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

FOR IMMEDIATE RELEASE

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

RAYMOND JAMES FINANCIAL REPORTS FISCAL FIRST QUARTER OF

•T1Record client assets under administration of $1.77 trillion and record Private Client Group assets in fee-based accounts of $1.04 trillion, up 14% and 19%, respectively, over December 2024

•Record quarterly net revenues of $3.74 billion, up 6% over the prior year’s fiscal first quarter and just above the preceding quarter

•Quarterly net income available to common shareholders of $562 million, or $2.79 per diluted share; quarterly adjusted net income available to common shareholders of $577 million(1), or $2.86 per diluted share(1)

•Domestic Private Client Group net new assets(2) of $30.8 billion for the fiscal first quarter, or annualized growth from beginning of quarter assets of 8.0%

•Securities-based loans of $21.7 billion, up 28% over the prior year’s fiscal first quarter and 10% above the preceding quarter

•Annualized return on common equity and annualized adjusted return on tangible common equity were 18.0% and 21.4%(1), respectively, for the fiscal first quarter.

ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.74 billion and net income available to common shareholders of $562 million, or $2.79 per diluted share, for the fiscal first quarter ended December 31, 2025. Excluding $15 million of expenses, net of tax, related to acquisitions, quarterly adjusted net income available to common shareholders was $577 million(1), or $2.86 per diluted share(1).

“Our focus on being the absolute best firm for financial professionals and their clients has contributed to record quarterly revenues of $3.74 billion, record client assets of $1.77 trillion and annualized net new asset growth of 8%,” said CEO Paul Shoukry. “We continue to deploy capital with a focus on the long term, as evidenced by our robust organic growth, continued investments in our technology and platform, and T2our recently announced acquisition of Clark Capital, an independent asset manager with a cultural and strategic fit and consistently strong growth. We also T3increased our quarterly dividend by 8% and repurchased $400 million of shares during the quarter.”

Record quarterly net revenues increased 6% over the prior year’s fiscal first quarter, largely driven by continued growth in asset management and related administrative fees which increased 15% to $2.0 billion. Compared to the preceding quarter, net revenues reflect strong growth in asset management and related administrative fees, partially offset by lower investment banking revenues and a decline in affordable housing investments business revenues compared with a seasonally strong preceding quarter. Quarterly pre-tax income was substantially unchanged from the preceding quarter while net income available to common shareholders decreased 7% largely due to an anticipated higher effective tax rate. For the fiscal first quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.0% and 21.4%(1), respectively.

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

1

Segment Results

Private Client Group

•Record quarterly net revenues of $2.77 billion, up 9% over the prior year’s fiscal first quarter and 4% over the preceding quarter

•Quarterly pre-tax income of $439 million, down 5% compared to the prior year’s fiscal first quarter and up 6% over the preceding quarter

•Record Private Client Group assets under administration of $1.71 trillion, up 15% over December 2024 and 3% over September 2025

•Record Private Client Group assets in fee-based accounts of $1.04 trillion, up 19% over December 2024 and 3% over September 2025

•Domestic Private Client Group net new assets(2) of $30.8 billion for the fiscal first quarter, or annualized growth from beginning of the quarter assets of 8.0%

•Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.1 billion, down 3% compared to the prior year’s fiscal first quarter and up 3% over the preceding quarter

Quarterly net revenues rose 9% year-over-year primarily driven by higher asset management and related administrative fees, partially offset by the impact of lower short-term interest rates. Asset management and related administrative fees increased 15% from last year's first quarter to $1.69 billion, mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income declined year-over-year primarily due to the aforementioned impact of lower interest-related revenues resulting from lower interest rates and costs associated with our continued investments in growth.

