rjf1231q123supplement

5 Quarterly Financial Supplement First 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 $ in millions, except per share amounts December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Revenues: Asset management and related administrative fees $ 1,382 $ 1,464 $ 1,427 $ 1,290 $ 1,242 (10) % (4) % Brokerage revenues: Securities commissions 425 422 385 357 352 (17) % (1) % Principal transactions 133 142 128 124 132 (1) % 6 % Total brokerage revenues 558 564 513 481 484 (13) % 1 % Account and service fees 177 179 211 266 289 63 % 9 % Investment banking 425 235 223 217 141 (67) % (35) % Interest income 225 242 374 667 827 268 % 24 % Other 51 27 30 80 44 (14) % (45) % Total revenues 2,818 2,711 2,778 3,001 3,027 7 % 1 % Interest expense (37) (38) (60) (170) (241) 551 % 42 % Net revenues 2,781 2,673 2,718 2,831 2,786 — % (2) % Non-interest expenses: Compensation, commissions and benefits (1) 1,884 1,852 1,834 1,759 1,736 (8) % (1) % Non-compensation expenses: Communications and information processing 112 127 129 138 139 24 % 1 % Occupancy and equipment 59 62 65 66 66 12 % — % Business development 35 34 58 59 56 60 % (5) % Investment sub-advisory fees 38 40 38 36 34 (11) % (6) % Professional fees 28 27 38 38 32 14 % (16) % Bank loan provision/(benefit) for credit losses (11) 21 56 34 14 NM (59) % Other (2) 78 77 85 85 57 (27) % (33) % Total non-compensation expenses 339 388 469 456 398 17 % (13) % Total non-interest expenses 2,223 2,240 2,303 2,215 2,134 (4) % (4) % Pre-tax income 558 433 415 616 652 17 % 6 % Provision for income taxes 112 110 114 177 143 28 % (19) % Net income 446 323 301 439 509 14 % 16 % Preferred stock dividends — — 2 2 2 NM — % Net income available to common shareholders $ 446 $ 323 $ 299 $ 437 $ 507 14 % 16 % Earnings per common share – basic (3) $ 2.16 $ 1.56 $ 1.41 $ 2.03 $ 2.36 9 % 16 % Earnings per common share – diluted (3) $ 2.10 $ 1.52 $ 1.38 $ 1.98 $ 2.30 10 % 16 % Weighted-average common shares outstanding – basic 206.3 207.7 210.7 215.0 214.7 4 % — % Weighted-average common and common equivalent shares outstanding – diluted 212.4 213.0 215.7 220.6 220.4 4 % — % 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 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Total assets $ 68,461 $ 73,101 $ 86,111 $ 80,951 $ 77,047 13 % (5) % Total common equity attributable to Raymond James Financial, Inc. $ 8,600 $ 8,602 $ 9,395 $ 9,338 $ 9,736 13 % 4 % Book value per share (4) $ 41.45 $ 41.38 $ 43.60 $ 43.41 $ 45.28 9 % 4 % Tangible book value per share (4) (5) $ 37.55 $ 36.46 $ 35.79 $ 35.02 $ 36.87 (2) % 5 % Capital ratios: Tier 1 leverage 12.1 % 11.1 % 10.8 % 10.3 % 11.3 % (6) Tier 1 capital 25.9 % 23.9 % 20.2 % 19.2 % 20.3 % (6) Common equity tier 1 25.9 % 23.9 % 20.0 % 19.0 % 20.0 % (6) Total capital 27.0 % 25.0 % 21.5 % 20.4 % 21.5 % (6) Three months ended % change from $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Adjusted pre-tax income (5) $ 579 $ 464 $ 480 $ 646 $ 649 12 % — % Adjusted net income available to common shareholders (5) $ 462 $ 346 $ 348 $ 459 $ 505 9 % 10 % Adjusted earnings per common share – basic (3) (5) $ 2.23 $ 1.67 $ 1.65 $ 2.13 $ 2.35 5 % 10 % Adjusted earnings per common share – diluted (3) (5) $ 2.17 $ 1.62 $ 1.61 $ 2.08 $ 2.29 6 % 10 % Return on common equity (7) 21.2 % 15.0 % 13.3 % 18.7 % 21.3 % Adjusted return on common equity (5) (7) 21.9 % 16.1 % 15.4 % 19.6 % 21.2 % Adjusted return on tangible common equity (5) (7) 24.3 % 18.0 % 