Raymond James Financial (RJF) 8-K Raymond James Financial Reports Third Quarter of

July 26, 2023	FOR IMMEDIATE RELEASE
	Media Contact: Steve Hollister, 727.567.2824
	Investor Contact: Kristina Waugh, 727.567.7654
	raymondjames.com/news-and-media/press-releases

RAYMOND JAMES FINANCIAL REPORTS THIRD QUARTER OF

FISCAL 2023 RESULTS

•Domestic Private Client Group net new assets(1)(2) of $14.4 billion for the fiscal third quarter, 5.4% annualized growth rate from beginning of period assets

•Record quarterly net revenues of $2.91 billion, up 7% over the prior year’s fiscal third quarter and 1% over the preceding quarter

•Quarterly net income available to common shareholders of $369 million, or $1.71 per diluted share, and quarterly adjusted net income available to common shareholders of $399 million(3), or $1.85 per diluted share(3)

•Record client assets under administration of $1.28 trillion and financial assets under management of $200.7 billion

•Net interest income and Raymond James Bank Deposit Program (“RJBDP”) fees from third-party banks of $708 million during the quarter, up 91% over the prior year’s fiscal third quarter and down 3% compared to the preceding quarter

•Record net revenues of $8.57 billion and record net income available to common shareholders of $1.30 billion for the first nine months of fiscal 2023, up 5% and 22%, respectively, over the first nine months of fiscal 2022

•Annualized return on common equity of 17.9% and annualized adjusted return on tangible common equity of 22.7%(3) for the first nine months of fiscal 2023

ST. PETERSBURG, Fla – Raymond James Financial, Inc. (NYSE: RJF) today reported record net revenues of $2.91 billion and net income available to common shareholders of $369 million, or $1.71 per diluted share, for the fiscal third quarter ended June 30, 2023. Excluding $40 million of expenses related to acquisitions, quarterly adjusted net income available to common shareholders was $399 million(3), or $1.85 per diluted share(3).

Record quarterly net revenues increased 7% over the prior year’s fiscal third quarter. The benefit of higher short-term interest rates on net interest income and RJBDP fees from third-party banks more than offset declines in investment banking revenues, brokerage revenues, and asset management and related administrative fees. The 1% sequential increase in quarterly net revenues was primarily due to higher asset management and related administrative fees.

Quarterly net income available to common shareholders increased 23% over the prior year’s fiscal third quarter, driven primarily by higher net interest income and RJBDP fees from third-party banks which were partially offset by elevated provisions for legal and regulatory matters. Sequentially, net income available to common shareholders decreased 13%. Quarterly results were negatively impacted by elevated provisions for legal and regulatory matters of approximately $65 million and bank loan provision for credit losses of $54 million.

For the first nine months of the fiscal year, record net revenues of $8.57 billion increased 5%, record earnings per diluted common share of $5.95 increased 19%, and adjusted earnings per diluted common share of $6.17(3) increased 14% over the first nine months of fiscal 2022. The Private Client Group segment generated record net

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

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revenues and record pre-tax income during the first nine months of the fiscal year. Annualized return on common equity was 17.9% and annualized adjusted return on tangible common equity was 22.7%(3).

“Through the strength of our businesses and perseverance of our advisors and associates, we generated record net revenues and record net income to common shareholders during the first nine months of the fiscal year, up 5% and 22%, respectively, over fiscal 2022 despite challenging macroeconomic conditions,” said Chair and CEO Paul Reilly. “Importantly, our strong capital ratios and flexible balance sheet keep us well-positioned as we look forward.”

Segment Results

Private Client Group

•Domestic Private Client Group net new assets(1)(2) of $14.4 billion for the fiscal third quarter, 5.4% annualized growth rate from beginning of period assets

•Record quarterly net revenues of $2.18 billion, up 11% over the prior year’s fiscal third quarter and 2% over the preceding quarter

•Quarterly pre-tax income of $411 million, up 64% over the prior year’s fiscal third quarter and down 7% compared to the preceding quarter

•Record Private Client Group assets under administration of $1.23 trillion, up 15% compared to June 2022 and 5% over March 2023

•Record Private Client Group assets in fee-based accounts of $697.0 billion, up 15% compared to June 2022 and 5% over March 2023

•Total clients’ domestic cash sweep and Enhanced Savings Program (“ESP”) balances of $58.0 billion, down 24% compared to June 2022 and up 11% over March 2023

The year-over-year growth in quarterly net revenues and pre-tax income was driven primarily by increases in RJBDP fees and net interest income, which more than offset market-driven declines in asset management and related administrative fees and brokerage revenues. Sequentially, quarterly net revenues grew 2% driven by higher asset management and related administrative fees, which were offset by a decline in RJBDP fees due to lower cash sweep balances, and lower brokerage revenues. However, quarterly pre-tax income declined 7% compared to the preceding quarter driven by higher provisions for legal and regulatory matters and seasonally higher advisor recognition events and conference expenses.

Total clients’ domestic cash sweep and ESP balances grew 11% over March 2023. The increase reflects strong growth in ESP balances which more than offset a modest decline in cash sweep balances largely due to quarterly fee billings and income tax payments. Reflecting higher short-term interest rates, the average yield on RJBDP third-party bank balances increased 12 basis points to 3.37% in the fiscal third quarter.

“Financial advisor retention and recruiting are strong across our multiple affiliation options driven by our advisor and client-focused culture and leading technology and product solutions,” said Reilly. “For example, our recently-launched Enhanced Savings Program ended the quarter at $11.2 billion, as advisors and their clients continue to value this attractive offering.”

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

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Capital Markets

•Quarterly net revenues of $276 million, down 28% compared to the prior year’s fiscal third quarter and 9% compared to the preceding quarter

•Quarterly pre-tax loss of $34 million

•Quarterly investment banking revenues of $141 million, down 35% compared to the prior year’s fiscal third quarter and 3% compared to the preceding quarter

The year-over-year decline in quarterly net revenues and pre-tax income was largely attributable to lower investment banking and fixed income brokerage revenues. Compensation expense declined 9% driven by lower variable compensation, partially offset by amortization of deferred compensation and additional compensation related to growth investments.

“Investment banking activity across the industry remains muted,” said Reilly. “While the investment banking pipeline remains healthy and new business activity is solid, the timing of closings is largely dependent on improving market conditions.”

Asset Management

•Quarterly net revenues of $226 million, down 1% compared to the prior year’s fiscal third quarter and up 5% over the preceding quarter

•Quarterly pre-tax income of $89 million, down 4% compared to the prior year’s fiscal third quarter and up 9% over the preceding quarter

•Financial assets under management of $200.7 billion, up 10% over June 2022 and 3% over March 2023

Financial assets under management of $200.7 billion grew 10% over the prior-year quarter and 3% over the preceding quarter. The increase in financial assets under management was primarily the result of higher equity markets, along with net inflows into fee-based accounts in the Private Client Group.

