Raymond James Financial RJF · USD

SEGMENT INFORMATIONWe currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. The segments are determined based on the manner in which financial information is evaluated by management as well as the services provided and the distribution channels served. Our Chief Executive Officer is the firm’s chief operating decision maker (“CODM”). The CODM regularly reviews segment pre-tax income and its significant components in comparison to expected results as part of evaluating segment performance and determining how to allocate our resources. The financial results of our segments are presented using the same policies as those described in Note 2. Segment results include allocations of most corporate expenses to each segment. Refer to the following discussion of the Other segment for a description of the corporate expenses that are not allocated to segments. Intersegment revenues, expenses, receivables, and payables are eliminated upon consolidation.The PCG segment provides financial planning, investment advisory, and securities transaction services in the U.S., Canada, and the U.K. for which we generally charge either asset-based fees or sales commissions. The PCG segment also earns revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products. The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose products we distribute and from banks to which we sweep a portion of our clients’ cash deposits as part of the RJBDP, our multi-bank sweep program. The segment also includes net interest earnings primarily on assets segregated for regulatory purposes, margin loans provided to clients, cash balances, and securities borrowing transactions, net of interest paid on client cash balances in the Client Interest Program and securities lending transactions. In the following table, “All other” non-interest expenses for our PCG segment primarily included communications and information processing expenses, occupancy and equipment expenses, business development expenses, and professional fees.Our Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature that generally qualify for tax credits. We primarily conduct these activities in the U.S.

REVENUESThe following tables present our sources of revenues by segment. See Note 2 for additional information about our significant accounting policies related to revenue recognition. See Note 25 for additional information on our segments.Year ended September 30, 2025$ in millionsPrivate Client GroupCapital MarketsAsset ManagementBankOther and intersegment eliminationsTotalRevenues:Asset management and related administrative fees$5,980 $1 $1,143 $— $(46)$7,078 Brokerage revenues:Securities commissions:Mutual and other fund products605 7 4 — (2)614 Insurance and annuity products511 — — — — 511 Equities, ETFs and fixed income products501 159 3 — (13)650 Subtotal securities commissions1,617 166 7 — (15)1,775 Principal transactions (1)120 399 — 10 — 529 Total brokerage revenues1,737 565 7 10 (15)2,304 Account and service fees:Mutual fund and other investment products518 — 13 — (1)530 RJBDP fees1,240 6 — — (760)486 Client account and other fees275 8 10 — (47)246 Total account and service fees2,033 14 23 — (808)1,262 Investment banking:Merger & acquisition and advisory— 623 — — — 623 Equity underwriting35 150 — — — 185 Debt underwriting— 263 — — (2)261 Total investment banking35 1,036 — — (2)1,069 Other:Affordable housing investments business revenues— 140 — — — 140 All other (1)29 2 2 51 (19)65 Total other29 142 2 51 (19)205 Total non-interest revenues9,814 1,758 1,175 61 (890)11,918 Interest income (1)468 111 13 3,315 87 3,994 Total revenues10,282 1,869 1,188 3,376 (803)15,912 Interest expense(100)(99)— (1,600)(48)(1,847)Net revenues$10,182 $1,770 $1,188 $1,776 $(851)$14,065 (1)These revenues are generally not in scope of the accounting guidance for revenue from contracts with customers.

COMMITMENTS, CONTINGENCIES AND GUARANTEESCommitments and contingenciesUnderwriting commitmentsIn the normal course of business, we enter into commitments for debt and equity underwritings. As of September 30, 2025, we had four such open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.Lending commitments and other credit-related financial instrumentsWe have outstanding, at any time, a significant number of commitments to extend credit and other credit-related off-balance-sheet financial instruments, such as standby letters of credit and loan purchases, which extend over varying periods of time. These arrangements are subject to strict underwriting assessments and each client’s credit worthiness is evaluated on a case-by-case basis. Fixed-rate commitments are subject to market risk resulting from fluctuations in interest rates and our exposure is limited to the replacement value of those commitments.The following table presents our commitments to extend credit and other credit-related off-balance sheet financial instruments outstanding at our Bank segment.September 30,$ in millions20252024SBL and other consumer lines of credit$56,048 $44,057 Commercial lines of credit$5,441 $4,630 Unfunded lending commitments$716 $640 Standby letters of credit$217 $111 SBL and other consumer lines of credit primarily represent the unfunded amounts of bank loans to consumers that are primarily secured by marketable securities or other liquid collateral at advance rates consistent with industry standards. These amounts reflect the maximum credit availability, contingent upon borrowers meeting applicable collateral posting requirements. The proceeds from repayment or, if necessary, the liquidation of collateral, which is monitored daily, are expected to satisfy the amounts drawn against these existing lines of credit. These lines of credit are unconditionally cancelable and we reserve the right to not make any advances or may terminate these lines at any time.Because many of our lending commitments expire without being funded in whole or in part, the contractual amounts are not estimates of our actual future credit exposure or future liquidity requirements. The allowance for credit losses calculated under the CECL model provides for potential losses related to the unfunded lending commitments.

INCOME TAXESFor a discussion of our income tax accounting policies and other income tax-related information see Note 2.The following table presents our U.S. and foreign components of pre-tax income for each respective period.Year ended September 30,$ in millions202520242023U.S.$2,608 $2,534 $2,193 Foreign106 109 87 Pre-tax income$2,714 $2,643 $2,280 The following table details the total income tax provision/(benefit) allocation for each respective period.Year ended September 30,$ in millions202520242023Included in:Net income$579 $575 $541 Equity, arising from available-for-sale securities recorded through OCI30 149 3 Equity, arising from cash flow hedges recorded through OCI(2)(12)— Equity, arising from currency translations, net of the impact of net investment hedges recorded through OCI13 — (4)Total provision for income taxes$620 $712 $540 The following table details our provision/(benefit) for income taxes included in net income for each respective period.Year ended September 30,$ in millions202520242023Current:Federal$463 $486 $468 State and local126 131 122 Foreign42 41 39 Total current$631 $658 $629 Deferred:Federal(26)(68)(59)State and local(21)(12)(16)Foreign(5)(3)(13)Total deferred$(52)$(83)$(88)Total provision for income taxes included in net income$579 $575 $541 The following table details a reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate to our actual provision for income taxes and the effective income tax rate for each respective period.Year ended September 30,202520242023$ in millionsAmountRateAmountRateAmountRateProvision calculated at statutory rate$570 21.0 %$555 21.0 %$479 21.0 %State income tax, net of federal benefit79 2.9 %87 3.3 %83 3.6 %Nondeductible executive compensation18 0.7 %13 0.5 %13 0.6 %Foreign tax rate differential14 0.5 %10 0.4 %8 0.4 %Excess tax benefits related to share-based compensation (1)(44)(1.6)%(20)(0.8)%(21)(0.9)%Gains on corporate-owned life insurance policies which are not subject to tax(28)(1.0)%(51)(1.9)%(22)(1.0)%Federal tax credits (26)(1.0)%(23)(1.0)%(14)(0.7)%Nondeductible fines and penalties (2)— — %(6)(0.2)%18 0.8 %Other, net(4)(0.2)%10 0.5 %(3)(0.1)%Total$579 21.3 %$575 21.8 %$541 23.

SHARE-BASED AND OTHER COMPENSATIONShare-based compensation planWe have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, Board of Directors, and independent contractor financial advisors. The Plan authorizes us to grant 96.4 million shares (including the shares available for grant under six predecessor plans). As of September 30, 2025, 11.1 million shares remained available for grant under the Plan. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation accounting policies are described in Note 2.Restricted stock unitsWe may grant RSU awards under the Plan in connection with initial employment or under various retention programs for individuals who are responsible for contributing to our management, growth, and/or profitability. We may also grant RSU awards in lieu of cash for a portion of the annual bonus awarded to officers and certain other employees who receive an annual bonus in excess of $275,000. We also grant performance-based RSU awards to certain executives which vest based on the firm’s achievement of certain financial or other targets. Under the Plan, RSU awards are generally restricted for a three- to five-year period. RSUs are generally forfeitable in the event of termination other than for death, disability, or qualifying retirement.We grant RSUs annually to non-employee members of our Board of Directors. The RSUs granted to these Directors vest over a one-year period from their grant date or upon retirement from our Board.The following table presents the RSU award activity, which includes grants to employees, independent contractor financial advisors, and members of our Board of Directors, for the year ended September 30, 2025.Shares/Units(in millions)Weighted-averagegrant date fair value(per share)Non-vested as of beginning of year8.1 $97.97 Granted2.0 $162.24 Vested(3.0)$86.94 Forfeited(0.1)$120.22 Non-vested as of end of year7.0 $120.21 The following table presents expense and income tax benefits related to our RSUs granted to our employees, independent contractor financial advisors, and members of our Board of Directors for the periods indicated.

LEASESThe following table presents the balances related to our leases on our Consolidated Statements of Financial Condition. See Note 2 for a discussion of our accounting policies related to leases. September 30,$ in millions20252024ROU lease assets (included in “Other assets”)$583 $568 Lease liabilities (included in “Other payables”)$538 $533 The weighted-average remaining lease term and discount rate for our leases is presented in the following table.September 30,20252024Weighted-average remaining lease term5.8 years6.3 yearsWeighted-average discount rate4.85 %4.87 %Lease expenseThe following table details the components of lease expense, which is included in “Occupancy and equipment” expense on our Consolidated Statements of Income and Comprehensive Income.Year ended September 30,$ in millions202520242023Lease costs$148 $142 $133 Variable lease costs$28 $37 $31 Variable lease costs in the preceding table included payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities.Lease liabilitiesThe maturities by fiscal year of our lease liabilities as of September 30, 2025 are presented in the following table.Fiscal year ended September 30,$ in millions2026$133 2027118 2028103 202986 203073 Thereafter111 Gross lease payments624 Less: interest(86)Present value of lease liabilities$538 Lease liabilities as of September 30, 2025 excluded $55 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence in fiscal 2026 with lease terms ranging from 3 to 11 years.

OverviewCybersecurity risk is a key operational risk facing the firm, and measures to address such risk are an important component of the firm’s overall Enterprise Risk Management (“ERM”) framework. As part of our ERM framework, we have implemented and maintain a program to identify, assess, and manage risks arising from cybersecurity threats (“Cybersecurity Program”). Our Cybersecurity Program seeks to mitigate cybersecurity risk and associated legal, financial, reputational, regulatory and/or operational risks by protecting our clients, associates, firm data, and services through a comprehensive, cross-functional approach. Specifically, our Cybersecurity Program is focused on preserving the confidentiality, integrity, and availability of information, enabling the secure and uninterrupted delivery of financial services, and protecting the firm and the safe operation of our technology systems. Further, we consider cybersecurity risks in our business strategy decisions, including in our business continuity planning and in connection with our acquisition activity. We seek to continually adjust our Cybersecurity Program to address the evolving cybersecurity threat landscape and comply with extensive legal and regulatory requirements.Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management” section of this Form 10-K for additional information on our approach to risk management, including our governance framework. Refer to “Item 1A - Risk Factors” of this Form 10-K for additional information on our cybersecurity risks.Cybersecurity risk management process Our Cybersecurity Program takes into account industry best practices and addresses risks from cybersecurity threats to our network, infrastructure, computing environment, and to third parties. We periodically assess the design of our cybersecurity controls against the Cyber Risk Institute Cyber Profile, which is based on the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework for Improving Critical Infrastructure Cybersecurity, as well as global cybersecurity regulations, and we seek to implement improvements to our controls in response to that assessment.

FAIR VALUEOur “Financial instruments” and “Financial instrument liabilities” on our Consolidated Statements of Financial Condition are recorded at fair value. See Note 2 for additional information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis.