# EDGAR Filing Document

**Accession Number:** 0000720005
**File Stem:** 0001193125-26-223949
**Filing Date:** 2026-5
**Character Count:** 21601
**Document Hash:** 73b5902fe82f448c1247242770979998
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-223949.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-223949

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RAYMOND JAMES FINANCIAL INC
- **CENTRAL INDEX KEY:** 0000720005
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 591517485
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295882
- **FILM NUMBER:** 26978608

**BUSINESS ADDRESS:**
- **STREET 1:** 880 CARILLON PKWY
- **CITY:** ST PETERSBURG
- **STATE:** FL
- **ZIP:** 33716
- **BUSINESS PHONE:** 727-567-1000

**MAIL ADDRESS:**
- **STREET 1:** 880 CARILLON PKWY
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RJ FINANCIAL CORP/FL
- **DATE OF NAME CHANGE:** 19870303

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**Registration Statement** 

***Under***

***The Securities Act of 1933***

## Raymond James Financial, Inc.
**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| **Florida** | **59-1517485** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(IRS Employer**<br> **Identification No.)** |

---

**880 Carillon Parkway** 

**St. Petersburg, Florida 33716** 

**(Address of Principal Executive Offices, Zip Code)** 

**Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan** 

**(Full title of the plan)** 

---

| | |
|:---|:---|
| **Jonathan W. Oorlog, Jr.**<br> **Chief Financial Officer**<br> **880 Carillon Parkway**<br> **St. Petersburg, Florida 33716**<br> **(727) 567-1000**<br> **(Name, address and telephone number,**<br> **including area code, of agent for service)** | **Please Send Copies of Communications To:**<br> **Jonathan N. Santelli, Esq.**<br> **Executive Vice President and General Counsel**<br> **880 Carillon Parkway**<br> **St. Petersburg, Florida 33716**<br> **(727) 567-1000** |

---

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 emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| 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 revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**EXPLANATORY NOTE** 

The purpose of this Registration Statement on Form S-8 (the "Registration Statement") is to register under the Securities Act of 1933, as amended (the "Securities Act"), an additional 2,600,000 shares of the Registrant's common stock, $0.01 par value per share ("Common Stock"), issuable pursuant to the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (as amended from time to time, the "Plan"). Pursuant to General Instruction E of Form S-8, the contents of the prior registration statements on Form S-8, File No. [333-270391](http://www.sec.gov/Archives/edgar/data/720005/000072000523000031/s-82023amendedrestated2012.htm), [333-236605](http://www.sec.gov/Archives/edgar/data/720005/000072000521000059/s-8pos236605aug2021.htm), [333-209628](http://www.sec.gov/Archives/edgar/data/720005/000072000521000056/s-8pos209628aug2021.htm) and [333-179683](http://www.sec.gov/Archives/edgar/data/720005/000072000521000054/s-8pos179683aug2021.htm), previously filed with respect to the Plan, are incorporated into this Registration Statement by reference to the extent not modified or superseded hereby or by any subsequently filed document, which is incorporated by reference herein or therein.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents by Reference.** 

By this reference, the following documents filed or to be filed by Raymond James Financial, Inc. (the "Company") with the Commission are hereby incorporated into and made a part of this Registration Statement:

1. The Company's Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000525000093/rjf-20250930.htm) for the fiscal year ended September 30, 2025, filed with the Commission on November 25, 2025 (including such information from the Company's Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000526000019/rjf-20260106.htm) for the Annual Meeting of Shareholders held February 19, 2026, filed with the Commission on January 7, 2026, that is incorporated by reference in Part III of such Annual Report).

2. The Company's Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000526000035/rjf-20251231.htm) for the quarter ended December 31, 2025, filed with the Commission on February 6, 2026.

3. The Company's Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000526000051/rjf-20260331.htm) for the quarter ended March 31, 2026, filed with the Commission on May 6, 2026.

4. The Company's Current Reports on Form 8-K filed with the Commission on [December 2, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000119312525304558/d65039d8k.htm), [December 4, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000525000095/rjf-20251203.htm), [January 15, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000526000028/rjf-20260115.htm) and [February 23, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000526000041/rjf-20260219.htm).

5. All other reports filed pursuant to Section 13(a) and 15(d) of the 1934 Act since the end of the fiscal year covered by the annual report referenced above.

6. The description of the Company's Common Stock set forth in [Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/720005/000072000524000069/ex412024093010k.htm) to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the Commission on November 26, 2024.

