rjf0630q324supplement

5 Quarterly Financial Supplement Fiscal third quarter of 2024 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 Nine months ended $ in millions, except per share amounts June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Asset management and related administrative fees $ 1,373 $ 1,446 $ 1,407 $ 1,516 $ 1,611 17 % 6 % $ 3,917 $ 4,534 16 % Brokerage revenues: Securities commissions 356 382 383 414 416 17 % — % 1,077 1,213 13 % Principal transactions 105 98 139 114 116 10 % 2 % 364 369 1 % Total brokerage revenues 461 480 522 528 532 15 % 1 % 1,441 1,582 10 % Account and service fees 264 314 319 335 328 24 % (2) % 811 982 21 % Investment banking 151 202 181 179 183 21 % 2 % 446 543 22 % Interest income 987 1,019 1,053 1,049 1,057 7 % 1 % 2,729 3,159 16 % Other 57 54 38 31 51 (11) % 65 % 133 120 (10) % Total revenues 3,293 3,515 3,520 3,638 3,762 14 % 3 % 9,477 10,920 15 % Interest expense (386) (462) (507) (520) (534) 38 % 3 % (911) (1,561) 71 % Net revenues 2,907 3,053 3,013 3,118 3,228 11 % 4 % 8,566 9,359 9 % Non-interest expenses: Compensation, commissions and benefits 1,851 1,892 1,921 2,043 2,090 13 % 2 % 5,407 6,054 12 % Non-compensation expenses: Communications and information processing 149 158 150 165 166 11 % 1 % 441 481 9 % Occupancy and equipment 68 69 72 73 75 10 % 3 % 202 220 9 % Business development 66 66 61 60 72 9 % 20 % 176 193 10 % Investment sub-advisory fees 40 41 40 44 48 20 % 9 % 110 132 20 % Professional fees 35 40 32 33 38 9 % 15 % 105 103 (2) % Bank loan provision/(benefit) for credit losses 54 36 12 21 (10) NM NM 96 23 (76) % Other (1) 158 166 95 70 105 (34) % 50 % 334 270 (19) % Total non-compensation expenses 570 576 462 466 494 (13) % 6 % 1,464 1,422 (3) % Total non-interest expenses 2,421 2,468 2,383 2,509 2,584 7 % 3 % 6,871 7,476 9 % Pre-tax income 486 585 630 609 644 33 % 6 % 1,695 1,883 11 % Provision for income taxes 117 151 132 133 152 30 % 14 % 390 417 7 % Net income 369 434 498 476 492 33 % 3 % 1,305 1,466 12 % Preferred stock dividends — 2 1 2 1 NM (50) % 4 4 — % Net income available to common shareholders $ 369 $ 432 $ 497 $ 474 $ 491 33 % 4 % $ 1,301 $ 1,462 12 % Earnings per common share – basic (2) $ 1.75 $ 2.07 $ 2.38 $ 2.27 $ 2.37 35 % 4 % $ 6.09 $ 7.02 15 % Earnings per common share – diluted (2) $ 1.71 $ 2.02 $ 2.32 $ 2.22 $ 2.31 35 % 4 % $ 5.95 $ 6.85 15 % Weighted-average common shares outstanding – basic 210.1 208.3 208.6 208.3 206.8 (2) % (1) % 213.0 207.9 (2) % Weighted-average common and common equivalent shares outstanding – diluted 214.8 213.8 213.8 213.4 212.3 (1) % (1) % 218.0 213.1 (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 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Total assets $ 77,633 $ 78,360 $ 80,130 $ 81,232 $ 80,628 4 % (1) % Total common equity attributable to Raymond James Financial, Inc. $ 9,870 $ 10,135 $ 10,711 $ 10,905 $ 11,118 13 % 2 % Book value per share (3) $ 47.34 $ 48.54 $ 51.32 $ 52.60 $ 54.08 14 % 3 % Tangible book value per share (3) (4) $ 38.71 $ 40.03 $ 42.81 $ 44.11 $ 45.57 18 % 3 % Capital ratios: Tier 1 leverage 11.4 % 11.9 % 12.1 % 12.3 % 12.7 % (5) Tier 1 capital 20.6 % 21.4 % 21.6 % 21.9 % 22.2 % (5) Common equity tier 1 20.4 % 21.2 % 21.5 % 21.8 % 22.0 % (5) Total capital 22.0 % 22.8 % 23.0 % 23.3 % 23.6 % (5) $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Adjusted