Raymond James Financial, Inc.

Strong quarter + record 9-months; profitability up sharply - Fiscal Q3 2026: record net revenues $3.93B (+16% YoY; +2% QoQ) and pretax income $750M (+33% YoY; +2% QoQ). - Net income to common $595M; EPS $3.01; adjusted EPS $3.14 (excluding acquisition-related expenses). - Adjusted pretax margin 19.9% (in line with guidance ~20%); annualized ROE 18.8%, ROTE 23.5%. - Company emphasizes this is driven by diversified earnings, conservative capital management, and people/adviser culture.

Client assets + recruiting remain the core “engine” for growth (quality over quantity) - Private Client Group (PCG): $1.86T client assets under administration (AUA) at quarter end (+18% YoY, +9% QoQ). - Domestic net new assets (NNA): $21.7B in the quarter (~5.5% annualized growth rate); NNA positioning seen as a key indicator of sustained organic growth. - Management highlights recruiting success: - Q3 recruited advisers with $156M trailing 12-month production and ~$23B client assets from prior firms. - YTD: $393M production and $56B+ client assets recruited; “clear path” to beat FY2025 record results. - Surprising/positive: adviser satisfaction reported at ~97%, framed as best-in-industry; they believe retention is foundational to recruiting momentum.

Capital markets + asset management: supportive performance, but activity still “not normalized” - Capital Markets: revenues $477M; pretax income $48M. Higher M&A/advisory and debt underwriting, but overall activity remains below a normalized environment (especially middle market/sponsor-driven). - Outlook (qualitative): management is optimistic due to an encouraging 4Q pipeline, but timing of deal closings remains hard to predict. - Asset Management: record net revenues $362M; pretax income $143M; benefited from market appreciation and strong net inflows into PCG fee-based accounts. - Acquisition impact: Clark Capital contributed a partial-quarter benefit; management cautions segment comparisons can show noise due to acquisition run-rate effects.