Bank

•Quarterly net revenues of $514 million, up 86% over the prior year’s fiscal third quarter and down 5% compared to the preceding quarter

•Quarterly pre-tax income of $66 million, down 11% compared to the prior year’s fiscal third quarter and 27% compared to the preceding quarter

•Bank segment net interest margin (“NIM”) of 3.26% for the quarter, up 85 basis points over the prior year’s fiscal third quarter and down 37 basis points compared to the preceding quarter

•Net loans of $43.3 billion, up 4% over June 2022 and down 1% compared to March 2023

Quarterly net revenues increased over the prior-year quarter driven by higher asset balances and the favorable impact from higher short-term interest rates. Sequentially, quarterly net revenues declined 5% due to lower net interest income. The Bank segment’s NIM decreased 37 basis points during the quarter to 3.26%, primarily due to increased interest expense from higher-cost funding as ESP balances replaced a portion of lower-cost RJBDP client cash sweep balances. Net loans increased 4% over the prior-year quarter and declined 1% compared to the preceding quarter primarily driven by lower corporate loans. Quarterly bank loan provision for credit losses of $54 million increased over the preceding quarter primarily due to weaker macroeconomic assumptions for the Moody’s CRE Price Index in the Current Expected Credit Loss (“CECL”) model. Despite a higher provision, the credit quality of the loan portfolio is solid, with criticized loans as a percent of total loans held for investment ending the quarter at 0.94%, down from 1.63% at June 2022 and up slightly from 0.92% at March 2023. Bank loan allowance for credit losses as a percent of total loans held for investment was 1.04%, and bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 1.90%.

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

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Other

During the fiscal third quarter, the firm repurchased 3.31 million shares of common stock for $300 million at an average price of $91 per share. As of July 26, 2023, approximately $750 million remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.0%(4) and the tier 1 leverage ratio was 11.4%(4), both well above regulatory requirements.

A conference call to discuss the results will take place today, Wednesday, July 26, 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. For a listen-only connection to the conference call, please dial: 877-252-3031 (conference code: 22027631). An audio replay of the call will be available at the same location until October 26, 2023.

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. The company has approximately 8,700 financial advisors. Total client assets are $1.28 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available atwww.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, demand for and pricing of our products, acquisitions, divestitures, 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, is intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.

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

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RAYMOND JAMES FINANCIAL, INC. Fiscal Third Quarter of 2023 Selected Financial Highlights
(Unaudited)

Summary results of operations

$ in millions, except per share amounts	Three months ended						% change from
	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Net revenues	$	2,907	$	2,718	$	2,873	7%	1%
Pre-tax income	$	486	$	415	$	557	17%	(13)%
Net income available to common shareholders	$	369	$	299	$	425	23%	(13)%
Earnings per common share: (5)
Basic	$	1.75	$	1.41	$	1.97	24%	(11)%
Diluted	$	1.71	$	1.38	$	1.93	24%	(11)%
Non-GAAP measures: (3)
Adjusted pre-tax income	$	526	$	480	$	585	10%	(10)%
Adjusted net income available to common shareholders	$	399	$	348	$	446	15%	(11)%
Adjusted earnings per common share – basic (5)	$	1.89	$	1.65	$	2.07	15%	(9)%
Adjusted earnings per common share – diluted (5)	$	1.85	$	1.61	$	2.03	15%	(9)%

	Nine months ended
$ in millions, except per share amounts	June 30, 2023		June 30, 2022		% change
Net revenues	$	8,566	$	8,172	5%
Pre-tax income	$	1,695	$	1,406	21%
Net income available to common shareholders	$	1,301	$	1,068	22%
Earnings per common share: (5)
Basic	$	6.09	$	5.12	19%
Diluted	$	5.95	$	4.99	19%
Non-GAAP measures: (3)
Adjusted pre-tax income	$	1,760	$	1,523	16%
Adjusted net income available to common shareholders	$	1,350	$	1,156	17%
Adjusted earnings per common share – basic (5)	$	6.32	$	5.55	14%
Adjusted earnings per common share – diluted (5)	$	6.17	$	5.41	14%

Other selected financial highlights	Three months ended						Nine months ended
	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
Return on common equity (6)	14.9	%	13.3	%	17.3	%	17.9	%	16.3	%
Adjusted return on common equity (3) (6)	16.1	%	15.4	%	18.2	%	18.5	%	17.6	%
Adjusted return on tangible common equity (3) (6)	19.7	%	18.1	%	22.3	%	22.7	%	20.1	%
Pre-tax margin (7)	16.7	%	15.3	%	19.4	%	19.8	%	17.2	%
Adjusted pre-tax margin (3) (7)	18.1	%	17.7	%	20.4	%	20.5	%	18.6	%
Total compensation ratio (8)	63.7	%	67.5	%	63.3	%	63.1	%	68.2	%
Adjusted total compensation ratio (3) (8)	62.7	%	66.8	%	62.8	%	62.4	%	67.6	%
Effective tax rate	24.1	%	27.5	%	23.3	%	23.0	%	23.9	%

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

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RAYMOND JAMES FINANCIAL, INC.             

Fiscal Third Quarter of 2023

Consolidated Statements of Income (Unaudited)
	Three months ended						% change from
$ in millions, except per share amounts	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Revenues:
Asset management and related administrative fees	$	1,373	$	1,427	$	1,302	(4)%	5%
Brokerage revenues:
Securities commissions	356		385		369		(8)%	(4)%
Principal transactions	105		128		127		(18)%	(17)%
Total brokerage revenues	461		513		496		(10)%	(7)%
Account and service fees	264		211		258		25%	2%
Investment banking	151		223		154		(32)%	(2)%
Interest income	987		374		915		164%	8%
Other	57		30		32		90%	78%
Total revenues	3,293		2,778		3,157		19%	4%
Interest expense	(386)		(60)		(284)		543%	36%
Net revenues	2,907		2,718		2,873		7%	1%
Non-interest expenses:
Compensation, commissions and benefits (9)	1,851		1,834		1,820		1%	2%
Non-compensation expenses:
Communications and information processing	149		129		153		16%	(3)%
Occupancy and equipment	68		65		68		5%	—%
Business development	66		58		54		14%	22%
Investment sub-advisory fees	40		38		36		5%	11%
Professional fees	35		38		38		(8)%	(8)%
Bank loan provision for credit losses (10)	54		56		28		(4)%	93%
Other (10) (11)	158		85		119		86%	33%
Total non-compensation expenses	570		469		496		22%	15%
Total non-interest expenses	2,421		2,303		2,316		5%	5%
Pre-tax income	486		415		557		17%	(13)%
Provision for income taxes	117		114		130		3%	(10)%
Net income	369		301		427		23%	(14)%
Preferred stock dividends	—		2		2		(100)%	(100)%
Net income available to common shareholders	$	369	$	299	$	425	23%	(13)%
Earnings per common share – basic (5)	$	1.75	$	1.41	$	1.97	24%	(11)%
Earnings per common share – diluted (5)	$	1.71	$	1.38	$	1.93	24%	(11)%
Weighted-average common shares outstanding – basic	210.1		210.7		214.3		—%	(2)%
Weighted-average common and common equivalent shares outstanding – diluted	214.8		215.7		219.2		—%	(2)%

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

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RAYMOND JAMES FINANCIAL, INC.             