pre-tax income (4) $ 526 $ 619 $ 653 $ 635 $ 667 27 % 5 % $ 1,760 $ 1,955 11 % Adjusted net income available to common shareholders (4) $ 399 $ 457 $ 514 $ 494 $ 508 27 % 3 % $ 1,350 $ 1,516 12 % Adjusted earnings per common share – basic (2) (4) $ 1.89 $ 2.19 $ 2.46 $ 2.37 $ 2.45 30 % 3 % $ 6.32 $ 7.28 15 % Adjusted earnings per common share – diluted (2) (4) $ 1.85 $ 2.13 $ 2.40 $ 2.31 $ 2.39 29 % 3 % $ 6.17 $ 7.10 15 % Return on common equity (6) 14.9 % 17.3 % 19.1 % 17.5 % 17.8 % 17.9 % 18.2 % Adjusted return on common equity (4) (6) 16.1 % 18.3 % 19.7 % 18.3 % 18.4 % 18.5 % 18.8 % Adjusted return on tangible common equity (4) (6) 19.7 % 22.2 % 23.8 % 21.8 % 21.9 % 22.7 % 22.5 % Pre-tax margin (7) 16.7 % 19.2 % 20.9 % 19.5 % 20.0 % 19.8 % 20.1 % Adjusted pre-tax margin (4) (7) 18.1 % 20.3 % 21.7 % 20.4 % 20.7 % 20.5 % 20.9 % Total compensation ratio (8) 63.7 % 62.0 % 63.8 % 65.5 % 64.7 % 63.1 % 64.7 % Adjusted total compensation ratio (4) (8) 62.7 % 61.4 % 63.4 % 65.2 % 64.4 % 62.4 % 64.3 % Effective tax rate 24.1 % 25.8 % 21.0 % 21.8 % 23.6 % 23.0 % 22.1 % Three months ended % change from Nine months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Client assets under administration $ 1,280.9 $ 1,256.5 $ 1,370.6 $ 1,449.1 $ 1,476.2 15 % 2 % Private Client Group assets under administration $ 1,227.0 $ 1,201.2 $ 1,310.5 $ 1,388.8 $ 1,415.7 15 % 2 % Private Client Group assets in fee-based accounts $ 697.0 $ 683.2 $ 746.6 $ 798.8 $ 820.6 18 % 3 % Financial assets under management $ 200.7 $ 196.4 $ 215.0 $ 226.8 $ 229.3 14 % 1 % Three months ended Nine months ended Net new assets metrics (9) ($ in millions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Domestic Private Client Group net new assets (10) $ 14,386 $ 14,169 $ 21,575 $ 9,648 $ 16,517 $ 59,085 $ 47,740 Domestic Private Client Group net new assets growth — annualized (10) 5.4 % 5.0 % 7.8 % 3.2 % 5.2 % 8.3 % 5.8 % As of % change from Private Client Group financial advisors June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Employees 3,654 3,693 3,718 3,747 3,812 4 % 2 % Independent contractors 5,050 5,019 4,992 5,014 4,970 (2) % (1) % Total advisors (11) 8,704 8,712 8,710 8,761 8,782 1 % — % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Raymond James Bank Deposit Program (“RJBDP”): (12) Bank segment (12) $ 27,915 $ 25,355 $ 23,912 $ 23,405 $ 23,371 (16) % — % Third-party banks 16,923 15,858 17,820 18,234 17,325 2 % (5) % Subtotal RJBDP 44,838 41,213 41,732 41,639 40,696 (9) % (2) % Client Interest Program 1,915 1,620 1,765 1,715 1,713 (11) % — % Total clients’ domestic cash sweep balances 46,753 42,833 43,497 43,354 42,409 (9) % (2) % Enhanced Savings Program ("ESP") (13) 11,225 13,592 14,476 14,863 14,039 25 % (6) % Total clients’ domestic cash sweep and ESP balances $ 57,978 $ 56,425 $ 57,973 $ 58,217 $ 56,448 (3) % (3) % Three months ended % change from Nine months ended Net interest income and RJBDP fees ($ in millions) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Net interest income and RJBDP fees (third-party banks) $ 708 $ 711 $ 698 $ 689 $ 672 (5) % (2) % $ 2,162 $ 2,059 (5) % Average yield on RJBDP - third-party banks (14) 3.37 % 3.60 % 3.66 % 3.59 % 3.41 % 3.05 % 3.55 % 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Asset management and related administrative fees $ 1,164 $ 1,226 $ 1,191 $ 1,283 $ 1,364 17 % 6 % $ 3,319 $ 3,838 16 % Brokerage revenues: Mutual and other fund products 135 142 136 141 142 5 % 1 % 398 419 5 % Insurance and annuity products 103 119 125 127 130 26 % 2 % 320 382 19 % Equities, ETFs, and fixed income products 111 115 121 139 137 23 % (1) % 340 397 17 % Total brokerage revenues 349 376 382 407 409 17 % — % 1,058 1,198 13 % Account and service fees: Mutual fund and annuity service fees 103 109 106 115 118 15 % 3 % 306 339 11 % RJBDP fees: (12) Bank segment 277 237 223 206 198 (29) % (4) % 856 627 (27) % Third-party banks 107 154 152 160 149 39 % (7) % 344 461 34 % Client account and other fees 59 56 65 64 66 12 % 3 % 175 195 11 % Total account and service fees 546 556 546 545 531 (3) % (3) % 1,681 1,622 (4) % Investment banking 9 8 11 8 10 11 % 25 % 27 29 7 % Interest income 114 115 118 122 121 6 % (1) % 340 361 6 % All other 25 8 4 6 13 (48) % 117 % 40 23 (43) % Total revenues 2,207 2,289 2,252 2,371 2,448 11 % 3 % 6,465 7,071 9 % Interest expense (25) (24) (26) (30) (32) 28 % 7 % (76) (88) 16 % Net revenues 2,182 2,265 2,226 2,341 2,416 11 % 3 % 6,389 6,983 9 % Non-interest expenses: Financial advisor compensation and benefits 1,151 1,193 1,190 1,273 1,327 15 % 4 % 3,344 3,790 13 % Administrative compensation and benefits 355 348 379 391 389 10 % (1) % 1,042 1,159 11 % Total compensation, commissions and benefits 1,506 1,541 1,569 1,664 1,716 14 % 3 % 4,386 4,949 13 % Non-compensation expenses 265 247 218 233 259 (2) % 11 % 717 710 (1) % Total non-interest expenses 1,771 1,788 1,787 1,897 1,975 12 % 4 % 5,103 5,659 11 % Pre-tax income $ 411 $ 477 $ 439 $ 444 $ 441 7 % (1) % $ 1,286 $ 1,324 3 % 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Brokerage revenues: Fixed income $ 78 $ 71 $ 102 $ 88 $ 86 10 % (2) % $ 274 $ 276 1 % Equity 32 30 38 34 35 9 % 3 % 100 107 7 % Total brokerage revenues 110 101 140 122 121 10 % (1) % 374 383 2 % Investment banking: Merger & acquisition and advisory 88 141 118 107 91 3 % (15) % 277 316 14 % Equity underwriting 25 16 26 23 33 32 % 43 % 69 82 19 % Debt underwriting 28 37 26 41 49 75 % 20 % 73 116 59 % Total investment banking 141 194 170 171 173 23 % 1 % 419 514 23 % Interest income 21 23 23 26 32 52 % 23 % 65 81 25 % Affordable housing investments business revenues 21 41 23 22 30 43 % 36 % 68 75 10 % All other 4 3 4 4 4 — % — % 11 12 9 % Total revenues 297 362 360 345 360 21 % 4 % 937 1,065 14 % Interest expense (21) (21) (22) (24) (30) 43 % 25 % (64) (76) 19 % Net revenues 276 341 338 321 330 20 % 3 % 873 989 13 % Non-interest expenses: Compensation, commissions and benefits 220 238 238 240 243 10 % 1 % 664 721 9 % Non-compensation expenses 90 110 97 98 101 12 % 3 % 293 296 1 % Total non-interest expenses 310 348 335 338 344 11 % 2 % 957 1,017 6 % Pre-tax income/(loss) $ (34) $ (7) $ 3 $ (17) $ (14) 59 % 18 % $ (84) $ (28) 67 % 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Interest income $ 826 $ 847 $ 872 $ 868 $ 867 5 % — % $ 2,251 $ 2,607 16 % Interest expense (329) (408) (446) (455) (461) 40 % 1 % (733) (1,362) 86 % Net interest income 497 439 426 413 406 (18) % (2) % 1,518 1,245 (18) % All other 17 12 15 11 12 (29) % 9 % 44 38 (14) % Net revenues 514 451 441 424 418 (19) % (1) % 1,562 1,283 (18) % Non-interest expenses: Compensation and benefits 48 41 43 48 45 (6) % (6) % 136 136 — % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 54 36 12 21 (10) NM NM 96 23 (76) % RJBDP fees to Private Client Group (12) 277 237 223 206 198 (29) % (4) % 856 627 (27) % All other 69 59 71 74 70 1 % (5) % 181 215 19 % Total non-compensation expenses 400 332 306 301 258 (36) % (14) % 1,133 865 (24) % Total non-interest expenses 448 373 349 349 303 (32) % (13) % 1,269 1,001 (21) % Pre-tax income $ 66 $ 78 $ 92 $ 75 $ 115 74 % 53 % $ 293 $ 282 (4) % 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Revenues: Interest income $ 37 $ 44 $ 49 $ 44 $ 47 27 % 7 % $ 103 $ 140 36 % All other 2 3 2 (2) 6 200 % NM 6 6 — % Total revenues 39 47 51 42 53 36 % 26 % 109 146 34 % Interest expense (24) (22) (25) (25) (25) 4 % — % (75) (75) — % Net revenues 15 25 26 17 28 87 % 65 % 34 71 109 % Non-interest expenses: Compensation and benefits 27 24 17 32 29 7 % (9) % 71 78 10 % Insurance settlement received (1) — — — — — — % — % (32) — 100 % All other 34 64 6 (22) 9 (74) % NM 46 (7) NM Total non-interest expenses 61 88 23 10 38 (38) % 280 % 85 71 (16) % Pre-tax income/(loss) $ (46) $ (63) $ 3 $ 7 $ (10) 78 % NM $ (51) $ — 100 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (15) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Our Bank segment includes Raymond James Bank and TriState Capital Bank. Bank Segment As of % change from $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Total assets $ 59,506 $ 60,041 $ 61,517 $ 61,038 $ 60,574 2 % (1) % Bank loans, net: Raymond James Bank $ 30,834 $ 30,906 $ 31,092 $ 30,980 $ 31,237 1 % 1 % TriState Capital Bank 12,511 12,869 13,090 13,119 13,912 11 % 6 % Total bank loans, net $ 43,345 $ 43,775 $ 44,182 $ 44,099 $ 45,149 4 % 2 % Bank loan allowance for credit losses $ 456 $ 474 $ 479 $ 471 $ 456 — % (3) % Bank loan allowance for credit losses as a % of total loans held for investment 1.04 % 1.07 % 1.08 % 1.06 % 1.00 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (16) 1.90 % 2.03 % 2.06 % 2.05 % 2.00 % Total nonperforming assets $ 127 $ 128 $ 164 $ 187 $ 160 26 % (14) % Nonperforming assets as a % of total assets 0.21 % 0.21 % 0.27 % 0.31 % 0.26 % Total criticized loans $ 411 $ 518 $ 472 $ 538 $ 523 27 % (3) % Criticized loans as a % of loans held for investment 0.94 % 1.17 % 1.06 % 1.21 % 1.15 % Total bank deposits $ 53,768 $ 54,199 $ 55,393 $ 54,843 $ 54,401 1 % (1) % As of % change from $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 Securities-based loans (17) $ 14,227 $ 14,606 $ 14,647 $ 14,610 $ 15,429 8 % 6 % Commercial and industrial loans 10,663 10,406 10,503 10,190 9,956 (7) % (2) % Commercial real estate loans 7,091 7,221 7,331 7,462 7,619 7 % 2 % Real estate investment trust loans 1,715 1,668 1,697 1,701 1,755 2 % 3 % Residential mortgage loans 8,422 8,662 8,861 9,016 9,245 10 % 3 % Tax-exempt loans 1,548 1,541 1,411 1,445 1,431 (8) % (1) % Total loans held for investment 43,666 44,104 44,450 44,424 45,435 4 % 2 % Held for sale loans 135 145 211 146 170 26 % 16 % Total loans held for sale and investment 43,801 44,249 44,661 44,570 45,605 4 % 2 % Allowance for credit losses (456) (474) (479) (471) (456) — % (3) % Bank loans, net $ 43,345 $ 43,775 $ 44,182 $ 44,099 $ 45,149 4 % 2 % Three months ended % change from Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 March 31, 2024 June 30, 2023 June 30, 2024 % change Net interest margin (net yield on interest-earning assets) 