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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.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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 ↗

RemovedRisk Factors
and conflicts, such as the wars in Ukraine and Israel, or public health epidemics and pandemics, as well as by a number of factors in the global financial markets that may be detrimental to our operating results.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
In addition, proxy advisory firms and certain institutional investors who manage investments in public companies may integrate environmental, social, and governance factors into their investment analysis. The consideration of environmental and social matters in making investment and voting decisions is relatively new. Accordingly, the frameworks and methods for assessing policies related to such matters are not fully developed, vary considerably among the investment community, and will likely continue to evolve over time. Moreover, the subjective nature of methods used by various stakeholders to assess a company with respect to environmental, social, and governance criteria could result in erroneous perceptions or a misrepresentation of our actual policies and practices in these areas. Organizations that provide ratings information to investors on such matters may

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
also assign unfavorable ratings to RJF. Public companies continue to face pressure from stakeholders to consider environmental, social, and governance issues in corporate actions, such as the election of directors and approval of executive compensation. Certain of our clients might also require that we implement additional procedures or standards in these areas in order to continue to do business with them. If we fail to comply with specific investor or client expectations and standards, or to provide the disclosure relating to these issues that any third parties may believe is necessary or appropriate (regardless of whether there is a legal requirement to do so), our reputation, business, financial condition, and/or results of operations could be negatively impacted.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
Numerous regulatory changes and enhanced regulatory and enforcement activity relating to our investment management activities may increase our compliance and legal costs and otherwise adversely affect our business.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
As some of our wholly-owned subsidiaries are registered as investment advisers with the SEC, increased regulatory scrutiny and rulemaking initiatives may result in additional operational and compliance costs or the assessment of significant fines or penalties against our asset management business, and may otherwise limit our ability to engage in certain activities. While it is

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
not possible to determine the extent of the long-term impact of any new laws or regulations that have been promulgated, or initiatives that have been or may be proposed, even the short-term impact of preparing for or implementing changes to our infrastructure and processes could negatively affect the ways we conduct business and increase our compliance and legal costs. Conformance with any new law or regulations could also make compliance more difficult and expensive and affect our product and service offerings.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
The rights of holders of our common stock are generally subordinate to the rights of holders of our outstanding, and any future issuances of, debt securities and preferred stock.

Read it in 10-K 2024-11-26 at sec.gov ↗

Show the other 56
RemovedRisk Factors
Our Board of Directors has the authority to issue debt securities as well as an aggregate of up to 10 million shares of preferred stock on the terms it determines appropriate without shareholder approval. Outstanding shares of our 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock, par value $0.10 per share are senior to our common stock. Any debt or shares of preferred stock that we may issue in the future will also be senior to our common stock. Because our decision to issue debt or equity securities or incur other borrowings in the future will depend on market conditions and other factors beyond our control, the amount, timing, nature or success of our future capital raising efforts is uncertain. Thus, holders of our common stock bear the risk that our future issuances of debt or equity securities or our incurrence of other borrowings may negatively affect the market price of our common stock.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedRisk Factors
The depositary shares representing interests in our preferred stock are listed on the NYSE, but an active, liquid trading market for such securities may not be sustained, and holders of our depositary shares may not be able to sell their shares at the volume, prices, or times desired. In addition, holders of our preferred stock (and, accordingly, holders of the depositary shares representing such stock), will have no voting rights with respect to matters that generally require the approval of our voting common shareholders. Holders of preferred stock have voting rights that are generally limited to: (i) authorizing, creating or issuing any capital stock ranking senior to such preferred stock, and (ii) amending, altering or repealing any provision of our Articles of Incorporation so as to adversely affect the powers, preferences or special rights of such series of preferred stock.

Read it in 10-K 2024-11-26 at sec.gov ↗

RewordedRisk Factors
Moreover, there has been increased regulatory focus on the disclosure practices of Nonetheless, we could still face reputational risk if our investment managers offering sustainable and values-based investment strategies, resulting in increased risk that we could be are perceived as making inaccurate or misleading statements regarding the investment strategies of our funds and ETFs, commonly referred to as “greenwashing.

