RJF · 10-K filed 25 Nov 2025 · year to 30 Sep 2025

Raymond James Financial

23 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Third-party banks in RJBDP

earns fromnamed as a risk

If PCG clients’ cash balances decrease further or third-party bank demand or capacity for RJBDP deposits decline from current levels, our RJBDP fees from third-party banks could decline.Risk factors (Item 1A)

Partners and platforms

Enhanced Savings Program (ESP) reciprocal deposit program

depends on · $5 billionnamed as a risk

In addition, reciprocal deposit balances in excess of $5 billion meet the FDIC definition of “brokered deposits.”Risk factors (Item 1A)

Raymond James Bank Deposit Program (RJBDP)

depends onnamed as a risk

We rely heavily on the RJBDP to fund our Bank segment asset growth.Risk factors (Item 1A)

Other companies

Securities-based loans

insures or lends to · 46% of the Bank segment’s total assetsnamed as a risk

As of September 30, 2025, SBL and residential mortgage loans held for investment represented 46% of the Bank segment’s total assets.Business (Item 1)

Places

St. Petersburg, Florida

concentrated innamed as a risk

Certain of our principal operations are located in St. Petersburg, Florida.Risk factors (Item 1A)

Denver, Colorado

operates in

Our business continuity plan continues to be enhanced and tested to allow for continuous operations in the event of weather-related or other interruptions at our corporate headquarters in Florida, one of our other corporate offices located in Southfield, Michigan and Memphis, Tennessee, or multiple data center sites (with our primary data center located in the Denver, Colorado area), and our branch and office locations throughout the U.S., Canada, and Europe.Business (Item 1)

Also named by RHP

Hazards

Hurricanes

operates innamed as a risk

While we have a business continuity plan that provides for significant operations to be conducted out of remote locations, as well as our Southfield, Michigan and Memphis, Tennessee corporate offices, and our U.S. information systems processing to be conducted out of multiple information technology data centers, with our primary data center located in the Denver, Colorado area, our operations could be adversely affected by hurricanes or other serious weather conditions, the magnitude and frequency of which may be affected by climate change.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Regulators

Securities and Exchange Commission (SEC)

subject tonamed as a risk

Our U.S. broker-dealer subsidiaries are subject to SEC regulations relating to their business operations, including sales and trading practices, securities offerings and other investment banking activity, publication of research reports, use and safekeeping of client funds and securities, capital structure, record-keeping, privacy requirements, and the conduct of directors, officers and employees.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Federal Deposit Insurance Corporation (FDIC)

subject tonamed as a risk

Both Raymond James Bank and TriState Capital Bank are also subject to supervision by the Consumer Financial Protection Bureau (“CFPB”) and the FDIC.Business (Item 1)

Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more

Federal Reserve

subject tonamed as a risk

As a bank holding company (“BHC”) and financial holding company (“FHC”), RJF is subject to supervision, examination and regulation by the Board of Governors of the Federal Reserve System (“the Fed”).Business (Item 1)

Also named by AGNC, AUB, AXP, BAC, CASH, COF, DX, EFSC and 24 more

Financial Industry Regulatory Authority (FINRA)

subject tonamed as a risk

Further, we are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1) and FINRA’s net capital rule, which may limit our ability to make withdrawals of capital from our broker-dealer subsidiaries.Risk factors (Item 1A)

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more

Office of the Comptroller of the Currency (OCC)

subject to

We also have non-depository trust company subsidiaries including: RJ Trust, which is regulated, supervised, and examined by the Office of the Comptroller of the Currency (“OCC”), and RJTCNH, which is regulated, supervised, and examined by the New Hampshire Banking Department (“NHBD”).Business (Item 1)

Also named by ADP, AMP, AXP, BAC, BLK, C, CASH, CFG and 22 more

Financial Conduct Authority (FCA)

subject to

The single primary regulator with respect to our conduct of financial services in the UK is the Financial Conduct Authority (“FCA”), which operates on a statutory basis.Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

BaFin

subject to

In Germany, our subsidiary Raymond James Corporate Finance GmbH is licensed by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or “BaFin”) to conduct the regulated activities of investment advice and investment brokerage.Business (Item 1)

Also named by BR, EVR, MKL, MSCI

Canadian Investment Regulatory Organization (CIRO)

subject to

Investment dealers in Canada are subject to regulation by CIRO, an SRO under the oversight of the securities commissions that make up the Canadian Securities Administrators.Business (Item 1)

Also named by PRI, SF

Pennsylvania Department of Banking and Securities

subject to

TriState Capital Bank is a Pennsylvania-chartered state member bank that is primarily supervised by both the Fed and the Pennsylvania Department of Banking and Securities (“PDBS”).Business (Item 1)

Also named by CUBI

Florida Office of Financial Regulation

subject to

Raymond James Bank is a Florida-chartered state member bank that is primarily supervised by both the Fed and the Florida Office of Financial Regulation (“OFR”).Business (Item 1)

Laws and programs

Enhanced prudential standards (Category IV bank holding company)

subject to · $100 billionnamed as a risk

These include enhanced prudential standards that would become applicable to us if our average total consolidated assets for four consecutive calendar quarters equal or exceed $100 billion and we are therefore classified as a category IV bank holding company.Risk factors (Item 1A)

Also named by CFR

Community Reinvestment Act (CRA)

subject tonamed as a risk

If any insured depository institution subsidiary of a FHC fails to maintain at least a “satisfactory” rating under the CRA, the FHC would be subject to restrictions on certain new activities and acquisitions.Business (Item 1)

Also named by ALLY, AMP, AUB, CFG, CFR, EFSC, EWBC, FCNCA and 20 more

Regulation Best Interest

subject tonamed as a risk

The regulation imposes heightened standards on broker-dealers, and we have incurred substantial costs in order to review and modify our policies and procedures, including associated supervisory and compliance controls.Risk factors (Item 1A)

Also named by ALL, ARES, LPLA, MS, PRI

U.S. Basel III Rules

subject tonamed as a risk

The capital requirements stipulated under the U.S. Basel III Rules could restrict our ability to grow during favorable market conditions or require us to raise additional capital.Risk factors (Item 1A)

Also named by SF

DOL fiduciary rule (ERISA investment advice fiduciary)

subject tonamed as a risk

If the rules become effective as promulgated, we expect compliance will require us to alter certain of our business practices and impose additional costs.Business (Item 1)

Volcker Rule

subject to

RJF is subject to the Volcker Rule, which generally prohibits BHCs and their subsidiaries and affiliates from engaging in proprietary trading, but permits underwriting, market-making, and risk-mitigating hedging activities.Business (Item 1)

Also named by AMP, BAC, GS, HBAN, MS, NTRS, PNC, SCHW and 5 more