In addition, all documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents, other than documents deemed to have been

------

furnished and not filed in accordance with Commission rules, unless specifically incorporated by reference in this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 5. Interests of Named Experts and Counsel.** 

The validity of the Common Stock being registered pursuant to this Registration Statement will be passed upon for the Company by E. Michael Serbanos, General Counsel - Markets, Products and International of Raymond James Financial, Inc. Mr. Serbanos is eligible to participate in the Plan. As of May 14, 2026, Mr. Serbanos beneficially owned shares of the Company's Common Stock, restricted stock units, and/or other rights to acquire the Company's Common Stock, that together aggregate less than 1% of the outstanding shares of the Company's Common Stock.

**Item 8. Exhibits.** 

Please see Exhibit Index, which is incorporated herein by reference.

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibits** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (as amended through February 19, 2026), incorporated by reference to Appendix A to the Company's Definitive Proxy Statement for the Annual Meeting of Shareholders held February 19, 2026, filed with the Securities and Exchange Commission on January 7, 2026.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/720005/000072000526000019/rjf-20260106.htm#i378b13a6e95b42a5a27ae0fa31ebdec9_2407) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1<sup>1</sup> | [Opinion of E. Michael Serbanos, Esq., regarding legality of securities.](d117278dex51.htm) |
| 23.1<sup>1</sup> | [Consent of KPMG LLP, independent registered public accounting firm.](d117278dex231.htm) |
| 23.2<sup>1</sup> | [Consent of E. Michael Serbanos, Esq. (included in Exhibit 5.1)](d117278dex51.htm) |
| 24.1<sup>1</sup> | [Power of Attorney (included on signature page).](d117278ds8.htm#sig) |
| 107<sup>1</sup> | [Filing Fee Table.](d117278dexfilingfees.htm) |

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<sup>1</sup> Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of St. Petersburg, State of Florida, on May 14, 2026.

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| |
|:---|
|  **RAYMOND JAMES FINANCIAL, INC.** |
|  By: /s/ PAUL M. SHOUKRY |
|  Paul M. Shoukry |
|  Chief Executive Officer and Director |
|  (Principal Executive Officer) |

---

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**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each of the individuals whose signature appears below constitutes and appoints Jonathan J. Doyle, Paul M. Shoukry and Jonathan N. Santelli, and each of them (so long as each such individual is an employee of Raymond James Financial, Inc. or an affiliate thereof), his or her true and lawful attorney-in-fact and agent, with full and several power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitutes, may lawfully do or cause to be done.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

------

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ PAUL M. SHOUKRY<br> Paul M. Shoukry | Chief Executive Officer and Director (Principal Executive Officer) | May 14, 2026 |
| /s/ PAUL C. REILLY<br> Paul C. Reilly | Executive Chair and Director | May 14, 2026 |
| /s/ JONATHAN W. OORLOG, JR.<br> Jonathan W. Oorlog, Jr. | Chief Financial Officer (Principal Financial Officer) | May 14, 2026 |
| /s/ KATHERINE H. LARSON<br> Katherine H. Larson | Chief Accounting Officer (Principal Accounting Officer) | May 14, 2026 |
| /s/ MARK W. BEGOR<br> Mark W. Begor | Director | May 14, 2026 |
| /s/ MARLENE DEBEL<br> Marlene Debel | Director | May 14, 2026 |
| /s/ JEFFREY N. EDWARDS<br> Jeffrey N. Edwards | Director | May 14, 2026 |
| /s/ BENJAMIN C. ESTY<br> Benjamin C. Esty | Director | May 14, 2026 |
| /s/ ART A. GARCIA<br> Art A. Garcia | Director | May 14, 2026 |
| /s/ ANNE GATES<br> Anne Gates | Director | May 14, 2026 |
| /s/ RAYMOND W. MCDANIEL, JR.<br> Raymond W. McDaniel, Jr. | Director | May 14, 2026 |
| /s/ RODERICK C. MCGEARY<br> Roderick C. McGeary | Director | May 14, 2026 |
| /s/ CECILY M. MISTARZ<br> Cecily M. Mistarz | Director | May 14, 2026 |
| /s/ RAJ SESHADRI<br> Raj Seshadri | Director | May 14, 2026 |

---

## Exhibit 5.1

![LOGO](g117278g0513001634176.jpg)

**Exhibit 5.1** 

May 14, 2026

Raymond James Financial, Inc.

880 Carillon Parkway

St. Petersburg, Florida 33716

RE: Raymond James Financial, Inc. (the "Company") Registration Statement on Form S-8 Covering Additional 2,600,000 Shares of the Company's Common Stock Issuable Pursuant to the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (the "Plan")

Ladies and Gentlemen:

I have acted as counsel to the Company in connection with the preparation and filing with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), of a registration statement on Form S-8 (the "Registration Statement") relating to the proposed public offering (the "Offering") of up to 2,600,000 additional shares of the Company's Common Stock (the "Common Stock") under the Plan.

