Raymond James Financial · Earnings release

FOR IMMEDIATE RELEASE

raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS FISCAL THIRD QUARTER OF

•Record net revenues of $10.34 billion and record pre-tax income of $1.98 billion for the first nine months of fiscal 2025, up 10% and 5%, respectively, over the first nine months of fiscal 2024

•Record client assets under administration of $1.64 trillion and record Private Client Group assets in fee-based accounts of $943.9 billion, up 11% and 15%, respectively, over June 2024

•Quarterly net revenues of $3.40 billion, up 5% over the prior year’s fiscal third quarter and flat compared to the preceding quarter

•Quarterly net income available to common shareholders of $435 million, or $2.12 per diluted share; quarterly adjusted net income available to common shareholders of $449 million(1), or $2.18 per diluted share(1)

•Repurchased $451 million of common stock during the fiscal third quarter

•Annualized return on common equity of 17.1% and annualized adjusted return on tangible common equity of 20.5%(1) for the first nine months of fiscal 2025

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.40 billion and net income available to common shareholders of $435 million, or $2.12 per diluted share, for the fiscal third quarter ended June 30, 2025. Excluding $19 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $449 million(1), or $2.18 per diluted share(1). The results for the period included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer, sold to institutional investors between 2013 to 2015. Although the firm maintains it had strong defenses and denied any liability, given the complexity of the case and the unpredictability of litigation outcomes, it determined to resolve the long-running dispute without admission of wrongdoing.

“This quarter we celebrate the firm’s 150th consecutive quarter of profitability, highlighting the strength of our diverse and complementary businesses and our ongoing commitment to always putting clients first,” said CEO Paul Shoukry. “We are encouraged by the significant growth in our financial advisor recruiting pipeline, as more advisors continue to recognize our unique culture, comprehensive capabilities, strong balance sheet, and our steadfast commitment to maintaining independence. Our investment banking pipeline remains strong, and we are growing increasingly optimistic about macroeconomic conditions although the environment remains uncertain. Looking ahead, we enter the fiscal fourth quarter well positioned, supported by record client assets and significant capital to drive further business growth.”

Quarterly net revenues increased 5% over the prior year’s fiscal third quarter and approximated the preceding quarter level, with continued growth in asset management and related administrative fees which increased to $1.73 billion. Primarily the result of the impact of the aforementioned legal reserve, net income available to common shareholders decreased. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 14.3% and 17.2%(1), respectively.

Please refer to the footnotes at the end of this press release for additional information.

1

For the first nine months of the fiscal year, record net revenues of $10.34 billion increased 10%, record earnings per diluted share of $7.35 increased 7%, and record adjusted earnings per diluted share of $7.55(1) increased 6% over the first nine months of fiscal 2024. The Private Client Group segment net revenues and the Asset Management segment net revenues and pre-tax income were record results during the first nine months of fiscal 2025. Annualized return on common equity was 17.1% and annualized adjusted return on tangible common equity was 20.5%(1).

Segment Results

Private Client Group

•Quarterly net revenues of $2.49 billion, up 3% over the prior year’s fiscal third quarter and slightly higher compared to the preceding quarter

•Quarterly pre-tax income of $411 million, down 7% compared to the prior year’s fiscal third quarter and 5% compared to the preceding quarter

•Record Private Client Group assets under administration of $1.57 trillion, up 11% over June 2024 and 7% over March 2025

•Record Private Client Group assets in fee-based accounts of $943.9 billion, up 15% over June 2024 and 8% over March 2025

•Domestic Private Client Group net new assets(2) of $11.7 billion for the fiscal third quarter, or annualized growth from beginning of period assets of 3.4%; Fiscal year-to-date, domestic Private Client Group net new assets of $34.5 billion or 3.3% annualized

•Total clients’ domestic cash sweep and ESP balances of $55.2 billion, down 2% compared to the prior year’s fiscal third quarter and 4% compared to the preceding quarter

Quarterly net revenues rose 3% year-over-year mainly driven by higher asset management and related administrative fees which were partially offset by the impacts of lower short-term interest rates. During the same period, PCG assets in fee-based accounts grew by 15%, primarily due to market appreciation and net asset inflows. This contributed to a 7% rise in asset management and related administrative fees, reaching $1.46 billion. Pre-tax income declined year-over-year primarily due to the impact of lower interest rates.

Capital Markets

•Quarterly net revenues of $381 million, up 15% over the prior year’s fiscal third quarter and down 4% compared to the preceding quarter

•Quarterly investment banking revenues of $203 million, up 17% over the prior year’s fiscal third quarter and down 2% compared to the preceding quarter

•Quarterly pre-tax loss of $54 million reflects the impact of the aforementioned $58 million legal reserve in the quarter

Quarterly net revenues increased 15% over the prior year period, driven mainly by higher investment banking, fixed income brokerage and equity brokerage revenues. Sequentially, quarterly net revenues decreased 4% largely due to lower M&A revenues and fixed income brokerage revenues partially offset by higher underwriting and affordable housing investments business revenues. The quarterly pre-tax loss was largely due to the impact of the aforementioned legal reserve. The investment banking pipeline remains strong and while we are increasingly optimistic regarding macroeconomic conditions, the current environment remains uncertain.

