between bid and ask prices, as well as market trends for the individual securities during the period we hold them. To facilitate such transactions, we carry inventories of financial instruments. In our fixed income businesses, we also enter into interest rate swaps and futures contracts to facilitate client transactions or to actively manage risk exposures. For an overview of our Capital Markets segment operations, refer to the information presented in “Item 1 - Business” of this Form 10-K. Operating results Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues: Brokerage revenues: Fixed income $ 397  $ 367  $ 345  8  % 6  % Equity 168  143  130  17  % 10  % Total brokerage revenues 565  510  475  11  % 7  % Investment banking: Merger & acquisition and advisory 623  521  418  20  % 25  % Equity underwriting 150  131  85  15  % 54  % Debt underwriting 263  168  110  57  % 53  % Total investment banking 1,036  820  613  26  % 34  % Interest income 111  109  88  2  % 24  % Affordable housing investments business revenues 140  118  109  19  % 8  % All other 17  18  14  (6) % 29  % Total revenues 1,869  1,575  1,299  19  % 21  % Interest expense (99) (103) (85) (4) % 21  % Net revenues 1,770  1,472  1,214  20  % 21  % Non-interest expenses: Compensation, commissions and benefits 1,128  1,002  902  13  % 11  % Non-compensation expense 496  403  403  23  % —  % Total non-interest expenses 1,624  1,405  1,305  16  % 8  % Pre-tax income/(loss) $ 146  $ 67  $ (91) 118  % NM Year ended September 30, 2025 compared with the year ended September 30, 2024 Net revenues of $1.77 billion increased 20% and pre-tax income of $146 million increased 118%. Investment banking revenues increased $216 million, or 26%, primarily due to more favorable market conditions and larger transactions closed during the current year. Brokerage revenues increased $55 million, or 11%, primarily due to an increase in both fixed income and equity securities as client activity levels increased in the current year. Compensation-related expenses increased $126 million, or 13%, primarily due to the increase in revenues. Non-compensation expenses increased $93 million, or 23%, primarily due to the aforementioned $58 million reserve increase in the current year associated with the settlement of a legal matter, and higher expenses to support our growth. Year ended September 30, 2024 compared with the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. 55 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RESULTS OF OPERATIONS – ASSET MANAGEMENT Our Asset Management segment earns asset management and related administrative fees for providing asset management, portfolio management and related administrative services to retail and institutional clients. This segment oversees the portion of our fee-based AUA invested in “managed programs” for our PCG clients through AMS. This segment also provides asset management services through Raymond James Investment Management for certain retail accounts managed on behalf of third-party institutions, institutional accounts, and proprietary mutual funds that we manage, generally using active portfolio management strategies. Asset management fees are based on fee-billable assets under management, which are impacted by market fluctuations and net inflows or outflows of assets. Rising equity markets have historically had a positive impact on revenues as existing accounts increase in value. Conversely, declining markets typically have a negative impact on revenue levels. Our Asset Management segment also earns administrative fees on certain fee-based assets within PCG that are not overseen by our Asset Management segment, but for which the segment provides administrative support (e.g., record-keeping). These administrative fees are based on asset balances, which are impacted by market fluctuations and net inflows or outflows of assets. Our Asset Management segment also earns asset management and related administrative fees through services provided by RJ Trust and RJTCNH. For an overview of our Asset Management segment operations refer to the information presented in “Item 1 - Business” of this Form 10-K. Operating results Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues: Asset management and related administrative fees: Managed programs $ 769  $ 660  $ 573  17  % 15  % Administration and other 374  323  273  16  % 18  % Total asset management and related administrative fees 1,143  983  846  16  % 16  % Account and service fees 23  22  21  5  % 5  % All other 22  22  18  —  % 22  % Net revenues 1,188  1,027  885  16  % 16  % Non-interest expenses: Compensation, commissions and benefits 229  223  198  3  % 13  % Non-compensation expenses 456  383  336  19  % 14  % Total non-interest expenses 685  606  534  13  % 13  % Pre-tax income $ 503  $ 421  $ 351  19  % 20  % Selected key metrics Managed programs Management fees recorded in our Asset Management segment are generally calculated as a percentage of the value of our fee-billable financial assets under management (“AUM”). These AUM include the portion of fee-based AUA in our PCG segment that is invested in programs overseen by AMS, as well as retail accounts managed on behalf of third-party institutions, institutional accounts and proprietary mutual funds managed by Raymond James Investment Management. Revenues related to fee-based AUA in our PCG segment are shared by the PCG and Asset Management segments, the amount of which depends on whether or not clients are invested in assets that are in managed programs overseen by our Asset Management segment and the administrative services provided (see our “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for additional information). Our AUM in AMS are impacted by market fluctuations and net inflows or outflows of assets, including transfers between fee-based accounts and transaction-based accounts within our PCG segment. 56 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Revenues earned by Raymond James Investment Management for retail accounts managed on behalf of third-party institutions, institutional accounts and our proprietary mutual funds are recorded entirely in the Asset Management segment. Our AUM in Raymond James Investment Management are impacted by market and investment performance and net inflows or outflows of assets. Fees for our managed programs are generally collected quarterly. Approximately 75% of these fees are based on balances as of the beginning of the quarter (primarily in AMS), approximately 10% are based on balances as of the end of the quarter, and approximately 15% are based on average daily balances throughout the quarter. Financial assets under management As of September 30, $ in billions 2025 2024 2023 AMS (1) $ 209.2  $ 182.7  $ 139.2  Raymond James Investment Management 81.7  76.8  68.7  Subtotal financial assets under management 290.9  259.5  207.9  Less: Assets managed for affiliated entities (2) (16.0) (14.7) (11.5) Total financial assets under management $ 274.9  $ 244.8  $ 196.4  (1)Represents the portion of our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”) that is invested in managed programs overseen by AMS. (2)Represents the portion of the AMS AUM that is managed by Raymond James Investment Management and, as a result, is included in both AMS and Raymond James Investment Management in the preceding table. This amount is removed in the calculation of “Total financial assets under management.” Activity (including activity in assets managed for affiliated entities) Year ended September 30, $ in billions 2025 2024 2023 Financial assets under management at beginning of year $ 259.5  $ 207.9  $ 184.0  Raymond James Investment Management - net inflows/(outflows) (0.6) (2.9) 2.2  AMS - net inflows 10.5  10.1  6.0  Net market appreciation in asset values 21.5  44.4  15.7  Financial assets under management at end of year $ 290.9  $ 259.5  $ 207.9  AMS See “Management’s Discussion and Analysis - Results of Operations - Private Client Group” for further information about our retail client assets, including those fee-based assets invested in programs managed by AMS. Raymond James Investment Management The following table presents Raymond James Investment Management’s AUM by objective, excluding assets for which it does not exercise discretion, as well as the approximate average client fee rate earned on such assets. As of September 30, 2025 $ in billions AUM Average fee rate Equity $ 21.1  0.58  % Fixed income 49.9  0.21  % Balanced 10.7  0.31  % Total financial assets under management $ 81.7  0.32  % 57 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Non-discretionary asset-based programs The following table includes assets held in certain non-discretionary asset-based programs for which the Asset Management segment does not exercise discretion but provides other services such as administrative support (including for affiliated entities) and investment advice. The vast majority of these assets are also included in our PCG segment fee-based AUA (as disclosed in “Assets in fee-based accounts” in the “Selected key metrics - PCG client asset balances” section of our “Management’s Discussion and Analysis - Results of Operations - Private Client Group”). Year ended September 30, $ in billions 2025 2024 2023 Total assets $ 586.6  $ 506.2  $ 391.1  The increase in these assets compared to the prior year was primarily due to market appreciation, successful financial advisor retention and recruiting, and the continued trend of clients moving to fee-based accounts from transaction-based accounts. Administrative fees associated with these programs are predominantly based on balances at the beginning of each quarterly billing period. RJ Trust The following table includes assets held in asset-based programs in RJ Trust (including those managed for affiliated entities). Year ended September 30, $ in billions 2025 2024 2023 Total assets $ 11.8  $ 10.6  $ 8.5  Fees earned on trust services are primarily reported within “Asset management and related administrative fees” on the Consolidated Statements of Income and Comprehensive Income. Year ended September 30, 2025 compared with the year ended September 30, 2024 Net revenues of $1.19 billion increased 16% and pre-tax income of $503 million increased 19%. Asset management and related administrative fees increased $160 million, or 16%, primarily driven by higher financial assets under management and assets in non-discretionary asset-based programs at AMS, primarily due to market-driven appreciation in asset values and net inflows to PCG fee-based accounts. Compensation expenses increased $6 million, or 3%. Non-compensation expenses increased $73 million, or 19%, largely due to higher investment sub-advisory fees, resulting from the increase in assets under management in sub-advised programs, as well as higher expenses due to investments in our growth. Year ended September 30, 2024 compared to the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. 58 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index RESULTS OF OPERATIONS – BANK The Bank segment provides various types of loans, including SBL, corporate loans, residential mortgage loans, and tax-exempt loans. Our Bank segment is active in corporate loan syndications and participations and lending directly to clients. We also provide FDIC-insured deposit accounts, including to clients of our broker-dealer subsidiaries, as well as other retail and corporate deposit and liquidity management products and services. Our Bank segment generates net interest income principally through the interest income earned on loans and an investment portfolio of available-for-sale securities, which is offset by the interest expense it pays on client deposits and on its borrowings. Our Bank segment’s net interest income is affected by the levels of interest rates, interest-earning assets, and interest-bearing liabilities. Depending upon interest costs incurred on interest-bearing liabilities, higher interest-earning asset balances and higher interest rates generally lead to increased net interest income, and conversely, decreases in short-term interest rates generally lead to lower net interest income. For additional information on average interest-earning asset and interest-bearing liability balances and the related interest income and expense, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-K. For an overview of our Bank segment operations refer to the information presented in “Item 1 - Business” of this Form 10-K. Operating results Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues: Interest income $ 3,315  $ 3,494  $ 3,098  (5) % 13  % Interest expense (1,600) (1,838) (1,141) (13) % 61  % Net interest income 1,715  1,656  1,957  4  % (15) % All other 61  60  56  2  % 7  % Net revenues 1,776  1,716  2,013  3  % (15) % Non-interest expenses: Compensation and benefits 184  180  177  2  % 2  % Non-compensation expenses: Bank loan provision for credit losses 37  45  132  (18) % (66) % RJBDP fees to PCG 754  824  1,093  (8) % (25) % All other 310  287  240  8  % 20  % Total non-compensation expenses 1,101  1,156  1,465  (5) % (21) % Total non-interest expenses 1,285  1,336  1,642  (4) % (19) % Pre-tax income $ 491  $ 380  $ 371  29  % 2  % Year ended September 30, 2025 compared with the year ended September 30, 2024 Net revenues of $1.78 billion increased 3% and pre-tax income of $491 million increased 29%. Net interest income increased $59 million, or 4%, primarily due to the impact of higher average interest-earning assets, particularly securities-based loans, partially offset by the impact of lower short-term interest rates. The Bank segment net interest margin increased slightly to 2.68% from 2.67% for the prior year. The bank loan provision for credit losses was $37 million for the current year, a decrease of $8 million compared with $45 million for the prior year. The bank loan provision for credit losses for the current year primarily reflected the impacts of loan downgrades, charge-offs, and specific reserves on certain loans, partially offset by the favorable impacts of an improved economic forecast and reserve releases related to certain loan sales and paydowns. The bank loan provision for credit losses for the prior year primarily reflected the impacts of loan growth, specific reserves, loan downgrades, and charge-offs in our C&I and CRE loan portfolios, partially offset by the favorable impacts of an improved economic forecast, loan repayments, and loan sales in the C&I loan portfolio. Non-compensation expenses, excluding the bank loan provision for credit losses, decreased $47 million, or 4%, primarily due to a decrease of $70 million, or 8%, in RJBDP fees paid to PCG, partially offset by higher expenses related to our growth. The Bank segment RJBDP fees paid to PCG and related revenues earned by the PCG segment are eliminated in consolidation. 