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RJFRaymond James Financial

Financials · Brokers & Investment Banks · NYSE
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The 10-K against last year's

210 changes: 23 added, 27 removed, 155 reworded, 5 quiet changes

10-K Nov 25, 2025 vs Nov 26, 2024
Risk FactorsRedline ↓
14.0%
of the text changed · 12,343 words now
19.1%
of the text changed · 24,709 words now
Legal ProceedingsRedline ↓
0.0%
of the text changed · 492 words now
Accounting PoliciesRedline ↓
7.1%
of the text changed · 14,378 words now

10-K 0000720005-25-000093 (2025-11-25) vs 10-K 0000720005-24-000069 (2024-11-26)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 397 words changed in this paragraph; it is 40% similar to last year's version.
Year ended September 30, $ in millions, except per share amounts 2025 2024 2023 2022 Diluted earnings per common share $ 9.70 $ 7.97 $ 6.98 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses directly related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 0.20 0.32 0.27 Other acquisition-related compensation — 0.05 0.01 Total “Compensation, commissions and benefits” expense 0.20 0.37 0.28 Communications and information processing 0.01 0.01 — Professional fees 0.02 0.01 0.06 Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — — 0.12 Other: Amortization of identifiable intangible assets 0.21 0.21 0.15 Initial provision for credit losses on acquired lending commitments — — 0.02 All other acquisition-related expenses 0.02 — 0.05 Total “Other” expense 0.23 0.21 0.22 Total expenses related to acquisitions 0.46 0.60 0.68 Other — Insurance settlement received — (0.15) — Tax effect of non-GAAP adjustments (0.11) (0.12) (0.17) Total non-GAAP adjustments, net of tax 0.35 0.33 0.51 Adjusted diluted earnings per common share $ 10.05 $ 8.30 $ 7.49 Average common equity $ 12,035 $ 10,893 $ 9,791 $ 8,836 Impact of non-GAAP adjustments on average common equity: Expenses directly related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention 16 22 35 27 Other acquisition-related compensation 1 — 4 1 Total “Compensation, commissions and benefits” expense 17 22 39 28 Communications and information processing — — 1 — Professional fees 3 2 1 6 Bank loan provision for credit losses — Initial provision for credit losses on acquired loans — — 10 Other: Amortization of identifiable intangible assets 21 22 22 16 Initial provision for credit losses on acquired lending commitments — — 2 All other acquisition-related expenses 1 2 — 6 Total “Other” expense 22 24 22 24 Total expenses related to acquisitions 42 48 63 68 Other — Insurance settlement received — — (26) — Tax effect of non-GAAP adjustments (10) (12) (9) (17) Total non-GAAP adjustments, net of tax 32 36 28 51 Adjusted average common equity $ 12,067 $ 10,929 $ 9,819 Average common equity $ 8,887 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 %

Source: Item 7, 10-K 0000720005-25-000093 vs Item 7, 10-K 0000720005-24-000069

Risk Factors 206 words changed in this paragraph; it is 60% similar to last year's version.
There is a risk that our associates or independent advisors could engage in misconduct misconduct, fraudulent, unauthorized, or illegal acts, or noncompliance with firm policies or regulations that adversely affects our business. business and/or results in substantial liability. For example, our investment banking business often requires that we deal with appropriately manage the use of our institutional clients’ non-public, confidential matters information. Similarly, many of great significance to our clients. Our associates interact routinely with clients, customers, clients and counterparties on an ongoing basis. All associates and are expected to exhibit the behaviors comply with our policies and ethics that are reflected in our framework of principles, policies, and technology procedures to protect both our own information as well as that of our clients. If our associates improperly use or disclose clients’ confidential information provided and our own. If confidential information, for example, is improperly used or disclosed by our clients, any associate or independent advisor, we could be subject to future regulatory sanctions action and suffer serious harm to our reputation, financial position, current client relationships, and ability to attract future clients. We are also subject to a number of obligations and standards arising from our asset management business and our authority over our assets under management. In addition, our financial advisors are required to act in the best interests of our clients and may act in a fiduciary capacity, providing financial planning, investment advice, and discretionary asset management. The violation of these obligations and standards by any of our associates would adversely affect our clients and us. Associate conduct Additionally, associate or independent advisor misconduct on non-business matters, such as social issues, including the posting of information on social media or other internet forums, could be inconsistent with our policies and ethics values and result in reputational harm to our business due to their employment by us or affiliation with us. It is not always possible to deter or prevent every instance of associate misconduct, and the precautions we take to detect and prevent this activity may not be effective in all cases. If our associates or independent advisors engage in misconduct, our business would could be adversely affected.

Source: Item 1A, 10-K 0000720005-25-000093 vs Item 1A, 10-K 0000720005-24-000069

Accounting Policies 117 words changed in this paragraph; it is 41% similar to last year's version.
A portion of our corporate loan portfolio is comprised of participations in either Shared National Credits (“SNCs”) or other large syndicated loans in the U.S. and Canada. The SNCs are U.S. loan syndications totaling over $100 million that are shared between three or more regulated institutions. The agent bank’s regulator reviews a portion of SNC loans on a semi-annual basis and provides a synopsis of each loan’s regulatory classification, including loans that are designated for nonaccrual status and directed charge-offs. We must be at least as critical as the agent bank’s regulator with our nonaccrual designations, directed charge-offs, and classifications, potentially impacting our allowance for credit losses and charge-offs. Corporate loans are subject to our internal review procedures and regulatory review by the Board of Governors of the Federal Reserve System (“the Fed”) and either the Florida Office of Financial Regulation or the Pennsylvania Department of Banking and Securities as part of our respective banks’ regulatory examinations.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000720005-25-000093 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000720005-24-000069

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of RJF's Risk Factors and MD&A, 10-K 2025-11-25 against 10-K 2024-11-26. Each links to the text at sec.gov.

AddedRisk Factors
target range, and/or negatively impact our revenue growth. Further, new business initiatives and efforts to expand existing businesses generally require that we incur compensation and benefits expense, and other expenses before generating additional revenues.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
(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.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
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

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
(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.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2025-11-25 at sec.gov ↗

Show the other 5
AddedMD&A
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.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2025-11-25 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2025-11-25 at sec.gov ↗

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