Fiscal Third Quarter of 2023

Consolidated Statements of Income (Unaudited)
	Nine months ended
$ in millions, except per share amounts	June 30, 2023		June 30, 2022		% change
Revenues:
Asset management and related administrative fees	$	3,917	$	4,273	(8)%
Brokerage revenues:
Securities commissions	1,077		1,232		(13)%
Principal transactions	364		403		(10)%
Total brokerage revenues	1,441		1,635		(12)%
Account and service fees	811		567		43%
Investment banking	446		883		(49)%
Interest income	2,729		841		224%
Other	133		108		23%
Total revenues	9,477		8,307		14%
Interest expense	(911)		(135)		575%
Net revenues	8,566		8,172		5%
Non-interest expenses:
Compensation, commissions and benefits (9)	5,407		5,570		(3)%
Non-compensation expenses:
Communications and information processing	441		368		20%
Occupancy and equipment	202		186		9%
Business development	176		127		39%
Investment sub-advisory fees	110		116		(5)%
Professional fees	105		93		13%
Bank loan provision for credit losses (10)	96		66		45%
Other (10) (11) (12)	334		240		39%
Total non-compensation expenses	1,464		1,196		22%
Total non-interest expenses	6,871		6,766		2%
Pre-tax income	1,695		1,406		21%
Provision for income taxes	390		336		16%
Net income	1,305		1,070		22%
Preferred stock dividends	4		2		100%
Net income available to common shareholders	$	1,301	$	1,068	22%
Earnings per common share – basic (5)	$	6.09	$	5.12	19%
Earnings per common share – diluted (5)	$	5.95	$	4.99	19%
Weighted-average common shares outstanding – basic	213.0		208.1		2%
Weighted-average common and common equivalent shares outstanding – diluted	218.0		213.5		2%

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

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RAYMOND JAMES FINANCIAL, INC.	Consolidated Selected Key Metrics
Fiscal Third Quarter of 2023	(Unaudited)

	As of										% change from
$ in millions, except per share amounts	June 30, 2023				June 30, 2022			March 31, 2023			June 30, 2022	March 31, 2023
Total assets	$	77,633			$	86,111		$	79,180		(10)%	(2)%
Total common equity attributable to Raymond James Financial, Inc.	$	9,870			$	9,395		$	9,875		5%	—%
Book value per share (13)	$	47.34			$	43.60		$	46.67		9%	1%
Tangible book value per share (3) (13)	$	38.71			$	35.79		$	38.14		8%	1%
Capital ratios:
Tier 1 leverage	11.4		%	(4)	10.8		%	11.5		%
Tier 1 capital	20.6		%	(4)	20.0		%	20.1		%
Common equity tier 1	20.4		%	(4)	20.0		%	19.9		%
Total capital	22.0		%	(4)	21.5		%	21.4		%

Client asset metrics ($ in billions)	As of						% change from
	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Client assets under administration	$	1,280.9	$	1,125.3	$	1,224.4	14%	5%
Private Client Group assets under administration	$	1,227.0	$	1,068.8	$	1,171.1	15%	5%
Private Client Group assets in fee-based accounts	$	697.0	$	606.7	$	666.3	15%	5%
Financial assets under management	$	200.7	$	182.4	$	194.4	10%	3%

Net new assets metrics (1)($ in millions)	Three months ended									Nine months ended
	June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2023			June 30, 2022
Domestic Private Client Group net new assets (2)	$	14,386		$	14,663		$	21,473		$	59,085		$	74,857
Domestic Private Client Group net new assets growth — annualized (2)	5.4		%	5.4		%	8.4		%	8.3		%	9.5		%

Clients’ domestic cash sweep and Enhanced Savings Program balances ($ in millions)	As of						% change from
	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Raymond James Bank Deposit Program (“RJBDP”): (14)
Bank segment (14)	$	27,915	$	36,646	$	37,682	(24)%	(26)%
Third-party banks	16,923		25,478		9,408		(34)%	80%
Subtotal RJBDP	44,838		62,124		47,090		(28)%	(5)%
Client Interest Program	1,915		13,717		2,385		(86)%	(20)%
Total clients’ domestic cash sweep balances	46,753		75,841		49,475		(38)%	(6)%
Enhanced Savings Program (15)	11,225		—		2,746		NM	309%
Total clients’ domestic cash sweep and Enhanced Savings Program balances	$	57,978	$	75,841	$	52,221	(24)%	11%

	Three months ended						Nine months ended
	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
Average yield on RJBDP - third-party banks (16)	3.37	%	0.88	%	3.25	%	3.05	%	0.50	%

Private Client Group financial advisors	As of			% change from
	June 30, 2023	June 30, 2022	March 31, 2023	June 30, 2022	March 31, 2023
Employees	3,654	3,615	3,628	1%	1%
Independent contractors (2)	5,050	5,001	5,098	1%	(1)%
Total advisors (2)	8,704	8,616	8,726	1%	—%