59 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Year ended September 30, 2024 compared to the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. RESULTS OF OPERATIONS – OTHER This segment includes interest income on certain RJF corporate cash balances, our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments, including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. For an overview of our Other segment operations, refer to the information presented in “Item 1 - Business” of this Form 10-K. Operating results Year ended September 30, % change $ in millions 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues: Interest income (1) $ 139  $ 193  $ 147  (28) % 31  % All other 7  6  9  17  % (33) % Total revenues 146  199  156  (27) % 28  % Interest expense (100) (100) (97) —  % 3  % Net revenues 46  99  59  (54) % 68  % Non-interest expenses: Compensation and benefits 147  104  95  41  % 9  % All other 45  5  78  800  % (94) % Total non-interest expenses 192  109  173  76  % (37) % Pre-tax loss $ (146) $ (10) $ (114) (1,360) % 91  % (1)Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances to our segments, resulting in a reallocation of interest income from the Other segment to the PCG segment. Prior-year segment results have not been conformed to the current-year presentation. Year ended September 30, 2025 compared to the year ended September 30, 2024 Pre-tax loss was $146 million compared with a pre-tax loss of $10 million in the prior year. Net revenues decreased $53 million primarily due a decrease in interest income which reflected the impact of a decrease in short-term interest rates. Non-interest expenses increased $83 million, or 76%, primarily due to higher compensation-related expenses in the current year, a net reserve release in the prior year related to legal and regulatory matters which did not reoccur in the current year, and higher acquisition-related expenses. Year ended September 30, 2024 compared to the year ended September 30, 2023 Refer to “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Form 10-K for a discussion of our fiscal 2024 results compared to fiscal 2023. 60 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index STATEMENT OF FINANCIAL CONDITION ANALYSIS The assets on our Consolidated Statements of Financial Condition consisted primarily of cash and cash equivalents, assets segregated for regulatory purposes and restricted cash (primarily segregated for the benefit of clients), receivables including bank loans, financial instruments held either for trading purposes or as investments, goodwill and identifiable intangible assets, and other assets.  A significant portion of our assets were liquid in nature, providing us with flexibility in financing our business.  Total assets of $88.23 billion as of September 30, 2025 were $5.24 billion, or 6%, higher than our total assets as of September 30, 2024. Bank loans, net increased $5.57 billion primarily driven by increases in SBL, residential mortgage loans, and C&I loans. Cash and cash equivalents increased $391 million (see Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Cash flows for more information). Loans to financial advisors, net also increased $300 million due to our recruiting activities. These increases were partially offset by a $1.37 billion decrease in available-for-sale securities primarily driven by net maturities. As of September 30, 2025, our total liabilities of $75.73 billion were $4.40 billion, or 6%, higher than our total liabilities as of September 30, 2024. This increase was largely driven by a $2.89 billion increase in bank deposits and a $1.48 billion increase in senior notes payable due to the $1.5 billion issuance of senior notes in September 2025. Accrued compensation, commissions, and benefits also increased $278 million. These increases were partially offset by a $349 million decrease in other borrowings due to the redemption of our subordinated notes, as well as the maturity and repayment of certain FHLB borrowings. LIQUIDITY AND CAPITAL RESOURCES Liquidity and capital are essential to our business. Liquidity risk is the risk that the firm will be unable to meet expected or unexpected cash flow requirements, such as payments under long-term debt agreements, commitments to extend credit, and customer deposit withdrawals, while continuing to support its businesses and customers under a range of economic conditions. The primary goal of our liquidity management activities is to ensure adequate funding and liquidity to conduct our business over a range of economic and market environments, including times of broader industry or market liquidity stress events. In times of market stress or uncertainty, we generally maintain higher levels of liquidity to ensure we have adequate funding to support our businesses and meet our clients’ needs. We seek to manage capital levels to support execution of our business strategy, provide financial strength to our subsidiaries, and maintain sustained access to the capital markets, while at the same time meeting our regulatory capital requirements and conservative internal management targets. Liquidity and capital resources are provided primarily through our business operations and financing activities.  Our businesses generate substantially all of their own liquidity and funding needs. We have a contingency funding plan which would guide our actions if one or more of our businesses were to experience disruptions from normal funding and liquidity sources. These actions include reallocating client cash balances in the RJBDP from third-party banks to our bank subsidiaries thereby bringing those deposits onto our Consolidated Statements of Financial Condition, increasing our FHLB borrowings or borrowing from the Federal Reserve’s discount window at our bank subsidiaries, accessing committed and uncommitted lines of credit at the parent or certain operating subsidiaries, or accessing capital markets. We also have the ability to create additional sources of funding by developing new products to meet the financial needs of our clients, such as the ESP deposit offering and, from time to time, offering enhanced rates on certain RJBDP deposits. With each of our deposit offerings, we work to obtain sufficient liquidity to support our business operations while also maintaining a high level of FDIC insurance coverage for our clients. Our financing activities could also include bank borrowings, collateralized financing arrangements, or additional capital raising activities under our “universal” shelf registration statement. We believe our existing assets, most of which can be readily monetized, together with funds generated from operations and available from committed and uncommitted financing facilities, provide adequate funds for continuing operations at current levels of activity in the short-term. We also believe that we will be able to continue to meet our long-term funding and liquidity requirements due to our strong financial position and ability to access capital from financial markets. 61 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Liquidity and capital management Senior management establishes our liquidity and capital management frameworks. Our liquidity and capital management frameworks are overseen by our Asset and Liability Committee, a senior management committee that develops and executes strategies and policies to manage our liquidity risk and interest rate risk, as well as provides oversight over the firm’s investments. Our liquidity management framework is designed to ensure we have a sufficient amount of funding, even when funding markets experience stress. We manage the maturities and diversity of our funding across products and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets (e.g., the maturities of our available-for-sale securities portfolio). The liquidity management framework includes senior management’s review of short- and long-term cash flow forecasts, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of resources to our business units consider, among other factors, projected profitability, cash flow, risk, future liquidity needs, and required capital levels. Our treasury department assists in evaluating, monitoring, and controlling the impact that our business activities have on our financial condition and liquidity, and also maintains our relationships with various lenders. The objective of our liquidity management framework is to support the successful execution of our business strategies while ensuring ongoing and sufficient funding and liquidity. Our capital planning and capital risk management processes are governed by the Capital Planning Committee (“CPC”), a senior management committee that provides oversight on our capital planning and ensures that our strategic planning and risk management processes are integrated into the capital planning process. The CPC meets at least quarterly to review key metrics related to the firm’s capital, such as debt structure and capital ratios; to analyze potential and emerging risks to capital; to oversee our annual firmwide capital stress test; and to propose capital actions to the Board of Directors, such as declaring dividends, repurchasing securities, and raising capital. To ensure that we have sufficient capital to absorb unanticipated losses, the firm adheres to capital risk appetite statements and tolerances set in excess of regulatory minimums, which are established by the CPC and approved by the Board of Directors. We conduct enterprise-wide capital stress testing to ensure that we maintain adequate capital to adhere to our established tolerances under multiple scenarios, including a stressed scenario. Capital structure Common equity (i.e., common stock, additional paid-in capital, and retained earnings) is the primary component of our capital structure. Common equity allows for the absorption of losses on an ongoing basis and for the conservation of resources during stress periods, as we have discretion on the amount and timing of dividends and other capital actions. Information about our common equity is included in the Consolidated Statements of Financial Condition, the Consolidated Statements of Changes in Shareholders’ Equity, and Note 19 of the Notes to Consolidated Financial Statements of this Form 10-K. Under regulatory capital rules applicable to us as a bank holding company that has made an election to be a financial holding company, we are required to maintain minimum leverage ratios (defined as tier 1 capital divided by adjusted average assets), as well as minimum ratios of tier 1 capital, 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 bonus payments, we must hold a capital conservation buffer above our minimum risk-based capital requirements. See Note 23 of the Notes to Consolidated Financial Statements of this Form 10-K for further information about our regulatory capital and related capital ratios. We have classified all of our investments in debt securities as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. Accordingly, we account for our available-for-sale securities at fair value at each reporting date, with unrealized gains and losses, net of tax, included in AOCI. Current Basel III rules permit us to make an election to exclude most components of AOCI when calculating CET1 capital, tier 1 capital, and total capital. We have elected the AOCI opt-out for regulatory capital purposes and therefore exclude certain elements of AOCI, including gains/losses on our available-for-sale portfolio, from our capital calculations. 62 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table presents the components of RJF’s regulatory capital used to calculate the aforementioned regulatory capital ratios. $ in millions September 30, 2025 September 30, 2024 Common equity tier 1 capital/Tier 1 capital Common stock and related additional paid-in capital $ 3,238  $ 3,253  Retained earnings 13,604  11,894  Treasury stock (4,022) (3,051) Accumulated other comprehensive loss (396) (502) Less: Goodwill and identifiable intangible assets, net of related deferred tax liabilities (1,703) (1,748) Other adjustments 360  461  Common equity tier 1 capital 11,081  10,307  Preferred stock 79  79  Less: Tier 1 capital deductions (4) (3) Tier 1 capital 11,156  10,383  Tier 2 capital Qualifying subordinated debt —  99  Qualifying allowances for credit losses 531  519  Tier 2 capital 531  618  Total capital $ 11,687  $ 11,001  The following table presents RJF’s risk-weighted assets by exposure type used to calculate the aforementioned regulatory capital ratios. $ in millions September 30, 2025 September 30, 2024 Credit risk-weighted assets: On-balance sheet assets: Corporate exposures $ 20,621  $ 19,118  Exposures to sovereign and government-sponsored entities (1) 1,287  1,611  Exposures to depository institutions, foreign banks, and credit unions 2,076  2,009  Exposures to public-sector entities 569  621  Residential mortgage exposures 5,193  4,760  Statutory multi-family mortgage exposures 214  213  High volatility commercial real estate exposures 45  83  Past due loans 341  284  Equity exposures 567  706  Securitization exposures 116  134  Other assets 10,651  9,894  Off-balance sheet: Standby letters of credit 154  83  Commitments with original maturity of one year or less 180  181  Commitments with original maturity greater than one year 2,819  2,415  Over-the-counter derivatives 230  284  Other off-balance sheet items 480  429  Total credit risk-weighted assets 45,543  42,825  Market risk-weighted assets 2,887  2,800  Total standardized risk-weighted assets $ 48,430  $ 45,625  (1)Exposure is predominantly to the U.S. government and its agencies. 