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

RewordedRisk Factors
In particular, see “Item 1C - Cybersecurity” for additional information on how we assess, identify, and manage cybersecurity risks, “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and capital resources” for additional information on liquidity and how we manage our liquidity risk risks and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Risk management” for additional information on our exposure and how we monitor and manage our market, credit, liquidity, operational, model, and compliance, and certain other risks.

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

RewordedRisk Factors
Macroeconomic conditions may also be negatively affected by domestic or international events, including natural disasters, political unrest, the indirect impact of wars and conflicts, or public health epidemics and pandemics, as well as by a number of factors in the global financial markets that may be detrimental to our operating results.

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

RewordedRisk Factors
While we perform extensive diligence on the banks we select to hold these deposits, a failure of one or more of these depository institutions to return these deposits could affect our operating liquidity, result in reputational damage, and impair our financial performance.

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

RewordedRisk Factors
Changes in tax law and regulation, While there is uncertainty around the timing of many such potential changes, such changes, or any market uncertainty caused by a potential change in the political environment, governmental policies, may also affect our clients and, directly or indirectly, our business.

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

RewordedRisk Factors
Any significant reduction in PCG clients’ cash balances swept to the RJBDP, a change in the allocation of that cash between our Bank segment and third-party banks within the RJBDP, a movement of cash away from the firm, or an inability to implement new or modified deposit offerings, could significantly impair our ability to continue growing interest-earning assets and/or require our Bank segment to increase reliance on higher-cost deposit sources, such as the ESP and certain higher-yield RJBDP offerings to clients, or other sources of liquidity to grow interest-earning assets.

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

RewordedRisk Factors
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.

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

RewordedRisk Factors
If our associates confidential information, for example, is improperly use used or disclose confidential information provided 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.

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

RewordedRisk Factors
In addition, unauthorized disclosure of sensitive or confidential client or employee data, information, as well as information we collect from our actual and prospective clients, associates, and independent contractor financial advisors, whether through system failure, employee negligence, fraud, or misappropriation, could damage our reputation and cause us to lose clients and related revenue.

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

RewordedRisk Factors
The Federal Reserve Fed requires a bank holding company to act as a source of financial and managerial strength for its subsidiary banks and could require RJF to commit resources to Raymond James Bank and TriState Capital Bank when doing so is not otherwise in the best interests of RJF or its shareholders or creditors.

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

RewordedRisk Factors
Notwithstanding the precautions we take, if a cyber-attack or other information security breach were to occur, this could jeopardize the information we confidentially maintain, or otherwise cause interruptions in our operations or those of our clients and counterparties, exposing us to liability. liability, including potential financial liability for certain client losses arising from various assurances we make to our clients regarding such instances.

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

RewordedRisk Factors
For example, our investment banking business often requires that we deal with appropriately manage the use of our institutional clients’ non-public, confidential matters of great significance to our clients. information.

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

Quiet changesRisk Factors
Financial services firms are subject to numerous actual or perceived conflicts of interest, which are routinely examined by regulators and SROs, such as FINRA, and are often may be used as the basis for claims for legal liability by plaintiffs in actions against us.

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

Quiet changesRisk Factors
These include enhanced prudential standards that would become applicable to us if our average total consolidated assets for four consecutive calendar quarters equal or exceed $100 billion and we are therefore classified as a category IV bank holding company.

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

Quiet changesRisk Factors
Implementation of the SEC regulations, as well as any new state rules that are might be adopted addressing similar matters, has resulted in (and may continue to result in) increased costs related to compliance, legal, operations and information technology.

