RJFRaymond James Financial

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 %

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.

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.