Asset Management

•Quarterly net revenues of $291 million, up 10% over the prior year’s fiscal third quarter and 1% over the preceding quarter

•Record quarterly pre-tax income of $125 million, up 12% over the prior year’s fiscal third quarter and 3% over the preceding quarter

•Record financial assets under management of $263.2 billion, up 15% over June 2024 and 7% over March 2025

The increase in quarterly net revenues and pre-tax income over both the prior-year and sequential quarter is largely attributable to higher financial assets under management due to market appreciation and net inflows into fee-based accounts in the Private Client Group.

Please refer to the footnotes at the end of this press release for additional information.

2

Bank

•Quarterly net revenues of $458 million, up 10% over the prior year’s fiscal third quarter and 6% over the preceding quarter

•Quarterly pre-tax income of $123 million, up 7% over the prior year’s fiscal third quarter and 5% over the preceding quarter

•Bank segment net interest margin (“NIM”) of 2.74% for the quarter, up 10 basis points over the prior year’s fiscal third quarter and 7 basis points over the preceding quarter

Net loans increased by 3% over the preceding quarter, primarily due to ongoing growth in securities-based lending, which rose by 5% in the quarter. Bank segment NIM improved by 7 basis points to 2.74%, attributable mainly to a favorable shift in asset mix and a higher proportion of lower cost deposits. These factors contributed to a 6% sequential increase in quarterly net revenues. The credit quality of the loan portfolio remains strong.

Other

The effective tax rate for the quarter was 22.6%, reflecting the favorable impact of nontaxable corporate-owned life insurance gains in the quarter. During the fiscal third quarter, the firm repurchased common stock of $451 million at an average price of $137 per share. As of June 30, 2025, $749 million remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 24.3%(3) and the tier 1 leverage ratio was 13.1%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, July 23, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location until October 22, 2025. For a listen-only connection to the conference call, please dial: 888-596-4144 (conference code: 3778589).

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.64 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

Please refer to the footnotes at the end of this press release for additional information.

3

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025

Selected Financial Highlights

(Unaudited)

Summary results of operations

Three months ended

% change from

$ in millions, except per share amounts

Net revenues

$

$

$

5%

—%

Pre-tax income

$

$

$

Net income available to common shareholders

$

$

$

Earnings per common share: (4)

Basic

$

$

$

(9)%

Diluted

$

$

$

(8)%

Non-GAAP measures: (1)

Adjusted pre-tax income

$

$

$

Adjusted net income available to common shareholders

$

$

$

Adjusted earnings per common share – basic (4)

$

$

$

(9)%

Adjusted earnings per common share – diluted (4)

$

$

$

(9)%

Nine months ended

$ in millions, except per share amounts

% change

Net revenues

$

$

Pre-tax income

$

$

5%

Net income available to common shareholders

$

$

4%

Earnings per common share: (4)

Basic

$

$

7%

Diluted

$

$

7%

Non-GAAP measures: (1)

Adjusted pre-tax income

$

$

4%

Adjusted net income available to common shareholders

$

$

4%

Adjusted earnings per common share – basic (4)

$

$

6%

Adjusted earnings per common share – diluted (4)

$

$

6%

Other selected financial highlights

Three months ended

Nine months ended

Return on common equity (5)

%

%

%

%

%

Adjusted return on common equity (1) (5)

%

%

%

%

%

Adjusted return on tangible common equity (1) (5)

%

%

%

%

%

Pre-tax margin (6)

%

%

%

%

%

Adjusted pre-tax margin (1) (6)

%

%

%

%

%

Total compensation ratio (7)

%

%

%

%

%

Adjusted total compensation ratio (1) (7)

%

%

%

%

%

Effective tax rate

%

%

%

%

%

Please refer to the footnotes at the end of this press release for additional information.

