rjf0331q225supplement

Quarterly Financial Supplement Fiscal second quarter of 2025 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from Six months ended in millions, except per share amounts March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Asset management and related administrative fees $ 1,516 $ 1,611 $ 1,662 $ 1,743 $ 1,725 14 % (1) % $ 2,923 $ 3,468 19 % Brokerage revenues: Securities commissions 414 416 438 440 431 4 % (2) % 797 871 9 % Principal transactions 114 116 123 119 149 31 % 25 % 253 268 6 % Total brokerage revenues 528 532 561 559 580 10 % 4 % 1,050 1,139 8 % Account and service fees 335 328 332 342 321 (4) % (6) % 654 663 1 % Investment banking 179 183 315 325 216 21 % (34) % 360 541 50 % Interest income 1,049 1,057 1,073 1,027 963 (8) % (6) % 2,102 1,990 (5) % Other 31 51 60 39 40 29 % 3 % 69 79 14 % Total revenues 3,638 3,762 4,003 4,035 3,845 6 % (5) % 7,158 7,880 10 % Interest expense (520) (534) (541) (498) (442) (15) % (11) % (1,027) (940) (8) % Net revenues 3,118 3,228 3,462 3,537 3,403 9 % (4) % 6,131 6,940 13 % Non-interest expenses: Compensation, commissions and benefits 2,043 2,090 2,159 2,272 2,204 8 % (3) % 3,964 4,476 13 % Non-compensation expenses: Communications and information processing 165 166 181 178 184 12 % 3 % 315 362 15 % Occupancy and equipment 73 75 76 73 74 1 % 1 % 145 147 1 % Business development 60 72 64 68 64 7 % (6) % 121 132 9 % Investment sub-advisory fees 44 48 50 53 54 23 % 2 % 84 107 27 % Professional fees 33 38 47 34 34 3 % — % 65 68 5 % Bank loan provision/(benefit) for credit losses 21 (10) 22 — 16 (24) % NM 33 16 (52) % Other 70 105 103 110 102 46 % (7) % 165 212 28 % Total non-compensation expenses 466 494 543 516 528 13 % 2 % 928 1,044 13 % Total non-interest expenses 2,509 2,584 2,702 2,788 2,732 9 % (2) % 4,892 5,520 13 % Pre-tax income 609 644 760 749 671 10 % (10) % 1,239 1,420 15 % Provision for income taxes 133 152 158 149 176 32 % 18 % 265 325 23 % Net income 476 492 602 600 495 4 % (18) % 974 1,095 12 % Preferred stock dividends 2 1 1 1 2 — % 100 % 3 3 — % Net income available to common shareholders $ 474 $ 491 $ 601 $ 599 $ 493 4 % (18) % $ 971 $ 1,092 12 % Earnings per common share – basic (1) $ 2.27 $ 2.37 $ 2.93 $ 2.94 $ 2.41 6 % (18) % $ 4.65 $ 5.34 15 % Earnings per common share – diluted (1) $ 2.22 $ 2.31 $ 2.86 $ 2.86 $ 2.36 6 % (17) % $ 4.54 $ 5.22 15 % Weighted-average common shares outstanding – basic 208.3 206.8 204.7 203.7 204.3 (2) % — % 208.4 204.0 (2) % Weighted-average common and common equivalent shares outstanding – diluted 213.4 212.3 210.1 209.2 208.7 (2) % — % 213.5 208.9 (2) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Total assets $ 81,232 $ 80,628 $ 82,992 $ 82,282 $ 83,132 2 % 1 % Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 11,118 $ 11,594 $ 11,844 $ 12,133 11 % 2 % Book value per share (2) $ 52.60 $ 54.08 $ 57.03 $ 57.89 $ 59.74 14 % 3 % Tangible book value per share (2) (3) $ 44.11 $ 45.57 $ 48.43 $ 49.49 $ 51.29 16 % 4 % Capital ratios: Tier 1 leverage 12.3 % 12.7 % 12.8 % 13.0 % 13.3 % (4) Tier 1 capital 21.9 % 22.2 % 22.8 % 23.7 % 23.5 % (4) Common equity tier 1 21.8 % 22.0 % 22.6 % 23.5 % 23.3 % (4) Total capital 23.3 % 23.6 % 24.1 % 25.0 % 24.8 % (4) $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Adjusted pre-tax income (3) $ 635 $ 667 $ 785 $ 769 $ 690 9 % (10) % $ 1,288 $ 1,459 13 % Adjusted net income available to common shareholders (3) $ 494 $ 508 $ 621 $ 614 $ 507 3 % (17) % $ 1,008 $ 1,121 11 % Adjusted earnings per common share – basic (1) (3) $ 2.37 $ 2.45 $ 3.03 $ 3.01 $ 2.48 5 % (18) % $ 4.83 $ 5.49 14 % Adjusted earnings per common share – diluted (1) (3) $ 2.31 $ 2.39 $ 2.95 $ 2.93 $ 2.42 5 % (17) % $ 4.71 $ 5.36 14 % Return on common equity (5) 17.5 % 17.8 % 21.2 % 20.4 % 16.4 % 18.3 % 18.4 % Adjusted return on common equity (3) (5) 18.3 % 18.4 % 21.9 % 20.9 % 16.9 % 19.0 % 18.9 % Adjusted return on tangible common equity (3) (5) 21.8 % 21.9 % 25.8 % 24.6 % 19.7 % 22.8 % 22.1 % Pre-tax margin (6) 19.5 % 20.0 % 22.0 % 21.2 % 19.7 % 20.2 % 20.5 % Adjusted pre-tax margin (3) (6) 20.4 % 20.7 % 22.7 % 21.7 % 20.3 % 21.0 % 21.0 % Total compensation ratio (7) 65.5 % 64.7 % 62.4 % 64.2 % 64.8 % 64.7 % 64.5 % Adjusted total compensation ratio (3) (7) 65.2 % 64.4 % 62.1 % 64.0 % 64.5 % 64.3 % 64.3 % Effective tax rate 21.8 % 23.6 % 20.8 % 19.9 % 26.2 % 21.4 % 22.9 % Three months ended % change from Six months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Client assets under administration $ 1,449.1 $ 1,476.2 $ 1,571.1 $ 1,557.5 $ 1,535.9 6 % (1) % Private Client Group assets under administration $ 1,388.8 $ 1,415.7 $ 1,507.0 $ 1,491.8 $ 1,475.5 6 % (1) % Private Client Group assets in fee-based accounts $ 798.8 $ 820.6 $ 875.2 $ 876.6 $ 872.8 9 % — % Financial assets under management $ 226.8 $ 229.3 $ 244.8 $ 243.9 $ 245.0 8 % — % Three months ended Six months ended Net new assets metrics (8) ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Domestic Private Client Group net new assets $ 9,648 $ 16,517 $ 12,969 $ 14,020 $ 8,830 $ 31,223 $ 22,850 Domestic Private Client Group net new assets growth — annualized 3.2 % 5.2 % 4.0 % 4.0 % 2.6 % 5.7 % 3.3 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Raymond James Bank Deposit Program (“RJBDP”): (9) Bank segment (9) $ 23,405 $ 23,371 $ 23,978 $ 23,946 $ 25,783 10 % 8 % Third-party banks 18,234 17,325 18,226 20,341 16,813 (8) % (17) % Subtotal RJBDP 41,639 40,696 42,204 44,287 42,596 2 % (4) % Client Interest Program 1,715 1,713 1,653 1,664 1,656 (3) % — % Total clients’ domestic cash sweep balances 43,354 42,409 43,857 45,951 44,252 2 % (4) % Enhanced Savings Program ("ESP") (10) 14,863 14,039 14,018 13,785 13,507 (9) % (2) % Total clients’ domestic cash sweep and ESP balances $ 58,217 $ 56,448 $ 57,875 $ 59,736 $ 57,759 (1) % (3) % Three months ended % change from Six months ended Net interest income and RJBDP fees ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Net interest income and RJBDP fees (third-party banks) $ 689 $ 672 $ 678 $ 673 $ 651 (6) % (3) % $ 1,387 $ 1,324 (5) % Average yield on RJBDP - third-party banks (11) 3.59 % 3.41 % 3.34 % 3.12 % 3.00 % 3.62 % 3.06 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Asset management and related administrative fees $ 1,283 $ 1,364 $ 1,408 $ 1,476 $ 1,457 14 % (1) % $ 2,474 $ 2,933 19 % Brokerage revenues: Mutual and other fund products 141 142 148 152 152 8 % — % 277 304 10 % Insurance and annuity products 127 130 137 118 117 (8) % (1) % 252 235 (7) % Equities, ETFs, and fixed income products 139 137 148 163 150 8 % (8) % 260 313 20 % Total brokerage revenues 407 409 433 433 419 3 % (3) % 789 852 8 % Account and service fees: Mutual fund and annuity service fees 115 118 122 126 130 13 % 3 % 221 256 16 % RJBDP fees: (9) Bank segment 206 198 197 187 183 (11) % (2) % 429 370 (14) % Third-party banks 160 149 146 144 130 (19) % (10) % 312 274 (12) % Client account and other fees 64 66 69 70 66 3 % (6) % 129 136 5 % Total account and service fees 545 531 534 527 509 (7) % (3) % 1,091 1,036 (5) % Investment banking 8 10 9 8 9 13 % 13 % 19 17 (11) % Interest income (12) 122 121 119 126 110 (10) % (13) % 240 236 (2) % All other 6 13 4 5 6 — % 20 % 