3.26 % 2.87 % 2.74 % 2.66 % 2.64 % 3.41 % 2.68 % Bank loan provision/(benefit) for credit losses $ 54 $ 36 $ 12 $ 21 $ (10) NM NM $ 96 $ 23 (76) % Net charge-offs $ 15 $ 17 $ 8 $ 28 $ 6 (60) % (79) % $ 37 $ 42 14 % 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Net income available to common shareholders $ 369 $ 432 $ 497 $ 474 $ 491 $ 1,301 $ 1,462 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 18 17 11 11 11 53 33 Other acquisition-related compensation 10 — — — — 10 — Total “Compensation, commissions and benefits” expense 28 17 11 11 11 63 33 Communication and information processing — 2 — 1 — — 1 Professional fees 1 3 1 1 1 1 3 Other: Amortization of identifiable intangible assets (19) 11 12 11 11 11 33 33 All other acquisition-related expenses — — — 2 — — 2 Total “Other” expense 11 12 11 13 11 33 35 Total expenses related to acquisitions 40 34 23 26 23 97 72 Other — Insurance settlement received (1) — — — — — (32) — Pre-tax impact of non-GAAP adjustments 40 34 23 26 23 65 72 Tax effect of non-GAAP adjustments (10) (9) (6) (6) (6) (16) (18) Total non-GAAP adjustments, net of tax 30 25 17 20 17 49 54 Adjusted net income available to common shareholders (4) $ 399 $ 457 $ 514 $ 494 $ 508 $ 1,350 $ 1,516 Pre-tax income $ 486 $ 585 $ 630 $ 609 $ 644 $ 1,695 $ 1,883 Pre-tax impact of non-GAAP adjustments (as detailed above) 40 34 23 26 23 65 72 Adjusted pre-tax income (4) $ 526 $ 619 $ 653 $ 635 $ 667 $ 1,760 $ 1,955 Compensation, commissions and benefits expense $ 1,851 $ 1,892 $ 1,921 $ 2,043 $ 2,090 $ 5,407 $ 6,054 Less: Total compensation-related acquisition expenses (as detailed above) 28 17 11 11 11 63 33 Adjusted “Compensation, commissions and benefits” expense (4) $ 1,823 $ 1,875 $ 1,910 $ 2,032 $ 2,079 $ 5,344 $ 6,021 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 Nine months ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Pre-tax margin (7) 16.7 % 19.2 % 20.9 % 19.5 % 20.0 % 19.8 % 20.1 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.7 % 0.6 % 0.4 % 0.3 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation 0.3 % — % — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expense 1.0 % 0.6 % 0.4 % 0.3 % 0.3 % 0.7 % 0.4 % Communications and information processing — % — % — % — % — % — % — % Professional fees — % 0.1 % — % 0.1 % — % — % — % Other: Amortization of identifiable intangible assets (19) 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % All other acquisition-related expenses — % — % — % 0.1 % — % — % — % Total “Other” expense 0.4 % 0.4 % 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 1.4 % 1.1 % 0.8 % 0.9 % 0.7 % 1.1 % 0.8 % Other — Insurance settlement received (1) — % — % — % — % — % (0.4) % — % Total non-GAAP adjustments 1.4 % 1.1 % 0.8 % 0.9 % 0.7 % 0.7 % 0.8 % Adjusted pre-tax margin (4) (7) 18.1 % 20.3 % 21.7 % 20.4 % 20.7 % 20.5 % 20.9 % Total compensation ratio (8) 63.7 % 62.0 % 63.8 % 65.5 % 64.7 % 63.1 % 64.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (18) 0.7 % 0.6 % 0.4 % 0.3 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation 0.3 % — % — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 1.0 % 0.6 % 0.4 % 0.3 % 0.3 % 0.7 % 0.4 % Adjusted total compensation ratio (4) (8) 62.7 % 61.4 % 63.4 % 65.2 % 64.4 % 62.4 % 64.