4

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025

Consolidated Statements of Income

(Unaudited)

Three months ended

% change from

in millions, except per share amounts

Revenues:

Asset management and related administrative fees

$

$

$

8%

—%

Brokerage revenues:

Securities commissions

4%

—%

Principal transactions

Total brokerage revenues

5%

(4)%

Account and service fees

(8)%

(6)%

Investment banking

(2)%

Interest income

(6)%

3%

Other

Total revenues

2%

—%

Interest expense

—%

Net revenues

5%

—%

Non-interest expenses:

Compensation, commissions and benefits

5%

—%

Non-compensation expenses:

Communications and information processing

4%

Occupancy and equipment

3%

4%

Business development

7%

Investment sub-advisory fees

4%

Professional fees

Bank loan provision/(benefit) for credit losses

NM

(6)%

Other (8)

Total non-compensation expenses

Total non-interest expenses

4%

Pre-tax income

Provision for income taxes

Net income

Preferred stock dividends

1

1

2

—%

Net income available to common shareholders

$

$

$

Earnings per common share – basic (4)

$

$

$

(9)%

Earnings per common share – diluted (4)

$

$

$

(8)%

Weighted-average common shares outstanding – basic

(3)%

(2)%

Weighted-average common and common equivalent shares outstanding – diluted

(3)%

(2)%

Please refer to the footnotes at the end of this press release for additional information.

5

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2025

Consolidated Statements of Income

(Unaudited)

Nine months ended

in millions, except per share amounts

% change

Revenues:

Asset management and related administrative fees

$

$

Brokerage revenues:

Securities commissions

7%

Principal transactions

7%

Total brokerage revenues

7%

Account and service fees

(2)%

Investment banking

Interest income

(6)%

Other

4%

Total revenues

7%

Interest expense

Net revenues

Non-interest expenses:

Compensation, commissions and benefits

Non-compensation expenses:

Communications and information processing

Occupancy and equipment

2%

Business development

8%

Investment sub-advisory fees

Professional fees

7%

Bank loan provision for credit losses

Other (8)

Total non-compensation expenses

Total non-interest expenses

Pre-tax income

5%

Provision for income taxes

8%

Net income

4%

Preferred stock dividends

4

4

—%

Net income available to common shareholders

$

$

4%

Earnings per common share – basic (4)

$

$

7%

Earnings per common share – diluted (4)

$

$

7%

Weighted-average common shares outstanding – basic

(2)%

Weighted-average common and common equivalent shares outstanding – diluted

(3)%

Please refer to the footnotes at the end of this press release for additional information.

6

RAYMOND JAMES FINANCIAL, INC.

Consolidated Selected Key Metrics

Fiscal Third Quarter of 2025

(Unaudited)

As of

% change from

$ in millions, except per share amounts

Total assets

$

$

$

5%

2%

Total common equity attributable to Raymond James Financial, Inc.

$

$

$

—%

Book value per share (9)

$

$

$

2%

Tangible book value per share (1) (9)

$

$

$

2%

Capital ratios:

Tier 1 leverage

%

(3)

%

%

Tier 1 capital

%

(3)

%

%

Common equity tier 1

%

(3)

%

%

Total capital

%

(3)

%

%

As of

% change from

Client asset metrics ($ in billions)

Client assets under administration

$

$

$

7%

Private Client Group assets under administration

$

$

$

7%

Private Client Group assets in fee-based accounts

$

$

$

8%

Financial assets under management

$

$

$

7%

Three months ended

Nine months ended

Net new assets metrics ($ in millions)

Domestic Private Client Group net new assets (2)

$

$

$

$

$

Domestic Private Client Group net new assets growth — annualized (2)

%

%

%

%

%

As of

% change from

Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)

Raymond James Bank Deposit Program (“RJBDP”): (10)

Bank segment

$

$

$

3%

Third-party banks

Subtotal RJBDP

—%

(5)%

Client Interest Program

(4)%

(1)%

Total clients’ domestic cash sweep balances

(1)%

(5)%

Enhanced Savings Program (“ESP”) (11)

(7)%

(4)%

Total clients’ domestic cash sweep and ESP balances

$

$

$

(2)%

(4)%

Net interest income and RJBDP fees ($ in millions)

Three months ended

% change from

Nine months ended

% change

Net interest income and RJBDP fees (third-party banks)

$

$

$

(2)%

1%

$

$

(4)%

Average yield on RJBDP - third-party banks (12)

%

%

%

%

%

Please refer to the footnotes at the end of this press release for additional information.

7

RAYMOND JAMES FINANCIAL, INC.

Consolidated Net Interest

Fiscal Third Quarter of 2025

(Unaudited)

The following tables present our consolidated average interest-earning asset and interest-bearing liability balances, interest income and expense and the related rates.