10 11 10 % Total revenues 2,371 2,448 2,507 2,575 2,510 6 % (3) % 4,623 5,085 10 % Interest expense (30) (32) (31) (27) (24) (20) % (11) % (56) (51) (9) % Net revenues 2,341 2,416 2,476 2,548 2,486 6 % (2) % 4,567 5,034 10 % Non-interest expenses: Financial advisor compensation and benefits 1,273 1,327 1,364 1,413 1,411 11 % — % 2,463 2,824 15 % Administrative compensation and benefits 391 389 387 418 388 (1) % (7) % 770 806 5 % Total compensation, commissions and benefits 1,664 1,716 1,751 1,831 1,799 8 % (2) % 3,233 3,630 12 % Non-compensation expenses 233 259 264 255 256 10 % — % 451 511 13 % Total non-interest expenses 1,897 1,975 2,015 2,086 2,055 8 % (1) % 3,684 4,141 12 % Pre-tax income $ 444 $ 441 $ 461 $ 462 $ 431 (3) % (7) % $ 883 $ 893 1 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Brokerage revenues: Fixed income $ 88 $ 86 $ 91 $ 85 $ 116 32 % 36 % $ 190 $ 201 6 % Equity 34 35 36 41 45 32 % 10 % 72 86 19 % Total brokerage revenues 122 121 127 126 161 32 % 28 % 262 287 10 % Investment banking: Merger & acquisition and advisory 107 91 205 226 129 21 % (43) % 225 355 58 % Equity underwriting 23 33 49 35 31 35 % (11) % 49 66 35 % Debt underwriting 41 49 52 56 47 15 % (16) % 67 103 54 % Total investment banking 171 173 306 317 207 21 % (35) % 341 524 54 % Interest income 26 32 28 29 28 8 % (3) % 49 57 16 % Affordable housing investments business revenues 22 30 43 29 20 (9) % (31) % 45 49 9 % All other 4 4 6 5 4 — % (20) % 8 9 13 % Total revenues 345 360 510 506 420 22 % (17) % 705 926 31 % Interest expense (24) (30) (27) (26) (24) — % (8) % (46) (50) 9 % Net revenues 321 330 483 480 396 23 % (18) % 659 876 33 % Non-interest expenses: Compensation, commissions and benefits 240 243 281 301 262 9 % (13) % 478 563 18 % Non-compensation expenses 98 101 107 105 98 — % (7) % 195 203 4 % Total non-interest expenses 338 344 388 406 360 7 % (11) % 673 766 14 % Pre-tax income/(loss) $ (17) $ (14) $ 95 $ 74 $ 36 NM (51) % $ (14) $ 110 NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Interest income $ 868 $ 867 $ 887 $ 847 $ 802 (8) % (5) % $ 1,740 $ 1,649 (5) % Interest expense (455) (461) (476) (433) (383) (16) % (12) % (901) (816) (9) % Net interest income 413 406 411 414 419 1 % 1 % 839 833 (1) % All other 11 12 22 11 15 36 % 36 % 26 26 — % Net revenues 424 418 433 425 434 2 % 2 % 865 859 (1) % Non-interest expenses: Compensation and benefits 48 45 44 46 45 (6) % (2) % 91 91 — % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 21 (10) 22 — 16 (24) % NM 33 16 (52) % RJBDP fees to Private Client Group (9) 206 198 197 187 183 (11) % (2) % 429 370 (14) % All other 74 70 72 74 73 (1) % (1) % 145 147 1 % Total non-compensation expenses 301 258 291 261 272 (10) % 4 % 607 533 (12) % Total non-interest expenses 349 303 335 307 317 (9) % 3 % 698 624 (11) % Pre-tax income $ 75 $ 115 $ 98 $ 118 $ 117 56 % (1) % $ 167 $ 235 41 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Revenues: Interest income (12) $ 44 $ 47 $ 53 $ 34 $ 34 (23) % — % $ 93 $ 68 (27) % All other (2) 6 — 3 4 NM 33 % — 7 NM Total revenues 42 53 53 37 38 (10) % 3 % 93 75 (19) % Interest expense (25) (25) (25) (25) (25) — % — % (50) (50) — % Net revenues 17 28 28 12 13 (24) % 8 % 43 25 (42) % Non-interest expenses: Compensation and benefits 32 29 26 36 40 25 % 11 % 49 76 55 % All other (22) 9 12 6 7 NM 17 % (16) 13 NM Total non-interest expenses 10 38 38 42 47 370 % 12 % 33 89 170 % Pre-tax income/(loss) $ 7 $ (10) $ (10) $ (30) $ (34) NM (13) % $ 10 $ (64) NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (13) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Bank Segment