rjf0630q222supplement-fi

Quarterly Financial Supplement Third quarter of fiscal 2022 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,262 $ 1,366 $ 1,382 $ 1,464 $ 1,427 13 % (3) % $ 3,502 $ 4,273 22 % Brokerage revenues: Securities commissions 415 412 425 422 385 (7) % (9) % 1,239 1,232 (1) % Principal transactions 137 129 133 142 128 (7) % (10) % 432 403 (7) % Total brokerage revenues 552 541 558 564 513 (7) % (9) % 1,671 1,635 (2) % Account and service fees 161 170 177 179 211 31 % 18 % 465 567 22 % Investment banking 276 364 425 235 223 (19) % (5) % 779 883 13 % Interest income 205 215 225 242 374 82 % 55 % 608 841 38 % Other (1) 55 74 51 27 30 (45) % 11 % 155 108 (30) % Total revenues 2,511 2,730 2,818 2,711 2,778 11 % 2 % 7,180 8,307 16 % Interest expense (40) (35) (37) (38) (60) 50 % 58 % (115) (135) 17 % Net revenues 2,471 2,695 2,781 2,673 2,718 10 % 2 % 7,065 8,172 16 % Non-interest expenses: Compensation, commissions and benefits (2) (3) 1,661 1,775 1,884 1,852 1,834 10 % (1) % 4,809 5,570 16 % Non-compensation expenses: Communications and information processing 109 114 112 127 129 18 % 2 % 315 368 17 % Occupancy and equipment 58 60 59 62 65 12 % 5 % 172 186 8 % Business development 31 36 35 34 58 87 % 71 % 75 127 69 % Investment sub-advisory fees 34 37 38 40 38 12 % (5) % 93 116 25 % Professional fees (2) 30 37 28 27 38 27 % 41 % 85 93 9 % Bank loan provision/(benefit) for credit losses (4) (19) 5 (11) 21 56 NM 167 % (37) 66 NM Losses on extinguishment of debt (5) 98 — — — — (100) % — % 98 — (100) % Other (1) (2) 84 71 78 77 85 1 % 10 % 224 240 7 % Total non-compensation expenses 425 360 339 388 469 10 % 21 % 1,025 1,196 17 % Total non-interest expenses 2,086 2,135 2,223 2,240 2,303 10 % 3 % 5,834 6,766 16 % Pre-tax income 385 560 558 433 415 8 % (4) % 1,231 1,406 14 % Provision for income taxes 78 131 112 110 114 46 % 4 % 257 336 31 % Net income 307 429 446 323 301 (2) % (7) % 974 1,070 10 % Preferred stock dividends — — — — 2 NM NM — 2 NM Net income available to common shareholders $ 307 $ 429 $ 446 $ 323 $ 299 (3) % (7) % $ 974 $ 1,068 10 % Earnings per common share – basic (6) (7) $ 1.49 $ 2.08 $ 2.16 $ 1.56 $ 1.41 (5) % (10) % $ 4.73 $ 5.12 8 % Earnings per common share – diluted (6) (7) $ 1.45 $ 2.02 $ 2.10 $ 1.52 $ 1.38 (5) % (9) % $ 4.61 $ 4.99 8 % Weighted-average common shares outstanding – basic (6) 205.8 205.5 206.3 207.7 210.7 2 % 1 % 205.8 208.1 1 % Weighted-average common and common equivalent shares outstanding – diluted (6) 211.7 211.7 212.4 213.0 215.7 2 % 1 % 210.9 213.5 1 % 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Total assets $ 57,161 $ 61,891 $ 68,461 $ 73,101 $ 86,111 51 % 18 % Total common equity attributable to Raymond James Financial, Inc. $ 7,863 $ 8,245 $ 8,600 $ 8,602 $ 9,395 19 % 9 % Book value per share (6) (8) $ 38.28 $ 40.08 $ 41.45 $ 41.38 $ 43.60 14 % 5 % Tangible book value per share (6) (8) (9) $ 34.36 $ 36.11 $ 37.55 $ 36.46 $ 35.79 4 % (2) % Capital ratios: Tier 1 leverage 12.6 % 12.6 % 12.1 % 11.1 % 10.8 % (10) Tier 1 capital 24.4 % 25.0 % 25.9 % 23.9 % 20.1 % (10) Common equity tier 1 24.4 % 25.0 % 25.9 % 23.9 % 20.1 % (10) Total capital 25.6 % 26.2 % 27.0 % 25.0 % 21.4 % (10) Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Adjusted pre-tax income (9) $ 507 $ 587 $ 579 $ 464 $ 480 (5) % 3 % $ 1,384 $ 1,523 10 % Adjusted net income available to common shareholders (9) $ 399 $ 450 $ 462 $ 346 $ 348 (13) % 1 % $ 1,090 $ 1,156 6 % Adjusted earnings per common share – basic (6) (7) (9) $ 1.94 $ 2.18 $ 2.23 $ 1.67 $ 1.65 (15) % (1) % $ 5.29 $ 5.55 5 % Adjusted earnings per common share – diluted (6) (7) (9) $ 1.88 $ 2.12 $ 2.17 $ 1.62 $ 1.61 (14) % (1) % $ 5.16 $ 5.41 5 % Return on