Raymond James Financial 8K Reports Third Quarter of | RJF 26 Jul 23

5 Quarterly Financial Supplement Third quarter of fiscal 2023 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Revenues: Asset management and related administrative fees $ 1,427 $ 1,290 $ 1,242 $ 1,302 $ 1,373 (4) % 5 % $ 4,273 $ 3,917 (8) % Brokerage revenues: Securities commissions 385 357 352 369 356 (8) % (4) % 1,232 1,077 (13) % Principal transactions 128 124 132 127 105 (18) % (17) % 403 364 (10) % Total brokerage revenues 513 481 484 496 461 (10) % (7) % 1,635 1,441 (12) % Account and service fees 211 266 289 258 264 25 % 2 % 567 811 43 % Investment banking 223 217 141 154 151 (32) % (2) % 883 446 (49) % Interest income 374 667 827 915 987 164 % 8 % 841 2,729 224 % Other 30 80 44 32 57 90 % 78 % 108 133 23 % Total revenues 2,778 3,001 3,027 3,157 3,293 19 % 4 % 8,307 9,477 14 % Interest expense (60) (170) (241) (284) (386) 543 % 36 % (135) (911) 575 % Net revenues 2,718 2,831 2,786 2,873 2,907 7 % 1 % 8,172 8,566 5 % Non-interest expenses: Compensation, commissions and benefits (1) 1,834 1,759 1,736 1,820 1,851 1 % 2 % 5,570 5,407 (3) % Non-compensation expenses: Communications and information processing 129 138 139 153 149 16 % (3) % 368 441 20 % Occupancy and equipment 65 66 66 68 68 5 % — % 186 202 9 % Business development 58 59 56 54 66 14 % 22 % 127 176 39 % Investment sub-advisory fees 38 36 34 36 40 5 % 11 % 116 110 (5) % Professional fees 38 38 32 38 35 (8) % (8) % 93 105 13 % Bank loan provision for credit losses (2) 56 34 14 28 54 (4) % 93 % 66 96 45 % Other (2) (3) (4) 85 85 57 119 158 86 % 33 % 240 334 39 % Total non-compensation expenses 469 456 398 496 570 22 % 15 % 1,196 1,464 22 % Total non-interest expenses 2,303 2,215 2,134 2,316 2,421 5 % 5 % 6,766 6,871 2 % Pre-tax income 415 616 652 557 486 17 % (13) % 1,406 1,695 21 % Provision for income taxes 114 177 143 130 117 3 % (10) % 336 390 16 % Net income 301 439 509 427 369 23 % (14) % 1,070 1,305 22 % Preferred stock dividends 2 2 2 2 — (100) % (100) % 2 4 100 % Net income available to common shareholders $ 299 $ 437 $ 507 $ 425 $ 369 23 % (13) % $ 1,068 $ 1,301 22 % Earnings per common share – basic (5) $ 1.41 $ 2.03 $ 2.36 $ 1.97 $ 1.75 24 % (11) % $ 5.12 $ 6.09 19 % Earnings per common share – diluted (5) $ 1.38 $ 1.98 $ 2.30 $ 1.93 $ 1.71 24 % (11) % $ 4.99 $ 5.95 19 % Weighted-average common shares outstanding – basic 210.7 215.0 214.7 214.3 210.1 — % (2) % 208.1 213.0 2 % Weighted-average common and common equivalent shares outstanding – diluted 215.7 220.6 220.4 219.2 214.8 — % (2) % 213.5 218.0 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 Total assets $ 86,111 $ 80,951 $ 77,047 $ 79,180 $ 77,633 (10) % (2) % Total common equity attributable to Raymond James Financial, Inc. $ 9,395 $ 9,338 $ 9,736 $ 9,875 $ 9,870 5 % — % Book value per share (6) $ 43.60 $ 43.41 $ 45.28 $ 46.67 $ 47.34 9 % 1 % Tangible book value per share (6) (7) $ 35.79 $ 35.02 $ 36.87 $ 38.14 $ 38.71 8 % 1 % Capital ratios: Tier 1 leverage 10.8 % 10.3 % 11.3 % 11.5 % 11.4 % (8) Tier 1 capital 20.0 % 19.2 % 20.3 % 20.1 % 20.6 % (8) Common equity tier 1 20.0 % 19.0 % 20.0 % 19.9 % 20.4 % (8) Total capital 21.5 % 20.4 % 21.6 % 21.4 % 22.0 % (8) Three months ended % change from Nine months ended $ in millions June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Adjusted pre-tax income (7) $ 480 $ 646 $ 649 $ 585 $ 526 10 % (10) % $ 1,523 $ 1,760 16 % Adjusted net income available to common shareholders (7) $ 348 $ 459 $ 505 $ 446 $ 399 15 % (11) % $ 1,156 $ 1,350 17 % Adjusted earnings per common share – basic (5) (7) $ 1.65 $ 2.13 $ 2.35 $ 2.07 $ 1.89 15 % (9) % $ 5.55 $ 6.32 14 % Adjusted earnings per common share – diluted (5) (7) $ 1.61 $ 2.08 $ 2.29 $ 2.03 $ 1.85 15 % (9) % $ 5.41 $ 6.17 14 % Return on common equity (9) 13.3 % 18.7 % 21.3 % 17.3 % 14.9 % 16.3 % 17.9 % Adjusted return on common equity (7) (9) 15.4 % 19.6 % 21.2 % 18.2 % 16.1 % 17.6 % 18.5 % Adjusted return on tangible common equity (7) (9) 18.1 % 24.1 % 26.1 % 22.3 % 19.7 % 20.1 % 22.7 % Pre-tax margin (10) 15.3 % 21.8 % 23.4 % 19.4 % 16.7 % 17.2 % 19.8 % Adjusted pre-tax margin (7) (10) 17.7 % 22.8 % 23.3 % 20.4 % 18.1 % 18.6 % 20.5 % Total compensation ratio (11) 67.5 % 62.1 % 62.3 % 63.3 % 63.7 % 68.2 % 63.1 % Adjusted total compensation ratio (7) (11) 66.8 % 61.5 % 61.7 % 62.8 % 62.7 % 67.6 % 62.4 % Effective tax rate 27.5 % 28.7 % 21.9 % 23.3 % 24.1 % 23.9 % 23.0 % 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 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 Client asset metrics ($ in billions): Client assets under administration $ 1,125.3 $ 1,093.1 $ 1,169.7 $ 1,224.4 $ 1,280.9 14 % 5 % Private Client Group assets under administration $ 1,068.8 $ 1,039.0 $ 1,114.3 $ 1,171.1 $ 1,227.0 15 % 5 % Private Client Group assets in fee-based accounts $ 606.7 $ 586.0 $ 633.1 $ 666.3 $ 697.0 15 % 5 % Financial assets under management $ 182.4 $ 173.8 $ 185.9 $ 194.4 $ 200.7 10 % 3 % Net new assets metrics (12) ($ in millions) Three months ended Nine months ended June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Domestic Private Client Group net new assets (13) $ 14,663 $ 20,184 $ 23,226 $ 21,473 $ 14,386 $ 74,857 $ 59,085 Domestic Private Client Group net new assets growth — annualized (13) 5.4 % 8.3 % 9.8 % 8.4 % 5.4 % 9.5 % 8.3 % Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) As of % change from June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 Raymond James Bank Deposit Program (“RJBDP”): (14) Bank segment (14) $ 36,646 $ 38,705 $ 39,098 $ 37,682 $ 27,915 (24) % (26) % Third-party banks 25,478 21,964 18,231 9,408 16,923 (34) % 80 % Subtotal RJBDP 62,124 60,669 57,329 47,090 44,838 (28) % (5) % Client Interest Program 13,717 6,445 3,053 2,385 1,915 (86) % (20) % Total clients’ domestic cash sweep balances 75,841 67,114 60,382 49,475 46,753 (38) % (6) % Enhanced Savings Program (15) — — — 2,746 11,225 NM 309 % Total clients’ domestic cash sweep and Enhanced Savings Program balances $ 75,841 $ 67,114 $ 60,382 $ 52,221 $ 57,978 (24) % 11 % Three months ended Nine months ended June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Average yield on RJBDP - third-party banks (16) 0.88 % 1.85 % 2.72 % 3.25 % 3.37 % 0.50 % 3.05 % As of % change from June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 Private Client Group financial advisors: Employees 3,615 3,638 3,631 3,628 3,654 1 % 1 % Independent contractors (13) 5,001 5,043 5,068 5,098 5,050 1 % (1) % Total advisors (13) 8,616 8,681 8,699 8,726 8,704 1 % — % 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Revenues: Asset management and related administrative fees $ 1,214 $ 1,089 $ 1,053 $ 1,102 $ 1,164 (4) % 6 % $ 3,621 $ 3,319 (8) % Brokerage revenues: Mutual and other fund products 149 134 128 135 135 (9) % — % 486 398 (18) % Insurance