As of % change from $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Total assets $ 61,038 $ 60,574 $ 62,367 $ 62,278 $ 62,700 3 % 1 % Bank loans, net $ 44,099 $ 45,149 $ 45,994 $ 47,164 $ 48,273 9 % 2 % Bank loan allowance for credit losses $ 471 $ 456 $ 457 $ 452 $ 452 (4) % — % Bank loan allowance for credit losses as a % of total loans held for investment 1.06 % 1.00 % 0.99 % 0.95 % 0.93 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (14) 2.05 % 2.00 % 1.99 % 1.93 % 1.94 % Total nonperforming assets $ 187 $ 160 $ 175 $ 161 $ 214 14 % 33 % Nonperforming assets as a % of total assets 0.31 % 0.26 % 0.28 % 0.26 % 0.34 % Total criticized loans $ 538 $ 523 $ 679 $ 599 $ 551 2 % (8) % Criticized loans as a % of total loans held for investment 1.21 % 1.15 % 1.47 % 1.26 % 1.14 % Total bank deposits $ 54,843 $ 54,401 $ 56,010 $ 55,850 $ 56,403 3 % 1 % As of % change from $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 Securities-based loans (15) $ 14,610 $ 15,429 $ 16,233 $ 16,869 $ 17,608 21 % 4 % Commercial and industrial loans 10,190 9,956 9,953 10,390 10,462 3 % 1 % Commercial real estate loans 7,462 7,619 7,615 7,586 7,569 1 % — % Real estate investment trust loans 1,701 1,755 1,716 1,683 1,794 5 % 7 % Residential mortgage loans 9,016 9,245 9,412 9,602 9,801 9 % 2 % Tax-exempt loans 1,445 1,431 1,338 1,294 1,268 (12) % (2) % Total loans held for investment 44,424 45,435 46,267 47,424 48,502 9 % 2 % Held for sale loans 146 170 184 192 223 53 % 16 % Total loans held for sale and investment 44,570 45,605 46,451 47,616 48,725 9 % 2 % Allowance for credit losses (471) (456) (457) (452) (452) (4) % — % Bank loans, net $ 44,099 $ 45,149 $ 45,994 $ 47,164 $ 48,273 9 % 2 % Three months ended % change from Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2024 March 31, 2025 % change Net interest margin (net yield on interest-earning assets) 2.66 % 2.64 % 2.62 % 2.60 % 2.67 % 2.70 % 2.63 % Bank loan provision/(benefit) for credit losses $ 21 $ (10) $ 22 $ — $ 16 (24) % NM $ 33 $ 16 (52) % Net charge-offs $ 28 $ 6 $ 20 $ 4 $ 15 (46) % 275 % $ 36 $ 19 (47) % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 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 a 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 return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate 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 for those periods which include non-GAAP adjustments. Three months ended Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Net income available to common shareholders $ 474 $ 491 $ 601 $ 599 $ 493 $ 971 $ 1,092 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (16) 11 11 9 8 8 22 16 Communication and information processing 1 — 1 — — 1 — Professional fees 1 1 1 1 1 2 2 Other: Amortization of identifiable intangible assets (17) 11 11 11 11 10 22 21 All other acquisition-related expenses 2 — 3 — — 2 — Total “Other” expense 13 11 14 11 10 24 21 Total pre-tax impact of non-GAAP adjustments related to acquisitions 26 23 25 20 19 49 39 Tax effect of non-GAAP adjustments (6) (6) (5) (5) (5) (12) (10) Total non-GAAP adjustments, net of tax 20 17 20 15 14 37 29 Adjusted net income available to common shareholders (3) $ 494 $ 508 $ 621 $ 614 $ 507 $ 1,008 $ 1,121 Pre-tax income $ 609 $ 644 $ 760 $ 749 $ 671 $ 1,239 $ 1,420 Pre-tax impact of non-GAAP adjustments (as detailed above) 26 23 25 20 19 49 39 Adjusted pre-tax income (3) $ 635 $ 667 $ 785 $ 769 $ 690 $ 1,288 $ 1,459 Compensation, commissions and benefits expense $ 2,043 $ 2,090 $ 2,159 $ 2,272 $ 2,204 $ 3,964 $ 4,476 Less: Acquisition-related retention (16) 11 11 9 