# EDGAR Filing Document

**Accession Number:** 0000815917
**File Stem:** 0001193125-26-105798
**Filing Date:** 2026-3
**Character Count:** 514583
**Document Hash:** 4d31f97bf7f795801dc5d2f0331a8da4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-105798.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001193125-26-105798

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JONES FINANCIAL COMPANIES LLLP
- **CENTRAL INDEX KEY:** 0000815917
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 431450818
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16633
- **FILM NUMBER:** 26751647

**BUSINESS ADDRESS:**
- **STREET 1:** 12555 MANCHESTER ROAD
- **CITY:** DES PERES
- **STATE:** MO
- **ZIP:** 63131
- **BUSINESS PHONE:** 3145152000

**MAIL ADDRESS:**
- **STREET 1:** 12555 MANCHESTER ROAD
- **CITY:** DES PERES
- **STATE:** MO
- **ZIP:** 63131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JONES FINANCIAL COMPANIES LP LLP
- **DATE OF NAME CHANGE:** 19980514

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JONES FINANCIAL COMPANIES L P
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? 10-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended** **December 31,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to**

**Commission file number** 0-16633

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THE JONES FINANCIAL COMPANIES, L.L.L.P**.** 

**(Exact name of registrant as specified in its charter)**

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| | |
|:---|:---|
| MISSOURI | 43-1450818 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(IRS Employer** <br>**Identification No.)** |

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12555 Manchester Road

Des Peres**,** Missouri 63131

**(Address of principal executive office)**

**(Zip Code)**

**(**314**)** 515-2000

**(Registrant's telephone number, including area code)**

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Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u> <br> None N/A N/A

Securities registered pursuant to Section 12(g) of the Act:

**(Title of Class)**

**Class A Limited Partner Interests**

**Limited Partnership Profits Interests**

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or 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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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Accelerated filer | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ | Smaller reporting company | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;☐ |  |  |

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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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of February 27, 2026 (most recent month end), 1,729,244 units of Class A limited partner interests were outstanding, each representing $1,000 of Class A limited partner capital, and $720,023,500 of notional capital in limited partnership Profits Interests were outstanding. There is no public or private market for the Class A limited partner interests or the limited partnership Profits Interests.

**DOCUMENTS INCORPORATED BY REFERENCE**

None

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**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
| **PART I** |  |  |
| Item 1 | [<u>Business</u>](#item_1_business) | 3 |
| Item 1A | [<u>Risk Factors</u>](#item_1a_risk_factors) | 14 |
| Item 1B | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 28 |
| Item 1C | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 28 |
| Item 2 | [<u>Properties</u>](#item_2_properties) | 29 |
| Item 3 | [<u>Legal Proceedings</u>](#item_3_legal) | 30 |
| Item 4 | [<u>Mine Safety Disclosures</u>](#item_3_legal) | 30 |
| **PART II** |  |  |
| Item 5 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_3_legal) | 30 |
| Item 6 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>\[Reserved\]</u>](#item_3_legal) | 30 |
| Item 7 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion_analysis) | 31 |
| Item 7A | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_7a_quantitative_and_qualitative_dis) | 43 |
| Item 8 | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements_supplementar) | 44 |
| Item 9 | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</u>](#item_9_change_in_disagreements_with_acco) | 74 |
| Item 9A | [<u>Controls and Procedures</u>](#item_9a_controls_procedures) | 74 |
| Item 9B | [<u>Other Information</u>](#item_9b_or_information) | 74 |
| Item 9C | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_foreign_jurisdictions) | 74 |
| **PART III** |  |  |
| Item 10 | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_ficers_corpo) | 75 |
| Item 11 | [<u>Executive Compensation</u>](#item_11_executive_compensation) | 81 |
| Item 12 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership_certain_benef) | 84 |
| Item 13 | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships_related_tr) | 84 |
| Item 14 | [<u>Principal Accountant Fees and Services</u>](#item_14_principal_accounting_fees_servic) | 85 |
| **PART IV** |  |  |
| Item 15 | [<u>Exhibits and Financial Statement Schedules</u>](#item_15_exhibits_financial_statement_sch) | 86 |
| Item 16 | [<u>Form 10-K Summary</u>](#form_10k_summary) | 87 |
|  | [<u>Signatures</u>](#signatures) | 89 |

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PART I

**ITEM 1. BUSINESS**

The Jones Financial Companies, L.L.L.P. ("JFC") is a registered limited liability limited partnership organized under the Missouri Revised Uniform Limited Partnership Act. Unless expressly stated, or the context otherwise requires, the terms "Registrant", "Partnership" and "Firm" refer to JFC and all of its consolidated subsidiaries. The Partnership's principal operating subsidiary, Edward D. Jones & Co., L.P. ("Edward Jones"), was organized in February 1941 and reorganized as a limited partnership in May 1969. JFC was organized in June 1987 and, along with Edward Jones, was reorganized in August 1987. As of December 31, 2025, JFC was composed of 33,160 individual partners, many of whom hold more than one type of partner interest. Of those individuals, as of December 31, 2025, 516 were general partners, 33,079 were Class A limited partners, 757 were subordinated limited partners and 2,664 were Profits Interests holders.

None of the Partnership's securities is listed on a securities exchange and therefore some governance requirements that generally apply to listed companies that file periodic reports with the Securities and Exchange Commission ("SEC") do not apply to it. Under the terms of the Partnership's Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated November 5, 2025, (the "Partnership Agreement"), the Partnership's Managing Partner (as defined in the Partnership Agreement) has primary responsibility for administering the Partnership's business, determining its policies, and controlling the management and conduct of the Partnership's business. See Part III, Item 10 – Directors, Executive Officers and Corporate Governance for a detailed description of the governance structure of the Partnership.

The Partnership's purpose is to partner for positive impact to improve the lives of its clients and colleagues and together, better its communities and society. The Partnership's strategic ambition is to help tens of millions of investors achieve financial fulfillment through personalized, comprehensive planning and trusted advice. To do this, the Partnership aspires to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue investing in technology to scale our ability to provide financial planning to our clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Anticipate clients' needs with the right offering at the right time, now and for generations to come

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Attract and serve new client segments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Be the best firm to start, grow, optimize and pass on a practice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Be a knowledge-powered advice firm by delivering leading data-powered insights to better serve clients

***Organizational Structure.***

See Exhibit 21.1 for a listing of the Partnership's subsidiaries and affiliates.

The Partnership is a leading financial services firm and operates in two geographic segments, the United States ("U.S.") and Canada. Edward Jones is a registered broker-dealer and investment adviser in the U.S., and Edward Jones (an Ontario limited partnership) ("EJ Canada") is a registered investment dealer in Canada. The Partnership conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. Through these retail brokerage entities, the Partnership primarily serves individual investors in the U.S. and Canada and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities.

For financial information related to segments for the years ended December 31, 2025, 2024, and 2023, see Part II, Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8 – Financial Statements and Supplementary Data – Note 15 to the Consolidated Financial Statements.

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PART I

Item 1. Business, continued

***Business Operations***

The Partnership serves clients through its extensive network of branch teams across the U.S. and Canada. The Partnership's branch office model is designed to serve clients through deep, personal relationships and comprehensive advice and planning with financial advisors and client support team professionals ("CSTPs") located in the communities where clients live and work. Financial advisors and CSTPs provide tailored solutions and services to clients while leveraging the resources of the Partnership's home office. The Partnership offers a variety of different solutions to clients, including investment advisory programs, brokerage and retirement accounts, cash and lending solutions and financial planning offerings.

The Partnership operated 14,916 branch offices as of December 31, 2025: 14,340 branch offices in the U.S. and 576 branch offices in Canada. Branch offices are primarily staffed by a single financial advisor and a CSTP, with a growing number of branches staffed by multiple financial advisors with the option of shared support or financial advisor teaming. The Partnership offers additional practice models, including multi-financial advisor offices and financial advisor teaming, and roles such as Associate Financial Advisor and Registered Branch Associate that provide additional options for how clients work with their financial advisor and how branch teams work together. These models and roles allow branch teams to build additional capacity to focus on delivering value to clients and provide more flexibility, autonomy and choice in how the branches serve clients.

Branch teams utilize an electronic branch office communication system for entry of security orders, quotations, communication between offices, research of various client account information, and cash and security receipts functions. Home office personnel, including those in the Operations and Compliance divisions, monitor day-to-day operations to assess compliance with applicable laws, rules and regulations. Supporting services related to client onboarding, asset movement, trading, custody and client reporting are provided by the Partnership's Operations division. The Operations division also facilitates activities related to client securities and the processing of transactions with other broker-dealers, exchanges and clearing organizations. Operations is also responsible for receipt, identification and delivery of funds and securities, internal financial controls and client accounting functions.

The Partnership clears and settles virtually all of its equity, municipal bond, corporate bond, mutual fund and annuity transactions for its U.S. broker-dealer through National Securities Clearing Corporation ("NSCC"), Fixed Income Clearing Corporation ("FICC") and The Depository Trust Company ("DTC"), which are all subsidiaries of the Depository Trust and Clearing Corporation. In conjunction with clearing and settling transactions with NSCC, the Partnership holds client securities on deposit with DTC in lieu of maintaining physical custody of the certificates. The Partnership uses a major bank for custody and settlement of U.S. treasury securities and the issuance of certain investments associated with the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. The Partnership also uses a major bank for custody and settlement of foreign securities transactions.

EJ Canada is a member of the Canadian Depository of Securities ("CDS") and Fundserv for clearing and settlement of transactions. CDS manages the clearing and settlement of trades in both domestic and cross-border depository-eligible securities through the automated CDSX clearing and settlement system. Client securities on deposit are also held with CDS and National Bank Financial Inc., through its National Bank Independent Network division. EJ Canada has an agreement with Computershare Trust Company of Canada to act as trustee for clients' registered retirement accounts, including holding cash balances within retirement accounts. EJ Canada is the custodian for client securities and is responsible for all related securities and cash processing, such as trades, dividends, corporate actions, client cash receipts and disbursements, client tax reporting for certain holdings and statements.

Broadridge Financial Solutions, Inc. ("Broadridge"), along with its U.S. business, Securities Processing Solutions, U.S., and its international business, Securities Processing Solutions, International, provide automated data processing services for client account activity and related records for the Partnership in the U.S. and Canada, respectively. The Partnership also utilizes certain products and services of The Bank of New York Mellon Corporation ("BNY Mellon") for mutual fund investments held by the Partnership's clients and for certain trading activities. The Partnership has arrangements with other brokers to execute certain equity and fixed income orders. For orders in Canada, the Partnership transacts directly on the exchanges and other market centers in an agency capacity.

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PART I

Item 1. Business, continued

The Partnership's Digital and Data division supports the significant investment in technology infrastructure and digital initiatives to provide new tools for branch teams to better serve clients, enhance the operational support the home office provides to the branch teams and create operational efficiencies that reduce manual processes. Branch teams leverage new tools for deeper discovery conversations with clients and more comprehensive advice and planning.

The Partnership's Human Capital division supports home office and branch teams by attracting, hiring and onboarding high-quality talent and developing organizational effectiveness and leadership capabilities. This includes supporting the associate experience by offering competitive pay and benefits, providing targeted training for associate development, creating policies that support the Partnership's culture and acumen building of financial advisors by empowering them to achieve additional professional designations.

The Wealth Management and Field Management division further aids in the development of field leadership and supports branch team performance and optimization by providing insights, tools, guidance, structure and accountability through a practice management and market management structure. They also support branch teams by focusing on helping clients achieve their financial goals through planning, advice, products and services and aim to understand the needs of clients and investors, provide perspective and recommendations that align with the Firm's investment philosophy and offer a broad range of quality products, solutions and tools that enable branch teams to successfully deliver tailored advice to meet client needs.

***Revenues by Source***

The following table sets forth the sources of the Partnership's revenues for the past three years. Due to the interdependence of the activities and departments of the Partnership's business and the inherently subjective assumptions required to allocate overhead, it is impractical to identify and specify expenses applicable to each aspect of the Partnership's operations. Further information on revenue related to the Partnership's segments is provided in Part II, Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8 – Financial Statements and Supplementary Data – Note 15 to the Consolidated Financial Statements.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ millions)* | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Fee revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based fees | $14138 | 79% | $12408 | 76% | $10518 | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Account and activity fees | 747 | 4% | 755 | 5% | 746 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 14885 | 83% | 13163 | 81% | 11264 | 80% |
| Trade revenue | 1832 | 10% | 1760 | 11% | 1482 | 11% |
| Interest and dividends | 1062 | 6% | 1204 | 7% | 1167 | 8% |
| Other revenue, net | 118 | 1% | 130 | 1% | 167 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $17897 | 100% | $16257 | 100% | $14080 | 100% |

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**Asset-based Fees**

Asset-based fee revenue is derived from fees determined by the underlying value of client assets and includes advisory programs fees, service fees, and other asset-based fees.

*Advisory Programs Fees.* The Partnership earns advisory programs fees from investment advisory services offered in the U.S. primarily through the Edward Jones Advisory Solutions® program ("Advisory Solutions"), the Edward Jones Guided Solutions® program ("Guided Solutions") and the Edward Jones Financial Advisor Managed Solutions® program ("FA Managed Solutions") and in Canada through the MyCompass by Edward Jones<sup>TM</sup> ("MyCompass") and the Edward Jones Guided Portfolios® program ("Guided Portfolios"). Advisory Solutions and Guided Solutions are both investment advisory programs created under the Investment Advisers Act of 1940, as amended ("Advisers Act"). MyCompass and Guided Portfolios are not subject to the Advisers Act as services from these programs are only offered in Canada.

Through Advisory Solutions, clients can choose to invest in Advisory Solutions Fund Models, which invest in affiliated mutual funds, unaffiliated mutual funds, and exchange-traded funds ("ETFs") or Advisory Solutions Unified Managed Account Models, which also include proprietary and other professionally separate managed accounts that invest in individual stocks

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PART I

Item 1. Business, continued

and bonds. When investing in Advisory Solutions, the client may elect either a research or custom model. If the client elects a research model, the Partnership assumes full investment discretion on the account and the client assets will be invested in one of numerous different research models developed and managed by Edward Jones. If the client elects to build a custom model, the Partnership assumes limited investment discretion on the account, and the investments are selected by the client and their financial advisor. The vast majority of client assets within Advisory Solutions are invested in research models.

Through FA Managed Solutions, clients may delegate investment discretion to eligible financial advisors to invest in mutual funds, ETFs, stocks, bonds and CDs.

The Partnership offers investment options through the Bridge Builder® Trust ("BB Trust") to lower client investment management expenses and reduce the concentration of client investments in third-party funds. The BB Trust has twelve active sub-advised mutual funds in its series currently available for Advisory Solutions clients, and may add additional funds in the future, at its discretion. Olive Street Investment Advisers, LLC ("Olive Street"), a wholly-owned subsidiary of JFC, is the investment adviser to these sub-advised mutual funds and has primary responsibility for setting the overall investment strategies and for selecting and managing sub-advisers, subject to the review and approval of the BB Trust's Board of Trustees. Olive Street has contractually agreed to waive any investment advisory fees which exceed the investment advisory fees paid to sub-advisers, resulting in no impact on the Partnership's net income.

Guided Solutions is a client-directed advisory program where financial advisors work with clients to build a portfolio that is aligned with the Partnership's investment philosophy and guidance. Clients retain control over investment decisions and financial advisors help guide clients through a required process of identifying their financial goals and selecting an appropriate portfolio objective. Guided Solutions offers two options, a Fund account or Flex account, which provide different investment options depending on a client's account size. Both types of Guided Solutions accounts may invest in mutual funds, including those sub-advised in the BB Trust, and ETFs. However, Guided Solutions Flex accounts may also invest in stocks, bonds and CDs.

Through MyCompass, Canadian financial advisors provide discretionary investment advisory services to clients by using independent investment managers and proprietary asset allocation models. Guided Portfolios is a non-discretionary, fee-based program with structured investment guidelines available to Canadian investors.

*Service Fees and Other Asset-Based Fees.* The Partnership earns revenue on clients' assets through service fees and revenue sharing received under agreements with certain mutual fund and insurance companies. Cash solutions revenue is earned from the Edward Jones Insured Bank Deposit Program ("IBD Program"), which is an interest-bearing cash management solution for clients that offers Federal Deposit Insurance Corporation ("FDIC") insurance coverage<sup>1</sup>. Edward Jones has agreements with FDIC-insured third-party banks to transfer available cash balances in participating clients' accounts to interest-bearing deposit accounts at those banks.

The Edward Jones Money Market Fund ("Money Market Fund") is available to clients with Advisory Solutions, Guided Solutions, FA Managed Solutions and certain Select ("Select") accounts. In Select accounts clients can build their portfolios with a range of investment choices. Olive Street is the investment adviser of the Money Market Fund and earns investment management fees as the investment adviser to the Money Market Fund. Edward Jones also earns certain asset-based fees and per-account fees from the Money Market Fund, some or all of which may be voluntarily waived.

In addition to the advisory programs mentioned above, the Partnership earns asset-based fees from the trust services and investment management services offered to its clients through Edward Jones Trust Company ("Trust Co."), a wholly-owned subsidiary of JFC.

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<sup>1</sup> FDIC insurance coverage for deposits held in the IBD Program is provided by FDIC-insured third-party banks on a "pass-through" basis, subject to certain limitations and conditions, pursuant to agreements with Edward Jones. FDIC insurance provides coverage for the failure of an FDIC-insured bank. Edward Jones is neither FDIC-insured nor a bank. For a current list of the network of FDIC-insured third party banks participating in the IBD Program, see www.edwardjones.com/bankdeposit.

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PART I

Item 1. Business, continued

**Account and Activity Fees**

Account and activity fees include shareholder accounting service fees, insurance contract service fees, Individual Retirement Account ("IRA") custodial service fees, and other product/service fees. The Partnership also charges fees to certain mutual fund companies for shareholder accounting services, including maintaining client account information and providing other administrative services for the mutual funds. Insurance contract service fees are fees charged to certain insurance companies for administrative support. Account and activity fees also include sales-based revenue sharing fees and various transaction fees. Edward Jones also earns certain account and activity fees from the Money Market Fund, some or all of which may be voluntarily waived.

**Trade Revenue**

Trade revenue is composed of commissions and principal transactions revenue. Commissions are earned from the distribution of mutual fund shares and insurance products and the purchase or sale of securities. Principal transactions revenue primarily results from the Partnership's distribution of and participation in principal trading activities in municipal obligations, certificates of deposit and corporate obligations. Trade revenue is impacted by trading volume (client dollars invested), mix of the products in which clients invest and the size of trades, all of which may be impacted by market volatility, and margins earned on the transactions.

**Interest and Dividends**

Interest and dividends revenue is earned on client margin loan account balances, cash and cash equivalents, cash and investments segregated under federal regulations, securities purchased under agreements to resell, Partnership loans and investment securities.

**Other Revenue, Net**

Other revenue, net, primarily consists of unrealized gains and losses associated with changes in the fair market value of the Partnership's investment securities held to generate income and to assist in the management of Firm liquidity, as well as securities held to economically hedge future liabilities for its non-qualified deferred compensation plan. Unrealized gains and losses are impacted by changes in market levels and the interest rate environment.

***Competition*** 

The Partnership is subject to intense competition in all phases of its business from broker-dealers, registered investment advisors, banks, insurance companies and other financial services firms, some of which are larger than the Partnership in terms of capital, resources, assets under care ("AUC"), transaction volume, range of financial services and broader product offerings. The financial services industry continues to evolve technologically, with an increasing number of firms of all sizes providing enhanced digital experiences for clients, including the utilization of artificial intelligence technologies and lower cost, computer-based "robo-advice." The Partnership also competes with firms of all sizes offering discount services, usually with lower levels of personalized service to individual clients, including major competitor brokerage firms that offer zero commissions for purchases and sales of stocks, ETFs and other brokerage products. Clients can transfer their business to competing organizations at any time. The Partnership also faces competition from "fintech" companies with internet- and mobile-based platforms. There is also intense competition among firms to attract and retain qualified professionals, including financial advisors, CSTPs, and home office associates. The Partnership experiences continued efforts by competing firms to hire away its financial advisors, although the Partnership believes its rate of attrition of financial advisors is in line with comparable firms.

***Human Capital*** 

The Partnership supports associates by striving to deliver an unparalleled associate experience that enables associates to build a meaningful career and positively impact clients, communities and each other. The Partnership is committed to providing comprehensive benefits to meet the needs of its associates and their families.

The Partnership continues to invest in associates' training, learning and growth through programs that contribute to career development. In addition, the care and support the Partnership provides through well-being resources is intended to enable associates to address their own physical, mental, emotional, financial and social health. This well-being strategy is intended to build a more resilient workforce, which is crucial to the Partnership's ability to navigate uncertainty and change. In addition,

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PART I

Item 1. Business, continued

the Partnership continues to grow and promote branch team success by providing more flexibility, autonomy and choice in how the branches serve clients and continues to invest in tools, resources and capabilities that enable making a greater impact for clients and communities.

**Development**

Delivering on the client-first business model goes hand-in-hand with investing in learning and development. The Partnership is committed to helping financial advisors, CSTPs and home office associates on their career path, providing opportunities from formal training and coaching to mentoring programs, leadership opportunities and tuition reimbursement. The Partnership's expanded professional development platform helps associates set their personalized learning goals, separate from required training, and enhance their knowledge on a range of topics. Engagement and branch experience surveys are regularly conducted to listen to associates to allow the Partnership to take timely actions to optimize their engagement, which helps the Partnership better serve its clients and associates.

The Partnership maintains a comprehensive onboarding program for financial advisors delivered through online self-paced modules, concentrated application in one of the Partnership's home office training facilities or a virtual classroom with their peers, and on-the-job training in their respective markets in a nearby branch office. During the first phase, trainees study for and take the requisite examinations. After passing the requisite examinations, trainees are then required to complete financial planning learning as well as other curriculum to prepare them to grow and serve clients. Branch training includes uncovering and understanding client needs, advice models including financial planning, reviewing investments, compliance requirements and office procedures, establishing a base of potential clients and serving clients. Multiple field-based leaders and other financial advisors provide in-region mentorship, training and coaching to financial advisor trainees to assist their assimilation into the Firm and the industry. The Partnership also focuses on continuous learning, supporting financial advisors and their teams on building their acumen through professional designations and learning opportunities beyond onboarding.

**Compensation, Benefits and Opportunities**

The Partnership values and respects the contributions of financial advisors, CSTPs and home office associates and recognizes individual efforts through a compensation program that promotes a long-term career, financial security and well-being. Employee compensation consists of base pay with a bonus program and retirement plan for eligible employees. Financial advisors are generally compensated on a commission basis, subject to a minimum guaranteed salary, and may be entitled to additional compensation based on their respective branch office profitability and the profitability of the Partnership. The Partnership pays bonuses to its non-financial advisor employees pursuant to a discretionary formula established by management based on the profitability of the Partnership. The retirement plan consists of a profit-sharing contribution tied to the Partnership's profitability and a 401(k) contribution. The Partnership also makes a significant investment in subsidizing health and wellness benefits to offer eligible associates access to a benefit plan with the opportunity to earn medical plan premium discounts.

The Partnership considers itself to have good employee relations and believes that its compensation and employee benefits, which include medical, dental, vision, life and disability insurance plans, other benefit plans, and flexible work arrangements, are competitive. As part of its efforts to promote pay equity, the Partnership has implemented measures in its U.S. home offices such as routinely benchmarking roles against market comparables, increasing pay transparency for applicants and associates, setting pay ranges based on role and experience, applying consistent processes for annual merit increases and bonuses and driving additional ongoing and future improvements.

In addition to compensation and benefits, the Partnership from time to time has offered eligible associates the opportunity to purchase limited partner interests. On November 5, 2025, the Partnership adopted the Partnership Agreement that created a new class of limited partners designated as Class B Limited Partners and a new class of limited partner interests designated as Class B limited partner interests and also reclassified each limited partner of the Partnership prior to the adoption of the Partnership Agreement as a Class A Limited Partner and reclassified each interest held by such existing limited partner prior to the Partnership Agreement as Class A limited partner interests (Class A limited partner interests and Class B limited partner interests, collectively, "Interests"). Class B limited partner interests cannot be issued before January 1, 2027. Additionally, Profits Interests, described more fully in the Partnership Agreement ("Profits Interests"), are issued to eligible associates who meet performance, tenure or other eligibility criteria as part of an associate recognition and retention program. Profits Interests do not themselves require a capital investment but, like Interests, give the holder the right to

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allocations and distributions of the Partnership's income before allocations to subordinated limited partners and general partners.

**Colleague Engagement**

Respecting and valuing the contributions of individuals is one of the Partnership's core values. Leaders are responsible for hiring and developing their teams, with the Partnership providing information about area-specific hiring and retention opportunities. Certain financial advisors also take on leadership roles in their geographic areas and develop a tailored plan which supports the growth, performance, engagement and leadership development to create a place of belonging and capture opportunities within their specific markets. The Partnership also has advisory groups of financial advisors, CSTPs and home office associates with a diverse range of experiences, skills, backgrounds and demographics who offer perspective and input to help advance colleague inclusion and engagement. In addition, the Partnership has Business Resource Groups ("BRG") available for enterprise-wide membership. BRG members and other colleagues come together to discuss their unique experiences, help attract and retain talent and discover ways to serve clients and future clients more deeply, especially as demographics and needs change. The Partnership's goal is to be a place of belonging for all where every colleague feels valued, respected, seen and heard.

Additionally, the Partnership is continuously working to improve options to support associates with disabilities. The Partnership has a dedicated team to design accessible digital experiences for clients and colleagues.

As of December 31, 2025, 2024, and 2023, 13%, 12% and 12%, respectively, of the Partnership's total employees were self-identified people of color, and 61%, 62% and 62%, respectively, of employees were women.

The following table summarizes the Partnership's composition of financial advisors, home office general partners and home office leaders who were self-identified people of color and self-identified women as of December 31:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Advisors:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; People of Color | 10% | 10% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Women | 24% | 24% | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Home Office General Partners:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; People of Color | 17% | 17% | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Women | 37% | 37% | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Leaders Across Home Office:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; People of Color | 18% | 19% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Women | 50% | 49% | 49% |

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**Employees**

The Partnership ended the year with 20,425 financial advisors with branches in over two-thirds of U.S. counties and all Canadian provinces and 20,468 client support team professionals, both representing a 1% increase compared to the end of the prior year.

As of December 31, 2025, the Partnership had approximately 55,000 full-time and part-time employees and partners, including its financial advisors. The Partnership's financial advisors are employees or partners of the Partnership.

Refer to Part II, Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations for more information about key metrics.

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***Regulation***

**Broker-Dealer Regulation** 

The securities industry is subject to extensive federal and state laws, rules and regulations that cover all aspects of the securities business, including sales methods, trade practices among broker-dealers, use and safekeeping of client funds and securities, client payment and margin requirements, capital structure of securities firms, record-keeping, standards of care, and the conduct of directors, officers and employees.

The SEC is the U.S. agency responsible for the administration of the federal securities laws. Its mission is to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation. Edward Jones is registered as a broker-dealer with the SEC. Edward Jones is subject to periodic examinations by the SEC, review by a designated examining authority and certain periodic and ad-hoc reporting requirements of securities and customer funds. Much of the regulation of broker-dealers has been delegated by the SEC to self-regulatory organizations ("SROs"), principally the Financial Industry Regulatory Authority ("FINRA"). FINRA adopts rules (which are subject to approval by the SEC) that govern the broker-dealer industry and conducts periodic examinations of Edward Jones' operations.

Securities firms are also subject to regulation by securities and insurance regulators in each U.S. state (as well as the District of Columbia) and U.S. territory where they conduct business. Since Edward Jones is registered as a broker-dealer and sells insurance products in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, Edward Jones is subject to regulation in each of these jurisdictions.

As an investment dealer registered in all provinces and territories of Canada, EJ Canada is subject to provincial, territorial and federal laws. All provinces and territorial jurisdictions have established securities administrators to administer securities laws. EJ Canada is also subject to the regulation of the Canadian Investment Regulatory Organization ("CIRO"), which oversees the business conduct and financial affairs of its member firms, as well as all trading activity on debt and equity marketplaces in Canada. CIRO fulfills its regulatory obligations by implementing and enforcing rules regarding the proficiency, business and financial conduct of member firms and their registered employees, and marketplace integrity rules regarding trading activity on Canada debt and equity marketplaces.

The SEC, SROs, state authorities and other regulators may conduct administrative proceedings which can result in censure, fine, suspension or expulsion of a securities firm, its officers or employees. Edward Jones has in the past been, and may in the future be, the subject of regulatory actions by various agencies that have the authority to regulate its activities (see Part I, Item 3 – Legal Proceedings for more information).

*Uniform Net Capital Rule.* As a result of its activities as a U.S. broker-dealer and a member firm of FINRA, Edward Jones is subject to the Uniform Net Capital Rule 15c3-1 ("Uniform Net Capital Rule") of the Securities Exchange Act of 1934, as amended ("Exchange Act"), which is designed to measure the general financial integrity and liquidity of a broker-dealer and the minimum net capital deemed necessary to meet the broker-dealer's continuing commitments to its clients. The Uniform Net Capital Rule provides for two methods of computing net capital. Edward Jones has adopted what is generally referred to as the alternative method. Minimum required net capital under the alternative method is equal to the greater of $250,000 or 2% of the aggregate debit items, as defined under the Customer Protection Rule 15c3-3 ("Customer Protection Rule") of the Exchange Act. The Uniform Net Capital Rule prohibits withdrawal of equity capital whether by payment of dividends, repurchase of stock or other means, if net capital would thereafter be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels even though such withdrawals would not cause net capital to be less than 5% of aggregate debit items. In computing net capital, various adjustments are made to exclude assets which are not readily convertible into cash and to provide a conservative valuation of other assets, such as securities owned. Failure to maintain the required net capital may subject Edward Jones to suspension or expulsion by FINRA, the SEC and other regulatory bodies and/or exchanges and may ultimately require liquidation. Edward Jones has, at all times, been in compliance with the Uniform Net Capital Rule.

EJ Canada and Trust Co. are also required to maintain specified levels of regulatory capital. Each of these subsidiaries has, at all times, been in compliance with the applicable capital requirements in the jurisdictions in which it operates.

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*Customer Protection Rule.* As a result of its activities as a broker-dealer and a member firm of FINRA, Edward Jones is subject to the Customer Protection Rule which is designed to ensure that customer securities and funds in a broker-dealer's custody are adequately safeguarded. The Customer Protection Rule requires broker-dealers to promptly obtain and maintain physical possession or control of all fully paid and excess margin securities and to segregate all customer cash or money obtained from the use of customer property that has not been used to finance transactions of other customers. Combined, these requirements substantially limit a broker-dealer's ability to use customer securities and restrict a broker-dealer to only use customer cash or margin securities for activities directly related to financing customer securities purchases. Edward Jones has, at all times, been in compliance with the Customer Protection Rule. Effective June 30, 2026, Edward Jones will be required to perform the reserve computation and make any required deposits into reserve bank accounts daily, rather than weekly.

*SEC Rules and Guidance on the Standards of Conduct for Investment Professionals (the "Rules and Guidance") and Canadian Securities Administrators ("CSA") Regulations.* As a U.S. broker-dealer, Edward Jones is subject to Regulation Best Interest, which establishes a standard of care for broker-dealers that includes acting in the best interest of their brokerage clients when making a recommendation and addressing conflicts of interest. Edward Jones is also subject to the SEC rule requiring registered investment advisers and broker-dealers to deliver a Form CRS Relationship Summary to their clients informing them of the types of client relationships offered, together with the applicable standards of care, and information on fees, costs, conflicts of interest, and legal and disciplinary history. The SEC has also issued guidance clarifying the "fiduciary" standard of care applicable to investment advisers and advisory clients and guidance clarifying what broker-dealer activities are excluded from the definition of "investment adviser." Edward Jones has, at all times, maintained policies and procedures to comply with the Rules and Guidance. As a Canadian broker-dealer, EJ Canada is subject to the regulations of the CSA, many of which are similar to the SEC's Rules and Guidance.

**Investment Adviser Regulation**

Edward Jones and Olive Street are subject to the rules and regulations promulgated under the Advisers Act, which requires certain investment advisers to register with the SEC. Edward Jones and Olive Street are registered investment advisers with the SEC. The rules and regulations promulgated under the Advisers Act govern all aspects of the investment advisory business, including registration, trading practices, custody of client funds and securities, record-keeping, advertising and business conduct. Edward Jones and Olive Street are subject to periodic examinations by the SEC, which is authorized to institute proceedings and impose sanctions for violations of the Advisers Act.

**Employment Regulation**

The Firm is subject to a wide variety of federal, state and local employment-related laws and regulations which govern matters including, but not limited to, wage and hour requirements, equal employment opportunity obligations, leaves of absence and reasonable accommodations, employee benefits and other regulated matters. Refer to Part II, Item 8 - Financial Statements and Supplementary Data - Note 14 to the Consolidated Financial Statements for information regarding the Partnership's legal proceedings in respect of such matters.

**ERISA Regulation**

Under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), the Department of Labor ("DOL") has rulemaking authority over retirement savings, which includes retirement accounts and retirement plans, and regulatory authority over retirement plans. The Partnership is subject to ERISA, insofar as it maintains certain employee benefit plans for eligible associates and provides services with respect to retirement plan clients, or otherwise deals with retirement plan clients, retirement plan participants and retirement, health and educational accounts that are subject to ERISA. ERISA imposes certain duties on persons who are "fiduciaries" (within the meaning of Sections 3(21) and 3(38) of ERISA) and prohibits certain transactions involving plans subject to ERISA and fiduciaries or other service providers to such plans. Non-compliance with or breaches of these provisions may expose an ERISA fiduciary or other service provider to liability under ERISA, which may include monetary and criminal penalties as well as equitable remedies for the affected plan.

**Anti-Money Laundering and Sanctions Regulation**

JFC's subsidiaries in the U.S. that conduct financial services activities are subject to the Bank Secrecy Act of 1970 ("BSA"), as amended by the USA PATRIOT Act of 2001 ("PATRIOT Act"), which requires financial institutions to develop and implement programs reasonably designed to achieve compliance with these laws and applicable regulations. The BSA and PATRIOT Act include a variety of recordkeeping, monitoring and reporting requirements (such as currency transaction

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reporting and suspicious activity reporting), as well as identity verification and client due diligence requirements which are intended to detect, report and/or prevent money laundering and the financing of terrorism. JFC's subsidiaries in the U.S. that conduct financial services activities are also subject to U.S. sanctions programs administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury. These subsidiaries have established policies and procedures designed to comply with these laws, regulations and programs and work continuously to strengthen regulatory compliance. Additionally, EJ Canada complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in Canada.

**Privacy & Data Protection Regulation**

Regulations in the areas of privacy and data protection continue to grow and are primarily driven by concerns about the use and security of information. To the extent they are applicable, the Partnership must comply with federal and state information-related laws and regulations in the United States and Canada. The Partnership has implemented policies and procedures in response to these requirements and will continue to monitor and update the policies and procedures as appropriate.

**Trust Services Regulation**

Trust Co. is a federally chartered savings and loan association that operates under a limited purpose "trust-only" charter, which generally restricts Trust Co. to acting solely in a custodial or fiduciary capacity, including as a trustee. Trust Co. is subject to supervision and regulation by the Office of the Comptroller of the Currency ("OCC").

***Insurance Coverage***

Pursuant to U.S. federal law, Edward Jones as a broker-dealer belongs to the Securities Investors Protection Corporation ("SIPC"). For clients in the U.S., SIPC provides $500,000 of coverage for missing cash and securities in a client's account, with a maximum of $250,000 for cash claims. Pursuant to CIRO requirements, EJ Canada belongs to the Canadian Investor Protection Fund ("CIPF"), a non-profit organization that provides investor protection for investment dealer insolvency. For clients in Canada, CIPF generally limits coverage to C$1,000,000 in total, which can be any combination of securities and cash.

The Partnership currently maintains additional protection for U.S. clients through a contract with Underwriters at Lloyd's, which protects clients' accounts in excess of the SIPC coverage subject to specified limits. This policy covers theft, misplacement, destruction, burglary, embezzlement or abstraction of cash and client securities up to an aggregate limit of $900,000,000 (with maximum cash coverage limited to $1,900,000 per client) for covered claims of all U.S. clients of Edward Jones. Market losses are not covered by SIPC or the additional protection. In addition, the Partnership has cash and investments segregated in special reserve bank accounts for the benefit for U.S. clients pursuant to the Customer Protection Rule.

Employees and partners of the Partnership in the U.S. are bonded under a blanket fidelity bond. The Partnership has an aggregate annual coverage of $50,000,000 subject to deductibles. Employees and partners of the Partnership in Canada are bonded under a blanket policy as required by CIRO. The Partnership has an annual aggregate amount of coverage in Canada of C$50,000,000 with a per occurrence limit of C$25,000,000, subject to a deductible.

***Edward Jones Bank***

In February 2026, the Utah Department of Financial Institutions ("UDFI") and the FDIC conditionally approved the Partnership's application to establish Edward Jones Bank as a Utah-chartered and FDIC-insured industrial bank headquartered in the Salt Lake City, Utah, area. Presently, the Partnership expects to open the Edward Jones Bank by early 2027. The Partnership intends for Edward Jones Bank to take deposits through the Edward Jones insured bank deposit program and plans to offer certificates of deposit to clients.

As an industrial bank, Edward Jones Bank, and the Partnership through its ownership of Edward Jones Bank, will be subject to state and federal regulatory oversight and will be required to comply with various state and federal banking regulations. The Partnership and Edward Jones Bank are in the process of developing new processes, operations and regulatory functions to address the anticipated operations of Edward Jones Bank and significant related regulatory obligations. The Partnership expects to incur substantial start-up costs and commit a significant amount of capital to support the development

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and initial operations of Edward Jones Bank. For information on material risks related to Edward Jones Bank, refer to Part I, Item 1A – Risk Factors – Risks Related to Legal and Regulatory Matters – Bank Application Approval.

**AVAILABLE INFORMATION**

The Partnership files annual, quarterly, and current reports and other information with the SEC. The Partnership's SEC filings are available to the public on the SEC's website at www.sec.gov and on our website at www.edwardjones.com.

**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K, and in particular Part II, Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of U.S. securities laws. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "may," "intend," "estimate," "will," "should," "plan," and other expressions which predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Partnership. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Partnership to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause differences between forward-looking statements and actual events include, but are not limited to, the following: (1) general economic conditions, including inflation, an economic downturn, a recession or volatility in the U.S. and/or global securities markets, actions of the U.S. Federal Reserve and/or central banks outside of the United States and economic effects of international geopolitical conflicts, tariffs and other trade restrictions, the U.S. federal debt ceiling, widespread health epidemics or pandemics or other major world events; (2) actions of competitors; (3) the Partnership's ability to attract and retain qualified financial advisors and other employees; (4) changes in interest rates; (5) regulatory actions; (6) changes in legislation or regulation, including changes in tax laws; (7) litigation; (8) the ability of clients, other broker-dealers, banks, depositories and clearing organizations to fulfill contractual obligations; (9) changes in technology and other technology-related risks; (10) a fluctuation or decline in the fair value of securities; and (11) the risks discussed under Part I, Item 1A – Risk Factors. These forward-looking statements were based on information, plans, and estimates as of the date of this report, and the Partnership does not undertake to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

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PART I

**ITEM 1A. RISK FACTORS**

The Partnership is subject to a number of risks potentially impacting its business, financial condition, results of operations and cash flows. In addition to the risks and uncertainties discussed elsewhere in this Annual Report on Form 10-K, or in the Partnership's other filings with the SEC, the following are some important factors that could cause the Partnership's actual results to differ materially from results experienced in the past or those projected in any forward-looking statement. If any of the matters included in the following risks were to occur, the Partnership's business, financial condition, results of operations and cash flows could be materially adversely affected. The risks and uncertainties described below are not the only ones the Partnership faces. Additional risks and uncertainties not presently known to the Partnership or that the Partnership currently deems immaterial could also have a material adverse impact on the Partnership's business and operations. All amounts are presented in millions, except as otherwise noted.

**RISKS RELATED TO THE PARTNERSHIP'S BUSINESS**

**<u>Risks Related to Economic and Market Conditions and Events</u>**

**MARKET CONDITIONS AND SECURITIES INDUSTRY — *The Partnership's financial results are directly impacted by market conditions, inflation, recessionary conditions and trends and changes in the securities industry. A downturn or a recession in the U.S. and/or global securities markets could have a significant negative effect on revenues that could reduce or eliminate profitability of the Partnership. Increasing or prolonged inflation could also affect securities prices and as a result, the profitability of the Partnership. Furthermore, the securities industry is continually facing change, some of which may negatively impact the profitability of the Partnership.***

General political and economic conditions and events such as U.S. fiscal and monetary policy, economic recession, governmental shutdown, trade tensions and disputes, including tariffs, global economic slowdown, the U.S. federal debt ceiling, widespread health epidemics or pandemics, extreme weather and natural disasters, terrorist attacks, war or other geopolitical conflict, changes in local and national economic, social and political conditions, regulatory changes or changes in the law, including in tax laws, or interest rate or currency rate fluctuations could create a downturn in the U.S. and/or global securities markets. The securities industry, and therefore the Partnership, is highly dependent upon market prices and volumes which are highly unpredictable and volatile in nature. Events such as global recession, frozen credit markets, institutional failures and emergence of geopolitical conflicts could make the capital markets increasingly volatile. Weakened global economic conditions and unsettled financial markets, among other things, could cause significant declines in the Partnership's net revenues which would adversely impact its overall financial results.

The Partnership's composition of net revenue is heavily weighted towards asset-based fee revenue, and a decrease in the market value of assets could have a negative impact on the Partnership's financial results as asset-based fees are earned on the market value of the underlying client assets. Market volatility could also cause clients to move their investments to lower margin products, or withdraw them, which could have an adverse impact on net new assets and the profitability of the Partnership. The Partnership could also experience a material reduction in volume and lower securities prices in times of market volatility, which would result in lower trade and asset-based fee revenue, decreased margins and losses in Firm inventory and investment accounts. In the event of a significant reduction in revenues, the Partnership could experience a material adverse impact on the profitability of the Partnership.

High inflation rates and market expectations of rising or prolonged inflation in the future can negatively influence net new assets, securities prices and activity levels in the securities markets. The Partnership has and may continue to see increased asset outflows with ongoing macroeconomic conditions, including inflation, higher costs of lending and other factors. As a result, the Partnership's profitability has and may continue to be adversely affected by inflation and inflationary expectations. Additionally, the impact of inflation on the Partnership's operating expenses may affect profitability to the extent that additional costs are not recovered through attracting new clients, gathering new assets or raising prices of services offered by the Partnership to increase revenue.

A significant portion of the Partnership's clients' holdings are in mutual fund investments, which have been and may continue to be impacted by changes in the mutual funds industry affecting fee structures. The Partnership has experienced and may continue to experience decreased margins earned on mutual funds, which negatively impacts trade revenue.

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Item 1A. Risk Factors, continued

**COMPETITION *— The Partnership is subject to intense competition for clients and personnel, and there is an increasing pace of industry change. Some of its competitors have greater resources and are rapidly changing their business practices.***

All aspects of the Partnership's business are highly competitive. The financial services industry continues to innovate and evolve technologically, with an increasing number of firms of all sizes providing personalized services and enhanced digital experiences for clients, including the utilization of artificial intelligence technologies and lower cost, computer-based "robo-advice". The Partnership is subject to risk from the accelerated changes and increasingly competitive forces in the industry, which have resulted and are expected to continue to result in, significant investments in financial advisors and other human capital, technology infrastructure, digital initiatives, knowledge- and data-powered tools, and strategic relationships to support long-term growth objectives and deliver enhanced value and impact for millions of current and potential clients, as well as the Partnership's colleagues and communities. Clients can transfer their business to competing organizations at any time. The Partnership's continued ability to compete and adapt its business model may be adversely impacted by the evolving financial services industry and generational wealth transfer, including changing client expectations for expanded product offerings and technology needs, and changing client demographics, preferences and values. The Partnership is also subject to competition in the industry from robo-advisors and other lower cost options and from "fintech" companies with internet- and mobile-based platforms and from other non-traditional competitors. The Partnership may be subject to operational, financial and other impacts if the Partnership is unable to keep pace with this rapidly changing environment, which includes client, industry, technology, artificial intelligence and regulatory changes. If the Partnership does not meet client needs, the Partnership could lose clients, thereby reducing revenues and profitability. Further, the Partnership faces increased competition for clients from larger firms in its non-urban markets, and from a broad range of firms in the urban and suburban markets in which the Partnership competes.

Competition among financial services firms also exists for new and experienced financial advisors, CSTPs and home office associates. The Partnership's continued ability to expand its business and to compete effectively depends on the Partnership's ability to attract qualified employees and to retain, develop and engage an evolving workforce. Additionally, the Partnership's total households and net new assets goals are dependent on retaining and growing the number of financial advisors and on financial advisors' ability to compete for clients in order to attract and retain clients and clients' assets. Financial advisor attrition could increase if the Partnership's product offerings are insufficient to meet the needs of clients or financial advisors or if the Partnership's employment model does not meet financial advisors' expectations. If the Partnership's profitability decreases, then bonuses paid to financial advisors, CSTPs and home office associates, along with profit-sharing contributions, may be decreased or eliminated, increasing the risk that personnel could be hired away by competitors. Furthermore, during an extended downturn in the economy, there is increased risk the Partnership's more successful financial advisors may leave because a significant portion of their compensation is variable based on the Partnership's profitability.

The Partnership competes for clients and personnel directly with other broker-dealers, registered investment advisors, banks, insurance companies and other financial services firms. Some of these firms are larger than the Partnership in terms of capital, resources, AUC, transaction volume and range of product offerings. The Partnership continues to compete with firms of all sizes offering discount services, usually with lower levels of personalized service to individual clients, including major competitor brokerage firms that offer zero commissions for purchases and sales of stocks, ETFs and other brokerage products. The Partnership currently charges clients a commission for the purchase and sale of similar products. Existing and future clients may seek lower cost options, which may significantly reduce the Partnership's trade revenue for the purchase and sale of brokerage products in the future.

The current U.S. federal tax laws generally create favorable tax treatment for owners of pass-through entities with taxable income. However, many of the Partnership's financial advisors are employees and do not qualify for the favorable tax treatment. Further, the tax laws limit the deductibility of certain business expenses for employees. Current, new or revised tax laws may negatively impact the Partnership's ability to recruit and retain financial advisors against certain competitor models.

The competitive pressure the Partnership experiences could have an adverse effect on its business, results of operations, financial condition and cash flow. For additional information, see Part I, Item 1 – Business – Business Operations – Competition.

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**INTEREST RATE ENVIRONMENT — *The Partnership's profitability is impacted by the interest rate environment.***

The Partnership is exposed to risk from changes in interest rates. Such changes in interest rates impact the income from interest-earning assets, primarily receivables from clients on margin balances and short-term investments. The changes in interest rates may also have an impact on the expense related to liabilities that finance these assets, such as amounts payable to clients.

The Partnership's revenue earned from certain cash solutions products is impacted by changes in interest rates, with lower interest rates negatively impacting revenue and profitability. The changing interest rate environment may have a negative impact on the Partnership's ability to negotiate contracts with new banks or renegotiate existing contracts on comparable terms with banks participating in client cash programs. The Partnership's profitability is also affected by the interest rate profit margin earned on client investments, and a change in that margin could have a negative impact on the Partnership's financial results. Further, in low interest rate environments, the Partnership has waived certain fees to maintain a positive client yield, which could happen again if interest rates were to decline in the future.

Increases in interest rates would subject the U.S. Treasury market to decreasing prices, directly impacting the Partnership's valuation of its portfolio of government and agency obligations, which may result in realized and unrealized losses on its investments. The respective interest rates earned and paid on the Partnership's financial assets and liabilities may not change at the same pace, which also may reduce the Partnership's profitability. Additionally, in a high-interest rate environment, clients may choose to make large purchases with cash rather than debt, negatively impacting net new assets and margin loan balances.

**<u>Risks Related to Legal and Regulatory Matters</u>**

**LEGISLATIVE AND REGULATORY INITIATIVES — *Proposed, potential and recently enacted federal and state legislation, rules and regulations ("Legislative and Regulatory Initiatives") could significantly impact the regulation and operation of the Partnership and its subsidiaries. In addition, Legislative and Regulatory Initiatives may significantly alter or restrict the Partnership's historic business practices, which could negatively affect its operating results.***

The Partnership is subject to extensive regulation by federal and state regulatory agencies and by SROs and other regulators. The Partnership operates in a regulatory environment that is subject to ongoing change and has seen significantly increased regulation in recent years. Further, as the Partnership continues to engage in strategic initiatives to evolve its business and grow its positive impact on clients and communities, the Partnership may become subject to additional regulation. The Partnership may be adversely affected as a result of new or revised legislation or regulations, by changes in federal, state or foreign tax laws and regulations, or by changes in the interpretation or enforcement of existing laws and regulations. Legislative and Regulatory Initiatives may impact the manner in which the Partnership markets its products and services, manages its business and operations, and interacts with clients, third party service providers and regulators, any or all of which could materially impact the Partnership's results of operations, financial condition, and liquidity. Regulatory changes or changes in the law could increase compliance costs to adequately monitor, interpret and address the changes which would adversely impact profitability.

There is a high degree of uncertainty surrounding Legislative and Regulatory Initiatives. Current Legislative and Regulatory Initiatives have resulted in an increasingly complex environment in which the Partnership conducts its business. As such, the Partnership cannot reliably predict when or if any of the proposed or potential Legislative and Regulatory Initiatives will be enacted, when or if any enacted Legislative and Regulatory Initiatives will be implemented, whether there will be any changes to enacted or proposed Legislative and Regulatory Initiatives or the impact that any Legislative and Regulatory Initiatives will have on the Partnership.

The Partnership continues to monitor several Legislative and Regulatory Initiatives, including, but not limited to:

*Customer Protection Rule under the Exchange Act*. The SEC adopted amendments to the Customer Protection Rule requiring certain broker-dealers to perform the reserve computation and make any required deposits into their reserve bank accounts daily rather than weekly. For Edward Jones, the amendments are effective June 30, 2026, will require additional

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resources for compliance, and could have an impact on the Partnership's results of operations, financial condition, and liquidity. The Partnership has dedicated resources to ensure compliance with the rule.

*U.S. Treasury Clearing Rule.* The SEC adopted the Treasury Clearing Rule in December 2023 to require broker-dealers who are direct participants of a central clearing agency, and broker dealers who enter into transactions with direct participants, to submit for clearing any eligible secondary market U.S. Treasury transactions. The Partnership anticipates impacts to Firm operations and is dedicating resources to implement measures to comply with the rule for eligible cash Treasury transactions by December 31, 2026 and Treasury repurchase agreement transactions by June 30, 2027. The Partnership is pursuing a membership with FICC, the sole Treasury central clearing agency, to ensure compliance with the rule.

**LITIGATION AND REGULATORY EXAMINATIONS, INVESTIGATIONS AND PROCEEDINGS — *As a financial services firm and employer of a significant number of employees, the Partnership is subject to litigation involving civil plaintiffs seeking substantial damages and regulatory examinations, investigations and proceedings, which have increased over time.***

Many aspects of the Partnership's business involve substantial litigation and regulatory risks. The Partnership is, from time to time, subject to arbitration claims, lawsuits and other significant litigation such as class action suits. In the ordinary course of business, the Partnership also is subject to examinations, informal inquiries and investigations by regulatory and other governmental agencies, as well as SROs and other regulators. Such matters have in the past, and could in the future, lead to formal actions and proceedings, which may negatively impact the Partnership's business or reputation and may result in significant expenses. The financial services industry continues to experience increasing litigation including class action suits that generally seek substantial damages, as well as increased regulatory scrutiny. The growing volume and increased pace of change of regulations adds complexity and cost to managing compliance capabilities and could result in potential investigations, fines and reputational harm, and these risks are intensified by increasing policy volatility and resulting uncertainty in enforcement priorities.

As of December 31, 2025, the Partnership had approximately 55,000 full-time and part-time employees and partners, including its financial advisors. Accordingly, the Firm is subject to an increasing and wide variety of federal, state and local employment-related laws and regulations which govern matters including, but not limited to, wage and hour requirements, equal employment opportunity obligations, leaves of absences and reasonable accommodations, employee benefits and other regulated matters.

Regulators have had an increasing focus on cybersecurity measures. The Partnership may face scrutiny if it does not scale processes, controls and technologies to prevent, detect, respond to and recover from cyber and financial crimes as it increases digital interactions with clients, associates and third-party vendors. Failure to meet regulatory expectations could result in financial losses, increased regulatory scrutiny, legal consequences and reputational harm.

The Partnership has incurred and may continue to incur significant expenses to defend and settle claims related to the above matters and others. Negative outcomes in litigation or regulatory investigations may negatively impact the Partnership's financial results due to penalties and fines, restitution to clients and personnel and injunctive or other equitable relief, which may be significant. Additionally, negative outcomes may result in reputational harm that could impact the Partnership's ability to attract and retain clients and personnel. In view of the inherent difficulty of reliably predicting the outcome of such matters, particularly in cases in which claimants seek substantial or indeterminate damages or in actions which are at very preliminary stages, the Partnership cannot predict with certainty the eventual loss related to such matters.

Such legal actions may be material to future operating results for a particular period or periods. Refer to Part II, Item 8 – Financial Statements and Supplementary Data – Note 14 to the Consolidated Financial Statements for information regarding the Partnership's legal proceedings.

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Item 1A. Risk Factors, continued

**BANK APPLICATION APPROVAL — *Due to the conditional approval of the Partnership's application to obtain a bank charter, the Partnership will be subject to additional risks related to capital and other costs to establish and maintain the bank, additional regulatory oversight, potential legislative changes and uncertainty of obtaining the anticipated benefits.***

In February 2026, the UDFI and the FDIC conditionally approved the Partnership's application to establish Edward Jones Bank. The Partnership cannot reliably predict whether and to what extent Edward Jones Bank will yield the anticipated benefits. The Partnership expects to incur substantial start-up costs and commit a significant amount of capital to support the development and initial operations of Edward Jones Bank. Factors that could affect the profitability and success of Edward Jones Bank include, but are not limited to, unanticipated additional costs and challenges related to funding and liquidity, operational challenges, uncertain client demand, changes in interest rates and compliance with legal and regulatory requirements and oversight, any or all of which may adversely impact Edward Jones Bank's and the Partnership's results.

**<u>Risks Related to Human Capital</u>**

**INABILITY TO ATTRACT, RETAIN, DEVELOP AND SUPPORT QUALIFIED TALENT — *If the Partnership is unable to attract, retain, develop and support qualified financial advisors, CSTPs and home office associates, the Partnership may not be able to support the future needs of the business, maintain or increase its operating results or grow the Firm's positive impact on clients and communities.***

The Partnership is making significant investments in financial advisors, CSTPs and home office associates with a focus on strengthening our colleague experience and capabilities. However, the market for qualified personnel is highly competitive as financial industry employers are offering incentives such as guaranteed contracts, upfront payments and increased compensation, which may adversely impact the Partnership's attraction and retention of qualified talent and could lead to increased compensation costs for the Partnership and decreased profitability.

The Partnership's growth and retention of client accounts, as well as the gathering of new assets, are affected by retention and growth in the number of financial advisors, as well as CSTPs and home office associates who support those financial advisors. If the Partnership is unable to grow and retain needed talent, it may be unable to effectively deliver on the work of the Partnership resulting in slower growth in the number of client accounts and net new assets, which could have an adverse impact on the Partnership's results of operations.

During times of market volatility and industry change, it has been, and may continue to be, more difficult for the Partnership to attract qualified applicants for financial advisor positions. The Partnership relies heavily on referrals from its current financial advisors in recruiting new financial advisors, and current financial advisors may be less effective at recruiting during times of market volatility and industry change. Additionally, new financial advisors have and may continue to encounter difficulties developing or expanding their businesses, specifically in times of market volatility. There can be no assurance that the Partnership will be able to grow, retain, develop and support its financial advisors and it may experience increased financial advisor attrition due to increased competition from other financial services companies and efforts by those firms to recruit its financial advisors. Furthermore, periods with lower Firm profitability and revenue result in decreases in variable and commission-based compensation, which may, among other things, increase the Partnership's attrition rates. There can be no assurance that the attrition rates the Partnership has experienced in the past will not increase in the future.

Additionally, if the Partnership is unable to effectively develop and support financial advisors, CSTPs and home office associates, including providing support needed for branch teams to gain necessary skills, increase business acumen and obtain additional designations, it may be unable to effectively deliver on the Partnership's objectives and may experience decreased associate satisfaction and retention.

**BRANCH OFFICE SYSTEM — *The Partnership's system of maintaining branch offices may expose the Partnership to risk of loss or liability from the activities of the branch team and to increases in rent related to increased real property values*.**

Branch offices do not have an onsite supervisor as may be found at other broker-dealers. The Partnership's primary supervisory activity is conducted by its home office associates. Although this method of supervision is designed to comply with all applicable industry and regulatory requirements, it is possible that the Partnership is exposed to a risk of loss and a

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heightened regulatory risk arising from alleged financial crimes, fraud, imprudent or illegal actions of its financial advisors and/or CSTPs. Furthermore, the Partnership may be exposed to further losses if additional time passes before its supervisory personnel detect problem activity.

In addition, the Partnership leases its branch office spaces and a material increase in the value of real property across a broad geography may increase the amount of rent paid, which will negatively impact the Partnership's profitability. Further, the Partnership is currently focused on placing financial advisors in urban markets, which tend to have higher rent costs and could negatively impact the Partnership's profitability.

**<u>Risks Related to Business Operations</u>**

**TECHNOLOGY TRANSFORMATION AND UPGRADE OF LEGACY SYSTEMS — *Inefficient or ineffective technology can have a material negative effect on the client and colleague experience and the Partnership's operations, profitability and reputation. The Partnership will continue to engage in significant digital and technology transformation initiatives in the future which may be costly and could lead to additional disruptions.***

The Partnership has engaged in significant digital initiatives to modernize its technology and expects to continue to do so in the future. The velocity and complexity of change at the Partnership as well as the number of concurrent transformation initiatives may result in increased process and control execution risk and human capital risk, including resource sufficiency and key person risk. In addition, existing legacy technology infrastructure can be difficult to upgrade, modify, or train new associates to use, resulting in increased operational and cybersecurity risks. If the Partnership is unable to effectively transition its infrastructure to provide faster, more efficient and reliable technology with the automation of processes and controls, as well as increase its colleagues' digital acumen, it may be unable to support the current business or future expansion. The Partnership's inability to enhance technology at the pace of the industry could decrease client and colleague satisfaction and retention and negatively impact its ability to attract and retain clients, which could negatively impact the Partnership's operations, profitability and reputation.

The Partnership's increased cost from these digital initiatives may continue to adversely impact the Partnership's profitability. Furthermore, with any major digital initiative or system replacement, there will be a period of education and adjustment for the branch and home office associates utilizing the tool or system. Following any upgrade or replacement, if the Partnership's systems, tools or equipment do not operate properly, are disabled or fail to perform due to increased demand (which might occur during market upswings or downturns), or if a new tool, system or system upgrade contains a major problem, the Partnership could experience inefficiencies and unanticipated disruptions in service, including interrupted trading, slower response times, decreased client service and client satisfaction, poor user experience and delays in the introduction of new products and services, any of which could result in financial losses, liability to clients, regulatory intervention or reputational damage. Further, any use of new or emerging technologies, such as artificial intelligence, by the Partnership or the third parties it relies on may expose the Partnership to additional information security and legal risk, increased regulation and regulatory scrutiny, and risk of reputational harm.

**TECHNOLOGY AND OPERATIONAL DISRUPTIONS — *The inability to successfully process client transactions due to volume and volatility can have a material negative effect on the Partnership's profitability, operations, reputation and regulatory compliance.***

The Partnership processes, records and monitors a significant amount of client transactions daily. Transaction volume and volatility may result in unanticipated system interruptions, errors or downtime due to system capacity that could have a significant impact on the Partnership's profitability, operations and reputation. Significant volatility in the number of client transactions and rebalancing activity may cause operational problems such as a higher incidence of failures to deliver and receive securities and errors in processing transactions, and such volatility may also result in increased personnel and related processing costs that could have a negative impact on the Partnership's profitability. In the event the Partnership's processes or systems are unable to handle transaction volatility and volumes, the Partnership may experience errors or extended periods of downtime to restore system functionality that could affect its ability to process and settle client transactions timely and accurately, potentially resulting in financial losses, disciplinary action by governmental agencies, SROs and/or other regulators and damage to the Partnership's reputation. Additionally, the inability of the Partnership's systems to accommodate a significant increase in the volume of transactions could also constrain its ability to expand its

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Item 1A. Risk Factors, continued

business. Furthermore, technology and operational disruptions could result in inaccurate books and records, which would expose the Partnership to disciplinary action by governmental agencies, SROs and other regulators.

**INVESTMENT ADVISORY ACTIVITIES — *The Partnership's investment advisory businesses may be affected by the investment performance of its portfolios and operational risks associated with the size of the programs.***

Poor investment returns, due to either general market conditions or underperformance of programs constructed by the Partnership (relative to the programs of the Partnership's competitors or to benchmarks) may affect the Partnership's ability to retain existing AUC and to attract new clients or additional assets from existing clients. Reductions in AUC in programs which generate asset-based fees may result in a decrease in net revenue.

Based on the current size of the investment advisory programs, the programs may experience concentration risks associated with the level and percentage of holdings in individual funds within the programs which could result in additional operational and regulatory risks for the Partnership. As a result of the size of the programs, the Partnership is also exposed to the risk that trading volumes and program activity could impact the Partnership's ability to process transactions in a timely manner.

**PROPRIETARY MUTUAL FUNDS — *The Partnership's business may be affected by operational risks, investment performance and heightened regulatory requirements as a result of sponsoring proprietary mutual funds and managing sub-advisers and other third-party service providers.***

As a sponsor and investment adviser to proprietary mutual funds, the Partnership, through its ownership of Olive Street, may experience additional operational risk and regulatory requirements attributed to Olive Street's responsibilities to oversee the investment management of mutual funds. Due to the size and number of sub-advisers within the proprietary mutual funds, there is a heightened risk associated with the Partnership's ability to perform ongoing due diligence and supervision. Poor investment returns, due to either general market conditions or underperformance, of proprietary mutual funds may affect the Partnership's ability to expand the BB Trust, develop new mutual funds, attract new client assets, and retain existing client assets.

**RELIANCE ON THIRD PARTIES — *The Partnership's dependence on third-party organizations exposes the Partnership to risks, including risk of disruption or loss if their products and services are no longer offered or supported or develop defects, concentration risk and information security risk.***

The Partnership is dependent upon the availability, operational capacity and capability of a growing number of complex third parties. These third parties enable certain critical business operations including outsourcing services which had previously been performed by the Partnership, such as tools that support branch teams' interactions with clients and enhance client experiences. The Partnership is subject to risk if these third parties are not able to support the Partnership's business operations caused by information security incidents, environmental events or other business resilience failures or if the Partnership fails to adequately and routinely perform third party oversight.

The Partnership depends heavily on a small number of industry firms, especially those that execute securities transactions, to support the obligations it makes to its clients. Relying on a limited group of firms creates concentration risk. The Partnership's critical third parties include NSCC, DTC, FICC and CDS. The inability of these organizations to promptly process securities transactions and satisfy clearing and depository obligations could result in substantial losses to the Partnership and delays in or disruptions to the delivery of cash or securities to clients due to the large volume of business.

The Partnership is also particularly dependent on Broadridge, which acts as the Partnership's primary vendor for providing accounting and record-keeping for client accounts in both the U.S. and Canada. The Partnership's communications and information systems are integrated with the information systems of Broadridge. There are relatively few alternative providers to Broadridge and although the Partnership has analyzed the feasibility of performing Broadridge's functions internally, the Partnership may not be able to do it in a cost-effective manner or otherwise. The Partnership also utilizes certain products and services of BNY Mellon for mutual fund investments held by the Partnership's clients and for certain trading activities. BNY Mellon's products and services enable the Partnership to provide certain services to mutual funds, primarily shareholder accounting.

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Item 1A. Risk Factors, continued

Additionally, the Partnership is increasingly reliant on third parties throughout the branch operating system. Consequently, any technologies implemented by these third parties which are not compatible with the Partnership's systems, or any other interruption or the cessation of service by these third parties as a result of systems limitations or failures, could cause unanticipated disruptions in the Partnership's business which may result in financial losses and/or disciplinary action by governmental agencies, SROs and/or other regulators.

A significant portion of the Partnership's revenue comes from commissions and service fees that the Partnership earns from third-party mutual fund and insurance companies for providing certain distribution and marketing support services for those companies' products held by Edward Jones clients. For mutual funds, those commissions and service fees are based on the terms of mutual fund prospectuses. Substantial changes to the structure of the commissions and fees paid to the Partnership could have an adverse impact on asset-based and trading revenues.

**INFORMATION SECURITY INCIDENTS AND FRAUD — *Information* s*ecurity incidents affecting the Partnership's systems, or those of third parties, and other fraudulent acts could lead to significant financial loss to the Partnership's business and operations, significant liability, and harm to the Partnership's reputation and client relationships.***

The Partnership relies heavily on communications and information systems to conduct its business, including the secure processing, storage and transmission of confidential Firm and client data. The Partnership's offices and its existing communications and information systems, including its backup systems, as well as the systems of third parties the Partnership relies on, are vulnerable to information security incidents, including breaches, damage or interruptions from human error, sabotage, cybersecurity attacks such as ransomware, computer viruses and other malicious code, intentional acts of vandalism, phishing communications and spoofing, and risks associated with emerging technologies such as artificial intelligence. The risk of these types of information security incidents occurring is ongoing and the ability to detect them is increasingly difficult, and there can be no assurance the Partnership will not experience losses in the future.

The Partnership, its third parties, its associates and its clients are subject to ongoing cybersecurity threats and attacks, the sophistication of which continues to rapidly evolve and become more complex. Cyberattacks can come from organized crime groups, hackers, terrorist organizations, extremist parties, hostile foreign governments and their proxies, state-sponsored actors, and activists. The Partnership has policies and procedures in place to monitor and detect cybersecurity risks and continues to improve its cybersecurity defenses, however, there is no guarantee that the Partnership will detect all cyberattacks or that its policies and procedures will adequately address the risk, detect a breach timely or enable the Partnership to respond effectively and recover quickly despite measures taken. While the Partnership has not experienced a material cyberattack, there is no assurance a cyberattack will not occur in the future, which could have a material impact on the Partnership's financial condition and operating results.

If an information security incident was to occur, such an event could substantially disrupt the Partnership's business by exposing the Partnership's, its clients' or third parties' confidential information or causing interruptions or malfunctions in the Partnership's or third parties' operations. The Partnership is reliant on third parties' timely communication of cybersecurity incidents that occur outside of the organization with potential impacts on the Partnership's data and information. Additionally, in order to serve clients, the Partnership maintains personal information about current, former and prospective clients, partners and associates that is subject to various laws and regulations. Security incidents involving this type of information could subject the Partnership to significant liability and expenses that may not be covered by insurance. In addition, the Partnership's reputation and business may suffer if such clients or associates experience data or financial loss from a significant security incident.

As the Firm continues to invest in and deploy new digital tools, platforms and client-facing technologies, its exposure to fraud risk is expected to increase. Enhancing digital capabilities may create additional opportunities for unauthorized access, account compromise or misuse of client information. While the Firm maintains a comprehensive control framework and continues to strengthen fraud-prevention measures, the evolving nature of digital threats may increase residual risk as technology adoption accelerates, which could result in increased financial loss, operational disruption, legal or regulatory consequences and harm to client trust. Further, incidents of fraud or other financial exploitation that evade the Firm's client protection measures, particularly for its senior clients and other vulnerable groups, may result in increased risk of loss for the Partnership and harm to its reputation and client relationships.

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Item 1A. Risk Factors, continued

**NEW STRATEGIES, SOLUTIONS AND PRODUCTS — *The Partnership is subject to the risk that recently launched or potential new strategies, solutions, products, structures and relationships being developed or made available to the Partnership's clients may not be successful; and if successful, the Partnership may contribute more capital, experience increased costs to support operations and could be subject to risks related to additional regulatory oversight, potential legislative changes and uncertainty of the resulting benefits for the Partnership, its partners, or its clients.*** 

The Partnership has been actively pursuing and making substantial investments in additional strategies, solutions, products, structures and third-party relationships (collectively, "initiatives") to meet clients' planning, investing, saving, spending, borrowing and comprehensive needs. These initiatives include both potential future solutions currently in development as well as recently launched products and solutions such as Financial Planning Services, where clients receive a more personalized experience with additional planning capabilities. These initiatives also include targeting new clients: High Net Worth, focused on attracting and serving high net worth clients through expanded advice, planning, products and services across multiple service models; Workplace, which connects local business owners and their employees with financial solutions through their workplace; and a new digital platform, focused on attracting and retaining Next Generation investors. The success of new initiatives is dependent upon the broad adoption by financial advisors, CSTPs and home office associates and the Partnership cannot reliably predict the timing or outcome of the initiatives, and whether and to what extent the initiatives would yield benefits for the Partnership, its partners, and its clients. The Partnership's exploration of these initiatives may result in the Partnership incurring substantial costs and continuing to commit a significant amount of capital to support their development and operations. Factors that could affect the profitability and success of the Partnership's initiatives include, but are not limited to, unanticipated additional costs, the need for additional capital support, operational challenges, uncertain client demand, legislative and regulatory changes, compliance and oversight, any or all of which may adversely impact the Partnership's results of operations, financial condition and liquidity.

**<u>Risks Related to Liquidity and Capital</u>**

**LIQUIDITY — *The Partnership's business in the securities industry and ownership structure requires that sufficient liquidity be available to maintain its business activities, and it may not always have access to sufficient funds.***

Liquidity, or ready access to funds, is essential to the Partnership's business. A tight credit market could have a negative impact on the Partnership's ability to maintain sufficient liquidity to meet its working capital needs. Short-term and long-term financing are two sources of liquidity that could be affected by rising and falling interest rates resulting in unattractive credit terms or a market in which lenders may reduce their lending to borrowers. There is no assurance that financing will be available at attractive terms, or at all, in the future. Additionally, the Partnership's access to funds held at the broker-dealer is subject to regulatory capital requirements and may require approval from regulators. A significant decrease in the Partnership's access to funds could negatively affect its business and financial management in addition to its reputation in the industry.

From time to time, the Partnership has offered and issued Interests to new or existing limited partners. Historically, the Partnership has experienced high participation in such offerings, and such offerings have provided a significant source of capital and liquidity to the Partnership. In the future, the Partnership may elect to conduct additional offerings of such Interests to raise capital for the Partnership and thereby increase capital and liquidity. If the Partnership experiences reduced rates of participation or the amount of capital raised in such offerings is less than the Partnership's historical experience or expectations, the Partnership's available liquidity may be impacted, and the Partnership may be required to seek other sources of liquidity.

A significant volume of withdrawals by limited partners, subordinated limited partners or general partners would reduce the Partnership's available liquidity and capital. Additionally, limited partners who finance all or a portion of their limited partner interests with bank loans must pay interest on their loan regardless of the amount of distributions received, and therefore may be more likely to request the withdrawal of capital to repay such obligations.

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Item 1A. Risk Factors, continued

**CAPITAL REQUIREMENTS; UNIFORM NET CAPITAL AND CUSTOMER PROTECTION RULES — *The Uniform Net Capital Rule imposes minimum net capital requirements and could limit the Partnership's ability to engage in certain activities which are crucial to its business. The Customer Protection Rule may limit the rate of return the Partnership could earn on cash and investments.***

Adequacy of capital is vitally important to broker-dealers, and lack of sufficient capital may limit the Partnership's ability to compete effectively. In particular, lack of sufficient capital or compliance with the Uniform Net Capital Rule may limit Edward Jones' ability to commit to certain securities activities such as trading and its ability to expand margin account balances, as well as its commitment to new activities requiring an investment of capital. FINRA regulations and the Uniform Net Capital Rule may restrict Edward Jones' ability to expand its business operations, including opening new branch offices or hiring additional financial advisors. Consequently, a significant operating loss or an extraordinary charge against net capital could adversely affect Edward Jones' ability to expand or even maintain its present levels of business.

Pursuant to the Customer Protection Rule, the Partnership has cash and investments segregated in special reserve bank accounts for the benefit of U.S. clients. Banking regulations and the interest rate environment may impact the Partnership's ability to continue to find financial institutions at which to place those segregated client funds and earn a reasonable rate of return on those funds. Additionally, the Partnership has significant investments in U.S. treasuries and certificates of deposit to help facilitate cash management for the Firm and regulatory reserve requirements for its clients. In the event of a significant and sudden change to the customer reserve requirements, the Partnership may experience liquidity restraints and have to sell the investments at a loss, which may negatively impact the Partnership's profitability.

In the U.S., Edward Jones may be required to restrict its withdrawal of capital in order to meet its net capital requirements. In addition to the regulatory requirements applicable to Edward Jones, Trust Co. and EJ Canada are subject to regulatory capital requirements in the U.S. and in Canada, respectively. Failure by the Partnership to maintain the required regulatory capital for any of its subsidiaries may subject it to disciplinary actions by the SEC, FINRA, CIRO, OCC or other regulatory bodies, which could ultimately require its liquidation.

**LACK OF CAPITAL PERMANENCY — *Because the Partnership's capital is subject to mandatory redemption either upon the death or withdrawal request of a partner, the capital is not permanent and a significant mandatory redemption could lead to a substantial reduction in the Partnership's capital, which could, in turn, have a material adverse effect on the Partnership's business.***

Under the terms of the Partnership Agreement, a partner's capital is required to be redeemed by the Partnership in the event of the partner's death, subject to compliance with ongoing regulatory capital requirements. In addition, partners may request withdrawals from their capital accounts, subject to certain limitations on the timing of those withdrawals and regulatory capital requirements. Accordingly, the Partnership's capital is not permanent and is dependent upon current and future partners to both maintain their existing capital and make additional capital contributions in the Partnership. Any withdrawal requests by general partners, subordinated limited partners or limited partners would reduce the Partnership's available liquidity and capital. The Managing Partner may decline a withdrawal request if that withdrawal would result in the Partnership violating any agreement, such as a loan agreement, or any applicable laws, rules or regulations.

Under the terms of the Partnership Agreement, limited partners requesting withdrawal from the Partnership are repaid their capital in three equal annual installments beginning no earlier than 90 days after their withdrawal notice is received by the Managing Partner. The capital of general partners requesting withdrawal from the Partnership is, at the discretion of the Managing Partner, to be redeemed by the Partnership within 60 days of the actual withdrawal or, if not timely redeemed, converted to subordinated limited capital. Subordinated limited partners requesting withdrawal are repaid their capital in six equal annual installments beginning no earlier than 90 days after their request for withdrawal of capital is received by the Managing Partner. The Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital. Redemptions upon the death of a partner are generally required to be made within six months of the date of death. Due to the nature of the redemption requirements of the Partnership's capital as set forth in the Partnership Agreement, the Partnership accounts for its capital as a liability, in accordance with U.S generally accepted accounting principles ("GAAP"). If the Partnership's capital declines by a substantial amount due to partner deaths or withdrawals, the Partnership may not have sufficient capital to operate or expand its business or to meet withdrawal requests by partners. The risk of withdrawal requests could increase during periods of decreased profitability or potential losses, which may impact the Partnership's results of operations.

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Item 1A. Risk Factors, continued

**CREDIT RISK — *The Partnership is subject to credit risk due to the nature of the transactions it processes for its clients.***

The Partnership is exposed to the risk that third parties who owe it money, securities or other assets will not meet their obligations. Many of the transactions in which the Partnership engages expose it to credit risk in the event of default by its counterparty or client, such as cash balances held at various major U.S. financial institutions, which typically exceed FDIC insurance coverage limits. In addition, the Partnership's credit risk may be increased when the collateral it holds cannot be realized or is liquidated at prices insufficient to recover the full amount of the obligation due to the Partnership.

**RISKS RELATED TO AN INVESTMENT IN LIMITED PARTNER INTERESTS AND PROFITS INTERESTS**

**HOLDING COMPANY — *JFC is a holding company; as a consequence, JFC's ability to satisfy its obligations under the Partnership Agreement will depend in large part on the ability of its subsidiaries to pay distributions, dividends and intercompany payments to JFC, which is restricted by law, regulation and contractual obligations, and which may be impacted by tax or business strategy.***

Since JFC is a holding company, the principal sources of cash available to it are distributions or dividends from its subsidiaries and other payments under intercompany arrangements with its subsidiaries. Accordingly, JFC's ability to generate the funds necessary to satisfy its obligations with respect to the Interests and Profits Interests, including the 7½% payment to Class A limited partners pursuant to the Partnership Agreement (the "7½% Payment"), will be dependent on distributions, dividends, and intercompany payments to JFC from its subsidiaries, and if those sources are insufficient, JFC may be unable to satisfy such obligations.

JFC's principal operating subsidiaries, Edward Jones and EJ Canada, are subject to various statutory and regulatory restrictions applicable to broker-dealers generally that limit the amount of cash distributions, dividends, loans and advances that those subsidiaries may pay to JFC. Regulations relating to capital requirements affecting some of JFC's subsidiaries also restrict their ability to pay distributions or dividends and make loans to JFC. See Part I, Item 1 – Business – Regulation for a discussion of these requirements.

In addition, JFC's subsidiaries may be restricted under the terms of their financing arrangements from paying distributions or dividends to JFC, or may be required to maintain specified levels of capital. Moreover, JFC or its subsidiaries may enter into financing or other contractual arrangements in the future which may include additional restrictions or debt covenant requirements further restricting distributions to JFC, which may impact JFC's ability to make distributions to its limited partners and its Profits Interests holders.

JFC's ability to make distributions may also be impacted by tax or business strategies that result in distributions, dividends, and intercompany payments being made to entities in JFC's organizational structure other than JFC.

**SUFFICIENCY OF DISTRIBUTIONS TO REPAY FINANCING — *Limited partners may finance their purchase of the Interests with a bank loan. The Partnership does not guarantee those loans, and distributions may be insufficient to pay the interest or principal due on the loans.***

Many limited partners finance the purchases of their Interests by obtaining personal bank loans. Any such bank loan agreement is between the limited partner and the bank. The Partnership performs certain administrative functions for the majority of limited partner bank loans, but does not guarantee the bank loans, nor can limited partners pledge their Interests as collateral for the bank loan. Limited partners who have chosen to finance a portion of the purchase price of their Interests assume all risks associated with the loan, including the legal obligation to repay the loan.

There is no assurance that distributions from the Partnership will be sufficient to pay the interest on a limited partner's loan or repay the principal amount of the loan at or prior to its maturity. Furthermore, in the event the Partnership experiences a loss which leads to its liquidation, there is no assurance there will be sufficient capital available to distribute to the limited partners for the repayment of any loans.

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Item 1A. Risk Factors, continued

**NON-VOTING INTERESTS; NON-TRANSFERABILITY OF INTERESTS; ABSENCE OF MARKET AND PRICE FOR INTERESTS — *The Interests and Profits Interests are non-voting and non-transferable and no market for the Interests or Profits Interests exists or is expected to develop. The price of Interests only represents book value and Profits Interests have no book value.***

None of the limited partners or Profits Interests holders in their capacity as limited partners or Profits Interests holders may vote or otherwise participate in the management of the Partnership's business. The Partnership Agreement may be amended without the consent of the limited partners, Profits Interests holders or subordinated limited partners by (a) the Managing Partner, upon the affirmative vote of a majority of the Enterprise Leadership Team ("ELT"), or (b) by the general partners holding a majority of the voting Interests. None of the limited partners or Profits Interests holders may sell, pledge, exchange, transfer or assign their Interests or Profits Interests without the express written consent of the Managing Partner (which is not expected to be given).

Because there is no market for the Interests or Profits Interests, there is no fair market value for the Interests or Profits Interests. The price ($1,000 per Interest) at which the Interests were offered represents the book value of each Interest. The Partnership's capital could decline to a point where the book value of the Interests could be less than the price paid. Profits Interests have no book value, are not redeemable for any value in the future, and expire upon the earlier of the redemption of the Profits Interests or at the end of their stated term.

**RISK OF DILUTION — *The Interests and Profits Interests may be diluted from time to time, which could lead to decreased returns to the limited partners and Profits Interests holders.*** 

The Managing Partner has the ability, in their sole discretion, to admit any limited partner and determine the amount of capital that each such limited partner shall be entitled to maintain and to issue profits interests to Profits Interest holders at such times and in such amounts as determined by the Managing Partner. The Partnership filed Registration Statements on Form S-8 with the SEC on February 9, 2026 and November 10, 2025, respectively, to register Profits Interests with aggregate Notional Capital Contributions not to exceed $100, to be issued pursuant to the Partnership's 2026 Profits Interest Plan (the "2026 Plan"), and $1,400 of Class B limited partner interests pursuant to the Partnership's 2025 Class B Employee Limited Partner Interest Purchase Plan (the "2025 Plan"). The Partnership previously registered $700 of limited partner interests (now Class A limited partner interests per the Partnership Agreement) issuable pursuant to the Partnership's 2021 Employee Limited Partnership Interest Purchase Plan (the "2021 Plan"). In 2023, the Partnership issued $568 of Class A limited partner interests under the 2021 Plan and the remaining $132 may be issued at the discretion of the Managing Partner in the future.

The issuance of additional Class A limited partner interests will decrease the Partnership's net income by the 7½% Payment for the additional Class A limited partner interests, and holders of existing Interests and Profits Interests may experience decreased returns on their investment because the amount of the Partnership's net income they participate in may be reduced as a consequence. Accordingly, the issuance of additional Class A limited partner interests will reduce the Partnership's net income and profitability. Class B limited partners will only receive allocations and distributions based on the Partnership's net income and will not receive the 7½% Payment to which Class A limited partners are entitled under the Partnership Agreement.

In 2025, the Partnership retained 17.2% of the general partners' net income as capital which is credited monthly to the General Partners' Adjusted Capital Contributions (as defined in the Partnership Agreement). Retention for 2026 is expected to be 22.5%. Such retention, along with any additional capital contributions by general partners, will reduce the percentage of participation in net income by limited partners and Profits Interests holders. There is no requirement to retain a minimum amount of general partners' net income, and the percentage of retained net income could change at any time in the future. In accordance with the Partnership Agreement, the percentage of income allocated to limited partners and Profits Interests holders is reset annually and the amount of retained general partner income reduces the income allocated to limited partners and Profits Interests holders.

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Item 1A. Risk Factors, continued

**LIMITATION OF LIABILITY; INDEMNIFICATION — *The Partnership Agreement limits the liability of the Managing Partner and general partners by indemnifying them under certain circumstances, which may limit a limited partner's and a Profits Interests holder's rights against them and could reduce the accumulated profits distributable to limited partners and Profits Interests holders.***

The Partnership Agreement provides that none of the general partners, including the Managing Partner, will be liable to any person for any acts or omissions performed or omitted by such partner on behalf of the Partnership (even if such action, omission or failure to act constituted negligence) as long as such partner has (a) not committed fraud, (b) acted in subjective good faith or in a manner which did not involve intentional misconduct, a knowing violation of law or which was grossly negligent, and (c) not derived improper personal benefit.

The Partnership also must indemnify any general partner, including the Managing Partner, from any claim in connection to acts or omissions performed in connection with the business of the Partnership and from costs or damages stemming from a claim attributable to acts or omissions by such partner, unless such act or omission was not in good faith on behalf of the Partnership, was not in a manner reasonably believed by the partner to be within the scope of their authority, and was not in the best interests of the Partnership. The Partnership does not have to indemnify any general partner, including the Managing Partner, in instances of fraud, for acts or omissions not in good faith or which involve intentional misconduct, a knowing violation of the law, or gross negligence, or for any acts or omissions where such partner derived improper personal benefit.

As a result of these provisions, the limited partners and Profits Interests holders have more limited rights against such partners than they would have absent the limitations in the Partnership Agreement. Indemnification of the general partners could deplete the Partnership's assets unless the Partnership's indemnification obligation is covered by insurance, which the Partnership may or may not obtain, or which insurance may not be available at a reasonable price or at all or in an amount sufficient to cover the indemnification obligation. The Partnership Agreement does not provide for indemnification of limited partners or Profits Interests holders.

**RISK OF LOSS — *The Interests are equity interests in the Partnership. As a result, and in accordance with the Partnership Agreement, the right of return of a limited partner's Capital Contribution (as defined in the Partnership Agreement) is subordinate to all existing and future claims of the Partnership's general creditors, including any of its subordinated creditors.***

In the event of a partial or total liquidation of the Partnership or in the event there were insufficient Partnership assets to satisfy the claims of its general creditors, the limited partners may not be entitled to receive their entire Capital Contribution amounts back. Limited partner capital accounts are not guaranteed. However, both Class A limited partners and Class B limited partners would be entitled to receive the return of their aggregate Capital Contributions before the return of any capital contributions to the subordinated limited partners or the general partners. If the Partnership experiences losses in any year but liquidation procedures described above are not undertaken and the Partnership continues, the amounts of such losses would be absorbed in the capital accounts of the partners as described in the Partnership Agreement, and each Class A limited partner in any event remains entitled to receive the 7½% Payments under the terms of the Partnership Agreement. However, as there would be no net income in such a year, limited partners would not receive any sums representing participation in net income of the Partnership. In addition, although the amount of the 7½% Payments to Class A limited partners are charged as an expense to the Partnership and are payable whether or not the Partnership earns any net income during any given period, no reserve fund has been set aside to enable the Partnership to make such payments. Therefore, such payments to the Class A limited partners are subject to the Partnership's ability to service the 7½% Payment, of which there is no assurance.

**STATUS AS PARTNER FOR TAX PURPOSES AND TAX RISKS — *Limited partners and Profits Interests holders are subject to income tax liabilities on the Partnership's income, whether or not income is distributed, and may have an increased chance of being audited. Limited partners and Profits Interests holders may also be subject to passive loss rules as a result of their investment.***

Limited partners and Profits Interests holders are required to file tax returns and pay income tax in U.S. jurisdictions in which the Partnership operates and in their place of residence or domicile. Any costs of obtaining professional tax advice or preparation of tax returns are the responsibility of the limited partner or the Profits Interests holder and may be significant.

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PART I

Item 1A. Risk Factors, continued

Limited partners and Profits Interests holders are liable for income taxes on their share of the Partnership's taxable income. The amount of the Partnership's taxable income that is allocated to a limited partner and a Profits Interests holder may significantly exceed the amount of the Partnership's net income that is allocated and distributed to the limited partner and the Profits Interests holder.

A limited partner's and a Profits Interests holder's share of the Partnership's income or losses could be subject to the passive loss rules. Under specific circumstances, certain income may be classified as portfolio income or passive income for purposes of the passive loss rules. In addition, under certain circumstances, a limited partner or a Profits Interests holder may be allocated a share of the Partnership's passive losses, the deductibility of which will be limited by the passive loss rules.

The Partnership's income tax returns may be audited by government authorities. Under U.S. federal audit and administrative procedures applicable to partnerships, any U.S. federal income taxes, penalties (including any accuracy-related penalties), and interest resulting from adjustments to Partnership tax items, including adjustments made pursuant to an IRS audit, generally will be imposed on the Partnership in the year in which the adjustments are made or otherwise become final. If, as a result of adjustments to Partnership tax items, the Partnership is required to make payments in respect of taxes, penalties and interest, the Partnership's profitability could be negatively impacted and cash available for distribution to our partners may be substantially reduced. Moreover, an audit of the Partnership's income tax returns may result in the audit of the returns of the limited partners or the Profits Interests holders and may require an amendment of their tax returns with the possibility of interest and penalty assessments.

**FOREIGN EXCHANGE RISK FOR CANADA RESIDENTS — *Each Canadian resident limited partner has the risk that they will lose value on their investment in the Interests due to fluctuations in the applicable exchange rate; furthermore, Canadian resident limited partners may owe tax on a disposition of their Interests solely as the result of a movement in the applicable exchange rate.***

All investors purchase Interests using U.S. dollars. As a result, limited partners who reside in Canada may risk having the value of their investment, expressed in Canadian currency, decrease over time due to movements in the applicable currency exchange rates. Accordingly, such limited partners may have a loss upon disposition of their investment solely due to a downward fluctuation in the applicable exchange rate.

In addition, changes in exchange rates could have an impact on Canadian federal income tax consequences for a limited partner, if such limited partner is a resident in Canada for purposes of the Canadian Tax Act. The disposition by such limited partner of an Interest, including as a result of the withdrawal of the limited partner from the Partnership or the Partnership's dissolution, may result in the realization of a capital gain (or capital loss) by such limited partner. The amount of such capital gain (or capital loss) generally will be the amount, if any, by which the proceeds of disposition of such Interest, less any reasonable costs of disposition, each expressed in Canadian currency using the exchange rate on the date of disposition, exceed (or are exceeded by) the adjusted cost base of such Interest, expressed in Canadian currency using the exchange rate on the date of each transaction that is relevant in determining the adjusted cost base. Accordingly, because the exchange rate for those currencies may fluctuate between the date or dates on which the adjusted cost base of a limited partner's Interest is determined and the date on which the Interest is disposed of, a Canadian-resident limited partner may realize a capital gain or capital loss on the disposition of their Interest solely as a result of fluctuations in exchange rates.

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PART I

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

The Partnership has an enterprise risk management framework that includes assessing, identifying and managing material risks from cybersecurity threats, overseen by the ELT, Audit & Risk Committee and Enterprise Risk Management Committee ("ERMC"). See Part III, Item 10 – Risk Management for a description of the Partnership's overall risk management and governance.

The Partnership's cybersecurity program is led by a Chief Information Security Officer ("CISO") with more than 19 years of experience in computer crimes and cybersecurity across the defense and financial services sectors. The CISO serves on the National Technology Security Coalition board and participates in the Financial Services CISO Forum, bringing extensive technical expertise and strong industry engagement to the oversight and management of the Partnership's cybersecurity risks.

The Partnership seeks to protect the confidentiality, integrity, and availability of its information systems and data through layered defenses designed to facilitate management of cybersecurity risks across six key domains: identification, protection, detection, response, recovery and governance. The Partnership developed its cybersecurity program in consultation with the National Institute of Standards and Technology Cyber Security Framework. The Partnership's cybersecurity risk management processes include regular network, endpoint and electronic communication monitoring, access controls, vulnerability scanning and assessments, annual information security training for associates and tabletop exercises to inform associates' risk identification and assessment. In addition, the Partnership monitors for cybersecurity threats by conducting regular reviews of the cybersecurity threat landscape, maintaining dedicated internal teams to monitor for and respond to insider threats and potential cybersecurity incidents.

The Partnership supplements its internal resources with third-party security consultants to support tabletop exercises, conduct assessments and penetration testing of key information security controls, and provide after-hours, surge, and incident-response support. To mitigate third-party cybersecurity risk, the Partnership performs due diligence on prospective service providers that process or store information and negotiates contractual requirements to ensure the service provider maintains appropriate data-security policies and controls. The Partnership also maintains processes to monitor information security incidents and other disruptions affecting the third-party systems on which it relies.

The Partnership has a dedicated Cyber Risk Management ("CRM") function and corresponding team that is responsible for tracking identified cybersecurity risks, advising on the Partnership's information security and cybersecurity policies, processes and procedures and monitor remediation activities. The CRM team also conducts initial and periodic due diligence on third-party vendors to evaluate the strength of their security control processes and procedures and associated governance capabilities. In performing its functions, the CRM team coordinates regularly with other risk management teams at the Partnership, as well as the CISO.

The Partnership maintains a Privacy and Information Security Incident Response Plan ("IRP") that outlines the processes used to identify, assess, classify, escalate and respond to potential cybersecurity incidents and other disruptions of information systems or data. All investigation and reporting pursuant to the IRP is conducted at the direction of the Partnership's Chief Privacy Officer. Associates are required to promptly report any suspicious or inappropriate activity and have access to a tool to report suspected cybersecurity threats received via email. Pursuant to the IRP, once a cybersecurity event is identified, it is ascribed a severity level and/or associated tasks and cases in order to appropriately track and handoff any response and remediation efforts across responsible teams. The IRP also defines roles, responsibilities, and on-call escalation paths to support clear communication and coordination of incidents with key stakeholders. Information security events are managed by designated teams whose roles and responsibilities are defined to facilitate quick, effective, and orderly responses. The Chief Privacy Officer, in collaboration with the CISO, is required to review the IRP on at least an annual basis, which may include the incorporation of any lessons learned from prior incidents or changes in the risk environment.

The Partnership has an enterprise-wide business resiliency program, policy and framework designed to prepare for and mitigate disruption to the Partnership's business operations from incidents, including cybersecurity events. The program incorporates risk assessment, business impact analysis, response plan development, training, testing, and ongoing maintenance to support continuity of critical operations. The Business Resilience Department is responsible for developing

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PART I

Item 1C. Cybersecurity, continued

and maintaining the Partnership's business resiliency policy and framework and overseeing the program's implementation in collaboration with sponsors and leaders across the Firm's business areas. A Business Resilience Oversight Group comprised of general partners meets at least semi-annually and provides oversight of business resilience strategy, risk management, resources, performance, and integration into business processes. Specific elements of business continuity plans vary based on the nature of the processes involved but include planning related to human capital, real estate, third-party relationships and technology infrastructure. As part of its business resiliency planning, the Partnership has data centers in two geographically distinct locations and evaluates the data center locations of its third-parties. Notwithstanding these measures, a prolonged interruption at any site or of critical systems or software may result in an extended delay of service to the Partnership's clients and substantial costs and expenses.

The Partnership, in the normal course of business, at times experiences cybersecurity threats and incidents affecting its data or systems or systems of third parties relied on by the Partnership, and the Partnership's programs and measures discussed above may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect in the future. The Partnership has not identified any previous cybersecurity incidents that have materially affected or are reasonably likely to have a material effect on its business strategy, reputation, financial condition or results of operations. For information on material risks of potential cybersecurity threats, refer to Part I, Item 1A – Risk Factors – Risks Related to Business Operations – Information Security Incidents and Fraud.

**ITEM 2. PROPERTIES**

The Partnership primarily conducts its U.S. home office operations from two campuses in St. Louis, Missouri and one campus in Tempe, Arizona. As of December 31, 2025, the Partnership had 11 home office buildings. The Partnership owns 10 of the buildings and leases its Canada home office in Mississauga, Ontario and the land for the Tempe, Arizona campus.

The Partnership also maintains facilities in 14,916 branch locations as of December 31, 2025, which are located in the U.S. and Canada and are predominantly rented under cancelable leases. See Part II, Item 8 – Financial Statements and Supplementary Data – Notes 2 and 16 to the Consolidated Financial Statements for information regarding lease liabilities and related party transactions, respectively.

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PART I

**ITEM 3. LEGAL PROCEEDINGS** 

Currently, there are not any material pending legal or regulatory matters, other than ordinary routine litigation and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, and other actions and claims incidental to the business, to which the Partnership is a party or of which any of the Partnership's property is the subject. In the normal course of business, the Partnership is subject to claims, regulatory matters and litigation arising in connection with our business activities. While the outcome of any claim, regulatory matter or litigation is inherently unpredictable, the Partnership cannot guarantee the ultimate resolution of these matters, individually or in the aggregate, or whether they will result in a material impact on its financial condition, results of operations, or cash flows. For information concerning the Partnership's legal proceedings, refer to Part II, Item 8 – Financial Statements and Supplementary Data – Note 14 to the Consolidated Financial Statements.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

There is no established public trading market for the Partnership's Interests or Profits Interests and their assignment or transfer is prohibited without the express written consent of the Managing Partner (which is not expected to be given). As of February 27, 2026, the Partnership had 34,289 limited partners and 4,917 Profits Interests holders.

**ITEM 6. [RESERVED]**

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PART II

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following Management's Discussion and Analysis is intended to help the reader understand the results of operations, financial condition and cash flows of the Partnership. Management's Discussion and Analysis should be read in conjunction with the Partnership's Consolidated Financial Statements and accompanying notes included in Part II, Item 8 – Financial Statements and Supplementary Data of this Annual Report on Form 10-K. For discussions surrounding the earliest of the three years presented below, refer to Part II, Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024. All amounts are presented in millions, except as otherwise noted.

**Introduction**

The Partnership is a leading financial services firm which operates throughout North America in the U.S. and Canada. The Partnership's more than 20,000 financial advisors ("FA") serve more than 9 million clients with a total of $2.5 trillion in client assets under care as of December 31, 2025. The Partnership's purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the Firm's approximately 55,000 associates and our branch presence in 68% of U.S. counties and all Canadian provinces, the Firm is committed to helping improve the financial fulfillment for tens of millions of long-term investors across North America by providing comprehensive, personalized planning and professional advice.

**Edward Jones Bank**

In February 2026, the UDFI and the FDIC conditionally approved the Partnership's application to establish Edward Jones Bank as a Utah-chartered and FDIC-insured industrial bank headquartered in the Salt Lake City, Utah, area. Presently, the Partnership expects to open the Edward Jones Bank by early 2027. For information on material risks related to Edward Jones Bank, refer to Part I, Item 1A – Risk Factors – Risks Related to Legal and Regulatory Matters – Bank Application Approval.

**Basis of Presentation**

The Partnership broadly categorizes its net revenues into four categories: fee revenue, trade revenue, net interest and dividends revenue (net of interest expense) and other revenue, net. In the Partnership's Consolidated Statements of Income, fee revenue is composed of asset-based fees and account and activity fees. Asset-based fees include advisory program fees which are based on the average daily market value of client assets in the program, as well as contractual rates. These fees are impacted by changes in market values of the assets and by client dollars invested in and divested from the accounts. Account and activity fees are impacted by the number of client accounts and the variety of services provided to those accounts, among other factors. Trade revenue is composed of commissions and principal transactions revenue. Commissions revenue is earned from the distribution of mutual fund shares and insurance products and the purchase or sale of securities. Principal transactions revenue primarily results from the Partnership's distribution of and participation in principal trading activities in municipal obligations, certificates of deposit and corporate obligations. Trade revenue is impacted by the trading volume (client dollars invested), mix of the products in which clients invest and the size of trades, all of which may be impacted by market volatility, and margins earned on the transactions. Net interest and dividends revenue is impacted by the amount of cash and investments, receivables from and payables to clients, the variability of interest rates earned and paid on such balances, the number of Class A limited partner interests outstanding and the balances of Partnership loans. Other revenue, net, primarily consists of unrealized gains and losses associated with changes in the fair market value of investment securities, resulting from changes in market levels and the interest rate environment.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**OVERVIEW**

The following table sets forth the change in major categories of the Consolidated Statements of Income as well as several key related metrics for the last three years. Management of the Partnership relies on this financial information and the related metrics to evaluate the Partnership's operating performance and financial condition.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **% Change** |
|  | **2025** | **2024** | **2023** | **'25 vs. '24** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Fee revenue | $14885 | $13163 | $11264 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of net revenue | 84% | 82% | 82% |  |
| &nbsp;&nbsp;Trade revenue | 1832 | 1760 | 1482 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of net revenue | 10% | 11% | 11% |  |
| &nbsp;&nbsp;Interest and dividends | 1062 | 1204 | 1167 | -12% |
| &nbsp;&nbsp;Other revenue, net | 118 | 130 | 167 | -9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 17897 | 16257 | 14080 | 10% |
| &nbsp;&nbsp;Interest expense | 197 | 253 | 282 | -22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | 17700 | 16004 | 13798 | 11% |
| &nbsp;&nbsp;Operating expenses | 15610 | 14023 | 12186 | 11% |
| &nbsp;&nbsp;Income before allocations | $2090 | $1981 | $1612 | 6% |
| Related metrics: |  |  |  |  |
| &nbsp;&nbsp;Income before allocations margin<sup>(1)</sup> | 11.7% | 12.2% | 11.4% | -4% |
| &nbsp;&nbsp;Client assets under care ($ billions): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | $2481 | $2171 | $1919 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | $2311 | $2070 | $1764 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory programs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | $1080 | $862 | $743 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | $973 | $815 | $674 | 19% |
| &nbsp;&nbsp;Client households at year end | 6.7 | 6.6 | 6.3 | 2% |
| &nbsp;&nbsp;Net new assets for the year ($ billions)<sup>(2)</sup> | $74 | $74 | $97 |  |
| &nbsp;&nbsp;Financial advisors (actual): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | 20425 | 20125 | 19232 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 20331 | 19650 | 18945 | 3% |

---

<sup>(1)</sup> Income before allocations margin is income before allocations expressed as a percentage of total revenue.

<sup>(2)</sup> Net new assets represents cash and securities inflows and outflows, excluding mutual fund capital gain distributions received by U.S. clients.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**OVERVIEW FOR THE YEAR ENDED DECEMBER 31, 2025 VERSUS DECEMBER 31, 2024**

The Partnership ended the year with a 14% increase in client AUC to $2.5 trillion, including $1.1 trillion of advisory programs AUC. Average client AUC increased 12%, reflecting increases in the market value of client assets, as well as the cumulative impact of net new assets gathered during the year. Advisory programs' average AUC increased 19% due to higher average market levels and the increased investment of client dollars into advisory programs. Net new assets of $74 billion was relatively flat compared to 2024. The Partnership ended the year with 20,425 financial advisors.

Net revenue increased 11% to $17,700 in 2025, primarily due to an increase in asset-based fee revenue, partially offset by a decrease in interest and dividends revenue. The increase in asset-based fee revenue was primarily due to growth in advisory programs, driven by higher average market levels, as well as the continued increase in investment of client dollars in advisory programs. The decrease in interest and dividends revenue was primarily due to reduced interest income earned on short-term investments in U.S. treasuries, cash balances held at banks and reverse repurchase agreements from lower interest rates.

Operating expenses increased 11% to $15,610 in 2025, primarily due to increases in compensation and benefits expense, variable compensation and communications and data processing expense. Financial advisor compensation and benefits increased primarily due to increases in revenues on which commissions are earned. Home office and branch compensation and benefits expense increased primarily due to higher average wages, increases in healthcare costs, and separation costs associated with Enterprise Reimagined, an initiative the Firm believes will create more efficient operations by restructuring and reducing the size of the home office, removing redundancies, and adopting new capabilities and technology to deliver more value and a better client experience. Variable compensation increased due to increased branch and overall Firm profitability. Communications and data processing increased due to continued investments in new tools and technology and higher depreciation expense as a result of these recent investments.

Overall, the increase in net revenue, partially offset by the increase in operating expenses, generated income before allocations of $2,090, a 6% increase from 2024. Income before allocations margin was 11.7%, reflecting a strategic balance between investing in the future and current financial results.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023**

The discussion below details the significant fluctuations and their drivers for each of the major categories of the Partnership's Consolidated Statements of Income.

**Fee Revenue**

Fee revenue, which consists of asset-based fees and account and activity fees, increased 13% in 2025 to $14,885 compared to 2024. A discussion of fee revenue components follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **% Change** |
|  | **2025** | **2024** | **2023** | **'25 vs. '24** |
| Fee revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based fee revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $11075 | $9463 | $7814 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service fees | 1701 | 1627 | 1476 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 553 | 580 | 578 | -5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 809 | 738 | 650 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | $14138 | $12408 | $10518 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account and activity fee revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 463 | 466 | 462 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 284 | 289 | 284 | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 747 | 755 | 746 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | $14885 | $13163 | $11264 | 13% |
| Related metrics ($ billions) <sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average advisory programs AUC | $973 | $815 | $674 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average AUC of mutual fund assets held outside of <br>&nbsp;&nbsp;&nbsp;&nbsp; advisory programs | $701 | $641 | $551 | 9% |

---

<sup>(1)</sup> Prior year numbers were updated to conform to current year presentation to include Canada.

Overall asset-based fee revenue increased 14% to $14,138 in 2025 compared to 2024, primarily due to increases in revenue from advisory programs fees. Growth in revenue from advisory programs was due to higher average market levels, as well as the continued increase in investment of client dollars into advisory programs.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**Trade Revenue**

Trade revenue, which consists of commissions and principal transactions, increased 4% to $1,832 in 2025 compared to 2024. A discussion of trade revenue components follows.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |  | **% Change** |
|  | **2025** |  | **2024** |  | **2023** |  | **'25 vs. '24** |
| Trade revenue: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commissions revenue: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | $678 |  | $614 |  | $500 |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 450 |  | 480 |  | 399 |  | -6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance products and other | 450 |  | 439 |  | 351 |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commissions revenue | 1578 |  | 1533 |  | 1250 |  | 3% |
| &nbsp;&nbsp;&nbsp;Principal transactions | 254 |  | 227 |  | 232 |  | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | $1832 |  | $1760 |  | $1482 |  | 4% |
| Related metrics: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Client dollars invested ($ billions)<sup>(1)</sup>: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | $50.4 | 23% | $44.0 | 19% | $34.0 | 15% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 29.2 | 14% | 31.1 | 14% | 23.9 | 10% | -6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance products and other | 16.9 | 8% | 15.8 | 7% | 12.3 | 5% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 116.8 | 55% | 136.5 | 60% | 162.2 | 70% | -14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total client dollars invested | $213.3 |  | $227.4 |  | $232.4 |  | -6% |
| &nbsp;&nbsp;&nbsp;Margin per $1,000 invested | $8.6 |  | $7.7 |  | $6.4 |  | 12% |
| &nbsp;&nbsp;&nbsp;U.S. business days | 250 |  | 252 |  | 250 |  | -1% |
| <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. | <sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested. |

---

The increase in trade revenue in 2025 compared to 2024 was primarily due to increases in equities commissions revenue and principal transactions revenue, partially offset by a decrease in mutual funds commissions revenue due to lower client dollars invested. Equities commissions revenue increased from higher client dollars invested in equities. Principal transactions revenue increased from higher margins earned on fixed income products, despite lower client dollars invested due to a product mix shift. Overall margin increased with a lower proportion of client dollars invested in short maturity principal transaction products, notably certificates of deposits, which earn lower margins than equity products.

**Net Interest and Dividends**

Net interest and dividends revenue decreased $86 to $865 in 2025 compared to 2024. The decrease was primarily due to reduced interest income earned on short-term investments in U.S. treasuries, cash balances held at banks and reverse repurchase agreements, partially offset by a decrease in customer credit interest expense paid on client balances. Overall, the decrease reflects the impact of a lower interest rate environment and lower average balances.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**Operating Expenses**

Operating expenses increased 11% in 2025 to $15,610 compared to 2024. A discussion of operating expense components follows.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **% Change** |
|  | **2025** | **2024** | **2023** | **'25 vs. '24** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial advisor | $6969 | $6208 | $5218 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home office and branch | 2726 | 2461 | 2334 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable compensation | 2710 | 2436 | 1838 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total compensation and benefits | 12405 | 11105 | 9390 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications and data processing | 1162 | 1000 | 930 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 662 | 636 | 616 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund sub-adviser fees | 365 | 317 | 272 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and consulting fees | 271 | 197 | 177 | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 171 | 166 | 160 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 574 | 602 | 641 | -5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $15610 | $14023 | $12186 | 11% |
| Related metrics (actual): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of physical branches: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | 14916 | 15198 | 15378 | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 15069 | 15293 | 15460 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial advisors: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | 20425 | 20125 | 19232 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 20331 | 19650 | 18945 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Client support team professionals<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | 20468 | 20222 | 19786 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 20380 | 19976 | 18505 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home office associates<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year end | 8971 | 9393 | 9456 | -4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 9357 | 9432 | 9235 | -1% |

---

<sup>(1)</sup> Counted on a full-time equivalent basis.

The increase in operating expenses in 2025 compared to 2024 was primarily due to increases in compensation and benefits expense and communications and data processing expense.

Financial advisor compensation and benefits expense increased 12% to $6,969 in 2025. The increase was primarily due to increases in revenues on which commissions are earned. Home office and branch compensation and benefits expense increased primarily due to higher average wages, increases in healthcare costs and separation costs associated with Enterprise Reimagined as discussed above. Variable compensation expands and contracts in relation to the Partnership's profitability and margin earned. A significant portion of the Partnership's profits is allocated to variable compensation and paid to associates in the form of bonuses and profit sharing and remains a key component of the Firm's performance-based compensation model. The increase in variable compensation of 11% to $2,710 in 2025 was primarily due to increased branch and overall Firm profitability.

Communications and data processing expense increased 16% to $1,162 in 2025 primarily due to continued investments in new tools and technology and higher depreciation expense as a result of these recent investments.

Professional and consulting fees increased 38% to $271 primarily due to consulting costs associated with the new tools and technology.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**Segment Information**

The Partnership has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. The chief operating decision maker ("CODM") is the Managing Partner of JFC. The Managing Partner evaluates segment performance and allocates resources based upon income before allocations. Income before allocations margin and pre-variable income margin, which represent income before allocations and pre-variable income as a percentage of total revenue, respectively, are also used to evaluate segment performance. The following table shows financial and other information for the Partnership's reportable segments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** | **U.S.** | **U.S.** | **% Change** | **Canada** | **Canada** | **Canada** | **% Change** |
|  | **2025** | **2024** | **2023** | **'25 vs. '24** | **2025** | **2024** | **2023** | **'25 vs. '24** |
| Net revenue | $17224 | $15561 | $13409 | 11% | $476 | $443 | $389 | 7% |
| FA compensation and benefits | 6778 | 6035 | 5069 | 12% | 191 | 173 | 149 | 10% |
| Home office operating expense | 3360 | 3019 | 2927 | 11% | 113 | 98 | 94 | 15% |
| Branch office operating expense | 2386 | 2195 | 2046 | 9% | 72 | 67 | 63 | 7% |
| Variable compensation | 2652 | 2386 | 1798 | 11% | 58 | 50 | 40 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 15176 | 13635 | 11840 | 11% | 434 | 388 | 346 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before allocations | $2048 | $1926 | $1569 | 6% | $42 | $55 | $43 | -24% |
| Income before allocations margin | 11.8% | 12.2% | 11.5% | -4% | 8.9% | 12.3% | 11.0% | -28% |
| Pre-variable income margin | 27.0% | 27.3% | 24.6% | -4% | 21.1% | 23.5% | 21.2% | -10% |
| Client assets under care ($ billions): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At year end | $2428.4 | $2126.1 | $1877.5 | 14% | $52.9 | $44.6 | $41.1 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average | $2262.2 | $2027.1 | $1726.4 | 12% | $48.5 | $43.3 | $37.9 | 12% |
| Total households (in thousands) | 6546 | 6402 | 6158 | 2% | 196 | 193 | 192 | 2% |
| Net new assets for the period ($ billions) | $71.8 | $71.9 | $94.3 |  | $2.1 | $2.0 | $2.3 | 5% |
| Financial advisors (actual): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At year end | 19540 | 19253 | 18378 | 1% | 885 | 872 | 854 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average | 19456 | 18784 | 18102 | 4% | 875 | 866 | 843 | 1% |

---

***U.S.***

Net revenue increased 11% to $17,224 in 2025 compared to 2024, primarily due to an increase in asset-based fee revenue, partially offset by a decrease in interest and dividends revenue. The increase in asset-based fee revenue was primarily due to growth in revenue from advisory programs, driven by higher average market levels, as well as the continued increase in investment of client dollars into advisory programs. The decrease in interest and dividends revenue was primarily due to reduced interest income earned on short-term investments in U.S. treasuries, cash balances held at banks and reverse repurchase agreements from lower interest rates.

Operating expenses increased 11% to $15,176 in 2025 compared to 2024, primarily due to increases in financial advisor compensation and benefits expense, home office operating expense and variable compensation. Financial advisor compensation and benefits increased 12% to $6,778 primarily due to increases in revenues on which commissions are earned. Home office operating expense increased 11% to $3,360 primarily due to an increase in home office compensation and benefits from higher average wages, increases in healthcare costs and separation costs associated with Enterprise Reimagined as discussed above, as well as an increase in communications and data processing expenses.

Variable compensation increased 11% to $2,652 due to increased branch and overall Firm profitability.

Income before allocations increased 6% to $2,048 in 2025 compared to 2024. Income before allocations margin was 11.8% in 2025, reflecting a strategic balance between investing in the future and current financial results.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

***Canada***

Net revenue increased 7% to $476 in 2025 compared to 2024, primarily due to an increase in asset-based fee revenue. Asset-based fee revenue increased due to increases in advisory program fees with higher average market levels and the increase in client dollars invested in advisory programs.

Operating expenses increased 12% to $434 in 2025 compared to 2024 primarily due to the increases in financial advisor compensation and benefits expense and variable compensation. Financial advisor compensation and benefits increased 10% primarily due to increases in revenues on which commissions are earned.

Variable compensation increased 16% to $58 in 2025 due to increased branch profitability.

Income before allocations decreased 24% to $42 in 2025 compared to 2024. Pre-variable income margin was 21.1% in 2025, compared to 23.5% in 2024, as the growth in investments and expenses outpaced growth in net revenue.

**LEGISLATIVE AND REGULATORY REFORM** 

See Part I, Item 1A – Risk Factors – Risk Related to the Partnership's Business – Legislative and Regulatory Initiatives, for a discussion of Legislative and Regulatory Initiatives that the Partnership is continuing to monitor.

**MUTUAL FUNDS AND INSURANCE PRODUCTS**

The Partnership estimates approximately 20%, 21% and 22% of its total revenue was derived from sales and services related to mutual fund and insurance products in 2025, 2024 and 2023, respectively. Significant reductions in these revenues, driven in large part by the ongoing fee compression that has occurred across the mutual fund industry in recent years, could materially impact the margins earned on these products and services. Continued changes in industry fee structures, further compression of management or distribution fees, regulatory reform or other changes to the Partnership's relationship with mutual fund or insurance companies could have a material adverse effect on the Partnership's results of operations, financial condition, and liquidity.

**LIQUIDITY AND CAPITAL RESOURCES**

The Partnership requires liquidity to cover its operating expenses, net capital requirements, capital expenditures, distributions to partners and redemptions of Partner interests, as well as to facilitate client transactions. The principal sources for meeting the Partnership's liquidity requirements include funds generated from operations, cash and cash equivalents, securities purchased under agreements to resell, government and agency investment securities and partnership capital, all discussed further below. The Partnership believes that the liquid nature of these sources provides flexibility for managing and financing the operating needs of the Partnership and will be sufficient to meet its capital and liquidity requirements for the next twelve months. Depending on conditions in the capital markets and other factors, the Partnership will, from time to time, consider the issuance of additional Partnership capital and debt, the proceeds of which could be used to meet growth needs or for other purposes.

*Partnership Capital*

The Partnership's growth in capital has historically been the result of the sale of Interests to its associates and existing limited partners, the sale of subordinated limited partner interests to its current or retiring general partners, and retention of a portion of general partner earnings.

The Partnership filed Registration Statements on Form S-8 with the SEC on February 9, 2026 and November 10, 2025, respectively, to register Profits Interests with aggregate Notional Capital Contributions not to exceed $100, to be issued pursuant to the 2026 Plan, and $1,400 of Class B limited partner interests pursuant to the 2025 Plan. The Partnership previously registered $700 of limited partner interests (now Class A limited partner interests per the Partnership Agreement) issuable pursuant to the 2021 Plan. In 2023, the Partnership issued $568 of Class A limited partner interests under the 2021 Plan and the remaining $132 may be issued at the discretion of the Managing Partner in the future. Proceeds from these offerings are expected to be used to meet growth needs or for other purposes. Class B limited partners will only receive

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

allocations and distributions based on the Partnership's net income and are not entitled to the 7<sup>1</sup>/2% Payment to which Class A limited partners are entitled under the Partnership Agreement.

The Partnership's capital and Profits Interests subject to mandatory redemption as of December 31, 2025, net of reserve for anticipated withdrawals, was $4,124, a decrease of $77 from December 31, 2024. This decrease in Partnership capital subject to mandatory redemption was primarily due to an increase in the redemption of limited partner, subordinated limited partner and general partner interests ($28, $37 and $713, respectively), partially offset by the net decrease in Partnership loans outstanding ($49), additional capital contributions related to limited partner, subordinated limited partner and general partner interests ($14, $58 and $322, respectively) and the retention of a portion of general partner earnings ($258). General partner redemptions increased in 2025 due to more general partner retirements. During the years ended December 31, 2025, 2024, and 2023, the Partnership retained 17.2%, 13.8% and 13.8%, respectively, of income allocated to general partners. Retention is expected to be 22.5% in 2026.

Under the terms of the Partnership Agreement, a partner's capital is required to be redeemed by the Partnership in the event of the partner's death, subject to compliance with ongoing regulatory capital requirements. In the event of a partner's death, the Partnership generally redeems the partner's capital within six months. The Partnership has restrictions in place which govern the withdrawal of capital. Under the terms of the Partnership Agreement, limited partners requesting withdrawal from the Partnership are repaid their capital in three equal annual installments beginning no earlier than 90 days after their withdrawal notice is received by the Managing Partner. The capital of general partners requesting withdrawal from the Partnership is, at the discretion of the Managing Partner, to be redeemed by the Partnership within 60 days of the actual withdrawal date or, if not timely redeemed, converted to subordinated limited capital. Subordinated limited partners requesting withdrawal are repaid their capital in six equal annual installments beginning no earlier than 90 days after their request for withdrawal of capital is received by the Managing Partner. The Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital.

The Partnership made loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the ELT), who required financing for some or all of their Partnership capital contributions. Partners borrowing from the Partnership were required to repay such loans by applying the earnings received from the Partnership to such loans, net of amounts retained by the Partnership, amounts distributed for income taxes and a portion of earnings distributed to the partner. The Partnership had full recourse against any partner that defaults on loan obligations to the Partnership.

The Partnership did not renew Partnership loans in 2026. Starting in 2026, any general partner who elects to finance some or all of their Partnership capital contributions may, subject to the bank's credit underwriting, individually borrow funds via unsecured promissory notes payable to a third-party bank, including under a new structured program for loans to general partners ("GP Loan Program"). The Partnership does not and will not guarantee individual bank loans to general partners to finance their Partnership capital contributions, nor can the general partner pledge their general partner interest as collateral for the individual bank loan. The Partnership will perform certain administrative functions supporting the GP Loan Program. Until the general partner's promissory note under the GP Loan Program is paid in full, the individual GP Borrower's promissory note instructs the Partnership to apply all distributions payable to the general partner from or with respect to the general partner's general partner interest or general partner capital account net of any distributions to pay taxes and any cash flow distributions elected by the general partner to repayment of the general partner's promissory note prior to any funds being released to the general partner. As of January 2026, there were no Partnership loans outstanding to any general partner. Additionally, in 2026 the Partnership reduced the amount of general partner capital issued. The net impact of these changes is not expected to have a material adverse impact on total partnership capital and Profits Interests subject to mandatory redemption.

Any limited partner may also elect to individually borrow funds, including pursuant to a bank program ("LP Loan Program") to finance the purchase of their limited partner interest in the Partnership (each such electing limited partner a "LP Borrower"), as evidenced by individual unsecured promissory notes payable to a third-party bank. The Partnership does not guarantee these individual bank loans, nor can the LP Borrower pledge their limited partner interest as collateral for individual bank loans to limited partners to finance their Partnership capital contributions. The Partnership performs certain administrative functions supporting the LP Loan Program in connection with the LP Borrowers. Until the LP Borrower's promissory note is paid in full, the individual LP Borrower's promissory note instructs the Partnership to apply all distributions payable to the LP Borrower from or with respect to the LP Borrower's limited partner interest or limited partner capital

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

account net of any distributions to pay taxes, to repayment of the LP Borrower's promissory note prior to any funds being released to the LP Borrower.

Partners who finance all or a portion of their capital contributions with bank financing may be more likely to request the withdrawal of capital to meet bank financing requirements should the partners experience a period of reduced earnings. As a partnership, any withdrawals by general partners, subordinated limited partners or limited partners would reduce the Partnership's available liquidity and capital.

Many of the same banks that provide financing to limited partners also provide financing to the Partnership. To the extent these banks increase credit available to the partners, financing available to the Partnership may be reduced.

The following table represents amounts related to Partnership loans to general partners as well as bank loans for limited partners. Partners may have arranged their own bank loans to finance their Partnership capital for which the Partnership does not facilitate certain administrative functions and therefore any such loans are not included in the table.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Limited<br>Partner<br>Interests** | **Subordinated<br>Limited<br>Partner<br>Interests** | **General<br>Partner<br>Interests** | **Total<br>Partner<br>Interests** |
| Total Partnership capital<sup>(1)</sup> | $1713 | $742 | $2093 | $4548 |
| Partnership capital owned by partners with<br> individual loans | $168 | $— | $1087 | $1255 |
| Partnership capital owned by partners with individual<br> loans as a percent of total Partnership capital | 10% |  | 52% | 28% |
| Individual loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual bank loans | $51 | $— | $12 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual Partnership loans |  |  | 424 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total individual loans | $51 | $— | $436 | $487 |
| Individual loans as a percent of total Partnership capital | 3% |  | 21% | 11% |
| Individual loans as a percent of respective Partnership<br> capital owned by partners with loans | 30% |  | 40% | 39% |

---

<sup>(1)</sup> Total Partnership capital, as defined for this table, is before the reduction of Partnership loans and is net of reserve for anticipated withdrawals.

Historically, neither the amount of Partnership capital financed with individual loans as indicated in the table above, nor the amount of partner withdrawal requests, has had a significant impact on the Partnership's liquidity or capital resources.

*Lines of Credit* 

The following table shows the composition of the Partnership's aggregate bank lines of credit in place as of December 31:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| 2022 Credit Facility | $500 | $500 |
| Uncommitted secured credit facilities | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total bank lines of credit | $890 | $890 |

---

In accordance with the terms of the Partnership's $500 committed revolving line of credit (the "2022 Credit Facility"), entered into in October 2022, the Partnership is required to maintain a leverage ratio of no more than 35% and minimum Partnership capital, net of reserve for anticipated withdrawals and Partnership loans, of at least $2,809. In addition, Edward Jones is required to maintain a minimum tangible net worth of at least $1,349 and minimum regulatory net capital of at least 6% of aggregate debit items as calculated under the alternative method. The Partnership has the ability to draw on various types of loans. The associated interest rate depends on the type of loan, duration of the loan and the Partnership's private credit rating. Contractual rates are based on an index rate plus the applicable spread. The 2022 Credit Facility is intended to

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

provide short-term liquidity to the Partnership should the need arise. As of December 31, 2025, the Partnership was in compliance with all covenants related to the 2022 Credit Facility.

In addition, the Partnership has multiple uncommitted secured lines of credit totaling $390 that are subject to change at the discretion of the banks. The Partnership also has an additional uncommitted line of credit where the amount and the associated collateral requirements are at the bank's discretion in the event of a borrowing. Based on credit market conditions and the uncommitted nature of these credit facilities, it is possible that these lines of credit could decrease or not be available in the future. Actual borrowing capacity on secured lines is based on availability of client margin securities or Firm-owned securities, which would serve as collateral on loans in the event the Partnership borrowed against these lines.

There were no amounts outstanding on the 2022 Credit Facility or the uncommitted lines of credit as of December 31, 2025 or December 31, 2024. In addition, the Partnership did not have any draws against these lines of credit during the years ended December 31, 2025 and 2024, except for periodically testing draw procedures.

*Cash Activity*

As of December 31, 2025, the Partnership had $3,782 in cash and cash equivalents and $687 in securities purchased under agreements to resell, which generally have overnight maturities. This totaled $4,469 of Partnership liquidity as of December 31, 2025, a 22% increase from $3,663 as of December 31, 2024, due to an increase in cash and cash equivalents. The Partnership had $14,069 and $15,112 in cash and investments segregated under federal regulations as of December 31, 2025 and 2024, respectively, which was not available for general use. The decrease in cash and investments segregated under federal regulations was primarily due to the changes in net cash owed to clients based on their account activity during the period.

*Regulatory Requirements*

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Exchange Act and capital compliance rules of the FINRA. Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones' partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered broker-dealer regulated by CIRO. Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and operations.

The following table shows the Partnership's capital figures for the U.S. and Canada broker-dealer subsidiaries as of:

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** | **% Change** |
| **U.S.:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital | $1042 | $938 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital in excess of the minimum required | $963 | $873 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital as a percentage of aggregate debit<br> items | 26.4% | 28.9% | -9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital after anticipated capital withdrawals,<br> as a percentage of aggregate debit items | 9.5% | 5.2% | 81% |
| **Canada:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital | $102 | $71 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital in excess of<br> the minimum required | $101 | $69 | 46% |

---

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate daily.

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PART II

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**MATERIAL CASH COMMITMENTS**

The Partnership enters into long-term lease agreements for branch and home office facilities, resulting in a total of $435 in lease commitments that are non-cancellable as of December 31, 2025. Subsequent to December 31, 2025, these commitments may fluctuate based on changing business needs and conditions. For further disclosure regarding lease commitments, see Part II, Item 8 – Financial Statements and Supplementary Data – Note 2.

In 2025, the Partnership invested significantly in software and other technology and construction and facilities improvements at various branch and home office locations, resulting in capital expenditures of $712. The Partnership estimates 2026 capital spending of approximately $726 related to continued investment in software and other technology upgrades and construction and facilities improvements at various branch and home office locations.

Additionally, the Partnership would have incurred termination fees of $923 as of December 31, 2025 in the event the Partnership terminated existing contractual commitments with certain vendors providing ongoing services primarily for information technology to support the Partnership's strategic initiatives, in addition to services for operations. As of December 31, 2025, the Partnership made no such decision to terminate these services. Termination fees for contracts already in force will decrease over the corresponding contract periods, which generally expire within the next three to five years.

The Partnership expects to utilize existing cash and cash earned from operations to meet the obligations disclosed above.

**CRITICAL ACCOUNTING ESTIMATES**

The Partnership's financial statements are prepared in accordance with GAAP, which may require judgment and involve estimation processes to determine its assets, liabilities, revenues and expenses which affect its results of operations. The Partnership believes that of its significant accounting policies, the following estimate requires a higher degree of judgment and complexity.

*Accruals for Contingencies.* The Partnership accrues when appropriate for potential losses that may arise out of various legal and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, SROs and other regulators, to the extent that the amount of such potential losses can be estimated. See Part II, Item 8 – Financial Statements and Supplementary Data – Note 14 to the Consolidated Financial Statements for further discussion of these items. The Partnership regularly monitors its exposures to potential losses. The Partnership's aggregate accrued liability with respect to litigation and regulatory proceedings represents its estimate of probable losses after considering, among other factors, whether a putative class action exists (if applicable), the progress of each case, court rulings or judgments, the Partnership's experience with other legal and regulatory matters, the perceived likelihood of settlement, outcomes of similar public cases and discussions with legal counsel. Facts and circumstances relating to legal and regulatory matters can rapidly change and are not always controllable by the Partnership, which may contribute to uncertainty and result in volatility in the estimate of losses.

Included in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 to the Consolidated Financial Statements are additional discussions of the Partnership's accounting policies.

**THE EFFECTS OF INFLATION**

The Partnership's net assets are primarily monetary, consisting of cash and cash equivalents, cash and investments segregated under federal regulations, Firm-owned securities, and receivables, less liabilities. Monetary net assets are primarily liquid in nature and would not be significantly affected by inflation. Inflation and future expectations of inflation influence securities prices, as well as activity levels in the securities markets. As a result, profitability and capital may be impacted by inflation and inflationary expectations. Additionally, inflation's impact on the Partnership's operating expenses may affect profitability to the extent that additional costs are not recovered through attracting new clients, gathering new assets or raising prices of services offered by the Partnership to increase revenue.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**RECENTLY ISSUED ACCOUNTING STANDARDS**

See Part II, Item 8 – Financial Statement and Supplementary Data – Note 1 to the Consolidated Financial Statements for a discussion of recently issued accounting standards.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Various levels of management within the Partnership manage the Partnership's risk exposure. Position limits in inventory accounts are established and monitored on an ongoing basis. Credit risk related to various financing activities is reduced by the industry practice of obtaining and maintaining collateral. The Partnership monitors its exposure to counterparty risk through the use of credit exposure information, the monitoring of collateral values and the establishment of credit limits. For further discussion of monitoring, see the Risk Management discussion in Part III, Item 10 – Directors, Executive Officers and Corporate Governance of this Annual Report. All amounts are presented in millions, except as otherwise noted.

The Partnership is exposed to market risk from changes in interest rates. Such changes in interest rates impact the income from interest-earning assets, primarily client margin loans and investments, which are primarily comprised of cash and cash equivalents, investments segregated under federal regulations, certain investment securities and securities purchased under agreements to resell. Client margin loans and investments averaged $3.6 billion and $17.0 billion, respectively, for the year ended December 31, 2025 and earned interest at an average annual rate of approximately 707 and 420 basis points (7.07% and 4.20%), respectively, in 2025. Changes in interest rates may also have an impact on the expense related to the liabilities that finance these assets, such as amounts payable to clients.

The Partnership performed an analysis of its financial instruments and assessed the related interest rate risk and materiality in accordance with the SEC rules. To estimate the impact of a 100-basis point (1.00%) change on net interest income, the Partnership uses a forecasting analysis to assess the sensitivity of net interest income to the movements in interest rates. The analysis estimates the sensitivity by calculating interest income and interest expense in a balance sheet environment using current balances at the end of the reporting period. Assumptions used in the analysis include the interest rate movement, along with interest related risks such as pricing spreads and the Partnership's determined returns on client cash accounts. Under current and expected market conditions, and based on current levels of interest-earning assets and the liabilities that finance those assets, the Partnership estimates that a 100-basis point (1.00%) increase in short-term interest rates could increase its annual net interest income by approximately $152. Conversely, the Partnership estimates that a 100-basis point (1.00%) decrease in short-term interest rates could decrease the Partnership's annual net interest income by approximately $154. This estimate reflects minimum contractual rates on certain balances. This analysis excludes client assets that are held off-balance sheet in the Partnership's Money Market Fund and IBD Program.

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PART II

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Financial Statements Included in this Item

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| | |
|:---|:---|
|  | Page No. |
| [<u>Management's Report on Internal Control over Financial Reporting</u>](#managements_report_on_internal_control) | 45 |
| [<u>Report of Independent Registered Public Accounting Firm</u> (PCAOB ID:238)](#report_independent_registered_public_acc) | 46 |
| [<u>Consolidated Statements of Financial Condition as of December 31, 2025 and 2024</u>](#consolidated_statements_financial_condit) | 48 |
| [<u>Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_income) | 49 |
| [<u>Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_comp_income) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption for the years ended December 31, 2025, 2024 and 2023</u>](#consol_statemnts_changes_partner_capital) | 51 |
| [<u>Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_cash_flows) | 52 |
| [<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | 53 |

---

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Item 8. Financial Statements and Supplementary Data, continued

**MANAGEMENT'S REPORT ON INTERNAL CONTROL**

**OVER FINANCIAL REPORTING**

Management of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the "Partnership"), is responsible for establishing and maintaining adequate internal control over financial reporting. The Partnership's internal control over financial reporting is a process designed under the supervision of the Partnership's chief executive officer and chief financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Partnership's financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

As of the end of the Partnership's 2025 fiscal year, management conducted an assessment of the effectiveness of the Partnership's internal control over financial reporting based on the framework established in *Internal Control – Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that the Partnership's internal control over financial reporting as of December 31, 2025 was effective.

The Partnership's internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management of the Partnership; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership's assets that could have a material effect on its financial statements.

The Partnership's internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their accompanying report, which expresses an unqualified opinion on the effectiveness of the Partnership's internal control over financial reporting as of December 31, 2025.

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Item 8. Financial Statements and Supplementary Data, continued

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Enterprise Leadership Team and Partners of The Jones Financial Companies, L.L.L.P.

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated statements of financial condition of The Jones Financial Companies, L.L.L.P. and its subsidiaries (the "Partnership") as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive loss, of changes in partnership capital and profits interests subject to mandatory redemption and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). We also have audited the Partnership's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework*(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Partnership's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Partnership's consolidated financial statements and on the Partnership's internal control over financial reporting based on our audits. 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 Partnership 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, 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 consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts

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PART II

Item 8. Financial Statements and Supplementary Data, continued

and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Asset-based Fee Revenue - Advisory Programs Fees*

As described in Notes 1 and 3 to the consolidated financial statements, $11.075 billion of the Firm's total asset-based fee revenue of $14.138 billion for the year ended December 31, 2025 was generated from program fees for investment advisory services provided within the Partnership's advisory programs. Revenue from advisory programs fees are derived from fees determined by the underlying value of client assets. Advisory program contracts outline the investment advisory services to be performed for a client under the contract and do not have a definite end date. Program fees are based on the average daily market value of client assets in the program as well as contractual rates and are charged to clients monthly and collected the following month.

The principal considerations for our determination that performing procedures relating to revenue from advisory program fees is a critical audit matter are the significant audit effort in performing procedures relating to the fees, which are calculated based on the valuation of client assets and the corresponding contractual rate charged to the client.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the recognition of revenue from advisory program fees. These procedures also included, for a sample of accounts, obtaining advisory program contracts and evaluating whether rates used in the calculations were consistent with the advisory program contracts, independently pricing the securities positions within the account, independently calculating the average assets under management, and independently calculating the advisory program fees.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

March 13, 2026

We have served as the Partnership's auditor since 2002.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

---

| | | |
|:---|:---|:---|
| *(Dollars in millions)* | **December 31, 2025** | **December 31, 2024** |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3782 | $2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and investments segregated under federal regulations | 14069 | 15112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 687 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients | 5369 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds, insurance companies and other | 1047 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokers, dealers and clearing organizations | 520 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities owned, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 477 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory securities | 54 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets, at cost, net of accumulated depreciation and amortization | 1759 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease right-of-use assets | 1169 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1575 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $30508 | $28964 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients | $18605 | $18189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokers, dealers and clearing organizations | 95 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and employee benefits | 3600 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other | 2190 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 1216 | 1125 |
|  | 25706 | 24055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Notes 13 and 14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership capital subject to mandatory redemption, net of reserve for<br> anticipated withdrawals and partnership loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partners | 1713 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated limited partners | 742 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General partners | 1669 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 4124 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | 678 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total partnership capital and Profits Interests subject to mandatory redemption | 4802 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | $30508 | $28964 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.* 

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**CONSOLIDATED STATEMENTS OF INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| *(Dollars in millions, except per unit information and units outstanding)* | **2025** | **2024** | **2023** |
| Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based | $14138 | $12408 | $10518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account and activity | 747 | 755 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 14885 | 13163 | 11264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade revenue | 1832 | 1760 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 1062 | 1204 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue, net | 118 | 130 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 17897 | 16257 | 14080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 197 | 253 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | 17700 | 16004 | 13798 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 12405 | 11105 | 9390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications and data processing | 1162 | 1000 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 662 | 636 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund sub-adviser fees | 365 | 317 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and consulting fees | 271 | 197 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 171 | 166 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 574 | 602 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 15610 | 14023 | 12186 |
| Income before allocations | 2090 | 1981 | 1612 |
| Allocations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners | 298 | 305 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profits Interests | 70 | 43 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated limited partners | 219 | 217 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;General partners | 1503 | 1416 | 1168 |
| Net Income | $— | $— | $— |
| Income allocated to limited partners per weighted average<br> $1,000 equivalent limited partner unit outstanding | $159.94 | $163.48 | $145.45 |
| Weighted average $1,000 equivalent limited partner units <br> outstanding | 1726799 | 1741208 | 1764141 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.* 

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| *(Dollars in millions)* | **2025** | **2024** | **2023** |
| Net income | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 1 | (9) |  |
| Comprehensive income (loss) before allocations | 1 | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocations | 1 | (9) |  |
| Total comprehensive income | $— | $— | $— |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.* 

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL AND PROFITS INTERESTS**

**SUBJECT TO MANDATORY REDEMPTION**

**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Dollars in millions)* | ***Limited<br>Partner<br>Capital*** | ***Profits <br>Interests*** | ***Subordinated<br>Limited<br>Partner<br>Capital*** | ***General<br>Partner<br>Capital*** | ***Total*** |
| **TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY<br> REDEMPTION, DECEMBER 31, 2022** | $**1312** | $**—** | $**671** | $**1836** | $**3819** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | (100) |  | (53) | (311) | (464) |
| Partnership capital subject to mandatory redemption, net of<br> reserve for anticipated withdrawals, December 31, 2022 | $1212 | $— | $618 | $1525 | $3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, December 31, 2022 |  |  |  | 335 | 335 |
| Total partnership capital, including capital financed with partnership<br> loans, net of reserve for anticipated withdrawals, December 31, 2022 | 1212 |  | 618 | 1860 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partner interests | 568 |  | 70 | 319 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partner interests | (30) |  | (22) | (268) | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income allocated to partners | 263 |  | 181 | 1168 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (93) |  | (121) | (659) | (873) |
| Total partnership capital, including capital financed with partnership <br> loans, December 31, 2023 | 1920 |  | 726 | 2420 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, December 31, 2023 |  |  |  | (439) | (439) |
| **TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY<br> REDEMPTION, DECEMBER 31, 2023** | $**1920** | $**—** | $**726** | $**1981** | $**4627** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | (170) |  | (60) | (348) | (578) |
| Partnership capital subject to mandatory redemption, net of<br> reserve for anticipated withdrawals, December 31, 2023 | $1750 | $— | $666 | $1633 | $4049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, December 31, 2023 |  |  |  | 439 | 439 |
| Total partnership capital, including capital financed with partnership<br> loans, net of reserve for anticipated withdrawals, December 31, 2023 | 1750 |  | 666 | 2072 | 4488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partner interests | 7 |  | 68 | 271 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partner interests | (30) |  | (13) | (310) | (353) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 305 | 43 | 217 | 1416 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss allocations | (1) |  | (1) | (7) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (105) | (29) | (143) | (794) | (1071) |
| Total partnership capital, including capital financed with partnership <br> loans, and Profits Interests, December 31, 2024 | 1926 | 14 | 794 | 2648 | 5382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, December 31, 2024 |  |  |  | (473) | (473) |
| **TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS <br> SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2024** | $**1926** | $**14** | $**794** | $**2175** | $**4909** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | (199) | (14) | (73) | (422) | (708) |
| Partnership capital subject to mandatory redemption, net of<br> reserve for anticipated withdrawals, December 31, 2024 | $1727 | $— | $721 | $1753 | $4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, December 31, 2024 |  |  |  | 473 | 473 |
| Total partnership capital, including capital financed with partnership<br> loans, net of reserve for anticipated withdrawals, December 31, 2024 | 1727 |  | 721 | 2226 | 4674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partner interests | 14 |  | 58 | 322 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partner interests | (28) |  | (37) | (713) | (778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 298 | 70 | 219 | 1503 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income allocations |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (98) | (45) | (141) | (871) | (1155) |
| Total partnership capital, including capital financed with partnership <br> loans, and Profits Interests, December 31, 2025 | 1913 | 25 | 820 | 2468 | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, December 31, 2025 |  |  |  | (424) | (424) |
| **TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS <br> SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2025** | $**1913** | $**25** | $**820** | $**2044** | $**4802** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | (200) | (25) | (78) | (375) | (678) |
| Partnership capital subject to mandatory redemption, net of<br> reserve for anticipated withdrawals, December 31, 2025 | $1713 | $— | $742 | $1669 | $4124 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.* 

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(Dollars in millions)* | **2025** | **2024** | **2023** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by<br> operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | 2090 | 1981 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 1 | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 732 | 624 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments segregated under federal regulations | 1564 | 358 | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 703 | (251) | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net payable to clients | (603) | (485) | (2660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net receivable from brokers, dealers and clearing organizations | (143) | 16 | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from mutual funds, insurance companies and other | (80) | (76) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities owned | 211 | 415 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (286) | (170) | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (365) | (350) | (338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and employee benefits | 456 | 638 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other | 200 | 63 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 4480 | 2754 | (1226) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets | (712) | (573) | (456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities | (712) | (573) | (456) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of partnership loans | 60 | 43 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partner interests | 73 | 76 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partner interests | (357) | (307) | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from partnership capital | (1514) | (1460) | (1193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (1738) | (1648) | (883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | 2030 | 533 | (2565) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 6350 | 5817 | 8382 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $8380 | $6350 | $5817 |

---

See Note 18 for additional cash flow information.

*The accompanying notes are an integral part of these Consolidated Financial Statements.* 

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Dollars in millions, except per unit information and the number of financial advisors)

**NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***The Partnership's Business and Basis of Accounting.*** The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the "Partnership", "JFC", or the "Firm"). The financial position of the Partnership's subsidiaries in Canada as of November 30, 2025 and 2024 are included in the Partnership's Consolidated Statements of Financial Condition and the results for the twelve-month periods ended November 30, 2025, 2024 and 2023 are included in the Partnership's Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption and Consolidated Statements of Cash Flows because of the timing of the Partnership's financial reporting process.

The Partnership's principal operating subsidiary, Edward D. Jones & Co., L.P. ("Edward Jones"), is a registered broker-dealer and investment adviser in the United States ("U.S."), and Edward Jones (an Ontario limited partnership), is a registered broker-dealer in Canada ("EJ Canada"). The Partnership is a leading financial services firm and conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. Through these retail brokerage entities, the Partnership primarily serves individual investors in the U.S. and Canada and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities. For financial information related to the Partnership's two operating segments for the years ended December 31, 2025, 2024, and 2023, see Note 15 to the Consolidated Financial Statements. Trust services are offered to Edward Jones' U.S. clients through Edward Jones Trust Company ("Trust Co."), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC ("Olive Street"), a wholly-owned subsidiary of the Partnership, provides investment advisory services to the Edward Jones Money Market Fund (the "Money Market Fund") and the twelve sub-advised mutual funds comprising the Bridge Builder® Trust ("BB Trust").

The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"), which require the use of certain estimates by management in determining the Partnership's assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure other than those disclosed in Notes 9, 14 and 19.

***Partnership Agreement.*** Under the terms of the Partnership's Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated November 5, 2025 (the "Partnership Agreement"), a partner's capital is required to be redeemed by the Partnership in the event of the partner's death or withdrawal from the Partnership, subject to compliance with ongoing regulatory capital requirements. In the event of a partner's death, the Partnership generally redeems the partner's capital within six months. The Partnership has restrictions in place which govern the withdrawal of capital. Under the terms of the Partnership Agreement, limited partners requesting withdrawal from the Partnership are repaid their capital in three equal annual installments beginning no earlier than 90 days after their withdrawal notice is received by the Managing Partner (as defined in the Partnership Agreement). The capital of general partners requesting withdrawal from the Partnership is, at the discretion of the Managing Partner, to be redeemed by the Partnership within 60 days of the actual withdrawal date or, if not timely redeemed, converted to subordinated limited partner capital. Subordinated limited partners requesting withdrawal are repaid their capital in six equal annual installments beginning no earlier than 90 days after their request for withdrawal of capital is received by the Managing Partner. The Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital. All current and future Partnership capital is subordinate to all current and future liabilities of the Partnership. The Partnership Agreement includes additional terms.

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Item 8. Financial Statements and Supplementary Data, continued

***Revenue Recognition.*** The Partnership's revenue is recognized based on contracts with clients, mutual fund companies, insurance companies and other product providers. As a full-service brokerage firm, Edward Jones and EJ Canada provide clients with custodial services, including safekeeping of client funds, collecting and disbursing funds from a client's account, and providing trade confirmations and account statements. The Partnership does not charge a separate fee for these services. Revenue is generally recognized in the same manner for both the U.S. and Canada segments.

The Partnership classifies its revenue into the following categories:

*Asset-based fee revenue* – Revenue is derived from fees determined by the underlying value of client assets and includes advisory programs fees, service fees, and other asset-based fee revenue. The primary source of asset-based fee revenue is generated from program fees for investment advisory services. Advisory program contracts outline the investment advisory services to be performed for a client under the contract and do not have a definite end date. Program fees are based on the average daily market value of client assets in the program as well as contractual rates and are charged to clients monthly and collected the following month. The investment advisory services performed in an advisory program contract are a series of distinct services that are substantially the same and have the same pattern of transfer to the client. As a result, the contract has one performance obligation, and program fee revenue is recognized over time as clients simultaneously receive and consume the benefit from the investment advisory services performed by the Partnership.

Contracts with mutual fund and insurance companies, as disclosed in the prospectuses for mutual funds, allow the Partnership to sell those companies' products to clients (see *Trade revenue* below for the associated commissions earned from clients) and earn service fees for providing certain distribution and marketing support services for those companies' products held by Edward Jones clients. For mutual funds, those service fees are based on the terms of the mutual fund prospectuses. Service fees are generally based on the average daily market value of client assets held in a company's mutual fund or insurance product. For future service fees the Partnership may earn on existing client assets, market constraints prevent reasonably estimating the transaction price and estimates could result in significant revenue reversals. Thus, service fee revenue is recognized monthly at the time the market constraints have been removed, the transaction price is known and the services have been performed.

Other asset-based fee revenue consists of revenue sharing, fund adviser fees, cash solutions and Trust Co. fees. The Partnership has agreements with clients or product providers to earn other asset-based fees for providing services to mutual funds, or marketing support or other services to product providers. Additionally, Edward Jones earns revenue from the Edward Jones Insured Bank Deposit Program (the "IBD Program"), which is an interest-bearing cash management solution for clients that offers Federal Deposit Insurance Corporation ("FDIC") insurance coverage<sup>1</sup>. Edward Jones has agreements with FDIC-insured third-party banks to transfer available cash balances in participating clients' accounts to interest-bearing deposit accounts at those banks. The Partnership, as agent, earns net revenue from fees derived from the average daily deposit balance in the IBD Program. Other asset-based fees are generally based on asset values held in clients' accounts. The services performed for other asset-based fee contracts are a series of distinct services that are substantially the same and have the same pattern of transfer to the client. As a result, the contracts have one performance obligation, and revenue is recognized over time as the customer simultaneously receives and consumes the benefit from the services performed by the Partnership. For both service fees and other asset-based fee revenue, revenue is collected monthly or quarterly based on the agreements and the agreements generally do not have a term. Due to the timing of receipt of information, the Partnership uses estimates in recording the accruals related to certain asset-based fees, which are based on historical trends and are adjusted to reflect market conditions for the period covered.

*Account and activity fee revenue* – Revenue is derived from fees based on the number of accounts or activity and includes shareholder accounting services fees, self-directed individual retirement account ("IRA") fees, and other activity-based fee revenue from clients, mutual fund companies and insurance companies. The Partnership has agreements with mutual fund companies for shareholder accounting services pursuant to which the Partnership performs certain transfer agent support services, which may include tracking client holdings, distributing dividends and shareholder information to clients, and responding to client inquiries. Shareholder accounting services fees are based on the number of mutual fund positions held

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<sup>1</sup> FDIC insurance coverage for deposits held in the IBD Program is provided by FDIC-insured third-party banks on a "pass-through" basis, subject to certain limitations and conditions, pursuant to agreements with Edward Jones. FDIC insurance provides coverage for the failure of an FDIC-insured bank. The Partnership is neither FDIC-insured nor a bank. For a current list of the network of FDIC-insured third party banks participating in the IBD Program, see www.edwardjones.com/bankdeposit.

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Item 8. Financial Statements and Supplementary Data, continued

by clients and fees are collected monthly or quarterly based on the agreements, which generally do not have a term. The transfer agent support services performed pursuant to a shareholder accounting services contract are a series of distinct services that are substantially the same and have the same pattern of transfer to the client. As a result, the contract has one performance obligation, and revenue is recognized over time as the mutual fund company simultaneously receives and consumes the benefit from the services performed by the Partnership. The Partnership also earns retirement account fees for providing reporting services pursuant to the Internal Revenue Code and for account maintenance services. Clients are charged an annual fee per account for these services. Revenue is recognized over a one-year period as the services are provided, which are simultaneously received and consumed by the client.

*Trade revenue* – Revenue is derived from fees based on client transactions and includes commissions and principal transactions. The primary source of trade revenue is from commissions revenue earned from the distribution of mutual fund shares and insurance products and the purchase or sale of securities. Principal transactions revenue primarily results from the Partnership's distribution of and participation in principal trading activities in municipal obligations, certificates of deposit and corporate obligations. Principal transactions are generally entered into by the Partnership to facilitate a client's buy or sell order for certain fixed income products. Brokerage contracts outline the transaction services to be performed by Edward Jones for a client under the contract and do not have a term. The transaction charge to clients varies based on the product and size of the trade. The Partnership's contracts with mutual fund and insurance companies, as disclosed in the prospectuses for mutual funds, allow the Partnership to sell those companies' products to clients and earn certain commissions, which for mutual funds, are aligned with the terms of the mutual fund prospectuses. Trade revenue is recognized at a point in time when the transaction is placed, or trade date. On trade date the client obtains control through a right to either own a security for a purchase or receive payment for a sale. Transaction charges are received no later than settlement date.

*Interest and dividends revenue* – Interest and dividends revenue is earned on client margin loan balances, cash and cash equivalents, cash and investments segregated under federal regulations, securities purchased under agreements to resell, Partnership loans and investment securities, none of which is based on revenue contracts with clients.

*Other revenue, net –* Other revenue, net, primarily consists of unrealized gains and losses associated with changes in the fair market value of the Partnership's securities owned. Unrealized gains and losses are impacted by changes in market levels and the interest rate environment.

All revenues are recorded on an accrual basis. For forms of revenue not specifically discussed above, asset-based revenue is recorded over time as the services are provided, and activity or transaction-based revenue is recorded at a point in time when the transaction occurs.

***Foreign Exchange.*** Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. The total foreign exchange gains and losses from the translation of EJ Canada's financial statements into U.S. dollars are reflected on the Consolidated Statements of Comprehensive Income. Under the terms of the Partnership Agreement, other comprehensive income (loss) is allocated to partners, which results in no accumulated other comprehensive income on the Consolidated Statements of Financial Condition. Foreign exchange gains and losses are included in other revenue (loss), net on the Consolidated Statements of Income.

***Profits Interests.*** The Partnership issues Profits Interests to certain eligible associates in the U.S., to enable them to further share in the Partnership's Net Income, as defined in the Partnership Agreement as income and other comprehensive income before allocations. Profits Interests do not themselves require a capital investment but, like Interests, give the holder the right to allocations and distributions of the Partnership's Net Income before allocations to subordinated limited partners and general partners. The amount of Net Income allocated to a Profits Interests holder is based on a bookkeeping measure expressed in terms of a notional U.S. dollar amount ("Notional Capital") held by such Profits Interests holder. Profits Interests have no book value, are not redeemable for any value in the future, and expire upon the earlier of the redemption of the Profits Interests or at the end of their stated term. Profits Interests typically have a maximum three-calendar year term from the date of issuance. Profits Interests are considered mandatorily redeemable. Undistributed Partnership Net Income allocations are included in reserve for anticipated withdrawals on the Consolidated Statements of Financial Condition until distributed. The Partnership's Net Income allocations for Profits Interests are disclosed separately on the Consolidated Statements of Income and Consolidated Statements of Changes in Partnership Capital and Profits Interests.

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Item 8. Financial Statements and Supplementary Data, continued

The Partnership granted and issued Profits Interests for no cash consideration on January 1, 2025 and 2024, to provide Profits Interests holders with allocations of Net Income based upon a $196 and $263 Notional Capital amount for the 2025 and 2024 calendar years, respectively. The Profits Interests are fully vested and participate in Net Income allocations upon grant. Any future rights to allocations and distributions attributable to Profits Interests expire upon the earlier of the redemption of the Profits Interests or at the end of their stated term. Profits Interests have zero fair value on the grant date, therefore no compensation expense is recognized upon issuance or over their stated term. During 2025 and 2024, $4 and $3, respectively, of Notional Capital was forfeited and $136 and $15, respectively, of Notional Capital was terminated according to the terms of the subscription agreement.

***Fair Value.*** Substantially all of the Partnership's financial assets and financial liabilities are carried at fair value or at contracted amounts which approximate fair value given the short time to maturity.

Fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, also known as the "exit price." Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The Partnership's financial assets and financial liabilities recorded at fair value in the Consolidated Statements of Financial Condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels with the related amount of subjectivity associated with the inputs to value these assets and liabilities at fair value for each level, are as follows:

Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with related market data at the measurement date and for the duration of the instrument's anticipated life. The Partnership uses the market approach valuation technique which incorporates third-party pricing services and other relevant observable information (such as market interest rates, yield curves, prepayment risk and credit risk generated by market transactions involving identical or comparable assets or liabilities) in valuing these types of investments. When third-party pricing services are used, the methods and assumptions used are reviewed by the Partnership.

Level III – Inputs are both unobservable and significant to the overall fair value measurement. These inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the inputs to the model.

The Partnership did not have any assets or liabilities categorized as Level III during the years ended December 31, 2025 and 2024.

***Cash and Cash Equivalents.*** The Partnership considers all highly liquid investments with maturities of three months or less from the purchase date to be cash equivalents.

***Cash and Investments Segregated under Federal Regulations.*** Cash, investments and interest receivable related to the investments are segregated in special reserve bank accounts for the benefit of U.S. clients pursuant to the Customer Protection Rule 15c3-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

***Fractional Shares.*** Clients may receive fractional share interests through the Partnership's dividend reinvestment and dollar cost averaging programs. The Partnership records these fractional shares, which are considered encumbered assets, at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition as the Partnership must fulfill its clients' future fractional share redemptions. The liabilities are initially recorded at the dollar amount received from clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue, net in the Consolidated Statements of Income, with no impact on income before allocations.

***Securities Owned***. Securities owned, primarily consisting of investment securities, are recorded on a trade-date basis at fair value which is determined by using quoted market or dealer prices. Investment securities, which are primarily held to generate income, also assist in the management of Firm liquidity or economically hedge future liabilities for the non-qualified deferred compensation plan explained below. The unrealized gains and losses for investment securities are recorded in other revenue, net in the Consolidated Statements of Income. The Partnership also purchases and holds inventory securities

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Item 8. Financial Statements and Supplementary Data, continued

for retail sales to its clients but does not trade those positions for the purpose of generating gains for its own account. The related unrealized gains and losses and the interest earned on inventory securities are recorded in trade revenue and interest and dividends, respectively, in the Consolidated Statements of Income.

***Fixed Assets.*** Fixed Assets include software, buildings and leasehold improvements and equipment. Software includes purchased software licenses and internally developed software. Internally developed software consists of labor and consulting costs to develop and implement new software or modify existing software to improve functionality for the Partnership's internal use, while costs in other project phases are expensed as incurred. Software is depreciated using the straight-line method over its estimated useful life. Buildings are depreciated using the straight-line method over their useful lives, which are estimated at thirty years. Leasehold improvements are amortized based on the term of the lease or the economic useful life of the improvement, whichever is less. Equipment, including furniture and fixtures, is recorded at cost and depreciated using straight-line and accelerated methods over estimated useful lives of three to seven years. The cost of maintenance and repairs is charged against income as incurred, whereas significant enhancements are capitalized and depreciated once the asset is placed into service. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the respective category and any related gain or loss is recorded as other revenue, net in the Consolidated Statements of Income. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be fully recoverable. If impairment is indicated, the asset value is written down to its fair value.

***Non-qualified Deferred Compensation Plan.*** The Partnership has a non-qualified deferred compensation plan for certain financial advisors. The Partnership has recorded a liability of $303 for the future payments due to financial advisors participating in the plan. As the future amounts due to financial advisors change in accordance with plan requirements, the Partnership records the change in future amounts owed to financial advisors as an increase or decrease in accrued compensation in the Consolidated Statements of Financial Condition and compensation and benefits expense in the Consolidated Statements of Income. The Partnership has chosen to economically hedge this future liability by purchasing securities in an amount similar to the future liability expected to be due in accordance with the plan. These securities are included in investment securities in the Consolidated Statements of Financial Condition and the unrealized gains and losses are recorded in other revenue (loss), net in the Consolidated Statements of Income. Each period, the net impact of the change in future amounts owed to financial advisors in the plan and the change in value of the investment securities are approximately the same, resulting in minimal net impact to the Consolidated Financial Statements.

***Retirement Transition Plans.*** Eligible retiring financial advisors are offered individually tailored retirement transition plans. Each retirement transition plan compensates a retiring financial advisor for successfully providing client transition services in accordance with a retirement and transition agreement. Generally, the retirement and transition agreement is for five years. During the first two years the retiring financial advisor remains an employee and provides client transition services. The financial advisor retires at the end of year two and is subject to a non-compete agreement for three years. Most retiring financial advisors participating in a retirement transition plan are paid ratably over four years. Compensation expense is generally recognized ratably over the two-year transition period which aligns with the service period of most agreements, with compensation expense related to some plans recognized over one year depending on the size and complexity of the transition plan. As of December 31, 2025, $267 was accrued for future payments to financial advisors who have already started a plan, approximately $139 of which is expected to be paid in 2026. As of December 31, 2024, $228 was accrued. Successor financial advisors receive reduced compensation for up to five years.

***Lease Accounting.*** The Partnership leases branch office space under numerous operating leases from non-affiliates and to a lesser extent, financial advisors or their affiliates. Branch offices are generally leased for terms of five years and generally contain a renewal option. Renewal options are not included in the lease term if it is not reasonably certain the Partnership will exercise the renewal option. The Partnership also leases a home office space and land from non-affiliates with terms ranging from 10 to 30 years.

The Partnership recognizes lease liabilities for future lease payments and lease right-of-use assets for the right of use of an underlying asset within a contract. Current leases are all classified as operating leases. Lease right-of-use assets and lease liabilities are recognized in the Consolidated Statements of Financial Condition at commencement date and calculated as the present value of the sum of the remaining fixed lease payments over the lease term. Throughout the lease term, the lease right-of-use asset includes the impact from the timing of lease payments and straight-line rent expense. The Partnership used its incremental borrowing rate based on information available at lease commencement as leases do not contain a readily determinable implicit rate. A single lease cost, or rent expense, is recognized on a straight-line basis over

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Item 8. Financial Statements and Supplementary Data, continued

the lease term. The Partnership does not separate lease components (i.e., fixed payments including rent, real estate taxes and insurance costs) from non-lease components (i.e., common-area maintenance) and recognizes them as a single lease component. Variable lease payments not included within lease contracts are expensed as incurred. See Note 2 for additional information.

***Advertising.*** Advertising activities include the cost to produce and distribute campaigns market wide to attract and retain clients and financial advisors. Such costs are generally expensed when incurred.

***Income Taxes.*** The Partnership, as a pass-through entity for federal and state income tax purposes, does not incur income tax. Profits and losses are included in the income tax returns of JFC's general, subordinated limited and limited partners and Profits Interests holders. For the jurisdictions in which the Partnership is liable for income tax payments, the income tax provisions are immaterial (see Note 11).

***Partnership Capital Subject to Mandatory Redemption.*** The Partnership Agreement obligates the Partnership to redeem a partner's capital after a partner's death, therefore, the Partnership's equity capital is classified as a liability. Income allocable to limited partners, Profits Interests holders, subordinated limited partners and general partners is classified as a reduction of income before allocations, which results in a presentation of zero net income for the years ended December 31, 2025, 2024, and 2023.

Net Income, as defined in the Partnership Agreement, is equivalent to income and other comprehensive income (loss) before allocations. Such income, if any, for each calendar year is allocated to the Partnership's classes of capital and Profits Interests holders in accordance with the formulas prescribed in the Partnership Agreement. Income allocations are based upon partner capital contributions, including capital contributions financed with loans from the Partnership, and Notional Capital for Profits Interests holders. First, limited partners are allocated Net Income in accordance with the prescribed formula for their share of net income. Limited partners and Profits Interests holders generally do not share in the Net Loss, as defined in the Partnership Agreement, in any year in which there is a Net Loss and the Partnership is not dissolved or liquidated. Profits Interests holders are allocated their share of Net Income subsequent to limited partners but before subordinated limited partners and general partners are allocated the remaining Net Income or Net Loss based on formulas as defined in the Partnership Agreement.

The limited partner capital subject to mandatory redemption is held by current and former associates and general partners of the Partnership. Class A limited partners participate in the Partnership's profits and are paid a minimum 7<sup>1</sup>/2% annual return (the "7<sup>1</sup>/2% Payment") on the face amount of their capital (see Note 9) in accordance with the Partnership Agreement.

The subordinated limited partner capital subject to mandatory redemption is held by current and former general partners of the Partnership. Subordinated limited partners receive a percentage of the Partnership's Net Income determined in accordance with the Partnership Agreement. The subordinated limited partner capital subject to mandatory redemption is subordinated to the limited partner capital.

The general partner capital subject to mandatory redemption is held by current general partners of the Partnership. General partners receive a percentage of the Partnership's Net Income determined in accordance with the Partnership Agreement. The general partner capital subject to mandatory redemption is subordinated to the limited partner capital and the subordinated limited partner capital.

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Item 8. Financial Statements and Supplementary Data, continued

***Current Expected Credit Losses*.** The Partnership individually assessed the current expected credit loss for the assets below.

*Receivables from Clients*

Receivables from clients is primarily composed of margin loan balances. The value of securities owned by clients and held as collateral for these receivables is not reflected in the Consolidated Financial Statements as the debtors have the right to redeem or substitute the collateral on short notice. Collateral held as of December 31, 2025 and 2024 was $7,224 and $5,119, respectively, and was not repledged or sold. The Partnership considers these financing receivables to be of good credit quality due to the fact that these receivables are primarily collateralized by the related client investments.

To estimate expected credit losses on margin loans, the Partnership applied the collateral maintenance practical expedient by comparing the amortized cost basis of the margin loans with the fair value of collateral at the reporting date. Margin loans are limited to a fraction of the total value of the securities held in the client's account against those loans upon issuance in accordance with Financial Industry Regulatory Authority ("FINRA") rules. In the event of a decline in the market value of the securities in a margin account, the Partnership requires the client to deposit additional securities or cash (or to sell a sufficient amount of securities) so that, at all times, the loan to the client is no greater than 65% of the value of the securities in the account, which is a more stringent maintenance requirement than FINRA Rule 4210. As such, the Partnership reasonably expects that the borrower will be able to continually replenish collateral securing the financial asset and does not expect the fair value of collateral to fall below the value of margin loans and, as a result, the Partnership considers credit risk related to these receivables to be minimal. The fair value of collateral was higher than the amortized cost basis for virtually all margin loans as of December 31, 2025 and 2024, and the expected credit loss for those loans was zero for each period. In limited circumstances, a margin loan may become undercollateralized. When this occurs, the Partnership records a reserve for the undercollateralized portion of the loan, which was an immaterial amount as of December 31, 2025 and 2024.

*Securities Purchased under Agreements to Resell*

The Partnership participates in short-term resale agreements collateralized by government and agency securities. These transactions are reported as collateralized financing and are carried at contractual cost with accrued interest in receivable from mutual funds, insurance companies and other within the Consolidated Statements of Financial Condition. The value of securities held as collateral for these receivables is not reflected in the Consolidated Statement of Financial Condition as the debtors have the right to redeem or substitute the collateral on short notice. The fair value of the underlying collateral, plus accrued interest, must equal or exceed 102% of the carrying amount of the transaction in U.S. agreements and must equal or exceed 100% of the carrying amount of the transaction in Canada agreements. In the event that the fair value of the collateral does not meet the contractual minimums, the counterparty is obligated to meet any shortfall promptly. It is the Partnership's policy to have such underlying resale agreement collateral delivered to the Partnership or deposited in its accounts at its custodian banks. The fair value of the collateral related to these agreements was $697 and $1,414 as of December 31, 2025 and 2024, respectively, and was not repledged or sold.

To estimate expected credit losses on the resale agreements, the Partnership applied the collateral maintenance practical expedient by comparing the amortized cost basis of the resale agreements with the fair value of collateral at the reporting date. The counterparties are all financial institutions that the Partnership considers to be reputable and reliable, and the Partnership reasonably expects the counterparties will be able to continually replenish collateral securing the financial asset and does not expect the fair value of collateral to fall below the value of the resale agreements frequently or for an extended period of time. The expected credit loss was zero for each period.

*Partnership Loans* 

The Partnership made loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT"), as defined in the Partnership Agreement) who elected to finance some or all of their general partner capital contributions as discussed in more detail in Note 9. General partners and subordinated limited partners were required to repay such loans by applying the earnings received from the Partnership to such loans, net of amounts retained by the Partnership, amounts distributed for income taxes and a portion of earnings distributed to the general partner. The loan value never exceeded the value of capital allocated to the partner, and there was no historical loss on Partnership loans. In addition, the Partnership loans were fully repaid in January

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Item 8. Financial Statements and Supplementary Data, continued

2026 (see Note 9). As such, there was no risk of loss and the expected credit loss was zero as of December 31, 2025 and 2024.

*Receivables from Revenue Contracts with Customers*

The majority of the Partnership's receivables are collateralized financial assets, including advisory program fees, retirement fees, mutual fund and insurance service fees, and fund adviser fees, because the fees are paid out of client accounts or third-party products consisting of cash and securities. Due to the size of the fees in relation to the value of the cash and securities in accounts or funds, the value of those accounts always exceeds the amortized cost basis of the receivables, resulting in a remote risk of loss. In addition, the receivables have a short duration, generally due within 30 to 90 days, and there is no historical evidence of market declines that would cause the fair value of those accounts to decline below the amortized cost of the receivables. The Partnership considered current conditions, and there is not a foreseeable expectation of an event or change which would result in the receivables being undercollateralized or unpaid. The expected credit loss for receivables from revenue contracts with customers was zero as of December 31, 2025 and 2024.

***Recently Issued Accounting Standards***. In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)* ("ASU 2024-03")*.* ASU 2024-03 requires reporting entities to disclose, in the notes to financial statements, specified information about certain costs and expenses. Since this update only requires additional disclosures, adoption of ASU 2024-03 will not have a material impact on the Partnership's consolidated financial statements.

**NOTE 2 – LEASES**

For the years ended December 31, 2025 and 2024, cash paid for amounts included in the measurement of operating lease liabilities was $365 and $350, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities was $434 and $391, respectively. The weighted-average remaining lease term was five years and four years as of December 31, 2025 and 2024, respectively, and the weighted-average discount rate was 4.4% and 4.0%, respectively.

The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Operating lease cost | $361 | $348 | $337 |
| Variable lease cost | 76 | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease cost | $437 | $418 | $404 |

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The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| 2026 | $360 |
| 2027 | 309 |
| 2028 | 246 |
| 2029 | 174 |
| 2030 | 100 |
| Thereafter | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Interest | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total present value of lease liabilities | $1216 |

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While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.

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Item 8. Financial Statements and Supplementary Data, continued

**NOTE 3 – REVENUE**

The following tables show the Partnership's disaggregated revenue information for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
| **2025** | **U.S.** | **Canada** | **Total** |
| Fee revenue: |  |  |  |
| Asset-based fee revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $10848 | $227 | $11075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | 1595 | 106 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 553 |  | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 809 |  | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | 13805 | 333 | 14138 |
| Account and activity fee revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 463 |  | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 271 | 13 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 734 | 13 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 14539 | 346 | 14885 |
| Trade revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 1526 | 52 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 245 | 9 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | 1771 | 61 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from customers | 16310 | 407 | 16717 |
| Net interest and dividends and other revenue | 914 | 69 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $17224 | $476 | $17700 |

---

---

| | | | |
|:---|:---|:---|:---|
| **2024** | **U.S.** | **Canada** | **Total** |
| Fee revenue: |  |  |  |
| Asset-based fee revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $9274 | $189 | $9463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | 1523 | 104 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 580 |  | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 738 |  | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | 12115 | 293 | 12408 |
| Account and activity fee revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 466 |  | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 275 | 14 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 741 | 14 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 12856 | 307 | 13163 |
| Trade revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 1483 | 50 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 216 | 11 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | 1699 | 61 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from customers | 14555 | 368 | 14923 |
| Net interest and dividends and other revenue | 1006 | 75 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $15561 | $443 | $16004 |

---

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PART II

Item 8. Financial Statements and Supplementary Data, continued

---

| | | | |
|:---|:---|:---|:---|
| **2023** | **U.S.** | **Canada** | **Total** |
| Fee revenue: |  |  |  |
| Asset-based fee revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $7656 | $158 | $7814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | 1378 | 98 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 578 |  | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 650 |  | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | 10262 | 256 | 10518 |
| Account and activity fee revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 462 |  | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 270 | 14 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 732 | 14 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 10994 | 270 | 11264 |
| Trade revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 1210 | 40 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 220 | 12 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | 1430 | 52 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from customers | 12424 | 322 | 12746 |
| Net interest and dividends and other revenue | 985 | 67 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $13409 | $389 | $13798 |

---

**NOTE 4 – RECEIVABLES**

As of December 31, 2025, 2024, and 2023, $1,056, $883 and $732, respectively, of the receivable from clients balance and $368, $377 and $343, respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers.

The deposit for Canadian retirement accounts is required by Canadian regulations. The Partnership is required to hold deposits with a trustee for clients' retirement funds held in Canada. The following table shows the deposit and the Partnership's receivable from mutual funds, insurance companies and other as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Deposit for Canadian retirement accounts | $538 | $444 |
| Fees from mutual funds and insurance companies | $368 | 377 |
| Other receivables | 141 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1047 | $967 |

---

**NOTE 5 – PAYABLE TO CLIENTS**

Payable to clients is composed of cash amounts held by the Partnership due to clients. Substantially all amounts payable to clients are subject to withdrawal upon client request. The Partnership pays interest, which was at the per annum rate of 0.25%, 0.55% and 1.00% as of December 31, 2025, 2024, and 2023, respectively, on the vast majority of credit balances in client accounts. The total interest paid to clients for the years ended December 31, 2025, 2024, and 2023 was $64, $120 and $148, respectively.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**NOTE 6 – FAIR VALUE**

The following tables show the Partnership's financial assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| **Assets:** |  |  |  |  |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $107 | $— | $— | $107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 95 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | $107 | $95 | $— | $202 |
| Investments segregated under federal regulations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $9271 | $— | $— | $9271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 200 |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments segregated under federal <br> regulations | $9271 | $200 | $— | $9471 |
| Securities owned: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds<sup>(1)</sup> | $393 | $— | $— | $393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 75 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | $402 | $75 | $— | $477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations | $— | $23 | $— | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 17 |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government and agency obligations | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory securities | $20 | $34 | $— | $54 |
| Other assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client fractional share ownership assets | $1118 | $— | $— | $1118 |
| **Liabilities:** |  |  |  |  |
| Accounts payable, accrued expenses and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client fractional share redemption obligations | $1118 | $— | $— | $1118 |

---

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PART II

Item 8. Financial Statements and Supplementary Data, continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| **Assets:** |  |  |  |  |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | $— | $170 | $— | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | 92 |  |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | $92 | $170 | $— | $262 |
| Investments segregated under federal regulations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $10134 | $— | $— | $10134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 900 |  | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments segregated under federal <br> regulations | $10134 | $900 | $— | $11034 |
| Securities owned: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds<sup>(1)</sup> | $362 | $— | $— | $362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government and agency obligations | 197 |  |  | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | $567 | $112 | $— | $679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations | $— | $26 | $— | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 15 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 11 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government and agency obligations | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory securities | $25 | $38 | $— | $63 |
| Other assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client fractional share ownership assets | $936 | $— | $— | $936 |
| **Liabilities:** |  |  |  |  |
| Accounts payable, accrued expenses and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client fractional share redemption obligations | $936 | $— | $— | $936 |

---

<sup>(1)</sup> The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**NOTE 7 – FIXED ASSETS**

The following table shows the Partnership's fixed assets as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Software | $1527 | $1041 |
| Buildings and leasehold improvements | 1431 | 1303 |
| Equipment, furniture and fixtures | 857 | 823 |
| Land | 49 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets, at cost | 3864 | 3215 |
| Less: accumulated depreciation | 1575 | 1476 |
| Less: accumulated software amortization | 530 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets, net | $1759 | $1397 |

---

Depreciation expense on equipment, buildings and leasehold improvements of $162, $160 and $148 and amortization expense on software of $189, $106 and $75 is included in the Consolidated Statements of Income within the occupancy and equipment and communications and data processing line items for the years ended December 31, 2025, 2024, and 2023, respectively.

The Partnership's weighted average amortization period for software was six years and five years as of December 31, 2025 and 2024, respectively.

The following table shows the expected future amortization of software, excluding $202 of capitalized software costs not yet placed in service that will be amortized in future periods, as of December 31:

---

| | |
|:---|:---|
|  | **2025** |
| 2026 | $221 |
| 2027 | 193 |
| 2028 | 161 |
| 2029 | 131 |
| 2030 | 50 |
| Thereafter | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $795 |

---

The Partnership's capital expenditures were $712, $573 and $456 for the years ended December 31, 2025, 2024, and 2023, respectively. The capital expenditures in 2025 were primarily related to continued investment in software and other technology and construction and facilities improvements at various branch and home office locations.

**NOTE 8 – LINES OF CREDIT**

The following table shows the composition of the Partnership's aggregate bank lines of credit in place as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| 2022 Credit Facility | $500 | $500 |
| Uncommitted secured credit facilities | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total bank lines of credit | $890 | $890 |

---

In accordance with the terms of the Partnership's $500 committed revolving line of credit (the "2022 Credit Facility"), entered into in October 2022, the Partnership is required to maintain a leverage ratio of no more than 35% and minimum Partnership capital, net of reserve for anticipated withdrawals and Partnership loans, of at least $2,809. In addition, Edward Jones is required to maintain a minimum tangible net worth of at least $1,349 and minimum regulatory net capital of at least 6% of aggregate debit items as calculated under the alternative method. The Partnership has the ability to draw on various types of loans. The associated interest rate depends on the type of loan, duration of the loan and the Partnership's private credit rating. Contractual rates are based on an index rate plus the applicable spread. The 2022 Credit Facility is intended to

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PART II

Item 8. Financial Statements and Supplementary Data, continued

provide short-term liquidity to the Partnership should the need arise. As of December 31, 2025, the Partnership was in compliance with all covenants related to the 2022 Credit Facility.

In addition, the Partnership has multiple uncommitted secured lines of credit totaling $390 that are subject to change at the discretion of the banks. The Partnership also has an additional uncommitted line of credit where the amount and the associated collateral requirements are at the bank's discretion in the event of a borrowing. Based on credit market conditions and the uncommitted nature of these credit facilities, it is possible that these lines of credit could decrease or not be available in the future. Actual borrowing capacity on secured lines is based on availability of client margin securities or Firm-owned securities, which would serve as collateral on loans in the event the Partnership borrowed against these lines.

There were no amounts outstanding on the 2022 Credit Facility or the uncommitted lines of credit as of December 31, 2025 or December 31, 2024. In addition, the Partnership did not have any draws against these lines of credit during the years ended December 31, 2025 and 2024, except for periodically testing draw procedures.

**NOTE 9 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION**

The Partnership made loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the ELT) who elected to finance some or all of their Partnership capital contributions. Loans made by the Partnership to such partners were generally for a period of one year and bore interest at the greater of the Prime Rate minus 1.25% for the last business day of the prior fiscal month or 3.25% per annum. The Partnership recognized interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total Partnership capital. As of December 31, 2025 and 2024, the outstanding amount of Partnership loans was $424 and $473, respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $35, $46 and $40 for the years ended December 31, 2025, 2024, and 2023, respectively.

The following table shows the roll forward of outstanding Partnership loans for the years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Partnership loans outstanding at beginning of year | $473 | $439 |
| Partnership loans issued during the year | 321 | 270 |
| Repayment of Partnership loans during the year | (370) | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Partnership loans outstanding | $424 | $473 |

---

The Partnership did not renew Partnership loans to general partners in 2026. Starting in 2026, any general partner who elects to finance some or all of their Partnership capital contributions for their general partner interest may elect to individually borrow funds via unsecured promissory notes payable to a third-party bank. As of January 30, 2026, there were no Partnership loans to general partners outstanding. Additionally, in 2026 the Partnership reduced the amount of general partner capital issued.

The 7<sup>1</sup>/2% Payment on the Class A limited partnership capital was $130, $131 and $132 for the years ended December 31, 2025, 2024, and 2023, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

The Partnership filed Registration Statements on Form S-8 with the SEC on February 9, 2026 and November 10, 2025, respectively, to register Profits Interests with the aggregate Notional Capital Contributions not to exceed $100, to be issued pursuant to the Partnership's 2026 Profits Interest Plan, and $1,400 of Class B limited partner interests pursuant to the Partnership's 2025 Class B Employee Limited Partner Interest Purchase Plan. The Partnership previously registered $700 of limited partner interests (now Class A limited partner interests per the Partnership Agreement) issuable pursuant to the Partnership's 2021 Employee Limited Partnership Interest Purchase Plan (the "2021 Plan"). In 2023, the Partnership issued $568 of Class A limited partner interests under the 2021 Plan and the remaining $132 may be issued at the discretion of the Managing Partner in the future. Class B limited partners will only receive allocations and distributions based on the Partnership's net income and will not be entitled to the 7<sup>1</sup>/2% Payment to which Class A limited partners are entitled under the Partnership Agreement.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**NOTE 10 – NET CAPITAL REQUIREMENTS**

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Exchange Act and capital compliance rules of the FINRA Rule 4110. Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones' partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered investment-dealer regulated by the Canadian Investment Regulatory Organization ("CIRO"). Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and results of operations.

The following table shows the Partnership's capital figures for the U.S. broker-dealer and Canada investment-dealer subsidiaries as of:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **U.S.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital | $1042 | $938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital in excess of the minimum required | $963 | $873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital as a percentage of aggregate debit<br> items | 26.4% | 28.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital after anticipated capital withdrawals,<br> as a percentage of aggregate debit items | 9.5% | 5.2% |
| **Canada:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital | $102 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital in excess of<br> the minimum required | $101 | $69 |

---

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate daily.

**NOTE 11 – INCOME TAXES**

The Partnership is a pass-through entity for federal and state income tax purposes and generally does not incur income taxes. Instead, its earnings and losses are included in the income tax returns of the general, subordinated limited and limited partners and Profits Interests holders. However, the Partnership's structure does include certain subsidiaries which are corporations that are subject to income tax. As of December 31, 2025, the Partnership's financial statement basis of net assets and liabilities exceeded the tax basis by $579. The primary reason the financial statement basis exceeded the tax basis related to the accelerated deduction of certain internally developed software costs for tax purposes as a result of a tax law change in 2025. As of December 31, 2024, the Partnership's tax basis of net assets and liabilities exceeded the financial statement basis by $190. The primary reason the tax basis exceeded the financial statement basis related to the deferral in deducting accrued expenses for tax purposes until they are paid. Since the Partnership is treated as a pass-through entity for federal and state income tax purposes, the difference between the tax basis and the book basis of assets and liabilities will impact the future tax liabilities of the partners. The tax differences will not impact the net income of the Partnership.

The Partnership is required to determine whether, upon review by the applicable taxing authority, each of its income tax positions has a likelihood of being realized that is greater than fifty percent, which could result in the Partnership recording a tax liability that would reduce Partnership capital. The Partnership did not have any significant uncertain tax positions as of December 31, 2025 and 2024 and is not aware of any tax positions that will significantly change during the next twelve months. The Partnership and its subsidiaries are generally subject to examination by the Internal Revenue Service ("IRS") and by various state and foreign taxing authorities in the jurisdictions in which the Partnership and its subsidiaries conduct business. Tax years prior to 2022 are generally no longer subject to examination by the IRS, state, local or foreign tax authorities.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**NOTE 12 – EMPLOYEE BENEFIT PLANS**

The Partnership maintains a profit sharing and 401(k) plan covering all eligible U.S. employees, U.S. general partners and service partners, a Group Registered Retirement Savings Plan covering all eligible EJ Canada employees and Canadian general partners, and a Deferred Profit Sharing Plan covering all eligible EJ Canada employees. The Partnership contributed approximately $370, $360 and $307 in total to these plans in early 2026, 2025 and 2024 respectively, for the years ended December 31, 2025, 2024, and 2023.

In addition to the contribution above, the Partnership contributed approximately $98, $80 and $73 to the profit sharing plan in early 2026, 2025 and 2024, respectively, including applying mandatory profit sharing contributions that were withheld from service partners during the years ended December 31, 2025, 2024, and 2023.

**NOTE 13 – COMMITMENTS, GUARANTEES AND RISKS** 

As of December 31, 2025, the Partnership would be subject to termination fees of approximately $923 in the event the Partnership terminated existing contractual commitments with certain vendors providing ongoing services primarily for information technology to support the Partnership's strategic initiatives, in addition to services for operations. As of December 31, 2025, the Partnership made no such decision to terminate these services. Termination fees for contracts already in force will decrease over the corresponding contract periods, which generally expire within the next three to five years.

As of December 31, 2025, the Partnership has a revolving line of credit available (see Note 8).

The Partnership provides margin loans to its clients in accordance with Federal Reserve Board Regulation T and FINRA Rule 4210, under which loans are collateralized by securities in client accounts. The Partnership monitors required margin levels and requires clients to deposit additional collateral or reduce positions to meet minimum collateral requirements (see Note 1).

The Partnership's securities activities involve execution, settlement and financing of various securities transactions for clients. The Partnership may be exposed to risk of loss in the event clients, other brokers and dealers, banks, depositories or clearing organizations are unable to fulfill contractual obligations. The Partnership has controls in place to ensure client activity is monitored and to mitigate the risk of clients' inability to meet their obligations to the Partnership. Therefore, the Partnership considers its potential to make payments under these client transactions to be remote and accordingly, no liability has been recognized for these transactions.

Cash balances held at various major U.S. financial institutions, which typically exceed FDIC insurance coverage limits, subject the Partnership to a concentration of credit risk. Additionally, EJ Canada may also have cash deposits in excess of the applicable insured amounts. The Partnership regularly monitors the credit ratings of these financial institutions in order to help mitigate the credit risk that exists with the deposits in excess of insured amounts. The Partnership has credit exposure to government and agency securities through its investments segregated under federal regulations and collateral held for resell agreements. The Partnership's primary exposure on resell agreements is with the counterparty and the Partnership would only have exposure to government and agency credit risk in the event of the counterparty's default on the resell agreements (see Note 1).

The Partnership provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Partnership's liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the Partnership considers the likelihood that the Partnership will be required to make payments under these agreements to be remote. Accordingly, no liability has been recognized for these transactions.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**NOTE 14 – CONTINGENCIES**

In the normal course of its business, the Partnership is involved, from time to time, in various legal and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, which may result in losses. These matters include:

*Securities Class Action.* On March 30, 2018, Edward Jones and its affiliated entities and individuals were named as defendants in a putative class action (*Anderson, et al. v. Edward D. Jones & Co., L.P., et al.*) filed in the U.S. District Court for the Eastern District of California. The lawsuit originally was brought under the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act, as well as Missouri and California law and alleges that the defendants inappropriately transitioned client dollars from commission-based accounts to fee-based programs. The plaintiffs requested declaratory, equitable, and exemplary relief, and compensatory damages. In 2019, the district court granted defendants' motion to dismiss in its entirety but permitted plaintiffs to amend their claims. The court subsequently granted defendants' motion to dismiss plaintiffs' amended claims. Plaintiffs appealed the district court's dismissal of certain of their state law claims, and the U.S. Court of Appeals for the Ninth Circuit reversed the district court's dismissal of those claims. In early 2022, following remand by the Court of Appeals, the district court granted defendants' renewed motion to dismiss related to plaintiffs' remaining state law claims, but permitted plaintiffs to amend their claims. Defendants filed two motions to dismiss the amended claims, both of which were denied. In September 2023, plaintiffs moved for class certification, and Edward Jones moved for summary judgment on the plaintiffs' individual claims. On September 9, 2024, the district court granted Edward Jones' motion for summary judgment and denied plaintiffs' motion for class certification as moot. Plaintiffs appealed and the parties were scheduled for oral arguments before the Court of Appeals on November 14, 2025. On November 21, 2025, the Court of Appeals affirmed the district court's dismissal of the action in full and the judgment became final on December 22, 2025.

*Gender and Race Discrimination Class Action*. On March 9, 2022, Edward Jones and JFC were named as defendants in a lawsuit (*Dixon, et al. v. Edward D. Jones & Co., L.P., et al.*) filed in the U.S. District Court for the Eastern District of Missouri. The lawsuit was brought by a then-current financial advisor as a putative collective action alleging gender discrimination under the Fair Labor Standards Act, and by a former financial advisor as a putative class action alleging race discrimination under 42 U.S.C. § 1981. On April 25, 2022, the plaintiffs filed an amended complaint reasserting the original claims with modified allegations and adding claims under Title VII of the Civil Rights Act of 1964 ("Title VII") alleging race/national origin, gender, and sexual orientation discrimination on behalf of putative classes of financial advisors. The defendants filed a motion to dismiss on May 23, 2022, and on September 15, 2022, the court stayed further proceedings in the case pending a decision on the motion to dismiss. On March 31, 2023, the district court denied the motion to dismiss and lifted the stay of proceedings. Edward Jones and JFC filed an answer to the amended complaint on April 17, 2023. Discovery related to collective and class certification closed on June 20, 2025. The expert discovery phase closes on March 6, 2026. Edward Jones and JFC deny the allegations and intend to vigorously defend this lawsuit.

*Home Office Gender Discrimination Class Action*. Edward Jones and JFC were named as defendants in a lawsuit brought by a former employee (*Zigler v. Edward D. Jones & Co., L.P. et al.*) in the Northern District of Illinois. The initial complaint filed on September 1, 2022 alleged putative class and collective claims under the Equal Pay Act of 1963 ("EPA"), Title VII and Illinois state laws of gender-based wage discrimination against a subset of female home office associates whom the plaintiff described as "home office financial advisor[s]." The plaintiff amended the complaint on November 29, 2022, seeking to expand the putative collective and class definitions to include all female home office associates in any role. Edward Jones and JFC filed a motion to dismiss the amended complaint on January 6, 2023. In June 2023, the district court granted in part and denied in part the defendants' motion to dismiss, permitting the plaintiff's EPA claim and related state-law claim to proceed in connection with only one of the roles she held during her employment by the firm, limiting the plaintiff's Title VII claim and related state-law claim to a disparate treatment theory of liability as opposed to a disparate impact theory, and accepting the plaintiff's agreement to dismiss JFC from the case without prejudice. In May 2025, the district court granted plaintiff's motion to amend the complaint to reallege pay discrimination with regard to both roles plaintiff held during her employment with the firm, as well as the previously dismissed Title VII disparate impact claim. Plaintiff's amended complaint maintains similar putative collective and class definitions to include all female home office associates in any role. On May 27, 2025, Edward Jones filed its answer and affirmative defenses to the amended complaint. Edward Jones also filed a motion to dismiss on personal jurisdiction grounds, and that motion remains pending. Phase I fact discovery closed on May 28, 2025. In June 2025, plaintiff filed a motion for sanctions, alleging a failure to produce ordered documents. On July 23, 2025, the district court granted plaintiff's motion. Edward Jones filed a motion for reconsideration which was granted on September 9, 2025. The expert discovery phase closes on June 5, 2026. Class certification and Summary Judgment briefs

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Item 8. Financial Statements and Supplementary Data, continued

are scheduled for completion by September 25, 2026. Edward Jones denies the allegations and intends to vigorously defend this lawsuit.

In addition to these matters, the Partnership provides for probable losses that may arise related to other contingencies. The Partnership assesses its liabilities and contingencies utilizing available information. The Partnership accrues for losses for those matters where it is probable that the Partnership will incur a loss to the extent that the amount of such loss can be reasonably estimated*.* This liability represents the Partnership's estimate of the probable loss as of December 31, 2025, after considering, among other factors, the progress of each case, the Partnership's experience with other legal and regulatory matters and discussion with legal counsel, and is believed to be sufficient. The aggregate accrued liability is recorded in accounts payable, accrued expenses and other on the Consolidated Statements of Financial Condition and may be adjusted from time to time to reflect any relevant developments.

For such matters where an accrued liability has not been established and the Partnership believes a loss is both reasonably possible and estimable, as well as for matters where an accrued liability has been recorded but for which an exposure to loss in excess of the amount accrued is both reasonably possible and estimable, the current estimated aggregated range of additional possible loss is up to $28 as of December 31, 2025. This range of reasonably possible loss does not necessarily represent the Partnership's maximum loss exposure as the Partnership was not able to estimate a range of reasonably possible loss for all matters.

Further, the matters underlying any disclosed estimated range will change from time to time, and actual results may vary significantly. While the outcome of these matters is inherently uncertain, based on information currently available, the Partnership believes that its established liabilities as of December 31, 2025 are adequate, and the liabilities arising from such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Partnership. However, based on future developments and the potential unfavorable resolution of these matters, the outcome could be material to the Partnership's future consolidated operating results for a particular period or periods.

**NOTE 15 – SEGMENT INFORMATION**

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. The accounting policies of the segments, including how revenues are derived, are the same as those described in Note 1 – Summary of Significant Accounting Policies. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. For computation of Canada segment information, the Partnership does not eliminate intercompany items, such as management fees paid to affiliated entities. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. The Chief Operating Decision Maker ("CODM") is the Managing Partner of JFC.

The Managing Partner evaluates segment performance based upon income before allocations. Income before allocations margin represents income before allocations as a percentage of total revenue. Variable compensation is determined at the Partnership level for profit sharing and home office associate and client support team professionals' bonus amounts, and therefore is allocated to each geographic segment. Financial advisor bonuses are determined by the overall Partnership's profitability, as well as the performance of the individual financial advisors. Net interest and dividends revenue, depreciation and amortization and total assets for each segment, which are not used by the CODM to evaluate segment performance or allocate resources, are provided for informational purposes.

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PART II

Item 8. Financial Statements and Supplementary Data, continued

The following table shows financial information for the Partnership's reportable segments for the years ended December 31:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** | **U.S.** | **U.S.** | **Canada** | **Canada** | **Canada** | **Total** | **Total** | **Total** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Net revenue | $17224 | $15561 | $13409 | $476 | $443 | $389 | $17700 | $16004 | $13798 |
| FA compensation and benefits | 6778 | 6035 | 5069 | 191 | 173 | 149 | 6969 | 6208 | 5218 |
| Home office operating expense | 3360 | 3019 | 2927 | 113 | 98 | 94 | 3473 | 3117 | 3021 |
| Branch office operating expense | 2386 | 2195 | 2046 | 72 | 67 | 63 | 2458 | 2262 | 2109 |
| Variable compensation | 2652 | 2386 | 1798 | 58 | 50 | 40 | 2710 | 2436 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 15176 | 13635 | 11840 | 434 | 388 | 346 | 15610 | 14023 | 12186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before allocations | $2048 | $1926 | $1569 | $42 | $55 | $43 | $2090 | $1981 | $1612 |
| Income before allocations margin | 11.8% | 12.2% | 11.5% | 8.9% | 12.3% | 11.0% | 11.7% | 12.2% | 11.4% |
| Net interest and dividends <br> revenue | $825 | $906 | $841 | $40 | $45 | $44 | $865 | $951 | $885 |
| Depreciation and amortization | $713 | $608 | $552 | $19 | $16 | $15 | $732 | $624 | $567 |
| Total assets | $29124 | $27837 | $26926 | $1384 | $1127 | $1077 | $30508 | $28964 | $28003 |

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**NOTE 16 – RELATED PARTIES**

As of December 31, 2025, the Partnership leased approximately 13% of its branch office space from its financial advisors or their affiliates. The associated lease right-of-use assets and lease liabilities included in the Consolidated Statements of Financial Condition as of December 31, 2025 and 2024 were $157 and $160, and $124 and $125, respectively. Lease cost related to these leases was $57, $48 and $45 for the years ended December 31, 2025, 2024, and 2023, respectively. These leases are executed and maintained in a similar manner as those entered into with third parties. See Note 2 for additional information about the Partnership's leases.

Olive Street has primary responsibility for setting the overall investment strategies and selecting and managing sub-advisers of the Money Market Fund and BB Trust, subject to the review and approval of the Money Market Fund's Board of Trustees and BB Trust's Board of Trustees, respectively. Olive Street provides investment advisory services to the Money Market Fund and the twelve sub-advised mutual funds comprising the BB Trust, which are offered to clients of Edward Jones. Olive Street has contractually agreed to reimburse fund operating expenses to the extent necessary to limit the annual operating expenses of the Money Market Fund. For the years ended December 31, 2025, 2024, and 2023, Olive Street earned $64, $60 and $57, respectively, in investment management fees from the Money Market Fund, respectively, with no waived fees. The investment adviser fee revenue earned by Olive Street from the BB Trust, included within asset-based fee revenue in the Consolidated Statements of Income, is offset by the expense paid to the sub-advisers, included within fund sub-adviser fees on the Consolidated Statements of Income. The total amounts recognized for the years ended December 31, 2025, 2024, and 2023 were $352, $305 and $260, respectively.

Edward Jones earns certain fees from the Money Market Fund, some or all of which may be voluntarily waived. For the year ended December 31, 2025, 2024 and 2023, Edward Jones earned total fees of $155, $145 and $136, net of waived fees of $44, $43 and $42, respectively. Edward Jones waived fees to limit the Money Market Fund's annual operating expenses, as well as to maintain a positive client yield in those years.

Edward Jones Foundation ("Foundation") is a non-profit organization that supports national, regional, and local nonprofits to advance a range of community causes championed by the Partnership, its affiliates and employees. The officers and directors of the Foundation are JFC general partners, and Edward Jones is the sole contributor of funds. Contributions are voluntary and at the discretion of Edward Jones each year.

In the normal course of business, partners and associates of the Partnership use the same advisory, brokerage and trust services of the Partnership as unrelated third parties, with certain discounts on commissions and fees for certain services. The Partnership has included balances arising from such transactions in the Consolidated Financial Statements on the same basis as other clients.

The Partnership recognizes interest income for the interest earned from partners who elect to finance a portion or all of their Partnership capital contributions through loans made available from the Partnership (see Note 9).

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PART II

Item 8. Financial Statements and Supplementary Data, continued

**NOTE 17 – OFFSETTING ASSETS AND LIABILITIES**

The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition. However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default. These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy.

The following table shows the Partnership's securities purchased under agreements to resell as of December 31:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gross amounts** | **Net amounts** | **Gross amounts not offset** | **Gross amounts not offset** |  |
|  |  | **offset in the** | **presented in the** | **in the Consolidated** | **in the Consolidated** |  |
|  | **Gross** | **Consolidated** | **Consolidated** | **Statements of Financial** | **Statements of Financial** |  |
|  | **amounts of** | **Statements of** | **Statements of** | **Condition** | **Condition** |  |
|  | **recognized** | **Financial** | **Financial** | **Financial** | **Securities** |  |
|  | **assets** | **Condition** | **Condition** | **instruments** | **collateral** | **Net amount** |
| 2025 | $687 | $- | 687 |  | (687) | $— |
| 2024 | $1390 | $- | 1390 |  | (1390) | $— |

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**NOTE 18 – CASH FLOW INFORMATION**

The following table shows supplemental cash flow information for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Cash paid for interest | $197 | $255 | $282 |
| Cash paid for taxes | $41 | $12 | $33 |
| Non-cash activities: |  |  |  |
| Issuance of general partner interests through <br> partnership loans in current year | $321 | $270 | $319 |
| Repayment of partnership loans through distributions <br> from partnership capital in current year | $310 | $193 | $157 |
| Declared distributions for retired partnership capital<br> in current year but unpaid at year end<sup>(1)</sup> | $642 | $182 | $140 |

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<sup>(1)</sup> Declared distributions for retired Partnership capital are included in the accounts payable, accrued expenses and other line of the Consolidated Statements of Financial Condition.

The following table reconciles certain line items in the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance in the Consolidated Statements of Cash Flows for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Cash and cash equivalents | $3782 | $2273 | $1645 |
| Cash and investments segregated under federal regulations | 14069 | 15112 | 15565 |
| Less: Investments segregated under federal regulations | 9471 | 11035 | 11393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4598 | 4077 | 4172 |
| Total cash, cash equivalents and restricted cash | $8380 | $6350 | $5817 |

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Restricted cash represents cash segregated in special reserve bank accounts for the benefit of U.S. clients pursuant to the Customer Protection Rule 15c3-3 under the Exchange Act.

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Item 8. Financial Statements and Supplementary Data, continued

**NOTE 19 – SUBSEQUENT EVENT**

In February 2026, the Utah Department of Financial Institutions and the FDIC conditionally approved the Partnership's application to establish Edward Jones Bank as a Utah-chartered and FDIC-insured industrial bank headquartered in the Salt Lake City, Utah, area.

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PART II

**ITEM 9. CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

***Evaluation of Disclosure Controls and Procedures.*** As required by Rule 13a-15(e) under the Exchange Act, as of the end of the period covered by this Annual Report on Form 10-K, the Partnership's certifying officers, the Chief Executive Officer and the Chief Financial Officer, carried out an evaluation, with the participation of its management, of the effectiveness of the design and operation of the Partnership's disclosure controls and procedures. In designing and evaluating our disclosure controls and procedures, we recognize any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we were required to apply our judgment in evaluating and implementing possible controls and procedures. Based on the evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the date of completion of the evaluation, our disclosure controls and procedures were effective to ensure that information required to be disclosed by the Partnership in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. We will continue to review and document our disclosure controls and procedures, including our internal controls and procedures for financial reporting, on an ongoing basis, and may from time to time make changes aimed at enhancing their effectiveness and to ensure our systems evolve with our business.

Management's report on internal control over financial reporting and the report of independent registered public accounting firm are set forth in Part II, Item 8 – Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

***Changes in Internal Control Over Financial Reporting.*** There was no change in the Partnership's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

None.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

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PART III

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

JFC does not have a board of directors. As of December 31, 2025, the Partnership was composed of 33,160 individual partners, many of whom hold more than one type of partnership interest. Of those individuals, as of December 31, 2025, 516 were general partners, 33,079 were Class A limited partners, 757 were subordinated limited partners and 2,664 were Profits Interests holders.

*Managing Partner.* Under the terms of the Partnership Agreement, the Managing Partner has the primary responsibility (subject to the Partnership Agreement) to manage the Partnership's business, determining its policies, and controlling the management and conduct of the Partnership's business. Under the terms of the Partnership Agreement, the Managing Partner's powers include, but are not limited to, the power to admit and dismiss general partners and the power to adjust the proportion of their respective interests in the Partnership, subject to the ELT's authority to override the same. The Managing Partner is subject to a single term limit ending on the earlier of the 10-year anniversary of the Managing Partner's appointment date or the end of the fiscal year of the Managing Partner's 65th birthday. Additionally, the Managing Partner may be removed by a majority vote of the ELT (as discussed below) or a vote of the general partners holding a majority of the voting power of all general partners. If at any time the office of the Managing Partner is vacant, the ELT will succeed to all the powers and duties of the Managing Partner until a new Managing Partner is elected by a majority of the ELT. The Partnership, under the leadership of the Managing Partner provides management and administrative services to JFC's operating subsidiaries pursuant to services agreements.

*Enterprise Leadership Team.* The ELT consists of the Managing Partner and 5 to 15 additional general partners appointed by the Managing Partner, with the specific number determined by the Managing Partner. Under the terms of the Partnership Agreement, the Managing Partner designates members of the ELT to be the executive officers of the Partnership. For the year ended December 31, 2025, all members of the ELT were designated as executive officers. As of January 1, 2026, the Managing Partner has designated the following as executive officers: Penny Pennington, David Chubak, Keir Gumbs, David Gunn, Kristin Johnson and Andrew Miedler. The purpose of the ELT is to provide counsel and advice to the Managing Partner in discharging their functions. The ELT's responsibilities include the authority to set the Firm's strategic direction, steward financial and talent resources, maintain effective governance and make decisions to advance long-term performance in alignment with the Firm's purpose, impact areas and core values. In addition, the ELT is responsible for overseeing the design and effectiveness of the Firm's enterprise-wide risk governance framework and alignment of material risks with the ELT approved risk appetite. ELT members serve for an indefinite term and may be removed by the Managing Partner or a vote of general partners holding a majority of the voting power of all general partners. The Partnership has a Code of Ethical Conduct, which can be found at https://www.edwardjones.com/sites/default/files/dam/cknm20nezn/ej-240311_code-of-conduct_external_us.pdf?msockid=24a5e2adf7186d4e0f80f403f6246c3a, that applies to all associates and principals, including ELT members, which affirms the Partnership's values and beliefs and sets the direction for how the Partnership's associates and principals engage with each other and their clients. As of February 27, 2026, the ELT was composed of Penny Pennington, Managing Partner (Chair), Kenneth Cella, Jr., Head of External Affairs, David Chubak, Head of Wealth Management and Field Management, Keir Gumbs, Chief Legal Officer, David Gunn, Head of U.S. and Canada Business Units, Tina Hrevus, Chief of Staff, Kristin Johnson, Chief Operating Officer, Hasan Malik, Chief Strategy Officer, Suzan McDaniel, Chief Human Resources Officer, Andrew Miedler, Chief Financial Officer and Head of Digital, Data and Emerging Segments and Hema Widhani, Chief Experience, Brand and Marketing Officer.

The following table is a listing as of February 27, 2026 of the Partnership's executive officers, the year in which each executive officer became a general partner and each of their areas of responsibility. Under the terms of the Partnership Agreement, all general partners, including the Managing Partner and other members of the ELT, are required to retire in their capacity as general partners by the end of the calendar year during which they turn the age of 65. There are no familial relationships among the Partnership's executive officers.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | *Enterprise* | *General* |  |
| *Name* | *Age* | *Leadership Team* | *Partner* | *Area of Responsibility* |
| Penny Pennington | 62 | 2014 | 2006 | Managing Partner |
| Andrew Miedler | 48 | 2021 | 2011 | Chief Financial Officer and Head of Digital, Data and Emerging Segments |
| David Chubak | 45 | 2022 | 2022 | Head of Wealth Management and Field Management |
| Keir Gumbs | 51 | 2024 | 2023 | Chief Legal Officer |
| David Gunn | 53 | 2022 | 2008 | Head of U.S. and Canada Business Units |
| Kristin Johnson | 54 | 2019 | 2006 | Chief Operating Officer |

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Item 10. Directors, Executive Officers and Corporate Governance, continued

The executive officers' biographies are below.

***Penny Pennington, Managing Partner*** – Ms. Pennington joined the Partnership in 2000 as a financial advisor, was named a general partner in 2006 and has served as Managing Partner and Chief Executive Officer since January 2019. She held a number of senior leadership roles in key divisions prior to becoming Managing Partner. She led the Client Strategies Group, the New Financial Advisor Training department, Branch Office Administrator Development department and Branch and Region Development division. Ms. Pennington holds a Chartered Financial Analyst designation, is a graduate of the University of Pennsylvania's Wharton School Securities Industry Institute, earned her MBA from the Kellogg School of Management at Northwestern University and earned her bachelor's degree from the University of Virginia. Ms. Pennington is an active member of the St. Louis community, serving on the boards of the Donald Danforth Plant Science Center, the Washington University in St. Louis Board of Trustees, Greater St. Louis, Inc. and the James McDonnell Foundation.

***Andrew Miedler, Chief Financial Officer and Head of Digital, Data and Emerging Segments –*** Mr. Miedler joined the Partnership in 2002 in the Equity Research department as an analyst, was named a general partner in 2011 and has served as Chief Financial Officer since November 2021, responsible for the performance of the Finance Division. Before becoming Chief Financial Officer, Mr. Miedler was responsible for the Packaged Products and Capital Markets areas of Product Review. He joined the Finance division in 2014 and became Finance division leader in 2020. In 2025, he was also named Head of Digital, Data and Emerging Segments, responsible for the Partnership's overall technology, digital and data leadership, and vision and strategy for the Partnership's emerging segments. Mr. Miedler holds a Chartered Financial Analyst designation and earned his bachelor's and master's degrees from the University of Missouri-Columbia.

***David Chubak, Head of Wealth Management and Field Management –*** Mr. Chubak joined Edward Jones in 2022 as a general partner and Head of the U.S. Business Unit. In 2023, he assumed responsibility for leading the Branch Development division and in 2025 assumed responsibility for the Wealth & Field Management division. Prior to joining the Partnership, Mr. Chubak spent nearly a decade at Citigroup, most recently serving as the CEO of Citigroup's Retail Bank, where he led all retail channels, as well as product management, segments and risk management. Mr. Chubak is a graduate of New York University School of Law and earned his bachelor's degree from Columbia University.

***Keir Gumbs, Chief Legal Officer*** – Mr. Gumbs joined Edward Jones in 2023 and was named a general partner in 2024. As Chief Legal Officer Mr. Gumbs has responsibility for leading Legal, Compliance and Enterprise Risk. Prior to joining the Partnership, Mr. Gumbs was Chief Legal Officer for Broadridge Financial Solutions for more than two years, responsible for overseeing its Legal, Compliance and Physical Security teams and co-leading Regulatory and Government Affairs. Prior to his experience at Broadridge Financial Solutions, he spent three years at Uber Technologies, Inc., most recently serving as the Vice President, Deputy General Counsel and Deputy Corporate Secretary. Mr. Gumbs is a graduate of University of Pennsylvania School of Law and earned his bachelor's degree from The Ohio State University.

***David Gunn, Head of U.S. and Canada Business Units*** – Mr. Gunn joined the Partnership in 2000 and was named a general partner in 2008. He has served as President of EJ Canada, leading the Firm's Canada Business Unit since 2018 and, in 2025, assumed responsibility for leading the Firm's U.S. Business Unit. He began his career with the Firm as a financial advisor, has held leadership roles at the Firm's headquarters in St. Louis, and later led Financial Advisor Talent Acquisition in Canada. Mr. Gunn earned a bachelor's degree from Queen's University in Kingston, Ontario and an MBA from Northwestern University.

***Kristin Johnson, Chief Operating Officer*** – Ms. Johnson joined the Partnership in 1995 and was named a general partner in 2006. Ms. Johnson has held leadership roles in internal audit, service, operations and talent acquisition and performance for CSTPs. Ms. Johnson served as the Firm's Chief Human Resources Officer between 2019 and September 2022 and Chief Transformation Officer between 2022 and June 2025. She became the Firm's Chief Operating Officer in 2025. Ms. Johnson earned her bachelor's degree from the University of Illinois, a master's degree in information management from Webster University and completed Washington University's executive MBA program.

*Audit & Risk Committee.* Pursuant to its charter, the Audit & Risk Committee is directly responsible for the appointment, compensation, retention and oversight of the work of the Partnership's independent auditors. Additionally, the Audit & Risk Committee is responsible for assisting the Managing Partner and the ELT with, among other things, reviewing the Partnership's financial statements and related disclosures prior to filing, overseeing the integrity of the Partnership's financial reporting process and the Partnership's internal control structure including the financial reporting control requirements of

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Item 10. Directors, Executive Officers and Corporate Governance, continued

the Sarbanes Oxley Act of 2002 ("Sarbanes Oxley"), overseeing the performance of the Partnership's Internal Audit division, overseeing the management of the Partnership's enterprise risk profile and ensuring the Firm's significant risks are identified, assessed and managed appropriately, and overseeing the Partnership's cybersecurity and information security programs.

As of February 27, 2026, the Audit & Risk Committee was comprised of Keir Gumbs, Chair, Penny Pennington, David Chubak, David Gunn, Hasan Malik and independent members of the committee Jeffrey Bierman and Sandra Pundmann, both of whom the ELT has determined to be independent as described in the Audit & Risk Committee Charter. The Managing Partner has also determined that Mr. Bierman qualifies as an "audit committee financial expert" as defined in Item 407(d)(5) of Regulation S-K, as those qualifications are interpreted by the ELT. Members of the Audit & Risk Committee are appointed by the Managing Partner, in consultation with the ELT.

Independent members serve for a six-year term, internal members serve for an indefinite term and all members may be removed by the Managing Partner.

*Other Committees.* The Partnership does not maintain a nominating committee or similar body. Consistent with the Partnership Agreement, the Managing Partner retains exclusive authority to appoint, remove and reconstitute the ELT. Therefore, the responsibilities typically assigned to a nominating committee, such as identifying and evaluating individuals for service in board or board-equivalent capacities, are carried out directly by the Managing Partner, in consultation with the ELT as appropriate.

Similarly, the Partnership does not maintain a compensation committee. The Managing Partner and ELT directly oversee and approve compensation policies and decisions, including those for senior leaders, ELT members, and executive-level personnel. In performing these responsibilities, the Managing Partner and ELT consider a range of factors including Partnership performance, competitive compensation data, individual contributions, and long-term enterprise objectives.

As required under Item 407(e), because no compensation committee exists, any required disclosures regarding compensation-related decision-making, interlocks, or insider participation apply to the Managing Partner and the ELT collectively.

Pursuant to the Partnership Agreement, the Managing Partner and ELT have established an Investment Committee. The Investment Committee plays a key role in the allocation of Partnership capital by evaluating capital proposals within defined thresholds, reviewing strategic investment opportunities, and helping ensure well-informed and structured investment decision making in alignment with enterprise strategy. The Investment Committee is comprised of Andrew Miedler, Chair, Penny Pennington, David Gunn, Kristin Johnson, Hasan Malik, and three additional general partners. Members of the Investment Committee are appointed by the Managing Partner, in consultation with the ELT.

**RISK MANAGEMENT**

**Overview**

The Partnership's business model and activities expose it to a number of different risks. The identification and ongoing management of the Partnership's risks is critical to its long-term business success and related financial performance.

The Partnership's risk management framework is driven by the Partnership's governance structure established in the Partnership Agreement. The Managing Partner is ultimately responsible for the Partnership's risk management. The Managing Partner has designated the ELT as having responsibility for overseeing the design and effectiveness of the Firm's enterprise-wide risk governance framework. As part of its risk oversight responsibilities, the ELT reviews and approves the Firm's risk appetite statement and oversees alignment of material risks with the ELT approved risk-appetite. The ELT also provides oversight of the Firm's cybersecurity risk management program and data-related risks. Further, the Managing Partner and ELT have assigned the Audit & Risk Committee responsibility to assist in overseeing management of the Firm's enterprise risk profile, monitoring the ongoing performance, health and resourcing of the Firm's Enterprise Risk Management ("ERM") framework. The ERM framework includes, among other things, policies, standards, processes, reporting mechanisms, and governance structures, reviewing and challenging the Firm's risk appetite statement and approving associated risk tolerance thresholds, monitoring key risk metrics, and reviewing and monitoring the Firm's cybersecurity risk management program. Additionally, the Audit & Risk Committee is responsible for reviewing Internal Audit reports on the

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Item 10. Directors, Executive Officers and Corporate Governance, continued

assessment of the Partnership's control environment and overseeing key risk areas related to financial controls. The Partnership's Chief Risk Officer is responsible to the Chief Legal Officer, a member of the ELT.

The Partnership's management-level Enterprise Risk Management Committee ("ERMC") is co-Chaired by the Partnership's Chief Risk Officer and Head of ERM and meets at least six times per year. The ERMC is co-sponsored by the Chief Financial Officer and the Chief Legal Officer, both members of the ELT. The ERMC membership includes leaders of divisional and functional risk and control functions to provide coverage of significant risks to the Partnership. The ERMC assists the Managing Partner, the ELT and the Audit & Risk Committee in fulfilling their oversight responsibilities regarding enterprise risk management of the Firm, the governance structure supporting it and the Firm's risk profile. The ERMC supports the firmwide approach to risk management and exercises delegated authority to review, approve and monitor risk management policies, frameworks and programs.

In addition to the committees discussed above, through their day-to-day activities, the ERM department and risk teams embedded in Partnership divisions and functions also support the Managing Partner, ELT and Audit & Risk Committee in their ongoing risk management responsibilities, by maintaining and implementing risk frameworks, standards, processes and activities to facilitate enterprise-wide execution. ERM, divisional and functional risk management teams and Internal Audit support partners and associates with identifying, assessing, managing, monitoring, and reporting on risks in their business segments and functional capabilities. All associates are encouraged to speak up when they see something that is causing or could cause harm to the Partnership's clients, communities, colleagues, business, operations, or reputation.

As part of the financial services industry, the Partnership's business is subject to inherent risks. As a result, despite its risk management efforts and activities, there can be no absolute assurance that the Partnership will not experience significant unexpected losses due to the realization of certain risks to which the Partnership is subject. The following discussion highlights the Partnership's procedures and policies designed to identify, assess, and manage the primary risks of its business.

**Operational Risks**

There is an element of operational risk inherent within all of the Partnership's business activities arising from technology, external threats, internal processes, associates and third-party relationships. The Partnership's business model is dependent on complex internal information technology systems, and those of third parties the Partnership relies on, and there is a degree of exposure to systems failure and security incidents, particularly with legacy infrastructure. The Partnership is also dependent upon third parties to provide tools that support branch teams' interactions with clients. The Partnership's Chief Information Officer and Chief Information Security Officer are responsible for enhancing our technological systems for business operations and improving information security policies and standards, respectively. A business resiliency program has been established to respond to business disruptions of varying severities. The Partnership and its third-party vendors have data centers in several regions of the United States. The Partnership's data centers act as disaster recovery and redundant sites with each other. While these data centers are designed to be redundant with one another, a prolonged interruption of any site might result in a delay of service and substantial costs and expenses.

Employees are encouraged to report and address any suspicious or inappropriate activity through various means including an ethics hotline and a tool to report suspected cybersecurity threats via email. The Partnership also has a dedicated Insider Threat team, which utilizes various tools to uncover and mitigate technology and other threats. Refer to Part I, Item 1C – Cybersecurity, for more information regarding the Partnership's policies and procedures related to cybersecurity.

Third parties provide critical information technology, processing and other business support services. To mitigate information security risks at third-party vendors, the Partnership conducts due diligence on current and prospective service providers that process or store information and negotiates contractual provisions requiring policies and procedures that meet a standard of care for data security and related controls. The Partnership also performs ongoing oversight of current service providers to verify those standards are being met.

**Financial Risks**

*Credit Risk* is the risk that third parties who owe the Partnership money, securities or other assets will not meet their obligations. The Partnership is subject to credit risk due to the very nature of the transactions it processes for its clients. To manage this risk, the Partnership limits certain client transactions by, in some cases, requiring payment at the time or in

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PART III

Item 10. Directors, Executive Officers and Corporate Governance, continued

advance of a client transaction being accepted. The Credit Review Committee receives monthly reports and attends quarterly meetings on key loan statistics to assess and monitor the Firm's credit risk and inform Credit Policy decisioning. The Credit Team assists in managing the Partnership's credit risk arising out of the client margin loans it offers by limiting the amount and controlling the quality of collateral held in the client's account against those loans. Margin loans are limited to a fraction of the total value of the securities held in the client's account against those loans upon issuance in accordance with Federal Reserve Board Regulation T and throughout the life of the loan in accordance with FINRA Rule 4210. In the event of a decline in the market value of the securities in a margin account, the Partnership requires the client to deposit additional securities or cash (or to sell a sufficient amount of securities) so that, at all times, the loan to the client is no greater than 65% of the value of the securities in the account, which is a more stringent requirement than FINRA Rule 4210.

The Partnership also has credit exposure with counterparties as a result of its ongoing, routine business activities. This credit exposure can arise from the settlement of client transactions, related failures to receive and deliver, or the Partnership's investing activities with other financial institutions. The Partnership's Treasury and Banking Business Unit departments manage relationships with financial institutions where these business activities occur and monitor exposure to such counterparties on a regular basis to minimize the Firm's risk of loss related to such exposure.

*Market Risk* is the risk associated with the declining value of investment securities as a result of fluctuations in interest rates, security prices or overall market conditions. The Partnership's investment securities are primarily held to generate income and assist in the management of Firm liquidity. The Treasury Department monitors and manages Firm investments that are primarily in government and agency obligations, which are highly liquid, low-risk investments that help reduce exposure to declines in market value from market volatility.

*Liquidity Risk* is the risk of insufficient financial resources to meet the short-term or long-term cash needs of the Partnership. The Partnership's Treasury Department continually evaluates and monitors the impact of the Firm's business activities on liquidity and financial condition. The objective of the Partnership's liquidity management policies is to support the successful execution of business strategies while maintaining ongoing and sufficient liquidity. Additionally, the Partnership conducts regular liquidity stress testing to develop a consolidated view of liquidity risk exposures and to develop strategies to maintain sufficient liquidity during market-related or Firm-specific liquidity stress events.

*Interest Rate Risk* is the Partnership's exposure to risk from changes in interest rates. The Treasury Department actively manages the Partnership's short-term investments to maximize interest revenue while managing liquidity risks. The Partnership continues to evaluate its cash management strategy, including evaluating relationships with current and prospective financial institutions and identifying opportunities to further reduce the negative impact of changes in interest rates on revenue from certain cash solutions products.

**Legal and Compliance Risk**

Many aspects of the Partnership's business involve substantial litigation and compliance risks. The Partnership is, from time to time, subject to examinations, inquiries and investigations by governmental agencies, SROs and other regulators. Such matters have in the past, and could in the future, negatively impact the Partnership's business and result in significant expenses. In the ordinary course of business, the Partnership also is subject to arbitration claims, lawsuits and other potentially significant litigation such as putative class actions. Over time, there has been increasing litigation involving the financial services industry, including putative class action lawsuits that may seek substantial damages. The Partnership's reputation is critical to attracting and retaining clients and financial advisors and could be damaged by certain legal or regulatory actions, unethical behavior, cybersecurity incidents, poor investment performance, or compliance failures, depending on their nature, size and scope.

The Partnership has established, through its overall compliance program, a variety of policies, procedures and a system of internal controls (including written supervisory procedures) designed to manage the risk of non-compliance by home office and branch associates and mitigate legal and compliance risks. As a normal course of business, new accounts and client transactions are reviewed daily, in part, through the Partnership's field supervision function, to mitigate the risk of non-compliance with regulatory requirements as well as any resulting negative impact on the Partnership's reputation. To minimize the risk of regulatory non-compliance, each branch office is subject to an annual branch audit, to review the financial advisor's business and competency. Additionally, certain branches are visited or monitored regularly by field supervision directors to assure reasonable compliance. The Partnership's Compliance department works with other

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PART III

Item 10. Directors, Executive Officers and Corporate Governance, continued

business areas to advise and consult on business activities to help ensure compliance with regulatory requirements and Partnership policies. The Partnership also has established privacy policies to comply with privacy rules and regulations and trains its employees on privacy requirements, all of which come under the responsibility of the Partnership's Chief Privacy Officer. The Partnership has specific controls related to prevention of fraud and money laundering and provides initial as well as annual training to help mitigate regulatory risks. The Partnership also has an anonymous ethics hotline to report other suspicious activity for review and disciplinary action when necessary. The Partnership's Internal Audit department receives ethics hotline reports from a third-party provider, and the Legal and/or Human Capital departments, as appropriate, investigate reports as they are received.

In light of the Partnership's business, the Partnership has adopted policies and procedures for all of its partners and associates designed to promote compliance with applicable securities laws, known as "insider trading" laws, which prohibit persons who receive or become aware of material non-public information about other companies from trading in such other companies' securities or providing material non-public information to others who may trade in the such other companies' securities on the basis of that information. There is no established public trading market for any of the partner interests in the Partnership and their sale, pledge, exchange, assignment or transfer is prohibited without the express written consent of the Managing Partner (which is not expected to be given) pursuant to the terms of the Partnership Agreement. As a result of the foregoing, the Partnership has not adopted an additional insider trading policy governing the purchase, sale, and/or other dispositions of any interest in the Partnership.

**Strategic Risk**

The Partnership seeks to address its strategic risks, most notably competition for clients and personnel in light of the evolving financial services industry and generational wealth transfer, changing client demographics, preferences and values, technology, artificial intelligence, and regulatory changes, through its initiatives to deliver enhanced value and impact for millions of current and potential clients, colleagues and communities. The Partnership is continuing to make significant investments to attract and retain qualified talent and offers a competitive compensation program and employee benefits for financial advisors, CSTPs and home office associates that promote a long-term career, financial security and well-being. Firm leaders manage the execution of the Partnership's projects and initiatives through planning, goal setting, testing and monitoring to support successful implementation of its strategic initiatives and investments.

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PART III

**ITEM 11. EXECUTIVE COMPENSATION**

**COMPENSATION DISCUSSION AND ANALYSIS**

The Partnership's compensation program allocates net income to general partners, including executive officers, primarily based upon their general partner ownership interests in the Partnership. As general partners, executive officers benefit annually from the net income of the Partnership through current cash distributions from short-term results and from having an opportunity to continue to share in the long-term profitability of the organization. By owning general partner interests, executive officers are encouraged to balance short-term and long-term results of the Partnership as they have a significant amount of capital at risk. Also, by sharing in any annual operating loss of the Partnership, all general partners, including executive officers, have a direct incentive to manage risk and focus on the short- and long-term financial results of the Partnership.

**Compensation Components**

The named executive officers' compensation components are the same as the Partnership's other general partners. The components consist of base salary, deferred compensation, and allocations of Partnership net income. Named executive officers do not receive bonuses, stock awards, option awards, non-equity incentive plan compensation, or any other elements other than those disclosed below related to their capital ownership interest in the Partnership.

***Salary –*** Each named executive officer receives an amount of fixed compensation in the form of annual salary. In establishing the salaries listed on the Summary Compensation Table, the Partnership considers individual experience, responsibilities and tenure. Because the Partnership's principal compensation of named executive officers is from allocations of Partnership net income, it does not benchmark the compensation of its named executive officers with compensation to executives at other companies in setting its base salaries, or otherwise in determining the compensation to its named executive officers. Each named executive officer in 2025 received an annual salary ranging from $175,000 to $250,000.

***Deferred Compensation –*** Each named executive officer is a participant in the Partnership's profit sharing and 401(k) plan, a qualified deferred compensation plan, which also covers all eligible general partners and service partners of the Partnership and associates of the Partnership's subsidiaries. Each named executive officer receives contributions based upon the overall profitability of the Partnership. Contributions to the plan are made annually at the discretion of the Partnership and have historically been determined based on approximately 24% of the Partnership's net income before allocations. Allocation of the Partnership's contribution among participants is determined by each participant's relative level of eligible earnings. The plan is a tax-qualified retirement plan.

***Income Allocated to Partners –*** The majority of the Partnership's general partners' compensation, including that of the named executive officers, comes from their capital ownership interests in the Partnership as general partners, subordinated limited partners, Class A limited partners and Profits Interest holders pursuant to the Partnership Agreement. Of the Partnership's net income allocated to general partners, including the named executive officers, 92% is allocable based upon their respective general partner ownership interests in the Partnership. General partner ownership interests are set at the discretion of the Managing Partner. General partner ownership interests held by each named executive officer for each applicable year ranged from 1.10% to 1.90% in 2025, 0.45% to 2.10% in 2024, and 0.36% to 2.25% in 2023. The remaining 8% of net income allocated to general partners is distributed based on merit and/or need as determined by the Managing Partner in consultation with the ELT. Pursuant to the Partnership Agreement, the Partnership's net income allocated to subordinated limited partners and limited partners, including the applicable named executive officers, is allocated based upon their respective subordinated limited partner ownership interests and limited partner ownership interests in the Partnership. In addition, Class A limited partners receive the 7<sup>1</sup>/2% Payment pursuant to the Partnership Agreement. Subordinated limited partner ownership interests, limited partner ownership interests and Profits Interest ownership are set at the discretion of the Managing Partner. Named executive officers are not eligible to hold Profits Interests.

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PART III

Item 11. Executive Compensation, continued

**Summary Compensation Table**

The following table identifies the compensation of the Managing Partner ("CEO"), the Chief Financial Officer ("CFO"), and the four other most highly compensated executive officers for 2025 based on total compensation (including respective income allocation).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Income** |  |
|  |  |  | **Deferred** | **Allocated** |  |
|  | **Year** | **Salaries** | **Compensation** | **to Partners**<sup>(1)</sup> | **Total** |
| Penny Pennington | 2025 | $250000 | $16555 | $27775453 | $28042008 |
| *CEO* | 2024 | 250000 | 17354 | 28794590 | 29061944 |
|  | 2023 | 250000 | 15774 | 24858188 | 25123962 |
| Andrew Miedler | 2025 | $175000 | $16555 | $21068692 | $21260247 |
| *CFO and Head of Digital, Data and* | 2024 | 175000 | 17354 | 18508900 | 18701254 |
| *Emerging Segments* | 2023 | 175000 | 15774 | 14367893 | 14558667 |
| Kenneth Cella, Jr.<sup>(2)</sup> | 2025 | $175000 | $16555 | $21503497 | $21695052 |
| *General Partner - Head of External* | 2024 | 175000 | 17354 | 22081290 | 22273644 |
| *Affairs* | 2023 | 175000 | 15774 | 19090557 | 19281331 |
| David Chubak | 2025 | $175000 | $16555 | $18846051 | $19037606 |
| *General Partner – Head of Wealth Management and Field Management* |  |  |  |  |  |
| Kristin Johnson | 2025 | $175000 | $16555 | $21060469 | $21252024 |
| *General Partner – Chief Operating Officer* | 2024 | 175000 | 17354 | 19821936 | 20014290 |
|  | 2023 | 175000 | 15774 | 16569266 | 16760040 |
| Francis LaQuinta <sup>(3)</sup> | 2025 | $175000 | $16555 | $20256074 | $20447629 |
| *General Partner – Former Head of* | 2024 | 175000 | 17354 | 19820743 | 20013097 |
| *Digital, Data and Operations* | 2023 | 175000 | 15774 | 18240705 | 18431479 |

---

<sup>(1)</sup> Income allocated to partners includes allocations from general partner, subordinated limited partner and Class A limited partner capital ownership interests in the Partnership.

<sup>(2)</sup> Mr. Cella remains a member of the ELT but was not designated as an executive officer of the Partnership as of January 1, 2026.

<sup>(3)</sup> Mr. LaQuinta transitioned from the ELT as of June 1, 2025 and retired from the Partnership as of December 31, 2025.

**Potential Payments Upon Termination or Change-in-Control**

Our named executive officers are not party to any agreements that provide for cash severance or supplemental benefits upon termination of employment or a change in control.

Under the Partnership Agreement, and subject to certain limitations that may be waived or modified at the Managing Partner's discretion, a general partner—including each named executive officer—may voluntarily withdraw from the Partnership, or may be subject to mandatory withdrawal, which in either case results in a return of their general partner capital contribution through the redemption of their general partner interests in the Partnership. In the discretion of the Managing Partner, which may consider factors such as a withdrawing general partner's age, performance, and tenure as a general partner, a withdrawing general partner may be permitted to convert some or all of the withdrawing general partner's capital to subordinated limited partnership capital rather than redeem it for cash. Upon a general partner's withdrawal (including by resignation or retirement), the aggregate value of cash distributed and subordinated limited partner interests issued shall equal the withdrawing general partner's general partner adjusted capital contribution as of the applicable valuation date. Under the terms of the Partnership Agreement, a general partner's capital is required to be redeemed by the Partnership in the event of the general partner's death or disability (as described in the Partnership Agreement).

The Managing Partner may cause the withdrawal of a partner, including general partners and subordinated limited partners, based on factors such as conduct that negatively impacts the Partnership, including competition with the Partnership's business, talent, or clients, or disparagement of the Partnership or its partners or employees. The Partnership Agreement

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PART III

Item 11. Executive Compensation, continued

specifies the timing and form of redemption payments, which vary based on the circumstances of withdrawal, death or disability, and may be subject to any Deferral Period (as defined in the Partnership Agreement) that applies to that partner.

General partner ownership interests held by each named executive officer ranged from 1.10% to 1.90% of all general partnership capital as of December 31, 2025. Total general partner capital as of December 31, 2025 was $2,093 million. No named executive officer, other than Mr. LaQuinta, owned subordinated limited partnership interests as of December 31, 2025. Each named executive officer holding limited partnership interests as of December 31, 2025 met the Partnership's requirements to continue to hold their limited partnership interests after retirement or resignation.

**Pay Ratio Disclosure**

The Wall Street Reform and Consumer Protection Act and related regulations require the Partnership to disclose the ratio of the compensation of the Managing Partner and compensation of a median employee of the Partnership as calculated in accordance with Item 402(u) of Regulation S-K under the Securities Act. Item 402(u) permits the Partnership to identify its median employee once every three years unless there has been significant change in compensation structure or overall number of employees, which the Partnership does not believe has occurred. The median employee was selected from a population that represented all employees as of December 31, 2023, using salary and benefits, variable compensation, and allocations of Partnership net income as of December 31, 2023, consistently applied across the employee population. After identifying the median employee, annual total compensation for the median employee and the Managing Partner was calculated using the same methodology as was used in the Summary Compensation Table above.

For 2025, the median annual total compensation of all employees of the Partnership, including general partners and excluding the Managing Partner, was $123,918 and the annual total compensation of the Managing Partner was $28,042,008 or a ratio of 226. The majority of the Managing Partner's total compensation is based on general partner and subordinated limited partner capital ownership interests in the Partnership as indicated above, compared to the compensation of a median employee which is primarily based on their annual salary. This ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K.

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PART III

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table shows as of February 27, 2026, the ownership of Class A limited partner interests by each named executive officer in the Summary Compensation Table and the current executive officers as a group. Executive officers are not eligible to hold Profits Interests.

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Name of Beneficial Owner** | **Amount<br>Beneficially<br>Owned** | **% of Class** |
| Class A Limited Partner Interests | Penny Pennington | $27000 | \* |
| Class A Limited Partner Interests | Andrew Miedler | $40000 | \* |
| Class A Limited Partner Interests | Kenneth Cella Jr. <sup>(1)</sup> | $115600 | \* |
| Class A Limited Partner Interests | David Chubak | $- | 0% |
| Class A Limited Partner Interests | Kristin Johnson | $5000 | \* |
| Class A Limited Partner Interests | Francis LaQuinta <sup>(2)</sup> | $- | 0% |
| Class A Limited Partner Interests | All Current Executive Officers<br> as a group (6 persons) | $143000 | \* |

---

\* Each of the executive officers named in the Summary Compensation Table and the current executive officers as a group own less than 1% of the Class A limited partner interests outstanding.

<sup>(1)</sup> Mr. Cella remains a member of the ELT but was not designated as an executive officer of the Partnership as of January 1, 2026.

<sup>(2)</sup> Mr. LaQuinta transitioned from the ELT as of June 1, 2025 and retired from the Partnership as of December 31, 2025.

The following table shows as of December 31, 2025, the Interests that may be issued under the following equity compensation plans: (a) the 2025 Plan; and (b) the 2021 Plan.

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| | | | |
|:---|:---|:---|:---|
| **Equity Compensation Plans <br>Not Approved by <br>Limited Partners**<sup>(1)</sup> | **Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights** | **Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights** | **Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans** |
| 2025 Plan (Class B Limited Partner Interests) | N/A | N/A | 1400000 |
| 2021 Plan (Class A Limited Partner Interests) | N/A | N/A | 132000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Under the terms of the Partnership Agreement, the Managing Partner has the right to adopt equity compensation plans without the approval of the limited partners.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** 

The Partnership maintains a written Related-Party Transaction Approval Policy with respect to related persons, which sets forth policies and procedures for reviewing and approving or ratifying transactions, arrangements or relationships (or any series of similar transactions, arrangements or relationships) with the ELT or any of their immediate family members or affiliated entities (collectively "Related Persons"). The policy covers transactions, arrangements or relationships where the Partnership is a participant, the aggregate amount involved exceeds $120 thousand in any calendar year, and in which a Related Person has or will have a direct or indirect material interest ("Related Person Transaction").

Under the policy, the Partnership's CFO or Chief Legal Officer will determine whether a transaction meets the requirements of a Related Person Transaction. Transactions that fall within the definition will be referred to the Audit & Risk Committee for approval, ratification or other action. Based on its consideration of all of the relevant facts and circumstances, the Audit & Risk Committee will decide whether or not to approve such transaction and will approve only those transactions that it determines are in the best interest of the Partnership. If the Partnership's CFO or Chief Legal Officer becomes aware of an existing transaction with a Related Person which has not been approved under this policy, the matter will be referred to the Audit & Risk Committee. The Audit & Risk Committee will evaluate all options available, including ratification, revision or termination of such transaction.

The Partnership maintains a policy permitting family members of certain associates and principals to be considered for employment, subject to defined limitations and controls designed to mitigate conflicts of interest. This policy limits circumstances in which related individuals may work together or maintain direct reporting relationships in specified roles

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PART III

and responsibilities. As a result, family members of ELT members may, from time to time, be employed by the Partnership. The following summarizes family relationships with members of the Partnership's ELT and their compensation as of December 31, 2025, which was paid consistently with the compensation programs provided to other financial advisors of the Partnership:

Penny Pennington is the Partnerships' Managing Partner, a member of the ELT, and an executive officer. Ms. Pennington's son-in-law, Nicholas Davis, is a financial advisor with the Partnership and earned approximately $372 thousand during 2025. Mr. Davis does not report directly to Ms. Pennington. This relationship was ratified by the Audit & Risk Committee.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The following table presents fees rendered by the Partnership's independent registered public accountants, PricewaterhouseCoopers LLP.

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| | | |
|:---|:---|:---|
| *<u>($ thousands)</u>* | **2025** | **2024** |
| Audit fees | $3430 | $3264 |
| Audit-related fees<sup>(1)</sup> | 2064 | 1399 |
| Tax fees<sup>(2)</sup> | 289 | 430 |
| Other<sup>(3)</sup> | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fees | $5785 | $5095 |

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<sup>(1)</sup> Audit-related fees consist primarily of fees for internal control reviews, attestation/agreed-upon procedures, employee benefit plan audits, system implementation control readiness assessment in 2025 and consultations concerning financial accounting and reporting standards.

<sup>(2)</sup> Tax fees consist of fees for services relating to tax compliance and other tax planning and advice.

<sup>(3)</sup> Other includes fees for non-audit services related subscriptions, including software licenses.

The Audit & Risk Committee pre-approved all audit and non-audit related services in fiscal years 2025 and 2024. No services were provided under the de minimis fee exception to the Audit Committee pre-approval requirements.

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PART IV

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

INDEX

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Page No. |
| (a) | (1) | The following financial statements are included in Part II, Item 8: |  |
|  |  | [<u>Management's Report on Internal Control over Financial Reporting</u>](#managements_report_on_internal_control) | 45 |
|  |  | [<u>Report of Independent Registered Public Accounting Firm</u>](#report_independent_registered_public_acc) | 46 |
|  |  | [<u>Consolidated Statements of Financial Condition as of December 31, 2025 and 2024</u>](#consolidated_statements_financial_condit) | 48 |
|  |  | [<u>Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023</u>](#consolidated_statements_of_income) | 49 |
|  |  | [<u>Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023</u>](#consolidated_statements_of_comp_income) | 50 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption for the years ended December 31, 2025, 2024, and 2023</u>](#consol_statemnts_changes_partner_capital) | 51 |
|  |  | [<u>Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023</u>](#consolidated_statements_cash_flows) | 52 |
|  |  | [<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | 53 |
|  | (2) | The following financial statements are included in Schedule I: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Parent Company Only Condensed Statements of Financial Condition as of December 31, 2025 and 2024</u>](#parent_condensed_statements_of_financial) | 90 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Parent Company Only Condensed Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023</u>](#parent_condensed_statements_of_income) | 91 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Parent Company Only Condensed Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023</u>](#parent_condensed_statements_of_cash) | 92 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Other schedules are omitted because they are not required, inapplicable, or the information is otherwise shown in the Consolidated Financial Statements or notes thereto. | &nbsp;&nbsp;&nbsp;&nbsp;Other schedules are omitted because they are not required, inapplicable, or the information is otherwise shown in the Consolidated Financial Statements or notes thereto. |
| (b) |  | Exhibits |  |
|  |  | Reference is made to the Exhibit Index hereinafter contained. |  |

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EXHIBIT INDEX

**ITEM 16. FORM 10-K SUMMARY**

None.

---

| | | |
|:---|:---|:---|
| **Exhibit Number** |  | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | \* | <br>[<u>Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated as of November 5, 2025, incorporated by reference from Exhibit 3.1 to The Jones Financial Companies, L.L.L.P. current report on Form 8-K dated November 5, 2025.</u>](https://www.sec.gov/Archives/edgar/data/815917/000119312525266808/ck0000815917-ex3_1.htm) |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;3.2 | \*\* | [<u>Twenty-Third Restated Certificate of Limited Partnership of the Jones Financial Companies, L.L.L.P., dated January 20, 2026.</u>](ck0000815917-ex3_2.htm) |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;3.3<br>| \*\* | [<u>First Amendment of Twenty-Third Amended and Restated Certificate of Limited Partnership of the Jones Financial Companies, L.L.L.P., dated February 19, 2026.</u>](ck0000815917-ex3_3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | \*\* | [<u>Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as Amended, of The Jones Financial Companies, L.L.L.P.</u>](ck0000815917-ex4_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | \*\* | [<u>Description of Securities Registered Pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as Amended, of The Jones Financial Companies, L.L.L.P.</u>](ck0000815917-ex4_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | \* | [<u>$500,000,000 Credit Agreement dated as of October 18, 2022, among The Jones Financial Companies, L.L.L.P. and Edward D. Jones & Co., L.P. as borrowers and lenders Fifth Third Bank and Wells Fargo Bank, National Association. incorporated by reference from Exhibit 10.1 to The Jones Financial Companies L.L.L.P. Form 10-Q for the quarterly period September 30, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022024862/ck0000815917-ex10_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | \* | [<u>Eleventh Amended and Restated Agreement of Limited Partnership Agreement of Edward D. Jones & Co., L.P. dated March 10, 2010, incorporated by reference from Exhibit 3.3 to The Jones Financial Companies, L.L.L.P. Annual Report on Form 10-K for the fiscal year ended December 31, 2009.</u>](https://www.sec.gov/Archives/edgar/data/815917/000106880010000036/ex3p3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | \* | [<u>The Jones Financial Companies, L.L.L.P. 2021 Employee Limited Partnership Interest Purchase Plan, incorporated by reference from Exhibit 99.1 to the Form S-8 Registration Statement (File No. 333-261542) filed on December 8, 2021. (Constitutes a management contract or compensatory plan or arrangement)</u>](https://www.sec.gov/Archives/edgar/data/815917/000119312521351541/d269484dex991.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | \* | [<u>The Jones Financial Companies, L.L.L.P. 2025 Class B Limited Partnership Interest Purchase Plan, incorporated by reference from Exhibit 4.2 to the Form S-8 Registration Statement (File No. 333-291417) filed on November 10, 2025. (Constitutes a management contract or compensatory plan or arrangement)</u>](https://www.sec.gov/Archives/edgar/data/815917/000119312525273971/ck0000815917-ex4_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5<br>| \* | [<u>The Jones Financial Companies, L.L.L.P. 2026 Profits Interest Plan, incorporated by reference from Exhibit 4.2 to the Form S-8 Registration Statement (File No. 333-293301) filed on February 9, 2026. (Constitutes a management contract or compensatory plan or arrangement)</u>](https://www.sec.gov/Archives/edgar/data/815917/000119312526042632/ck0000815917-ex4_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;21.1 | \*\* | [<u>Subsidiaries of the Registrant</u>](ck0000815917-ex21_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;23.1 | \*\* | [<u>Consent of Independent Registered Public Accounting Firm</u>](ck0000815917-ex23_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1 | \*\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0000815917-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2 | \*\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0000815917-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1 | \*\* | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0000815917-ex32_1.htm) |

---

------

EXHIBIT INDEX

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;32.2 | \*\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0000815917-ex32_2.htm) |
| 101.INS | \*\* | Inline XBRL Instance Document |
| 101.SCH | \*\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | \*\* | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

\* Incorporated by reference to previously filed exhibits.

\*\* Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| THE JONES FINANCIAL COMPANIES, L.L.L.P. | THE JONES FINANCIAL COMPANIES, L.L.L.P. |
| By: | /s/ Penny Pennington |
|  | Penny Pennington |
|  | Managing Partner (Principal Executive Officer) |
|  | March 13, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| <u>Signatures</u> | <u>Title</u> | <u>Date</u> |
| /s/ Penny Pennington | Managing Partner | March 13, 2026 |
| Penny Pennington | (Principal Executive Officer) |  |
| /s/ Andrew T. Miedler | Chief Financial Officer | March 13, 2026 |
| Andrew T. Miedler | (Principal Financial and<br>Accounting Officer) |  |

---

------

Schedule I

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**(Parent Company Only)**

**CONDENSED STATEMENTS OF FINANCIAL CONDITION**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *(Dollars in millions)* | **2025** | **2024** |
| **ASSETS:** |  |  |
| Cash and cash equivalents | $228 | $295 |
| Investment securities | 90 | 114 |
| Investment in and receivable from subsidiaries | 5049 | 4621 |
| Other assets | 76 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $5443 | $5115 |
| **LIABILITIES:** |  |  |
| Accounts payable and accrued expenses | $641 | $206 |
| Partnership capital subject to mandatory redemption | $4802 | $4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | $5443 | $5115 |

---

------

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**(Parent Company Only)**

**CONDENSED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | ***For the Years Ended December 31,*** | ***For the Years Ended December 31,*** | ***For the Years Ended December 31,*** |
| *(Dollars in millions)* | ***2025*** | ***2024*** | ***2023*** |
| **NET REVENUE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee income | $3359 | $3135 | $2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subsidiary earnings | 2041 | 1921 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 50 | 62 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 5450 | 5118 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 130 | 131 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | 5320 | 4987 | 4290 |
| **OPERATING EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 3229 | 3004 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1 | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3230 | 3006 | 2678 |
| **INCOME BEFORE ALLOCATIONS** | $2090 | $1981 | $1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocations to partners | (2090) | (1981) | (1612) |
| **NET INCOME** | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 1 | (9) |  |
| **COMPREHENSIVE INCOME (LOSS) BEFORE ALLOCATIONS** | 1 | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocations | 1 | (9) |  |
| **TOTAL COMPREHENSIVE INCOME** | $— | $— | $— |

---

------

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**(Parent Company Only)**

**CONDENSED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | ***For the Years Ended December 31,*** | ***For the Years Ended December 31,*** | ***For the Years Ended December 31,*** |
| *(Dollars in millions)* | ***2025*** | ***2024*** | ***2023*** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by<br> operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | 2090 | 1981 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 1 | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in subsidiaries | (292) | (72) | (637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 24 | 5 | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 9 | (4) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (25) | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1807 | 1914 | 871 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in subsidiaries | (136) | (128) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (136) | (128) | (47) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of partnership loans | 60 | 43 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of partner interests | 73 | 76 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of partner interests | (357) | (307) | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from partnership capital | (1514) | (1460) | (1193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (1738) | (1648) | (883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | (67) | 138 | (59) |
| **CASH AND CASH EQUIVALENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 295 | 157 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $228 | $295 | $157 |
| **NON-CASH ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of general partner interests through <br> partnership loans in current year | $321 | $270 | $319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of partnership loans through distributions from<br> partnership capital in current year | $310 | $193 | $157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declaration of distributions from subsidiary in current year <br> but received after year end | $489 | $721 | $930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declared distributions for retired partnership capital<br> in current year but unpaid at year end | $642 | $182 | $140 |

---

------

Schedule I

**THE JONES FINANCIAL COMPANIES, L.L.L.P.** 

**Note to Parent Company Only Financial Statements**

**NOTE 1 – REVENUE AND EXPENSE**

The Partnership's principal operating subsidiary, Edward D. Jones & Co., L.P. ("Edward Jones"), has a written agreement with The Jones Financial Companies, L.L.L.P. ("JFC") for the services of certain financial advisors who are service partners of JFC and not employees of Edward Jones. Pursuant to the agreement, Edward Jones made payments to the service partners of JFC on JFC's behalf for those services provided. This arrangement did not have an impact on net income for the years ended December 31, 2025, 2024, and 2023 but resulted in higher management fee income of $3.2 billion, $3.0 billion and $2.6 billion, respectively, offset by higher compensation expense of $3.2 billion, $3.0 billion and $2.6 billion, respectively.

------

## Exhibit 3.2

**Exhibit 3.2**

TWENTY-THIRD AMENDED AND RESTATED

CERTIFICATE OF LIMITED PARTNERSHIP

OF

THE JONES FINANCIAL COMPANIES, L.L.L.P.

The undersigned, for the purpose of amending and restating its Certificate of Limited Partnership under the Missouri Uniform Limited Partnership Act, states the following:

(1)The name of the limited partnership is The Jones Financial Companies, L.L.L.P., and the limited partnership's charter number is LP0000443.

(2)The date the limited partnership was filed in Missouri is June 5, 1987.

(3)The name and address of the limited partnership's Missouri registered agent is:

C T Corporation System

5661 Telegraph Road

Suite 4B

Saint Louis, MO 63129

(4)The names and mailing addresses of the general partners are set forth on Exhibit A attached hereto. This list includes the general partner admissions and withdrawals attached hereto on Exhibit B effective as of the dates listed therein. The number of general partners is 570.

(5)The latest date upon which the limited partnership is to be dissolved is December 31, 2199.

In affirmation thereof, the facts stated above are true.

Dated: January 20, 2026

THE JONES FINANCIAL COMPANIES, L.L.L.P.

General Partner:

By **<u>________/s/ Penny Pennington __________________</u>**

Penny Pennington

Managing Partner/Authorized Person/Attorney-in-Fact

------

**<u>EXHIBIT A</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Partner Name** | **Address** | **City, State & Zip** |
| &nbsp;&nbsp;&nbsp;Abarquez, James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Abbott Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Abeln, Kyle Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;ACA Management Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Adam P and Kristin L Renbarger Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;AGL Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Alan J Herzog Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Alayo, Jose | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Alevizos, Man Dee L | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Alyssa R. Harper Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Amann, David McFarland | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ameer, George Andrew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Anderson, Derrick Carl | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Andrew & Rebecca Anderson Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Andrew C Bannister and Linda D Bannister Joint Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Andrew T. Miedler & Kristen M. Miedler Qualified Spousal Trust Dated June 3, 2020 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Anselmo, Robert | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Armentrout, Matthew James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Armstrong, Brenda Sue | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Armstrong, Robyn Kathryn | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Arnold, Kimberly | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Asa T Jewett & Andrea P Jewett Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Asiala, Sean Peter | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Asseff, Benjamin Chase | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Astel, Jayson Michael | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 1 of 18

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Austin, Luke Tyler | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Baer, Michael J. | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Banister, Jeffrey Harlan  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bare, Brian Matthew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bast, James Alexander  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Beattie, Leanne Marlene | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Beaudoin, Guy Andre | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Beckstead, John Marshall | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Becnel, Brandon Gerard | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Becnel, Ron James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Benjamin R. Maxwell and Stephanie L. Maxwell Joint Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Benjamin, Travis | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bennett, Jason Joel | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Benson Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bernadt, Jeffrey John | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bethanie L. Keim Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bibeau, Christopher Roland | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Black, Meghan Mary | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Blesener, Lucas Charles | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Blocker III, Ananias | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bogard, Brian Ray  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bohn, Michelle Marie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bolton Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bosch, Daniel Joseph  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Boudreau, Nicholas Vincent | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Box Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brace, Collin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brenker, Sarah | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brian D Buckley Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brian E Sachs and Heather A Sachs Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brian S Melchiori & Emily J Melchiori Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brown, Traci | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bruce, Tammy | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Brudi, Eric C | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 2 of 18

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Bryan and Amy Anderson Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Buckland, Matthew Dale | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bugala, Julie Ann | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Burgess, Melanie Reid | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Burgoon, Theodore Eric | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Burrus Jr, Robert Donnell | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Burtell, Carina Emilie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Byrd, Berra | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cain, Amanda | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Camp, Jennifer Eagen | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Carlin Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Carnie Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Carr Joint Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Carr, Maurice Howard | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Carroll, James Charles | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Case, Russell Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Casey J. Whalley Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Castagna, Dario | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Chandler, Chris Wayne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Chervenak, Adam Franklin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Choate, Christopher Wayne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Christnovich, Adam | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Chubak, David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Clapp, Laura Marsh | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Clarkin, Ninoska Patricia  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Clifton, Jill Elise | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Clunie, David George | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cody B. Vardeman Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Colao, Jared Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cole, Aaron Wilson  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Collins Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Coney, David Bridges  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Conlon, Traci L | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cooley, Dana Rae  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cooper, Kevin Lee  | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 3 of 18

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Corrigan, Gregory | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Corry, David Edward | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cox III, Charles Earl | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Crisp, Kelly | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Crockett, Adrian Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cronley, Thomas Joseph | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Crowe III, James Edward  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Curran, Paul Joseph | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cusi, Marissa | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;da Mata, Liz | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Damiano, Gabriella Teresa | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Daswani, Pooja | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Davenport, Michael Todd  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;David Lance Chapman and Michelle Chapman Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;David R. Gibson Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Davies Family Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Davis, Brent Robert | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;De La Ossa, Andres | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dempsey, Crystal Coltrain | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Derby, Jonathan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Derrick, Jonathan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;DiEduardo, Kyle Sager | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dike, Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dimiceli II, Paul John  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dixon, Christopher Brian | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Donald Joseph Bergan, Jr Revocable Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Driggers, Trent Mac  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ducharme, Robyn Elaine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dulany, Christopher Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dutton, Jonathan Donald  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dwyer, Kevin Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Eddy, Joe David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Edgar, Matthew Eric | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Edward and Rachelle Holt Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 4 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Edward L DeVault II Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Edwards, Gregory | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Egan Jr, Thomas Michael  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Eisemann, Jessica Ann | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Elchert, Ashley Carlisle | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Elgan, Jeffrey | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Elizabeth O'Hanlon Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Elkins, Rachel Ann | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Emaus, Shane | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Emerson, Luke | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Engeling, Jennifer Lynnae | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Engert Jr, Robert Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Erekson, Gregory Rock | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Eric J. Feller Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Eroh, Amy | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Etchison, Holly Michelle | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Evan and Carrie Llewellyn Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fahrenbruch, Nanette Marie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Falcon, Josue Roche | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Farber, Kelly Paul  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Favazza Trust Agreement, Dated March 26, 2015 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fehr, Craig Vernon  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fell, Lori Anne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fessler, Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fiebelkorn, James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Field, David Paine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Figueira, Nicholas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Finchum, Taylor Kara | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Foley, Patrick Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Forreider Self-Trusted Living Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fox, Neal Joseph | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Frazier, Michelle | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Freeman, Terrence | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 5 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Friesen, David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fross Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fuller, Jason Paul | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gardner, Erica Lyn | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gasper, Eric Stephen  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gates, Katie Ann | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Geddings Jr, James Jackson | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;George, Nathaniel David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;George, Staci Lowe  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gernetzke, Mary Deanne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gibson, Grant David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gilbert, James Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Giljum, Scott Andrew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Good, Jason Wayne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gor Antashyan & Araxi Ognaian Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Grego, Jennifer | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gregory Joint Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gregory Vanderburgh and Diane Bohaker Vanderburgh Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Grooms, Demetrius Tyrone  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gross Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Grutkoski, Tia Renee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gumbs, Keir Devon | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gumper, Tony Joseph | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gunn, David Alexander  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hage, Ross Thomas  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hale, Brittany Lynn | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Haluska, Shellie Larie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hamaker, Elizabeth Lenie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Haney Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hang, Kenneth | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Harasty Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Harris, Arica January | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Harris, Brad | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Harris Jr, Steven Duane  | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 6 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Harshberger, Melanie Laine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hart, Paul | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hartog, Anna | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hasslinger, Kevin Philip | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hatfield, Kyle | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hawley Jr, David Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hay, Bill | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Heath F. Bowling Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hecox, Jared Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Heimbach, Kimberly Iren | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Heinbockel, Thomas James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Henderson, Bryn Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Henderson Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Henry, Christopher Travis | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hiskey Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Holdford, Michael William | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Holmes, Torsten | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hoppe, Mark | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hopper, Jessica Baez | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hovgaard/Hanson Joint Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Howard, Scott Andrew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hrevus Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Huenergardt, Joshua Velten | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hughes Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Humphries, Brian Matthew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hunt, Jennifer | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Huntley, Jason Hurst | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hutchison, Stephanie Ann | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jacobson, Brock Matthew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jacobson, Keanan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jacqueline K Deschler Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jake Drobnick Revocable Living Trust UDT Dated February 22, 2021 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;James M. and Teri A. Watts Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jarid K Brockman Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jason and Kelly Rae Haskell Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 7 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Dated 1/23/23 |  |  |
| &nbsp;&nbsp;&nbsp;Jason Hubersberger Living Trust dated December 26, 2024 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jay and J'nai Wallace Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jeffrey R. Bell and Amy H. Bell Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jeffrey Duncan Hartsock Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jesse T Abercrombie Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jew, Daniel Timothy | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;JJ Dooley Family Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joel & Caroline Dunham Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joel and Jennifer Mille Family Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;John & Maureen Fieberg Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;John F Rahal Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;John K Newland & Jill M Newland Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;John M. Fox and Melissa D. Fox Joint Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Johnson, David James  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Johnson, Justin Murray | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jon C. & Lorie B. Albright Joint Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jory L. Taylor & Christina M. Taylor Qualified Spousal Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joseph, Jolly | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joseph and Laurea Crockett Family Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joseph L Klocke Revocable Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joseph Wesley Rivers Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Justin and Sheena Oberg Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kalafatich, Clifton Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kane, Catherine Anne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kane, Chase Kartchner | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kaplan, Stuart | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kehrer, Crystal Patrice | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Keister, Sarah Christine Gibson | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kelly, Julie Gerstmayr | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kennedy, Michelle | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 8 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Kenneth R Cella, Jr Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Khanna, Rajit | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kieffer, Anthony Edward | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kiessling, Michael Scot | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kim and Amy Fetterhoff Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;King, Jacqueline D | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;King, John Frederick | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;King, Jonathan David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kingston, Jennifer S. | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kinports, Kevin Richard | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kinzinger, Rodney | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kirkham, Jeremy Earl  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Klein-Swormink, Moira | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kloeppel Family Living Trust dated November 30, 2023 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Klug, Daniel William | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Knaus, Christina Ann | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Knutson, Cole | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Koestner, Eric Brian | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kranz, Cheryl Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Krenos, Adriane Patricia | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kristin M Johnson Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kroll, Michele | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kruse, Christopher Stephen | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;LaGrone, Andrew Victor | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lake, Helen Rice | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lampi Joint Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lane, Angela Louise | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lanigan, Neal J | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Laughlin, Larry Steven | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Laura B Ellenhorn Revocable Trust No 1  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Laura V. Lear Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lawless, Jason Richard  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lawrence, Robert James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Leclerc, Gabriel Yves | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lee, Ariel Jordan | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 9 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Leech Revocable Trust Dated August 18, 2015 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Leer, Christian Erick | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;LeMaster, Robert William | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Leone Family Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Leone, Umberto | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lewandowski Revocable Trust Dated July 26, 2018 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lewis, Brian Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lichty, Tove Catherine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lisa L Peel Revocable Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lisa M. Dolan Revocable Living Trust dated January 23, 2023 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Littlemore, Ryan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Locke, Kenneth M  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Loofe, Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lounsbury, Jason | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lucas, Julie Barter | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lukan, Blair Monte | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lydon, Christopher | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mahajan, Anisha | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mahmood, Mansoor Syed | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mahmoud, Kelly Ditmore | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mahoney, Michael Charles | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Malchar, Samuel Mark | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Malich, Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Malik, Hasan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Malley, Christian Paul | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Manchester, Sarah Jean | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mark Nevermann Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mark S Hilde Revocable Trust No 102  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mark S. Ellison Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Marrero, Lesley Catherine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Maroon, Christina Louise | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Marshall, Scott Douglas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Matthew E. Johnson Trust dated November 19, 2021 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 10 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Maune, Travis Brian | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McBride, Kimberly Renee'  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McCabe, Michael Joseph | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McConnachie, Stuart | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McCooey, Kristen Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McDaniel Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McGhee, Alexander Smith | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McElhaney Jr, Jeffrey Alan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McKiel Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;McSwain, Randle Mathes | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Meghji, Nawaaz  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Melanie L. Boehne Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Melhouse, Rusty Allen  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Meno, Geoffrey Vanderzicht | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Messina, John | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Michael S. Mack and Elizabeth J. Mack Living Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Miller, Daniel Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Miller, Laurie Lynne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mitchell, Kent Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mitchell, Kyle Martin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Moles, Brian Edward Roland | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Moran, Jarod Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Morgan, Tara | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Morris, Carla Marie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Morrison, Sam Andrew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Moseley, Christine Elizabeth | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mouw, Jeromy John | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mozer, Robert Walter | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mulligan, Devon Christopher | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Munoz, Jason | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Murock, Scott A. | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Nance, Aaron | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Nance, Jonathan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Nancy J. Erickson Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 11 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Nehoray, Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Nelson, Erik Christian | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Nelson, Troy Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Newton, Derick Troy | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ninedorf, Nicholas Richard | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Nino, Jessica Claire | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Norton, Corey Patrick | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;O'Malley, David Peter | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Osterhout, Nathanial Jacob | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Palazzo, Rose Mary | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Papciak, Brent | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Park, Bonnie Christine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Parker-Klimpel, Andrew Thomas Hall | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Peacock, Dakota | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pemberton, Joel Robert | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Perry, Ashleigh Kristina | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Perry, James P | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Peterson, Benjamin David | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Phillips, Douglas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pina Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ping, Ryan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;PJ Dinkel Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Plaskett Jr, James William  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Poduch, Amy Marie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pohlmeier, Laurelyn Gross | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Poole, Patrick Eric  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pope, Randall Edward | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pounds, Britt Alan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pritchett Community Property Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Pritchett, Lindsay | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Prodanovic, Nikica  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Prucha Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Puckett, Christopher Clayton | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Purdy Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Puzniak, Mieka Nicole | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 12 of 18

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Rachel I Meier and Scott P Meier Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ratermann, Ryan Edwin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Reed, Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rehmann Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Reif-Caplan, Jessica | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Revocable Trust of Christopher C. Lee and Sei J. Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Revocable Trust of Kevin P. Adams dated November 11, 2021, and as subsequently amended | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Reynolds, Lance Michael  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rideout, Christopher Neal | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rice, Trevor Andrew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Richardson, Ryan Don | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ridgeway, Kristie Lee  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Riggin, Andrew Nicholas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rinke, Chad Patrick  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rivard, Jonathan Alexander  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;RLS Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robbins, Eric Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robert and Michelle Wood Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robert Todd Eaker Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robertson, Lauren | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robinson, David Mark | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robinson, Gregory | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robson, Ryan Timothy  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rodriguez, Kevin W | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rosendahl, David Erick | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Roy, Erin Joanne  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Roy, Sara Katherine | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rueschhoff, Steven J  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ruest, Justin Paul | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ryan and Breanne Ten Have Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rygmyr, Adym W | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 13 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;S & J Dechant Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sarah R. Nikle Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Satterfield, Joshua | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sceiford, Michael Richard | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Schaeperkoetter, Seth Alan  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Schafer, Kevin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Schmitz Qualified Spousal Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Schneck, Eric Lawrence | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Scott A Miller and Monica J Miller Qualified Spousal Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sean and Paige Tamm Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Shaffer, William Kevin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sharp, Jason | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sherwood, Steven Francis  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sing, Michelle Oh | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Shore, Jeffrey | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sievert, Christopher John | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Simmons, Brandy Lynn | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Skolfield, Emery Rallond  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Smith Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Snider, Nikki Little | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Snodgrass, Jon Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Soto Jr, Victor Manuel | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Spangler, Ashley Renae | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Spicer, Justin Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Spilsbury, Landon | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Spires, David Wayne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Spriggs, Emily Jo | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Springman, Daniel Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sprunger, Briana Leigh | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stacie A. Owens Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stansbury, Audrey | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Staten, Christopher Wayne | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Steffens, Kristen  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stephen and Jennifer Homan Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 14 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Stephens, Mollie Marie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Steven J Kuehl Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stodola, Amy | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stotler, Jeffrey Richard | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Strawson, Matt Spencer | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Streeter, Andrew M | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stutz, Douglas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Suarez Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sullivan, Amy Marie | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sullivan, Andrew | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sullivan, Scott Stephen | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Susanne Thalman Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Swaffar, Tyler Preston | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Swanson, Kelly Nicole | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Swoboda, William Rodney | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Tayet, Brent | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Taylor, Christopher Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Taylor, Joshua Thomas | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Taylor, Matthew Allen  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Tefft, Kyle Nathan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Adam Thomas Poff Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Albritton Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Angelo Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Aubrey Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Bison Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Brown Family 2021 Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Carla M. Palamone Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Charles C Orban Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Christopher F and Martha M Wallen Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Christopher M Langley and Kelly M Langley Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Dwyer Joint Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Hill Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Holland Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Ivan W. Snapp and Danielle G.  | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 15 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Snapp Revocable Trust |  |  |
| &nbsp;&nbsp;&nbsp;The Jasen Steven Biro-Suvanapraphai and Tanya Dawn Ranchigoda Joint Revocable Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Jeffery & Joyce Guebert Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Jewett Family Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Joanna F. Carr Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Ladner Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Lauck Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Leon and Amy Anderson Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Magnolia Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The McRae Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Michael & Judy Eckholt Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Mittica Family Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The O'Brien Family Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Okwuraiwe Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Padilla Family Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Payne Family Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Pennino Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Penny Pennington Revocable Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Rea Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Rick Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Schmidt Happens Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Scott A Atkinson and Sandra K Atkinson Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Scott K. and Carrie Smith Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Scott Lawrence Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Sims Family Living Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Tipper Family Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Turbush Family Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Theis, Bryan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Theodore H. Chiappini, Jr. Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Tice, Joshua Neil | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Timothy M Baldes and Courtney R Baldes Revocable Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 16 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Tisdale, Marshall-Ben B | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Toner, Robert | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Trankler, Donald Joseph | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Turner, Lindsay Sharon | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Tyrell, Nicholas James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Vagle, Michael James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;VanDerKamp, Kristine Nicole | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Vehring, Josh Taylor | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Violette M. Hawkins Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wallace, Scott Michael | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wang, Yi | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Warrener, Ronda Lee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wartsbaugh Jr, George Charles | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wartsbaugh, Kevin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Waters, Ryan Alexander | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Webster, Trevor Ryan | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Weindel, Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wells, Bradley | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Whelchel, Jeffery | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Whicker, Catherine Johnson | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Whitman, Justine Summer | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wicks Revocable Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Widhani, Hema | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Widiker, Kevin Alex | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wilken, Jennifer Lynn | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Williams, Eric Daniel | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Williams, Isaac | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wilson, Jacqueline | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wilson, Kelly Renee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wilson, Michael Brett | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Winter, Loren | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wittig Living Trust | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wolfe, Darcy Irwin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wood, Kelli Renee | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wulder, David John | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Yang, Richard | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 17 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;York, Andrew Scott | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Young, Todd Warren | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ytterberg, Eric Bradley | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Zachary and Lisa Tarter 2015 Trust  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Zanders, Dustin Holt  | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Zare, Raheem Kevin | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Zeller, James | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Zimmerman, Aaron Martin | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 18 of 18

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**<u>EXHIBIT B</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Withdrawn General Partners:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Partner Name** | **Date Withdrawn as General Partner** | **Address 1 & 2** | **City, State & Zip** |
| &nbsp;&nbsp;&nbsp;Adam N. Hendrixson & Nicole E. Hendrixson Qualified Spousal Trust Dated June 4, 2020 | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Adams, Rodney | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Altergott-Beirne Qualified Spousal Trust covered under agreement February 19, 2024, as amended or restated thereafter | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Andersen, Andrea Shelley | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Anthony P. Segalla Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bertain, Lisa Murphy | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Besmer, Michael Joseph | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;BHB Family Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bisbee, Peter Brian | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Broad, Michael Donald Charles | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Carroll, Douglas L | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Casper Family Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Castro, Daniel | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Chanod Jr, Patrick John | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Cowgill, James Matthew | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Daugherty, Elaine E | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Davidovici, Ilan | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Declaration of Trust of Mark A Eberlin | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dolson, Andrea Barrett | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Dominy, Debra Diane | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Duenich, Stacie | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Eric J. and Cara L. Knox Joint Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Everett Jose Johnson Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit B to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 1 of 5

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fannin, Roland Allen | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fremont, Cynthia Ann | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Fritsche, Eric Robert | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Glynn, Tyler D | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Griesser, William | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hansen, Jack Russell | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hartley, Keith Edward | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hayes, Allison Marie | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Henrikson, Kristopher Bjorn | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Irasa L. Downing Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;John M Keeley Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Johns, Tyler William | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jonathan H Dahlstrom and Wanda E Dahlstrom Revocable Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kantouth Family Trust dated December 11, 2019 | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Katherine H. Sundararaman Revocable Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kevin R Alm Revocable Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kim B Hoffman Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;King, Elizabeth | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kitchen, Jeffrey Wayne | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Knittel Family Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Koshy, Sunita | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lagan, Jean-Luc | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lam, Paul Wing-Yun | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;LaQuinta, Francis T | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lena Haas Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Loftus, Gavin James | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lori A Nay Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lynette D McCloud Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mary Patricia Brown Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Matthew D Collins Revocable Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Michael R Valley Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Michelman, Jeremy Leland | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit B to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 2 of 5

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Moses, Margaret Millin | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Neil R Draxler Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Niebuhr, Kurt Michael | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;O'Connor, David Michael | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ozgenc, Deniz | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Peacock Family Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Reau, Jeffery Tillman | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Reed, Sarah Elizabeth | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Reese, Steven Alan | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Regan, Glenn T. | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Robert E Zaun Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Roncadin, Matthew | 12/1/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sales, Mary Christine | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sean E. Dudley Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Singer, Robert George | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sneed, Patrick B | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Steven and Angela Jones Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Steven G Carani Revocable Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Swanson, William Rauber | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Talley, James | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Aven Joint Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Carlson Family Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Christopher Sims Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Joel and Gail Childs Joint Living Trust Dated October 5, 2022 | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Kellie T. Wise Revocable Trust dated December 18, 2023 | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Steven C Melichar Revocable Living Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Thoma, Scott Austin | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Thomas C Kersting and Laura M Kersting Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Thomas R. and Hollie A. Revocable Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Toolan, Zariel | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Vieth Family Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Villa, Christopher | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |

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Exhibit B to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 3 of 5

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Wayne A Roberts and Melissa C Roberts 2004 Trust | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;White, Justin | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Williams, Amy L | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Williamson, Jon | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Wylie, Mark Ryan | 12/31/2025 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;**Admitted General Partners:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Partner Name** | **Date Admitted**<br>**as General** <br>**Partner** | **Address 1** & **2** | **City, State** & **Zip** |
| &nbsp;&nbsp;&nbsp;Armstrong, Robyn Kathryn | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Austin, Luke Tyler | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Bare, Brian Matthew | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Blocker III, Ananias | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Boudreau, Nicholas Vincent | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Case, Russell Thomas | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Collins Revocable Trust | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Conlon, Traci L | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;da Mata, Liz | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Derrick, Jonathan | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Elkins, Rachel Ann | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Emaus, Shane | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Engert Jr, Robert Scott | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gates, Katie Ann | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Gernetzke, Mary Deanne | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Giljum, Scott Andrew | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Grutkoski, Tia Renee | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hale, Brittany Lynn | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hartog, Anna | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Hawley Jr, David Michael | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Heimbach, Kimberly Irene | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Henderson, Bryn Michael | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jacobson, Keanan | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jay and J'nai Wallace Trust | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |

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Exhibit B to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 4 of 5

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Jeffrey R. Bell and Amy H. Bell Revocable Trust | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Joel and Jennifer Mille Family Trust  | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Jon C. & Lorie B. Albright Joint Living Trust | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kiessling, Michael Scot | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;King, John Frederick | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;King, Jonathan David | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Kruse, Christopher Stephen | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;LaGrone, Andrew Victor | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Laughlin, Larry Steven | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Lewis, Brian Michael | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mitchell, Kyle Martin | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Moles, Brian Edward Roland | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Moran, Jarod Michael | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Morrison, Sam Andrew | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Mulligan, Devon Christopher | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Murock, Scott A. | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Norton, Corey Patrick | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ratermann, Ryan Edwin | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Rodriguez, Kevin W | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Ryan and Breanne Ten Have Trust | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sing, Michelle Oh | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Snider, Nikki Little | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Spires, David Wayne | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Sprunger, Briana Leigh | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Stephens, Mollie Marie | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Strawson, Matt Spencer | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Lauck Family Trust | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;VanDerKamp, Kristine Nicole | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Waters, Ryan Alexander | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Widiker, Kevin Alex | 1/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit B to Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 5 of 5

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## Exhibit 3.3

**Exhibit 3.3**

**FIRST AMENDMENT OF TWENTY-THIRD AMENDED AND RESTATED <br>CERTIFICATE OF LIMITED PARTNERSHIP**

**OF**

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**The undersigned, for the purpose of amending the Twenty-Third Amended and Restated Certificate of Limited Partnership under the Missouri Revised Uniform Limited Partnership Act, states the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **The name of the limited partnership is The Jones Financial Companies, L.L.L.P., and the limited partnership's charter number is LP0000443.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **The partnership filed the Twenty-Third Amended and Restated Certificate of Limited Partnership with the Missouri Secretary of State on January 20, 2026.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **The Twenty-Third Amended and Restated Certificate of Limited Partnership is hereby amended to reflect the general partner withdrawals and admissions attached hereto on Exhibit A effective as of the dates listed on Exhibit A.**

**Upon the withdrawal and admission of said partners, the number of general partners is 573.**

**In affirmation thereof, the facts stated above are true.** 

**Dated: February 19, 2026**

**General Partner:**

**By <u>________/s/ Penny Pennington __________________</u>**

**Penny Pennington**

**Managing Partner/Authorized Person/Attorney-in-Fact**

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**<u>EXHIBIT A</u>**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Withdrawn General Partners:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Partner Name** | **Date Withdrawn as General Partner** | **Address 1 & 2** | **City, State & Zip** |
| &nbsp;&nbsp;&nbsp;Beaudoin, Guy Andre | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Box Living Trust | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Harris, Brad | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;**Admitted General Partners:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Partner Name** | **Date Admitted**<br>**as General** <br>**Partner** | **Address 1** & **2** | **City, State** & **Zip** |
| &nbsp;&nbsp;&nbsp;Barletta, Emily Sixta | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Guy A Beaudoin Revocable Trust | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Harris Revocable Living Trust | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Papadopoulos, Anna J | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;The Scott Hoffmeyer and Jessica Hoffmeyer Revocable Living Trust | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |
| &nbsp;&nbsp;&nbsp;Tsou, Charlotte | 2/1/2026 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to First Amendment of Twenty-Third Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.<br>Page 1 of 1

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## Exhibit 4.1

**Exhibit 4.1**

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**DESCRIPTION OF SECURITIES**

**REGISTERED PURSUANT TO SECTION 12 OF THE**

**SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

The units of Class A Limited Partner Interests (the "**Interests**") in The Jones Financial Companies, L.L.L.P., a Missouri limited liability limited partnership ("**JFC**"), are registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. References herein to the "**Partnership**" refer to JFC or JFC and its consolidated subsidiaries, as the context requires.

The rights and obligations of Class A Limited Partners in the Partnership are governed by the Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership dated as of November 5, 2025, as amended from time to time (the "**Partnership Agreement**"). Effective as of the execution of the Partnership Agreement, the Partnership reclassified each "Limited Partner" in the books and records of the Partnership, and their respective limited partner interests in the Partnership existing prior to the date of the Partnership Agreement as "Class A Limited Partners" and "Class A Limited Partner Interests." The following information describes the Interests, as well as selected provisions of the Partnership Agreement. This description is only a summary. The statements set forth herein do not purport to be complete and are qualified in their entirety by express reference to the Partnership Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Partnership Agreement.

**Non-Assignability of Interests** 

No Class A Limited Partner may sell, pledge, exchange, transfer or assign their Interest(s) to any Person without the express written consent of the Managing Partner. The death or withdrawal of a Class A Limited Partner will terminate (as of such date) all his or her Interests, and neither the estate of a deceased Class A Limited Partner nor any other third party will become or have any rights as a Class A Limited Partner. No Class A Limited Partner will have the power to grant the right to become a substituted Class A Limited Partner to any assignee.

**Lack of Voting Rights**

None of the Class A Limited Partners in their capacities as Class A Limited Partners may vote or otherwise participate in the management of the business of the Partnership. Class A Limited Partners in their capacities as Class A Limited Partners have no right to vote in selecting the Managing Partner.

**Dilution**

The Managing Partner is authorized, without the approval of (and without prior notice to) the Class A Limited Partners, to admit to the Partnership additional Partners, and the Class A Limited Partners are afforded no pre-emptive rights. To the extent the Partnership incurs additional expense in servicing the 7½% Payment (as defined below) for any additional Interests issued in future periods, the holders of outstanding Interests may suffer a decreased return on their investment because the amount of the Partnership's accumulated profits in which they participate may be reduced as a consequence. Also, any additional Capital Contribution, including retention of

------

General Partner allocation of Net Income, by General Partners in future periods may reduce the percentage of participation in Net Income by Class A Limited Partners.

**7½% Payments to Class A Limited Partners**

Each of the Class A Limited Partners has the right to be paid a 7½% payment per annum on the amount of their Capital Contribution (the "**7½% Payment**"), which is charged as an expense to the Partnership. This sum will be payable whether or not the Partnership earns any accumulated profits during any given period. However, no reserve fund has been set aside to enable the Partnership to make such payments, and therefore each Class A Limited Partner is dependent on the Partnership's ability to maintain sufficient working capital to service this annual 7½% Payment, of which there is no assurance. Note that the Partnership Agreement refers to the 7½% Payment generally as a "guaranteed payment." The Partnership will treat the 7½% Payment as a "guaranteed payment" for U.S. federal income tax purposes, and the references to the payment in the Partnership Agreement generally follow the tax nomenclature used for the payment. Although the 7½% Payment is treated as a guaranteed payment for U.S. income tax purposes, the 7½% Payment is not in fact guaranteed by the Partnership in the traditional sense of the word, and no reserve fund has been set aside to enable the Partnership to make such payment. The 7 ½% Payment does take priority over all other distributions to the Partners. In addition to the 7½% Payment, each of the Class A Limited Partners annually receive a percentage of the remaining Net Income of the Partnership, if any, as described below under the heading "Allocation of Net Income or Net Loss and Cash Distributions."

**Allocation of Net Income or Net Loss and Cash Distributions**

*Allocation of Net Income.* Net Income for each Fiscal Year (except for Net Income generated in any transaction in connection with the Partnership's dissolution and liquidation) will be allocated on a monthly basis first to each Class A Limited Partner in an amount equal to the product of Net Income times a percentage, which will equal the product of the following three factors: (a) one-fourth of one percent (0.0025) multiplied by (b) the quotient of $1,900,000 divided by the sum of Normalized GP Capital multiplied by (c) the quotient of the total Capital Contribution of the respective Class A Limited Partner divided by $25,000. The remaining Net Income is then allocated among the Partners other than the Class A Limited Partners in accordance with the terms of the Partnership Agreement.

The percentage of participation for Partners will be calculated at the beginning of each Fiscal Year and used in allocating Net Income earned during the Fiscal Year. This calculation shall be adjusted during the applicable period for any increases or decreases of Capital Contributions that occurs during such period as determined by the Managing Partner. For purposes of the calculation, Capital Contributions excludes undistributed Net Income (other than undistributed Net Income previously reserved from General Partner distributions). Any monthly Net Income allocation may be adjusted to the extent that the Partnership incurs a Net Loss in any Fiscal Month during the Fiscal Year.

*Allocation of Net Loss.* In any year in which there is a Net Loss and the Partnership is not dissolved and liquidated, such Net Loss will be allocated to the Subordinated Limited Partners and the General Partners in accordance with the Partnership Agreement.

*Current Distributions*.*** Subject to the limitations on distributions in the Partnership Agreement, for each Fiscal Year, the Partnership will distribute its cash (other than the proceeds

------

of liquidation), from time to time, but in no event later than 180 days after the end of such Fiscal Year, first to each Class A Limited Partner in a total amount equal to the amount of Net Income allocated to the Class A Limited Partner for such Fiscal Year, and thereafter to the Partners other than the Class A Limited Partners in accordance with the terms of the Partnership Agreement.

*Distributions Upon Dissolution*. Upon the Partnership's dissolution, the proceeds of liquidation will be applied and distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the payment of the Partnership's debts and liabilities, including any expenses of liquidation, but expressly excluding (a) all Capital Contributions of all General Partners, Class A Limited Partners, Class B Limited Partners and Subordinated Limited Partners and (b) accrued but unpaid 7½% Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the payment of any accrued but unpaid 7½% Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the payment of any accrued but unpaid amounts due as described above under the subheading "Current Distributions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the repayment of the Capital Contributions of the Class A Limited Partners and the Class B Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the repayment of the Capital Contributions of the Subordinated Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the repayment of the General Partners' Adjusted Capital Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The balance to the General Partners in proportion to their respective General Partner Percentages.

*Distribution of Frozen Appreciation Amount*. In the event any tract of real estate shown on the Partnership's books and records at the time of its organization in 1987 or those of Edward D. Jones & Co., L.P. ("**Edward Jones**") or EDJ Leasing Co., L.P. is sold, then there will be distributed from the net proceeds of such sale (prior to making any distributions described above under the subheadings "Current Distributions" or "Distributions Upon Dissolution") to each General Partner an amount equal to his or her Frozen Appreciation Amount, with respect to such tract of real estate.

*Sale of Assets to Third Party*. In the event the Partnership sells or otherwise dispose of, at one time, all, or substantially all, of the Partnership's assets (a "**Sale**"), to any one Person or to any one Person and its Affiliates and the Partnership is subsequently liquidated within 180 days, then prior to making any payments to the General Partners pursuant to the seventh bullet described above under the subheading "Distributions Upon Dissolution," the Partnership will distribute first to the Partnership's Class A Limited Partners and Class B Limited Partners, in the aggregate, a percentage of the Premium equal to the same percentage of the Partnership's Net Income which the Class A Limited Partners and the Class B Limited Partners, in the aggregate, receive from the Partnership for the then current Fiscal Year as described above under the subheading "Current Distributions", apportioned between the Class A Limited Partners and Class B Limited Partners according to each classes' relative share of Net Income, and thereafter to the Subordinated Limited Partners and General Partners in accordance with the terms of the Partnership Agreement.

Neither the Partnership, the Managing Partner, nor any of the General Partners will have any obligation to cause a Sale to occur.

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*Other Sales or Dispositions to Third Party*. In the event the Partnership or any of its significant subsidiaries, in a transaction (dealing with all or substantially all of the Partnership's business or such significant subsidiary) not described above under the subheading "Sale of Assets to Third Party" (but similar in scope and nature to such a transaction), sells assets, merges or conducts a public offering, the General Partners intend, as a matter of policy of the Partnership, the Class A Limited Partners, the Class B Limited Partners, and the Subordinated Limited Partners to share in a portion of such "profit" or "premium" in a fair, just and equitable manner in such amount, if any, as determined in the sole and absolute discretion of the Managing Partner at the time of such transaction. No Class A Limited Partner, Class B Limited Partner or Subordinated Limited Partner will have any right to bring any cause of action against the Partnership or its General Partners by reason of such provision.

*Distributions Based on Capital Accounts*. In order to satisfy requirements of the Internal Revenue Code of 1986, as amended (the "**Code**"), and the regulations promulgated thereunder (the "**Regulations**") governing allocations of the Partnership's income, gain, loss and deduction for U.S. income tax purposes, the Partnership will establish and maintain a Capital Account for each Class A Limited Partner in accordance with the Code and Regulations. Further, in connection with the liquidation and dissolution of the Partnership, if the aggregate amounts distributable to a Class A Limited Partner under the foregoing "Distributions Upon Dissolution," "Sales of Assets to Third Party," and "Other Sales or Dispositions to Third Party" subheadings differ from the balance of the Class A Limited Partner's Capital Account, the Partnership would be required to distribute to the Class A Limited Partner the balance of the Class A Limited Partner's Capital Account. The Partnership intends and expects that, after giving effect to the allocations described under "Allocations for Tax Purposes", each Class A Limited Partner's Capital Account will equal the amount distributable under the foregoing "Distributions Upon Dissolution," "Sales of Assets to Third Party," and "Other Sales or Dispositions to Third Party" subheadings, and that the Class A Limited Partner will be distributed such amounts.

**Allocation for Tax Purposes**

Under the Partnership Agreement, for U.S. income tax purposes, the Partnership's income, gain, loss and deduction generally is required to be allocated among the Partners using what is commonly referred to as a "target allocation" methodology designed to align Capital Accounts with the Partners' intended distribution entitlements upon the liquidation and dissolution of the Partnership. More specifically, for each taxable year or other period, such items generally will be allocated among the Partners in a manner intended to cause each Partner's Capital Account at the end of such taxable year or other period to equal the amount that would be distributed to the Partner if the Partnership were liquidated and dissolved, its liabilities satisfied in accordance with their terms (but limited in the case of each nonrecourse liability of the Partnership to the book value of the asset(s) securing such liability), and the proceeds were distributed as provided under the foregoing "Distributions Upon Dissolution," "Sales of Assets to Third Party," "Other Sales or Dispositions to Third Party," and, for General Partners, "Distribution of Frozen Appreciation Amount" subheadings. For such purpose, amounts distributable to a Partner under the "Sales of Assets to Third Party," and "Other Sales or Dispositions to Third Party" subheadings are taken into account only to the extent those provisions are applicable for the relevant year or period.

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In connection with the liquidation and dissolution of the Partnership, the Partnership therefore intends and expects that each Class A Limited Partner's Capital Account, after giving effect to the allocations of the Partnership's income, gain, loss and deduction, will equal the aggregate amount distributable to the Class A Limited Partner under the foregoing "Distributions Upon Dissolution," "Sales of Assets to Third Party," and "Other Sales or Dispositions to Third Party" subheadings. The Managing Partner may modify the manner in which such allocations are made among the Partners if the Managing Partner determines that the modification is necessary or appropriate to, among other reasons, comply with the Code or the Regulations or give effect to the respective economic rights and obligations of the Partners under the Partnership Agreement.

**Partnership Capital; Liability of Class A Limited Partners; Liquidation**

Except as otherwise described in the Partnership Agreement, or as otherwise determined by the Managing Partner, no Class A Limited Partner will be paid interest on any Capital Contribution to the Partnership. Except as otherwise provided in the Partnership Agreement, prior to the Partnership's dissolution, no Class A Limited Partner will have the right to demand the return of their Capital Contribution. No Class A Limited Partner will have the right to demand and receive property other than cash in return for their Capital Contribution. The General Partners will have no personal liability for the repayment of the Capital Contribution of any Class A Limited Partner.

Except as otherwise provided in the Partnership Agreement, a Class A Limited Partner in their capacity as a Class A Limited Partner will only be liable to make the payment of their Capital Contribution. Except as otherwise provided in the Partnership Agreement or as provided in the Missouri Revised Uniform Limited Partnership Act, no Class A Limited Partner in their capacity as a Class A Limited Partner will be liable for any of the Partnership's obligations. **The contributions of the Class A Limited Partners are subordinate to all existing and future claims of the general creditors of the Partnership.**

Upon a partial or total liquidation of the Partnership, the Capital Contributions of the General Partners would be used first to satisfy the claims of general creditors in the event the Partnership assets were insufficient to satisfy such claims. Except as otherwise provided in the Partnership Agreement, the liability of the Class A Limited Partners in their capacities as Class A Limited Partners for the Partnership's obligations is limited to the extent of their Capital Contributions, and their individual assets would not be subject to the unsatisfied claims of the general creditors. The Partnership, in its discretion, may in the future issue securities which are senior in right of repayment to the claims of the Class A Limited Partners. If the Partnership suffers losses in any year but liquidation procedures described above are not undertaken and the Partnership is continued, the amounts of such losses are absorbed in the Capital Accounts of the Partners as described above, and each Class A Limited Partner in any event remains entitled to receive the 7½% Payment on their Capital Contribution. However, as there would be no net profits in such a year, Class A Limited Partners would not receive any sums representing participation in the Partnership's Net Income.

**Termination and Withdrawal of Class A Partners; Return of Capital**

Any Class A Limited Partner will have the right to voluntarily withdraw from the Partnership. The Managing Partner or General Partners by a General Partner Majority Vote may cause the withdrawal of any Class A Limited Partner from the Partnership (a "Mandatory Withdrawal").

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Factors relevant to a Mandatory Withdrawal decision include whether the Class A Limited Partner engaged in conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•giving rise to a Suspension Event (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•that may negatively impact the Partnership, including directly competing with the Partnership's business or for its employees or clients, or disparaging the Partnership, its current or former Partners, or employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•that negatively impacts the Partnership's business or business strategy.

In the event of any withdrawal by a Class A Limited Partner from the Partnership, the Partnership will return their Capital Contribution in three equal installments. The first installment is to be paid no earlier than 90 days from the date on which the Class A Limited Partner's Voluntary Withdrawal Notice is received by the Managing Partner or a Mandatory Notice of Withdrawal is received by the Class A Limited Partner. The balance of the Capital Contribution will be paid in two equal installments on the first and second anniversaries of the first installment payment. In addition, such Class A Limited Partner will receive their pro rata share of any cash distributions to which such Class A Limited Partner was entitled. Until the Class A Limited Partner's Capital Contribution is returned, the unreturned portion continues to be subject to the Partnership Agreement, and such Person shall continue to receive 7 ½% Payments. The Managing Partner, in their sole discretion, may cause the Partnership to accelerate the return of a Class A Limited Partner's Capital Contribution or the payment of any or all installments.

The Capital Contributions of Class A Limited Partners may be used, in part, by JFC as part of its capital contribution to Edward Jones, which is regulated by the U.S. Securities and Exchange Commission (the "**SEC**"), the Financial Industry Regulatory Authority ("**FINRA**"), and other governmental and regulatory agencies. Accordingly, in order for the Partnership to return to any Class A Limited Partner all or a portion of his or her Capital Contribution, JFC may have to obtain such funds from Edward Jones. Therefore, notwithstanding any other provision contained in the Partnership Agreement to the contrary, without the written consent of the Managing Partner, no Class A Limited Partner may have returned to them such Class A Limited Partner's Capital Contribution, if after giving effect to such return of capital, JFC or any of its Affiliates (including Edward Jones) would, if such payment had been made directly by Edward Jones, be in violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any rule of FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any rule issued under the Securities Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any agreement (cash subordination or otherwise) which has been entered into by JFC or any of its Affiliates (including Edward Jones);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any agreement (including any loan agreement, cash subordination agreement or otherwise) which has been entered into by JFC or any of its Affiliates (including Edward Jones); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any other law, rule or regulation to which JFC or any of its Affiliates (including Edward Jones) is subject.

In the event there is returned to any Class A Limited Partner all or any portion of his or her Capital Contribution and because of such return JFC or any of its Affiliates (including Edward

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Jones) violated any of the above rules, agreements or regulations, then such Class A Limited Partner will be required, whether or not such Class A Limited Partner had any knowledge or notice of such facts at the time of such return, to repay the Partnership, its successors or assigns, the sum so returned to such Class A Limited Partner, which the Partnership will hold under the terms of the Partnership Agreement, as if such return had never been made; provided, however, that any suit for the recovery of any such return must be commenced within two years of the date of such return.

All allocations, distributions, or other payments to a withdrawing Class A Limited Partner are conditioned on the Class A Limited Partner not engaging in any conduct that gives rise to any Suspension Event prior to the actual payment or distribution of such amounts. If the Managing Partner determines that a Class A Limited Partner has engaged in conduct that gives rise to a Suspension Event, the Managing Partner may defer or hold back all payments otherwise due until making a determination that there are no unresolved claims, demands, actions, suits, investigations or proceedings against the Class A Limited Partner or until an earlier date set by the Managing Partner (i.e., the Deferral Period). Except as otherwise determined by the Managing Partner, throughout the Deferral Period, such withdrawing Class A Limited Partner will cease for all purposes to earn, accrue or have any rights as a Class A Limited Partner to any further allocations, distributions or other payments to Class A Limited Partners under the Partnership Agreement. The Partnership may elect to retain, apply as an offset to, or otherwise pay any unreturned portion of the withdrawing Partner's Requested Withdrawal Amount or Mandatory Withdrawal Amount or any other amount that would otherwise have been payable to the withdrawing Class A Limited Partner toward (i) the satisfaction of any loan financing the purchase of the withdrawing Class A Limited Partner's applicable Interests, or (ii) the satisfaction of any losses, claims, damages, liabilities, costs, expenses (including reasonable legal and experts' fees, costs and expenses), judgments, awards, fines, settlements or other amounts arising from any and all claims, demands, actions, suits, investigations or proceedings by the Partnership or its Affiliates (whether on their own behalf or on behalf of a client or regulatory body) against such withdrawing Class A Limited Partner. Any remaining unreturned amounts that have been deferred during the Deferral Period and not retained, applied as an offset to, or paid in connection with such claims, demands, actions, suits, investigations or proceedings shall be paid, without interest or additional earnings, to the withdrawing Class A Limited Partner within 30 days following the end of the Deferral Period. The Managing Partner may waive any of these provisions with the approval of the Enterprise Leadership Team.

**Death of Class A Limited Partners**

In the event of the death of any Class A Limited Partner, the Capital Contribution of such deceased Class A Limited Partner will be returned to their estate within six months after the date of death of such Class A Limited Partner. In addition, such Class A Limited Partner's estate will receive the Class A Limited Partner's pro rata share of any cash distributions to which such deceased Class A Limited Partner was entitled.

**Term and Dissolution**

The Partnership will dissolve on December 31, 2199, or prior thereto upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sale of all of its assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an event of withdrawal of a General Partner if no General Partner remains; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dissolution of the Partnership by a General Partner Majority Vote.

**Books, Records and Reports; Appointment of Attorneys-in-Fact; Amendment**

The Partnership's books and records will at all times be maintained at the Partnership's principal offices and will be open for examination and inspection by the Partners or by their duly authorized representatives during reasonable business hours. The Partnership will have financial statements prepared, and copies of such statements will be made available to the Partners.

Each Partner, by the execution of the Partnership Agreement, irrevocably constitutes and appoints the Managing Partner, their true and lawful attorney-in-fact with full power and authority to, among other things, execute such documents as may be necessary or appropriate to carry out the provisions and intent and purpose of the Partnership Agreement.

The Partnership Agreement may be amended without the consent or approval of (and without prior notice to) any Partner by the Managing Partner upon the affirmative vote of a majority of the Enterprise Leadership Team, or by a General Partner Majority Vote. In particular, but without limiting the foregoing, the Partners' right to the Net Income or the proceeds of liquidation of the Partnership or in any other allocation or distribution to be received by them from the Partnership pursuant to the Partnership Agreement may be reduced or increased or otherwise modified or amended without the consent or approval of (and without prior notice to) any Partner.

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## Exhibit 4.2

**Exhibit 4.2**

**THE JONES FINANCIAL COMPANIES, L.L.L.P.**

**DESCRIPTION OF SECURITIES**

**REGISTERED PURSUANT TO SECTION 12 OF THE**

**SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

The limited partnership profits interest (the "**Profits Interests**") in The Jones Financial Companies, L.L.L.P., a Missouri limited liability limited partnership ("**JFC**"), are registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. References herein to the "**Partnership**" refer to JFC or JFC and its consolidated subsidiaries, as the context requires.

The rights and obligations of Profits Interest Holders in the Partnership are governed by the Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership dated as of November 5, 2025, as amended from time to time (the "**Partnership Agreement**") and the Profits Interest Subscription Agreement(s) entered into between each Profits Interest Holder and the Partnership. The following information describes the Profits Interests, as well as selected provisions of the Partnership Agreement. This description is only a summary. The statements set forth herein do not purport to be complete and are qualified in their entirety by express reference to the Partnership Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Partnership Agreement.

**Profits Interests**

The Profits Interests are offered for no cash consideration, without a capital purchase by the recipient, in recognition of the recipient's provision of services for, on behalf of, or for the benefit of the Partnership as an employee, Partner or JV Financial Advisor. For each Profits Interest, the Partnership will designate in each Profits Interest Holder's Profits Interest Subscription Agreement a Notional Capital Contribution amount (as described below) for each Fiscal Year of the Profits Interest.

**Notional Capital Contributions**

Under the Partnership Agreement, a "Notional Capital Contribution" represents a bookkeeping measure, expressed in terms of a U.S. dollar amount, that is designated for an individual Fiscal Year (or other applicable period) of a Profits Interest, as determined in the discretion of the Managing Partner and set forth in each Profits Interest Holder's Profits Interest Subscription Agreement. The Notional Capital Contribution is used as the basis for calculating allocations and distributions to the Profits Interest Holders pursuant to the Partnership Agreement.

In no circumstances at or following the issuance of a Profits Interests will the Notional Capital Contribution designated with respect to such Profits Interest be treated in whole or in part as a Capital Contribution or as an Adjusted Capital Contribution nor shall any Notional Capital Contribution be credited to or otherwise construed as forming a part of any Capital Account of any Partner (including any Profits Interest Holder), and no Profits Interest Holder, in such capacity, shall have any obligation to make a payment of any Capital Contribution to the Partnership.

Because Notional Capital Contributions are not a part of a Profits Interest Holder's Capital Account, the Profits Interests will only represent a right to allocations and distributions of Net Income and allocations of Profits, Losses and items of income, gain, loss and deduction of the Partnership and will not entitle the Profits Interest Holder to any return or payment connected with their Notional Capital Contributions (including upon the partial or total liquidation of the

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Partnership) other than with respect to the rights to allocations and distributions as a Profits Interest Holder. No Profits Interest Holder will have any right to demand and receive cash or property in return for their Notional Capital Contribution.

Upon the redemption by the Partnership of any Profits Interest, the Notional Capital Contribution designated as related to such Profits Interests will also be deemed redeemed by the Partnership without compensation by the Partnership for the redemption of such Notional Capital Contribution.

**Non-Assignability of Profits Interests; Termination of Profits Interests** 

No Profits Interest Holder may sell, pledge, exchange, transfer or assign their Profits Interests to any Person without the express written consent of the Managing Partner.

A Profits Interest Holder must accept redemption of their Profits Interest(s) and accumulated profits due under the Partnership Agreement, and relinquish all rights as a Profits Interest Holder of the Partnership related to the Profits Interests upon: (i) such Profits Interest Holder's death; (ii) such Profits Interest Holder's cessation as a Class A Limited Partner, Class B Limited Partner or Subordinated Limited Partner of the Partnership; (iii) the receipt of a notice from the Managing Partner to the effect that such Profits Interest Holder shall cease to be a Profits Interest Holder for any reason at the discretion of the Managing Partner; or (iv) an automatic redemption of the Profits Interests, without any action by the Partnership, on the last day of the last calendar year for which a Notional Capital Contribution is designated pursuant to the terms of the Profits Interest Holder's Profits Interest Subscription Agreement (each, a "**Termination Event**").

**Lack of Voting Rights**

None of the Profits Interest Holders in their capacities as Profits Interest Holders may vote or otherwise participate in the management of the business of the Partnership. Profits Interest Holders in their capacities as Profits Interest Holders have no right to vote in selecting the Managing Partner.

**Dilution**

The Managing Partner is authorized, without the approval of (and without prior notice to) the Profits Interest Holders, to admit to the Partnership additional Profits Interest Holders, and the Profits Interest Holders are afforded no pre-emptive rights.

**Allocation of Net Income or Net Loss and Cash Distributions**

Allocation and distribution rights as a Profits Interest Holder, depend, in part, on whether the allocations and distributions relate to a Fiscal Year beginning prior to, on or after the Recapitalization Date.

*Allocation of Net Income.* Net Income for each Fiscal Year will be allocated on a monthly basis, to each Profits Interest Holder: (1) for any Fiscal Year beginning before the Recapitalization Date, second in priority after the Class A Limited Partners of the Partnership, in an amount equal to the product of such Net Income times a percentage, which will equal the product of the following three factors: (a) one-fourth of one percent (0.0025) multiplied by (b) the quotient of $1,900,000 divided by Normalized GP Capital multiplied by (c) the quotient of the Total Notional Capital Contribution of the respective Profits Interest Holder divided by $25,000; and (2) beginning on or after the Recapitalization Date, third in priority after the Class A Limited Partners and Service

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Partners, an amount equal to the product of (x) the applicable Post-Recapitalization Aggregate Variable Return and (y) a percentage, derived by the following formula: (aa) the Total Notional Capital Contributions of such Profits Interest Holder, divided by (bb) the Post-Recapitalization Variable Capital Base. For purposes of allocations for Fiscal Years occurring on or after the Recapitalization Date, the Notional Capital Contributions of each Profits Interest issued before the Recapitalization Date shall be deemed to equal the amount that is 55% of the Notional Capital Contributions otherwise attributable to such Profits Interest. Net Income is also allocated to Class B Limited Partners and Subordinated Limited Partners *pari passu* with Profits Interest Holders based on similar calculations, and remaining Net Income is then allocated among the General Partners in accordance with the terms of the Partnership Agreement.

The percentage of participation for Profits Interest Holders will be calculated annually, at the beginning of each Fiscal Year, and used in allocating Net Income earned during the Fiscal Year. This calculation is to be adjusted during the applicable period for increases and decreases of Capital Contributions (including for this purpose Notional Capital Contributions) as determined by the Managing Partner. For purposes of the calculation, Capital Contributions and Notional Capital Contributions exclude undistributed Net Income, except that Net Income reserved from General Partner distributions are included as Capital Contributions. Any monthly Net Income allocation may be adjusted to the extent that the Partnership incurs a Net Loss in any Fiscal Month during the Fiscal Year.

*Allocation of Net Loss.* In any year in which there is a Net Loss and the Partnership is not dissolved and liquidated, such Net Loss will be allocated to the Subordinated Limited Partners and the General Partners in accordance with the Partnership Agreement.

*Current Distributions*.*** Subject to the limitations on distributions in the Partnership Agreement, for each Fiscal Year, the Partnership, from time to time, but in no event later than 180 days after the end of such Fiscal Year, will distribute cash to the Profits Interest Holders equal to the amount of aggregate Net Income allocated to such Profits Interest Holder for such Fiscal Year pursuant to Section 8.1 of the Partnership Agreement.

*Distributions Upon Dissolution*. Upon the Partnership's dissolution, the proceeds of liquidation will be applied and distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the payment of the Partnership's debts and liabilities, including any expenses of liquidation, but expressly excluding (a) all Capital Contributions of all General Partners, Class A Limited Partners, Class B Limited Partners and Subordinated Limited Partners and (b) accrued but unpaid amounts due to the Class A Limited Partners under Section 3.3B of the Partnership Agreement (the "**7½% Payments**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the payment of any accrued but unpaid 7½% Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the payment of any accrued but unpaid amounts due as described above under the subheading "Current Distributions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the repayment of the Capital Contributions of the Class A Limited Partners and the Class B Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the repayment of the Capital Contributions of the Subordinated Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the repayment of the General Partners' Adjusted Capital Contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The balance to the General Partners in proportion to their respective General Partner Percentages.

The Profits Interests Holders will not be entitled to any distributions upon dissolution other than for "Current Distributions" (the third bullet above). The Profits Interest Holders will also not be entitled to receive any Premium in the event of a sale or other disposition of, at one time, all, or substantially all, of the Partnership's assets to any one person and its affiliates, or a sale, merger, public offering similar in scope to such a transaction.

**Profits Interests for Tax Purposes**

Each Profits Interest is intended to be a "profits interest," as that term is used in Internal Revenue Service ("**IRS**") Revenue Procedures 93-27 and 2001-43, or, to the extent superseded by proposed regulations referenced in IRS Notice 2005-43 or by any other duly issued superseding rules, then as the term is described therein. Following the promulgation, if any, of final regulations or other guidance by the Treasury Department and IRS regarding the tax consequences associated with partnership interests issued in connection with the performance of services, the Partnership may, at the discretion of the Managing Partner, elect to have the liquidation value safe harbor contemplated by Proposed Regulations Section 1.83-3(l), and by the revenue procedure contemplated by IRS Notice 2005-43 (or any other safe harbor or other similar provision set forth in the applicable regulations or other guidance), to apply irrevocably with respect to the Partnership and any Profits Interest.

In accordance with the requirements of IRS Revenue Procedures 93-27 and 2001-43, each Profits Interest (i) will have a Capital Account balance of zero, and (ii) will not entitle the Profits Interest Holder to a share of the proceeds if the Partnership's assets were sold at fair market value and then the proceeds were distributed in a complete liquidation of the Partnership (after satisfying the liabilities of the partnership according to their terms, but limited in the case of each nonrecourse liability of the Partnership to the book value of the asset(s) securing such liability), in each case, at the time of issuance of the Profits Interests. In addition, the Managing Partner may, in the sole discretion of the Managing Partner, limit the amount of Net Income to be allocated to a Profits Interests under the Partnership Agreement with respect to any calendar year (or portion thereof), to the extent that that Managing Partner determines, in the sole discretion of the Managing Partner, that such limitation is necessary or appropriate to comply with the requirements of IRS Revenue Procedures 93-27 and 2001-43 or to otherwise cause the Profits Interest to constitute a Profits Interest For Tax Purposes.

In addition, and as set forth in each Profits Interest Subscription Agreement, each Profits Interest Holder is required to authorize and direct the Partnership to file with the IRS, on the Profits Interest Holder's behalf, a completed election under Section 83(b) of the IRC and the Regulations.

**Liability of Profits Interest Holders**

Except as otherwise provided in the Partnership Agreement or as provided in the Missouri Revised Uniform Limited Partnership Act, no Profits Interest Holder in their capacity as a Profits Interest Holder will be liable for any of the Partnership's obligations.

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**Termination and Withdrawal of Profits Interest Holders; Amounts Payable**

Within a reasonable time after a redemption of a Profits Interest after a Termination Event, but in no event later than the 60th day of the calendar year following the year in which such redemption is deemed to occur after such Termination Event, the Partnership shall pay to the Profits Interest Holder (or, if such Profits Interest Holder is deceased, such Profits Interests Holder's estate) an amount of cash equal to such Profits Interest Holder's pro rata share of any cash distributions to which such individual was entitled as set forth under "Current Distributions" with respect to such Aggregate Profits Interest, calculated as of the previous Valuation Date if such redemption occurs on or prior to the 15th day of a month or calculated as of the next Valuation Date if such redemption occurs on or after the 16th day of a month; provided, however, that the Partnership shall not be required to make any such payments to such Profits Interest Holder (or, if such Profits Interest Holder is deceased, such Profits Interest Holder's estate), and such Profits Interest Holder shall not earn or otherwise be entitled to any allocations, distributions or other payments, if the Managing Partner determines, with the prior approval of the Enterprise Leadership Team, that such Profits Interest Holder has engaged in conduct that gives rise to a Suspension Event.

All allocations, distributions, or other payments to a Profits Interest Holder are conditioned on the Profits Interest Holder not engaging in any conduct that gives rise to any Suspension Event prior to the actual payment or distribution of such amounts. If the Managing Partner determines that the Profits Interest Holder engaged in conduct giving rise to a Suspension Event, the Managing Partner may defer or hold back all payments otherwise due until making a determination that there are no unresolved claims, demands, actions, suits, investigations or proceedings against the Profits Interest Holder or until an earlier date set by the Managing Partner (i.e., the Deferral Period). Except as otherwise determined by the Managing Partner, throughout the Deferral Period, such Profits Interest Holder will cease for all purposes to earn, accrue or have any rights as a Profits Interest Holder to any further allocations, distributions or other payments to Profits Interest Holders under the Partnership Agreement. The Partnership may elect to retain, apply as an offset to, or otherwise pay any unreturned portion of any amount that would otherwise have been payable to the Profits Interest Holder toward (i) the satisfaction of any loan financing the purchase of the Profits Interest Holder applicable Profits Interests, or (ii) the satisfaction of any losses, claims, damages, liabilities, costs, expenses (including reasonable legal and experts' fees, costs and expenses), judgments, awards, fines, settlements or other amounts arising from any and all claims, demands, actions, suits, investigations or proceedings by the Partnership or its Affiliates (whether on their own behalf or on behalf of a client or regulatory body) against such Profits Interest Holder. Any remaining unreturned amounts that have been deferred during the Deferral Period and not retained, applied as an offset to, or paid in connection with such claims, demands, actions, suits, investigations or proceedings shall be paid, without interest or additional earnings, to the Profits Interest Holder within 30 days following the end of the Deferral Period. The Managing Partner may waive any of these provisions with the approval of the Enterprise Leadership Team.

**Term and Dissolution**

The Partnership will dissolve on December 31, 2199, or prior thereto upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sale of all of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an event of withdrawal of a General Partner if no General Partner remains; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dissolution of the Partnership by a General Partner Majority Vote.

**Books, Records and Reports; Appointment of Attorneys-in-Fact; Amendment**

The Partnership's books and records will at all times be maintained at the Partnership's principal offices and will be open for examination and inspection by the Partners or by their duly authorized representatives during reasonable business hours. The Partnership will have financial statements prepared, and copies of such statements will be made available to the Partners.

Each Partner, by the execution of the Partnership Agreement, irrevocably constitutes and appoints the Managing Partner, their true and lawful attorney-in-fact with full power and authority to, among other things, execute such documents as may be necessary or appropriate to carry out the provisions and intent and purpose of the Partnership Agreement.

The Partnership Agreement may be amended without the consent or approval of (and without prior notice to) any Partner by the Managing Partner upon the affirmative vote of a majority of the Enterprise Leadership Team, or by a General Partner Majority Vote. In particular, but without limiting the foregoing, the Partners' right to the Net Income or the proceeds of liquidation of the Partnership or in any other allocation or distribution to be received by them from the Partnership pursuant to the Partnership Agreement may be reduced or increased or otherwise modified or amended without the consent or approval of (and without prior notice to) any Partner.

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## Exhibit 21.1

**Exhibit 21.1** 

**Subsidiaries of the Registrant** 

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| | |
|:---|:---|
| **Entity Name** | **State or Jurisdiction of<br>Organization** |
| &nbsp;&nbsp;&nbsp;&nbsp;17440961 Canada Inc. | Canada (Federally Incorporated) |
| &nbsp;&nbsp;&nbsp;&nbsp;California Agency Holding, LLC | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;EDJ Holding Company, Inc. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;EDJ Insurance Company, Inc. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;EDJ Leasing Co., L.P. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward D. Jones & Co. Agency Holding Co., Inc. | Canada (Federally Incorporated) |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward D. Jones & Co. Canada Holding Co., Inc. | Canada (Federally Incorporated) |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward D. Jones & Co., L.P. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones | Ontario, Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Insurance Agency | Ontario, Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Insurance Agency Holding, L.L.C. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Insurance Agency of California, L.L.C. | California |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Insurance Agency of Massachusetts, L.L.C. | Massachusetts |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Insurance Agency of New Mexico, L.L.C. | New Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Insurance Agency (Quebec) Inc. | Canada (Federally Incorporated) |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones SBL, LLC | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;Edward Jones Trust Company | United States (Federally Chartered) |
| &nbsp;&nbsp;&nbsp;&nbsp;EJB Holding Company, Inc. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;EJC Holding Company, Inc. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;JFCA, LLC | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;JFCL, LLC | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;JFC Holding Company, Inc. | Missouri |
| &nbsp;&nbsp;&nbsp;&nbsp;LHC, Inc. | Missouri |
| Olive Street Investment Advisers, LLC | Missouri |

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## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-261542, 333-291417 and 333-293301) of The Jones Financial Companies, L.L.L.P. of our report dated March 13, 2026 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

March 13, 2026

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## Exhibit 31.1

**Exhibit 31.1**

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Penny Pennington, certify that:

1. I have reviewed this Annual Report on Form 10-K of The Jones Financial Companies, L.L.L.P. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Penny Pennington |
| Chief Executive Officer |
| The Jones Financial Companies, L.L.L.P. |
| March 13, 2026 |

---

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## Exhibit 31.2

**Exhibit 31.2**

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Andrew T. Miedler, certify that:

1. I have reviewed this Annual Report on Form 10-K of The Jones Financial Companies, L.L.L.P. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ Andrew T. Miedler |
| Chief Financial Officer |
| The Jones Financial Companies, L.L.L.P. |
| March 13, 2026 |

---

------

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of The Jones Financial Companies, L.L.L.P. (the "Registrant") on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Penny Pennington, Chief Executive Officer of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ Penny Pennington |
| Chief Executive Officer |
| The Jones Financial Companies, L.L.L.P. |
| March 13, 2026 |

---

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of The Jones Financial Companies, L.L.L.P. (the "Registrant") on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Andrew T. Miedler, Chief Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ Andrew T. Miedler |
| Chief Financial Officer |
| The Jones Financial Companies, L.L.L.P. |
| March 13, 2026 |

---

------