# RAYMOND JAMES FINANCIAL SERVICES, INC. X-17A-5 (2025-11-25) — Broker-dealer annual report - Company: RAYMOND JAMES FINANCIAL SERVICES, INC. - Form: X-17A-5 - Filed: 2025-11-25 - Period: 2025-09-30 - Accession: 0000052021-25-000009 - CIK: 52021 - File #: 8-17983 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG - Auditor location: New York, NE - Contact: Kara Grigas-Caligiuri - Phone: 727-567-1114 - Email: caligiuri@raymondjames.com - Website: raymondjames.com - Signed by: Kara Grigas-Caligiuri (Principal Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/52021/000005202125000009/RJFSSOFC.pdf --- {0}------------------------------------------------ Raymond James Financial Services, Inc. # **STATEMENT OF FINANCIAL CONDITION** (Audited) September 30, 2025 {1}------------------------------------------------ #### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # ANNUAL REPORTS FORM X-17A-5 PART III | OMB APPROVAL | | | |--------------------------|---------------|--| | OMB Number: | 3235-0123 | | | Expires: | Nov. 30, 2026 | | | Estimated average burden | | | | hours per response: | 12 | | | SEC FILE NUMBER | | |-----------------|--| | 8-17983 | | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING | 10/01/2024
MM/DD/YY | AND ENDING | 09/30/2025
MM/DD/YY | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|--------------------------------------------|------------------------|------------| | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: | Raymond James Financial Services, Inc. | | | | | TYPE OF REGISTRANT (check all applicable boxes):
□ Security-based swap dealer
& Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | | □ Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. box no.) | | | | | | 880 Carillon Parkway | | | | | | | (No. and Street) | | | | | Saint Petersburg | Florida | | 33716 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT IN REGARD TO THIS FILING | | | | | | Kara Grigas-Caligiuri | 727-567-1000 | kara.grigas-
caligiuri@raymondjames.com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | B. ACCOUNTANT IDENTIFICATION | | | | | KPMG LLP | | | | | | | (Name - if individual, state last, first, middle name) | | | | | 2 Manhattan West | | New York | New York | 10001 | | (Address) | | (City) | (State) | (Zip Code) | | 10/20/2003 | | 185 | | | | (Date of Registration with PCAOB, if applicable) | | (PCAOB Registration Number, if applicable) | | | | * Claims for exemption from the requirement that the annual reports of an independent public accountant | FOR OFFICIAL USE ONLY | | | | must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(i), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION I, Kara Grigas-Caligiuri, officer of Raymond James Financial Services, Inc., swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Raymond James Financial Services, Inc., as of September 30, 2025, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Signature: GRETCHEN ELISABETH DOANF Notary Public - State of Florida Title: Commission # HH 433924 Principal Financial Officer My Comm. Expires Dec 10, 2027 Bonded through National Notary Assn. tary Public #### This filing\*\* contains (check all applicable boxes): - [ (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - O (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - □ (d) Statement of cash flows. - [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - [ (g) Notes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [i) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [ (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - [0] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist - [ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition - @ (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (t) Independent public accountant's report based on an examination of the statement of financial condition. - O (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7. as applicable. - [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to have existed since the date of the previous andit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ ## RAYMOND JAMES FINANCIAL SERVICES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) #### STATEMENT OF FINANCIAL CONDITION September 30, 2025 #### SUMMARY OF CONTENTS - Officer Certification and Oath or Affirmation A. - B. Report of Independent Registered Public Accounting Firm - C. - D. Notes to Statement of Financial Condition {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) KPMG LLP Two Manhattan West 375 9th Avenue, 17th Floor New York, NY 10001 ## **Report of Independent Registered Public Accounting Firm** To the Stockholder and the Board of Directors Raymond James Financial Services, Inc.: #### *Opinion on the Financial Statement* We have audited the accompanying statement of financial condition of Raymond James Financial Services, Inc. (the Company) as of September 30, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2025, in conformity with U.S. generally accepted accounting principles. #### *Basis for Opinion* This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2001. New York, New York November 25, 2025 {5}------------------------------------------------ #### **'."\$#"(##!('+(# 0F7>;;H>F=43BD1B8380AH>5'0H<>=30<4B8=0=280;=2** #### **())"#)\$##!\$#)\$#** |
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| \*77355A?B3@K;@9&AF7EFA\*F3F7?7@FA8;@3@5;3>A@6;F;A@ {6}------------------------------------------------ #### RAYMOND JAMES FINANCIAL SERVICES, INC. (a wholly owned subsidiary of Raymond James Financial, Inc.) #### NOTES TO STATEMENT OF FINANCIAL CONDITION September 30, 2025 #### NOTE 1-ORGANIZATION AND BASIS OF PRESENTATION #### Organization Raymond James Financial Services, Inc. ("RJFS," "we," "our" "us," or the "firm") is a Florida corporation and a wholly owned subsidiary of Raymond James Financial, Inc. ("RJF" or "Parent"). We support independent contractor financial advisors in providing a comprehensive range of investments and services. We are an introducing broker-dealer registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Industry Regulatory ("FINRA") and National Futures Association ("NFA"). Through our membership in the NFA, we are regulated by the Commodity Futures Trading Commission ("CFTC"). #### Basis of presentation #### Accounting estimates and assumptions We conform to our Parent's fiscal year end of September 30. The Statement of Financial Condition in conformity with United States ("U.S.") generaly accounting principles requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Statement of Financial Condition. Actual results could differ from those estimates and could have a material impact on the Statement of Financial Condition. #### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Accounting guidance recently adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued amended guidance related to disclosures for segment reporting (Accounting Standards Update 2023-07). The amendment requires a public entity to disclose on an annual 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 segment's 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 the "Segment information" section of this footnote for additional disclosures required by this guidance. #### Cash and cash equivalents Our cash equivalents include money market funds or highly liquid investments with maturities of three months or less as of our date of purchase. #### Other receivables, net We present "Other receivables" on our Statement of Financial Condition, net of any allowance. Net receivables related to contracts with customers were \$1 million as of September 30, 2025. #### Loans to financial advisors, net We offer loans to financial advisors for recruiting purposes. The decision to extend credit to a financial advisor is generally based on their ability to generate future revenues. Loans offered are generally repaid over a four to seven year period, and are contingent upon continued affiliation with us. These loans are not assignable by the financial advisor and may only be assigned by us to a successor in interest. 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| | |-----------------------|-------------------|--| | 454AA43C0G0BB4CB | | | | 787DD765A?B7@E3F;A@ |

| | | 55DG767JB7@E7E |
| | | 'F:7D |
| | | 454AA438=2><4C0G4B=4C |


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(4?C4<14A

| | |-------------------------------------------------|--------------------------------|--| | *=24AC08=C0G?>B8C8>=B1468==8=6>5H40A |

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| #### **#\$)J(\*(&\*#)+#)(** +:7 8;D? :3E 7H3>G3F76 EG4E7CG7@F 7H7@FE 8DA? F:7 43>3@57 E:77F 63F7 F:DAG9: &AH7?47D F:7 63F7 3F I:;5: F:7 \*F3F7?7@FA8;@3@5;3>A@6;F;A@I3E3H3;>34>7FA47;EEG76 {13}------------------------------------------------ INTERNATIONAL HEADQUARTERS: THE RAYMOND JAMES FINANCIAL CENTER 880 CARILLON PARKWAY // ST. PETERSBURG, FL 33716 // 800.248.8863 LIFEWELLPLANNED.COM Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.