8 8 22 16 Adjusted “Compensation, commissions and benefits” expense (3) $ 2,032 $ 2,079 $ 2,150 $ 2,264 $ 2,196 $ 3,942 $ 4,460 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Six months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Pre-tax margin (6) 19.5 % 20.0 % 22.0 % 21.2 % 19.7 % 20.2 % 20.5 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (16) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % Communications and information processing — % — % — % — % — % — % — % Professional fees 0.1 % — % — % — % — % — % — % Other: Amortization of identifiable intangible assets (17) 0.4 % 0.4 % 0.3 % 0.3 % 0.3 % 0.4 % 0.3 % All other acquisition-related expenses 0.1 % — % 0.1 % — % — % — % — % Total “Other” expense 0.5 % 0.4 % 0.4 % 0.3 % 0.3 % 0.4 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.9 % 0.7 % 0.7 % 0.5 % 0.6 % 0.8 % 0.5 % Adjusted pre-tax margin (3) (6) 20.4 % 20.7 % 22.7 % 21.7 % 20.3 % 21.0 % 21.0 % Total compensation ratio (7) 65.5 % 64.7 % 62.4 % 64.2 % 64.8 % 64.7 % 64.5 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (16) 0.3 % 0.3 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % Adjusted total compensation ratio (3) (7) 65.2 % 64.4 % 62.1 % 64.0 % 64.5 % 64.3 % 64.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Six months ended Earnings per common share (1) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Diluted $ 2.22 $ 2.31 $ 2.86 $ 2.86 $ 2.36 $ 4.54 $ 5.22 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (16) 0.05 0.05 0.04 0.04 0.04 0.10 0.08 Communications and information processing — — — — — — — Professional fees 0.01 0.01 — — — 0.01 0.01 Other: Amortization of identifiable intangible assets (17) 0.05 0.05 0.05 0.05 0.05 0.11 0.10 All other acquisition-related expenses 0.01 — 0.02 — — 0.01 — Total “Other” expense 0.06 0.05 0.07 0.05 0.05 0.12 0.10 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.12 0.11 0.11 0.09 0.09 0.23 0.19 Tax effect of non-GAAP adjustments (0.03) (0.03) (0.02) (0.02) (0.03) (0.06) (0.05) Total non-GAAP adjustments, net of tax 0.09 0.08 0.09 0.07 0.06 0.17 0.14 Adjusted diluted (3) $ 2.31 $ 2.39 $ 2.95 $ 2.93 $ 2.42 $ 4.71 $ 5.36 Book value per share As of $ in millions, except per share amounts March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Total common equity attributable to Raymond James Financial, Inc. $ 10,905 $ 11,118 $ 11,594 $ 11,844 $ 12,133 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,894 1,884 1,886 1,858 1,855 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (134) (136) (138) (139) (140) Tangible common equity attributable to Raymond James Financial, Inc. (3) $ 9,145 $ 9,370 $ 9,846 $ 10,125 $ 10,418 Common shares outstanding 207.3 205.6 203.3 204.6 203.1 Book value per share (2) $ 52.60 $ 54.08 $ 57.03 $ 57.89 $ 59.74 Tangible book value per share (2) (3) $ 44.11 $ 45.57 $ 48.43 $ 49.49 $ 51.29 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Average common equity (18) $ 10,808 $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (16) 6 5 5 4 4 11 8 Communications and information processing — — — — — — — Professional fees — 1 1 1 1 1 1 Other: Amortization of identifiable intangible assets (17) 6 5 6 6 5 11 11 All other acquisition-related expenses 1 — 1 — — 1 — Total “Other” expense 7 5 7 6 5 12 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 13 11 10 24 20 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (6) (5) Total non-GAAP adjustments, net of tax 10 8 10 8 7 18 15 Adjusted average common equity (3) (18) $ 10,818 $ 11,020 $ 11,366 $ 11,727 $ 11,996 $ 10,602 $ 11,872 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Six