UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-9109 RAYMOND JAMES FINANCIAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Florida 59-1517485 88 ...

continued on next slide Reconciliation of non-GAAP financial measures to GAAP financial measures (unaudited) Impact on non-GAAP adjustments on average tangible common equity: Compensation, commissions and benefits — Acquisition-related retention (1) 6 9 9 Professional fees 1 1 — Other: Amortization of identifiable intangible assets (2) 4 5 5 Total "Other" expense 4 5 5 26 Note: Please refer to the footnotes on slide 27 for additional information. (2) Amortization of identifiable intangible assets, which was ...

Raymond James Financial, Inc. (NYSE:RJF) Q4 2022 Earnings Conference Call October 27, 2022 8:15 AM ET Company Participants Kristie Waugh - Senior Vice President, Investor Relations Paul Reilly - Chair and CEO Paul Shoukry - Chief Financial Officer Conference Call Participants Manan Gosalia - Morgan Stanley Gerry O'Hara - Jefferies Alex Blostein - Goldman Sachs Steven Chubak - Wolfe Research Jim Mitchell - Seaport Global Devin Ryan - JMP Securities Kyle Voigt - KBW Michael Kelly - Credit Suisse Operator Good ...

Fourth Quarter & Fiscal 2022 Results October 26, 2022 Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market con ...

Acquisitions - The acquisition of TriState Capital was completed on June 1, 2022, valued at $1.4 billion, integrating its banking and investment services into the company's segments [28]. - TriState Capital's acquisition included cash consideration of $359 million and the effective settlement of a $125 million note, treated as purchase consideration [31][35]. - The fair value of net identifiable assets acquired from TriState Capital was estimated at $879 million, resulting in goodwill of $529 million [35][36]. - The acquisition of Charles Stanley was completed on January 21, 2022, for £277 million ($376 million), enhancing the company's financial planning and investment advisory services in the U.K. [38]. - The fair value of net identifiable assets acquired from Charles Stanley was estimated at $212 million, resulting in goodwill of $164 million [40][41]. - The acquisition of SumRidge Partners on July 1, 2022, enhances the company's fixed income operations with additional trading technologies and risk management tools [58]. - The company acquired TriState Capital and Charles Stanley during the nine months ended June 30, 2022, resulting in goodwill and identifiable intangible assets [160]. Financial Performance - Net revenues for the three months ended June 30, 2022, were $2,782 million, an increase of 6.5% from $2,613 million in the same period of 2021 [57]. - Pre-tax income for the nine months ended June 30, 2022, was $1,575 million, up 26% from $1,252 million in the same period of 2021 [57]. - Total revenues for the three months ended June 30, 2022, were $2.778 billion, compared to $2.718 billion for the same period in 2021, reflecting a year-over-year increase [220]. - Non-interest revenues for the three months ended June 30, 2022, totaled $2.404 billion, compared to $2.404 billion for the same period in 2021, indicating stable performance [220]. - The overall financial performance reflects a robust growth trajectory across multiple revenue streams [222]. Assets and Liabilities - Total assets at fair value on a recurring basis as of June 30, 2022, amounted to $13,439 million [60]. - Total liabilities at fair value on a recurring basis as of June 30, 2022, were $537 million [60]. - The fair value of available-for-sale securities was $10,464 million, with $912 million classified as Level 1 assets [60]. - The total amount of collateral received that was available to be delivered or repledged increased to $3.830 billion as of June 30, 2022, from $3.429 billion in the previous year [113]. - The total amount of collateral posted under repurchase agreements was $437 million as of June 30, 2022, consistent with the previous year [109]. - As of June 30, 2022, total bank deposits increased to $49,887 million, up from $32,495 million as of September 30, 2021, reflecting a growth of approximately 53.8% [170][171]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses increased to $377 million as of June 30, 2022, compared to $320 million as of September 30, 2021 [119]. - The allowance for credit losses on held for investment bank loans is being closely monitored, with specific attention to changes by portfolio segment [141]. - The total provision for credit losses for the nine months ended June 30, 2022, was $66 million [143]. - The initial provision for credit losses on non-PCD loans acquired with TriState Capital Bank was $26 million [143]. - The allowance for credit losses on loans to financial advisors was $29 million as of June 30, 2022, representing 2.51% of the loan portfolio [150]. Securities and Derivatives - The fair value of Level 3 trading assets decreased to $2 million by the end of the period, with total sales and distributions amounting to $49 million [65]. - The total gross fair value of derivatives as of June 30, 2022, was $387 million in assets and $437 million in liabilities, with a notional amount of $21.739 billion [93]. - The company’s derivative assets included $84 million in interest rate matched book derivatives and $288 million in other interest rate derivatives [93]. - The company recognized insignificant gains from the sales of available-for-sale securities during the three and nine months ended June 30, 2022, compared to proceeds of $450 million and $969 million in the same periods of 2021 [89]. Revenue Streams - Asset management and related administrative fees amounted to $1.427 billion for the three months ended June 30, 2022 [220]. - Brokerage revenues for the three months ended June 30, 2022, were $513 million, compared to $385 million for the same period in 2021, showing a significant increase [220]. - Investment banking revenues for the three months ended June 30, 2022, totaled $223 million, compared to $147 million for the same period in 2021, indicating strong growth [220]. Shareholder Actions - The company repurchased 1.14 million shares for $100 million at an average price of approximately $88 per share, with approximately $900 million remaining under the share repurchase authorization as of June 30, 2022 [211]. - Dividends per common share declared increased to $0.34 for the three months ended June 30, 2022, compared to $0.26 for the same period in 2021, representing a 30.8% increase [213]. - The company issued 1.61 million shares of Series A Preferred Stock with a liquidation preference of $1,000 per share, totaling $41 million as of June 30, 2022 [206].

Raymond James Financial, Inc. (NYSE:RJF) Q3 Results Conference Call July 28, 2022 8:15 AM ET Company Participants Kristie Waugh - SVP, IR Paul Reilly - Chairman & CEO Paul Shoukry - CFO Conference Call Participants Gerry O’Hara - Jefferies Steven Chubak - Wolfe Research Kyle Voigt - KBW Jim Mitchell - Seaport Research Devin Ryan - JMP Securities Manan Gosalia - Morgan Stanley Operator Good morning and welcome to Raymond James Financial’s Third Quarter Fiscal 2022 earnings call. This call is being recorded a ...

Fiscal 3Q22 Results July 27, 2022 Forward-looking statements Certain statements made in this presentation and the associated conference call may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for ...

Acquisitions - The acquisition of Charles Stanley Group PLC was completed on January 21, 2022, for £277 million ($376 million), enhancing financial planning and investment advisory services in the U.K.[29] - The Charles Stanley acquisition added £121 million ($164 million) of goodwill and £63 million ($85 million) of identifiable intangible assets, primarily related to client relationships[30] - The acquisition of TriState Capital Holdings, Inc. was valued at approximately $1.1 billion, with a per share consideration of $31.09 based on RJF's closing price on October 19, 2021[31] - TriState Capital will continue to operate as a separately branded firm and independently-charted bank subsidiary upon closing of the acquisition[31] - The acquisition of SumRidge Partners, a fixed income market maker, is expected to close in the fiscal fourth quarter of 2022, adding trading technologies and risk management tools[33] - The company acquired Charles Stanley during the six months ended March 31, 2022, resulting in additional goodwill and identifiable intangible assets[129] - The company anticipates future growth through strategic acquisitions, including TriState Capital and SumRidge Partners[215] Financial Performance - Total revenues for the three months ended March 31, 2022, were $2,711 million, with net revenues of $2,673 million after interest expense[170] - Non-interest revenues amounted to $2,469 million, with asset management and related administrative fees contributing $1,464 million[170] - The company reported a net OCI of $(302) million for the three months ended March 31, 2022, compared to $(408) million in the previous period[167] - Total revenues for the six months ended March 31, 2022, were $5,529 million, an increase from $5,454 million for the same period in 2021, reflecting a growth of 1.4%[174] - Non-interest revenues for the six months ended March 31, 2022, reached $5,062 million, compared to $4,266 million in the prior year, indicating a significant increase of 18.6%[174] - The company reported net income for the three months ended March 31, 2022, of $323 million, a decrease of 9.0% compared to $355 million in the same period of 2021[196] - Pre-tax income for the three months ended March 31, 2022, was $433 million, a slight decrease of 3.1% from $447 million in the same period of 2021[202] - Adjusted net income was $331 million, with adjusted earnings per diluted share at $1.55, reflecting an adjusted annualized ROE of 15.4% and ROTCE of 17.2%[218] Assets and Liabilities - As of March 31, 2022, total assets at fair value on a recurring basis were $20.274 billion, with $10.968 billion in Level 1 assets and $9.255 billion in Level 2 assets[37] - Total liabilities at fair value on a recurring basis were $457 million, with $238 million in Level 1 liabilities and $281 million in Level 2 liabilities[37] - The company reported $2.0 billion in cash and cash equivalents from the Charles Stanley acquisition, with $1.9 billion segregated for regulatory purposes[30] - Total bank deposits increased to $34,685 million as of March 31, 2022, compared to $32,495 million as of September 30, 2021, reflecting a growth of 6.7%[140] - Total assets as of March 31, 2022, were $73,101 million, up 18.1% from $61,891 million as of September 30, 2021[205] Loans and Credit Quality - The total loans held for investment as of March 31, 2022, were $27,932 million, compared to $25,169 million as of September 30, 2021, showing an increase of 11.0%[94] - The company reported $441 million in purchases of C&I loans during the three months ended March 31, 2022, compared to $538 million in the same period of 2021, a decrease of 18.0%[98] - The allowance for credit losses was 1.17% of the held for investment loan portfolio as of March 31, 2022, compared to 1.27% as of September 30, 2021[94] - The credit quality of the bank loan portfolio is monitored monthly, with loans classified as "criticized" including special mention, substandard, or doubtful[109] - The company reported $92 million in nonaccrual loans as of March 31, 2022, compared to $61 million as of September 30, 2021, indicating a significant increase of approximately 51%[100] Capital and Regulatory Compliance - As of March 31, 2022, RJF's CET1 capital was $7,921 million, with a ratio of 23.9%, significantly exceeding the minimum requirement of 4.5%[186] - RJF's total capital as of March 31, 2022, was $8,297 million, with a ratio of 25.0%, well above the minimum requirement of 10.0%[186] - As of March 31, 2022, all active regulated domestic and international subsidiaries were in compliance with and exceeded all applicable capital requirements[192] Expenses and Cost Management - Compensation, commissions, and benefits expense rose by 12%, with a compensation ratio of 69.3%, slightly down from 69.5% in the prior-year quarter[222] - Non-compensation expenses increased by 40%, primarily due to a $53 million increase in the bank loan provision for credit losses[223] - Interest expense on deposits totaled $5 million for the three months ended March 31, 2022, compared to $6 million for the same period in 2021[144] Market and Economic Outlook - The company expects fiscal third quarter results to benefit from recent interest rate increases, with domestic cash sweep balances at $76.5 billion[225] - Future market uncertainties may lead to volatility in asset management fees and brokerage revenues, despite a robust investment banking pipeline[225]

Raymond James Financial, Inc. (NYSE:RJF) Q2 2022 Earnings Conference Call April 28, 2022 8:15 AM ET Company Participants Kristie Waugh - SVP, IR Paul Reilly - Chairman & CEO Paul Shoukry - CFO Conference Call Participants Alex Blostein - Goldman Sachs Steven Chubak - Wolfe Research Manan Gosalia - Morgan Stanley Bill Katz - Citigroup Kyle Voigt - KBW Devin Ryan - JMP Securities Jim Mitchell - Seaport Research Chris Allen - Compass Point Operator Good morning and welcome to Raymond James Financial’s Second Q ...

Fiscal 2Q22 Financial Highlights - Net revenues were $2673 million, a 13% increase compared to 2Q21, but a 4% decrease compared to 1Q22[5] - Net income was $323 million, a 9% decrease compared to 2Q21, and a 28% decrease compared to 1Q22[5] - Diluted earnings per common share were $152, a 10% decrease compared to 2Q21, and a 28% decrease compared to 1Q22[5] - Adjusted net income was $331 million, a 7% decrease compared to 2Q21, and a 27% decrease compared to 1Q22[5] - Adjusted diluted earnings per common share were $155, an 8% decrease compared to 2Q21, and a 27% decrease compared to 1Q22[5] Key Metrics - Client assets under administration were $12561 billion, a 16% increase compared to 2Q21, and a 0% change compared to 1Q22[8] - Private Client Group (PCG) assets under administration were $11983 billion, a 17% increase compared to 2Q21, and a 0% change compared to 1Q22[8] - PCG assets in fee-based accounts reached a record of $6780 billion, a 19% increase compared to 2Q21, and a 0% change compared to 1Q22[8] - Total clients' domestic cash sweep balances reached a record of $765 billion, a 22% increase compared to 2Q21, and a 4% increase compared to 1Q22[8] Segment Results - Private Client Group net revenues reached a record of $1922 million, a 17% increase compared to 2Q21, and a 5% increase compared to 1Q22[10] - Capital Markets net revenues were $413 million, a 5% decrease compared to 2Q21, and a 33% decrease compared to 1Q22[10] - Raymond James Bank net revenues were $197 million, a 23% increase compared to 2Q21, and an 8% increase compared to 1Q22[10]