Financial Analysis

SHARE-BASED AND OTHER COMPENSATION Share-based compensation plan We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (the Plan), for our employees, Board of Directors, and independent contractor financial advisors. The Plan authorizes us to grant 96.4 million shares (including the shares available for grant under six predecessor plans). As of September 30, 2025, 11.1 million shares remained available for grant under the Plan. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation accounting policies are described in Note 2. Restricted stock units We may grant RSU awards under the Plan in connection with initial employment or under various retention programs for individuals who are responsible for contributing to our management, growth, and/or profitability. We may also grant RSU awards in lieu of cash for a portion of the annual bonus awarded to officers and certain other employees who receive an annual bonus in excess of $275,000. We also grant performance-based RSU awards to certain executives which vest based on the firms achievement of certain financial or other targets. Under the Plan, RSU awards are generally restricted for a three - to five-year period. RSUs are generally forfeitable in the event of termination other than for death, disability, or qualifying retirement. We grant RSUs annually to non-employee members o …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

OTHER BORROWINGS The following table details the components of our other borrowings. September 30, 2025 September 30, 2024 $ in millions Weighted average interest rate Maturity date Balance Weighted average interest rate Maturity date Balance FHLB advances: Floating rate - term 4.44 % December 2025 - December 2026 $ 500 5.14 % March 2025 - December 2025 $ 650 Fixed rate 4.10 % December 2028 200 4.47 % December 2024 - December 2028 300 Total FHLB advances 700 950 Subordinated notes - fixed-to-floating (including an unaccreted premium of $ and $1, respectively) N/A N/A 5.75 % May 2030 99 Total other borrowings $ 700 $ 1,049 FHLB advances We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities. The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (SOFR) and reset daily. We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. See Notes 2 and 5 for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 6 for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings. Subordinated notes Our subordinated notes due May 2030, incurred interest at a fixed r …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our sources of revenues by segment. See Note 2 for additional information about our significant accounting policies related to revenue recognition. See Note 25 for additional information on our segments. Year ended September 30, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 5,980 $ 1 $ 1,143 $ $ (46) $ 7,078 Brokerage revenues: Securities commissions: Mutual and other fund products 605 7 4 (2) 614 Insurance and annuity products 511 511 Equities, ETFs and fixed income products 501 159 3 (13) 650 Subtotal securities commissions 1,617 166 7 (15) 1,775 Principal transactions (1) 120 399 10 529 Total brokerage revenues 1,737 565 7 10 (15) 2,304 Account and service fees: Mutual fund and other investment products 518 13 (1) 530 RJBDP fees 1,240 6 (760) 486 Client account and other fees 275 8 10 (47) 246 Total account and service fees 2,033 14 23 (808) 1,262 Investment banking: Merger & acquisition and advisory 623 623 Equity underwriting 35 150 185 Debt underwriting 263 (2) 261 Total investment banking 35 1,036 (2) 1,069 Other: Affordable housing investments business revenues 140 140 All other (1) 29 2 2 51 (19) 65 Total other 29 142 2 51 (19) 205 Total non-interest revenues 9,814 1,758 1,175 61 (890) 11,918 Interest income (1) 468 111 13 3,315 87 3,994 Total revenues 10,282 1,869 1,188 3,376 (803) 15,912 Interest exp …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE Our Financial instruments and Financial instrument liabilities on our Consolidated Statements of Financial Condition are recorded at fair value. See Note 2 for additional information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis. $ in millions Level 1 Level 2 Level 3 Netting adjustments (1) Balance as of September 30, 2025 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ 6 $ 403 $ $ $ 409 Corporate obligations 11 659 670 Government and agency obligations 41 108 149 Agency mortgage-backed securities (MBS), collateralized mortgage obligations (CMOs) and asset-backed securities (ABS) 231 231 Non-agency CMOs and ABS 36 36 Total debt securities 58 1,437 1,495 Equity securities 17 3 20 Brokered certificates of deposit 19 19 Other 4 4 Total trading assets 75 1,459 4 1,538 Available-for-sale securities (2) 430 6,458 6,888 Derivative assets: Interest rate 2 304 (239) 67 Foreign exchange 1 1 Total derivative assets 2 305 (239) 68 All other investments: Government and agency obligations (3) 92 92 Other 185 1 7 193 Total all other investments 277 