Raymond James Financial 8K Reports Fiscal Fourth Quarter and | RJF 23 Oct 24

5 Quarterly Financial Supplement Fiscal fourth quarter and fiscal 2024 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from Twelve months ended in millions, except per share amounts September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Revenues: Asset management and related administrative fees $ 1,446 $ 1,407 $ 1,516 $ 1,611 $ 1,662 15 % 3 % $ 5,363 $ 6,196 16 % Brokerage revenues: Securities commissions 382 383 414 416 438 15 % 5 % 1,459 1,651 13 % Principal transactions 98 139 114 116 123 26 % 6 % 462 492 6 % Total brokerage revenues 480 522 528 532 561 17 % 5 % 1,921 2,143 12 % Account and service fees 314 319 335 328 332 6 % 1 % 1,125 1,314 17 % Investment banking 202 181 179 183 315 56 % 72 % 648 858 32 % Interest income 1,019 1,053 1,049 1,057 1,073 5 % 2 % 3,748 4,232 13 % Other 54 38 31 51 60 11 % 18 % 187 180 (4) % Total revenues 3,515 3,520 3,638 3,762 4,003 14 % 6 % 12,992 14,923 15 % Interest expense (462) (507) (520) (534) (541) 17 % 1 % (1,373) (2,102) 53 % Net revenues 3,053 3,013 3,118 3,228 3,462 13 % 7 % 11,619 12,821 10 % Non-interest expenses: Compensation, commissions and benefits 1,892 1,921 2,043 2,090 2,159 14 % 3 % 7,299 8,213 13 % Non-compensation expenses: Communications and information processing 158 150 165 166 181 15 % 9 % 599 662 11 % Occupancy and equipment 69 72 73 75 76 10 % 1 % 271 296 9 % Business development 66 61 60 72 64 (3) % (11) % 242 257 6 % Investment sub-advisory fees 41 40 44 48 50 22 % 4 % 151 182 21 % Professional fees 40 32 33 38 47 18 % 24 % 145 150 3 % Bank loan provision/(benefit) for credit losses 36 12 21 (10) 22 (39) % NM 132 45 (66) % Other (1) 166 95 70 105 103 (38) % (2) % 500 373 (25) % Total non-compensation expenses 576 462 466 494 543 (6) % 10 % 2,040 1,965 (4) % Total non-interest expenses 2,468 2,383 2,509 2,584 2,702 9 % 5 % 9,339 10,178 9 % Pre-tax income 585 630 609 644 760 30 % 18 % 2,280 2,643 16 % Provision for income taxes 151 132 133 152 158 5 % 4 % 541 575 6 % Net income 434 498 476 492 602 39 % 22 % 1,739 2,068 19 % Preferred stock dividends 2 1 2 1 1 (50) % — % 6 5 (17) % Net income available to common shareholders $ 432 $ 497 $ 474 $ 491 $ 601 39 % 22 % $ 1,733 $ 2,063 19 % Earnings per common share – basic (2) $ 2.07 $ 2.38 $ 2.27 $ 2.37 $ 2.93 42 % 24 % $ 8.16 $ 9.94 22 % Earnings per common share – diluted (2) $ 2.02 $ 2.32 $ 2.22 $ 2.31 $ 2.86 42 % 24 % $ 7.97 $ 9.70 22 % Weighted-average common shares outstanding – basic 208.3 208.6 208.3 206.8 204.7 (2) % (1) % 211.8 207.1 (2) % Weighted-average common and common equivalent shares outstanding – diluted 213.8 213.8 213.4 212.3 210.1 (2) % (1) % 216.9 212.3 (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 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 Total assets $ 78,360 $ 80,130 $ 81,232 $ 80,628 $ 82,992 6 % 3 % Total common equity attributable to Raymond James Financial, Inc. $ 10,135 $ 10,711 $ 10,905 $ 11,118 $ 11,594 14 % 4 % Book value per share (3) $ 48.54 $ 51.32 $ 52.60 $ 54.08 $ 57.03 17 % 5 % Tangible book value per share (3) (4) $ 40.03 $ 42.81 $ 44.11 $ 45.57 $ 48.43 21 % 6 % Capital ratios: Tier 1 leverage 11.9 % 12.1 % 12.3 % 12.7 % 12.8 % (5) Tier 1 capital 21.4 % 21.6 % 21.9 % 22.2 % 22.8 % (5) Common equity tier 1 21.2 % 21.5 % 21.8 % 22.0 % 22.6 % (5) Total capital 22.8 % 23.0 % 23.3 % 23.6 % 24.1 % (5) $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Adjusted pre-tax income (4) $ 619 $ 653 $ 635 $ 667 $ 785 27 % 18 % $ 2,378 $ 2,740 15 % Adjusted net income available to common shareholders (4) $ 457 $ 514 $ 494 $ 508 $ 621 36 % 22 % $ 1,806 $ 2,137 18 % Adjusted earnings per common share – basic (2) (4) $ 2.19 $ 2.46 $ 2.37 $ 2.45 $ 3.03 38 % 24 % $ 8.50 $ 10.30 21 % Adjusted earnings per common share – diluted (2) (4) $ 2.13 $ 2.40 $ 2.31 $ 2.39 $ 2.95 38 % 23 % $ 8.30 $ 10.05 21 % Return on common equity (6) 17.3 % 19.1 % 17.5 % 17.8 % 21.2 % 17.7 % 18.9 % Adjusted return on common equity (4) (6) 18.3 % 19.7 % 18.3 % 18.4 % 21.9 % 18.4 % 19.6 % Adjusted return on tangible common equity (4) (6) 22.2 % 23.8 % 21.8 % 21.9 % 25.8 % 22.5 % 23.3 % Pre-tax margin (7) 19.2 % 20.9 % 19.5 % 20.0 % 22.0 % 19.6 % 20.6 % Adjusted pre-tax margin (4) (7) 20.3 % 21.7 % 20.4 % 20.7 % 22.7 % 20.5 % 21.4 % Total compensation ratio (8) 62.0 % 63.8 % 65.5 % 64.7 % 62.4 % 62.8 % 64.1 % Adjusted total compensation ratio (4) (8) 61.4 % 63.4 % 65.2 % 64.4 % 62.1 % 62.1 % 63.7 % Effective tax rate 25.8 % 21.0 % 21.8 % 23.6 % 20.8 % 23.7 % 21.8 % Three months ended % change from Twelve months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 Client assets under administration $ 1,256.5 $ 1,370.6 $ 1,449.1 $ 1,476.2 $ 1,571.1 25 % 6 % Private Client Group assets under administration $ 1,201.2 $ 1,310.5 $ 1,388.8 $ 1,415.7 $ 1,507.0 25 % 6 % Private Client Group assets in fee-based accounts $ 683.2 $ 746.6 $ 798.8 $ 820.6 $ 875.2 28 % 7 % Financial assets under management $ 196.4 $ 215.0 $ 226.8 $ 229.3 $ 244.8 25 % 7 % Three months ended Twelve months ended Net new assets metrics (9) ($ in millions) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Domestic Private Client Group net new assets $ 14,169 $ 21,575 $ 9,648 $ 16,517 $ 12,969 $ 73,254 $ 60,709 Domestic Private Client Group net new assets growth — annualized 5.0 % 7.8 % 3.2 % 5.2 % 4.0 % 7.7 % 5.5 % As of % change from Private Client Group financial advisors September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 Employees 3,693 3,718 3,747 3,812 3,826 4 % — % Independent contractors 5,019 4,992 5,014 4,970 4,961 (1) % — % Total advisors (10) 8,712 8,710 8,761 8,782 8,787 1 % — % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 25,355 $ 23,912 $ 23,405 $ 23,371 $ 23,978 (5) % 3 % Third-party banks 15,858 17,820 18,234 17,325 18,226 15 % 5 % Subtotal RJBDP 41,213 41,732 41,639 40,696 42,204 2 % 4 % Client Interest Program 1,620 1,765 1,715 1,713 1,653 2 % (4) % Total clients’ domestic cash sweep balances 42,833 43,497 43,354 42,409 43,857 2 % 3 % Enhanced Savings Program ("ESP") (12) 13,592 14,476 14,863 14,039 14,018 3 % — % Total clients’ domestic cash sweep and ESP balances $ 56,425 $ 57,973 $ 58,217 $ 56,448 $ 57,875 3 % 3 % Three months ended % change from Twelve months ended Net interest income and RJBDP fees ($ in millions) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Net interest income and RJBDP fees (third-party banks) $ 711 $ 698 $ 689 $ 672 $ 678 (5) % 1 % $ 2,873 $ 2,737 (5) % Average yield on RJBDP - third-party banks (13) 3.60 % 3.66 % 3.59 % 3.41 % 3.34 % 3.20 % 3.50 % 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 Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Revenues: Asset management and related administrative fees $ 1,226 $ 1,191 $ 1,283 $ 1,364 $ 1,408 15 % 3 % $ 4,545 $ 5,246 15 % Brokerage revenues: Mutual and other fund products 142 136 141 142 148 4 % 4 % 540 567 5 % Insurance and annuity products 119 125 127 130 137 15 % 5 % 439 519 18 % Equities, ETFs, and fixed income products 115 121 139 137 148 29 % 8 % 455 545 20 % Total brokerage revenues 376 382 407 409 433 15 % 6 % 1,434 1,631 14 % Account and service fees: Mutual fund and annuity service fees 109 106 115 118 122 12 % 3 % 415 461 11 % RJBDP fees: (11) Bank segment 237 223 206 198 197 (17) % (1) % 1,093 824 (25) % Third-party banks 154 152 160 149 146 (5) % (2) % 498 607 22 % Client account and other fees 56 65 64 66 69 23 % 5 % 231 264 14 % Total account and service fees 556 546 545 531 534 (4) % 1 % 2,237 2,156 (4) % Investment banking 8 11 8 10 9 13 % (10) % 35 38 9 % Interest income 115 118 122 121 119 3 % (2) % 455 480 5 % All other 8 4 6 13 4 (50) % (69) % 48 27 (44) % Total revenues 2,289 2,252 2,371 2,448 2,507 10 % 2 % 8,754 9,578 9 % Interest expense (24) (26) (30) (32) (31) 29 % (3) % (100) (119) 19 % Net revenues 2,265 2,226 2,341 2,416 2,476 9 % 2 % 8,654 9,459 9 % Non-interest expenses: Financial advisor compensation and benefits 1,193 1,190 1,273 1,327 1,364 14 % 3 % 4,537 5,154 14 % Administrative compensation and benefits 348 379 391 389 387 11 % (1) % 1,390 1,546 11 % Total compensation, commissions and benefits 1,541 1,569 1,664 1,716 1,751 14 % 2 % 5,927 6,700 13 % Non-compensation expenses 247 218 233 259 264 7 % 2 % 964 974 1 % Total non-interest expenses 1,788 1,787 1,897 1,975 2,015 13 % 2 % 6,891 7,674 11 % Pre-tax income $ 477 $ 439 $ 444 $ 441 $ 461 (3) % 5 % $ 1,763 $ 1,785 1 % 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 Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Revenues: Brokerage revenues: Fixed income $ 71 $ 102 $ 88 $ 86 $ 91 28 % 6 % $ 345 $ 367 6 % Equity 30 38 34 35 36 20 % 3 % 130 143 10 % Total brokerage revenues 101 140 122 121 127 26 % 5 % 475 510 7 % Investment banking: Merger & acquisition and advisory 141 118 107 91 205 45 % 125 % 418 521 25 % Equity underwriting 16 26 23 33 49 206 % 48 % 85 131 54 % Debt underwriting 37 26 41 49 52 41 % 6 % 110 168 53 % Total investment banking 194 170 171 173 306 58 % 77 % 613 820 34 % Interest income 23 23 26 32 28 22 % (13) % 88 109 24 % Affordable housing investments business revenues 41 23 22 30 43 5 % 43 % 109 118 8 % All other 3 4 4 4 6 100 % 50 % 14 18 29 % Total revenues 362 360 345 360 510 41 % 42 % 1,299 1,575 21 % Interest expense (21) (22) (24) (30) (27) 29 % (10) % (85) (103) 21 % Net revenues 341 338 321 330 483 42 % 46 % 1,214 1,472 21 % Non-interest expenses: Compensation, commissions and benefits 238 238 240 243 281 18 % 16 % 902 1,002 11 % Non-compensation expenses 110 97 98 101 107 (3) % 6 % 403 403 — % Total non-interest expenses 348 335 338 344 388 11 % 13 % 1,305 1,405 8 % Pre-tax income/(loss) $ (7) $ 3 $ (17) $ (14) $ 95 NM NM $ (91) $ 67 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 Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Revenues: Interest income $ 847 $ 872 $ 868 $ 867 $ 887 5 % 2 % $ 3,098 $ 3,494 13 % Interest expense (408) (446) (455) (461) (476) 17 % 3 % (1,141) (1,838) 61 % Net interest income 439 426 413 406 411 (6) % 1 % 1,957 1,656 (15) % All other 12 15 11 12 22 83 % 83 % 56 60 7 % Net revenues 451 441 424 418 433 (4) % 4 % 2,013 1,716 (15) % Non-interest expenses: Compensation and benefits 41 43 48 45 44 7 % (2) % 177 180 2 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses 36 12 21 (10) 22 (39) % NM 132 45 (66) % RJBDP fees to Private Client Group (11) 237 223 206 198 197 (17) % (1) % 1,093 824 (25) % All other 59 71 74 70 72 22 % 3 % 240 287 20 % Total non-compensation expenses 332 306 301 258 291 (12) % 13 % 1,465 1,156 (21) % Total non-interest expenses 373 349 349 303 335 (10) % 11 % 1,642 1,336 (19) % Pre-tax income $ 78 $ 92 $ 75 $ 115 $ 98 26 % (15) % $ 371 $ 380 2 % 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 Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Revenues: Interest income $ 44 $ 49 $ 44 $ 47 $ 53 20 % 13 % $ 147 $ 193 31 % All other 3 2 (2) 6 — (100) % (100) % 9 6 (33) % Total revenues 47 51 42 53 53 13 % — % 156 199 28 % Interest expense (22) (25) (25) (25) (25) 14 % — % (97) (100) 3 % Net revenues 25 26 17 28 28 12 % — % 59 99 68 % Non-interest expenses: Compensation and benefits 24 17 32 29 26 8 % (10) % 95 104 9 % Insurance settlement received (1) — — — — — — % — % (32) — 100 % All other 64 6 (22) 9 12 (81) % 33 % 110 5 (95) % Total non-interest expenses 88 23 10 38 38 (57) % — % 173 109 (37) % Pre-tax income/(loss) $ (63) $ 3 $ 7 $ (10) $ (10) 84 % — % $ (114) $ (10) 91 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (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 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 Total assets $ 60,041 $ 61,517 $ 61,038 $ 60,574 $ 62,367 4 % 3 % Bank loans, net: Raymond James Bank $ 30,906 $ 31,092 $ 30,980 $ 31,237 $ 31,704 3 % 1 % TriState Capital Bank 12,869 13,090 13,119 13,912 14,290 11 % 3 % Total bank loans, net $ 43,775 $ 44,182 $ 44,099 $ 45,149 $ 45,994 5 % 2 % Bank loan allowance for credit losses $ 474 $ 479 $ 471 $ 456 $ 457 (4) % — % Bank loan allowance for credit losses as a % of total loans held for investment 1.07 % 1.08 % 1.06 % 1.00 % 0.99 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (15) 2.03 % 2.06 % 2.05 % 2.00 % 1.99 % Total nonperforming assets $ 128 $ 164 $ 187 $ 160 $ 175 37 % 9 % Nonperforming assets as a % of total assets 0.21 % 0.27 % 0.31 % 0.26 % 0.28 % Total criticized loans $ 518 $ 472 $ 538 $ 523 $ 679 31 % 30 % Criticized loans as a % of loans held for investment 1.17 % 1.06 % 1.21 % 1.15 % 1.47 % Total bank deposits $ 54,199 $ 55,393 $ 54,843 $ 54,401 $ 56,010 3 % 3 % As of % change from $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 Securities-based loans (16) $ 14,606 $ 14,647 $ 14,610 $ 15,429 $ 16,233 11 % 5 % Commercial and industrial loans 10,406 10,503 10,190 9,956 9,953 (4) % — % Commercial real estate loans 7,221 7,331 7,462 7,619 7,615 5 % — % Real estate investment trust loans 1,668 1,697 1,701 1,755 1,716 3 % (2) % Residential mortgage loans 8,662 8,861 9,016 9,245 9,412 9 % 2 % Tax-exempt loans 1,541 1,411 1,445 1,431 1,338 (13) % (6) % Total loans held for investment 44,104 44,450 44,424 45,435 46,267 5 % 2 % Held for sale loans 145 211 146 170 184 27 % 8 % Total loans held for sale and investment 44,249 44,661 44,570 45,605 46,451 5 % 2 % Allowance for credit losses (474) (479) (471) (456) (457) (4) % — % Bank loans, net $ 43,775 $ 44,182 $ 44,099 $ 45,149 $ 45,994 5 % 2 % Three months ended % change from Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 June 30, 2024 September 30, 2023 September 30, 2024 % change Net interest margin (net yield on interest-earning assets) 2.87 % 2.74 % 2.66 % 2.64 % 2.62 % 3.28 % 2.67 % Bank loan provision/(benefit) for credit losses $ 36 $ 12 $ 21 $ (10) $ 22 (39) % NM $ 132 $ 45 (66) % Net charge-offs $ 17 $ 8 $ 28 $ 6 $ 20 18 % 233 % $ 54 $ 62 15 % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Net income available to common shareholders $ 432 $ 497 $ 474 $ 491 $ 601 $ 1,733 $ 2,063 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 17 11 11 11 9 70 42 Other acquisition-related compensation — — — — — 10 — Total “Compensation, commissions and benefits” expense 17 11 11 11 9 80 42 Communication and information processing 2 — 1 — 1 2 2 Professional fees 3 1 1 1 1 3 4 Other: Amortization of identifiable intangible assets (18) 12 11 11 11 11 45 44 All other acquisition-related expenses — — 2 — 3 — 5 Total “Other” expense 12 11 13 11 14 45 49 Total expenses related to acquisitions 34 23 26 23 25 130 97 Other — Insurance settlement received (1) — — — — — (32) — Pre-tax impact of non-GAAP adjustments 34 23 26 23 25 98 97 Tax effect of non-GAAP adjustments (9) (6) (6) (6) (5) (25) (23) Total non-GAAP adjustments, net of tax 25 17 20 17 20 73 74 Adjusted net income available to common shareholders (4) $ 457 $ 514 $ 494 $ 508 $ 621 $ 1,806 $ 2,137 Pre-tax income $ 585 $ 630 $ 609 $ 644 $ 760 $ 2,280 $ 2,643 Pre-tax impact of non-GAAP adjustments (as detailed above) 34 23 26 23 25 98 97 Adjusted pre-tax income (4) $ 619 $ 653 $ 635 $ 667 $ 785 $ 2,378 $ 2,740 Compensation, commissions and benefits expense $ 1,892 $ 1,921 $ 2,043 $ 2,090 $ 2,159 $ 7,299 $ 8,213 Less: Total compensation-related acquisition expenses (as detailed above) 17 11 11 11 9 80 42 Adjusted “Compensation, commissions and benefits” expense (4) $ 1,875 $ 1,910 $ 2,032 $ 2,079 $ 2,150 $ 7,219 $ 8,171 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 Twelve months ended September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Pre-tax margin (7) 19.2 % 20.9 % 19.5 % 20.0 % 22.0 % 19.6 % 20.6 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.6 % 0.4 % 0.3 % 0.3 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation — % — % — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expense 0.6 % 0.4 % 0.3 % 0.3 % 0.3 % 0.7 % 0.4 % Communications and information processing — % — % — % — % — % — % — % Professional fees 0.1 % — % 0.1 % — % — % 0.1 % — % Other: Amortization of identifiable intangible assets (18) 0.4 % 0.4 % 0.4 % 0.4 % 0.3 % 0.4 % 0.3 % All other acquisition-related expenses — % — % 0.1 % — % 0.1 % — % 0.1 % Total “Other” expense 0.4 % 0.4 % 0.5 % 0.4 % 0.4 % 0.4 % 0.4 % Total expenses related to acquisitions 1.1 % 0.8 % 0.9 % 0.7 % 0.7 % 1.2 % 0.8 % Other — Insurance settlement received (1) — % — % — % — % — % (0.3) % — % Total non-GAAP adjustments 1.1 % 0.8 % 0.9 % 0.7 % 0.7 % 0.9 % 0.8 % Adjusted