Three months ended

$ in millions

Average

balance

Interest

Annualized

average

rate

Average

balance

Interest

Annualized

average

rate

Average

balance

Interest

Annualized

average

rate

INTEREST-EARNING ASSETS

Bank segment

Cash and cash equivalents

$

$

%

$

$

%

$

$

%

Available-for-sale securities

%

%

%

Loans held for sale and investment: (13)

Loans held for investment:

Securities-based loans (“SBL”) (14)

%

%

%

Commercial and industrial (“C&I”) loans

%

%

%

Commercial real estate (“CRE”) loans

%

%

%

Real estate investment trust (“REIT”) loans

%

%

%

Residential mortgage loans

%

%

%

Tax-exempt loans (15)

9

%

%

8

%

Loans held for sale

4

%

4

%

4

%

Total loans held for sale and investment

%

%

%

All other interest-earning assets

4

%

4

%

2

%

Interest-earning assets — Bank segment

$

$

%

$

$

%

$

$

%

All other segments

Cash and cash equivalents

$

$

%

$

$

%

$

$

%

Assets segregated for regulatory purposes and restricted cash

%

%

%

Trading assets — debt securities

%

%

%

Brokerage client receivables

%

%

%

All other interest-earning assets

%

%

%

Interest-earning assets — all other segments

$

$

%

$

$

%

$

$

%

Total interest-earning assets

$

$

%

$

$

%

$

$

%

INTEREST-BEARING LIABILITIES

Bank Segment

Bank deposits:

Money market and savings accounts (10)

$

$

%

$

$

%

$

$

%

Interest-bearing demand deposits (11)

%

%

%

Certificates of deposit

%

%

%

Total bank deposits (16)

%

%

%

Federal Home Loan Bank (“FHLB”) advances and all other interest-bearing liabilities

5

%

8

%

7

%

Interest-bearing liabilities — Bank segment

$

$

%

$

$

%

$

$

%

All other segments

Trading liabilities — debt securities

$

$

%

$

$

%

$

$

%

Brokerage client payables

%

%

%

Senior notes payable

%

%

%

All other interest-bearing liabilities (16)

%

%

9

%

Interest-bearing liabilities — all other segments

$

$

%

$

$

%

$

$

%

Total interest-bearing liabilities

$

$

%

$

$

%

$

$

%

Firmwide net interest income

$

$

$

Net interest margin (net yield on interest-earning assets)

Bank segment

%

%

%

Firmwide

%

%

%

Please refer to the footnotes at the end of this press release for additional information.

8

RAYMOND JAMES FINANCIAL, INC.

Consolidated Net Interest

Fiscal Third Quarter of 2025

(Unaudited)

Nine months ended

$ in millions

Average

balance

Interest

Annualizedaverage

rate

Average

balance

Interest

Annualizedaverage

rate

INTEREST-EARNING ASSETS

Bank segment

Cash and cash equivalents

$

$

%

$

$

%

Available-for-sale securities

%

%

Loans held for sale and investment: (13)

Loans held for investment:

%

%

C&I loans

%

%

CRE loans

%

%

REIT loans

%

%

Residential mortgage loans

%

%

Tax-exempt loans (15)

%

%

Loans held for sale

%

%

Total loans held for sale and investment

%

%

All other interest-earning assets

%

%

Interest-earning assets — Bank segment

$

$

%

$

$

%

All other segments

Cash and cash equivalents

$

$

%

$

$

%

Assets segregated for regulatory purposes and restricted cash

%

%

Trading assets — debt securities

%

%

Brokerage client receivables

%

%

All other interest-earning assets

%

%

Interest-earning assets — all other segments

$

$

%

$

$

%

Total interest-earning assets

$

$

%

$

$

%

INTEREST-BEARING LIABILITIES

Bank Segment

Bank deposits:

Money market and savings accounts (10)

$

$

%

$

$

%

Interest-bearing demand deposits (11)

%

%

Certificates of deposit

%

%

Total bank deposits (16)

%

%

FHLB advances and all other interest-bearing liabilities

%

%

Interest-bearing liabilities — Bank segment

$

$

%

$

$

%

All other segments

Trading liabilities — debt securities

$

$

%

$

$

%

Brokerage client payables

%

%

Senior notes payable

%

%

All other interest-bearing liabilities (16)

%

%

Interest-bearing liabilities — all other segments

$

$

%

$

$

%

Total interest-bearing liabilities

$

$

%

$

$

%

Firmwide net interest income

$

$

Net interest margin (net yield on interest-earning assets)

Bank segment

%

%

Firmwide

%

%

Please refer to the footnotes at the end of this press release for additional information.

9

RAYMOND JAMES FINANCIAL, INC.

Segment Results

Fiscal Third Quarter of 2025

(Unaudited)

Three months ended

% change from

$ in millions

Net revenues:

Private Client Group

$

$

$

3%

—%

Capital Markets

(4)%

Asset Management

1%

Bank

6%

9

Intersegment eliminations

—%

7%

Total net revenues

$

$

$

5%

—%

Pre-tax income/(loss):

Private Client Group

$

$

$

(7)%

(5)%

Capital Markets (8)

NM

Asset Management

3%

Bank

7%

5%

Pre-tax income

$

$

$

Nine months ended

$ in millions

% change

Net revenues:

Private Client Group

$

$

8%

Capital Markets

Asset Management

Bank

3%

Intersegment eliminations

(7)%

Total net revenues

$