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

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RAYMOND JAMES FINANCIAL, INC.	Consolidated Net Interest
Fiscal Third Quarter of 2023	(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
	June 30, 2023						June 30, 2022						March 31, 2023
$ 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	$	5,502	$	70	5.08	%	$	1,603	$	3	0.94	%	$	3,093	$	36	4.64	%
Available-for-sale securities	10,737		56		2.07	%	9,972		37		1.47	%	10,869		54		2.00	%
Loans held for sale and investment: (17)
Loans held for investment:
Securities-based loans (“SBL”) (18)	14,200		251		7.02	%	9,854		78		3.09	%	14,493		240		6.63	%
Commercial and industrial (“C&I”) loans	10,916		198		7.19	%	9,606		76		3.14	%	11,236		188		6.69	%
Commercial real estate (“CRE”) loans	7,097		136		7.53	%	4,338		36		3.30	%	6,961		123		7.07	%
Real estate investment trust (“REIT”) loans	1,716		31		7.30	%	1,379		11		3.20	%	1,671		31		7.11	%
Residential mortgage loans	8,279		67		3.22	%	6,334		44		2.77	%	7,979		62		3.13	%
Tax-exempt loans (19)	1,629		11		3.17	%	1,329		8		3.16	%	1,652		10		3.16	%
Loans held for sale	195		4		9.63	%	222		2		3.08	%	170		3		7.23	%
Total loans held for sale and investment	44,032		698		6.31	%	33,062		255		3.08	%	44,162		657		5.97	%
All other interest-earning assets	126		2		5.56	%	123		1		3.13	%	153		2		5.80	%
Interest-earning assets — Bank segment	$	60,397	$	826	5.44	%	$	44,760	$	296	2.64	%	$	58,277	$	749	5.16	%
All other segments
Cash and cash equivalents	$	2,820	$	39	5.51	%	$	3,945	$	7	0.63	%	$	3,130	$	39	5.10	%
Assets segregated for regulatory purposes and restricted cash	4,236		47		4.69	%	17,337		28		0.63	%	4,856		55		4.36	%
Trading assets — debt securities	1,025		13		5.00	%	377		4		4.87	%	1,057		13		5.05	%
Brokerage client receivables	2,105		42		8.14	%	2,555		24		3.87	%	2,205		41		7.66	%
All other interest-earning assets	1,830		20		3.52	%	2,117		15		2.90	%	1,817		18		3.12	%
Interest-earning assets — all other segments	$	12,016	$	161	5.34	%	$	26,331	$	78	1.17	%	$	13,065	$	166	4.98	%
Total interest-earning assets	$	72,413	$	987	5.42	%	$	71,091	$	374	2.11	%	$	71,342	$	915	5.13	%
	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (14)	$	38,757	$	130	1.35	%	$	37,214	$	11	0.12	%	$	44,554	$	132	1.20	%
Interest-bearing demand deposits (15)	12,877		157		4.86	%	2,216		7		1.25	%	5,620		62		4.47	%
Certificates of deposit	2,806		30		4.24	%	842		3		1.58	%	1,859		16		3.57	%
Total bank deposits (20)	54,440		317		2.33	%	40,272		21		0.21	%	52,033		210		1.64	%
FHLB advances and all other interest-bearing liabilities	1,478		12		3.18	%	1,114		5		1.73	%	1,452		9		2.80	%
Interest-bearing liabilities — Bank segment	$	55,918	$	329	2.35	%	$	41,386	$	26	0.25	%	$	53,485	$	219	1.67	%
All other segments
Trading liabilities — debt securities	$	703	$	9	5.18	%	$	164	$	1	2.76	%	$	725	$	7	4.14	%
Brokerage client payables	5,184		17		1.48	%	16,892		3		0.08	%	6,044		23		1.52	%
Senior notes payable	2,038		23		4.44	%	2,037		23		4.44	%	2,038		23		4.44	%
All other interest-bearing liabilities (20)	579		8		3.88	%	363		7		2.73	%	603		12		3.72	%
Interest-bearing liabilities — all other segments	$	8,504	$	57	2.66	%	$	19,456	$	34	0.70	%	$	9,410	$	65	2.43	%
Total interest-bearing liabilities	$	64,422	$	386	2.39	%	$	60,842	$	60	0.40	%	$	62,895	$	284	1.78	%
Firmwide net interest income			$	601					$	314					$	631
Net interest margin (net yield on interest-earning assets)
Bank segment					3.26	%					2.41	%					3.63	%
Firmwide					3.33	%					1.77	%					3.59	%

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

9

RAYMOND JAMES FINANCIAL, INC.	Consolidated Net Interest
Fiscal Third Quarter of 2023	(Unaudited)

	Nine months ended
	June 30, 2023						June 30, 2022
$ in millions	Average balance		Interest		Average rate		Average balance		Interest		Average rate
	INTEREST-EARNING ASSETS
Bank segment
Cash and cash equivalents	$	3,637	$	128	4.66	%	$	1,785	$	5	0.42	%
Available-for-sale securities	10,886		163		1.99	%	9,116		84		1.23	%
Loans held for sale and investment: (17)
Loans held for investment:
SBL (18)	14,580		717		6.49	%	7,630		152		2.62	%
C&I loans	11,109		555		6.59	%	8,989		185		2.72	%
CRE loans	6,951		369		6.99	%	3,476		76		2.90	%
REIT loans	1,671		86		6.80	%	1,278		27		2.76	%
Residential mortgage loans	7,960		186		3.12	%	5,851		119		2.69	%
Tax-exempt loans (19)	1,625		31		3.13	%	1,305		25		3.18	%
Loans held for sale	184		10		7.46	%	243		6		2.98	%
Total loans held for sale and investment	44,080		1,954		5.88	%	28,772		590		2.73	%
All other interest-earning assets	141		6		5.54	%	127		3		2.66	%
Interest-earning assets — Bank segment	$	58,744	$	2,251	5.08	%	$	39,800	$	682	2.28	%
All other segments
Cash and cash equivalents	$	3,084	$	111	4.81	%	$	4,034	$	11	0.35	%
Assets segregated for regulatory purposes and restricted cash	5,125		152		3.96	%	15,879		39		0.32	%
Trading assets — debt securities	1,055		40		5.05	%	452		13		3.90	%
Brokerage client receivables	2,236		124		7.46	%	2,533		66		3.50	%
All other interest-earning assets	1,829		51		3.25	%	1,892		30		2.20	%
Interest-earning assets — all other segments	$	13,329	$	478	4.73	%	$	24,790	$	159	0.86	%
Total interest-earning assets	$	72,073	$	2,729	5.02	%	$	64,590	$	841	1.74	%
	INTEREST-BEARING LIABILITIES
Bank Segment
Bank deposits:
Money market and savings accounts (14)	$	42,828	$	383	1.20	%	$	34,099	$	12	0.05	%
Interest-bearing demand deposits (15)	7,881		266		4.49	%	909		10		1.26	%
Certificates of deposit	1,960		54		3.66	%	806		10		1.76	%
Total bank deposits (20)	52,669		703		1.78	%	35,814		32		0.12	%
FHLB advances and all other interest-bearing liabilities	1,408		30		2.82	%	928		14		2.06	%
Interest-bearing liabilities — Bank segment	$	54,077	$	733	1.81	%	$	36,742	$	46	0.17	%
All other segments
Trading liabilities — debt securities	$	736	$	26	4.80	%	$	179	$	3	1.97	%
Brokerage client payables	6,291		57		1.25	%	16,741		4		0.03	%
Senior notes payable	2,038		69		4.44	%	2,037		69		4.44	%
All other interest-bearing liabilities (20)	655		26		4.06	%	231		13		7.45	%
Interest-bearing liabilities — all other segments	$	9,720	$	178	2.38	%	$	19,188	$	89	0.61	%
Total interest-bearing liabilities	$	63,797	$	911	1.90	%	$	55,930	$	135	0.32	%
Firmwide net interest income			$	1,818					$	706
Net interest margin (net yield on interest-earning assets)
Bank segment					3.41	%					2.14	%
Firmwide					3.37	%					1.46	%

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

10

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2023	(Unaudited)

	Three months ended						% change from
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Net revenues:
Private Client Group	$	2,182	$	1,958	$	2,144	11%	2%
Capital Markets	276		383		302		(28)%	(9)%
Asset Management	226		228		216		(1)%	5%
Bank	514		276		540		86%	(5)%
Other (21)	15		(21)		10		NM	50%
Intersegment eliminations	(306)		(106)		(339)		189%	(10)%
Total net revenues	$	2,907	$	2,718	$	2,873	7%	1%
Pre-tax income/(loss):
Private Client Group	$	411	$	251	$	441	64%	(7)%
Capital Markets	(34)		61		(34)		NM	—%
Asset Management	89		93		82		(4)%	9%
Bank	66		74		91		(11)%	(27)%
Other (21)	(46)		(64)		(23)		28%	(100)%
Pre-tax income	$	486	$	415	$	557	17%	(13)%

	Nine months ended
$ in millions	June 30, 2023		June 30, 2022		% change
Net revenues:
Private Client Group	$	6,389	$	5,719	12%
Capital Markets	873		1,410		(38)%
Asset Management	649		698		(7)%
Bank	1,562		656		138%
Other (21)	34		(54)		NM
Intersegment eliminations	(941)		(257)		266%
Total net revenues	$	8,566	$	8,172	5%
Pre-tax income/(loss):
Private Client Group	$	1,286	$	659	95%
Capital Markets	(84)		349		NM
Asset Management	251		303		(17)%
Bank	293		259		13%
Other (12) (21)	(51)		(164)		69%
Pre-tax income	$	1,695	$	1,406	21%

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

11

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2023	(Unaudited)

Private Client Group
	Three months ended						% change from
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Revenues:
Asset management and related administrative fees	$	1,164	$	1,214	$	1,102	(4)%	6%
Brokerage revenues:
Mutual and other fund products	135		149		135		(9)%	—%
Insurance and annuity products	103		109		113		(6)%	(9)%
Equities, ETFs and fixed income products	111		115		116		(3)%	(4)%
Total brokerage revenues	349		373		364		(6)%	(4)%
Account and service fees:
Mutual fund and annuity service fees	103		102		105		1%	(2)%
RJBDP fees: (14)
Bank segment (14)	277		79		311		251%	(11)%
Third-party banks	107		56		100		91%	7%
Client account and other fees	59		59		56		—%	5%
Total account and service fees	546		296		572		84%	(5)%
Investment banking	9		6		9		50%	—%
Interest income	114		68		117		68%	(3)%
All other	25		11		9		127%	178%
Total revenues	2,207		1,968		2,173		12%	2%
Interest expense	(25)		(10)		(29)		150%	(14)%
Net revenues	2,182		1,958		2,144		11%	2%
Non-interest expenses:
Financial advisor compensation and benefits	1,151		1,187		1,118		(3)%	3%
Administrative compensation and benefits	355		306		345		16%	3%
Total compensation, commissions and benefits	1,506		1,493		1,463		1%	3%
Non-compensation expenses	265		214		240		24%	10%
Total non-interest expenses	1,771		1,707		1,703		4%	4%
Pre-tax income	$	411	$	251	$	441	64%	(7)%

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

12

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2023	(Unaudited)

Private Client Group
	Nine months ended
$ in millions	June 30, 2023		June 30, 2022		% change
Revenues:
Asset management and related administrative fees	$	3,319	$	3,621	(8)%
Brokerage revenues:
Mutual and other fund products	398		486		(18)%
Insurance and annuity products	320		330		(3)%
Equities, ETFs and fixed income products	340		351		(3)%
Total brokerage revenues	1,058		1,167		(9)%
Account and service fees:
Mutual fund and annuity service fees	306		325		(6)%
RJBDP fees: (14)
Bank segment (14)	856		178		381%
Third-party banks	344		93		270%
Client account and other fees	175		161		9%
Total account and service fees	1,681		757		122%
Investment banking	27		28		(4)%
Interest income	340		138		146%
All other	40		24		67%
Total revenues	6,465		5,735		13%
Interest expense	(76)		(16)		375%
Net revenues	6,389		5,719		12%
Non-interest expenses:
Financial advisor compensation and benefits	3,344		3,605		(7)%
Administrative compensation and benefits	1,042		878		19%
Total compensation, commissions and benefits	4,386		4,483		(2)%
Non-compensation expenses	717		577		24%
Total non-interest expenses	5,103		5,060		1%
Pre-tax income	$	1,286	$	659	95%

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

13

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2023	(Unaudited)

Capital Markets
	Three months ended						% change from
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Revenues:
Brokerage revenues:
Fixed income	$	78	$	107	$	96	(27)%	(19)%
Equity	32		32		34		—%	(6)%
Total brokerage revenues	110		139		130		(21)%	(15)%
Investment banking:
Merger & acquisition and advisory	88		147		87		(40)%	1%
Equity underwriting	25		36		29		(31)%	(14)%
Debt underwriting	28		34		29		(18)%	(3)%
Total investment banking	141		217		145		(35)%	(3)%
Interest income	21		6		21		250%	—%
Affordable housing investments business revenues	21		21		23		—%	(9)%
All other	4		3		3		33%	33%
Total revenues	297		386		322		(23)%	(8)%
Interest expense	(21)		(3)		(20)		600%	5%
Net revenues	276		383		302		(28)%	(9)%
Non-interest expenses:
Compensation, commissions and benefits	220		243		231		(9)%	(5)%
Non-compensation expenses	90		79		105		14%	(14)%
Total non-interest expenses	310		322		336		(4)%	(8)%
Pre-tax income/(loss)	$	(34)	$	61	$	(34)	NM	—%