Capital Markets

•Quarterly net revenues of $380 million, down 21% compared to the prior year’s fiscal first quarter and 26% compared to the preceding quarter

•T4Quarterly investment banking revenues of $200 million, down 37% compared to the prior year’s fiscal first quarter and 35% compared to the preceding quarter

•Quarterly pre-tax income of $9 million

Quarterly net revenues decreased 21% compared to the prior year period, driven predominantly by lower M&A and advisory revenues. Sequentially, quarterly net revenues declined 26% largely due to lower debt underwriting and M&A and advisory revenues, and a decline in affordable housing investments business revenues compared with a seasonally strong preceding quarter. While investment banking revenues were lower in the fiscal first quarter largely due to the timing of closings, the pipeline remains strong.

Asset Management

•T5Record quarterly net revenues of $326 million, up 11% over the prior year’s fiscal first quarter and 4% over the preceding quarter

•Record quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal first quarter and 8% over the preceding quarter

•Record financial assets under management of $280.8 billion, up 15% over December 2024 and 2% over September 2025

The increase in quarterly net revenues and pre-tax income over both the prior-year and sequential quarters 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.

Earlier in January, the firm announced the acquisition of Clark Capital Management Group, Inc. (“Clark Capital”), an asset management firm specializing in wealth-focused solutions, with over $46 billion in combined assets under management and non-discretionary assets as of December 31, 2025. With its track record of strong inflows and high growth, Clark Capital will become a part of our multi-boutique offering within Raymond James Investment Management.

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

2

Bank

•T6Quarterly net revenues of $487 million, up 15% over the prior year’s fiscal first quarter and 6% over the preceding quarter

•Quarterly pre-tax income of $173 million, up 47% over the prior year’s fiscal first quarter and 30% over the preceding quarter

•Record net bank loans of $53.4 billion, up 13% over December 2024 and 4% over September 2025

•Bank segment net interest margin (“NIM”) of 2.81% for the quarter, up 21 basis points over the prior year’s fiscal first quarter and 10 basis points over the preceding quarter

Net bank loans grew 13% over the year-ago quarter, attributable mainly to ongoing growth in securities-based and residential mortgage loans, which rose by 28% and 10%, respectively. Bank segment net interest income increased 14% and 6%, compared to the prior-year and preceding quarter, respectively, due to loan growth and lower funding costs driven by the decline in short-term rates and a favorable mix shift in deposits. These factors also led to NIM of 2.81%, expanding by 10 basis points from the preceding quarter. The credit quality of the loan portfolio remains strong.

Other

The effective tax rate for the quarter was 22.7%, reflecting a seasonal tax benefit arising from share-based compensation that settled during the quarter.

In December, the Board of Directors increased the quarterly cash dividend on common shares 8% to $0.54 per share and authorized common stock repurchases of up to $2 billion, replacing the previous authorization. During the fiscal first quarter, the firm repurchased $400 million of common stock at an average price of $162 per share. As of December 31, 2025, $1.9 billion 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 12.7%(3), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, January 28, 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: 888-596-4144 (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 $1.77 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, inflation, and international trade policies), 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 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 First Quarter of 2026

Selected Financial Highlights

(Unaudited)

Summary results of operations

Three months ended

% change from

$ in millions, except per share amounts

Net revenues

$

$

$

6%

—%

Pre-tax income

$

$

$

(3)%

—%

Net income available to common shareholders

$

$

$

(6)%

(7)%

Earnings per common share: (4)

Basic

$

$

$

(3)%

(6)%

Diluted

$

$

$

(2)%

(5)%

Non-GAAP measures: (1)

Adjusted pre-tax income

$

$

$

(3)%

(3)%

Adjusted net income available to common shareholders

$

$

$

(6)%

(9)%

Adjusted earnings per common share – basic (4)

$

$

$

(3)%

(8)%

Adjusted earnings per common share – diluted (4)

$

$

$

(2)%

(8)%

Three months ended

Other selected financial highlights

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 First 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

$

$

$

6%

Brokerage revenues:

Securities commissions

3%

Principal transactions

6%

(5)%

Total brokerage revenues

9%

1%

Account and service fees

4%

Investment banking

Interest income

(2)%

(1)%

Other

8%

Total revenues

3%

—%

Interest expense

(5)%

Net revenues

6%

—%

Non-interest expenses:

Compensation, commissions and benefits

8%

2%

Non-compensation expenses:

Communications and information processing

9%

(3)%

Occupancy and equipment

(5)%

Business development

(1)%

Investment sub-advisory fees

5%

Professional fees

9%

Bank loan provision/(benefit) for credit losses

(3)

—

6

NM

NM

Other

(5)%

Total non-compensation expenses

8%

(7)%

Total non-interest expenses

8%

—%

Pre-tax income

(3)%

—%

Provision for income taxes

Net income

(6)%

(7)%

Preferred stock dividends

1

1

1

—%

—%

Net income available to common shareholders

$

$

$

(6)%

(7)%

Earnings per common share – basic (4)

$

$

$

(3)%

(6)%

Earnings per common share – diluted (4)

$

$

$

(2)%

(5)%

Weighted-average common shares outstanding – basic

(3)%

(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.

Consolidated Selected Key Metrics

Fiscal First Quarter of 2026

(Unaudited)

As of

% change from

$ in billions, except per share amounts

Total assets

$

$

$

8%

1%

Total common equity attributable to Raymond James Financial, Inc.

$

$

$

6%

1%

Book value per share (9)

$

$

$

1%

Tangible book value per share (1) (9)

$

$

$

1%

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

$

$

$

2%

Private Client Group assets under administration

$

$

$

3%

Private Client Group assets in fee-based accounts

$

$

$

3%

Financial assets under management

$

$

$

2%

Three 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

$

$

$

5%

Third-party banks

8%

Subtotal RJBDP

(1)%

6%

Client Interest Program

9%

Total clients’ domestic cash sweep balances

(1)%

6%

Enhanced Savings Program (“ESP”) (11)

(8)%

Total clients’ domestic cash sweep and ESP balances

$

$

$

(3)%

3%

Net interest income and RJBDP fees

($ in millions)

Three months ended

% change from

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

$

$

$

(1)%

2%

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

%

%

%

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

6

RAYMOND JAMES FINANCIAL, INC.

Consolidated Net Interest

Fiscal First 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: (13)

Loans held for investment:

Securities-based loans (14)

%

%

%

Commercial and industrial loans

%

%

%

Commercial real estate loans

%

%

%

Real estate investment trust loans

%

%

%

Residential mortgage loans

%

%

%

Tax-exempt loans (15)

8

%

9

%

9

%

Loans held for sale

5

%

4

%

4

%

Total loans held for sale and investment

%

%

%

All other interest-earning assets

3

%

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 (10)

$

$

%

$

$

%

$

$

%

Interest-bearing demand deposits (11)

%

%

%

Certificates of deposit

%

%

%

Total bank deposits (16)

%

%

%

Federal Home Loan Bank advances and all other interest-bearing liabilities

6

%

8

%

%

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.

7

RAYMOND JAMES FINANCIAL, INC.

Segment Results

Fiscal First Quarter of 2026

(Unaudited)

Three months ended

% change from

$ in millions

Net revenues/(losses):

Private Client Group

$

$

$

9%

4%

Capital Markets

Asset Management

4%

Bank

6%

(1)

NM

NM

Intersegment eliminations

1%

(3)%

Total net revenues

$

$

$

6%

—%

Pre-tax income/(loss):

Private Client Group

$

$

$

(5)%

6%

Capital Markets

9

Asset Management

8%

Bank

Pre-tax income

$

$

$

(3)%

—%

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

8

RAYMOND JAMES FINANCIAL, INC.