18.1 % 24.1 % 26.1 % Pre-tax margin (8) 20.1 % 16.2 % 15.3 % 21.8 % 23.4 % Adjusted pre-tax margin (5) (8) 20.8 % 17.4 % 17.7 % 22.8 % 23.3 % Total compensation ratio (9) 67.7 % 69.3 % 67.5 % 62.1 % 62.3 % Adjusted total compensation ratio (5) (9) 67.3 % 68.8 % 66.8 % 61.5 % 61.7 % Effective tax rate 20.1 % 25.4 % 27.5 % 28.7 % 21.9 % 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 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Client asset metrics ($ in billions): Client assets under administration $ 1,257.8 $ 1,256.1 $ 1,125.3 $ 1,093.1 $ 1,169.7 (7) % 7 % Private Client Group assets under administration $ 1,199.8 $ 1,198.3 $ 1,068.8 $ 1,039.0 $ 1,114.3 (7) % 7 % Private Client Group assets in fee-based accounts $ 677.8 $ 678.0 $ 606.7 $ 586.0 $ 633.1 (7) % 8 % Financial assets under management $ 203.2 $ 193.7 $ 182.4 $ 173.8 $ 185.9 (9) % 7 % Net new assets metrics (10) ($ in millions) Three months ended December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Domestic Private Client Group net new assets $ 36,101 $ 24,093 $ 14,663 $ 20,184 $ 23,226 Domestic Private Client Group net new assets growth — annualized 13.7 % 8.6 % 5.4 % 8.3 % 9.8 % As of % change from December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Clients' domestic cash sweep balances ($ in millions): Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 33,097 $ 33,570 $ 36,646 $ 38,705 $ 39,098 18 % 1 % Third-party banks 24,316 25,887 25,478 21,964 18,231 (25) % (17) % Subtotal RJBDP 57,413 59,457 62,124 60,669 57,329 — % (6) % Client Interest Program 16,065 17,013 13,717 6,445 3,053 (81) % (53) % Total clients’ domestic cash sweep balances $ 73,478 $ 76,470 $ 75,841 $ 67,114 $ 60,382 (18) % (10) % Three months ended December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Average yield on RJBDP - third-party banks (12) 0.28 % 0.32 % 0.88 % 1.85 % 2.72 % As of % change from December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Private Client Group financial advisors: Employees 3,447 3,601 3,615 3,638 3,631 5 % — % Independent contractors 5,017 5,129 5,001 5,043 5,068 1 % — % Total advisors 8,464 8,730 8,616 8,681 8,699 3 % — % 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Revenues: Asset management and related administrative fees $ 1,162 $ 1,245 $ 1,214 $ 1,089 $ 1,053 (9) % (3) % Brokerage revenues: Mutual and other fund products 171 166 149 134 128 (25) % (4) % Insurance and annuity products 111 110 109 108 104 (6) % (4) % Equities, ETFs, and fixed income products 115 121 115 107 113 (2) % 6 % Total brokerage revenues 397 397 373 349 345 (13) % (1) % Account and service fees: Mutual fund and annuity service fees 114 109 102 103 98 (14) % (5) % RJBDP fees: (11) Bank segment (11) 50 49 79 179 268 436 % 50 % Third-party banks 17 20 56 109 137 706 % 26 % Client account and other fees 49 53 59 59 60 22 % 2 % Total account and service fees 230 231 296 450 563 145 % 25 % Investment banking 13 9 6 10 9 (31) % (10) % Interest income 33 37 68 111 109 230 % (2) % All other 7 6 11 8 6 (14) % (25) % Total revenues 1,842 1,925 1,968 2,017 2,085 13 % 3 % Interest expense (3) (3) (10) (26) (22) 633 % (15) % Net revenues 1,839 1,922 1,958 1,991 2,063 12 % 4 % Non-interest expenses: Financial advisor compensation and benefits 1,187 1,231 1,187 1,091 1,075 (9) % (1) % Administrative compensation and benefits 283 289 306 321 342 21 % 7 % Total compensation, commissions and benefits 1,470 1,520 1,493 1,412 1,417 (4) % — % Non-compensation expenses 174 189 214 208 212 22 % 2 % Total non-interest expenses 1,644 1,709 1,707 1,620 1,629 (1) % 1 % Pre-tax income $ 195 $ 213 $ 251 $ 371 $ 434 123 % 17 % 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Revenues: Brokerage revenues: Fixed income $ 120 $ 125 $ 107 $ 96 $ 100 (17) % 4 % Equity 39 41 32 30 34 (13) % 13 % Total brokerage revenues 159 166 139 126 134 (16) % 6 % Investment banking: Merger & acquisition and advisory 271 139 147 152 102 (62) % (33) % Equity underwriting 97 52 36 25 15 (85) % (40) % Debt underwriting 44 35 34 30 16 (64) % (47) % Total investment banking 412 226 217 207 133 (68) % (36) % Interest income 5 5 6 20 23 360 % 15 % Affordable housing investments business revenues 35 15 21 56 24 (31) % (57) % All other 5 4 3 9 4 (20) % (56) % Total revenues 616 416 386 418 318 (48) % (24) % Interest expense (2) (3) (3) (19) (23) 1,050 % 21 % Net revenues 614 413 383 399 295 (52) % (26) % Non-interest expenses: Compensation, commissions and benefits 331 253 243 238 213 (36) % (11) % Non-compensation expenses 82 73 79 95 98 20 % 3 % Total non-interest expenses 413 326 322 333 311 (25) % (7) % Pre-tax income/(loss) $ 201 $ 87 $ 61 $ 66 $ (16) NM 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Revenues: Asset management and related administrative fees: Managed programs $ 151 $ 149 $ 145 $ 140 $ 134 (11) % (4) % Administration and other 76 77 75 69 63 (17) % (9) % Total asset management and related administrative fees 227 226 220 209 197 (13) % (6) % Account and service fees 6 6 5 5 5 (17) % — % All other 3 2 3 2 5 67 % 150 % Net revenues 236 234 228 216 207 (12) % (4) % Non-interest expenses: Compensation, commissions and benefits 46 47 49 52 47 2 % (10) % Non-compensation expenses 83 84 86 81 80 (4) % (1) % Total non-interest expenses 129 131 135 133 127 (2) % (5) % Pre-tax income $ 107 $ 103 $ 93 $ 83 $ 80 (25) % (4) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Asset Management (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 8

Three months ended % change from $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Revenues: Interest income $ 187 $ 199 $ 296 $ 527 $ 676 261 % 28 % Interest expense (10) (10) (26) (110) (185) 1,750 % 68 % Net interest income 177 189 270 417 491 177 % 18 % All other 6 8 6 11 17 183 % 55 % Net revenues 183 197 276 428 508 178 % 19 % Non-interest expenses: Compensation and benefits 13 14 21 36 40 208 % 11 % Non-compensation expenses: Bank loan provision/(benefit) for credit losses (11) 21 56 34 14 NM (59) % RJBDP fees to Private Client Group (11) 50 49 79 179 268 436 % 50 % All other 29 30 46 56 50 72 % (11) % Total non-compensation expenses 68 100 181 269 332 388 % 23 % Total non-interest expenses 81 114 202 305 372 359 % 22 % Pre-tax income $ 102 $ 83 $ 74 $ 123 $ 136 33 % 11 % 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Revenues: Interest income $ 1 $ 3 $ 6 $ 15 $ 30 2,900 % 100 % Net gains/(losses) on private equity investments 5 (2) (3) 9 2 (60) % (78) % All other 2 5 — 2 1 (50) % (50) % Total revenues 8 6 3 26 33 313 % 27 % Interest expense (23) (24) (24) (22) (24) 4 % 9 % Net revenues (15) (18) (21) 4 9 NM 125 % Non-interest expenses: Compensation and other 32 35 43 31 23 (28) % (26) % Insurance settlement received (2) — — — — (32) (28) % (26) % Total non-interest expenses 32 35 43 31 (9) NM NM Pre-tax income/(loss) $ (47) $ (53) $ (64) $ (27) $ 18 NM NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (13) (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 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Total assets $ 37,789 $ 38,167 $ 55,562 $ 56,737 $ 57,623 52 % 2 % Bank loans, net: Raymond James Bank $ 26,132 $ 27,883 $ 30,053 $ 31,109 $ 31,690 21 % 2 % TriState Capital Bank — — 11,790 12,130 12,376 NM 2 % Total bank loans, net $ 26,132 $ 27,883 $ 41,843 $ 43,239 $ 44,066 69 % 2 % Bank loan allowance for credit losses $ 308 $ 328 $ 377 $ 396 $ 408 32 % 3 % Bank loan allowance for credit losses as a % of total loans held for investment 1.18 % 1.17 % 0.90 % 0.91 % 0.92 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (14) 2.13 % 2.11 % 1.73 % 1.73 % 1.64 % Total nonperforming assets $ 74 $ 104 $ 92 $ 74 $ 61 (18) % (18) % Nonperforming assets as a % of total assets 0.20 % 0.27 % 0.17 % 0.13 % 0.11 % Total criticized loans $ 735 $ 735 $ 687 $ 496 $ 447 (39) % (10) % Criticized loans as a % of loans held for investment 2.75 % 2.63 % 1.63 % 1.14 % 1.01 % As of % change from $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Securities-based loans (15) $ 6,563 $ 6,904 $ 15,312 $ 15,297 $ 14,885 127 % (3) % Commercial and industrial loans 8,608 9,067 10,897 11,173 11,405 32 % 2 % Commercial real estate loans 2,992 3,321 6,354 6,549 6,929 132 % 6 % Real estate investment trust loans 1,189 1,408 1,416 1,592 1,680 41 % 6 % Residential mortgage loans 5,568 5,945 6,728 7,386 7,818 40 % 6 % Tax-exempt loans 1,290 1,287 1,347 1,501 1,667 29 % 11 % Total loans held for investment 26,210 27,932 42,054 43,498 44,384 69 % 2 % Held for sale loans 230 279 166 137 90 (61) % (34) % Total loans held for sale and investment 26,440 28,211 42,220 43,635 44,474 68 % 2 % Allowance for credit losses (308) (328) (377) (396) (408) 32 % 3 % Bank loans, net $ 26,132 $ 27,883 $ 41,843 $ 43,239 $ 44,066 69 % 2 % Three months ended % change from $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2021 September 30, 2022 Bank loan provision/(benefit) for credit losses $ (11) $ 21 $ 56 $ 34 $ 14 NM (59) % Net charge-offs $ 1 $ 1 $ 10 $ 14 $ 2 100 % (86) % Net interest margin (net yield on interest-earning assets) 1.92 % 2.01 % 2.41 % 2.91 % 3.36 % 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. Beginning with our fiscal third quarter of 2022, 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Net income available to common shareholders $ 446 $ 323 $ 299 $ 437 $ 507 Non-GAAP adjustments: Expenses directly related to acquisitions included in the following financial statement line items: Compensation, commissions and benefits — Acquisition-related retention (1) 11 14 18 17 18 Professional fees 2 5 4 1 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — 26 — — Other Amortization of identifiable intangible assets (16) 8 6 8 11 11 Initial provision for credit losses on acquired lending commitments — — 5 — — All other acquisition-related expenses — 6 4 1 — Total “Other” expense 8 12 17 12 11 Total expenses related to acquisitions 21 31 65 30 29 Other — Insurance settlement received (2) — — — — (32) Pre-tax impact of non-GAAP adjustments 21 31 65 30 (3) Tax effect of non-GAAP adjustments (5) (8) (16) (8) 1 Total non-GAAP adjustments, net of tax 16 23 49 22 (2) Adjusted net income available to common shareholders (5) $ 462 $ 346 $ 348 $ 459 $ 505 Pre-tax income $ 558 $ 433 $ 415 $ 616 $ 652 Pre-tax impact of non-GAAP adjustments (as detailed above) 21 31 65 30 (3) Adjusted pre-tax income (5) $ 579 $ 464 $ 480 $ 646 $ 649 Compensation, commissions and benefits expense $ 1,884 $ 1,852 $ 1,834 $ 1,759 $ 1,736 Less: Acquisition-related retention (as detailed above) 11 14 18 17 18 Adjusted “Compensation, commissions and benefits” expense (5) $ 1,873 $ 1,838 $ 1,816 $ 1,742 $ 1,718 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 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Pre-tax margin (8) 20.1 % 16.2 % 15.3 % 21.8 % 23.4 % Impact of non-GAAP adjustments on pre-tax margin: Compensation, commissions and benefits — Acquisition-related retention (1) 0.4 % 0.5 % 0.7 % 0.6 % 0.6 % Professional fees — % 0.2 % 0.1 % — % — % Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — % — % 1.0 % — % — % Other: Amortization of identifiable intangible assets (16) 0.3 % 0.2 % 0.3 % 0.4 % 0.4 % Initial provision for credit losses on acquired lending commitments — % — % 0.2 % — % — % All other acquisition-related expenses — % 0.3 % 0.1 % — % — % Total “Other” expense 0.3 % 0.5 % 0.6 % 0.4 % 0.4 % Total expenses related to acquisitions 0.7 % 1.2 % 2.4 % 1.0 % 1.0 % Other — Insurance settlement received (2) — % — % — % — % (1.1) % Total non-GAAP adjustments 0.7 % 1.2 % 2.4 % 1.0 % (0.1) % Adjusted pre-tax margin (5) (8) 20.8 % 17.4 % 17.7 % 22.8 % 23.3 % Total compensation ratio (9) 67.7 % 69.3 % 67.5 % 62.1 % 62.3 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (1) 0.4 % 0.5 % 0.7 % 0.6 % 0.6 % Adjusted total compensation ratio (5) (9) 67.3 % 68.8 % 66.8 % 61.5 % 61.7 % 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 Earnings per common share (3) December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Diluted $ 2.10 $ 1.52 $ 1.38 $ 1.98 $ 2.30 Impact of non-GAAP adjustments on diluted earnings per common share: Compensation, commissions and benefits — Acquisition-related retention (1) 0.05 0.06 0.08 0.08 0.08 Professional fees 0.01 0.02 0.02 — — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — 0.12 — — Other: Amortization of identifiable intangible assets (16) 0.03 0.03 0.04 0.05 0.06 Initial provision for credit losses on acquired lending commitments — — 0.02 — — All other acquisition-related expenses — 0.03 0.02 0.01 — Total “Other” expense 0.03 0.06 0.08 0.06 0.06 Total expenses related to acquisitions 0.09 0.14 0.30 0.14 0.14 Other — Insurance settlement received (2) — — — — (0.15) Tax effect of non-GAAP adjustments (0.02) (0.04) (0.07) (0.04) — Total non-GAAP adjustments, net of tax 0.07 0.10 0.23 0.10 (0.01) Adjusted diluted (5) $ 2.17 $ 1.62 $ 1.61 $ 2.08 $ 2.29 Book value per share As of $ in millions, except per share amounts December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Total common equity attributable to Raymond James Financial, Inc. $ 8,600 $ 8,602 $ 9,395 $ 9,338 $ 9,736 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 874 1,110 1,810 1,931 1,938 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (65) (88) (128) (126) (129) Tangible common equity attributable to Raymond James Financial, Inc. (5) $ 7,791 $ 7,580 $ 7,713 $ 7,533 $ 7,927 Common shares outstanding 207.5 207.9 215.5 215.1 215.0 Book value per share (4) $ 41.45 $ 41.38 $ 43.60 $ 43.41 $ 45.28 Tangible book value per share (4) (5) $ 37.55 $ 36.46 $ 35.79 $ 35.02 $ 36.87 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Average common equity (17) $ 8,423 $ 8,601 $ 8,999 $ 9,367 $ 9,537 Impact of non-GAAP adjustments on average common equity: Compensation, commissions and benefits — Acquisition-related retention (1) 6 7 9 9 9 Professional fees 1 3 2 1 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — 13 — — Other: Amortization of identifiable intangible assets (16) 4 3 4 5 5 Initial provision for credit losses on acquired lending commitments — — 3 — — All other acquisition-related expenses — 3 2 — — Total “Other” expense 4 6 9 5 5 Total expenses related to acquisitions 11 16 33 15 14 Other — Insurance settlement received (2) — — — — (16) Tax effect of non-GAAP adjustments (3) (4) (8) (4) 1 Total non-GAAP adjustments, net of tax 8 12 25 11 (1) Adjusted average common equity (5) (17) $ 8,431 $ 8,613 $ 9,024 $ 9,378 $ 9,536 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 $ in millions December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Average common equity (17) $ 8,423 $ 8,601 $ 8,999 $ 9,367 $ 9,537 Less: Average goodwill and identifiable intangible assets, net 878 992 1,460 1,871 1,935 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (64) (77) (108) (127) (128) Average tangible common equity (5) (17) $ 7,609 $ 7,686 $ 7,647 $ 7,623 $ 7,730 Impact of non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits — Acquisition-related retention (1) 6 7 9 9 9 Professional fees 1 3 2 1 — Bank loan provision/(benefit) for credit losses — Initial provision for credit losses on acquired loans — — 13 — — Other: Amortization of identifiable intangible assets (16) 4 3 4 5 5 Initial provision for credit losses on acquired lending commitments — — 3 — — All other acquisition-related expenses — 3 2 — — Total “Other” expense 4 6 9 5 5 Total expenses related to acquisitions 11 16 33 15 14 Other — Insurance settlement received (2) — — — — (16) Tax effect of non-GAAP adjustments (3) (4) (8) (4) 1 Total non-GAAP adjustments, net of tax 8 12 25 11 (1) Adjusted average tangible common equity (5) (17) $ 7,617 $ 7,698 $ 7,672 $ 7,634 $ 7,729 Return on equity (7) 21.2 % 15.0 % 13.3 % 18.7 % 21.3 % Adjusted return on equity (5) (7) 21.9 % 16.1 % 15.4 % 19.6 % 21.2 % Return on tangible common equity (5) (7) 23.4 % 16.8 % 15.6 % 22.9 % 26.2 % Adjusted return on tangible common equity (5) (7) 24.3 % 18.0 % 18.1 % 24.1 % 26.1 % 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 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) The three months ended December 31, 2022 included the favorable impact of a $32 million insurance settlement received during the quarter related to a previously settled litigation 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. (3) 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 December 31, 2021, June 30, 2022, September 30, 2022, and December 31, 2022 and $0 for the three months ended March 31, 2022. (4) 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. (5) 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. (6) Estimated. (7) 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. (8) 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. (9) 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. (10) 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 AUA balance for the indicated period. (11) 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. (12) 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. (13) 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. (14) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (15) 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. (16) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. (17) 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. 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. 18