	Nine months ended
$ in millions	June 30, 2023		June 30, 2022		% change
Revenues:
Brokerage revenues:
Fixed income	$	274	$	352	(22)%
Equity	100		112		(11)%
Total brokerage revenues	374		464		(19)%
Investment banking:
Merger & acquisition and advisory	277		557		(50)%
Equity underwriting	69		185		(63)%
Debt underwriting	73		113		(35)%
Total investment banking	419		855		(51)%
Interest income	65		16		306%
Affordable housing investments business revenues	68		71		(4)%
All other	11		12		(8)%
Total revenues	937		1,418		(34)%
Interest expense	(64)		(8)		700%
Net revenues	873		1,410		(38)%
Non-interest expenses:
Compensation, commissions and benefits	664		827		(20)%
Non-compensation expenses	293		234		25%
Total non-interest expenses	957		1,061		(10)%
Pre-tax income/(loss)	$	(84)	$	349	NM

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

14

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2023	(Unaudited)

Asset Management
	Three months ended						% change from
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Revenues:
Asset management and related administrative fees:
Managed programs	$	146	$	145	$	140	1%	4%
Administration and other	71		75		66		(5)%	8%
Total asset management and related administrative fees	217		220		206		(1)%	5%
Account and service fees	5		5		6		—%	(17)%
All other	4		3		4		33%	—%
Net revenues	226		228		216		(1)%	5%
Non-interest expenses:
Compensation, commissions and benefits	51		49		52		4%	(2)%
Non-compensation expenses	86		86		82		—%	5%
Total non-interest expenses	137		135		134		1%	2%
Pre-tax income	$	89	$	93	$	82	(4)%	9%

	Nine months ended
$ in millions	June 30, 2023		June 30, 2022		% change
Revenues:
Asset management and related administrative fees:
Managed programs	$	420	$	445	(6)%
Administration and other	200		228		(12)%
Total asset management and related administrative fees	620		673		(8)%
Account and service fees	16		17		(6)%
All other	13		8		63%
Net revenues	649		698		(7)%
Non-interest expenses:
Compensation, commissions and benefits	150		142		6%
Non-compensation expenses	248		253		(2)%
Total non-interest expenses	398		395		1%
Pre-tax income	$	251	$	303	(17)%

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

15

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2022	(Unaudited)

Bank
	Three months ended						% change from
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Revenues:
Interest income	$	826	$	296	$	749	179%	10%
Interest expense	(329)		(26)		(219)		1,165%	50%
Net interest income	497		270		530		84%	(6)%
All other	17		6		10		183%	70%
Net revenues	514		276		540		86%	(5)%
Non-interest expenses:
Compensation and benefits	48		21		48		129%	—%
Non-compensation expenses:
Bank loan provision for credit losses	54		56		28		(4)%	93%
RJBDP fees to Private Client Group (14)	277		79		311		251%	(11)%
All other	69		46		62		50%	11%
Total non-compensation expenses	400		181		401		121%	—%
Total non-interest expenses	448		202		449		122%	—%
Pre-tax income	$	66	$	74	$	91	(11)%	(27)%

	Nine months ended
$ in millions	June 30, 2023		June 30, 2022		% change
Revenues:
Interest income	$	2,251	$	682	230%
Interest expense	(733)		(46)		1,493%
Net interest income	1,518		636		139%
All other	44		20		120%
Net revenues	1,562		656		138%
Non-interest expenses:
Compensation and benefits	136		48		183%
Non-compensation expenses:
Bank loan provision for credit losses	96		66		45%
RJBDP fees to Private Client Group (14)	856		178		381%
All other	181		105		72%
Total non-compensation expenses	1,133		349		225%
Total non-interest expenses	1,269		397		220%
Pre-tax income	$	293	$	259	13%

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

16

RAYMOND JAMES FINANCIAL, INC.	Segment Results
Fiscal Third Quarter of 2023	(Unaudited)

Other (21)
	Three months ended						% change from
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023
Revenues:
Interest income	$	37	$	6	$	36	517%	3%
Net gains/(losses) on private equity investments	2		(3)		1		NM	100%
Total revenues	39		3		37		1,200%	5%
Interest expense	(24)		(24)		(27)		—%	(11)%
Net revenues	15		(21)		10		NM	50%
Non-interest expenses:
Compensation and benefits	27		28		26		(4)%	4%
All other	34		15		7		127%	386%
Total non-interest expenses	61		43		33		42%	85%
Pre-tax loss	$	(46)	$	(64)	$	(23)	28%	(100)%

	Nine months ended
$ in millions	June 30, 2023		June 30, 2022		% change
Revenues:
Interest income	$	103	$	10	930%
Net gains on private equity investments	5		—		NM
All other	1		7		(86)%
Total revenues	109		17		541%
Interest expense	(75)		(71)		6%
Net revenues	34		(54)		NM
Non-interest expenses:
Compensation and benefits	71		70		1%
Insurance settlement received (12)	(32)		—		NM
All other	46		40		15%
Total non-interest expenses	85		110		(23)%
Pre-tax loss	$	(51)	$	(164)	69%

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

17

RAYMOND JAMES FINANCIAL, INC.	Bank Segment Selected Key Metrics
Fiscal Third Quarter of 2023	(Unaudited)

Bank Segment

Our Bank segment includes Raymond James Bank and TriState Capital Bank.

	As of									% change from
$ in millions	June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2022	March 31, 2023
Total assets	$	59,506		$	55,562		$	60,400		7%	(1)%
Bank loans, net:
Raymond James Bank	$	30,834		$	30,053		$	31,425		3%	(2)%
TriState Capital Bank	12,511			11,790			12,258			6%	2%
Total bank loans, net	$	43,345		$	41,843		$	43,683		4%	(1)%
Bank loan allowance for credit losses	$	456		$	377		$	415		21%	10%
Bank loan allowance for credit losses as a % of total loans held for investment	1.04		%	0.90		%	0.94		%
Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (22)	1.90		%	1.73		%	1.67		%
Total nonperforming assets	$	127		$	92		$	99		38%	28%
Nonperforming assets as a % of total assets	0.21		%	0.17		%	0.16		%
Total criticized loans	$	411		$	687		$	403		(40)%	2%
Criticized loans as a % of loans held for investment	0.94		%	1.63		%	0.92		%
Total bank deposits	$	53,768		$	49,887		$	54,229		8%	(1)%

	Three months ended						% change from		Nine months ended
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2022	March 31, 2023	June 30, 2023		June 30, 2022		% change
Bank loan provision for credit losses (10)	$	54	$	56	$	28	(4)%	93%	$	96	$	66	45%
Net charge-offs	$	15	$	10	$	20	50%	(25)%	$	37	$	12	208%

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

18

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2023	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

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 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.

	Three months ended						Nine months ended
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
Net income available to common shareholders	$	369	$	299	$	425	$	1,301	$	1,068
Non-GAAP adjustments:
Expenses directly related to acquisitions included in the following financial statement line items:
Compensation, commissions and benefits:
Acquisition-related retention (9)	18		16		17		53		41
Other acquisition-related compensation	10		2		—		10		2
Total “Compensation, commissions and benefits” expense	28		18		17		63		43
Professional fees	1		4		—		1		11
Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (10)	—		26		—		—		26
Other:
Amortization of identifiable intangible assets (23)	11		8		11		33		22
Initial provision for credit losses on acquired lending commitments (10)	—		5		—		—		5
All other acquisition-related expenses	—		4		—		—		10
Total “Other” expense	11		17		11		33		37
Total expenses related to acquisitions	40		65		28		97		117
Other — Insurance settlement received (12)	—		—		—		(32)		—
Pre-tax impact of non-GAAP adjustments	40		65		28		65		117
Tax effect of non-GAAP adjustments	(10)		(16)		(7)		(16)		(29)
Total non-GAAP adjustments, net of tax	30		49		21		49		88
Adjusted net income available to common shareholders (3)	$	399	$	348	$	446	$	1,350	$	1,156
Pre-tax income	$	486	$	415	$	557	$	1,695	$	1,406
Pre-tax impact of non-GAAP adjustments (as detailed above)	40		65		28		65		117
Adjusted pre-tax income (3)	$	526	$	480	$	585	$	1,760	$	1,523
Compensation, commissions and benefits expense	$	1,851	$	1,834	$	1,820	$	5,407	$	5,570
Less: Total compensation-related acquisition expenses (as detailed above)	28		18		17		63		43
Adjusted “Compensation, commissions and benefits” expense (3)	$	1,823	$	1,816	$	1,803	$	5,344	$	5,527

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

19

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2023	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
	Three months ended						Nine months ended
	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
Pre-tax margin (7)	16.7	%	15.3	%	19.4	%	19.8	%	17.2	%
Impact of non-GAAP adjustments on pre-tax margin:
Compensation, commissions and benefits:
Acquisition-related retention (9)	0.7	%	0.6	%	0.5	%	0.6	%	0.5	%
Other acquisition-related compensation	0.3	%	0.1	%	—	%	0.1	%	0.1	%
Total “Compensation, commissions and benefits” expense	1.0	%	0.7	%	0.5	%	0.7	%	0.6	%
Professional fees	—	%	0.1	%	—	%	—	%	0.1	%
Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (10)	—	%	1.0	%	—	%	—	%	0.3	%
Other:
Amortization of identifiable intangible assets (23)	0.4	%	0.3	%	0.5	%	0.4	%	0.2	%
Initial provision for credit losses on acquired lending commitments (10)	—	%	0.2	%	—	%	—	%	0.1	%
All other acquisition-related expenses	—	%	0.1	%	—	%	—	%	0.1	%
Total “Other” expense	0.4	%	0.6	%	0.5	%	0.4	%	0.4	%
Total expenses related to acquisitions	1.4	%	2.4	%	1.0	%	1.1	%	1.4	%
Other — Insurance settlement received (12)	—	%	—	%	—	%	(0.4)	%	—	%
Total non-GAAP adjustments	1.4	%	2.4	%	1.0	%	0.7	%	1.4	%
Adjusted pre-tax margin (3)(7)	18.1	%	17.7	%	20.4	%	20.5	%	18.6	%
Total compensation ratio (8)	63.7	%	67.5	%	63.3	%	63.1	%	68.2	%
Less the impact of non-GAAP adjustments on compensation ratio:
Acquisition-related retention (9)	0.7	%	0.6	%	0.5	%	0.6	%	0.5	%
Other acquisition-related compensation	0.3	%	0.1	%	—	%	0.1	%	0.1	%
Total “Compensation, commissions and benefits” expenses related to acquisitions	1.0	%	0.7	%	0.5	%	0.7	%	0.6	%
Adjusted total compensation ratio (3) (8)	62.7	%	66.8	%	62.8	%	62.4	%	67.6	%

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

20

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2023	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
	Three months ended						Nine months ended
Earnings per common share (5)	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
Basic	$	1.75	$	1.41	$	1.97	$	6.09	$	5.12
Impact of non-GAAP adjustments on basic earnings per common share:
Compensation, commissions and benefits:
Acquisition-related retention (9)	0.09		0.08		0.08		0.25		0.20
Other acquisition-related compensation	0.05		0.01		—		0.05		0.01
Total “Compensation, commissions and benefits” expense	0.14		0.09		0.08		0.30		0.21
Professional fees	—		0.02		—		—		0.05
Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (10)	—		0.12		—		—		0.13
Other:
Amortization of identifiable intangible assets (23)	0.05		0.04		0.05		0.16		0.11
Initial provision for credit losses on acquired lending commitments (10)	—		0.02		—		—		0.02
All other acquisition-related expenses	—		0.02		—		—		0.05
Total “Other” expense	0.05		0.08		0.05		0.16		0.18
Total expenses related to acquisitions	0.19		0.31		0.13		0.46		0.57
Other — Insurance settlement received (12)	—		—		—		(0.15)		—
Tax effect of non-GAAP adjustments	(0.05)		(0.07)		(0.03)		(0.08)		(0.14)
Total non-GAAP adjustments, net of tax	0.14		0.24		0.10		0.23		0.43
Adjusted basic (3)	$	1.89	$	1.65	$	2.07	$	6.32	$	5.55
Diluted	$	1.71	$	1.38	$	1.93	$	5.95	$	4.99
Impact of non-GAAP adjustments on diluted earnings per common share:
Compensation, commissions and benefits:
Acquisition-related retention (9)	0.09		0.07		0.08		0.24		0.19
Other acquisition-related compensation	0.05		0.01		—		0.05		0.01
Total “Compensation, commissions and benefits” expense	0.14		0.08		0.08		0.29		0.20
Professional fees	—		0.02		—		—		0.05
Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (10)	—		0.12		—		—		0.12
Other:
Amortization of identifiable intangible assets (23)	0.05		0.04		0.05		0.15		0.11
Initial provision for credit losses on acquired lending commitments (10)	—		0.02		—		—		0.02
All other acquisition-related expenses	—		0.02		—		—		0.05
Total “Other” expense	0.05		0.08		0.05		0.15		0.18
Total expenses related to acquisitions	0.19		0.30		0.13		0.44		0.55
Other — Insurance settlement received (12)	—		—		—		(0.15)		—
Tax effect of non-GAAP adjustments	(0.05)		(0.07)		(0.03)		(0.07)		(0.13)
Total non-GAAP adjustments, net of tax	0.14		0.23		0.10		0.22		0.42
Adjusted diluted (3)	$	1.85	$	1.61	$	2.03	$	6.17	$	5.41

