The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
Report for the Calendar Year or Quarter Ended: 12-31-2025
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: RAYMOND JAMES FINANCIAL INC
Address: 880 CARILLON PKWY
ST. PETERSBURG, FL  33716
Form 13F File Number: 028-24793
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Rachel Jacobson
Title: Manager, Operations
Phone: 727-567-3466
Signature, Place, and Date of Signing:
Rachel Jacobson Saint Petersburg,  FL 02-17-2026
[Signature] [City, State] [Date]
Starting with the quarter ending [December 31, 2024], the Reporting Person is filing Form 13F-HR to report the positions in Section 13(f) Securities over which its subsidiaries exercise investment discretion, and the subsidiaries that exercise investment discretion over $100 million in Section 13(f) Securities will file Form 13F-NT and identify the Reporting Person as the Other Manager Reporting for this Manager. Prior to this quarter, certain of the Reporting Person's subsidiaries had filed Form 13F-HR to report the positions in Section 13(f) Securities over which such subsidiary directly or indirectly exercised investment discretion, and certain other subsidiaries filed Form 13F-NT.
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
   13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 13
Form 13F Information Table Entry Total: 13,038
Form 13F Information Table Value Total: 321,406,094,145
(round to nearest dollar)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Name Form 13F File No. CRD No. (if applicable) SEC File No. (if applicable) CIK
1 RAYMOND JAMES & ASSOCIATES 028-04393 000000705 801-69815  
2 Raymond James Financial Services Advisors, Inc. 028-13494 000149018 801-10418  
3 SCOUT INVESTMENTS, INC. 028-10260 000111787 801-60188  
4 ClariVest Asset Management LLC 028-12126      
5 EAGLE ASSET MANAGEMENT INC 028-01666      
6 CHARTWELL INVESTMENT PARTNERS, LLC 028-16224      
7 RAYMOND JAMES TRUST N.A. 028-05081      
8 RAYMOND JAMES TRUST CO. OF NH 028-22532      
9 Alaska Permanent Fund Corp 028-20231      
11 CARILLON TOWER ADVISERS, INC. 028-18365      
14 FIRST TRUST ADVISORS LP 028-06487      
15 PEAR TREE ADVISORS INC 028-04108      
16 Timothy Plan 028-03373248   811-08228