63 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Cash flows Cash and cash equivalents (excluding amounts segregated for regulatory purposes and restricted cash) of $11.39 billion at September 30, 2025 increased $391 million compared with September 30, 2024. The increase in cash and cash equivalents primarily resulted from an increase in bank deposits, net income, proceeds from the issuance of $1.5 billion of senior notes, and net maturities of available-for-sale securities during the year. These increases were partially offset by net investments in bank loans, common stock repurchases, dividends paid on our common and preferred stock, net loans provided to financial advisors, and the repayment of certain FHLB borrowings and our subordinated notes during the year. Sources of liquidity RJF corporate cash of $3.67 billion as of September 30, 2025, included cash and cash equivalents held directly at the parent company as well as cash loaned by the parent company to RJ&A. As of September 30, 2025, RJF had loaned $1.40 billion to RJ&A (such amount is included in the RJ&A cash balance in the following table), which RJ&A has invested on behalf of RJF in cash and cash equivalents or otherwise deployed in its normal business activities. The following table presents our holdings of cash and cash equivalents. $ in millions September 30, 2025 RJF $ 2,296  TriState Capital Bank 3,112  RJ&A 2,654  Raymond James Bank 1,851  RJ Ltd. 516  Raymond James Trust Company of New Hampshire 135  Raymond James Capital Services, LLC 132  Raymond James Wealth Management Limited (1) 131  Raymond James Financial Services, Inc. 116  Raymond James Investment Management 109  Other subsidiaries 337  Total cash and cash equivalents $ 11,389  (1)Effective July 1, 2025, Charles Stanley & Co. Limited changed its legal name to Raymond James Wealth Management Limited (“RJWM”). RJF maintained depository accounts at Raymond James Bank and TriState Capital Bank totaling $302 million as of September 30, 2025. The portion of this total that was available on demand without restrictions, which amounted to $270 million as of September 30, 2025, is reflected in the RJF cash balance and excluded from Raymond James Bank’s cash balance in the preceding table. A large portion of the cash and cash equivalents balances at our non-U.S. subsidiaries, including RJ Ltd. and RJWM, was held to meet regulatory requirements and was not available for use by the parent as of September 30, 2025. In addition to the cash balances described, we have various other potential sources of cash available to the parent company from subsidiaries, as described in the following section. Liquidity available from subsidiaries Liquidity is principally available to RJF from RJ&A and Raymond James Bank. Certain of our broker-dealer subsidiaries are subject to the requirements of the Uniform Net Capital Rule (Rule 15c3-1) under the Securities and Exchange Act of 1934. As a member firm of FINRA, RJ&A is subject to FINRA’s capital requirements, which are substantially the same as Rule 15c3-1. Rule 15c3-1 provides for an “alternative net capital requirement,” which RJ&A has elected. Regulations require that minimum net capital, as defined, be equal to the greater of $1.5 million or 2% of aggregate debit items arising from client balances. In addition, covenants in RJ&A’s committed financing arrangements require its net capital to be a minimum of 10% of aggregate debit items. At September 30, 2025, RJ&A significantly exceeded the minimum regulatory requirements, the covenants in its financing arrangements pertaining to net capital, as well as its internally-targeted net capital tolerances. FINRA may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements which may result in RJ&A 64 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index limiting dividends it would otherwise remit to RJF. We evaluate regulatory requirements, loan covenants and certain internal tolerances when determining the amount of liquidity available to RJF from RJ&A. Our bank subsidiaries may pay dividends to RJF without prior approval of their regulators as long as the dividends do not exceed the sum of their current calendar year and the previous two calendar years’ retained net income, and they maintain their targeted regulatory capital ratios, among other restrictions.  Dividends paid to RJF from our bank subsidiaries may be limited to the extent that capital is needed to support balance sheet growth or as part of our liquidity and capital management activities. If necessary, RJF can also access additional liquidity, largely without regulatory preapproval, from certain other subsidiaries that generally do not serve as regular sources of dividend distributions to the parent. Borrowings and financing arrangements Financing arrangements We have various financing arrangements in place with third-party lenders that allow us the flexibility to borrow funds on a secured or unsecured basis to meet our liquidity needs. We generally utilize these financing arrangements to finance a portion of our fixed income trading instruments held by RJ&A or for cash management purposes. Our ability to borrow under these arrangements is dependent upon compliance with the conditions in our various loan agreements and, in the case of secured borrowings, collateral eligibility requirements. In September 2025, we amended our revolving credit facility agreement, a committed unsecured line of credit under which both RJ&A and RJF have the ability to borrow. The amended agreement extended the term to September 2030, increased the borrowing capacity to $1 billion, and decreased the applicable rate by which interest is calculated, generally resulting in a decrease of 12.5 basis points across all borrowing scenarios. We had no such borrowings outstanding under this facility as of September 30, 2025. See our discussion of the Credit Facility in Note 15 of the Notes to Consolidated Financial Statements of this Form 10-K. In addition to our Credit Facility, we have various uncommitted financing arrangements with third-party lenders, which are in the form of secured lines of credit, secured bilateral repurchase agreements, or unsecured lines of credit. Our uncommitted secured financing arrangements generally require us to post collateral in excess of the amount borrowed and are generally collateralized by RJ&A-owned securities or by securities that we have received as collateral under reverse repurchase agreements (i.e., securities purchased under agreements to resell). As of September 30, 2025, we had outstanding borrowings under three uncommitted secured borrowing arrangements out of a total of 14 uncommitted financing arrangements (nine uncommitted secured and five uncommitted unsecured). However, lenders are generally under no contractual obligation to lend to us under uncommitted credit facilities. See Notes 6 and 15 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information regarding these borrowings. Our borrowings on uncommitted secured financing arrangements, which were in the form of repurchase agreements in RJ&A, were included in “Collateralized financings” on our Consolidated Statements of Financial Condition. The average daily balance outstanding during the five most recent quarters, the maximum month-end balance outstanding during the quarter and the period-end balances for repurchase agreements and reverse repurchase agreements are detailed in the following table. Repurchase transactions Reverse repurchase transactions For the quarter ended: ($ in millions) Average daily balance outstanding Maximum month-end balance outstanding during the quarter End of period balance outstanding Average daily balance outstanding Maximum month-end balance outstanding during the quarter End of period balance outstanding September 30, 2025 $ 280  $ 325  $ 325  $ 261  $ 302  $ 302  June 30, 2025 $ 273  $ 315  $ 228  $ 211  $ 210  $ 210  March 31, 2025 $ 273  $ 299  $ 205  $ 268  $ 305  $ 215  December 31, 2024 $ 344  $ 345  $ 307  $ 318  $ 330  $ 267  September 30, 2024 $ 344  $ 402  $ 402  $ 337  $ 413  $ 413  65 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Other borrowings and collateralized financings We had $700 million in FHLB borrowings outstanding at September 30, 2025, comprised of floating-rate and fixed-rate advances. The interest rates on our floating-rate advances are based on SOFR. We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. We pledge certain of our bank loans and available-for-sale securities with the FHLB as security for both the repayment of certain borrowings and to secure capacity for additional borrowings as needed. As of September 30, 2025, we had $9.6 billion in immediate credit available from the FHLB based on the collateral pledged. See Notes 6 and 15 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information regarding bank loans and available-for-sale securities pledged with the FHLB and for additional information on our FHLB borrowings, including the related maturities and interest rates. As member banks, our bank subsidiaries have access to the Federal Reserve’s discount window and may have access to other lending programs that may be established by the Federal Reserve in unusual and exigent circumstances. As of September 30, 2025, our bank subsidiaries had pledged certain bank loans with the Federal Reserve and had $15.1 billion in immediate credit available from the FRB based on collateral pledged. See Note 6 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information regarding our assets pledged with the FRB. 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 September 30, 2025, the clearing organization is under no contractual obligation to lend to us under this arrangement. On August 15, 2025, we redeemed all subordinated notes, pursuant to the applicable indenture provisions. The subordinated notes were redeemed at their principal amount of $98 million, plus accrued and unpaid interest, utilizing cash on hand. See Note 15 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information regarding these borrowings. We may act as an intermediary between broker-dealers and other financial institutions whereby we borrow securities from one counterparty and then lend them to another counterparty. Where permitted, we have also loaned securities owned by clients or the firm to broker-dealers and other financial institutions.  We account for each of these types of transactions as collateralized agreements and financings, with the outstanding balance of $786 million as of September 30, 2025 related to the securities loaned included in “Collateralized financings” on our Consolidated Statements of Financial Condition of this Form 10-K. See Notes 2 and 6 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information on our collateralized agreements and financings. Senior notes payable On September 11, 2025, to secure financing during a period of favorable market conditions characterized by tight credit spreads and attractive benchmark yields, we issued $1.5 billion in senior notes, consisting of $650 million in aggregate principal amount of 4.90% senior notes due September 2035 and $850 million in aggregate principal amount of 5.65% senior notes due September 2055 in a registered underwritten public offering. As of September 30, 2025, after the issuance of the aforementioned notes, we had aggregate outstanding senior notes payable of $3.52 billion, which, exclusive of any unaccreted premiums or discounts and debt issuance costs, was comprised of $500 million par 4.65% senior notes due April 2030, $650 million par 4.90% senior notes due September 2035, $800 million par 4.95% senior notes due July 2046, $750 million par 3.75% senior notes due April 2051, and $850 million par 5.65% senior notes due September 2055. At September 30, 2025, estimated future contractual interest payments on our senior notes were approximately $3.44 billion, of which $171 million is payable in fiscal 2026, with the remainder extending through fiscal 2055. See Note 16 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information on our senior notes payable. 66 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Credit ratings Our issuer, senior long-term debt, and preferred stock credit ratings as of the most current report are detailed in the following table. In connection with our 2025 senior notes issuance, the rating agencies affirmed our current credit ratings for the newly issued debt. Credit Rating Fitch Ratings, Inc. Moody’s Standard & Poor’s Ratings Services Issuer and senior long-term debt: Rating A- A3 A- Outlook Stable Stable Stable Last rating action Affirmed Affirmed Affirmed Date of last rating action April 2025 March 2025 February 2025 Preferred stock: Rating BB+ Baa3 (hyb) Not rated Last rating action Affirmed Affirmed N/A Date of last rating action April 2025 March 2025 N/A Our current credit ratings depend upon a number of factors, including industry dynamics, operating and economic environment, operating results, operating margins, earnings trends and volatility, balance sheet composition, liquidity and liquidity management, capital structure, overall risk management, business diversification and market share, and competitive position in the markets in which we operate. Deterioration in any of these factors could impact our credit ratings.  Any rating downgrades could increase our costs in the event we were to obtain additional financing. Should our credit rating be downgraded prior to a public debt offering, it is probable that we would have to offer a higher rate of interest to bond investors.  A downgrade to below investment grade may make a public debt offering difficult to execute on terms we would consider to be favorable.  A downgrade below investment grade could result in the termination of certain derivative contracts and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing overnight collateralization on our derivative instruments in liability positions. A credit downgrade could damage our reputation and result in certain counterparties limiting their business with us, result in negative comments by analysts, potentially negatively impact investors’ and/or clients’ perception of us, cause clients to withdraw bank deposits that exceed FDIC insurance limits from our bank subsidiaries, and cause a decline in our stock price. None of our borrowing arrangements contains a condition or event of default related to our credit ratings. However, a credit downgrade would result in the firm incurring a higher facility fee on the Credit Facility, in addition to triggering a higher interest rate applicable to any borrowings outstanding on that line as of and subsequent to such downgrade. Conversely, an improvement in RJF’s current credit rating could have a favorable impact on the facility fee, as well as the interest rate applicable to any borrowings on such line. Other sources and uses of liquidity We have corporate-owned life insurance policies which are utilized to fund certain non-qualified deferred compensation plans and other employee benefit plans. Certain of our non-qualified deferred compensation plans and other employee benefit plans are employee-directed (i.e., the participant chooses investment portfolio benchmarks) while others are company-directed. Of the corporate-owned life insurance policies which fund these plans, certain policies could be used as a source of liquidity for the firm. Those policies against which we could readily borrow had a cash surrender value of $1.35 billion as of September 30, 2025, comprised of $939 million related to employee-directed plans and $410 million related to company-directed plans, and we were able to borrow up to 90%, or $1.21 billion, of the September 30, 2025 total without restriction.  To effect any such borrowing, the underlying investments would be converted to money market investments, therefore requiring us to take market risk related to the employee-directed plans. There were no borrowings outstanding against any of these policies as of September 30, 2025. On May 8, 2024, we filed a “universal” shelf registration statement with the SEC pursuant to which we can issue debt, equity and other capital instruments if and when necessary or perceived by us to be opportune. Subject to certain conditions, this registration statement will be effective through May 8, 2027. 