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

21

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2023	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures

(Continued from previous page)

Book value per share	As of
$ in millions, except per share amounts	June 30, 2023		June 30, 2022		March 31, 2023
Total common equity attributable to Raymond James Financial, Inc.	$	9,870	$	9,395	$	9,875
Less non-GAAP adjustments:
Goodwill and identifiable intangible assets, net	1,928		1,810		1,932
Deferred tax liabilities related to goodwill and identifiable intangible assets, net	(129)		(128)		(128)
Tangible common equity attributable to Raymond James Financial, Inc.	$	8,071	$	7,713	$	8,071
Common shares outstanding	208.5		215.5		211.6
Book value per share (13)	$	47.34	$	43.60	$	46.67
Tangible book value per share (3) (13)	$	38.71	$	35.79	$	38.14

Return on common equity	Three months ended						Nine months ended
$ in millions	June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
Average common equity (24)	$	9,873	$	8,999	$	9,806	$	9,705	$	8,711
Impact of non-GAAP adjustments on average common equity:
Compensation, commissions and benefits:
Acquisition-related retention (9)	9		8		9		27		19
Other acquisition-related compensation	4		1		—		2		1
Total “Compensation, commissions and benefits” expense	13		9		9		29		20
Professional fees	1		2		—		—		5
Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (10)	—		13		—		—		7
Other:
Amortization of identifiable intangible assets (23)	6		4		6		17		11
Initial provision for credit losses on acquired lending commitments (10)	—		3		—		—		1
All other acquisition-related expenses	—		2		—		—		4
Total “Other” expense	6		9		6		17		16
Total expenses related to acquisitions	20		33		15		46		48
Other — Insurance settlement received (12)	—		—		—		(24)		—
Tax effect of non-GAAP adjustments	(5)		(8)		(4)		(5)		(12)
Total non-GAAP adjustments, net of tax	15		25		11		17		36
Adjusted average common equity (3) (24)	$	9,888	$	9,024	$	9,817	$	9,722	$	8,747

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

22

RAYMOND JAMES FINANCIAL, INC.	Non-GAAP Financial Measures
Fiscal Third Quarter of 2023	(Unaudited)

Reconciliation of non-GAAP financial measures to GAAP financial measures
(Continued from previous page)
	Three months ended									Nine months ended
$ in millions	June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2023			June 30, 2022
Average common equity (24)	$	9,873		$	8,999		$	9,806		$	9,705		$	8,711
Less:
Average goodwill and identifiable intangible assets, net	1,930			1,460			1,936			1,932			1,169
Average deferred tax liabilities related to goodwill and identifiable intangible assets, net	(128)			(108)			(129)			(128)			(86)
Average tangible common equity (3) (24)	$	8,071		$	7,647		$	7,999		$	7,901		$	7,628
Impact of non-GAAP adjustments on average tangible common equity:
Compensation, commissions and benefits:
Acquisition-related retention (9)	9			8			9			27			19
Other acquisition-related compensation	4			1			—			2			1
Total “Compensation, commissions and benefits” expense	13			9			9			29			20
Professional fees	1			2			—			—			5
Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (10)	—			13			—			—			7
Other:
Amortization of identifiable intangible assets (23)	6			4			6			17			11
Initial provision for credit losses on acquired lending commitments (10)	—			3			—			—			1
All other acquisition-related expenses	—			2			—			—			4
Total “Other” expense	6			9			6			17			16
Total expenses related to acquisitions	20			33			15			46			48
Other — Insurance settlement received (12)	—			—			—			(24)			—
Tax effect of non-GAAP adjustments	(5)			(8)			(4)			(5)			(12)
Total non-GAAP adjustments, net of tax	15			25			11			17			36
Adjusted average tangible common equity (3) (24)	$	8,086		$	7,672		$	8,010		$	7,918		$	7,664
Return on common equity (6)	14.9		%	13.3		%	17.3		%	17.9		%	16.3		%
Adjusted return on common equity (3) (6)	16.1		%	15.4		%	18.2		%	18.5		%	17.6		%
Return on tangible common equity (3) (6)	18.3		%	15.6		%	21.3		%	22.0		%	18.7		%
Adjusted return on tangible common equity (3)(6)	19.7		%	18.1		%	22.3		%	22.7		%	20.1		%

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

23

RAYMOND JAMES FINANCIAL, INC.                             

Fiscal Third Quarter of 2023                                 Footnotes

(1)	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.
(2)	These metrics include the impact of the departure of 60 financial advisors and approximately $4.6 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.
(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)	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 and June 30, 2022, $2 million for the three months ended March 31, 2023, $4 million for the nine months ended June 30, 2023, and $2 million for the nine months ended June 30, 2022.
(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 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. Adjusted total compensation ratio is computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period.
(9)	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.
(10)	Our results for the three and nine months ended June 30, 2022 included an initial provision for credit losses on loans and lending commitments acquired as part of our TriState Capital acquisition of $26 million (included in “Bank loan provision for credit losses”) and $5 million (included in “Other” expense), respectively. These provisions were required under U.S. generally accepted accounting principles to be recorded in earnings in the reporting period following the acquisition date.
(11)	The three and nine months ended June 30, 2023 and three months ended March 31, 2023 included the unfavorable impact of elevated provisions for legal and regulatory matters, which amounted to approximately $65 million, $100 million, and $25 million, respectively. Provisions for legal and regulatory matters did not have a significant impact on our results for the three and nine months ended June 30, 2022.
(12)	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.
(13)	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.
(14)	We earn fees from 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 and within money market and other savings accounts in our net interest disclosures in this release. Fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation.
(15)	In March 2023, we launched our Enhanced Savings Program, in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. These balances are reflected in Bank deposits on our Consolidated Statement of Financial Condition and within interest-bearing demand deposits in our net interest disclosures in this release.
(16)	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.
(17)	Loans are presented net of unamortized discounts, unearned income, and deferred loan fees and costs.

24

RAYMOND JAMES FINANCIAL, INC.                             

Fiscal Third Quarter of 2023                                 Footnotes

(18)	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.
(19)	The average yield is presented on a taxable-equivalent basis for each respective period.
(20)	The average balance, interest expense, and average rate for “Total bank deposits” included amounts associated with affiliate deposits. Such amounts are eliminated in consolidation and are offset in “All other interest-bearing liabilities” under “All other segments”.
(21)	The Other segment includes the results of our private equity investments, interest income on certain corporate cash balances, certain acquisition-related expenses, and certain corporate overhead costs of RJF, including the interest costs on certain of our public debt, as well as certain provisions for legal and regulatory matters.
(22)	Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans.
(23)	Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions.
(24)	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.

25