Segment Results

Fiscal First Quarter of 2026

(Unaudited)

Private Client Group

Three months ended

% change from

$ in millions

Revenues:

Asset management and related administrative fees

$

$

$

7%

Brokerage revenues:

Mutual and other fund products

8%

6%

Insurance and annuity products

Equities, exchange-traded funds (“ETFs”) and fixed income products

7%

7%

Total brokerage revenues

9%

1%

Account and service fees:

Mutual fund and other investment products

4%

RJBDP fees: (10)

Bank segment

1%

(2)%

Third-party banks

(1)%

Client account and other fees

1%

6%

Total account and service fees

(5)%

1%

Investment banking

8

8

9

—%

Interest income

(3)%

All other

4

5

Total revenues

8%

4%

Interest expense

Net revenues

9%

4%

Non-interest expenses:

Financial advisor compensation:

Commissions, benefits and other compensation

5%

Recruiting and retention-related compensation (8)

9%

Total financial advisor compensation

6%

Administrative compensation and benefits

3%

3%

Total compensation, commissions and benefits

5%

Non-compensation expenses

9%

(5)%

Total non-interest expenses

4%

Pre-tax income

$

$

$

(5)%

6%

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

9

RAYMOND JAMES FINANCIAL, INC.

Segment Results

Fiscal First Quarter of 2026

(Unaudited)

Capital Markets

Three months ended

% change from

$ in millions

Revenues:

Brokerage revenues:

Fixed income

$

$

$

7%

(8)%

Equity

Total brokerage revenues

1%

Investment banking:

Merger & acquisition and advisory

Equity underwriting

Debt underwriting

Total investment banking

Interest income

(3)%

4%

Affordable housing investments business revenues

7%

All other

4

5

4

—%

Total revenues

Interest expense

(8)%

(4)%

Net revenues

Non-interest expenses:

Compensation, commissions and benefits

Non-compensation expenses

5%

(8)%

Total non-interest expenses

(9)%

Pre-tax income

$

9

$

$

Asset Management

Three months ended

% change from

$ in millions

Revenues:

Asset management and related administrative fees:

Managed programs

$

$

$

3%

Administration and other

6%

Total asset management and related administrative fees

4%

Account and service fees

6

6

6

—%

—%

All other

4

6

5

Net revenues

4%

Non-interest expenses:

Compensation, commissions and benefits

2%

(2)%

Non-compensation expenses

2%

Total non-interest expenses

8%

1%

Pre-tax income

$

$

$

8%

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

RAYMOND JAMES FINANCIAL, INC.

Segment Results

Fiscal First Quarter of 2026

(Unaudited)

Bank

Three months ended

% change from

$ in millions

Revenues:

Interest income

$

$

$

(2)%

(1)%

Interest expense

Net interest income

6%

All other

—%

Net revenues

6%

Non-interest expenses:

Compensation and benefits

4%

4%

Non-compensation expenses:

Bank loan provision/(benefit) for credit losses

(3)

—

6

NM

NM

RJBDP fees to Private Client Group (10)

1%

(2)%

All other

9%

(2)%

Total non-compensation expenses

2%

(5)%

Total non-interest expenses

2%

(4)%

Pre-tax income

$

$

$

Three months ended

% change from

$ in millions

Revenues:

Interest income

$

$

$

All other

1

3

—

NM

Total revenues

Interest expense

Net revenues/(losses)

(1)

NM

NM

Non-interest expenses:

Compensation and benefits

All other

4

6

Total non-interest expenses

Pre-tax loss

$

$

$

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

RAYMOND JAMES FINANCIAL, INC.

Bank Segment Selected Key Metrics

Fiscal First Quarter of 2026

(Unaudited)

Bank Segment

As of

% change from

$ in billions

Total assets

$

$

$

7%

2%

Bank loans, net

$

$

$

4%

Bank deposits

$

$

$

8%

2%

As of

% change from

$ in millions

Bank loan allowance for credit losses

$

$

$

(3)%

(3)%

Total nonperforming assets

$

$

$

Total criticized loans

$

$

$

2%

(7)%

Bank loan allowance for credit losses as a % of total loans held for investment

%

%

%

Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18)

%