and annuity products 109 108 104 113 103 (6) % (9) % 330 320 (3) % Equities, ETFs, and fixed income products 115 107 113 116 111 (3) % (4) % 351 340 (3) % Total brokerage revenues 373 349 345 364 349 (6) % (4) % 1,167 1,058 (9) % Account and service fees: Mutual fund and annuity service fees 102 103 98 105 103 1 % (2) % 325 306 (6) % RJBDP fees: (14) Bank segment (14) 79 179 268 311 277 251 % (11) % 178 856 381 % Third-party banks 56 109 137 100 107 91 % 7 % 93 344 270 % Client account and other fees 59 59 60 56 59 — % 5 % 161 175 9 % Total account and service fees 296 450 563 572 546 84 % (5) % 757 1,681 122 % Investment banking 6 10 9 9 9 50 % — % 28 27 (4) % Interest income 68 111 109 117 114 68 % (3) % 138 340 146 % All other 11 8 6 9 25 127 % 178 % 24 40 67 % Total revenues 1,968 2,017 2,085 2,173 2,207 12 % 2 % 5,735 6,465 13 % Interest expense (10) (26) (22) (29) (25) 150 % (14) % (16) (76) 375 % Net revenues 1,958 1,991 2,063 2,144 2,182 11 % 2 % 5,719 6,389 12 % Non-interest expenses: Financial advisor compensation and benefits 1,187 1,091 1,075 1,118 1,151 (3) % 3 % 3,605 3,344 (7) % Administrative compensation and benefits 306 321 342 345 355 16 % 3 % 878 1,042 19 % Total compensation, commissions and benefits 1,493 1,412 1,417 1,463 1,506 1 % 3 % 4,483 4,386 (2) % Non-compensation expenses 214 208 212 240 265 24 % 10 % 577 717 24 % Total non-interest expenses 1,707 1,620 1,629 1,703 1,771 4 % 4 % 5,060 5,103 1 % Pre-tax income $ 251 $ 371 $ 434 $ 441 $ 411 64 % (7) % $ 659 $ 1,286 95 % 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Revenues: Brokerage revenues: Fixed income $ 107 $ 96 $ 100 $ 96 $ 78 (27) % (19) % $ 352 $ 274 (22) % Equity 32 30 34 34 32 — % (6) % 112 100 (11) % Total brokerage revenues 139 126 134 130 110 (21) % (15) % 464 374 (19) % Investment banking: Merger & acquisition and advisory 147 152 102 87 88 (40) % 1 % 557 277 (50) % Equity underwriting 36 25 15 29 25 (31) % (14) % 185 69 (63) % Debt underwriting 34 30 16 29 28 (18) % (3) % 113 73 (35) % Total investment banking 217 207 133 145 141 (35) % (3) % 855 419 (51) % Interest income 6 20 23 21 21 250 % — % 16 65 306 % Affordable housing investments business revenues 21 56 24 23 21 — % (9) % 71 68 (4) % All other 3 9 4 3 4 33 % 33 % 12 11 (8) % Total revenues 386 418 318 322 297 (23) % (8) % 1,418 937 (34) % Interest expense (3) (19) (23) (20) (21) 600 % 5 % (8) (64) 700 % Net revenues 383 399 295 302 276 (28) % (9) % 1,410 873 (38) % Non-interest expenses: Compensation, commissions and benefits 243 238 213 231 220 (9) % (5) % 827 664 (20) % Non-compensation expenses 79 95 98 105 90 14 % (14) % 234 293 25 % Total non-interest expenses 322 333 311 336 310 (4) % (8) % 1,061 957 (10) % Pre-tax income/(loss) $ 61 $ 66 $ (16) $ (34) $ (34) NM — % $ 349 $ (84) NM 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Revenues: Interest income $ 296 $ 527 $ 676 $ 749 $ 826 179 % 10 % $ 682 $ 2,251 230 % Interest expense (26) (110) (185) (219) (329) 1,165 % 50 % (46) (733) 1,493 % Net interest income 270 417 491 530 497 84 % (6) % 636 1,518 139 % All other 6 11 17 10 17 183 % 70 % 20 44 120 % Net revenues 276 428 508 540 514 86 % (5) % 656 1,562 138 % Non-interest expenses: Compensation and benefits 21 36 40 48 48 129 % — % 48 136 183 % Non-compensation expenses: Bank loan provision for credit losses 56 34 14 28 54 (4) % 93 % 66 96 45 % RJBDP fees to Private Client Group (14) 79 179 268 311 277 251 % (11) % 178 856 381 % All other 46 56 50 62 69 50 % 11 % 105 181 72 % Total non-compensation expenses 181 269 332 401 400 121 % — % 349 1,133 225 % Total non-interest expenses 202 305 372 449 448 122 % — % 397 1,269 220 % Pre-tax income $ 74 $ 123 $ 136 $ 91 $ 66 (11) % (27) % $ 259 $ 293 13 % 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Revenues: Interest income $ 6 $ 15 $ 30 $ 36 $ 37 517 % 3 % $ 10 $ 103 930 % Net gains/(losses) on private equity investments (3) 9 2 1 2 NM 100 % — 5 NM All other — 2 1 — — — % — % 7 1 (86) % Total revenues 3 26 33 37 39 1,200 % 5 % 17 109 541 % Interest expense (24) (22) (24) (27) (24) — % (11) % (71) (75) 6 % Net revenues (21) 4 9 10 15 NM 50 % (54) 34 NM Non-interest expenses: Compensation 28 20 18 26 27 (4) % 4 % 70 71 1 % Insurance settlement received (3) — — (32) — — — % — % — (32) NM All other 15 11 5 7 34 127 % 386 % 40 46 15 % Total non-interest expenses 43 31 (9) 33 61 42 % 85 % 110 85 (23) % Pre-tax income/(loss) $ (64) $ (27) $ 18 $ (23) $ (46) 28 % (100) % $ (164) $ (51) 69 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (17) (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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 Total assets $ 55,562 $ 56,737 $ 57,623 $ 60,400 $ 59,506 7 % (1) % Bank loans, net: Raymond James Bank $ 30,053 $ 31,109 $ 31,690 $ 31,425 $ 30,834 3 % (2) % TriState Capital Bank 11,790 12,130 12,376 12,258 12,511 6 % 2 % Total bank loans, net $ 41,843 $ 43,239 $ 44,066 $ 43,683 $ 43,345 4 % (1) % Bank loan allowance for credit losses $ 377 $ 396 $ 408 $ 415 $ 456 21 % 10 % Bank loan allowance for credit losses as a % of total loans held for investment 0.90 % 0.91 % 0.92 % 0.94 % 1.04 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (18) 1.73 % 1.73 % 1.64 % 1.67 % 1.90 % Total nonperforming assets $ 92 $ 74 $ 61 $ 99 $ 127 38 % 28 % Nonperforming assets as a % of total assets 0.17 % 0.13 % 0.11 % 0.16 % 0.21 % Total criticized loans $ 687 $ 496 $ 447 $ 403 $ 411 (40) % 2 % Criticized loans as a % of loans held for investment 1.63 % 1.14 % 1.01 % 0.92 % 0.94 % Total bank deposits $ 49,887 $ 51,357 $ 51,979 $ 54,229 $ 53,768 8 % (1) % As of % change from $ in millions June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 Securities-based loans (19) $ 15,312 $ 15,297 $ 14,885 $ 14,227 $ 14,227 (7) % — % Commercial and industrial loans 10,897 11,173 11,405 11,259 10,663 (2) % (5) % Commercial real estate loans 6,354 6,549 6,929 7,054 7,091 12 % 1 % Real estate investment trust loans 1,416 1,592 1,680 1,717 1,715 21 % — % Residential mortgage loans 6,728 7,386 7,818 8,079 8,422 25 % 4 % Tax-exempt loans 1,347 1,501 1,667 1,643 1,548 15 % (6) % Total loans held for investment 42,054 43,498 44,384 43,979 43,666 4 % (1) % Held for sale loans 166 137 90 119 135 (19) % 13 % Total loans held for sale and investment 42,220 43,635 44,474 44,098 43,801 4 % (1) % Allowance for credit losses (377) (396) (408) (415) (456) 21 % 10 % Bank loans, net $ 41,843 $ 43,239 $ 44,066 $ 43,683 $ 43,345 4 % (1) % Three months ended % change from Nine months ended $ in millions June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 March 31, 2023 June 30, 2022 June 30, 2023 % change Bank loan provision for credit losses $ 56 $ 34 $ 14 $ 28 $ 54 (4) % 93 % $ 66 $ 96 45 % Net charge-offs $ 10 $ 14 $ 2 $ 20 $ 15 50 % (25) % $ 12 $ 37 208 % Net interest margin (net yield on interest- earning assets) 2.41 % 2.91 % 3.36 % 3.63 % 3.26 % 2.14 % 3.41 % 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 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Net income available to common shareholders $ 299 $ 437 $ 507 $ 425 $ 369 $ 1,068 $ 1,301 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits: Acquisition-related retention (1) 16 17 18 17 18 41 53 Other acquisition-related compensation 2 — — — 10 2 10 Total “Compensation, commissions and benefits” expense 18 17 18 17 28 43 63 Communication and information processing — — — — — — — Professional fees 4 1 — — 1 11 1 Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (2) 26 — — — — 26 — Other: Amortization of identifiable intangible assets (20) 8 11 11 11 11 22 33 Initial provision for credit losses on acquired lending commitments (2) 5 — — — — 5 — All other acquisition-related expenses 4 1 — — — 10 — Total “Other” expense 17 12 11 11 11 37 33 Total expenses related to acquisitions 65 30 29 28 40 117 97 Other — Insurance settlement received (3) — — (32) — — — (32) Pre-tax impact of non-GAAP adjustments 65 30 (3) 28 40 117 65 Tax effect of non-GAAP adjustments (16) (8) 1 (7) (10) (29) (16) Total non-GAAP adjustments, net of tax 49 22 (2) 21 30 88 49 Adjusted net income available to common shareholders (7) $ 348 $ 459 $ 505 $ 446 $ 399 $ 1,156 $ 1,350 Pre-tax income $ 415 $ 616 $ 652 $ 557 $ 486 $ 1,406 $ 1,695 Pre-tax impact of non-GAAP adjustments (as detailed above) 65 30 (3) 28 40 117 65 Adjusted pre-tax income (7) $ 480 $ 646 $ 649 $ 585 $ 526 $ 1,523 $ 1,760 Compensation, commissions and benefits expense $ 1,834 $ 1,759 $ 1,736 $ 1,820 $ 1,851 $ 5,570 $ 5,407 Less: Total compensation-related acquisition expenses (as detailed above) 18 17 18 17 28 43 63 Adjusted “Compensation, commissions and benefits” expense (7) $ 1,816 $ 1,742 $ 1,718 $ 1,803 $ 1,823 $ 5,527 $ 5,344 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Pre-tax margin (10) 15.3 % 21.8 % 23.4 % 19.4 % 16.7 % 17.2 % 19.8 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (1) 0.6 % 0.6 % 0.6 % 0.5 % 0.7 % 0.5 % 0.6 % Other acquisition-related compensation 0.1 % — % — % — % 0.3 % 0.1 % 0.1 % Total “Compensation, commissions and benefits” expense 0.7 % 0.6 % 0.6 % 0.5 % 1.0 % 0.6 % 0.7 % Professional fees 0.1 % — % — % — % — % 0.1 % — % Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (2) 1.0 % — % — % — % — % 0.3 % — % Other: Amortization of identifiable intangible assets (20) 0.3 % 0.4 % 0.4 % 0.5 % 0.4 % 0.2 % 0.4 % Initial provision for credit losses on acquired lending commitments (2) 0.2 % — % — % — % — % 0.1 % — % All other acquisition-related expenses 0.1 % — % — % — % — % 0.1 % — % Total “Other” expense 0.6 % 0.4 % 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 2.4 % 1.0 % 1.0 % 1.0 % 1.4 % 1.4 % 1.1 % Other — Insurance settlement received (3) — % — % (1.1) % — % — % — % (0.4) % Total non-GAAP adjustments 2.4 % 1.0 % (0.1) % 1.0 % 1.4 % 1.4 % 0.7 % Adjusted pre-tax margin (7) (10) 17.7 % 22.8 % 23.3 % 20.4 % 18.1 % 18.6 % 20.5 % Total compensation ratio (11) 67.5 % 62.1 % 62.3 % 63.3 % 63.7 % 68.2 % 63.1 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.6 % 0.6 % 0.6 % 0.5 % 0.7 % 0.5 % 0.6 % Other acquisition-related compensation 0.1 % — % — % — % 0.3 % 0.1 % 0.1 % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.7 % 0.6 % 0.6 % 0.5 % 1.0 % 0.6 % 0.7 % Adjusted total compensation ratio (7) (11) 66.8 % 61.5 % 61.7 % 62.8 % 62.7 % 67.6 % 62.4 % 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 (5) June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Diluted $ 1.38 $ 1.98 $ 2.30 $ 1.93 $ 1.71 $ 4.99 $ 5.95 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Compensation, commissions and benefits — Acquisition-related retention (1) 0.07 0.08 0.08 0.08 0.09 0.19 0.24 Other acquisition-related compensation 0.01 — — — 0.05 0.01 0.05 Total “Compensation, commissions and benefits” expense 0.08 0.08 0.08 0.08 0.14 0.20 0.29 Professional fees 0.02 — — — — 0.05 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (2) 0.12 — — — — 0.12 — Other: Amortization of identifiable intangible assets (20) 0.04 0.05 0.06 0.05 0.05 0.11 0.15 Initial provision for credit losses on acquired lending commitments (2) 0.02 — — — — 0.02 — All other acquisition-related expenses 0.02 0.01 — — — 0.05 — Total “Other” expense 0.08 0.06 0.06 0.05 0.05 0.18 0.15 Total expenses related to acquisitions 0.30 0.14 0.14 0.13 0.19 0.55 0.44 Other — Insurance settlement received (3) — — (0.15) — — — (0.15) Tax effect of non-GAAP adjustments (0.07) (0.04) — (0.03) (0.05) (0.13) (0.07) Total non-GAAP adjustments, net of tax 0.23 0.10 (0.01) 0.10 0.14 0.42 0.22 Adjusted diluted (7) $ 1.61 $ 2.08 $ 2.29 $ 2.03 $ 1.85 $ 5.41 $ 6.17 Book value per share As of $ in millions, except per share amounts June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 Total common equity attributable to Raymond James Financial, Inc. $ 9,395 $ 9,338 $ 9,736 $ 9,875 $ 9,870 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,810 1,931 1,938 1,932 1,928 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (126) (129) (128) (129) Tangible common equity attributable to Raymond James Financial, Inc. (7) $ 7,713 $ 7,533 $ 7,927 $ 8,071 $ 8,071 Common shares outstanding 215.5 215.1 215.0 211.6 208.5 Book value per share (6) $ 43.60 $ 43.41 $ 45.28 $ 46.67 $ 47.34 Tangible book value per share (6) (7) $ 35.79 $ 35.02 $ 36.87 $ 38.14 $ 38.71 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Average common equity (21) $ 8,999 $ 9,367 $ 9,537 $ 9,806 $ 9,873 $ 8,711 $ 9,705 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (1) 8 9 9 9 9 19 27 Other acquisition-related compensation 1 — — — 4 1 2 Total “Compensation, commissions and benefits” expense 9 9 9 9 13 20 29 Professional fees 2 1 — — 1 5 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (2) 13 — — — — 7 — Other: Amortization of identifiable intangible assets (20) 4 5 5 6 6 11 17 Initial provision for credit losses on acquired lending commitments (2) 3 — — — — 1 — All other acquisition-related expenses 2 — — — — 4 — Total “Other” expense 9 5 5 6 6 16 17 Total expenses related to acquisitions 33 15 14 15 20 48 46 Other — Insurance settlement received (3) — — (16) — — — (24) Tax effect of non-GAAP adjustments (8) (4) 1 (4) (5) (12) (5) Total non-GAAP adjustments, net of tax 25 11 (1) 11 15 36 17 Adjusted average common equity (7) (21) $ 9,024 $ 9,378 $ 9,536 $ 9,817 $ 9,888 $ 8,747 $ 9,722 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 June 30, 2022 June 30, 2023 Average common equity (21) $ 8,999 $ 9,367 $ 9,537 $ 9,806 $ 9,873 $ 8,711 $ 9,705 Less: Average goodwill and identifiable intangible assets, net 1,460 1,871 1,935 1,936 1,930 1,169 1,932 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (108) (127) (128) (129) (128) (86) (128) Average tangible