rjf1231q125supplement

5 Quarterly Financial Supplement Fiscal first 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 in millions, except per share amounts December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Revenues: Asset management and related administrative fees $ 1,407 $ 1,516 $ 1,611 $ 1,662 $ 1,743 24 % 5 % Brokerage revenues: Securities commissions 383 414 416 438 440 15 % — % Principal transactions 139 114 116 123 119 (14) % (3) % Total brokerage revenues 522 528 532 561 559 7 % — % Account and service fees 319 335 328 332 342 7 % 3 % Investment banking 181 179 183 315 325 80 % 3 % Interest income 1,053 1,049 1,057 1,073 1,027 (2) % (4) % Other 38 31 51 60 39 3 % (35) % Total revenues 3,520 3,638 3,762 4,003 4,035 15 % 1 % Interest expense (507) (520) (534) (541) (498) (2) % (8) % Net revenues 3,013 3,118 3,228 3,462 3,537 17 % 2 % Non-interest expenses: Compensation, commissions and benefits 1,921 2,043 2,090 2,159 2,272 18 % 5 % Non-compensation expenses: Communications and information processing 150 165 166 181 178 19 % (2) % Occupancy and equipment 72 73 75 76 73 1 % (4) % Business development 61 60 72 64 68 11 % 6 % Investment sub-advisory fees 40 44 48 50 53 33 % 6 % Professional fees 32 33 38 47 34 6 % (28) % Bank loan provision/(benefit) for credit losses 12 21 (10) 22 — NM NM Other 95 70 105 103 110 16 % 7 % Total non-compensation expenses 462 466 494 543 516 12 % (5) % Total non-interest expenses 2,383 2,509 2,584 2,702 2,788 17 % 3 % Pre-tax income 630 609 644 760 749 19 % (1) % Provision for income taxes 132 133 152 158 149 13 % (6) % Net income 498 476 492 602 600 20 % — % Preferred stock dividends 1 2 1 1 1 — % — % Net income available to common shareholders $ 497 $ 474 $ 491 $ 601 $ 599 21 % — % Earnings per common share – basic (1) $ 2.38 $ 2.27 $ 2.37 $ 2.93 $ 2.94 24 % — % Earnings per common share – diluted (1) $ 2.32 $ 2.22 $ 2.31 $ 2.86 $ 2.86 23 % — % Weighted-average common shares outstanding – basic 208.6 208.3 206.8 204.7 203.7 (2) % — % Weighted-average common and common equivalent shares outstanding – diluted 213.8 213.4 212.3 210.1 209.2 (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 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Total assets $ 80,130 $ 81,232 $ 80,628 $ 82,992 $ 82,282 3 % (1) % Total common equity attributable to Raymond James Financial, Inc. $ 10,711 $ 10,905 $ 11,118 $ 11,594 $ 11,844 11 % 2 % Book value per share (2) $ 51.32 $ 52.60 $ 54.08 $ 57.03 $ 57.89 13 % 2 % Tangible book value per share (2) (3) $ 42.81 $ 44.11 $ 45.57 $ 48.43 $ 49.49 16 % 2 % Capital ratios: Tier 1 leverage 12.1 % 12.3 % 12.7 % 12.8 % 13.0 % (4) Tier 1 capital 21.6 % 21.9 % 22.2 % 22.8 % 23.7 % (4) Common equity tier 1 21.5 % 21.8 % 22.0 % 22.6 % 23.5 % (4) Total capital 23.0 % 23.3 % 23.6 % 24.1 % 25.0 % (4) $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Adjusted pre-tax income (3) $ 653 $ 635 $ 667 $ 785 $ 769 18 % (2) % Adjusted net income available to common shareholders (3) $ 514 $ 494 $ 508 $ 621 $ 614 19 % (1) % Adjusted earnings per common share – basic (1) (3) $ 2.46 $ 2.37 $ 2.45 $ 3.03 $ 3.01 22 % (1) % Adjusted earnings per common share – diluted (1) (3) $ 2.40 $ 2.31 $ 2.39 $ 2.95 $ 2.93 22 % (1) % Return on common equity (5) 19.1 % 17.5 % 17.8 % 21.2 % 20.4 % Adjusted return on common equity (3) (5) 19.7 % 18.3 % 18.4 % 21.9 % 20.9 % Adjusted return on tangible common equity (3) (5) 23.8 % 21.8 % 21.9 % 25.8 % 24.6 % Pre-tax margin (6) 20.9 % 19.5 % 20.0 % 22.0 % 21.2 % Adjusted pre-tax margin (3) (6) 21.7 % 20.4 % 20.7 % 22.7 % 21.7 % Total compensation ratio (7) 63.8 % 65.5 % 64.7 % 62.4 % 64.2 % Adjusted