Operating

Raymond James Financial·Cash Flow Statement·22 metrics

Breakdown

Metric	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26
Net cash from operating activities	$711M	$510M	$830M	$117M	$691M	$796M	-$10M	$1.1B
Change in receivables	—	—	-$331M	$471M	$30M	—	-$206M	$685M
Change in accounts payable	—	$19M	$119M	—	$293M	—	$5M	$616M
Net income	$492M	$602M	$600M	$495M	$436M	$604M	$563M	$544M
Increase (Decrease) In Collateralized Agreements, Net Of Collateralized Financings	-$355M	—	-$48M	$0	$292M	-$470M	$272M	-$393M
Increase (Decrease) in Financial Instruments Used in Operating Activities	$21M	—	$66M	$3M	-$146M	$222M	-$119M	$181M
Increase (Decrease) In Financing Receivable, Related Party, After Allowance For Credit Loss	—	—	$35M	$67M	—	—	$156M	$130M
Increase (Decrease) in Mortgage Loans Held-for-sale	$24M	$22M	$67M	—	$57M	$131M	-$105M	-$90M
Deferred income taxes	-$2M	-$55M	$35M	$11M	-$50M	-$48M	$35M	$77M
Stock-based compensation	$54M	$53M	$93M	$54M	$52M	$55M	$79M	$54M
Depreciation and amortization	$45M	$47M	$47M	$47M	$49M	$52M	$49M	$50M
Increase (Decrease) In Derivative Assets And Liabilities1	-$120M	$186M	-$202M	—	—	-$15M	$27M	-$37M
Unrealized Gain (Loss) On Company Owned Life Insurance, Net Of Expenses	$12M	$59M	$0	-$31M	$99M	$65M	$22M	-$32M
Provision for Loan, Lease, and Other Losses	$0	$21M	$7M	$17M	$83M	$15M	$2M	$19M
Provision for credit losses	$0	$21M	$7M	$17M	$83M	$15M	$2M	$19M
Other working capital changes	-$14M	-$4M	-$31M	—	-$2M	-$16M	-$16M	-$11M
Other Noncash Income (Expense)	-$14M	-$4M	-$31M	—	-$2M	-$16M	-$16M	-$11M
Amortization Of Debt Discount Premium And Unrealized Realized Gain On Other Investments	$13M	$6M	$4M	—	$18M	—	-$1M	$4M
Change in accrued liabilities	$219M	$345M	-$529M	—	—	$388M	-$659M	—
Change in other assets	—	-$27M	-$18M	-$5M	-$55M	-$41M	$54M	—
Accrued compensation and employee benefits	$219M	$345M	-$529M	—	—	$388M	-$659M	—
Increase (Decrease) in Other Operating Assets	—	-$27M	-$18M	-$5M	-$55M	-$41M	$54M	—