1 7 285 Other assets - client-owned fractional shares 171 171 Subtotal 955 8,223 11 (239) 8,950 Other investments - private equity - measured at NAV 105 Total assets at fair value on a recurring basis $ 955 $ 8,223 $ 11 $ (239) $ 9,055 Liabilities at fa …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET Our goodwill and identifiable intangible assets result from various acquisitions. See Note 2 for a discussion of our goodwill and intangible assets accounting policies. The following table presents our goodwill and net identifiable intangible asset balances as of the dates indicated. September 30, $ in millions 2025 2024 Goodwill $ 1,451 $ 1,451 Identifiable intangible assets, net 396 435 Total goodwill and identifiable intangible assets, net $ 1,847 $ 1,886 Goodwill The following table summarizes our goodwill by segment and the balances and activity for the years indicated. $ in millions Private Client Group Capital Markets Asset Management Bank Total Year ended September 30, 2025 Goodwill as of beginning of year $ 578 $ 275 $ 69 $ 529 $ 1,451 Foreign currency translations (1) 1 Goodwill as of end of year $ 577 $ 276 $ 69 $ 529 $ 1,451 Year ended September 30, 2024 Goodwill as of beginning of year $ 564 $ 275 $ 69 $ 529 $ 1,437 Foreign currency translations 14 14 Goodwill as of end of year $ 578 $ 275 $ 69 $ 529 $ 1,451 Qualitative assessments As described in Note 2, we perform goodwill impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We performed our latest annual goodwill impairment testing as of our January 1, 2025 evaluation date, evaluating balances as of December 31, 2024. In that testi …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES For a discussion of our income tax accounting policies and other income tax-related information see Note 2. The following table presents our U.S. and foreign components of pre-tax income for each respective period. Year ended September 30, $ in millions 2025 2024 2023 U.S. $ 2,608 $ 2,534 $ 2,193 Foreign 106 109 87 Pre-tax income $ 2,714 $ 2,643 $ 2,280 The following table details the total income tax provision/(benefit) allocation for each respective period. Year ended September 30, $ in millions 2025 2024 2023 Included in: Net income $ 579 $ 575 $ 541 Equity, arising from available-for-sale securities recorded through OCI 30 149 3 Equity, arising from cash flow hedges recorded through OCI (2) (12) Equity, arising from currency translations, net of the impact of net investment hedges recorded through OCI 13 (4) Total provision for income taxes $ 620 $ 712 $ 540 The following table details our provision/(benefit) for income taxes included in net income for each respective period. Year ended September 30, $ in millions 2025 2024 2023 Current: Federal $ 463 $ 486 $ 468 State and local 126 131 122 Foreign 42 41 39 Total current $ 631 $ 658 $ 629 Deferred: Federal (26) (68) (59) State and local (21) (12) (16) Foreign (5) (3) (13) Total deferred $ (52) $ (83) $ (88) Total provision for income taxes included in net income $ 579 $ 575 $ 541 The following table details a reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate to our …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The following table presents the balances related to our leases on our Consolidated Statements of Financial Condition. See Note 2 for a discussion of our accounting policies related to leases. September 30, $ in millions 2025 2024 ROU lease assets (included in Other assets) $ 583 $ 568 Lease liabilities (included in Other payables) $ 538 $ 533 The weighted-average remaining lease term and discount rate for our leases is presented in the following table. September 30, 2025 2024 Weighted-average remaining lease term 5.8 years 6.3 years Weighted-average discount rate 4.85 % 4.87 % Lease expense The following table details the components of lease expense, which is included in Occupancy and equipment expense on our Consolidated Statements of Income and Comprehensive Income. Year ended September 30, $ in millions 2025 2024 2023 Lease costs $ 148 $ 142 $ 133 Variable lease costs $ 28 $ 37 $ 31 Variable lease costs in the preceding table included payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities. Lease liabilities The maturities by fiscal year of our lease liabilities as of September 30, 2025 are presented in the following table. Fiscal year ended September 30, $ in millions 2026 $ 133 2027 118 2028 103 2029 86 2030 73 Thereafter 111 Gross lease payments 624 Less: interest (86) Present value of lease liabilities $ 538 Lease liabilities as of …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

SENIOR NOTES PAYABLE The following table summarizes our senior notes payable. September 30, $ in millions 2025 2024 4.65% senior notes, due 2030 $ 500 $ 500 4.90% senior notes, due 2035 650 4.95% senior notes, due 2046 800 800 3.75% senior notes, due 2051 750 750 5.65% senior notes, due 2055 850 Total principal amount 3,550 2,050 Net unaccreted premiums/(discounts) 5 Unamortized debt issuance costs (30) (15) Total senior notes payable $ 3,520 $ 2,040 In March 2020, we sold $500 million in aggregate principal amount of 4.65% senior notes due April 2030 in a registered underwritten public offering. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to January 1, 2030, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 50 basis points; and on or after January 1, 2030, at 100% of the principal amount of the notes redeemed; plus, in each case, accrued and unpaid interest thereon to the redemption date. In July 2016, we sold $300 million in aggregate principal amount of 4.95% senior notes due July 2046 in a registered underwritten public offering. In May 2017, we reopened the offering and sold, in a registered underwritten public offering, an additional $5 …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent accounting developments Accounting guidance recently adopted In November 2023, the Financial Accounting Standards Board (FASB) issued amended guidance related to disclosures for segment reporting (ASU 2023-07). The amendment requires a public entity to disclose on an annual and interim basis, for each reportable segment, the significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. The guidance also requires a public entity to disclose, for each reportable segment, an amount for other segment items (those not captured as a significant expense) and the reported measure of a segments profit or loss. We adopted this guidance on a retrospective basis as of October 1, 2024. Since this amendment only requires additional disclosures, adoption did not have an impact on our financial position, results of operations, or cash flows. Refer to Note 25 for additional disclosures required by this guidance. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

REVENUES The following tables present our sources of revenues by segment. See Note 2 for additional information about our significant accounting policies related to revenue recognition. See Note 25 for additional information on our segments. Year ended September 30, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 5,980 $ 1 $ 1,143 $ $ (46) $ 7,078 Brokerage revenues: Securities commissions: Mutual and other fund products 605 7 4 (2) 614 Insurance and annuity products 511 511 Equities, ETFs and fixed income products 501 159 3 (13) 650 Subtotal securities commissions 1,617 166 7 (15) 1,775 Principal transactions (1) 120 399 10 529 Total brokerage revenues 1,737 565 7 10 (15) 2,304 Account and service fees: Mutual fund and other investment products 518 13 (1) 530 RJBDP fees 1,240 6 (760) 486 Client account and other fees 275 8 10 (47) 246 Total account and service fees 2,033 14 23 (808) 1,262 Investment banking: Merger & acquisition and advisory 623 623 Equity underwriting 35 150 185 Debt underwriting 263 (2) 261 Total investment banking 35 1,036 (2) 1,069 Other: Affordable housing investments business revenues 140 140 All other (1) 29 2 2 51 (19) 65 Total other 29 142 2 51 (19) 205 Total non-interest revenues 9,814 1,758 1,175 61 (890) 11,918 Interest income (1) 468 111 13 3,315 87 3,994 Total revenues 10,282 1,869 1,188 3,376 (803) 15,912 Int …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. The segments are determined based on the manner in which financial information is evaluated by management as well as the services provided and the distribution channels served. Our Chief Executive Officer is the firms chief operating decision maker (CODM). The CODM regularly reviews segment pre-tax income and its significant components in comparison to expected results as part of evaluating segment performance and determining how to allocate our resources. The financial results of our segments are presented using the same policies as those described in Note 2. Segment results include allocations of most corporate expenses to each segment. Refer to the following discussion of the Other segment for a description of the corporate expenses that are not allocated to segments. Intersegment revenues, expenses, receivables, and payables are eliminated upon consolidation. The PCG segment provides financial planning, investment advisory, and securities transaction services in the U.S., Canada, and the U.K. for which we generally charge either asset-based fees or sales commissions. The PCG segment also earns revenues for distribution and related services performed related to mutual and other funds, fixed and variable annuities, and insurance products. The segment includes servicing fee revenues from third-party mutual fund and annuity companies whose pro …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent accounting developments Accounting guidance recently adopted In November 2023, the Financial Accounting Standards Board (FASB) issued amended guidance related to disclosures for segment reporting (ASU 2023-07). The amendment requires a public entity to disclose on an annual and interim basis, for each reportable segment, the significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. The guidance also requires a public entity to disclose, for each reportable segment, an amount for other segment items (those not captured as a significant expense) and the reported measure of a segments profit or loss. We adopted this guidance on a retrospective basis as of October 1, 2024. Since this amendment only requires additional disclosures, adoption did not have an impact on our financial position, results of operations, or cash flows. Refer to Note 25 for additional disclosures required by this guidance. Significant accounting policies Recognition of non-interest revenues Revenue from contracts with customers is recognized when promised services are delivered to our customers in an amount we expect to receive in exchange for those services (i.e., the transaction price). Contracts with customers can include multiple services, which are accounted for as separate performance obligations if they are determined to be distinct. Our pe …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SHAREHOLDERS EQUITY Preferred stock As a component of our total purchase consideration for TriState Capital on June 1, 2022, we issued two series of preferred stock to replace previously issued and outstanding preferred stock of TriState Capital. The preferred stock issuance included 1.61 million depositary shares, each representing a 1/40th interest in a share of 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock), par value of $0.10 per share, with a liquidation preference of $1,000 per share (equivalent of $25 per depositary share) and 3.22 million depositary shares, each representing a 1/40th interest in a share of 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (Series B Preferred Stock), par value of $0.10 per share, with a liquidation preference of $1,000 per share (equivalent of $25 per depositary share). We redeemed all outstanding shares of our Series A Preferred Stock on April 3, 2023. Dividends on Series B Preferred Stock are non-cumulative and, if declared, payable quarterly at a rate of 6.375% per annum from original issue date up to, but excluding, July 1, 2026, and thereafter at a floating rate equal to 3-month CME Term SOFR plus a spread adjustment of 4.35% per annum. Under certain circumstances, the aforementioned fixed rate may apply in lieu of the floating rate. Subject to requisite regulatory approvals, we may redeem the Series B Preferred Stock, in whole or in part, at …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SHARE-BASED COMPENSATION We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (the Plan), for our employees, Board of Directors, and independent contractor financial advisors. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2025 Form 10-K. Other information related to our share-based awards is presented in Note 22 of our 2025 Form 10-K. Restricted stock units During the three months ended December 31, 2025, we granted approximately 1.5 million RSUs, respectively, with a weighted-average grant-date fair value of $156.33, compared with approximately 1.3 million RSUs granted during the three months ended December 31, 2024, with a weighted-average grant-date fair value of $163.63. For the three months ended December 31, 2025, total share-based compensation amortization related to RSUs was $76 million, compared with $91 million for the three months ended December 31, 2024. As of December 31, 2025, there were $463 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the three months ended December 31, 2025. These costs are expected to be recognized over a weighted-average period of thre …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

OTHER BORROWINGS The following table details the components of our other borrowings. December 31, 2025 September 30, 2025 $ in millions Weighted-average interest rate Maturity date Balance Weighted-average interest rate Maturity date Balance FHLB advances: Floating rate - term 3.98 % March 2026 - September 2027 $ 450 4.44 % December 2025 - December 2026 $ 500 Fixed rate 3.99 % December 2027 - December 2028 250 4.10 % December 2028 200 Total FHLB advances $ 700 $ 700 FHLB advances We have entered into advances from the FHLB at our Bank segment, which are secured by certain of our bank loans and available-for-sale securities. The interest rates on our floating-rate advances are based on a Secured Overnight Financing Rate (SOFR) and reset daily. We use interest rate swaps to manage the risk of increases in interest rates associated with our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. See Note 2 of our 2025 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. See Note 6 of this Form 10-Q for additional information regarding bank loans and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings. Credit Facility RJF and RJ&A are parties to a revolving credit facility agreement (the Credit Facility), a committed unsecured line of credit under which both RJ&A or RJF have …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments. Three months ended December 31, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,693 $ $ 316 $ $ (10) $ 1,999 Brokerage revenues: Securities commissions: Mutual and other fund products 164 2 1 167 Insurance and annuity products 132 132 Equities, exchange-traded funds (ETFs) and fixed income products 144 46 (3) 187 Subtotal securities commissions 440 48 1 (3) 486 Principal transactions (1) 30 93 4 (1) 126 Total brokerage revenues 470 141 1 4 (4) 612 Account and service fees: Mutual fund and other investment products 142 1 4 (1) 146 RJBDP fees 289 1 (189) 101 Client account and other fees 71 2 2 (14) 61 Total account and service fees 502 4 6 (204) 308 Investment banking: Merger & acquisition and advisory 119 119 Equity underwriting 8 31 39 Debt underwriting 50 50 Total investment banking 8 200 208 Other: Affordable housing investments business revenues 31 31 All other (1) 4 13 (6) 11 Total other 4 31 13 (6) 42 Total non-interest revenues 2,677 376 323 17 (224) 3,169 Interest income (1) 114 28 3 831 31 1,007 Total revenues 2,791 404 326 848 (193 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE Our Financial instruments and Financial instrument liabilities on our Condensed Consolidated Statements of Financial Condition are recorded at fair value. See Notes 2 and 4 of our 2025 Form 10-K for further information about such instruments and our significant accounting policies related to fair value. The following tables present assets and liabilities measured at fair value on a recurring basis. $ in millions Level 1 Level 2 Level 3 Netting adjustments (1) Balance as of December 31, 2025 Assets at fair value on a recurring basis: Trading assets: Municipal and provincial obligations $ 9 $ 317 $ $ $ 326 Corporate obligations 12 584 596 Government and agency obligations 62 93 155 Agency mortgage-backed securities (MBS), collateralized mortgage obligations (CMOs) and asset-backed securities (ABS) 370 370 Non-agency CMOs and ABS 26 26 Total debt securities 83 1,390 1,473 Equity securities 9 11 20 Brokered certificates of deposit 33 33 Other 4 4 Total trading assets 92 1,434 4 1,530 Available-for-sale securities (2) 429 6,219 6,648 Derivative assets: Interest rate 4 283 (217) 70 Foreign exchange 8 (8) Total derivative assets 4 291 (225) 70 All other investments: Government and agency obligations (3) 88 88 Other 194 2 7 203 Total all other investments 282 2 7 291 Other assets - client-owned fractional shares 183 183 Subtotal 990 7,946 11 (225) 8,722 Other investments - private equity - measured at net asset value (NAV) 107 Total assets at fair value on a recurring basi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES The income tax provision for interim periods is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We estimate the annual effective tax rate quarterly based on the forecasted pre-tax results of our U.S. and non-U.S. operations. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. These discrete items generally relate to changes in tax laws, adjustments to the actual liability determined upon filing tax returns, excess tax benefits related to share-based compensation and adjustments to previously recorded reserves for uncertain tax positions. For discussion of income tax accounting policies and other income tax related information, see Notes 2 and 17 of our 2025 Form 10-K. Effective tax rate Our effective income tax rate of 22.7% for the three months ended December 31, 2025 was higher than the 21.3% effective tax rate for our fiscal year 2025. The effective tax rate for our fiscal first quarter of 2026 reflects the seasonal benefit from share-based compensation that settled during the quarter. For additional information regarding our fiscal 2025 effective tax rate, refer to Note 17 of our 2025 Form 10-K. Uncertain tax positions Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is reasonably po …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The following table presents the balances related to our leases on our Condensed Consolidated Statements of Financial Condition. See Notes 2 and 13 of our 2025 Form 10-K for additional information related to our leases, including a discussion of our accounting policies. $ in millions December 31, 2025 September 30, 2025 ROU lease assets (included in Other assets) $ 578 $ 583 Lease liabilities (included in Other payables) $ 533 $ 538 Lease liabilities as of December 31, 2025 excluded $87 million of minimum lease payments related to lease arrangements that were legally binding but had not yet commenced. These leases are estimated to commence later in fiscal year 2026 through fiscal year 2027 with lease terms ranging from 3 to 11 years. Lease expense The following table details the components of lease expense, which is included in Occupancy and equipment expense on our Condensed Consolidated Statements of Income and Comprehensive Income. Three months ended December 31, $ in millions 2025 2024 Lease costs $ 37 $ 36 Variable lease costs $ 9 $ 6 Variable lease costs in the preceding table included payments required under lease arrangements for common area maintenance charges and other variable costs that are not reflected in the measurement of ROU lease assets and lease liabilities. …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

REVENUES The following tables present our sources of revenues by segment. For further information about our significant accounting policies related to revenue recognition see Note 2 of our 2025 Form 10-K. See Note 25 of our 2025 Form 10-K and Note 22 of this Form 10-Q for additional information on our segments. Three months ended December 31, 2025 $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Revenues: Asset management and related administrative fees $ 1,693 $ $ 316 $ $ (10) $ 1,999 Brokerage revenues: Securities commissions: Mutual and other fund products 164 2 1 167 Insurance and annuity products 132 132 Equities, exchange-traded funds (ETFs) and fixed income products 144 46 (3) 187 Subtotal securities commissions 440 48 1 (3) 486 Principal transactions (1) 30 93 4 (1) 126 Total brokerage revenues 470 141 1 4 (4) 612 Account and service fees: Mutual fund and other investment products 142 1 4 (1) 146 RJBDP fees 289 1 (189) 101 Client account and other fees 71 2 2 (14) 61 Total account and service fees 502 4 6 (204) 308 Investment banking: Merger & acquisition and advisory 119 119 Equity underwriting 8 31 39 Debt underwriting 50 50 Total investment banking 8 200 208 Other: Affordable housing investments business revenues 31 31 All other (1) 4 13 (6) 11 Total other 4 31 13 (6) 42 Total non-interest revenues 2,677 376 323 17 (224) 3,169 Interest income (1) 114 28 3 831 31 1,007 Total revenues 2,791 404 326 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION We currently operate through the following five segments: PCG; Capital Markets; Asset Management; Bank; and Other. The segments are determined based upon factors such as the services provided and the distribution channels served and are consistent with how we assess performance and determine how to allocate our resources. For a further discussion of our segments, see Note 25 of our 2025 Form 10-K. The following table presents information concerning operations in these segments. $ in millions Private Client Group Capital Markets Asset Management Bank Other and intersegment eliminations Total Three months ended December 31, 2025 Revenues: Non-interest revenues (1) $ 2,677 $ 376 $ 323 $ 17 $ (224) $ 3,169 Net interest income 91 4 3 470 (2) 566 Net revenues 2,768 380 326 487 (226) 3,735 Non-interest expenses: Compensation, commissions and benefits 2,051 261 59 48 31 2,450 Bank loan benefit for credit losses (3) (3) All other (1) 278 110 124 269 (221) 560 Total non-interest expense 2,329 371 183 314 (190) 3,007 Total pre-tax income/(loss) $ 439 $ 9 $ 143 $ 173 $ (36) $ 728 Three months ended December 31, 2024 Revenues: Non-interest revenues (1) $ 2,449 $ 477 $ 290 $ 11 $ (219) $ 3,008 Net interest income 99 3 4 414 9 529 Net revenues 2,548 480 294 425 (210) 3,537 Non-interest expenses: Compensation, commissions and benefits 1,831 301 58 46 36 2,272 Bank loan provision for credit losses All other (1) 255 105 111 261 (216) 516 Total non-interest expense 2,086 406 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

UPDATE OF SIGNIFICANT ACCOUNTING POLICIES A summary of our significant accounting policies is included in Note 2 of our 2025 Form 10-K. There have been no significant changes in our significant accounting policies since September 30, 2025.

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SHAREHOLDERS EQUITY Preferred stock The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 19 of our 2025 Form 10-K. $ in millions December 31, 2025 September 30, 2025 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (Series B Preferred Stock): Shares outstanding 80,500 80,500 Carrying value $ 79 $ 79 Aggregate liquidation preference $ 81 $ 81 On January 2, 2026, we redeemed all 80,500 outstanding shares of our Series B Preferred Stock, which triggered the redemption of the related depositary shares, each representing a 1/40th interest in a share of Series B Preferred Stock, for an aggregate redemption value of $81 million. The redemption of the Series B Preferred Stock will be reflected in our condensed consolidated financial statements in our fiscal second quarter of 2026. The following table details dividends declared and dividends paid on our Series B Preferred Stock for the three months ended December 31, 2025 and 2024. Three months ended December 31, $ in millions, except per share amounts 2025 2024 Dividends declared: Total dividends declared $ 1 $ 1 Dividends declared per preferred share $ 15.94 $ 15.94 Dividends paid: Total dividends paid $ 1 $ 1 Dividends paid per preferred share $ 15.94 $ 15.94 Common equity The following table presents the changes in our common shares outstanding for the three months en …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing