Raymond James Financial · Earnings release · 8-K Exhibit 99

FOR IMMEDIATE RELEASE

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

RAYMOND JAMES FINANCIAL REPORTS FISCAL THIRD QUARTER OF

•T1Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)

•T2Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%

•Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026

•Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026

•Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026

•Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).

“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year.

As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”

Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in T3asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(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 $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).

Segment Results

Private Client Group

•Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter

•Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5%

•Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026

•Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026

Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.

Capital Markets

•Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter

•T4Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter

•Quarterly pre-tax income of $48 million

Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.

Asset Management

•Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter

•Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter

•T5Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter

Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).

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

2

Bank

•Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter

•T6Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter

•Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter

•Quarterly bank loan benefit for credit losses of $26 million

Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.

Other Matters

The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.

T7During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. T8At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, July 22, 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 for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (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 $1.92 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, including Clark Capital Management Group, Inc. (“Clark Capital”), 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 2026

Selected Financial Highlights

(Unaudited)

Summary results of operations

Three months ended

% change from

$ in millions, except per share amounts

Net revenues

$

$

$

2%

Pre-tax income

$

$

$

2%

Net income available to common shareholders

$

$

$

Earnings per common share: (5)

Basic

$

$

$

Diluted

$

$

$

Non-GAAP measures: (1)

Adjusted pre-tax income

$

$

$

3%

Adjusted net income available to common shareholders

$

$

$

Adjusted earnings per common share – basic (5)

$

$

$

Adjusted earnings per common share – diluted (5)

$

$

$

Nine months ended

$ in millions, except per share amounts

% change

Net revenues

$

$

Pre-tax income

$

$

Net income available to common shareholders

$

$

Earnings per common share: (5)

Basic

$

$

Diluted

$

$

Non-GAAP measures: (1)

Adjusted pre-tax income

$

$

Adjusted net income available to common shareholders

$

$

Adjusted earnings per common share – basic (5)

$

$

Adjusted earnings per common share – diluted (5)

$

$

Three months ended

Nine months ended

Other selected financial highlights

Return on common equity (6)

%

%

%

%

%

Adjusted return on common equity (1) (6)

%

%

%

%

%

Adjusted return on tangible common equity (1) (6)

%

%

%

%

%

Pre-tax margin (7)

%

%

%

%

%

Adjusted pre-tax margin (1) (7)

%

%

%

%

%

Total compensation ratio (8)

%

%

%

%

%

Adjusted total compensation ratio (1) (8)

%

%

%

%

%

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 2026

Consolidated Statements of Income

(Unaudited)

Three months ended

% change from

in millions, except per share amounts

Revenues:

Asset management and related administrative fees

$

$

$

3%

Brokerage revenues:

Securities commissions

(1)%

Principal transactions

(2)%

(7)%

Total brokerage revenues

(2)%

Account and service fees

5%

2%

Investment banking

4%

Interest income

—%

4%

Other

8%

Total revenues

2%

Interest expense

(2)%

8%

Net revenues

2%

Non-interest expenses:

Compensation, commissions and benefits

1%

Non-compensation expenses:

Communications and information processing

6%

(1)%

Occupancy and equipment

6%

Business development

Investment sub-advisory fees

—%

Professional fees

Bank loan provision/(benefit) for credit losses

5

NM

NM

Other (9)

(2)%

Total non-compensation expenses

(5)%

3%

Total non-interest expenses

2%

Pre-tax income

2%

Provision for income taxes

Net income

9%

Preferred stock dividends

—

1

2

Net income available to common shareholders

$

$

$

Earnings per common share – basic (5)

$

$

$

Earnings per common share – diluted (5)

$

$

$

Weighted-average common shares outstanding – basic

(4)%

(1)%

Weighted-average common and common equivalent shares outstanding – diluted

(4)%

(1)%

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

5

RAYMOND JAMES FINANCIAL, INC.

Fiscal Third Quarter of 2026

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

Principal transactions

(2)%

Total brokerage revenues

Account and service fees

(3)%

Investment banking

3%

Interest income

(1)%

Other

Total revenues

9%

Interest expense

(8)%

Net revenues

Non-interest expenses:

Compensation, commissions and benefits

Non-compensation expenses:

Communications and information processing

9%

Occupancy and equipment

9%

Business development

Investment sub-advisory fees

Professional fees

Bank loan provision/(benefit) for credit losses

NM

Other (9)

Total non-compensation expenses

4%

Total non-interest expenses

Pre-tax income

Provision for income taxes

Net income

Preferred stock dividends

3

4

Net income available to common shareholders

$

$

Earnings per common share – basic (5)

$

$

Earnings per common share – diluted (5)

$

$

Weighted-average common shares outstanding – basic

(4)%

Weighted-average common and common equivalent shares outstanding – diluted

(4)%

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 2026

(Unaudited)

As of

% change from

$ in billions, except per share amounts

Total assets

$

$

$

3%

Total common equity attributable to Raymond James Financial, Inc.

$

$

$

4%

1%

Book value per share (10)

$

$

$

9%

2%

Tangible book value per share (1) (10)

$

$

$

3%

(3)%

Capital ratios:

Tier 1 leverage

%

(4)

%

%

Tier 1 capital

%

(4)

%

%

Common equity tier 1

%

(4)

%

%

Total capital

%

(4)

%

%

As of

% change from

Client asset metrics ($ in billions)

Client assets under administration

$

$

$

9%

Private Client Group assets under administration

$

$

$

9%

Private Client Group assets in fee-based accounts

$

$

$

Financial assets under management (3)

$

$

$

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”): (11)

Bank segment

$

$

$

(2)%

Third-party banks

Subtotal RJBDP

4%

(3)%

Client Interest Program

2%

(9)%

Total clients’ domestic cash sweep balances

4%

(3)%

Enhanced Savings Program (“ESP”) (12)

Total clients’ domestic cash sweep and ESP balances

$

$

$

7%

2%

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)

$

$

$

—%

1%

$

$

—%

Average yield on RJBDP - third-party banks (13)

%

%

%

%

%

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 2026

(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: (14)

Loans held for investment:

Securities-based loans (“SBL”) (15)

%

%

%

Commercial and industrial (“C&I”) loans

%

%

%

Commercial real estate (“CRE”) loans

%

%

%

Real estate investment trust (“REIT”) loans

%

%

%

Residential mortgage loans

%

%

%

Tax-exempt loans (16)

8

%

9

%

7

%

Loans held for sale

4

%

4

%

3

%

Total loans held for sale and investment

%

%

%

All other interest-earning assets

2

%

4

%

3

%

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 (11)

$

$

%

$

$

%

$

$

%

Interest-bearing demand deposits (12)

%

%

%

Certificates of deposit

%

%

%

Total bank deposits (17)

%

%

%

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

5

%

5

%

6

%

Interest-bearing liabilities — Bank segment

$

$

%

$

$

%

$

$

%

All other segments

Trading liabilities — debt securities

$

$

%

$

$

%

$

$

%

Brokerage client payables

%

%

%

Senior notes payable

%

%

%

All other interest-bearing liabilities (17)

8

%

%

8

%

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 2026

(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: (14)

Loans held for investment:

%

%

C&I loans

%

%

CRE loans

%

%

REIT loans

%

%

Residential mortgage loans

%

%

Tax-exempt loans (16)

%

%

Loans held for sale

%

%

Total loans held for sale and investment

%

%

All other interest-earning assets

8

%

%

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 (11)

$

$

%

$

$

%

Interest-bearing demand deposits (12)

%

%

Certificates of deposit

%

%

Total bank deposits (17)

%

%

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 (17)

%

%

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 2026

(Unaudited)

Three months ended

% change from

$ in millions

Net revenues:

Private Client Group

$

$

$

1%

Capital Markets

3%

Asset Management

Bank

7%

—%

(7)

9

(1)

NM

Intersegment eliminations

2%

3%

Total net revenues

$

$

$

2%

Pre-tax income/(loss):

Private Client Group

$

$

$

3%

2%

Capital Markets (9)

NM

(6)%

Asset Management

4%

Bank

Pre-tax income

$

$

$

2%

Nine months ended

$ in millions

% change

Net revenues:

Private Client Group

$

$

Capital Markets

5%

Asset Management

Bank