pre-tax margin (4) (7) 20.3 % 21.7 % 20.4 % 20.7 % 22.7 % 20.5 % 21.4 % Total compensation ratio (8) 62.0 % 63.8 % 65.5 % 64.7 % 62.4 % 62.8 % 64.1 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.6 % 0.4 % 0.3 % 0.3 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation — % — % — % — % — % 0.1 % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.6 % 0.4 % 0.3 % 0.3 % 0.3 % 0.7 % 0.4 % Adjusted total compensation ratio (4) (8) 61.4 % 63.4 % 65.2 % 64.4 % 62.1 % 62.1 % 63.7 % 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 Twelve months ended Earnings per common share (2) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Diluted $ 2.02 $ 2.32 $ 2.22 $ 2.31 $ 2.86 $ 7.97 $ 9.70 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.08 0.05 0.05 0.05 0.04 0.32 0.20 Other acquisition-related compensation — — — — — 0.05 — Total “Compensation, commissions and benefits” expense 0.08 0.05 0.05 0.05 0.04 0.37 0.20 Communications and information processing 0.01 — — — — 0.01 0.01 Professional fees 0.01 0.01 0.01 0.01 — 0.01 0.02 Other: Amortization of identifiable intangible assets (18) 0.05 0.05 0.05 0.05 0.05 0.21 0.21 All other acquisition-related expenses — — 0.01 — 0.02 — 0.02 Total “Other” expense 0.05 0.05 0.06 0.05 0.07 0.21 0.23 Total expenses related to acquisitions 0.15 0.11 0.12 0.11 0.11 0.60 0.46 Other — Insurance settlement received (1) — — — — — (0.15) — Tax effect of non-GAAP adjustments (0.04) (0.03) (0.03) (0.03) (0.02) (0.12) (0.11) Total non-GAAP adjustments, net of tax 0.11 0.08 0.09 0.08 0.09 0.33 0.35 Adjusted diluted (4) $ 2.13 $ 2.40 $ 2.31 $ 2.39 $ 2.95 $ 8.30 $ 10.05 Book value per share As of $ in millions, except per share amounts September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 Total common equity attributable to Raymond James Financial, Inc. $ 10,135 $ 10,711 $ 10,905 $ 11,118 $ 11,594 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,907 1,908 1,894 1,884 1,886 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (131) (132) (134) (136) (138) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 8,359 $ 8,935 $ 9,145 $ 9,370 $ 9,846 Common shares outstanding 208.8 208.7 207.3 205.6 203.3 Book value per share (3) $ 48.54 $ 51.32 $ 52.60 $ 54.08 $ 57.03 Tangible book value per share (3) (4) $ 40.03 $ 42.81 $ 44.11 $ 45.57 $ 48.43 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 Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Average common equity (19) $ 10,003 $ 10,423 $ 10,808 $ 11,012 $ 11,356 $ 9,791 $ 10,893 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 6 6 5 5 35 22 Other acquisition-related compensation — — — — — 4 — Total “Compensation, commissions and benefits” expense 9 6 6 5 5 39 22 Communications and information processing 1 — — — — 1 — Professional fees 2 — — 1 1 1 2 Other: Amortization of identifiable intangible assets (18) 6 6 6 5 6 22 22 All other acquisition-related expenses — — 1 — 1 — 2 Total “Other” expense 6 6 7 5 7 22 24 Total expenses related to acquisitions 18 12 13 11 13 63 48 Other — Insurance settlement received (1) — — — — — (26) — Tax effect of non-GAAP adjustments (5) (3) (3) (3) (3) (9) (12) Total non-GAAP adjustments, net of tax 13 9 10 8 10 28 36 Adjusted average common equity (4) (19) $ 10,016 $ 10,432 $ 10,818 $ 11,020 $ 11,366 $ 9,819 $ 10,929 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 Twelve months ended $ in millions September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 September 30, 2023 September 30, 2024 Average common equity (19) $ 10,003 $ 10,423 $ 10,808 $ 11,012 $ 11,356 $ 9,791 $ 10,893 Less: Average goodwill and identifiable intangible assets, net 1,918 1,908 1,901 1,889 1,885 1,928 1,896 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (130) (132) (133) (135) (137) (129) (134) Average tangible common equity (4) (19) $ 8,215 $ 8,647 $ 9,040 $ 9,258 $ 9,608 $ 7,992 $ 9,131 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 6 6 5 5 35 22 Other acquisition-related compensation — — — — — 4 — Total “Compensation, commissions and benefits” expense 9 6 6 5 5 39 22 Communications and information processing 1 — — — — 1 — Professional fees 2 — — 1 1 1 2 Other: Amortization of identifiable intangible assets (18) 6 6 6 5 6 22 22 All other acquisition-related expenses — — 1 — 1 — 2 Total “Other” expense 6 6 7 5 7 22 24 Total expenses related to acquisitions 18 12 13 11 13 63 48 Other — Insurance settlement received (1) — — — — — (26) — Tax effect of non-GAAP adjustments (5) (3) (3) (3) (3) (9) (12) Total non-GAAP adjustments, net of tax 13 9 10 8 10 28 36 Adjusted average tangible common equity (4) (19) $ 8,228 $ 8,656 $ 9,050 $ 9,266 $ 9,618 $ 8,020 $ 9,167 Return on common equity (6) 17.3 % 19.1 % 17.5 % 17.8 % 21.2 % 17.7 % 18.9 % Adjusted return on common equity (4) (6) 18.3 % 19.7 % 18.3 % 18.4 % 21.9 % 18.4 % 19.6 % Return on tangible common equity (4) (6) 21.0 % 23.0 % 21.0 % 21.2 % 25.0 % 21.7 % 22.6 % Adjusted return on tangible common equity (4) (6) 22.2 % 23.8 % 21.8 % 21.9 % 25.8 % 22.5 % 23.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) The twelve months ended September 30, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended, September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024, and September 30, 2024, $5 million for the twelve months ended September 30, 2023, and $4 million for the twelve months ended September 30, 2024. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The domestic Private Client Group net new asset growth — annualized percentage is based on the beginning domestic Private Client Group assets under administration balance for the indicated period. (10) This metric included the impact of the transfer of approximately 50 financial advisors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2024, primarily related to one firm with financial advisors previously affiliated as independent contractors. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. (11) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our bank deposit liability balance reflected on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition. (13) 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. (14) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) 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. (18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. RAYMOND JAMES FINANCIAL, INC. 18

(19) 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 five, 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 five. 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 Fiscal Fourth Quarter and