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 ↗

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 ↗

RemovedMD&A
Year ended September 30, Other selected financial highlights 2024 2023 2022 Return on common equity 18.9% 17.7% 17.0% Adjusted return on common equity (1) 19.6% 18.4% 18.2% Return on tangible common equity (1) 22.6% 21.7% 19.8% Adjusted return on tangible common equity (1) 23.3% 22.5% 21.1% Compensation ratio 64.1% 62.8% 66.6% Adjusted compensation ratio (1) 63.7% 62.1% 66.1% Effective income tax rate 21.8% 23.7% 25.4%

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
As of September 30, 2024, tier 1 leverage ratio was 12.8% and total capital ratio was 24.1%, both well above regulatory capital requirements. We also continued to have substantial liquidity with $2.16 billion(1) of cash at the parent as of September 30, 2024. We believe our capital and funding position provide us the opportunity to manage our balance sheet prudently and to continue to be opportunistic and invest in growth. During the year ended September 30, 2024, we repurchased 7.7 million shares of our common stock under the Board of Directors’ common stock repurchase authorization for $900 million at an average price of $117 per share. After the effect of those repurchases, $644 million remained under the Board’s authorization. In total, we returned $1.3 billion of capital to shareholders through the combination of share repurchases and dividends in the fiscal year. We expect to continue to repurchase our common stock to offset dilution from share-based compensation and to be opportunistic with incremental repurchases. Given our capital and liquidity levels, we expect to maintain, or potentially increase, our share repurchase activity levels; however, we will continue to monitor market conditions and other capital needs as we consider the magnitude and timing of these repurchases.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
As we look ahead, we believe we are well-positioned for long-term growth, with our strong capital and liquidity position, total client assets under administration of $1.57 trillion and net bank loans of $46 billion. We expect our fiscal first quarter of 2025 results to be favorably impacted by higher asset management and related administrative fees, which will benefit from the 7% increase in both PCG fee-based assets and financial assets under management from June 30, 2024 to September 30, 2024. In addition, our financial advisor recruiting activity remains robust, including a strong recruiting pipeline. We also have a healthy investment banking pipeline, and we expect investment banking revenues to benefit as the market environment becomes more constructive for transaction closings over the next few quarters. Although the market is still challenging, we expect fixed income brokerage revenues to benefit from increased activity from depository institutions resulting from decreases in short-term interest rates and the yield curve steepening. While the decline in short-term interest rates is expected to have a favorable impact on certain of our businesses, we anticipate our combined net interest income and RJBDP fees from third-party banks will decrease in our fiscal 2025 due to the 50-basis point and 25-basis point decreases in short-term interest rates enacted by the Fed in September 2024 and November 2024, respectively; although the magnitude of such decline is largely dependent on the level of short-term interest rates, including any additional rate cuts in our fiscal 2025, our interest-earning asset levels, client cash balances, and other factors that may impact the current market environment. While we maintain discipline in controlling our expenses, we continue to invest to support growth across our businesses which may increase expenses in future periods. Corporate loan growth has remained muted in fiscal 2024, but we believe we are well-positioned to increase lending as new origination activity increases, which may increase provisions for credit losses in future periods. In addition, although our current loan portfolio credit metrics are solid and we continue to proactively manage our credit risk in our loan portfolio, future economic deterioration or changes in the macroeconomic outlook could also result in increased bank loan provisions for credit losses in future periods.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
(1)In March 2023, we introduced our ESP, in which PCG clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective year end were included in “Bank deposits” on our Consolidated Statement of Financial Condition.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
Non-compensation expenses remained flat as higher communications and information processing expenses, occupancy and equipment expenses, and professional fees were offset by lower provisions for legal and regulatory matters.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
of certain loans, and loan downgrades during the year. These negative impacts on the prior-year provision were partially offset by the favorable impacts of loan repayments and sales, which had a larger impact than provisions on new loans during the prior year.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
Net revenues increased $40 million, primarily due to an increase in interest income earned as a result of higher short-term interest rates applicable to our corporate cash balances and, to a lesser extent, higher average corporate cash balances.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
Although we have liquidity available to us from our other subsidiaries, the available amounts may not be as significant as those previously described and, in certain instances, may be subject to regulatory requirements.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
In May 2024, Raymond James Bank entered into a joint venture with a third party to offer private credit solutions in order to finance clients’ merger and acquisition transactions. All loans made by the joint venture to borrower companies are subject to unanimous approval by both Raymond James Bank and the joint venture member. Raymond James Bank may make advances through a loan to the joint venture. The activity of this joint venture did not have a significant impact on our financial position or results of operations for the year ended September 30, 2024.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
In August 2024, the firm entered into a settlement (the “Settlement”) with the SEC’s Division of Enforcement to resolve an investigation of the firm’s compliance with records preservation requirements relating to business communications sent over electronic messaging channels that have not been approved by the firm. In the Settlement, the firm agreed to cease and desist from further violations of certain records preservation requirements, admitted the SEC’s factual findings, agreed to pay a civil monetary penalty of $50 million, agreed to engage an independent compliance consultant, and agreed to implement improvements to our related compliance policies and procedures.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
The Organization for Economic Co-operation and Development (“OECD”) has issued the Global Anti-Base Erosion Model Rules (“Pillar II”) which generally provides for multinational organizations to have a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate. We have foreign operations in the U.K, Canada, and Germany, and will be subject to certain portions of Pillar II beginning in fiscal 2025. We do not anticipate that Pillar II will have a material impact on our consolidated results of operations or effective income tax rate.

Read it in 10-K 2024-11-26 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2024-11-26 at sec.gov ↗

RewordedMD&A
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 tangible common equity $ 9,167 12,067 $ 8,020 10,929 $ 7,659 Return on 9,819 Average common equity 18.9 % 17.7 % 17.0 % Adjusted return on common equity 19.6 % 18.4 % 18.2 % Return on tangible common equity 22.6 % 21.7 % 19.8 % Adjusted return on tangible common equity 23.3 % 22.5 % 21.1 % $ 12,035 $ 10,893 $ 9,791 Less:

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

RewordedMD&A
Partially offsetting these decreases in expenses, was the impact of 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 advisors and to support our growth, the aforementioned $32 million insurance settlement received in the prior year related to a previously-settled legal matter that did not reoccur, higher investment sub-advisory fees resulting from growth in assets under management in sub-advised programs, and higher non-interest expenses related business development expenses, primarily due to deposits, including the impact of a FDIC special assessment in the current year. financial advisor recruiting and other business growth investments.

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

RewordedMD&A
Amortization of identifiable intangible assets 41 44 45 33 Initial provision for credit losses on acquired lending commitments — — 5 All other acquisition-related expenses 9 5 — 11 Total “Other” expense 50 49 45 49 Total expenses related to acquisitions 97 97 130 147 Other — Insurance settlement received — — (32) — Pre-tax impact of non-GAAP adjustments 97 97 98 147 Tax effect of non-GAAP adjustments (22) (23) (25) (37) Total non-GAAP adjustments, net of tax 75 74 73 110 Adjusted net income available to common shareholders $ 2,205 $ 2,137 $ 1,806 $ 1,615 Pre-tax income $ 2,643 $ 2,280 2,022 Pre-tax impact of non-GAAP adjustments (as detailed above) 97 98 147 Adjusted pre-tax income $ 2,740 $ 2,378 $ 2,169 Compensation, commissions and benefits expense $ 8,213 $ 7,299 $ 7,329 Less:

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RewordedMD&A
Cash and cash equivalents $ 35 $ (55) $ (20) $ 13 $ 30 $ 43 $ (9) $ 138 $ 129 Assets segregated for regulatory purposes and restricted cash — (34) $ (34) (58) 44 $ (14) (116) 217 101 Trading assets — debt securities 6 (4) $ 2 13 3 $ 16 23 7 30 Brokerage client receivables 9 (25) $ (16) 6 11 $ 17 (14) 84 70 All other interest-earning assets 12 (3) $ 9 17 9 $ 26 (3) 24 21 Interest-earning assets — all other segments $ 62 $ (121) $ (59) $ (9) $ 97 $ 88 $ (119) $ 470 $ 351 Total interest-earning assets $ 251 $ (489) $ (238) $ 100 $ 384 $ 484 $ 438 $ 1,802 $ 2,240 Interest-bearing liabilities:

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RewordedMD&A
SBL 161 (147) 14 35 69 104 223 430 653 C&I loans 15 (107) (92) (59) 76 17 55 399 454 CRE loans 18 (74) (56) 32 40 72 145 193 338 REIT loans (3) (11) (14) 3 14 17 14 61 75 Residential mortgage loans 29 30 59 32 39 71 59 29 88 Tax-exempt loans (4) 1 (3) (6) 3 (3) 6 — 6 Loans held for sale 3 (3) — 2 1 3 (3) 9 6 Total loans held for sale and investment 219 (311) (92) 39 242 281 499 1,121 1,620 All other interest-earning assets — (2) (2) 5 1 6 1 4 5 Interest-earning assets — Bank segment $ 189 $ (368) $ (179) $ 109 $ 287 $ 396 $ 557 $ 1,332 $ 1,889 All other segments:

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RewordedMD&A
Trading liabilities — debt securities 1 (1) — 7 1 8 18 6 24 Brokerage client payables 3 (20) (17) (21) 26 5 (23) 77 54 Senior notes payable 3 1 4 — — — — (1) (1) All other interest-bearing liabilities 2 (6) (4) 17 2 19 4 2 6 Interest-bearing liabilities — all other segments $ 9 $ (26) $ (17) $ 3 $ 29 $ 32 $ (1) $ 84 $ 83 Total interest-bearing liabilities $ 59 $ (314) $ (255) $ 343 $ 386 $ 729 $ 376 $ 692 $ 1,068 Change in firmwide net interest income $ 192 $ (175) $ 17 $ (243) $ (2) $ (245) $ 62 $ 1,110 $ 1,172

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RewordedMD&A
Money market and savings accounts $ 33 $ (113) $ (80) $ (163) $ 297 $ 134 Interest-bearing demand deposits 46 (170) $ 9 $ 457 $ 466 Interest-bearing checking accounts (124) 489 39 $ 528 321 113 434 Certificates of deposit (27) (5) $ (32) 20 19 $ 39 37 32 69 Total bank deposits 52 (288) (236) 346 355 701 367 602 969 FHLB advances and all other interest-bearing liabilities (2) — (2) (6) 2 (4) 10 6 16 Interest-bearing liabilities — Bank segment $ 50 $ (288) $ (238) $ 340 $ 357 $ 697 $ 377 $ 608 $ 985 All other segments:

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

RewordedMD&A
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 tangible common equity $ 10,347 $ 9,167 $ 8,020 $ 7,659 Return on common equity 17.7 % 18.9 % 17.7 % 17.0 % Adjusted return on common equity 18.3 % 19.6 % 18.4 % 18.2 % Return on tangible common equity 20.6 % 22.6 % 21.7 % 19.8 % Adjusted return on tangible common equity 21.3 % 23.3 % 22.5 % 21.1 %

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

RewordedMD&A
ROCE 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 average diluted weighted-average common equity shares outstanding for each respective period or, in the case of ROTCE, 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 average tangible diluted weighted-average common equity shares outstanding for each respective period.

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

RewordedMD&A
Year ended September 30, $ in billions 2025 2024 2023 2022 Financial assets under management at beginning of year $ 259.5 $ 207.9 $ 184.0 $ 202.2 Raymond James Investment Management: 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

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RewordedMD&A
The average yield on RJBDP - third-party banks increased for the year ended September 30, 2025 decreased from the prior year largely as a result of the increases decreases in the Fed’s short-term benchmark interest rate throughout fiscal 2023. 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.

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

RewordedMD&A
Adjusted ROCE Pre-tax margin is computed by dividing adjusted pre-tax income by net income available to common shareholders by adjusted average common equity revenues for each respective period, or period or, in the case of adjusted ROTCE, pre-tax margin, computed by dividing adjusted pre-tax income by net income available to common shareholders by adjusted average tangible common equity revenues for each respective period.

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

Quiet changesMD&A
Asset management and related administrative fees increased $137 $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.

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

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