total compensation ratio (3) (7) 63.4 % 65.2 % 64.4 % 62.1 % 64.0 % Effective tax rate 21.0 % 21.8 % 23.6 % 20.8 % 19.9 % Three months ended % change from 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) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Client assets under administration $ 1,370.6 $ 1,449.1 $ 1,476.2 $ 1,571.1 $ 1,557.5 14 % (1) % Private Client Group assets under administration $ 1,310.5 $ 1,388.8 $ 1,415.7 $ 1,507.0 $ 1,491.8 14 % (1) % Private Client Group assets in fee-based accounts $ 746.6 $ 798.8 $ 820.6 $ 875.2 $ 876.6 17 % — % Financial assets under management $ 215.0 $ 226.8 $ 229.3 $ 244.8 $ 243.9 13 % — % Three months ended Net new assets metrics (8) ($ in millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Domestic Private Client Group net new assets $ 21,575 $ 9,648 $ 16,517 $ 12,969 $ 14,020 Domestic Private Client Group net new assets growth — annualized 7.8 % 3.2 % 5.2 % 4.0 % 4.0 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Raymond James Bank Deposit Program (“RJBDP”): (9) Bank segment (9) $ 23,912 $ 23,405 $ 23,371 $ 23,978 $ 23,946 — % — % Third-party banks 17,820 18,234 17,325 18,226 20,341 14 % 12 % Subtotal RJBDP 41,732 41,639 40,696 42,204 44,287 6 % 5 % Client Interest Program 1,765 1,715 1,713 1,653 1,664 (6) % 1 % Total clients’ domestic cash sweep balances 43,497 43,354 42,409 43,857 45,951 6 % 5 % Enhanced Savings Program ("ESP") (10) 14,476 14,863 14,039 14,018 13,785 (5) % (2) % Total clients’ domestic cash sweep and ESP balances $ 57,973 $ 58,217 $ 56,448 $ 57,875 $ 59,736 3 % 3 % Three months ended % change from Net interest income and RJBDP fees ($ in millions) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Net interest income and RJBDP fees (third-party banks) $ 698 $ 689 $ 672 $ 678 $ 673 (4) % (1) % Average yield on RJBDP - third-party banks (11) 3.66 % 3.59 % 3.41 % 3.34 % 3.12 % 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Revenues: Asset management and related administrative fees $ 1,191 $ 1,283 $ 1,364 $ 1,408 $ 1,476 24 % 5 % Brokerage revenues: Mutual and other fund products 136 141 142 148 152 12 % 3 % Insurance and annuity products 125 127 130 137 118 (6) % (14) % Equities, ETFs, and fixed income products 121 139 137 148 163 35 % 10 % Total brokerage revenues 382 407 409 433 433 13 % — % Account and service fees: Mutual fund and annuity service fees 106 115 118 122 126 19 % 3 % RJBDP fees: (9) Bank segment 223 206 198 197 187 (16) % (5) % Third-party banks 152 160 149 146 144 (5) % (1) % Client account and other fees 65 64 66 69 70 8 % 1 % Total account and service fees 546 545 531 534 527 (3) % (1) % Investment banking 11 8 10 9 8 (27) % (11) % Interest income (12) 118 122 121 119 126 7 % 6 % All other 4 6 13 4 5 25 % 25 % Total revenues 2,252 2,371 2,448 2,507 2,575 14 % 3 % Interest expense (26) (30) (32) (31) (27) 4 % (13) % Net revenues 2,226 2,341 2,416 2,476 2,548 14 % 3 % Non-interest expenses: Financial advisor compensation and benefits 1,190 1,273 1,327 1,364 1,413 19 % 4 % Administrative compensation and benefits 379 391 389 387 418 10 % 8 % Total compensation, commissions and benefits 1,569 1,664 1,716 1,751 1,831 17 % 5 % Non-compensation expenses 218 233 259 264 255 17 % (3) % Total non-interest expenses 1,787 1,897 1,975 2,015 2,086 17 % 4 % Pre-tax income $ 439 $ 444 $ 441 $ 461 $ 462 5 % — % 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Revenues: Brokerage revenues: Fixed income $ 102 $ 88 $ 86 $ 91 $ 85 (17) % (7) % Equity 38 34 35 36 41 8 % 14 % Total brokerage revenues 140 122 121 127 126 (10) % (1) % Investment banking: Merger & acquisition and advisory 118 107 91 205 226 92 % 10 % Equity underwriting 26 23 33 49 35 35 % (29) % Debt underwriting 26 41 49 52 56 115 % 8 % Total investment banking 170 171 173 306 317 86 % 4 % Interest income 23 26 32 28 29 26 % 4 % Affordable housing investments business revenues 23 22 30 43 29 26 % (33) % All other 4 4 4 6 5 25 % (17) % Total revenues 360 345 360 510 506 41 % (1) % Interest expense (22) (24) (30) (27) (26) 18 % (4) % Net revenues 338 321 330 483 480 42 % (1) % Non-interest expenses: Compensation, commissions and benefits 238 240 243 281 301 26 % 7 % Non-compensation expenses 97 98 101 107 105 8 % (2) % Total non-interest expenses 335 338 344 388 406 21 % 5 % Pre-tax income/(loss) $ 3 $ (17) $ (14) $ 95 $ 74 2,367 % (22) % 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Revenues: Asset management and related administrative fees: Managed programs $ 150 $ 163 $ 171 $ 176 $ 189 26 % 7 % Administration and other 74 79 83 87 93 26 % 7 % Total asset management and related administrative fees 224 242 254 263 282 26 % 7 % Account and service fees 6 5 5 6 6 — % — % All other 5 5 6 6 6 20 % — % Net revenues 235 252 265 275 294 25 % 7 % Non-interest expenses: Compensation, commissions and benefits 53 58 56 56 58 9 % 4 % Non-compensation expenses 89 94 97 103 111 25 % 8 % Total non-interest expenses 142 152 153 159 169 19 % 6 % Pre-tax income $ 93 $ 100 $ 112 $ 116 $ 125 34 % 8 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Revenues: Interest income $ 872 $ 868 $ 867 $ 887 $ 847 (3) % (5) % Interest expense (446) (455) (461) (476) (433) (3) % (9) % Net interest income 426 413 406 411 414 (3) % 1 % All other 15 11 12 22 11 (27) % (50) % Net revenues 441 424 418 433 425 (4) % (2) % Non-interest expenses: Compensation and benefits 43 48 45 44 46 7 % 5 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 12 21 (10) 22 — NM NM RJBDP fees to Private Client Group (9) 223 206 198 197 187 (16) % (5) % All other 71 74 70 72 74 4 % 3 % Total non-compensation expenses 306 301 258 291 261 (15) % (10) % Total non-interest expenses 349 349 303 335 307 (12) % (8) % Pre-tax income $ 92 $ 75 $ 115 $ 98 $ 118 28 % 20 % 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Revenues: Interest income (12) $ 49 $ 44 $ 47 $ 53 $ 34 (31) % (36) % All other 2 (2) 6 — 3 50 % NM Total revenues 51 42 53 53 37 (27) % (30) % Interest expense (25) (25) (25) (25) (25) — % — % Net revenues 26 17 28 28 12 (54) % (57) % Non-interest expenses: Compensation and benefits 17 32 29 26 36 112 % 38 % All other 6 (22) 9 12 6 — % (50) % Total non-interest expenses 23 10 38 38 42 83 % 11 % Pre-tax income/(loss) $ 3 $ 7 $ (10) $ (10) $ (30) NM (200) % 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 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Total assets $ 61,517 $ 61,038 $ 60,574 $ 62,367 $ 62,278 1 % — % Bank loans, net $ 44,182 $ 44,099 $ 45,149 $ 45,994 $ 47,164 7 % 3 % Bank loan allowance for credit losses $ 479 $ 471 $ 456 $ 457 $ 452 (6) % (1) % Bank loan allowance for credit losses as a % of total loans held for investment 1.08 % 1.06 % 1.00 % 0.99 % 0.95 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (14) 2.06 % 2.05 % 2.00 % 1.99 % 1.93 % Total nonperforming assets $ 164 $ 187 $ 160 $ 175 $ 161 (2) % (8) % Nonperforming assets as a % of total assets 0.27 % 0.31 % 0.26 % 0.28 % 0.26 % Total criticized loans $ 472 $ 538 $ 523 $ 679 $ 599 27 % (12) % Criticized loans as a % of total loans held for investment 1.06 % 1.21 % 1.15 % 1.47 % 1.26 % Total bank deposits $ 55,393 $ 54,843 $ 54,401 $ 56,010 $ 55,850 1 % — % As of % change from $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Securities-based loans (15) $ 14,647 $ 14,610 $ 15,429 $ 16,233 $ 16,869 15 % 4 % Commercial and industrial loans 10,503 10,190 9,956 9,953 10,390 (1) % 4 % Commercial real estate loans 7,331 7,462 7,619 7,615 7,586 3 % — % Real estate investment trust loans 1,697 1,701 1,755 1,716 1,683 (1) % (2) % Residential mortgage loans 8,861 9,016 9,245 9,412 9,602 8 % 2 % Tax-exempt loans 1,411 1,445 1,431 1,338 1,294 (8) % (3) % Total loans held for investment 44,450 44,424 45,435 46,267 47,424 7 % 3 % Held for sale loans 211 146 170 184 192 (9) % 4 % Total loans held for sale and investment 44,661 44,570 45,605 46,451 47,616 7 % 3 % Allowance for credit losses (479) (471) (456) (457) (452) (6) % (1) % Bank loans, net $ 44,182 $ 44,099 $ 45,149 $ 45,994 $ 47,164 7 % 3 % Three months ended % change from $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Net interest margin (net yield on interest-earning assets) 2.74 % 2.66 % 2.64 % 2.62 % 2.60 % Bank loan provision/(benefit) for credit losses $ 12 $ 21 $ (10) $ 22 $ — NM NM Net charge-offs $ 8 $ 28 $ 6 $ 20 $ 4 (50) % (80) % 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net income available to common shareholders $ 497 $ 474 $ 491 $ 601 $ 599 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits (16) 11 11 11 9 8 Communication and information processing — 1 — 1 — Professional fees 1 1 1 1 1 Other: Amortization of identifiable intangible assets (17) 11 11 11 11 11 All other acquisition-related expenses — 2 — 3 — Total “Other” expense 11 13 11 14 11 Total pre-tax impact of non-GAAP adjustments related to acquisitions 23 26 23 25 20 Tax effect of non-GAAP adjustments (6) (6) (6) (5) (5) Total non-GAAP adjustments, net of tax 17 20 17 20 15 Adjusted net income available to common shareholders (3) $ 514 $ 494 $ 508 $ 621 $ 614 Pre-tax income $ 630 $ 609 $ 644 $ 760 $ 749 Pre-tax impact of non-GAAP adjustments (as detailed above) 23 26 23 25 20 Adjusted pre-tax income (3) $ 653 $ 635 $ 667 $ 785 $ 769 Compensation, commissions and benefits expense $ 1,921 $ 2,043 $ 2,090 $ 2,159 $ 2,272 Less: Acquisition-related retention (16) 11 11 11 9 8 Adjusted “Compensation, commissions and benefits” expense (3) $ 1,910 $ 2,032 $ 2,079 $ 2,150 $ 2,264 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 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Pre-tax margin (6) 20.9 % 19.5 % 20.0 % 22.0 % 21.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits (16) 0.4 % 0.3 % 0.3 % 0.3 % 0.2 % Communications and information processing — % — % — % — % — % Professional fees — % 0.1 % — % — % — % Other: Amortization of identifiable intangible assets (17) 0.4 % 0.4 % 0.4 % 0.3 % 0.3 % All other acquisition-related expenses — % 0.1 % — % 0.1 % — % Total “Other” expense 0.4 % 0.5 % 0.4 % 0.4 % 0.3 % Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.8 % 0.9 % 0.7 % 0.7 % 0.5 % Adjusted pre-tax margin (3) (6) 21.7 % 20.4 % 20.7 % 22.7 % 21.7 % Total compensation ratio (7) 63.8 % 65.5 % 64.7 % 62.4 % 64.2 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (16) 0.4 % 0.3 % 0.3 % 0.3 % 0.2 % Adjusted total compensation ratio (3) (7) 63.4 % 65.2 % 64.4 % 62.1 % 64.0 % 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 Earnings per common share (1) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Diluted $ 2.32 $ 2.22 $ 2.31 $ 2.86 $ 2.86 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits (16) 0.05 0.05 0.05 0.04 0.04 Communications and information processing — — — — — Professional fees 0.01 0.01 0.01 — — Other: Amortization of identifiable intangible assets (17) 0.05 0.05 0.05 0.05 0.05 All other acquisition-related expenses — 0.01 — 0.02 — Total “Other” expense 0.05 0.06 0.05 0.07 0.05 Total pre-tax impact of non-GAAP adjustments related to acquisitions 0.11 0.12 0.11 0.11 0.09 Tax effect of non-GAAP adjustments (0.03) (0.03) (0.03) (0.02) (0.02) Total non-GAAP adjustments, net of tax 0.08 0.09 0.08 0.09 0.07 Adjusted diluted (3) $ 2.40 $ 2.31 $ 2.39 $ 2.95 $ 2.93 Book value per share As of $ in millions, except per share amounts December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Total common equity attributable to Raymond James Financial, Inc. $ 10,711 $ 10,905 $ 11,118 $ 11,594 $ 11,844 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,908 1,894 1,884 1,886 1,858 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (132) (134) (136) (138) (139) Tangible common equity attributable to Raymond James Financial, Inc. (3) $ 8,935 $ 9,145 $ 9,370 $ 9,846 $ 10,125 Common shares outstanding 208.7 207.3 205.6 203.3 204.6 Book value per share (2) $ 51.32 $ 52.60 $ 54.08 $ 57.03 $ 57.89 Tangible book value per share (2) (3) $ 42.81 $ 44.11 $ 45.57 $ 48.43 $ 49.49 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Average common equity (18) $ 10,423 $ 10,808 $ 11,012 $ 11,356 $ 11,719 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits (16) 6 6 5 5 4 Communications and information processing — — — — — Professional fees — — 1 1 1 Other: Amortization of identifiable intangible assets (17) 6 6 5 6 6 All other acquisition-related expenses — 1 — 1 — Total “Other” expense 6 7 5 7 6 Total pre-tax impact of non-GAAP adjustments related to acquisitions 12 13 11 13 11 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) Total non-GAAP adjustments, net of tax 9 10 8 10 8 Adjusted average common equity (3) (18) $ 10,432 $ 10,818 $ 11,020 $ 11,366 $ 11,727 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 $ in millions December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Average common equity (18) $ 10,423 $ 10,808 $ 11,012 $ 11,356 $ 11,719 Less: Average goodwill and identifiable intangible assets, net 1,908 1,901 1,889 1,885 1,872 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (132) (133) (135) (137) (139) Average tangible common equity (3) (18) $ 8,647 $ 9,040 $ 9,258 $ 9,608 $ 9,986 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits (16) 6 6 5 5 4 Communications and information processing — — — — — Professional fees — — 1 1 1 Other: Amortization of identifiable intangible assets (17) 6 6 5 6 6 All other acquisition-related expenses — 1 — 1 — Total “Other” expense 6 7 5 7 6 Total pre-tax impact of non-GAAP adjustments related to acquisitions 12 13 11 13 11 Tax effect of non-GAAP adjustments (3) (3) (3) (3) (3) Total non-GAAP adjustments, net of tax 9 10 8 10 8 Adjusted average tangible common equity (3) (18) $ 8,656 $ 9,050 $ 9,266 $ 9,618 $ 9,994 Return on common equity (5) 19.1 % 17.5 % 17.8 % 21.2 % 20.4 % Adjusted return on common equity (3) (5) 19.7 % 18.3 % 18.4 % 21.9 % 20.9 % Return on tangible common equity (3) (5) 23.0 % 21.0 % 21.2 % 25.0 % 24.0 % Adjusted return on tangible common equity (3) (5) 23.8 % 21.8 % 21.9 % 25.8 % 24.6 % 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 December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024. (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. RJBDP balances swept to third-party banks are not included in our Bank deposits reflected 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. (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 are unchanged. (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. (18) Average common equity 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. 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. 18