67 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index We purchase our own common stock from time to time in conjunction with a number of activities, which are described in further detail in Note 19 and “Part II - Item 5 - Market for registrant’s common equity, related shareholder matters and issuer purchases of equity securities” of this Form 10-K. In periods where our capital and liquidity position are strong, and subject to our Board of Directors’ common stock repurchase authorization limit, we may purchase higher quantities of our shares on a more consistent basis than we have historically as part of our capital deployment strategies. On October 14, 2025, we announced we had reached an agreement to acquire a majority stake in GreensLedge Holdings LLC (“GreensLedge”), a boutique investment bank specializing in structured credit and securitization. The transaction, which is subject to the satisfaction of customary closing conditions, including regulatory approvals, is currently expected to close in our fiscal 2026. The acquisition of GreensLedge will add securitization and advisory capabilities to our existing fixed income operations. We currently have the ability to utilize our cash on hand to fund the acquisition. GreensLedge will operate within our Capital Markets segment upon completion of the acquisition. As part of our ongoing operations, we also enter into contractual arrangements that may require future cash payments, including certificates of deposit, lease obligations and other contractual arrangements, such as for software licenses and various services. See Notes 13 and 14 of the Notes to Consolidated Financial Statements of this Form 10-K for information regarding our lease obligations and certificates of deposit, respectively. We have entered into investment commitments, lending commitments, and other commitments to extend credit for which we are unable to reasonably predict the timing of future payments. See Note 18 of the Notes to Consolidated Financial Statements of this Form 10-K for further information. REGULATORY Refer to the discussion of the regulatory environment in which we operate and the impact on our operations of certain rules and regulations in “Item 1 - Business - Regulation” of this Form 10-K. RJF and many of its subsidiaries are each subject to various regulatory capital requirements. As of September 30, 2025, all of our active regulated domestic and international subsidiaries had net capital in excess of minimum requirements. In addition, RJF, Raymond James Bank, and TriState Capital Bank were categorized as “well-capitalized” as of September 30, 2025. The maintenance of certain risk-based and other regulatory capital levels could influence various capital allocation decisions impacting one or more of our businesses.  However, due to the current capital position of RJF and its regulated subsidiaries, we do not anticipate these capital requirements will have a negative impact on our future business activities. See Note 23 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information on regulatory capital requirements. RJF and certain of its subsidiaries are subject to regular reviews and inspections by regulatory authorities and SROs. In addition, regulatory agencies and SROs institute investigations from time to time into industry practices, among other things. For example, beginning in August 2024, the SEC’s Division of Enforcement requested information regarding our practices related to cash sweep programs for investment advisory clients and is reportedly conducting similar reviews at other financial institutions. The firm has been cooperating with this inquiry. In addition, in August 2024 and December 2024, a total of three putative class action lawsuits were filed in federal district court alleging, among other things, that the firm breached its fiduciary duties or agreements with regard to rates paid to clients in our cash sweep programs. All three cases were subsequently consolidated, but on July 24, 2025, the plaintiff in one of the three lawsuits voluntarily dismissed all of their claims without prejudice. We intend to vigorously defend against the claims asserted by the remaining named plaintiffs. The SEC adopted final rules mandating central clearing of cash, repurchase, and reverse repurchase transactions in U.S. Treasuries. In February 2025, the SEC extended the compliance dates for these rules by one year to December 2026 for cash market transactions and to June 2027 for repurchase and reverse repurchase transactions. We are actively working to update our business practices to align with the new requirements and do not expect the rule to have a material impact on our financial position. In December 2024, the SEC adopted a final rule amending SEC Rules 15c3-3, the Customer Protection rule, and 15c3-1, the Net Capital rule. These amendments will require large clearing/carrying broker-dealers, including RJ&A, to compute customer and Proprietary Account of Broker-dealer reserve requirements and make any required reserve account deposits daily rather than the current weekly requirement. In June 2025, the SEC extended the compliance date for this rule by six months to June 30, 2026. We are prepared to comply with the rule as of its effective date and do not expect it to have a material impact on our financial position. 68 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index On July 4, 2025, the One Big Beautiful Bill Act was signed into law, enacting significant changes to the U.S. tax code.  Among its many provisions, those with the largest impact on our firm include the restoration of accelerated depreciation provisions (i.e., bonus depreciation), immediate expensing for domestic research and development costs (reversing prior amortization requirements), modifications to certain U.S. international tax provisions enacted under the 2017 Tax Cuts and Jobs Act, a new limitation on charitable contributions whereby deductions will only be permitted for amounts exceeding 1% of taxable income, and the eventual phaseout of certain renewable energy tax credit programs.  The changes to renewable energy programs do not impact tax credits applicable to our existing renewable energy equity investments. The accelerated depreciation provisions were effective for the year ended September 30, 2025 and did not have a material impact on our financial position, results of operations, or effective income tax rate. We do not expect the remaining provisions, which have varying effective dates, to have a material impact on our effective tax rate. In August 2023, Raymond James Investment Services Limited, one of our U.K. subsidiaries, agreed to a Voluntary Application for Imposition of Requirements (“VREQ”) with the FCA that prohibits the onboarding of new branches or financial advisors without the prior consent of the FCA. This VREQ has not had a material impact on our consolidated results of operations, and we do not expect it to have a material impact in the future. CRITICAL ACCOUNTING ESTIMATES The consolidated financial statements are prepared in accordance with GAAP, which require us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses for the reporting period. Management has established detailed policies and control procedures intended to ensure the appropriateness of such estimates and assumptions and their consistent application from period to period. For a description of our significant accounting policies, see Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K. Due to their nature, estimates involve judgment based upon available information. Actual results or amounts could differ from estimates and the difference could have a material impact on the consolidated financial statements. Therefore, understanding these critical accounting estimates is important in understanding our reported results of operations and financial position. We believe that of our accounting estimates and assumptions, those described in the following sections involve a high degree of judgment and complexity. Loss provisions Allowance for credit losses We evaluate certain of our financial assets, including bank loans, to estimate an allowance for credit losses based on expected credit losses over a financial asset’s lifetime. The remaining life of our financial assets is determined by considering contractual terms and expected prepayments, among other factors. We use multiple methodologies in estimating an allowance for credit losses and our approaches differ by type of financial asset and the risk characteristics within each financial asset type. Our estimates are based on ongoing evaluations of our financial assets, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. Our process for determining the allowance for credit losses includes a complex analysis of several quantitative and qualitative factors requiring significant management judgment due to matters that are inherently uncertain. This uncertainty can produce volatility in our allowance for credit losses. In addition, the allowance for credit losses could be insufficient to cover actual losses. In such an event, any losses in excess of our allowance would result in a decrease in our net income, as well as a decrease in the level of regulatory capital. We generally estimate the allowance for credit losses on bank loans using credit risk models which incorporate relevant available information from internal and external sources relating to past events, current conditions, and, most notably, reasonable and supportable economic forecasts. After testing the reasonableness of a variety of economic forecast scenarios, each model is run using a single forecast scenario selected for each model. Our forecasts incorporate assumptions related to macroeconomic indicators including, but not limited to, U.S. gross domestic product, equity market indices, unemployment rates, and commercial real estate and residential home price indices. To demonstrate the sensitivity of credit loss estimates on our bank loan portfolio to macroeconomic forecasts, we compared our modeled estimates under the base case economic scenario used to estimate the allowance for credit losses as of September 30, 2025 to what our estimate would have been under a downside case scenario and an upside case scenario, without considering any offsetting effects in the qualitative component of our allowance for credit losses. As of September 30, 2025, use of the downside case scenario would have resulted in an increase of approximately $170 million in the quantitative portion of our allowance for credit losses on bank loans, while the use of the upside case scenario would have resulted in a reduction of 69 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index approximately $25 million in the quantitative portion of our allowance for credit losses on bank loans. These hypothetical outcomes reflect the relative sensitivity of the modeled portion of our allowance estimate to macroeconomic forecasted scenarios but do not consider any potential impact qualitative adjustments could have on the allowance for credit losses in such environments. Qualitative adjustments could either increase or decrease modeled loss estimates calculated using an alternative economic scenario assumption. Further, such sensitivity calculations do not necessarily reflect the nature and extent of future changes in the related allowance for a number of reasons including: (1) management’s predictions of future economic trends and relationships among the scenarios may differ from actual events; and (2) management’s application of subjective measures to modeled results through the qualitative portion of the allowance for credit losses when appropriate. The downside case scenario utilized in this hypothetical sensitivity analysis assumes a moderate recession. To the extent macroeconomic conditions worsen beyond those assumed in this downside case scenario, we could incur provisions for credit losses significantly in excess of those estimated in this analysis. See Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K for information regarding our allowance for credit losses related to bank loans as of September 30, 2025. Loss provisions for legal and regulatory matters The recorded amount of liabilities related to legal and regulatory matters is subject to significant management judgment. For a description of the significant estimates and judgments associated with establishing such accruals, see the “Contingent liabilities” section of Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K. In addition, refer to Note 18 of the Notes to Consolidated Financial Statements of this Form 10-K for information regarding legal and regulatory matters contingencies as of September 30, 2025. ACCOUNTING STANDARDS UPDATE In December 2023, the FASB issued amended guidance related to disclosures for income taxes (ASU 2023-09). The amendment requires a public entity to enhance its existing annual tabular reconciliation of its statutory income tax rate to its effective tax rate, with certain reconciling items at or above 5% of the applicable statutory income tax rate broken out by nature and/or jurisdiction. The guidance also requires an entity to disclose income taxes paid (net of refunds received), disaggregated by federal, state, and foreign taxes, and net amounts paid to an individual jurisdiction when they represent 5% or more of the total income taxes paid. This new guidance is effective for annual periods beginning in our fiscal 2026 with early adoption permitted, although we do not plan to early adopt. This guidance will be applied on a prospective basis with retrospective application permitted. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows. In November 2024, the FASB issued amended guidance related to disclosure of disaggregated expenses (ASU 2024-03). This amendment requires public business entities to provide detailed disclosures in the notes to financial statements disaggregating specific expense categories, including employee compensation, depreciation, and intangible asset amortization, as well as certain other disclosures to provide enhanced transparency into the nature and function of expenses. This new guidance is effective for annual periods beginning in our fiscal 2028 and interim periods beginning in our fiscal first quarter of 2029 with early adoption permitted, although we do not plan to early adopt. This guidance will be applied on a prospective basis with retrospective application permitted. Since this amendment only requires additional disclosures, adoption of this ASU will not have an impact on our financial condition, results of operations, or cash flows. In September 2025, the FASB issued amended guidance related to capitalization of internal-use software costs (ASU 2025-06). This amendment eliminates references to sequential software development stages and requires capitalization of internal-use software costs once management has authorized and committed to funding the software project and when the probability that the project will be completed and the software will be used to perform the function intended is evident. This new guidance is effective for annual and interim periods beginning in our fiscal 2029 with early adoption permitted. This guidance will be applied using a prospective transition approach, with a modified retrospective or full retrospective transition approach permitted. Since the capitalization of internal-use software costs generally will not change significantly for most types of software under the amendments in this guidance, we do not expect adoption of this ASU to have a material impact on our financial condition or results of operations. In November 2025, the FASB issued amended guidance related to the accounting for purchased loans (ASU 2025-08). Under this new guidance, loans acquired without credit deterioration and deemed “seasoned” will be considered purchased seasoned loans and accounted for using the gross-up approach at acquisition (i.e., record the loan at its purchase price and separately record an allowance for expected credit losses). Seasoned loans include all loans acquired in a business combination, that do 70 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index not have “more-than-insignificant” deterioration of credit quality since origination, as well as loans purchased at least 90 days after origination, where the purchaser was not involved in the origination of the loans. This new guidance is effective for annual and interim periods beginning in our fiscal 2028 with early adoption permitted. This guidance will be applied using a prospective transition approach. We are evaluating the impact the adoption of this ASU will have on our financial condition and results of operations. See Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K for information regarding accounting guidance adopted during the year ended September 30, 2025. RISK MANAGEMENT Risks are an inherent part of our business and activities and, as a result, we are subject to various uncertainties that may impact our strategic objectives, operations, and financial results. Management of risk is critical to our fiscal soundness and profitability. Our risk management framework is comprised of common principles and standards for the management and control of risks that align with our culture and risk appetite. This framework allows for identification, assessment, monitoring, reporting, and control of various risks, with associates, including senior management, playing an active role in support of this framework. The principal risks related to our business activities are market, credit, liquidity, operational, model, and compliance. Governance Risk oversight and decision-making are supported by a formalized risk governance structure in addition to a three lines of risk management model. Our Board of Directors, including its Risk Committee and Audit Committee, is responsible for the review and approval of the risk management framework and receives regular updates on risks identified including the assessment, monitoring, and reporting of those risks and related issues. The Board of Directors, including its Risk Committee and Audit Committee, assists in articulating the firm’s risk appetite. The RJF Enterprise Risk Management Committee is the senior management-level committee responsible for risk oversight and is supported by additional risk-specific committees. These committees support effective risk governance by providing a forum for communication, escalation, and risk remediation with representation across all lines of risk management. Our first line of risk management, which includes all of our businesses, owns its risks and is responsible for identifying, mitigating, and escalating risks arising from its day-to-day activities.  The second line of risk management, which includes Compliance and Risk Management, advises our client-facing businesses and other first-line functions in identifying, assessing, and mitigating risk. The second line of risk management tests and monitors the effectiveness of controls, as deemed necessary, and escalates risks when appropriate to senior management and the Board of Directors.  The third line of risk management, Internal Audit, independently reviews activities conducted by the previous lines of risk management to assess their management and mitigation of risk, providing additional assurance to the Board of Directors and senior management, with a view toward enhancing our oversight, management, and mitigation of risk. Our legal department provides legal advice and guidance to each of these three lines of risk management. Market risk Market risk is our risk of loss resulting from the impact of changes in market prices on our trading inventory, derivatives, and investment positions. We have exposure to market risk primarily through our broker-dealer trading operations and our banking operations. Through our broker-dealer subsidiaries, we trade fixed income and, to a lesser extent, equity securities and maintain trading inventories to ensure availability of securities to facilitate client transactions. Inventory levels may fluctuate daily as a result of client demand. Within our banking operations, we hold investments in an available-for-sale securities portfolio, and from time to time may hold Small Business Administration (“SBA”) loan securitizations not yet sold. Our primary market risks relate to interest rates, credit spreads, equity prices, and foreign exchange rates. Interest rate risk results from changes in levels of interest rates, the volatility of interest rates and mortgage prepayment speeds. Credit spread risk results from change in the market perception of the credit quality of issuers, which can affect the value of credit sensitive instruments such as corporate bonds, municipal bonds, and structured products. Equity risk results from changes in prices of equity securities. Foreign exchange risk results from changes in spot prices, forward prices, and volatility of foreign exchange rates. See Notes 2, 3, 4, and 5 of the Notes to Consolidated Financial Statements of this Form 10-K for fair value and other information regarding our trading inventories, available-for-sale securities, and derivative instruments. We regularly enter into underwriting commitments and, as a result, we may be subject to market risk on any unsold securities issued in the offerings to which we are committed. Risk exposure is controlled by limiting our participation, the transaction size, or through the syndication process. 71 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Market Risk Management is responsible for measuring, monitoring, and reporting market risks associated with the firm’s trading and derivative portfolios. While Market Risk Management maintains ongoing communication with the revenue-generating business units, it is independent of such units. Trading activities We are exposed to market risk, primarily related to interest rate risk, as a result of our trading inventory (primarily comprised of fixed income financial instruments) in our Capital Markets segment. Changes in the value of our trading inventory may result from fluctuations in interest rates, credit spreads, equity prices, macroeconomic factors, investor expectations or risk appetites, liquidity, as well as dynamic relationships between these factors. We actively manage interest rate risk arising from our fixed income trading inventory through the use of hedging strategies utilizing U.S. Treasuries, exchange traded funds, futures contracts, liquid spread products, and derivatives. We are also exposed to equity price risk as a result of our capital markets activities. Our broker-dealer activities are generally client-driven, and we hold equity securities as part of our trading inventory to facilitate such activities, although the amounts are not as significant as our fixed income trading inventory.   Our primary method for controlling risks within trading inventories is through the use of dollar-based and exposure-based limits. A hierarchy of limits exists at multiple levels, including firm, business unit, desk (e.g., for equities, corporate bonds, municipal bonds), product sub-type (e.g., below-investment-grade positions) and issuer concentration. For derivative positions, which are primarily comprised of interest rate swaps, we have established sensitivity-based and foreign exchange spot limits. Trading positions and derivatives are monitored against these limits through daily reports that are distributed to senior management. During volatile markets, we may temporarily reduce limits and/or choose to pare our trading inventories to reduce risk. We monitor Value-at-Risk (“VaR”) for all of our trading portfolios on a daily basis for risk management purposes and as a result of applying the Fed’s Market Risk Rule (“MRR”) for the purpose of calculating our capital ratios. The MRR, also known as the “Risk-Based Capital Guidelines: Market Risk” rule released by the Fed, the OCC, and the FDIC, requires us to calculate VaR for all of our trading portfolios, including fixed income, equity, derivatives, and foreign exchange instruments. VaR is an appropriate statistical technique for estimating potential losses in trading portfolios due to typical adverse market movements over a specified time horizon with a suitable confidence level. However, there are inherent limitations to utilizing VaR including: historical movements in markets may not accurately predict future market movements; VaR does not take into account the liquidity of individual positions; VaR does not estimate losses over longer time horizons; and extended periods of one-directional markets potentially distort risks within the portfolio. In addition, should markets become more volatile, actual trading losses may exceed VaR results presented on a single day and might accumulate over a longer time horizon. As a result, management complements VaR with sensitivity analysis and stress testing and employs additional controls such as a daily review of trading results, review of aged inventory, independent review of pricing, monitoring of concentrations, and review of issuer ratings. To calculate VaR, we use models that incorporate historical simulation. This approach assumes that historical changes in market conditions, such as in interest rates and equity prices, are representative of future changes. Simulation is based on daily market data for the previous twelve months. VaR is reported at a 99% confidence level for a one-day time horizon. Assuming that future market conditions change as they have in the past twelve months, we would expect to incur losses greater than those predicted by our one-day VaR estimates about once every 100 trading days, or two to three times per year on average. The VaR model is independently reviewed by our Model Risk Management function. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Model risk” of this Form 10-K for further information. The modeling of the risk characteristics of trading positions involves a number of assumptions and approximations that management believes to be reasonable. However, there is no uniform industry methodology for estimating VaR, and different assumptions or approximations could produce materially different VaR estimates. As a result, VaR results are more reliable when used as indicators of risk levels and trends within a firm than as a basis for inferring differences in risk-taking across firms. 72 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table sets forth the high, low, period-end and average daily one-day VaR for all of our trading portfolios, including fixed income and equity instruments, and for our derivatives for the periods and dates indicated.  Year ended September 30, 2025 Period-end VaR Year ended September 30, $ in millions High Low September 30, 2025 September 30, 2024 $ in millions 2025 2024 Daily VaR $ 6  $ 1  $ 3  $ 2  Average daily VaR $ 3  $ 2  Our daily VaR reached a high of $6 million on one day due to positions held to support our underwriting activities. We perform daily back-testing procedures for our VaR model, as defined by the Fed’s MRR, whereby we compare each day’s projected VaR to its regulatory-defined daily trading losses, which exclude fees, commissions, reserves, net interest income, and intraday trading. Regulatory-defined daily trading losses are used to evaluate the performance of our VaR model and are not comparable to our actual daily net revenues. Based on these daily “ex ante” versus “ex post” comparisons, we determine whether the number of times that regulatory-defined daily trading losses exceed VaR is consistent with our expectations at a 99% confidence level. During the year ended September 30, 2025, our regulatory-defined daily losses in our trading portfolios exceeded our predicted VaR on three occasions primarily due to heightened market volatility in early April 2025 driven by economic uncertainties surrounding the potential impacts of changes in international trade policy. Separately, RJF provides additional market risk disclosures to comply with the MRR, including 10-day VaR and 10-day Stressed VaR, which are available on our website at https://www.raymondjames.com/investor-relations/financial-information/filings-and-reports within “Other Reports and Information.” Banking operations Our Bank segment maintains an interest-earning asset portfolio that is comprised of cash, SBL, C&I loans, CRE loans, REIT loans, residential mortgage loans, and tax-exempt loans, as well as an available-for-sale securities portfolio.  These interest-earning assets are primarily funded by client deposits.  Based on the current asset portfolio, our banking operations are subject to interest rate risk.  We analyze interest rate risk based on forecasted net interest income, which is the net amount of interest received and interest paid, and the net portfolio valuation, both across a range of interest rate scenarios. One of the objectives of our Asset and Liability Committee is to manage the sensitivity of net interest income to changes in market interest rates. This committee uses several measures to monitor and limit interest rate risk in our banking operations, including scenario analysis and economic value of equity (“EVE”). We utilize hedging strategies using interest rate swaps in our banking operations as a component of our asset and liability management process. For additional information regarding this hedging strategy, see Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K. We also manage interest rate risk as part of our liquidity management framework. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-K for additional information. To ensure that we remain within the tolerances established for net interest income, a sensitivity analysis of net interest income to interest rate conditions is estimated under a variety of scenarios. We use simulation models and estimation techniques to assess the sensitivity of net interest income to movements in interest rates. The model estimates the sensitivity by calculating interest income and interest expense in a dynamic balance sheet environment using current repricing, prepayment, and reinvestment of cash flow assumptions over a 12-month time horizon. Assumptions used in the model include interest rate movement, the slope of the yield curve, and balance sheet composition and growth. The model also considers interest rate-related risks such as pricing spreads, pricing of client cash accounts, including deposit betas, and prepayments. Various interest rate scenarios are modeled in order to determine the effect those scenarios may have on net interest income. 73 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table is an analysis of our banking operations’ estimated net interest income over a 12-month period based on instantaneous shifts in interest rates (expressed in basis points) using our previously described asset/liability model, which assumes a dynamic balance sheet. While not presented, additional rate scenarios are performed, including interest rate ramps and yield curve shifts that may more realistically mimic the speed of potential interest rate movements. We also perform simulations on time horizons of up to five years to assess longer-term impacts to various interest rate scenarios. On a quarterly basis, we test expected model results to actual performance. Additionally, any changes made to key assumptions in the model are documented and approved by the Asset and Liability Committee. Instantaneous changes in rate (1) Net interest income ($ in millions) Projected change in net interest income +200 $1,898 3% +100 $1,891 2% 0 $1,846 —% -100 $1,765 (4)% -200 $1,661 (10)% (1)Our 0-basis point scenario was based on interest rates as of September 30, 2025 and did not include the impact of the Fed’s October 2025 decrease in short-term interest rates. The preceding table does not include the impacts of an instantaneous change in interest rates on net interest income on assets and liabilities outside of our banking operations or on our RJBDP fees from third-party banks, which are also sensitive to changes in interest rates and are included in “Account and service fees” on our Consolidated Statements of Income and Comprehensive Income. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Net interest analysis” of this Form 10-K for additional information on our net interest income. We have classified all of our investments in debt securities in our banking operations as available-for-sale and have not classified any of our investments in debt securities as held-to-maturity. In our available-for-sale securities portfolio, we hold primarily fixed-rate agency-backed MBS, agency-backed CMOs, and U.S. Treasuries, which are carried at fair value on our Consolidated Statements of Financial Condition, with changes in the fair value of the portfolio recorded through other comprehensive income (“OCI”) on our Consolidated Statements of Income and Comprehensive Income. As the majority of our available-for-sale securities portfolio is comprised of U.S. government and government agency-backed securities, changes in fair value are primarily driven by changes in interest rates. At September 30, 2025, our available-for-sale securities portfolio had a fair value of $6.89 billion with a weighted-average yield of 2.25% and a weighted-average life, after factoring in estimated prepayments, of 3.8 years. To evaluate the interest rate sensitivity of our available-for-sale securities portfolio we also monitor, among other things, effective duration, defined as the approximate percentage change in price for a 100-basis point change in rates. As of September 30, 2025, the effective duration of our available-for-sale securities portfolio was approximately 3.44, which means that we would expect the market value of our available-for-sale securities portfolio to increase approximately 3.44% for every 100-basis point decline in interest rates and decline approximately 3.44% for every 100-basis point increase in interest rates. See Notes 2 and 4 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information on our available-for-sale securities portfolio. The Asset and Liability Committee also reviews EVE, which is a point in time analysis of current interest-earning assets and interest-bearing liabilities that incorporates cash flows over their estimated remaining lives, discounted at current rates. The EVE approach is based on a static balance sheet and provides an indicator of future earnings and capital levels as the changes in EVE indicate the anticipated change in the value of future cash flows. We monitor sensitivity to changes in EVE utilizing Board of Directors-approved limits. These limits set a risk tolerance to changing interest rates and assist in determining strategies for mitigating this risk as EVE approaches these limits. As of September 30, 2025, our EVE analyses were within approved limits. 74 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index The following table shows the maturities of our bank loan portfolio at September 30, 2025, including contractual principal repayments.  Maturities are generally determined based upon contractual terms; however, rollovers or extensions that are included for the purposes of measuring the allowance for credit losses are reflected in maturities in the following table. This table does not include any estimates of prepayments, which could shorten the average loan lives and cause the actual timing of the loan repayments to differ significantly from those shown in the table. Due in $ in millions One year or less One year – five years Five years – fifteen years Fifteen years Total SBL $ 19,546  $ 224  $ 5  $ —  $ 19,775  C&I loans 1,190  5,969  3,582  36  10,777  CRE loans 827  5,502  1,475  36  7,840  REIT loans 439  1,251  —  —  1,690  Residential mortgage loans 6  23  145  10,121  10,295  Tax-exempt loans 131  303  792  —  1,226  Total loans held for investment 22,139  13,272  5,999  10,193  51,603  Held for sale loans —  26  159  231  416  Total loans held for sale and investment $ 22,139  $ 13,298  $ 6,158  $ 10,424  $ 52,019  The following table shows the distribution of the recorded investment of those bank loans that mature in more than one year between fixed and adjustable interest rate loans at September 30, 2025. Interest rate type $ in millions Fixed Adjustable Total SBL $ 53  $ 176  $ 229  C&I loans 968  8,619  9,587  CRE loans 333  6,680  7,013  REIT loans —  1,251  1,251  Residential mortgage loans (1) 208  10,081  10,289  Tax-exempt loans 1,095  —  1,095  Total loans held for investment 2,657  26,807  29,464  Held for sale loans 3  413  416  Total loans held for sale and investment $ 2,660  $ 27,220  $ 29,880  (1)Adjustable rate residential mortgage loans included loans which were still in their fixed-rate period at September 30, 2025 Contractual loan terms for SBL, C&I loans, CRE loans, REIT loans, and residential mortgage loans may include an interest rate floor, cap and/or fixed interest rates for a certain period of time, which would impact the timing of the interest rate reset for the respective loan. See the discussion within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management - Credit risk - Risk monitoring process” section of this Form 10-K for additional information regarding our interest-only residential mortgage loan portfolio. Our banking operations are also subject to foreign exchange risk due to our investments in foreign subsidiaries as well as transactions and resulting balances denominated in a currency other than the USD. For example, our bank loan portfolio includes loans which are denominated in Canadian dollars, totaling $1.00 billion and $1.23 billion at September 30, 2025 and 2024, respectively, when converted to the USD using the spot rate at that time. A majority of such loans are held in a Canadian subsidiary of Raymond James Bank. Raymond James Bank utilizes short-term, forward foreign exchange contracts to mitigate its foreign exchange risk related to such investment in this Canadian subsidiary. These derivatives are primarily accounted for as net investment hedges in the consolidated financial statements. See Notes 2 and 5 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information regarding these derivatives. Other sources of foreign exchange risk Investments in non-bank foreign subsidiaries At September 30, 2025, we had foreign exchange risk in our investment in RJ Ltd. of CAD 487 million and in our investment in our UK PCG subsidiary of £309 million, which were not hedged. We had other, less significant investments in foreign domiciled subsidiaries, primarily in Europe, which were not hedged; however, we do not believe we had material foreign exchange risk either individually, or in the aggregate, pertaining to these subsidiaries as of September 30, 2025. Foreign 75 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index exchange gains/losses related to our foreign investments are primarily reflected in OCI on our Consolidated Statements of Income and Comprehensive Income. See Note 19 of the Notes to Consolidated Financial Statements of this Form 10-K for further information regarding our components of OCI. Transactions and resulting balances denominated in a currency other than the USD We are subject to foreign exchange risk due to our holdings of cash and certain other assets and liabilities resulting from transactions denominated in a currency other than the USD. Any currency-related gains/losses arising from these foreign currency denominated balances are reflected in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income. The foreign exchange risk associated with a portion of such transactions and balances denominated in foreign currency are mitigated utilizing short-term, forward foreign exchange contracts. Such derivatives are not designated hedges and therefore, the related gains/losses are included in “Other” revenues on our Consolidated Statements of Income and Comprehensive Income. See Note 5 of the Notes to Consolidated Financial Statements of this Form 10-K for information regarding our derivatives. Credit risk Credit risk is the risk of loss due to adverse changes in a borrower’s, issuer’s, or counterparty’s ability to meet its financial obligations under contractual or agreed-upon terms. The nature and amount of credit risk depends on the type of transaction, the structure and duration of that transaction, and the parties involved. Credit risk is an integral component of the profit assessment of lending and other financing activities. Corporate activities We maintain cash balances with the Fed and with various financial institutions, primarily global systemically important financial institutions, in our normal course of business. A large portion of such balances are in excess of FDIC insurance limits. As a result, we may be exposed to the risk that these financial institutions may not return our cash to us in the event that the institution experiences financial distress or ceases its operations. In order to mitigate our credit risk to such financial institutions, we monitor our exposure with each institution on a daily basis and subject each institution to limits based on various factors including but not limited to financial strength, capitalization levels, liquidity, credit ratings, and market factors to the extent applicable. Brokerage activities We are engaged in various trading and brokerage activities in which our counterparties primarily include broker-dealers, banks, exchanges, clearing organizations, and other financial institutions. We are exposed to risk that these counterparties may not fulfill their obligations. In addition, certain commitments, including underwritings, may create exposure to individual issuers and businesses. The risk of default depends on the creditworthiness of the counterparty and/or the issuer of the instrument. In addition, we may be subject to concentration risk if we hold large positions in or have large commitments to a single counterparty, borrower, or group of similar counterparties or borrowers (e.g., in the same industry). We seek to mitigate these risks by imposing and monitoring individual and aggregate position limits within each business segment for each counterparty, conducting regular credit reviews of financial counterparties, reviewing security, derivative, and loan concentrations, holding collateral as security for certain transactions and conducting business through clearing organizations, which may guarantee performance. See Notes 2, 5, and 6 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information about our credit risk mitigation related to derivatives and collateralized agreements. Our client activities involve the execution, settlement, and financing of various transactions on behalf of our clients. Client activities are transacted on either a cash or margin basis. Credit exposure results from client margin loans, which are monitored daily and are collateralized by the securities in the clients’ accounts. We monitor exposure to industry sectors and individual securities on a daily basis in connection with our margin lending activities. We adjust our margin requirements if we believe our risk exposure is not appropriate based on market conditions. In addition, when clients execute a purchase, we are at some risk that the client will default on their financial obligation associated with the trade. If this occurs, we may have to liquidate the position at a loss. See Note 2 of the Notes to Consolidated Financial Statements of this Form 10‑K for additional information about our determination of the allowance for credit losses associated with certain of our brokerage lending activities. 76 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index We offer loans to financial advisors for recruiting and retention purposes. We have credit risk and may incur a loss primarily in the event that such borrower is no longer affiliated with us. See Notes 2 and 8 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information about our loans to financial advisors. Banking operations Our Bank segment has a substantial loan portfolio.  Our strategy for credit risk management related to bank loans includes well-defined credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all credit exposures. The strategy also includes diversification across loan types, geographic locations, industries and clients, regular credit examinations and management reviews of all corporate and tax-exempt loans as well as individual delinquent residential loans. The credit risk management process also includes periodic independent reviews of the credit risk monitoring process that performs assessments of compliance with credit policies, risk ratings, and other critical credit information. We seek to identify potential problem loans early, record any necessary risk rating changes and charge-offs promptly, and maintain appropriate reserve levels for expected losses. We use a credit risk rating system to measure the credit quality of individual corporate and tax-exempt loans and related unfunded lending commitments. For our SBL and residential mortgage loans, we utilize the credit risk rating system used by bank regulators in measuring the credit quality of each homogeneous class of loans. In evaluating credit risk, we consider trends in loan performance, historical experience through various economic cycles, industry or client concentrations, the loan portfolio composition and macroeconomic factors (both current and forecasted). These factors have a potentially negative impact on loan performance and net charge-offs. While our bank loan portfolio is diversified, a significant downturn in the overall economy, deterioration in real estate values or a significant issue within any sector or sectors where we have a concentration will generally result in large provisions for credit losses and/or charge-offs. We determine the allowance required for specific loan pools based on relative risk characteristics of the loan portfolio. On an ongoing basis, we evaluate our methods for determining the allowance for each loan portfolio segment and make enhancements we consider appropriate. Our allowance for credit losses methodology is described in Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K. We segregate our bank loan portfolio into six loan portfolio segments, which also serve as classes of financing receivables for purposes of credit analysis.  The risk characteristics relevant to each portfolio segment are as follows. SBL: Loans in this segment are primarily collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies issued by investment-grade insurance companies. An insignificant portion of our SBL portfolio is collateralized by private securities or other financial instruments with a limited trading market. Substantially all SBL are monitored daily for adherence to loan-to-value (“LTV”) guidelines and when a loan exceeds the required LTV, a collateral call is issued. Past due loans are minimal as any past due amounts result in a notice to the client for payment or the potential sale of the collateral which will bring the loan to a current status. The vast majority of our SBL qualify for the practical expedient allowed under the CECL guidance whereby we estimate zero credit losses to the extent the fair value of the collateral securing the loan equals or exceeds the related carrying value of the loan. SBL also generally qualify for lower capital requirements under regulatory capital rules. C&I: Loans in this segment are made to businesses and are generally secured by assets of the business and repayment is expected from the cash flows of the respective business.  In addition, we also have certain owner-occupied commercial real estate loans of approximately $175 million as of September 30, 2025 that were classified as C&I loans as the primary source of repayment for these loans is based on the financial strength of the owner and the cash flows of the respective business rather than the ability of the collateral to generate cash flows. Unfavorable economic and political conditions, including the resultant decrease in consumer or business spending, may have an adverse effect on the credit quality of loans in this segment. CRE: Loans in this segment are primarily secured by income-producing properties.  The underlying cash flows generated by properties securing these loans may be adversely affected by increased vacancy and decreases in rental rates, which are monitored on an ongoing basis.  This portfolio segment includes CRE construction loans which involve risks such as project budget overruns, performance variables related to the contractor and subcontractors, or the inability to sell the project or secure permanent financing once the project is completed. As of September 30, 2025, our CRE construction loans represented less than 1% of total loans held for sale and investment. With respect to commercial construction of residential developments, there is also the risk that the builder has a geographical concentration of developments. Adverse information arising from any of these factors may have a negative effect on the credit quality of loans in this segment. REIT: Loans in this segment are made to businesses that own or finance income-producing real estate across various property sectors. This portfolio segment may include extensions of credit to companies that engage in real estate 77 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index development. Repayment of these loans is dependent on income generated from real estate properties or the sale of real estate. A portion of this segment may consist of loans secured by residential product types (single-family residential, including condominiums and land held for residential development) within a range of markets. Deterioration in the financial condition of the operating business, reductions in the value of real estate, as well as increased vacancy and decreases in rental rates may all adversely affect the loans in this segment. Residential mortgage (includes home equity loans/lines): All loans in this segment are collateralized by residential real estate and repayment is primarily dependent on the credit quality of the individual borrower.  We do not originate or purchase adjustable rate mortgage (“ARM”) loans with negative amortization, reverse mortgages, or loans to subprime borrowers.  Loans with deeply discounted teaser rates are also not originated or purchased.  A decline in the strength of the economy, particularly unemployment rates and housing prices, among other factors, could have a significant effect on the credit quality of loans in this segment. Tax-exempt: Loans in this segment are made to governmental and non-profit entities and are generally secured by a pledge of revenue and, in some cases, by a security interest in or a mortgage on the asset being financed. For loans to governmental entities, repayment is expected from a pledge of certain revenues or taxes. For non-profit entities, repayment is expected from revenues which may include fundraising proceeds. These loans are subject to demographic risk, therefore much of the credit assessment of tax-exempt loans is driven by the entity’s revenue base and the general economic environment. Adverse developments in either of these areas may have a negative effect on the credit quality of loans in this segment. The level of charge-off activity is a factor that is considered in evaluating the potential severity of future credit losses. The following table presents net loan (charge-offs)/recoveries and the percentage of net loan (charge-offs)/recoveries to the average outstanding loan balances by loan portfolio segment. Year ended September 30, 2025 2024 2023 $ in millions Net loan (charge-off)/recovery amount % of avg. outstanding loans Net loan (charge-off)/recovery amount % of avg. outstanding loans Net loan (charge-off)/recovery amount % of avg. outstanding loans C&I loans $ (29) 0.28  % $ (42) 0.41  % $ (44) 0.40  % CRE loans (11) 0.14  % (21) 0.28  % (10) 0.14  % Residential mortgage loans (1) 0.01  % 1  0.01  % —  —  % Total loans held for investment $ (41) 0.08  % $ (62) 0.14  % $ (54) 0.12  % The level of nonperforming assets is another indicator of potential future credit losses. Nonperforming assets are comprised of both nonperforming loans and other real estate owned. Nonperforming loans include those loans which have been placed on nonaccrual status and any accruing loans which are 90 days or more past due and in the process of collection. The following table presents the balance of nonperforming loans, nonperforming assets, and related key credit ratios. September 30, $ in millions 2025 2024 Nonperforming loans (1) $ 186  $ 175  Nonperforming assets $ 187  $ 175  Nonperforming loans as a % of total loans held for sale and investment 0.36  % 0.38  % Allowance for credit losses as a % of nonperforming loans 243  % 261  % Nonperforming assets as a % of Bank segment total assets 0.29  % 0.28  % (1)Nonperforming loans at September 30, 2025 and 2024 included $109 million and $89 million, respectively, of loans, which were current pursuant to their contractual terms. See table summarizing nonaccrual loans by portfolio segment in Note 7 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information. Although our nonperforming assets as a percentage of our Bank segment’s assets remained low as of September 30, 2025, any prolonged period of market deterioration could result in an increase in our nonperforming assets, an increase in our allowance for credit losses and/or an increase in net charge-offs in future periods, although the extent would depend on future developments that are highly uncertain. 78 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index See further explanation of our bank loan portfolio segments, allowance for credit losses, and the credit loss provision in Notes 2 and 7 of the Notes to Consolidated Financial Statements of this Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - Bank” of this Form 10-K. Loan underwriting policies A component of our Bank segment’s credit risk management strategy is conservative, well-defined policies and procedures. Our underwriting policies for the major types of bank loans are described in the following sections. SBL portfolio Our SBL portfolio represented 38% of our total loans held for sale and investment as of September 30, 2025. This portfolio is primarily comprised of loans fully collateralized by a borrower’s marketable securities and, to a lesser extent, the cash surrender value of life insurance policies issued by investment-grade insurance companies. An insignificant portion of our SBL portfolio is collateralized by private securities or other financial instruments with a limited trading market. The underwriting policy for the SBL portfolio primarily includes a review of collateral, including LTV, and a review of repayment history. Corporate and tax-exempt loan portfolios As of September 30, 2025, our corporate and tax-exempt loans held for investment represented 33% of the Bank segment’s total assets and were comprised of approximately 1,600 borrowers. A large portion of these loan portfolios was comprised of loans to larger companies, including public companies, with earnings before interest, taxes, depreciation, and amortization greater than $100 million. We also had issued corporate and tax-exempt loans to middle-market businesses. Our corporate loan portfolio is diversified by geography, by loan type, and among a number of industries in the U.S and Canada, and a large portion of these loans are to borrowers in industries in which we have expertise through coverage provided by our Capital Markets research analysts. Our corporate loans included project finance real estate loans, commercial lines of credit, and term loans. As of September 30, 2025, 66% of our corporate loans were participations in Shared National Credit (“SNC”) or other large, syndicated loans. We are typically either involved in the syndication of the loans at inception or purchase loans in secondary trading markets. The remainder of our corporate loan portfolio is comprised of smaller participations and direct loans. Our tax-exempt loans are long-term loans to governmental and non-profit entities. These loans generally have lower overall credit risk but are subject to other risks that are not usually present with corporate clients, including the risk associated with the constituency served by a local government and the risk in ensuring an obligation has appropriate tax treatment. All corporate and tax-exempt loans are independently underwritten in accordance with our credit policies, are subject to approval by a loan committee, and credit quality is monitored on an ongoing basis by our lending staff. In addition, corporate and tax-exempt loans are subject to regulatory review. Our credit policies include criteria related to LTV limits based upon property type, single borrower loan limits, loan term and structure parameters (including guidance on leverage, debt service coverage ratios, and debt repayment ability), industry concentration limits, secondary sources of repayment, municipality demographics, and other criteria. Our corporate loans are generally secured by all assets of the borrower and in some instances are secured by mortgages on specific real estate. The majority of our tax-exempt loan portfolio is comprised of loans to investment-grade borrowers, and such loans are generally secured by a pledge of revenue. In a limited number of transactions, loans in the portfolio are extended on an unsecured basis. Residential mortgage loan portfolio Our residential mortgage loan portfolio largely consists of first mortgage loans originated by us via referrals from our PCG financial advisors and the general public, as well as first mortgage loans purchased by us. Substantially all of our residential mortgage loans adhere to strict underwriting parameters pertaining to credit score and credit history, debt-to-income ratio of the borrower, LTV, and combined LTV (including second mortgage/home equity loans). As of September 30, 2025, 95% of the residential mortgage loan portfolio consisted of owner-occupant borrowers (73% for their primary residences and 22% for second home residences). Approximately 30% of the first lien residential mortgage loans were ARM loans, which receive interest-only payments based on a fixed rate for an initial period of the loan, ranging from the first five to fifteen years depending on the loan, and then become fully amortizing, subject to annual and lifetime interest rate caps. A significant portion of our originated 15 or 30-year fixed-rate residential mortgage loans are sold in the secondary market. 79 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Risk monitoring process Another component of credit risk strategy for our bank loan portfolio is the ongoing risk monitoring and review processes, including our independent loan review process, as well as our processes to manage and limit credit losses arising from loan delinquencies.  There are various other factors included in these processes, depending on the loan portfolio. SBL and residential mortgage loan portfolios Substantially all collateral securing our SBL portfolio is monitored on a daily basis. Collateral adjustments, as triggered by our monitoring procedures, are made by the borrower as necessary to ensure our loans are adequately secured, resulting in minimizing our credit risk. We track and review many factors to monitor credit risk in our residential mortgage loan portfolio. The factors include, but are not limited to: loan performance trends, loan product parameters and qualification requirements, borrower credit scores, level of documentation, loan purpose, geographic concentrations, average loan size, risk rating, and LTV ratios.  