months ended $ in millions March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2024 March 31, 2025 Average common equity (18) $ 10,808 $ 11,012 $ 11,356 $ 11,719 $ 11,989 $ 10,584 $ 11,857 Less: Average goodwill and identifiable intangible assets, net 1,901 1,889 1,885 1,872 1,857 1,903 1,866 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (133) (135) (137) (139) (140) (132) (139) Average tangible common equity (3) (18) $ 9,040 $ 9,258 $ 9,608 $ 9,986 $ 10,272 $ 8,813 $ 10,130 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits (16) 6 5 5 4 4 11 8 Communications and information processing — — — — — — — Professional fees — 1 1 1 1 1 1 Other: Amortization of identifiable intangible assets (17) 6 5 6 6 5 11 11 All other acquisition-related expenses 1 — 1 — — 1 — Total “Other” expense 7 5 7 6 5 12 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 13 11 13 11 10 24 20 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) (6) (5) Total non-GAAP adjustments, net of tax 10 8 10 8 7 18 15 Adjusted average tangible common equity (3) (18) $ 9,050 $ 9,266 $ 9,618 $ 9,994 $ 10,279 $ 8,831 $ 10,145 Return on common equity (5) 17.5 % 17.8 % 21.2 % 20.4 % 16.4 % 18.3 % 18.4 % Adjusted return on common equity (3) (5) 18.3 % 18.4 % 21.9 % 20.9 % 16.9 % 19.0 % 18.9 % Return on tangible common equity (3) (5) 21.0 % 21.2 % 25.0 % 24.0 % 19.2 % 22.0 % 21.6 % Adjusted return on tangible common equity (3) (5) 21.8 % 21.9 % 25.8 % 24.6 % 19.7 % 22.8 % 22.1 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025, and $2 million for both of the six months ended March 31, 2024 and 2025. (2) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (3) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (4) Estimated. (5) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (6) 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. (7) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (8) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (9) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition and within money market and other savings accounts in our net interest disclosures in this release. RJBDP balances swept to third-party banks are not included in our Bank deposits on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (10) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition and the vast majority are included within interest-bearing demand deposits in our net interest disclosures in this release. (11) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - 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. (12) Effective October 1, 2024, we updated our methodology for allocating interest income on certain cash balances, resulting in a reduction in interest income in the Other segment and an increase in interest income in the PCG segment. Prior-period segment results have not been conformed to the current-period presentation. (13) The Other segment includes interest income on certain corporate cash balances, the results of 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. (14) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (15) Securities-based loans included loans 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. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (16) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (17) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. RAYMOND JAMES FINANCIAL, INC. 18

(18) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year-to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. 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. RAYMOND JAMES FINANCIAL, INC. 19