common equity (7) (21) $ 7,647 $ 7,623 $ 7,730 $ 7,999 $ 8,071 $ 7,628 $ 7,901 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Acquisition-related retention (1) 8 9 9 9 9 19 27 Other acquisition-related compensation 1 — — — 4 1 2 Total “Compensation, commissions and benefits” expense 9 9 9 9 13 20 29 Professional fees 2 1 — — 1 5 — Bank loan provision for credit losses — Initial provision for credit losses on acquired loans (2) 13 — — — — 7 — Other: Amortization of identifiable intangible assets (20) 4 5 5 6 6 11 17 Initial provision for credit losses on acquired lending commitments (2) 3 — — — — 1 — All other acquisition-related expenses 2 — — — — 4 — Total “Other” expense 9 5 5 6 6 16 17 Total expenses related to acquisitions 33 15 14 15 20 48 46 Other — Insurance settlement received (3) — — (16) — — — (24) Tax effect of non-GAAP adjustments (8) (4) 1 (4) (5) (12) (5) Total non-GAAP adjustments, net of tax 25 11 (1) 11 15 36 17 Adjusted average tangible common equity (7) (21) $ 7,672 $ 7,634 $ 7,729 $ 8,010 $ 8,086 $ 7,664 $ 7,918 Return on common equity (9) 13.3 % 18.7 % 21.3 % 17.3 % 14.9 % 16.3 % 17.9 % Adjusted return on common equity (7) (9) 15.4 % 19.6 % 21.2 % 18.2 % 16.1 % 17.6 % 18.5 % Return on tangible common equity (7) (9) 15.6 % 22.9 % 26.2 % 21.3 % 18.3 % 18.7 % 22.0 % Adjusted return on tangible common equity (7) (9) 18.1 % 24.1 % 26.1 % 22.3 % 19.7 % 20.1 % 22.7 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) 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. (2) 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. (3) The three months ended December 31, 2022 and 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. (4) The three months ended March 31, 2023, and the three and nine months ended June 30, 2023 included the unfavorable impact of elevated provisions for legal and regulatory matters, which amounted to approximately $25 million, $65 million, and $100 million, respectively. Provisions for legal and regulatory matters did not have a significant impact on our results for the three months ended June 30, 2022, September 30, 2022, December 31, 2022 and nine months ended June 30, 2022. (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, 2022, September 30, 2022, and December 31, 2022, and June 30, 2023, $2 million for the three months ended March 31, 2023, $2 million for the nine months ended June 30, 2022, and $4 million for the nine months ended June 30, 2023. (6) 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. (7) 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. (8) Estimated. (9) 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. (10) 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. (11) 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. (12) 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. (13) 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. (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. 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. (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) 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. (18) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. RAYMOND JAMES FINANCIAL, INC. 18

(19) 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. (20) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (21) 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

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