This opinion is being delivered in accordance with the requirements of Paragraphs 23 and 29 of Schedule A to the Securities Act, and Item 601(b)(5)(i) of Regulation S-K under the Securities Act, and no opinion is expressed as to any matter pertaining to the contents of the Registration Statement, other than as expressly stated with respect to the issuance of the Common Stock.

As counsel to the Company in connection with the Offering, I have examined and am familiar with: (1) the Company's Amended and Restated Articles of Incorporation, as amended, and Amended and Restated By-laws, each as currently in effect, (2) the Plan, (3) the Registration Statement, and (4) such other corporate records, documents, and instruments as I have deemed necessary or relevant as the basis for the opinions set forth below.

As to any facts material to the opinions expressed below which were not independently established or verified, I have relied without independent investigation on oral or written statements, representations, and certificates of officers and other representatives of the Company, the Department of State of the State of Florida, and others. In all such examinations, I have assumed the genuineness of all signatures on all documents examined by me and the authenticity of all items submitted as originals and certified documents, and the conformity with originals of all items submitted as copies, assumptions which I have not independently verified.

The opinions expressed below are limited to the laws of the State of Florida, and the federal laws of the United States of America, as in effect on the date of this letter (the "Applicable Law"). The Common Stock may be issued from time to time on a delayed or continuous basis, and this opinion is limited to the laws, including the rules and regulations, as in effect on the date of this letter, which laws are subject to change with possible retroactive effect.

Based upon and in reliance on the foregoing, and subject to the further assumptions and qualifications set forth below, it is my opinion that when: (i) the Registration Statement has become effective under the Securities Act; (ii) the consideration specified in the Plan and in the instrument of grant covering the shares of Common Stock granted under the Plan has been received by the Company; (iii) the shares of Common Stock have been duly issued and delivered by the Company as contemplated in the Registration Statement and the Plan; and (iv) the certificates representing such shares of Common Stock have been duly executed by the Company and countersigned by the Company's transfer agent (or, if uncertificated, valid book-entry notations have been duly made in the register of the Company), then the shares of Common Stock will be duly authorized, validly issued, fully paid, and non-assessable.

Raymond James Financial, Inc.

880 Carillon Parkway, St. Petersburg, FL 33716 // T 800.248.8863 // RaymondJames.com

Mailing Address: P.O. Box 23614, St. Petersburg, FL 33742

------

Insofar as the foregoing opinions relate to the validity, binding effect or enforceability of any agreement or obligation of the Company, I have assumed that each party (other than the Company) to such agreement or obligation has satisfied or, prior to the issuance of the Common Stock, will satisfy those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it.

This letter is furnished by me solely in my capacity as General Counsel – Markets, Products and International of the Company.

I hereby consent to the use of my name under the heading "Interests of Named Experts and Counsel" in the Registration Statement to be filed by the Company with the Commission. I further consent to your filing a copy of this opinion as Exhibit 5.1 to the Registration Statement. In giving such consent, I do not admit hereby that I come within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the Commission thereunder. I disclaim any undertaking to advise you of any subsequent changes of the facts stated or assumed herein or any subsequent changes in Applicable Law.

Very truly yours,

/s/ E. Michael Serbanos

E. Michael Serbanos

General Counsel – Markets, Products and International of

Raymond James Financial, Inc.

## Exhibit 23.1

Exhibit 23.1

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our reports dated November 25, 2025, with respect to the consolidated financial statements of Raymond James Financial, Inc., and the effectiveness of internal control over financial reporting, incorporated herein by reference.

/s/ KPMG LLP

New York, New York

May 14, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**RAYMOND JAMES FINANCIAL INC**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common stock, $0.01 par value | Other | 2600000 | $152.10 | $395460000.00 | 0.0001381 | $54613.03 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $395460000.00  |  | $54613.03  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $54613.03  |

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 **Offering Note** <br>

<sup>1</sup> This Registration Statement also covers an indeterminate number of shares of the Registrant's common stock, $0.01 par value per share ("Common Stock"), which may be issuable pursuant to the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (as amended from time to time, the "Plan") as a result of stock splits, stock dividends and anti-dilution provisions and other terms, in accordance with Rule 416(a) and (c) under the Securities Act of 1933, as amended (the "Securities Act"). This total represents the increase in the maximum number of shares authorized for issuance under the Plan from 96,365,916 shares, which were previously registered and issuable pursuant to the Plan, to 98,965,916 shares. The proposed maximum offering price per share and proposed maximum aggregate offering price for the shares of Common Stock covered by this Registration Statement have been estimated in accordance with Rule 457(c) and 457(h) under the Securities Act solely for the purpose of calculating the registration fee based upon the average of the high and low prices of the Common Stock as reported on the New York Stock Exchange on May 12, 2026, which date is within five business days prior to filing this Registration Statement.

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| |
|:---|
| |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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