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Nine months ended Earnings per common share (2) June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Diluted $ 1.71 $ 2.02 $ 2.32 $ 2.22 $ 2.31 $ 5.95 $ 6.85 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 0.09 0.08 0.05 0.05 0.05 0.24 0.15 Other acquisition-related compensation 0.05 — — — — 0.05 — Total “Compensation, commissions and benefits” expense 0.14 0.08 0.05 0.05 0.05 0.29 0.15 Communications and information processing — 0.01 — — — — — Professional fees — 0.01 0.01 0.01 0.01 — 0.01 Other: Amortization of identifiable intangible assets (19) 0.05 0.05 0.05 0.05 0.05 0.15 0.16 All other acquisition-related expenses — — — 0.01 — — 0.01 Total “Other” expense 0.05 0.05 0.05 0.06 0.05 0.15 0.17 Total expenses related to acquisitions 0.19 0.15 0.11 0.12 0.11 0.44 0.33 Other — Insurance settlement received (1) — — — — — (0.15) — Tax effect of non-GAAP adjustments (0.05) (0.04) (0.03) (0.03) (0.03) (0.07) (0.08) Total non-GAAP adjustments, net of tax 0.14 0.11 0.08 0.09 0.08 0.22 0.25 Adjusted diluted (4) $ 1.85 $ 2.13 $ 2.40 $ 2.31 $ 2.39 $ 6.17 $ 7.10 Book value per share As of $ in millions, except per share amounts June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Total common equity attributable to Raymond James Financial, Inc. $ 9,870 $ 10,135 $ 10,711 $ 10,905 $ 11,118 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,928 1,907 1,908 1,894 1,884 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (131) (132) (134) (136) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 8,071 $ 8,359 $ 8,935 $ 9,145 $ 9,370 Common shares outstanding 208.5 208.8 208.7 207.3 205.6 Book value per share (3) $ 47.34 $ 48.54 $ 51.32 $ 52.60 $ 54.08 Tangible book value per share (3) (4) $ 38.71 $ 40.03 $ 42.81 $ 44.11 $ 45.57 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Average common equity (20) $ 9,873 $ 10,003 $ 10,423 $ 10,808 $ 11,012 $ 9,705 $ 10,717 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 9 9 6 6 5 27 17 Other acquisition-related compensation 4 — — — — 2 — Total “Compensation, commissions and benefits” expense 13 9 6 6 5 29 17 Communications and information processing — 1 — — — — — Professional fees 1 2 — — 1 — 2 Other: Amortization of identifiable intangible assets (19) 6 6 6 6 5 17 16 All other acquisition-related expenses — — — 1 — — 1 Total “Other” expense 6 6 6 7 5 17 17 Total expenses related to acquisitions 20 18 12 13 11 46 36 Other — Insurance settlement received (1) — — — — — (24) — Tax effect of non-GAAP adjustments (5) (5) (3) (3) (3) (5) (9) Total non-GAAP adjustments, net of tax 15 13 9 10 8 17 27 Adjusted average common equity (4) (20) $ 9,888 $ 10,016 $ 10,432 $ 10,818 $ 11,020 $ 9,722 $ 10,744 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 Nine months ended $ in millions June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 June 30, 2023 June 30, 2024 Average common equity (20) $ 9,873 $ 10,003 $ 10,423 $ 10,808 $ 11,012 $ 9,705 $ 10,717 Less: Average goodwill and identifiable intangible assets, net 1,930 1,918 1,908 1,901 1,889 1,932 1,898 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (130) (132) (133) (135) (128) (133) Average tangible common equity (4) (20) $ 8,071 $ 8,215 $ 8,647 $ 9,040 $ 9,258 $ 7,901 $ 8,952 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (18) 9 9 6 6 5 27 17 Other acquisition-related compensation 4 — — — — 2 — Total “Compensation, commissions and benefits” expense 