common equity (11) 15.9 % 21.3 % 21.2 % 15.0 % 13.3 % 17.4 % 16.3 % Adjusted return on common equity (9) (11) 20.5 % 22.3 % 21.9 % 16.1 % 15.4 % 19.3 % 17.6 % Adjusted return on tangible common equity (9) (11) 22.9 % 24.8 % 24.3 % 18.0 % 18.1 % 21.4 % 20.1 % Pre-tax margin (12) 15.6 % 20.8 % 20.1 % 16.2 % 15.3 % 17.4 % 17.2 % Adjusted pre-tax margin (9) (12) 20.5 % 21.8 % 20.8 % 17.4 % 17.7 % 19.6 % 18.6 % Total compensation ratio (13) 67.2 % 65.9 % 67.7 % 69.3 % 67.5 % 68.1 % 68.2 % Adjusted total compensation ratio (9) (13) 66.7 % 65.3 % 67.3 % 68.8 % 66.8 % 67.6 % 67.6 % Effective tax rate 20.3 % 23.4 % 20.1 % 25.4 % 27.5 % 20.9 % 23.9 % 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Client asset metrics ($ in billions): Client assets under administration $ 1,165.0 $ 1,178.7 $ 1,257.8 $ 1,256.1 $ 1,125.3 (3) % (10) % Private Client Group assets under administration $ 1,102.9 $ 1,115.4 $ 1,199.8 $ 1,198.3 $ 1,068.8 (3) % (11) % Private Client Group assets in fee-based accounts $ 616.7 $ 627.1 $ 677.8 $ 678.0 $ 606.7 (2) % (11) % Financial assets under management (14) $ 191.0 $ 191.9 $ 203.2 $ 193.7 $ 182.4 (5) % (6) % Clients' domestic cash sweep balances ($ in millions): Raymond James Bank Deposit Program (“RJBDP”): (15) Bank segment (15) (16) $ 29,253 $ 31,410 $ 33,097 $ 33,570 $ 36,646 25 % 9 % Third-party banks 25,080 24,496 24,316 25,887 25,478 2 % (2) % Subtotal RJBDP 54,333 55,906 57,413 59,457 62,124 14 % 4 % Client Interest Program 8,610 10,762 16,065 17,013 13,717 59 % (19) % Total clients’ domestic cash sweep balances $ 62,943 $ 66,668 $ 73,478 $ 76,470 $ 75,841 20 % (1) % Three months ended Nine months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average yield on RJBDP - third-party banks (17) 0.29 % 0.29 % 0.28 % 0.32 % 0.88 % 0.30 % 0.50 % As of % change from June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Private Client Group financial advisors: Employees 3,423 3,461 3,447 3,601 3,615 6 % — % Independent contractors (18) 4,990 5,021 5,017 5,129 5,001 — % (2) % Total advisors (18) 8,413 8,482 8,464 8,730 8,616 2 % (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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Asset management and related administrative fees $ 1,050 $ 1,142 $ 1,162 $ 1,245 $ 1,214 16 % (2) % $ 2,914 $ 3,621 24 % Brokerage revenues: Mutual and other fund products 167 172 171 166 149 (11) % (10) % 498 486 (2) % Insurance and annuity products 113 118 111 110 109 (4) % (1) % 320 330 3 % Equities, ETFs, and fixed income products 110 100 115 121 115 5 % (5) % 338 351 4 % Total brokerage revenues 390 390 397 397 373 (4) % (6) % 1,156 1,167 1 % Account and service fees: Mutual fund and annuity service fees 105 110 114 109 102 (3) % (6) % 298 325 9 % RJBDP fees: (15) Bank segment (15) 47 49 50 49 79 68 % 61 % 134 178 33 % Third-party banks 18 18 17 20 56 211 % 180 % 58 93 60 % Client account and other fees 39 44 49 53 59 51 % 11 % 113 161 42 % Total account and service fees 209 221 230 231 296 42 % 28 % 603 757 26 % Investment banking 11 14 13 9 6 (45) % (33) % 33 28 (15) % Interest income 31 32 33 37 68 119 % 84 % 91 138 52 % All other 7 5 7 6 11 57 % 83 % 20 24 20 % Total revenues 1,698 1,804 1,842 1,925 1,968 16 % 2 % 4,817 5,735 19 % Interest expense (2) (3) (3) (3) (10) 400 % 233 % (7) (16) 129 % Net revenues 1,696 1,801 1,839 1,922 1,958 15 % 2 % 4,810 5,719 19 % Non-interest expenses: Financial advisor compensation and benefits 1,082 1,151 1,187 1,231 1,187 10 % (4) % 3,053 3,605 18 % Administrative compensation and benefits 251 255 283 289 306 22 % 6 % 760 878 16 % Total compensation, commissions and benefits 1,333 1,406 1,470 1,520 1,493 12 % (2) % 3,813 4,483 18 % Non-compensation expenses 168 173 174 189 214 27 % 13 % 470 577 23 % Total non-interest expenses 1,501 1,579 1,644 1,709 1,707 14 % — % 4,283 5,060 18 % Pre-tax income $ 195 $ 222 $ 195 $ 213 $ 251 29 % 18 % $ 527 $ 659 25 % 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Brokerage revenues: Fixed income $ 124 $ 118 $ 120 $ 125 $ 107 (14) % (14) % $ 397 $ 352 (11) % Equity 36 33 39 41 32 (11) % (22) % 112 112 — % Total brokerage revenues 160 151 159 166 139 (13) % (16) % 509 464 (9) % Investment banking: Merger & acquisition and advisory 153 215 271 139 147 (4) % 6 % 424 557 31 % Equity underwriting 69 89 97 52 36 (48) % (31) % 196 185 (6) % Debt underwriting 43 46 44 35 34 (21) % (3) % 126 113 (10) % Total investment banking 265 350 412 226 217 (18) % (4) % 746 855 15 % Interest income 4 4 5 5 6 50 % 20 % 12 16 33 % Tax credit fund revenues 17 48 35 15 21 24 % 40 % 57 71 25 % All other 3 4 5 4 3 — % (25) % 14 12 (14) % Total revenues 449 557 616 416 386 (14) % (7) % 1,338 1,418 6 % Interest expense (3) (3) (2) (3) (3) — % — % (7) (8) 14 % Net revenues 446 554 614 413 383 (14) % (7) % 1,331 1,410 6 % Non-interest expenses: Compensation, commissions and benefits 256 288 331 253 243 (5) % (4) % 767 827 8 % Non-compensation expenses 75 83 82 73 79 5 % 8 % 215 234 9 % Total non-interest expenses 331 371 413 326 322 (3) % (1) % 982 1,061 8 % Pre-tax income $ 115 $ 183 $ 201 $ 87 $ 61 (47) % (30) % $ 349 $ 349 — % 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Interest income $ 172 $ 179 $ 187 $ 199 $ 296 72 % 49 % $ 505 $ 682 35 % Interest expense (11) (10) (10) (10) (26) 136 % 160 % (32) (46) 44 % Net interest income 161 169 177 189 270 68 % 43 % 473 636 34 % All other 8 7 6 8 6 (25) % (25) % 23 20 (13) % Net revenues 169 176 183 197 276 63 % 40 % 496 656 32 % Non-interest expenses: Compensation and benefits 13 13 13 14 21 62 % 50 % 38 48 26 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses (19) 5 (11) 21 56 NM 167 % (37) 66 NM RJBDP fees to Private Client Group (15) 47 49 50 49 79 68 % 61 % 134 178 33 % All other 24 28 29 30 46 92 % 53 % 75 105 40 % Total non-compensation expenses 52 82 68 100 181 248 % 81 % 172 349 103 % Total non-interest expenses 65 95 81 114 202 211 % 77 % 210 397 89 % Pre-tax income $ 104 $ 81 $ 102 $ 83 $ 74 (29) % (11) % $ 286 $ 259 (9) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (16) (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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Revenues: Interest income $ — $ 2 $ 1 $ 3 $ 6 NM 100 % $ 6 $ 10 67 % Net gains/(losses) on private equity investments (1) 24 18 5 (2) (3) NM (50) % 56 — (100) % All other 4 (1) 2 5 — (100) % (100) % 7 7 — % Total revenues 28 19 8 6 3 (89) % (50) % 69 17 (75) % Interest expense (26) (21) (23) (24) (24) (8) % — % (75) (71) (5) % Net revenues 2 (2) (15) (18) (21) NM (17) % (6) (54) (800) % Non-interest expenses: Compensation and all other (1) 38 38 32 35 43 13 % 23 % 102 110 8 % Losses on extinguishment of debt (5) 98 — — — — (100) % — % 98 — (100) % Total non-interest expenses 136 38 32 35 43 (68) % 23 % 200 110 (45) % Pre-tax loss $ (134) $ (40) $ (47) $ (53) $ (64) 52 % (21) % $ (206) $ (164) 20 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (19) (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 (16) As of % change from $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Total assets (14) $ 34,363 $ 36,154 $ 37,789 $ 38,167 $ 55,562 62 % 46 % Bank loans, net: (14) Raymond James Bank $ 23,896 $ 24,994 $ 26,132 $ 27,883 $ 30,053 26 % 8 % TriState Capital Bank — — — — 11,790 NM NM Total bank loans, net (14) $ 23,896 $ 24,994 $ 26,132 $ 27,883 $ 41,843 75 % 50 % Bank loan allowance for credit losses $ 322 $ 320 $ 308 $ 328 $ 377 17 % 15 % Bank loan allowance for credit losses as a % of loans held for investment 1.34 % 1.27 % 1.18 % 1.17 % 0.90 % Total nonperforming assets (14) $ 43 $ 74 $ 74 $ 104 $ 92 114 % (12) % Nonperforming assets as a % of total assets 0.13 % 0.20 % 0.20 % 0.27 % 0.17 % Total criticized loans (14) $ 980 $ 824 $ 735 $ 735 $ 687 (30) % (7) % Criticized loans as a % of loans held for investment 4.07 % 3.27 % 2.75 % 2.63 % 1.63 % As of % change from $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 Commercial and industrial loans $ 8,011 $ 8,440 $ 8,608 $ 9,067 $ 10,897 36 % 20 % Commercial real estate loans 2,728 2,872 2,992 3,321 6,354 133 % 91 % Real estate investment trust loans 1,270 1,112 1,189 1,408 1,416 11 % 1 % Tax-exempt loans 1,320 1,321 1,290 1,287 1,347 2 % 5 % Residential mortgage loans 5,170 5,318 5,568 5,945 6,728 30 % 13 % Securities-based loans and other 5,582 6,106 6,563 6,904 15,312 174 % 122 % Total loans held for investment 24,081 25,169 26,210 27,932 42,054 75 % 51 % Held for sale loans 137 145 230 279 166 21 % (41) % Total loans held for sale and investment 24,218 25,314 26,440 28,211 42,220 74 % 50 % Allowance for credit losses (322) (320) (308) (328) (377) 17 % 15 % Bank loans, net (14) $ 23,896 $ 24,994 $ 26,132 $ 27,883 $ 41,843 75 % 50 % Three months ended % change from Nine months ended $ in millions June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 March 31, 2022 June 30, 2021 June 30, 2022 % change Bank loan provision/(benefit) for credit losses (4) $ (19) $ 5 $ (11) $ 21 $ 56 NM 167 % $ (37) $ 66 NM Net charge-offs $ 4 $ 7 $ 1 $ 1 $ 10 NM NM $ 6 $ 12 100 % Net interest margin (net yield on interest-earning assets) 1.92 % 1.92 % 1.92 % 2.01 % 2.41 % 1.96 % 2.14 % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe certain of these non-GAAP financial measures provides 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. Certain of our non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Net income available to common shareholders $ 307 $ 429 $ 446 $ 323 $ 299 $ 974 $ 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 (3) 13 13 11 14 16 35 41 Other acquisition-related compensation (2) — 1 — — 2 — 2 Total “Compensation, commissions and benefits” expense 13 14 11 14 18 35 43 Professional fees (2) 4 5 2 5 4 5 11 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 26 — 26 Other: Amortization of identifiable intangible assets (20) 7 7 8 6 8 14 22 Initial provision for credit losses on acquired lending commitments (4) — — — — 5 — 5 All other acquisition-related expenses (2) — 1 — 6 4 1 10 Total “Other” expense 7 8 8 12 17 15 37 Total expenses related to acquisitions 24 27 21 31 65 55 117 Losses on extinguishment of debt (5) 98 — — — — 98 — Pre-tax impact of non-GAAP adjustments 122 27 21 31 65 153 117 Tax effect of non-GAAP adjustments (30) (6) (5) (8) (16) (37) (29) Total non-GAAP adjustments, net of tax 92 21 16 23 49 116 88 Adjusted net income available to common shareholders (9) $ 399 $ 450 $ 462 $ 346 $ 348 $ 1,090 $ 1,156 Pre-tax income $ 385 $ 560 $ 558 $ 433 $ 415 $ 1,231 $ 1,406 Pre-tax impact of non-GAAP adjustments (as detailed above) 122 27 21 31 65 153 117 Adjusted pre-tax income (9) $ 507 $ 587 $ 579 $ 464 $ 480 $ 1,384 $ 1,523 Compensation, commissions and benefits expense $ 1,661 $ 1,775 $ 1,884 $ 1,852 $ 1,834 $ 4,809 $ 5,570 Less: Total compensation-related acquisition expenses (as detailed above) 13 14 11 14 18 35 43 Adjusted “Compensation, commissions and benefits” expense (9) $ 1,648 $ 1,761 $ 1,873 $ 1,838 $ 1,816 $ 4,774 $ 5,527 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Pre-tax margin (12) 15.6 % 20.8 % 20.1 % 16.2 % 15.3 % 17.4 % 17.2 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits: Acquisition-related retention (3) 0.5 % 0.6 % 0.4 % 0.5 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % — % 0.1 % — % 0.1 % Total “Compensation, commissions and benefits” expense 0.5 % 0.6 % 0.4 % 0.5 % 0.7 % 0.5 % 0.6 % Professional fees (2) 0.2 % 0.2 % — % 0.2 % 0.1 % 0.1 % 0.1 % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — % — % — % — % 1.0 % — % 0.3 % Other: Amortization of identifiable intangible assets (20) 0.3 % 0.2 % 0.3 % 0.2 % 0.3 % 0.2 % 0.2 % Initial provision for credit losses on acquired lending commitments (4) — % — % — % — % 0.2 % — % 0.1 % All other acquisition-related expenses (2) — % — % — % 0.3 % 0.1 % — % 0.1 % Total “Other” expense 0.3 % 0.2 % 0.3 % 0.5 % 0.6 % 0.2 % 0.4 % Total expenses related to acquisitions 1.0 % 1.0 % 0.7 % 1.2 % 2.4 % 0.8 % 1.4 % Losses on extinguishment of debt (5) 3.9 % — % — % — % — % 1.4 % — % Total non-GAAP adjustments 4.9 % 1.0 % 0.7 % 1.2 % 2.4 % 2.2 % 1.4 % Adjusted pre-tax margin (9) (12) 20.5 % 21.8 % 20.8 % 17.4 % 17.7 % 19.6 % 18.6 % Total compensation ratio (13) 67.2 % 65.9 % 67.7 % 69.3 % 67.5 % 68.1 % 68.2 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (3) 0.5 % 0.6 % 0.4 % 0.5 % 0.6 % 0.5 % 0.5 % Other acquisition-related compensation (2) — % — % — % — % 0.1 % — % 0.1 % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.5 % 0.6 % 0.4 % 0.5 % 0.7 % 0.5 % 0.6 % Adjusted total compensation ratio (9) (13) 66.7 % 65.3 % 67.3 % 68.8 % 66.8 % 67.6 % 67.6 % 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 (6) (7) June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Diluted $ 1.45 $ 2.02 $ 2.10 $ 1.52 $ 1.38 $ 4.61 $ 4.99 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits: Acquisition-related retention (3) 0.06 0.06 0.05 0.06 0.07 0.17 0.19 Other acquisition-related compensation (2) — 0.01 — — 0.01 — 0.01 Total “Compensation, commissions and benefits” expense 0.06 0.07 0.05 0.06 0.08 0.17 0.20 Professional fees (2) 0.02 0.02 0.01 0.02 0.02 0.02 0.05 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 0.12 — 0.12 Other: Amortization of identifiable intangible assets (20) 0.03 0.03 0.03 0.03 0.04 0.07 0.11 Initial provision for credit losses on acquired lending commitments (4) — — — — 0.02 — 0.02 All other acquisition-related expenses (2) — 0.01 — 0.03 0.02 0.01 0.05 Total “Other” expense 0.03 0.04 0.03 0.06 0.08 0.08 0.18 Total expenses related to acquisitions 0.11 0.13 0.09 0.14 0.30 0.27 0.55 Losses on extinguishment of debt (5) 0.46 — — — — 0.46 — Tax effect of non-GAAP adjustments (0.14) (0.03) (0.02) (0.04) (0.07) (0.18) (0.13) Total non-GAAP adjustments, net of tax 0.43 0.10 0.07 0.10 0.23 0.55 0.42 Adjusted diluted (9) $ 1.88 $ 2.12 $ 2.17 $ 1.62 $ 1.61 $ 5.16 $ 5.41 Book value per share As of $ in millions, except per share amounts June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 Total common equity attributable to Raymond James Financial, Inc. $ 7,863 $ 8,245 $ 8,600 $ 8,602 $ 9,395 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 862 882 874 1,110 1,810 Deferred tax liabilities, net (56) (64) (65) (88) (128) Tangible common equity attributable to Raymond James Financial, Inc. $ 7,057 $ 7,427 $ 7,791 $ 7,580 $ 7,713 Common shares outstanding (6) 205.4 205.7 207.5 207.9 215.5 Book value per share (6) (8) $ 38.28 $ 40.08 $ 41.45 $ 41.38 $ 43.60 Tangible book value per share (6) (8) (9) $ 34.36 $ 36.11 $ 37.55 $ 36.46 $ 35.79 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average common equity (21) $ 7,728 $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 7,483 $ 8,711 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 6 7 8 16 19 Other acquisition-related compensation (2) — 1 — — 1 — 1 Total “Compensation, commissions