瑞杰金融 2024年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September30, 2025 Or☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file number1-9109 RAYMOND JAMES FINANCIAL, INC. (Exact name of registrant as specified in its charter) 59-1517485(I.R.S. EmployerIdentification No.) Securities registered pursuant to Section 12(b) of the Exchange Act: Securities registered pursuant to Section 12(g) of the Exchange Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of March31, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant computed by reference to the price at whichthe common stock was last sold was $28,106,525,241. The number of shares outstanding of the registrant’s common stock as of November21, 2025 was 196,673,933. Portions of the definitive Proxy Statement to be delivered to shareholders in connection with the 2026 Annual Meeting of Shareholders are incorporated by referenceinto Part III. Item 1.Business3Item 1A.Risk factors20Item 1B.Unresolved staff comments34Item 1C.Cybersecurity34Item 2.Properties37Item 3.Legal proceedings37Item 4.Mine safety disclosures38 Item 5.Market for registrant’s common equity, related shareholder matters and issuer purchases of equity securities38Item 6.Reserved39Item 7.Management’s discussion and analysis of financial condition and results of operations40Item 7A.Quantitative and qualitative disclosures about market risk83Item 8.Financial statements and supplementary data84Item 9.Changes in and disagreements with accountants on accounting and financial disclosure164Item 9A.Controls and procedures164Item 9B.Other information166Item 9C.Disclosure regarding foreign jurisdictions that prevent inspections166 Item 10.Directors, executive officers and corporate governance166Item 11.Executive compensation166Item 12.Security ownership of certain beneficial owners and management and related shareholder matters166Item 13.Certain relationships and related transactions, and director independence166Item 14.Principal accountant fees and services166 PART I ITEM 1. BUSINESS Raymond James Financial, Inc. (“RJF” or the “firm”) is a leading diversified financial services company providing private clientgroup, capital markets, asset management, banking and other services to individuals, corporations, and municipalities.The firm,together with its subsidiaries, is engaged in various financial services activities, including providing investment management servicesto retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, tra