13 9 6 6 5 29 17 Communications and information processing — 1 — — — — — Professional fees 1 2 — — 1 — 2 Other: Amortization of identifiable intangible assets (19) 6 6 6 6 5 17 16 All other acquisition-related expenses — — — 1 — — 1 Total “Other” expense 6 6 6 7 5 17 17 Total expenses related to acquisitions 20 18 12 13 11 46 36 Other — Insurance settlement received (1) — — — — — (24) — Tax effect of non-GAAP adjustments (5) (5) (3) (3) (3) (5) (9) Total non-GAAP adjustments, net of tax 15 13 9 10 8 17 27 Adjusted average tangible common equity (4) (20) $ 8,086 $ 8,228 $ 8,656 $ 9,050 $ 9,266 $ 7,918 $ 8,979 Return on common equity (6) 14.9 % 17.3 % 19.1 % 17.5 % 17.8 % 17.9 % 18.2 % Adjusted return on common equity (4) (6) 16.1 % 18.3 % 19.7 % 18.3 % 18.4 % 18.5 % 18.8 % Return on tangible common equity (4) (6) 18.3 % 21.0 % 23.0 % 21.0 % 21.2 % 22.0 % 21.8 % Adjusted return on tangible common equity (4) (6) 19.7 % 22.2 % 23.8 % 21.8 % 21.9 % 22.7 % 22.5 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) The nine months ended June 30, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. 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. (2) 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, June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024, and June 30, 2024, $4 million for the nine months ended June 30, 2023, and $3 million for the nine months ended June 30, 2024. (3) 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. (4) 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. (5) Estimated. (6) 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. (7) 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. (8) 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. (9) 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. (10) These metrics for the three and nine months ended June 30, 2023 include the impact of the departure of approximately $5 billion of assets under administration, representing the portion of advisors previously associated through a single relationship in the firm’s independent contractors division whose affiliation with the firm ended in the fiscal third quarter of 2023. (11) This metric includes the impact of the transfer of approximately 50 financial advisors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2024, primarily related to one firm with financial advisors previously affiliated as independent contractors. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. (12) 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 Raymond James Bank and TriState Capital Bank, which are included in 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 deposit liability balance 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. (13) 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. (14) 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. (15) 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. (16) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (17) 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. RAYMOND JAMES FINANCIAL, INC. 18

(18) 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. (19) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (20) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year- to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by four. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19