See Note 7 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information. The following table presents a summary of delinquent residential mortgage loans, the vast majority of which are first mortgage loans, which are comprised of loans which are two or more payments past due as well as loans in the process of foreclosure. Amount of delinquent residential mortgage loans Delinquent residential mortgage loans as a percentage of outstanding residential mortgage loan balances $ in millions 30-89 days 90 days or more Total 30-89 days 90 days or more Total September 30, 2025 $ 7  $ 6  $ 13  0.07  % 0.06  % 0.13  % September 30, 2024 $ 6  $ 8  $ 14  0.07  % 0.08  % 0.15  % Our September 30, 2025 percentage of over 30 day delinquent residential mortgage loans compares favorably to the national average of 1.87%, as most recently reported by the Fed. To manage and limit credit losses, we maintain processes to manage our loan delinquencies. Substantially all of our residential first mortgages are serviced by a third party whereby the primary collection effort resides with the servicer. Our personnel direct and actively monitor the servicers’ efforts through extensive communications regarding individual loan status changes and through requirements of timely and appropriate collection of property management actions and reporting, including management of third parties used in the collection process (e.g., appraisers, attorneys, etc.). Residential mortgage loans over 60 days past due are generally reviewed by our personnel monthly and documented in a written report detailing delinquency information, balances, collection status, appraised value, and other data points. Our senior management meets quarterly to discuss the status, collection strategy and charge-off recommendations on substantially all residential mortgage loans over 60 days past due. Updated collateral valuations are generally obtained for loans over 90 days past due and charge-offs are typically taken on individual loans based on these valuations generally before the loan is 120 days past due. Credit risk is also managed by diversifying the residential mortgage portfolio. Most of the loans in our residential loan portfolio are to PCG clients across the U.S. The following table details the geographic concentrations (top five states) of our one-to-four family residential mortgage loans. September 30, 2025 State Loans outstanding as a % of  total residential mortgage loans held for sale and investment Loans outstanding as a % of  total loans held for sale and investment California 21% 4% Florida 18% 4% Texas 8% 2% New York 8% 1% Colorado 4% 1% The occurrence of a natural disaster or severe weather event in any of these states, for example wildfires in California and hurricanes in Florida, could result in additional credit loss provisions and/or charge-offs on our loans in such states and therefore negatively impact our net income and regulatory capital in any given period. 80 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Loans where borrowers may be subject to payment increases include ARM loans with terms that initially require payment of interest only. Payments may increase significantly when the interest-only period ends and the loan principal begins to amortize. At September 30, 2025 and 2024, these loans totaled $3.04 billion and $2.96 billion, respectively, or 29% and 31% of the residential mortgage portfolio, respectively. The weighted-average number of years before the remainder of the loans, which were still in their interest-only period at September 30, 2025, begins amortizing is five years. Corporate and tax-exempt loans One way in which we manage credit risk is through diversification of the corporate bank loan portfolio. We monitor industry concentrations and have established limits relative to capital as part of our overall liquidity and capital planning. Further, key credit policies are reviewed at least annually by senior bank executives to ensure policies align with our banks’ risk appetites. Credit policies for our corporate loans include criteria related to single borrower loan limits, loan term and structure parameters (including guidance on leverage, debt service coverage ratios, and debt repayment ability), industry concentration limits, secondary sources of repayment, municipality demographics, and other criteria. To further mitigate risks related to our CRE portfolio, the expected cash flows from all significant new or renewed income-producing property commitments are stress tested to reflect risks related to varying interest rates, vacancy rates, and rental rates. Credit policies for our CRE loans also include LTV limits based upon property type and, in times of uncertainty, we may originate loans at even tighter thresholds. CRE loans are also monitored for geographic concentration and total relationship exposure. Construction CRE loans are monitored on an ongoing basis to ensure projects are on time and within budget as part of our credit risk evaluation. Higher-risk CRE construction loans receive quarterly reviews by senior bank executives. We actively monitor economic and other factors that may impact our borrowers and corporate loan portfolio which could impact our provision for credit losses in future periods. Credit risk in our corporate and tax-exempt loan portfolios is monitored on an individual loan basis for trends in borrower operating performance, payment history, credit ratings, collateral performance, loan covenant compliance, municipality demographics and other factors including industry performance and concentrations, geographic concentrations, and total relationship exposure. In addition, credit quality trends are monitored by industry to determine if a change in the risk exposure to a certain industry may warrant incremental monitoring or tightening of our underwriting standards during times of market uncertainty. We also utilize loan sales and other risk mitigation techniques to manage the size and risk profile of our corporate bank loans. We use a credit risk rating system to measure the credit quality of individual corporate and tax-exempt loans and the related unfunded lending commitments. The majority of loans in our corporate loan portfolio are assigned risk ratings based on an assessment of conditions that affect the borrower’s ability to meet contractual obligations under the loan agreement. This process includes reviewing borrowers’ financial information and other credit-related documentation, public information, and other information specific to each borrower and loan. As part of the credit review process, the loan rating is reviewed at least annually, or more frequently based on policy requirements regarding various risk characteristics, to confirm the appropriate risk rating for each credit. The individual loan ratings resulting from semi-annual SNC exams are incorporated in our internal loan ratings when the ratings are received. If the SNC rating is lower on an individual loan than our internal rating, the loan is downgraded. While we consider historical SNC exam results in our loan ratings methodology, differences between the SNC exam and internal ratings on individual loans typically arise due to subjectivity of the loan classification process. Downgrades resulting from these differences may result in additional provisions for credit losses in periods when SNC exam results are received. See Note 2 of the Notes to Consolidated Financial Statements of this Form 10-K for additional information on our allowance for credit losses policies. 81 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Our corporate bank loan portfolio does not contain a significant concentration in any single industry. The following table details the top industry concentrations of our C&I and CRE loans, which comprise the vast majority of our corporate loan portfolio. As of September 30, 2025 Industry Loans outstanding as a % of total corporate bank loans held for sale and investment Loans outstanding as a % of total loans held for sale and investment C&I: Loan funds 10% 4% Subscription lines 5% 2% Transportation and logistics 4% 2% CRE: Multi-family 12% 5% Industrial warehouse 9% 4% Office real estate 5% 2% Our C&I loan portfolio includes facilities to support debt funds and private equity firms, primarily in the form of loans to the funds and subscription lines. Loan funds are generally secured by diversified pools of senior-secured loans or other credit instruments held in bankruptcy-remote vehicles, with collateral monitored by an independent custodian. Credit exposure is primarily driven by the credit quality and performance of the underlying collateral for loan funds. Subscription facilities are typically secured by uncalled capital commitments from a diversified base of investment-grade institutional investors and high-net-worth investors, with repayment sourced from capital calls. Credit exposure is primarily driven by the credit quality and funding reliability of the limited partners for subscription facilities, rather than the performance of underlying fund investments. These facilities generally have short-term maturities, are structured to mitigate risk through covenant and collateral arrangements, are subject to concentration limits across key risk factors, and exhibit low historical default rates. While historical defaults have been low, we maintain an allowance for credit losses that we believe is sufficient based on the risk characteristics of this portfolio. The collateral securing our CRE loan portfolio is geographically diverse and primarily located throughout the United States. No single state individually accounted for more than 3% of the total loans held for sale and investment, while our CRE loans with collateral located in Canada represented less than 2%. Liquidity risk See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” of this Form 10-K for information regarding our liquidity and how we manage liquidity risk. Operational risk Operational risk generally refers to the risk of loss resulting from our operations, including, but not limited to, business disruptions, improper or unauthorized execution and processing of transactions, deficiencies in our technology or financial operating systems and inadequacies or breaches in our control processes, including cybersecurity incidents (see “Item 1A - Risk Factors” and “Item 1C - Cybersecurity” of this Form 10-K for a discussion of certain cybersecurity risks). These risks are less direct than credit and market risk, but managing them is critical, particularly in a rapidly changing environment with increasing transaction volumes and complexity. We operate different businesses in diverse markets and are reliant on the ability of our employees and systems to process a large number of transactions. In the event of a breakdown or improper operation of systems or improper action by employees, we could suffer financial loss, regulatory sanctions, and damage to our reputation. In order to mitigate and control operational risk, we have developed and continue to enhance specific policies and procedures that are designed to identify and manage operational risk at appropriate levels throughout the organization and within such departments as Finance, Operations, Information Technology, Legal, Compliance, Risk Management, and Internal Audit. These departments attempt to ensure that operational policies and procedures are being followed and that our various businesses are operating within established corporate policies and limits. In addition, we have created business continuity plans for critical systems, and redundancies are built into the systems as deemed appropriate. We have an Operational Risk Management Committee comprised of members of senior management, which reviews and addresses operational risks across our businesses. The committee establishes risk appetite levels for major operational risks, monitors operating unit performance for adherence to defined risk tolerances, and establishes policies for risk management at the enterprise level. 82 RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Index Periods of severe market volatility can result in a significantly higher level of transactions on specific days, which may present operational challenges from time to time that may result in losses. These losses can result from, but are not limited to, trade errors, failed transaction settlements, late collateral calls to borrowers and counterparties, or interruptions to our system processing. We did not incur any significant losses related to such operational challenges during the years ended September 30, 2025, 2024, or 2023. As more fully described in the discussion of our business technology risks included in various risk factors presented in “Item 1A - Risk Factors” and “Item 1C - Cybersecurity” of this Form 10-K, despite our implementation of protective measures and endeavoring to modify them as circumstances warrant, our computer systems, software and networks may be vulnerable to human error, natural disasters, power loss, cyber-attacks and other information security breaches, and other events that could have an impact on the security and stability of our operations. Model risk Model risk refers to the possibility of unintended business outcomes arising from the design, implementation or use of models. Models are used throughout the firm for a variety of purposes such as the valuation of financial instruments, the calculation of our allowance for credit losses, assessing risk, stress testing, and to assist in making certain business decisions. Model risk includes the potential risk that management makes incorrect decisions based upon either incorrect model results or incorrect understanding and use of model results. Model risk may also occur when model outputs differ from the expected result. Model errors or misuse could result in significant financial loss, inaccurate financial or regulatory reporting, or misaligned business strategies. Model Risk Management is a separate department within our Risk Management department and is independent of model owners, users, and developers. Our model risk management framework consists primarily of model governance, maintaining the firmwide model inventory, validating and approving models used across the firm, and ongoing monitoring. Validation issues identified are reported to the Enterprise Risk Management Committee and Risk Committee of the Board of Directors. Model Risk Management assumes responsibility for the independent and effective challenge of model completeness, integrity and design based on intended use. Compliance risk Compliance risk is the risk of legal or regulatory sanctions, financial loss, or reputational damage that the firm may suffer from a failure to comply with applicable laws, external standards, or internal requirements. We have established a framework to oversee, manage, and mitigate compliance risk throughout the firm, both within and across businesses, functions, legal entities, and jurisdictions. The framework includes roles and responsibilities for the Board of Directors, senior management, and all three lines of risk management. This framework also includes programs and processes through which the firm identifies, assesses, controls, measures, monitors, and reports on compliance risk and provides compliance-related training throughout the firm. The Compliance department plays a key leadership role in the oversight, management, and mitigation of compliance risk throughout the firm. It does this by conducting an annual compliance risk assessment, carrying out compliance monitoring and testing activities, implementing compliance policies, training associates on compliance-related topics, and reporting compliance risk-related issues and metrics to the Board of Directors and senior management, among other activities.