and benefits” expense 6 7 6 7 9 16 20 Professional fees (2) 2 3 1 3 2 2 5 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 13 — 7 Other: Amortization of identifiable intangible assets (20) 4 3 4 3 4 6 11 Initial provision for credit losses on acquired lending commitments (4) — — — — 3 — 1 All other acquisition-related expenses (2) — 1 — 3 2 1 4 Total “Other” expense 4 4 4 6 9 7 16 Total expenses related to acquisitions 12 14 11 16 33 25 48 Losses on extinguishment of debt (5) 49 — — — — 25 — Tax effect of non-GAAP adjustments (15) (3) (3) (4) (8) (12) (12) Total non-GAAP adjustments, net of tax 46 11 8 12 25 38 36 Adjusted average common equity (9) (21) $ 7,774 $ 8,065 $ 8,431 $ 8,613 $ 9,024 $ 7,521 $ 8,747 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, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 June 30, 2021 June 30, 2022 Average common equity (21) $ 7,728 $ 8,054 $ 8,423 $ 8,601 $ 8,999 $ 7,483 $ 8,711 Less: Average goodwill and identifiable intangible assets, net 865 872 878 992 1,460 791 1,169 Average deferred tax liabilities, net (56) (60) (64) (77) (108) (51) (86) Average tangible common equity (9) (21) $ 6,919 $ 7,242 $ 7,609 $ 7,686 $ 7,647 $ 6,743 $ 7,628 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits: Acquisition-related retention (3) 6 6 6 7 8 16 19 Other acquisition-related compensation (2) — 1 — — 1 — 1 Total “Compensation, commissions and benefits” expense 6 7 6 7 9 16 20 Professional fees (2) 2 3 1 3 2 2 5 Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans (4) — — — — 13 — 7 Other: Amortization of identifiable intangible assets (20) 4 3 4 3 4 6 11 Initial provision for credit losses on acquired lending commitments (4) — — — — 3 — 1 All other acquisition-related expenses (2) — 1 — 3 2 1 4 Total “Other” expense 4 4 4 6 9 7 16 Total expenses related to acquisitions 12 14 11 16 33 25 48 Losses on extinguishment of debt (5) 49 — — — — 25 — Tax effect of non-GAAP adjustments (15) (3) (3) (4) (8) (12) (12) Total non-GAAP adjustments, net of tax 46 11 8 12 25 38 36 Adjusted average tangible common equity (9) (21) $ 6,965 $ 7,253 $ 7,617 $ 7,698 $ 7,672 $ 6,781 $ 7,664 Return on equity (11) 15.9 % 21.3 % 21.2 % 15.0 % 13.3 % 17.4 % 16.3 % Adjusted return on equity (9) (11) 20.5 % 22.3 % 21.9 % 16.1 % 15.4 % 19.3 % 17.6 % Return on tangible common equity (9) (11) 17.7 % 23.7 % 23.4 % 16.8 % 15.6 % 19.3 % 18.7 % Adjusted return on tangible common equity (9) (11) 22.9 % 24.8 % 24.3 % 18.0 % 18.1 % 21.4 % 20.1 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) Other revenues included $24 million, $18 million, and $56 million of private equity gains for the three months ended June 30, 2021, three months ended September 30, 2021, and nine months ended June 30, 2021, respectively, which were included in our Other segment. Of these amounts $10 million, $5 million, and $20 million of the gains for the three months ended June 30, 2021, three months ended September 30, 2021, and nine months ended June 30, 2021, respectively, were attributable to noncontrolling interests and were offset in Other expenses. Net gains/(losses) on private equity investments for all other periods presented were insignificant. (2) Beginning with our fiscal third quarter of 2022, we reclassified acquisition-related expenses which were previously reported in “Acquisition-related expenses” on our Consolidated Statements of Income into the respective income statement line items that align to their expense categories, including “Compensation, commissions, and benefits”, “Professional fees” (primarily legal fees), and “Other” expenses. Prior periods have been conformed to the current presentation. (3) Includes acquisition-related compensation expenses arising from equity and cash-based retention awards issued in conjunction with our current and prior-year acquisitions. 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. (4) 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/(benefit) 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. (5) Losses on extinguishment of debt include make-whole premiums, the accelerated amortization of debt issuance costs, and certain legal and other professional fees associated with the redemptions of our $250 million of 5.625% senior notes due 2024 and our $500 million of 3.625% senior notes due 2026 which occurred during our fiscal third quarter of 2021. (6) During our fiscal fourth quarter of 2021 the Board of Directors approved a 3-for-2 stock split, effected in the form of a 50% stock dividend, paid on September 21, 2021. All share and per share information has been retroactively adjusted to reflect this stock split. (7) 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. (8) 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. 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. (9) 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. Certain non-GAAP financial measures have been adjusted for additional expenses directly related to our acquisitions that we believe are not indicative of our core operating results, such as those related to amortization of identifiable intangible assets arising from acquisitions and acquisition-related retention. Prior periods have been conformed to the current period presentation. (10) Estimated. (11) 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. (12) 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. (13) 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. (14) These metrics include the impact of the acquisition of TriState Capital Holdings, Inc. (“TriState Capital”). As of June 30, 2022, the impact was $9.4 billion on financial assets under management, $14.9 billion on Bank segment total assets, $11.8 billion on bank loans, net, $2 million on nonperforming assets, and $33 million on criticized loans. (15) 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. Fees earned by the Private Client Group on deposits held by our Bank segment are eliminated in consolidation. (16) On June 1, 2022, we completed our acquisition of all the outstanding shares of TriState Capital, including its wholly owned subsidiaries, TriState Capital Bank, a Pennsylvania-chartered state bank, and Chartwell Investment Partners, LLC (“Chartwell”), a registered investment adviser. As a result of our acquisition of TriState, we renamed our Raymond James Bank segment to Bank segment, which includes the results of Raymond James Bank and, since June 1, 2022, TriState Capital Bank. TriState Capital Bank will continue to operate as a separately branded firm and as an independently- chartered bank. Chartwell has been integrated into our Asset Management segment and its results of operations have been included in our results prospectively from the closing date of June 1, 2022. (17) 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. RAYMOND JAMES FINANCIAL, INC. 18

(18) This metric includes the impact of the transfer of one firm with 166 financial advisors previously affiliated as independent contractors to our Registered Investment Advisor & Custody Services (“RCS”) division during our fiscal third quarter of 2022. Advisors in RCS are not included in the financial advisor count, although their assets are still included in client assets under administration. (19) 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. (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 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