CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Millions	Dec. 31, 2025	Sep. 30, 2025
Assets:
Cash and cash equivalents	$ 9,890	$ 11,389
Assets segregated for regulatory purposes and restricted cash	3,680	3,398
Collateralized agreements	740	698
Financial instruments, at fair value:
Trading assets ($1,256 and $1,248 pledged as collateral)	1,530	1,538
Available-for-sale securities ($8 and $9 pledged as collateral)	6,648	6,888
Derivative assets	70	68
Other investments ($23 and $8 pledged as collateral)	398	390
Brokerage client receivables, net	2,961	2,821
Other receivables, net	1,487	1,814
Deferred income taxes, net	623	671
Goodwill and identifiable intangible assets, net	1,838	1,847
Other assets	3,682	3,515
Total assets	88,760	88,230
Liabilities and shareholders’ equity:
Bank deposits	60,152	58,897
Collateralized financings	882	1,111
Financial instrument liabilities, at fair value:
Trading liabilities	883	891
Derivative liabilities	181	190
Brokerage client payables	6,084	5,853
Accrued compensation, commissions and benefits	1,945	2,603
Other payables	1,838	1,961
Other borrowings	700	700
Senior notes payable	3,521	3,520
Total liabilities	76,186	75,726
Commitments and contingencies (see Note 15)
Shareholders’ equity
Preferred stock	79	79
Common stock; $.01 par value; 650,000,000 shares authorized; 250,084,168 shares issued and 197,032,070 shares outstanding as of December 31, 2025; 250,084,168 shares issued and 198,139,594 shares outstanding as of September 30, 2025	3	3
Additional paid-in capital	3,106	3,235
Retained earnings	14,051	13,604
Treasury stock, at cost; 53,052,098 and 51,944,574 common shares as of December 31, 2025 and September 30, 2025, respectively	(4,321)	(4,022)
Accumulated other comprehensive loss	(348)	(396)
Total equity attributable to Raymond James Financial, Inc.	12,570	12,503
Noncontrolling interests	4	1
Total shareholders’ equity	12,574	12,504
Total liabilities and shareholders’ equity	88,760	88,230
Nonrelated party
Financial instruments, at fair value:
Loans, net	53,443	51,567
Related party
Financial instruments, at fair value:
Loans, net	$ 1,770	$ 1,626

RAYMOND JAMES FINANCIAL INC 10-Q