# EDGAR Filing Document

**Accession Number:** 0000815917
**File Stem:** 0001193125-25-271678
**Filing Date:** 2025-11
**Character Count:** 154543
**Document Hash:** 4f61e766446be1ae3bf3aef77a858929
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271678.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271678

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250926

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16633
- **FILM NUMBER:** 251461514

**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-Q

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

------

**(Mark One)**

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

**For the quarterly period ended** **September 26,** 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)**

------

---

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

---

12555 Manchester Road

Des Peres**,** Missouri 63131

**(Address of principal executive office) (Zip Code)**

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

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

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer |  | Accelerated filer |  |
| Non-accelerated filer |  | Smaller reporting company |  |
| Emerging growth company |  |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 31, 2025, 1,721,336 units of limited partnership interest were outstanding, each representing $1,000 of limited partner capital, and $437,613,500 of notional capital in limited partnership Profits Interests were outstanding. There is no public or private market for the limited partnership interests or the limited partnership Profits Interests.

------

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

**INDEX**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i_financial_information) |  |
| Item 1. | [<u>Financial Statements</u>](#item_1_financial_statements_continued) | 3 |
|  | [<u>Consolidated Statements of Financial Condition</u>](#consolidated_statements_financial_condit) | 3 |
|  | [<u>Consolidated Statements of Income</u>](#consolidated_statements_income) | 4 |
|  | [<u>Consolidated Statements of Comprehensive Income and Loss</u>](#consoldiated_stmt_comprehensive) | 5 |
|  | [<u>Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption - September 26, 2025</u>](#consolidated_statements_capital2) | 6 |
|  | [<u>Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption - September 27, 2024</u>](#consolidated_statements_capital1) | 7 |
|  | [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_cash_flows) | 8 |
|  | [<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | 9 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_mda) | 19 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_and_qualitative_disc) | 32 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 32 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_ii_other_information) |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 33 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 33 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_equity_securit) | 33 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 33 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 33 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 33 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 34 |
|  | [<u>Signatures</u>](#signatures) | 38 |

---

------

PART I. FINANCIAL INFORMATION

**ITEM 1. FINANCIAL STATEMENTS**

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

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**

(Unaudited)

---

| | | |
|:---|:---|:---|
| *(Dollars in millions)* | **September 26, 2025** | **December 31, 2024** |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3299 | $2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and investments, at fair value, segregated under federal regulations | 11976 | 15112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 731 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients | 5112 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds, insurance companies and other | 1034 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokers, dealers and clearing organizations | 409 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities owned, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 863 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory securities | 72 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets, at cost, net of accumulated depreciation and amortization | 1646 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease right-of-use assets | 1132 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1452 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $27726 | $28964 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients | $16707 | $18189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokers, dealers and clearing organizations | 91 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and employee benefits | 3259 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other | 1519 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 1170 | 1125 |
|  | 22746 | 24055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingencies (Note 8) |  |  |
| &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 | 1723 | 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 | 2114 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 4579 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | 401 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total partnership capital and Profits Interests subject to mandatory redemption | 4980 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | $27726 | $28964 |

---

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

**CONSOLIDATED STATEMENTS OF INCOME**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *(Dollars in millions, except per unit information and units outstanding)* | **September 26, 2025** | **September 27, 2024** | **September 26, 2025** | **September 27, 2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-based | $3667 | $3184 | $10307 | $9103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account and activity | 184 | 185 | 556 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 3851 | 3369 | 10863 | 9667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade revenue | 448 | 442 | 1340 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 260 | 294 | 795 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue, net | 29 | 83 | 92 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4588 | 4188 | 13090 | 12019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 49 | 65 | 149 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | 4539 | 4123 | 12941 | 11820 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 3216 | 2822 | 9113 | 8160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications and data processing | 300 | 243 | 844 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 167 | 159 | 494 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund sub-adviser fees | 95 | 81 | 268 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and consulting fees | 66 | 47 | 189 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 34 | 38 | 110 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 135 | 174 | 413 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4013 | 3564 | 11431 | 10324 |
| Income before allocations | 526 | 559 | 1510 | 1496 |
| Allocations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partners | 78 | 85 | 220 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profits Interests | 18 | 12 | 51 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated limited partners | 55 | 61 | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;General partners | 375 | 401 | 1079 | 1068 |
| Net income | $— | $— | $— | $— |
| Income allocated to limited partners per weighted average<br> $1,000 equivalent limited partnership unit outstanding | $40.19 | $46.42 | $115.79 | $123.83 |
| Weighted average $1,000 equivalent limited partnership<br> units outstanding | 1724426 | 1738470 | 1730541 | 1744585 |

---

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND LOSS**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *(Dollars in millions)* | **September 26, 2025** | **September 27, 2024** | **September 26, 2025** | **September 27, 2024** |
| Net income | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (1) | 1 | 3 | (2) |
| Comprehensive income (loss) before allocations | (1) | 1 | 3 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocations | (1) | 1 | 3 | (2) |
| Total comprehensive income (loss) | $— | $— | $— | $— |

---

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, 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 THREE AND NINE MONTHS ENDED SEPTEMBER 26, 2025** 

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Dollars in millions)* | ***Limited<br>Partnership<br>Capital*** | ***Profits <br>Interests*** | ***Subordinated<br>Limited<br>Partnership<br>Capital*** | ***General<br>Partnership<br>Capital*** | ***Total*** |
| **<u>2025</u>** |  |  |  |  |  |
| **TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS <br> SUBJECT TO MANDATORY REDEMPTION, <br>&nbsp;&nbsp;&nbsp;&nbsp; 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 partnership interests | 14 |  | 56 | 302 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (7) |  | (17) | (42) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 71 | 17 | 56 | 369 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss allocations |  |  | (1) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | 15 |  |  | (23) | (8) |
| Total partnership capital, including capital financed with <br> partnership loans, and Profits Interests, March 28, 2025 | 1820 | 17 | 815 | 2828 | 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partnership interests |  |  |  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (5) |  | (17) | (18) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 71 | 16 | 49 | 335 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income allocations | 1 |  | 1 | 7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (33) | (27) | (87) | (430) | (577) |
| Total partnership capital, including capital financed with<br> partnership loans, and Profits Interests, June 27, 2025 | 1854 | 6 | 761 | 2736 | 5357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partnership interests |  |  | 2 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (6) |  | (3) | (39) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 78 | 18 | 55 | 375 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss allocations | (1) |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (2) | (18) | (54) | (293) | (367) |
| Total partnership capital, including capital financed with<br> partnership loans, and Profits Interests, September 26, 2025 | 1923 | 6 | 761 | 2785 | 5475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, September 26, 2025 |  |  |  | (495) | (495) |
| **TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS <br> SUBJECT TO MANDATORY REDEMPTION, <br>&nbsp;&nbsp;&nbsp;&nbsp; SEPTEMBER 26, 2025** | $**1923** | $**6** | $**761** | $**2290** | $**4980** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | (200) | (6) | (19) | (176) | (401) |
| Partnership capital subject to mandatory redemption, net of<br> reserve for anticipated withdrawals, September 26, 2025 | $1723 | $— | $742 | $2114 | $4579 |

---

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, 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 THREE AND NINE MONTHS ENDED SEPTEMBER 27, 2024**

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Dollars in millions)* | ***Limited<br>Partnership<br>Capital*** | ***Profits Interests*** | ***Subordinated<br>Limited<br>Partnership<br>Capital*** | ***General<br>Partnership<br>Capital*** | ***Total*** |
| **<u>2024</u>** |  |  |  |  |  |
| **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 partnership interests | 6 |  | 64 | 267 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (7) |  | (11) | (46) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 74 | 10 | 52 | 331 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss allocations | (1) |  |  | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | 4 |  |  | (25) | (21) |
| Total partnership capital, including capital financed with<br> partnership loans, and Profits Interests, March 29, 2024 | 1826 | 10 | 771 | 2597 | 5204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partnership interests | 1 |  |  | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (6) |  |  | (10) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 73 | 10 | 51 | 336 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (19) | (17) | (85) | (409) | (530) |
| Total partnership capital, including capital financed with partnership <br> loans, and Profits Interests, June 28, 2024 | 1875 | 3 | 737 | 2517 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partnership interests |  |  | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (7) |  | (2) | (34) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocations | 85 | 12 | 61 | 401 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss allocations |  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (2) | (11) | (58) | (297) | (368) |
| Total partnership capital, including capital financed with partnership <br> loans, and Profits Interests, September 27, 2024 | 1951 | 4 | 739 | 2589 | 5283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnership loans outstanding, September 27, 2024 |  |  |  | (514) | (514) |
| **TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS <br> SUBJECT TO MANDATORY REDEMPTION, <br>&nbsp;&nbsp;&nbsp;&nbsp; SEPTEMBER 27, 2024** | $**1951** | $**4** | $**739** | $**2075** | $**4769** |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve for anticipated withdrawals | (214) | (4) | (21) | (189) | (428) |
| Partnership capital subject to mandatory redemption, net of<br> reserve for anticipated withdrawals, September 27, 2024 | $1737 | $— | $718 | $1886 | $4341 |

---

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
| *(Dollars in millions)* | **September 26, 2025** | **September 27, 2024** |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | 1510 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 3 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 533 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments segregated under federal regulations | 3482 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 659 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net payable to clients | (2244) | (2204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net receivable from brokers, dealers and clearing organizations | (36) | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from mutual funds, insurance companies and other | (67) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities owned | (193) | (436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (161) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (272) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and employee benefits | 115 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other | (10) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 3319 | 2077 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets | (505) | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities | (505) | (390) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of partnership loans | 48 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of partnership interests | 73 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of partnership interests | (154) | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from partnership capital | (1409) | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (1442) | (1352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash, cash equivalents and restricted cash | 1372 | 335 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 6350 | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $7722 | $6152 |

---

See Note 10 for additional cash flow information.

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(Unaudited)

(Dollars in millions)

**NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION**

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 August 31, 2025 and November 30, 2024 are included in the Partnership's Consolidated Statements of Financial Condition and the results for the three- and nine-month periods ended August 31, 2025 and 2024 are included in the Partnership's Consolidated Statements of Income, Consolidated Statements of Comprehensive Income and Loss, 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 the Partnership's operating subsidiary in Canada, Edward Jones (an Ontario limited partnership), is a registered investment dealer in Canada ("EJ 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 the Partnership's two operating segments for the three- and nine-month periods ended September 26, 2025 and September 27, 2024, see Note 4 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<sup>®</sup> Trust.

The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, 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 interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure.

There have been no material changes to the Partnership's significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"). The results of operations for the three- and nine-month periods ended September 26, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Partnership's Annual Report.

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

**NOTE 2 – LEASES**

For the three- and nine-month periods ended September 26, 2025 and September 27, 2024, respectively, cash paid for amounts included in the measurement of operating lease liabilities was $92 and $272 and $88 and $261, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $109 and $307 and $96 and $295, respectively. As of September 26, 2025 and December 31, 2024, the weighted-average remaining lease terms were five years and four years, respectively, and the weighted-average discount rates were 4.2% 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 26, 2025** | **September 27, 2024** | **September 26, 2025** | **September 27, 2024** |
| Operating lease cost | $91 | $87 | $269 | $259 |
| Variable lease cost | 19 | 19 | 57 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease cost | $110 | $106 | $326 | $313 |

---

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

---

| | |
|:---|:---|
|  | **September 26, 2025** |
| 2025 | $92 |
| 2026 | 346 |
| 2027 | 289 |
| 2028 | 226 |
| 2029 | 153 |
| Thereafter | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Interest | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total present value of lease liabilities | $1170 |

---

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

**NOTE 3 – RECEIVABLES AND REVENUE**

As of September 26, 2025 and December 31, 2024, collateral held for receivables from clients was $6,537 and $5,119, respectively, and collateral held for securities purchased under agreements to resell was $743 and $1,414, respectively. Given the nature of the agreements for receivables from clients and given the counterparties for resale agreements are financial institutions that the Partnership considers to be reputable and reliable, the Partnership does not expect the fair value of collateral to fall below the value of the agreements frequently or for an extended period of time. Therefore, the allowance for credit loss was zero for each period. Additionally, partnership loan values remained below the value of capital allocated to partners, resulting in an allowance for credit loss of zero as of September 26, 2025 and December 31, 2024.

As of September 26, 2025, December 31, 2024 and December 31, 2023, $1,008, $883 and $732, respectively, of the receivable from clients balance and $363, $377 and $343, respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers. The related fees are paid out of client accounts or third-party products consisting of cash and securities, the value of those accounts continues to exceed the amortized cost basis of these receivables and the receivables have a short duration. As a result, the Partnership does not expect an event or change which would result in the receivables being undercollateralized or unpaid. The allowance for credit loss for receivables from contracts with customers was zero as of September 26, 2025 and December 31, 2024.

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The following table shows the Partnership's disaggregated revenue information. See Note 4 for segment information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
|  | **U.S.** | **Canada** | **Total** | **U.S.** | **Canada** | **Total** |
| Fee revenue: |  |  |  |  |  |  |
| Asset-based fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $2826 | $60 | $2886 | $2396 | $49 | $2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | 411 | 27 | 438 | 385 | 26 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 135 |  | 135 | 141 |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 208 |  | 208 | 187 |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | 3580 | 87 | 3667 | 3109 | 75 | 3184 |
| Account and activity fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 115 |  | 115 | 116 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 67 | 2 | 69 | 66 | 3 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 182 | 2 | 184 | 182 | 3 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 3762 | 89 | 3851 | 3291 | 78 | 3369 |
| Trade revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 370 | 12 | 382 | 371 | 12 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 63 | 3 | 66 | 56 | 3 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | 433 | 15 | 448 | 427 | 15 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from customers | 4195 | 104 | 4299 | 3718 | 93 | 3811 |
| Net interest and dividends and other revenue | 223 | 17 | 240 | 296 | 16 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $4418 | $121 | $4539 | $4014 | $109 | $4123 |
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
|  | **U.S.** | **Canada** | **Total** | **U.S.** | **Canada** | **Total** |
| Fee revenue: |  |  |  |  |  |  |
| Asset-based fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $7873 | $163 | $8036 | $6781 | $139 | $6920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | 1174 | 79 | 1253 | 1126 | 77 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 422 |  | 422 | 435 |  | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 596 |  | 596 | 545 |  | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | 10065 | 242 | 10307 | 8887 | 216 | 9103 |
| Account and activity fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 348 |  | 348 | 349 |  | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 199 | 9 | 208 | 205 | 10 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 547 | 9 | 556 | 554 | 10 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | 10612 | 251 | 10863 | 9441 | 226 | 9667 |
| Trade revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | 1111 | 38 | 1149 | 1092 | 37 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 183 | 8 | 191 | 161 | 9 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | 1294 | 46 | 1340 | 1253 | 46 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from customers | 11906 | 297 | 12203 | 10694 | 272 | 10966 |
| Net interest and dividends and other revenue | 688 | 50 | 738 | 801 | 53 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $12594 | $347 | $12941 | $11495 | $325 | $11820 |

---

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

**NOTE 4 – SEGMENT INFORMATION**

The Partnership has determined it 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, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Income before allocations margin represents income before allocations as a percentage of total revenue. The following table shows financial information for the Partnership's reportable segments:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
|  | **U.S.** | **Canada** | **Total** | **U.S.** | **Canada** | **Total** |
| Net revenue | $4418 | $121 | $4539 | $4014 | $109 | $4123 |
| FA compensation | 1710 | 48 | 1758 | 1533 | 43 | 1576 |
| Home office operating expense | 822 | 27 | 849 | 763 | 25 | 788 |
| Branch office operating expense | 597 | 19 | 616 | 545 | 17 | 562 |
| Variable compensation | 774 | 16 | 790 | 625 | 13 | 638 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 3903 | 110 | 4013 | 3466 | 98 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | $515 | $11 | $526 | $548 | $11 | $559 |
| Income before allocations margin | 11.5% | 9.3% | 11.5% | 13.4% | 10.0% | 13.3% |
| Net interest and dividends revenue | $201 | $10 | $211 | $218 | $11 | $229 |
| Depreciation and amortization | $183 | $7 | $190 | $153 | $4 | $157 |
| Total assets at period end | $26461 | $1265 | $27726 | $25494 | $1087 | $26581 |
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 27, 2024** | **September 27, 2024** | **September 27, 2024** |
|  | **U.S.** | **Canada** | **Total** | **U.S.** | **Canada** | **Total** |
| Net revenue | $12594 | $347 | $12941 | $11495 | $325 | $11820 |
| FA compensation | 4961 | 142 | 5103 | 4439 | 128 | 4567 |
| Home office operating expense | 2451 | 81 | 2532 | 2231 | 75 | 2306 |
| Branch office operating expense | 1753 | 54 | 1807 | 1621 | 51 | 1672 |
| &nbsp;&nbsp;&nbsp;Variable compensation | 1946 | 43 | 1989 | 1742 | 37 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 11111 | 320 | 11431 | 10033 | 291 | 10324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | $1483 | $27 | $1510 | $1462 | $34 | $1496 |
| Income before allocations margin | 11.6% | 7.8% | 11.5% | 12.5% | 10.4% | 12.4% |
| Net interest and dividends revenue | $614 | $32 | $646 | $670 | $35 | $705 |
| Depreciation and amortization | $517 | $16 | $533 | $440 | $11 | $451 |
| Total assets at period end | $26461 | $1265 | $27726 | $25494 | $1087 | $26581 |

---

**NOTE 5 – FAIR VALUE**

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2024. The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the 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 in the Consolidated Statements of Income, with no impact on income before allocations.

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The Partnership did not have any assets or liabilities categorized as Level III during the nine- and twelve-month periods ended September 26, 2025 and December 31, 2024, respectively. The following tables show the Partnership's financial assets and liabilities measured at fair value as of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** | **September 26, 2025** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| **Assets:** |  |  |  |  |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | $— | $123 | $— | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | 86 |  |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | $86 | $123 | $— | $209 |
| Investments segregated under federal regulations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasuries | $7053 | $— | $— | $7053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 500 |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments segregated under federal regulations | $7053 | $500 | $— | $7553 |
| Securities owned: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government and agency obligations | $400 | $— | $— | $400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds<sup>(1)</sup> | 379 |  |  | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 75 |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | $788 | $75 | $— | $863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations | $— | $42 | $— | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory securities | $19 | $53 | $— | $72 |
| Other assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client fractional share ownership assets | $1078 | $— | $— | $1078 |
| **Liabilities:** |  |  |  |  |
| Accounts payable, accrued expenses and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client fractional share redemption obligations | $1078 | $— | $— | $1078 |

---

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, 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;Total investments segregated under federal regulations | $10134 | $900 | $— | $11034 |
| Securities owned: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds<sup>(1)</sup> | $362 | $— | $— | $362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government and agency obligations | 197 |  |  | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 8 |  |  | 8 |
| &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;Municipal obligations | $— | $26 | $— | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | 15 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 11 |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government and agency obligations | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 1 |  | 1 |
| &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.

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

**NOTE 6 – 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 Enterprise Leadership Team ("ELT")), who require financing for some or all of their Partnership capital contributions. Loans made by the Partnership to such partners are generally for a period of one year and bear interest either at the greater of the Prime Rate minus 1.25% for the last business day of the prior fiscal month or 3.25%. The Partnership recognizes 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. Interest income earned from partnership loans, which is included in interest and dividends in the Consolidated Statements of Income, was $8 and $12 and $27 and $36 for the three- and nine-month periods ended September 26, 2025 and September 27, 2024, respectively.

The following table shows the roll forward of outstanding Partnership loans for the:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 26, 2025** | **September 27, 2024** |
| Partnership loans outstanding at beginning of period | $473 | $439 |
| Partnership loans issued during the period | 321 | 270 |
| Repayment of Partnership loans during the period | (299) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Partnership loans outstanding | $495 | $514 |

---

The minimum 7.5% annual return on the face amount of limited partnership capital was $32 and $32 and $97 and $98 for the three- and nine-month periods ended September 26, 2025 and September 27, 2024, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

**NOTE 7 – 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 Securities Exchange Act of 1934, as amended (the "Exchange Act"), and capital compliance rules of the Financial Industry Regulatory Authority ("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 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 operations.

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

---

| | | |
|:---|:---|:---|
|  | **September 26, 2025** | **December 31, 2024** |
| **U.S.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital | $924 | $938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital in excess of the minimum required | $849 | $873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital as a percentage of aggregate debit items | 24.6% | 28.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital after anticipated capital withdrawals,<br> as a percentage of aggregate debit items | 9.6% | 5.2% |
| **Canada:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital | $81 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital in excess of<br> the minimum required | $80 | $69 |

---

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

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

**NOTE 8 – 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 ultimately granted Edward Jones' motion for summary judgment and denied plaintiffs' motion for class certification as moot. Plaintiffs appealed and the parties are scheduled for oral arguments before the Court of Appeals on November 14, 2025. Edward Jones denies the plaintiffs' allegations and intends to continue to vigorously defend this lawsuit.

*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 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 in February 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 of the Civil Rights Act of 1964 ("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.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The parties have been ordered to submit a status report to the district court on November 7, 2025 with a proposed schedule for the case moving forward. 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 September 26, 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 $24 as of September 26, 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 September 26, 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 9 – 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross<br>amounts of** | **Gross<br>amounts<br>offset in the<br>Consolidated<br>Statements of** | **Net amounts<br>presented in the<br>Consolidated<br>Statements of** | **Gross amounts not offset<br>in the<br>Consolidated Statements of<br>Financial Condition** | **Gross amounts not offset<br>in the<br>Consolidated Statements of<br>Financial Condition** |  |
|  | **recognized<br>assets** | **Financial<br>Condition** | **Financial<br>Condition** | **Financial<br>instruments** | **Securities<br>collateral** | **Net<br>amount** |
| September 26, 2025 | $731 |  | 731 |  | (731) | $— |
| December 31, 2024 | $1390 |  | 1390 |  | (1390) | $— |

---

------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

**NOTE 10 – CASH FLOW INFORMATION**

The following table shows supplemental cash flow information for the:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 26, 2025** | **September 27, 2024** |
| Non-cash activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of general partnership interests through <br> partnership loans in the period | $321 | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of partnership loans through distributions from <br> partnership capital in the period | $251 | $153 |

---

The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of:

---

| | | |
|:---|:---|:---|
|  | **September 26, 2025** | **September 27, 2024** |
| Cash and cash equivalents | $3299 | $1944 |
| Cash and investments segregated under federal regulations | 11976 | 13246 |
| Less: Investments segregated under federal regulations | 7553 | 9038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $7722 | $6152 |

---

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

------

PART I. FINANCIAL INFORMATION

**ITEM 2. 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, the financial condition and the cash flows of the Partnership. Management's Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in Part I, Item 1 – Financial Statements of this Quarterly Report on Form 10-Q and Part II, Item 8 – Financial Statements and Supplementary Data of the Partnership's Annual Report. 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 serve more than 9 million clients with a total of $2.4 trillion in client assets under care as of September 26, 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 most Canadian provinces and territories, the firm is committed to helping improve the financial wellness for tens of millions of long-term investors across North America by providing comprehensive, personalized planning and professional advice.

**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 revenues 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 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 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 I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**OVERVIEW**

The following table sets forth the changes in major categories of the Consolidated Statements of Income as well as several related key financial metrics as of, and for the three- and nine-month periods ended, September 26, 2025 and September 27, 2024. Management of the Partnership relies on this financial information and the related metrics to evaluate the Partnership's operating performance and financial condition.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** |
| Revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee revenue | $3851 | $3369 | 14% | $10863 | $9667 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of net revenue | 85% | 82% | 4% | 84% | 82% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade revenue | 448 | 442 | 1% | 1340 | 1299 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of net revenue | 10% | 11% | -9% | 10% | 11% | -9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends | 260 | 294 | -12% | 795 | 904 | -12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue, net | 29 | 83 | -65% | 92 | 149 | -38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4588 | 4188 | 10% | 13090 | 12019 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 49 | 65 | -25% | 149 | 199 | -25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | 4539 | 4123 | 10% | 12941 | 11820 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 4013 | 3564 | 13% | 11431 | 10324 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | $526 | $559 | -6% | $1510 | $1496 | 1% |
| Related metrics: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before allocations margin<sup>(1)</sup> | 11.5% | 13.3% | -14% | 11.5% | 12.4% | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Client assets under care ($ billions): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | $2421 | $2176 | 11% | $2421 | $2176 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | $2365 | $2118 | 12% | $2262 | $2035 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory programs: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | $1036 | $864 | 20% | $1036 | $864 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | $1002 | $837 | 20% | $944 | $799 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Client dollars invested ($ billions)<sup>(2)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade | $51 | $55 | -7% | $160 | $173 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory programs | $20 | $14 | 43% | $55 | $41 | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Client households at period end | 6.7 | 6.5 | 3% | 6.7 | 6.5 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net new households for the period<sup>(3)</sup> | 24000 | 53000 | -55% | 101000 | 177000 | -43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net new assets for the period ($ billions)<sup>(4)</sup>: | $17 | $16 | 6% | $51 | $53 | -4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial advisors (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 20429 | 19885 | 3% | 20429 | 19885 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 20368 | 19749 | 3% | 20302 | 19534 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attrition %<sup>(5)</sup> | 6.1% | 4.7% | 30% | 6.0% | 5.1% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones Industrial Average (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 46247 | 42313 | 9% | 46247 | 42313 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 44974 | 40552 | 11% | 43238 | 39300 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 6644 | 5738 | 16% | 6644 | 5738 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 6413 | 5539 | 16% | 6016 | 5260 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Aggregate Bond Index (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 100 | 102 | -2% | 100 | 102 | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 99 | 100 | -1% | 98 | 98 |  |

---

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

<sup>(2)</sup> Client dollars invested for trade revenue represents the principal amount of clients' buy and sell transactions resulting in revenue and for advisory programs revenue represents the net of the inflows and outflows of client dollars into advisory programs.

<sup>(3)</sup> Net new households represents new client households opened less client households closed during the period, rounded to the nearest thousand. The metric is estimated based on available information.

<sup>(4)</sup> Net new assets represents cash and securities inflows and outflows, excluding mutual fund capital gain distributions received by U.S. clients.

<sup>(5)</sup> Attrition % represents the annualized number of financial advisors that left or retired from the Partnership during the period compared to the total number of financial advisors as of period end.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**Third Quarter 2025 versus Third Quarter 2024 Overview**

The Partnership ended the third quarter of 2025 with $2.4 trillion of assets under care ("AUC"), including $1.0 trillion of advisory programs AUC. Average client AUC increased 12% due to higher average market levels, as well as the cumulative impact of net new assets gathered. Advisory programs' average AUC increased 20% due to higher average market levels and the increased investment of client dollars into advisory programs. Net new assets increased by 6% compared to the third quarter of 2024. The Partnership ended the third quarter with 20,429 financial advisors. Financial advisor attrition was 6.1% as a result of a variety of factors, including a rise in financial advisor departures with tenure of five years or less.

Net revenue increased 10% to $4,539, primarily due to increases in fee revenue, partially offset by decreases in other revenue and interest and dividends revenue. The increase in fee revenue was primarily due to increases in advisory programs with higher average market levels and the continued investment of client dollars into advisory programs. The decrease in other revenue was due to changes in the fair market value of investment securities from changes in the interest rate environment. The decrease in interest and dividends revenue was primarily due to a decrease in interest earned on short-term investments in U.S. Treasuries and reverse repurchase agreements resulting from lower interest rates.

Operating expenses increased 13% to $4,013, 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 an increase in revenues on which commissions are earned. Home office and branch compensation and benefits increased primarily due to higher average wages and increases in healthcare costs. Variable compensation increased primarily due to increased branch 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.

Income before allocations decreased 6% to $526. Income before allocations margin was 11.5% in the third quarter of 2025, reflecting a strategic balance between investing in the future and current financial results.

**Nine Months Ended September 26, 2025 versus Nine Months Ended September 27, 2024 Overview**

Average client AUC increased 11% during the first nine months of 2025 compared to the same period in 2024, reflecting increases in the market value of client assets, as well as the cumulative impact of net new assets gathered. Advisory programs' average AUC increased 18% due to higher average market levels and the increased investment of client dollars into advisory programs. Net new assets decreased 4% in the first nine months of 2025. This year to date decline reflects elevated asset outflows, which were partially offset by stronger inflows. The outflows relative to the prior-year period continue an increasing downward trend influenced by several factors, including an aging client base, generational wealth transfers outside the firm, macroeconomic volatility, inflationary pressures, and shifts in consumer spending.

Net revenue increased 9% to $12,941, primarily due to increases in fee revenue, partially offset by decreases in interest and dividends revenue and other revenue. Fee revenue increased primarily due to growth in advisory programs, driven by higher average market levels and continued client investment into those programs. Interest and dividends revenue declined, largely reflecting reduced interest income from short-term investments in U.S. Treasuries and reverse repurchase agreements from lower interest rates. Other revenue decreased as a result of changes in the fair market value of investment securities, which were impacted by shifts in the interest rate environment.

Operating expenses increased 11% to $11,431, primarily due to increases in compensation and benefits expense and variable compensation. Financial advisor compensation and benefits increased primarily due to an increase in revenues on which commissions are earned. Home office and branch compensation and benefits increased primarily due to higher average wages, increases in healthcare costs, and estimated separation costs associated with Enterprise Reimagined. In accordance with the Partnership's strategic ambition to improve the financial wellness for tens of millions of long-term investors across North America, the firm has embarked on a multi-tiered initiative, called "Enterprise Reimagined," that the firm believes will create more efficient operations by restructuring and reducing the size of the home office, removing redundancies, and adopting new capabilities, processes and technology to deliver more value and create a better client experience. Variable compensation increased primarily due to increased branch profitability.

Overall, the increase in net revenue, partially offset by the increase in operating expenses, led to income before allocations increasing 1% to $1,510. Income before allocations margin was 11.5%, reflecting a strategic balance between investing in the future and current financial results.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**RESULTS OF OPERATIONS FOR THE THREE- AND NINE-MONTH PERIODS ENDED SEPTEMBER 26, 2025 AND SEPTEMBER 27, 2024**

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 14% to $3,851 and 12% to $10,863 in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. A discussion of fee revenue components follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** |
| Fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory programs fees | $2886 | $2445 | 18% | $8036 | $6920 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees | 438 | 411 | 7% | 1253 | 1203 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash solutions fees | 135 | 141 | -4% | 422 | 435 | -3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-based fees | 208 | 187 | 11% | 596 | 545 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based fee revenue | 3667 | 3184 | 15% | 10307 | 9103 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Account and activity fee revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accounting services fees | 115 | 116 | -1% | 348 | 349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other account and activity fee revenue | 69 | 69 |  | 208 | 215 | -3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account and activity fee revenue | 184 | 185 | -1% | 556 | 564 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | $3851 | $3369 | 14% | $10863 | $9667 | 12% |
| Related metrics: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average U.S. client asset values ($ billions)<sup>(1)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory programs | $982.3 | $819.7 | 20% | $924.1 | $782.6 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund assets held outside of <br> advisory programs | $704.5 | $643.5 | 9% | $678.2 | $620.3 | 9% |

---

<sup>(1)</sup> Assets on which the Partnership earns asset-based fee revenue. The U.S. portion of consolidated asset-based fee revenue was approximately 98% for the periods presented.

Asset-based fee revenue increased 15% to $3,667 and 13% to $10,307 in the third quarter and first nine months of 2025, respectively, 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 investment of client dollars into advisory programs.

------

PART I. FINANCIAL INFORMATION

Item 2. 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 1% and 3% in the third quarter and first nine months of 2025 to $448 and $1,340, respectively, compared to the same periods in 2024. A discussion of trade revenue components follows.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 26, 2025** |  | **Sept. 27, 2024** |  | **% Change** | **Sept. 26, 2025** |  | **Sept. 27, 2024** |  | **% Change** |
| Trade revenue: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions revenue: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | $158 |  | $145 |  | 9% | $494 |  | $448 |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 107 |  | 118 |  | -9% | 328 |  | 348 |  | -6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance products and other | 117 |  | 120 |  | -3% | 327 |  | 333 |  | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commissions revenue | $382 |  | $383 |  |  | $1149 |  | $1129 |  | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 66 |  | 59 |  | 12% | 191 |  | 170 |  | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trade revenue | $448 |  | $442 |  | 1% | $1340 |  | $1299 |  | 3% |
| Related metrics: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client dollars invested ($ billions)<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities | $11.6 | 23% | $10.4 | 19% | 12% | $36.4 | 23% | $31.7 | 18% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 7.0 | 14% | 7.9 | 14% | -11% | 21.1 | 13% | 22.4 | 13% | -6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance products and other | 4.3 | 8% | 4.3 | 8% |  | 12.4 | 8% | 12.4 | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal transactions | 28.2 | 55% | 32.0 | 59% | -12% | 90.5 | 56% | 106.3 | 62% | -15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total client dollars invested | $51.1 |  | $54.6 |  | -6% | $160.4 |  | $172.8 |  | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Margin per $1,000 invested | $8.7 |  | $8.1 |  | 7% | $8.4 |  | $7.5 |  | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. business days | 63 |  | 63 |  |  | 184 |  | 187 |  | -2% |

---

<sup>(1)</sup> Percentages represent client dollars invested in each product as a percent of total client dollars invested.

Trade revenue increased in the third quarter and first nine months of 2025 primarily due to increases in equities commissions revenue and principal transactions revenue, partially offset by decreases in mutual funds commissions revenue due to decreases in 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 deposit, which earn lower margins than equity products.

**Net Interest and Dividends** 

Net interest and dividends revenue decreased 8% to $211 and $646 in both the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The decreases in both periods were primarily due to decreases in interest earned on short-term investments in U.S. Treasuries and reverse repurchase agreements, partially offset by decreases in customer credit interest expense paid on client balances. Overall, the decreases in both periods reflect the impact of a lower interest rate environment.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**Operating Expenses**

Operating expenses increased 13% and 11% in the third quarter and first nine months of 2025 to $4,013 and $11,431, respectively, compared to the same periods in 2024. A discussion of operating expense components follows.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial advisor | $1758 | $1576 | 12% | $5103 | $4567 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home office and branch | 668 | 608 | 10% | 2021 | 1814 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable compensation | 790 | 638 | 24% | 1989 | 1779 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total compensation and benefits | 3216 | 2822 | 14% | 9113 | 8160 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications and data processing | 300 | 243 | 23% | 844 | 739 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 167 | 159 | 5% | 494 | 475 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund sub-adviser fees | 95 | 81 | 17% | 268 | 233 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and consulting fees | 66 | 47 | 40% | 189 | 137 | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 34 | 38 | -11% | 110 | 118 | -7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 135 | 174 | -22% | 413 | 462 | -11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $4013 | $3564 | 13% | $11431 | $10324 | 11% |
| Related metrics (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of physical branches: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 15022 | 15262 | -2% | 15022 | 15262 | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 15048 | 15284 | -2% | 15104 | 15317 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial advisors: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 20429 | 19885 | 3% | 20429 | 19885 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 20368 | 19749 | 3% | 20302 | 19534 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Client support team professionals<sup>(1)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 20521 | 20080 | 2% | 20521 | 20080 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 20537 | 20064 | 2% | 20355 | 19921 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home office associates<sup>(1):</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At period end | 9419 | 9406 |  | 9419 | 9406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | 9441 | 9417 |  | 9424 | 9446 |  |

---

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

The increases in operating expenses in the third quarter and first nine months of 2025 compared to the same periods in 2024 were primarily due to increases in financial advisor and home office and branch compensation and benefits expense, variable compensation, and communications and data processing expense, which are described below.

Financial advisor compensation and benefits expense increased 12% in both the third quarter and first nine months of 2025 to $1,758 and $5,103, respectively. The increases in both periods were primarily due to increases in revenues on which commissions are earned.

Home office and branch compensation and benefits expense increased 10% and 11% to $668 and $2,021 in the third quarter and first nine months of 2025, respectively. The increase in the third quarter was primarily due to higher average wages and increases in healthcare costs. The increase in the first nine months was primarily due to higher average wages, increases in healthcare costs, and estimated separation costs associated with Enterprise Reimagined as discussed above.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

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 our performance-based compensation model. Variable compensation increased 24% and 12% in the third quarter and first nine months of 2025 to $790 and $1,989, respectively, primarily due to increased branch profitability.

Communications and data processing expense increased 23% and 14% in the third quarter and first nine months of 2025 to $300 and $844, respectively, primarily due to continued investments in new tools and technology and higher depreciation expense as a result of these recent investments.

**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. Income before allocations margin and pre-variable income margin represent income before allocations and pre-variable income as a percentage of total revenue, respectively. The following table shows financial and other information for the Partnership's reportable segments.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** | **U.S.** | **U.S.** | **Canada** | **Canada** | **Canada** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** |
| Net revenue | $4418 | $4014 | 10% | $121 | $109 | 11% |
| FA compensation | 1710 | 1533 | 12% | 48 | 43 | 12% |
| Home office operating expense | 822 | 763 | 8% | 27 | 25 | 8% |
| Branch office operating expense | 597 | 545 | 10% | 19 | 17 | 12% |
| Variable compensation | 774 | 625 | 24% | 16 | 13 | 23% |
| &nbsp;&nbsp;Operating expenses | 3903 | 3466 | 13% | 110 | 98 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | $515 | $548 | -6% | $11 | $11 |  |
| &nbsp;&nbsp;Income before allocations margin | 11.5% | 13.4% | -14% | 9.3% | 10.0% | -7% |
| &nbsp;&nbsp;Pre-variable income margin | 28.8% | 28.8% |  | 22.4% | 21.8% | 3% |
| &nbsp;&nbsp;Client assets under care ($ billions): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At period end | $2369.7 | $2130.9 | 11% | $51.1 | $45.5 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average | $2315.3 | $2073.4 | 12% | $49.8 | $44.3 | 12% |
| &nbsp;&nbsp;Net new households for the period <br> (rounded in thousands) | 24000 | 53000 | -55% |  |  |  |
| &nbsp;&nbsp;Net new assets for the period ($ billions) | $16.6 | $15.1 | 10% | $0.3 | $0.4 | -25% |
| &nbsp;&nbsp;Financial advisors (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At period end | 19559 | 19013 | 3% | 870 | 872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average | 19495 | 18879 | 3% | 873 | 870 |  |
|  | **U.S.** | **U.S.** | **U.S.** | **Canada** | **Canada** | **Canada** |
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** | **Sept. 26, 2025** | **Sept. 27, 2024** | **% Change** |
| Net revenue | $12594 | $11495 | 10% | $347 | $325 | 7% |
| FA compensation | 4961 | 4439 | 12% | 142 | 128 | 11% |
| Home office operating expense | 2451 | 2231 | 10% | 81 | 75 | 8% |
| Branch office operating expense | 1753 | 1621 | 8% | 54 | 51 | 6% |
| Variable compensation | 1946 | 1742 | 12% | 43 | 37 | 16% |
| &nbsp;&nbsp;Operating expenses | 11111 | 10033 | 11% | 320 | 291 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before allocations | $1483 | $1462 | 1% | $27 | $34 | -21% |
| &nbsp;&nbsp;Income before allocations margin | 11.6% | 12.5% | -7% | 7.8% | 10.4% | -25% |
| &nbsp;&nbsp;Pre-variable income margin | 26.9% | 27.4% | -2% | 20.3% | 21.6% | -6% |
| &nbsp;&nbsp;Client assets under care ($ billions): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At period end | $2369.7 | $2130.9 | 11% | $51.1 | $45.5 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average | $2214.9 | $1992.3 | 11% | $47.3 | $42.8 | 11% |
| &nbsp;&nbsp;Net new households for the period <br> (rounded in thousands) | 99000 | 176000 | -44% | 2000 | 1000 | 100% |
| &nbsp;&nbsp;Net new assets for the period ($ billions) | $49.8 | $51.7 | -4% | $1.2 | $1.3 | -8% |
| &nbsp;&nbsp;Financial advisors (actual): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At period end | 19559 | 19013 | 3% | 870 | 872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average | 19428 | 18671 | 4% | 874 | 863 | 1% |

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***U.S.***

Net revenue increased 10% in both the third quarter and first nine months of 2025 to $4,418 and $12,594, respectively, compared to the same periods in 2024, primarily due to increases in revenue from advisory program fees, partially offset by decreases in interest and dividends revenue and other revenue. Growth in revenue from advisory programs was due to higher average market levels, as well as the increased investment of client dollars into advisory programs. The decreases in interest and dividend revenue were primarily due to decreases in interest earned on short-term investments in U.S. Treasuries and reverse repurchase agreements from lower interest rates. The decreases in other revenue were due to changes in the fair market value of investment securities from changes in the interest rate environment.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Operating expenses increased 13% to 3,903 and 11% to $11,111 in the third quarter and first nine months of 2025, respectively, primarily due to increases in compensation and benefits expense and variable compensation. Financial advisor compensation increased 12% in both the third quarter and first nine months of 2025 to $1,710 and $4,961, respectively, primarily due to increases in revenues on which commissions are earned. Home office operating expense increased 10% to $2,451 in the first nine months of 2025 primarily due to higher average wages, increases in healthcare costs, and estimated separation costs associated with Enterprise Reimagined as discussed above. Variable compensation primarily increased due to increased branch profitability.

Income before allocations decreased 6% to $515 and 1% to $1,483 in the third quarter and first nine months of 2025, respectively. Income before allocations margin was 11.5% and 11.6% in the third quarter and first nine months of 2025, respectively, reflecting a strategic balance between investing in the future and current financial results.

***Canada***

Net revenue increased 11% to $121 and 7% to $347 in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024, primarily due to increases in revenue from advisory program fees. Growth in revenue from advisory programs was due to higher average market levels as well as the continued investment of client dollars into advisory programs.

Operating expenses increased 12% to $110 and 10% to $320 in the third quarter and first nine months of 2025, respectively, primarily due to increases in financial advisor compensation and variable compensation. Financial advisor compensation increased 12% to $48 and 11% to $142 in the third quarter and first nine months of 2025, respectively, primarily due to increases in revenues on which commissions are earned. Variable compensation increased due to increased branch profitability.

Income before allocations remained constant at $11 and decreased 21% to $27 in the third quarter and first nine months of 2025, respectively. Pre-variable income margin was 22.4% and 20.3% in the third quarter and first nine months of 2025, respectively.

**LEGISLATIVE AND REGULATORY REFORM**

As discussed more fully in Part I, Item 1A – Risk Factors – Risk Related to the Partnership's Business – Legislative and Regulatory Initiatives of the Partnership's Annual Report, the Partnership continues to monitor several proposed, potential and recently enacted federal and state legislation, rules and regulations.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**LIQUIDITY AND CAPITAL RESOURCES**

The Partnership requires liquidity to cover its operating expenses, net capital requirements, capital expenditures, distributions to partners and redemptions of Partnership interests, as well as to facilitate client transactions. The principal sources for meeting the Partnership's liquidity requirements include cash and cash equivalents, securities purchased under agreements to resell, government and agency investment securities, partnership capital and funds generated from operations, 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 partnership interests to its current or retiring general partners, and retention of a portion of general partner earnings.

The Partnership's capital subject to mandatory redemption as of September 26, 2025, net of reserve for anticipated withdrawals, was $4,579, an increase of $378 from December 31, 2024. This increase was primarily due to the 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 ($160), partially offset by the net increase in Partnership loans outstanding ($22) and the redemption of limited partner, subordinated limited partner and general partner interests ($18, $37 and $99, respectively). The Partnership retained 17.0% and 14.9% during the three and nine-month periods ended September 26, 2025, respectively, of income allocated to general partners and 13.8% during both the three- and nine-month periods ended September 27, 2024.

The Partnership made loans available to those general 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 are required to repay those 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 has full recourse against any partner that defaults on loan obligations to the Partnership. The Partnership does not anticipate that partner loans will have an adverse impact on the Partnership's short-term liquidity or capital resources.

The Partnership does not plan to renew Partnership loans in 2026. Any general partner who requires financing for some or all of their Partnership capital contributions may elect to individually borrow funds via unsecured promissory notes payable to a third-party bank under a new structured program. The Partnership will not guarantee these individual bank loans, nor can the general partner pledge their general partnership interest as collateral for the individual bank loan. The Partnership will perform certain administrative functions supporting this new bank program. Additionally, in 2026 the Partnership plans to reduce the amount of general partnership 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 partner may also elect to individually borrow funds pursuant to a bank program to finance the purchase of their limited partnership interest in the Partnership (each such electing limited partner a "LP Borrower"), as evidenced by individual unsecured promissory notes payable to the bank. The Partnership does not guarantee these individual bank loans, nor can the LP Borrower pledge their limited partnership interest as collateral for the individual bank loan. The Partnership performs certain administrative functions supporting the bank 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 partnership interest or limited partner capital 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.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

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.

The following table represents amounts related to Partnership loans as well as bank loans (for which the Partnership facilitates certain administrative functions). 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 September 26, 2025** | **As of September 26, 2025** | **As of September 26, 2025** | **As of September 26, 2025** |
|  | **Limited<br>Partnership<br>Interests** | **Subordinated<br>Limited<br>Partnership<br>Interests** | **General<br>Partnership<br>Interests** | **Total<br>Partnership<br>Interests** |
| Total Partnership capital<sup>(1)</sup> | $1723 | $742 | $2609 | $5074 |
| Partnership capital owned by partners with<br> individual loans | $210 | $— | $1252 | $1462 |
| Partnership capital owned by partners with individual<br> loans as a percent of total Partnership capital | 12% |  | 48% | 29% |
| Individual loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual bank loans | $64 | $— | $— | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual Partnership loans |  |  | 495 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total individual loans | $64 | $— | $495 | $559 |
| Individual loans as a percent of total Partnership capital | 4% |  | 19% | 11% |
| Individual loans as a percent of respective Partnership<br> capital owned by partners with loans | 30% |  | 40% | 38% |

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<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 September 26, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **September 26, 2025** | **December 31, 2024** |
| 2022 Credit Facility | $500 | $500 |
| Uncommitted secured credit facilities | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total bank lines of credit | $890 | $890 |

---

The Partnership has a $500 committed revolving line of credit (the "2022 Credit Facility"), entered into in October 2022 and amended from time to time thereafter. 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 provide short-term liquidity to the Partnership should the need arise. As of September 26, 2025, the Partnership was in compliance with all covenants related to the 2022 Credit Facility.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

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 September 26, 2025 or December 31, 2024. In addition, the Partnership did not have any draws against these lines of credit during the nine-month period ended September 26, 2025.

*Cash Activity*

As of September 26, 2025, the Partnership had $3,299 in cash and cash equivalents and $731 in securities purchased under agreements to resell, which generally have maturities of less than one week. This totaled $4,030 of Partnership liquidity as of September 26, 2025, a 10% increase from $3,663 as of December 31, 2024. The Partnership also held $400 and $197 in government and agency obligations as of September 26, 2025 and December 31, 2024, respectively, to help facilitate cash management and maintain firm liquidity. The Partnership had $11,976 and $15,112 in cash and investments segregated under federal regulations as of September 26, 2025 and December 31, 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 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 investment 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. broker-dealer and Canada investment dealer subsidiaries as of:

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| | | | |
|:---|:---|:---|:---|
|  | **September 26, 2025** | **December 31, 2024** | **% Change** |
| **U.S.:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital | $924 | $938 | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital in excess of the minimum required | $849 | $873 | -3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital as a percentage of aggregate debit items | 24.6% | 28.9% | -15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net capital after anticipated capital withdrawals,<br> as a percentage of aggregate debit items | 9.6% | 5.2% | 84% |
| **Canada:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital | $81 | $71 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory risk-adjusted capital in excess of<br> the minimum required | $80 | $69 | 16% |

---

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

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

**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.

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, and in particular 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 in the Partnership's Annual Report. 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.

------

PART I. FINANCIAL INFORMATION

**ITEM 3. 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 the Partnership's 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 $3.5 billion and $17.0 billion, respectively, for the nine-month period ended September 26, 2025 and earned interest at an average annual rate of approximately 721 and 429 basis points (7.21% and 4.29%), respectively, during the first nine months of 2025. Changes in interest rates 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 model to assess the sensitivity of net interest income to the movements in interest rates. The model 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 model 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 $104. 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 $157. 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 at third-party banks participating in the Partnership's Insured Bank Deposit program.

**ITEM 4. controls and procedures**

The Partnership maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Partnership in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and is accumulated and communicated to management, including the Partnership's certifying officers, as appropriate to allow timely decisions regarding required disclosure.

Based upon an evaluation performed as of the end of the period covered by this report, the Partnership's certifying officers, the Chief Executive Officer and the Chief Financial Officer, have concluded that the Partnership's disclosure controls and procedures were effective as of September 26, 2025.

There have been no changes in the Partnership's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.

------

PART II. OTHER INFORMATION

**ITEM 1. LEGAL PROCEEDINGS**

The information in Part I, Item 1, Note 8 supplements the discussion in Item 3 – Legal Proceedings in the Partnership's 2024 Annual Report on Form 10-K (the "Annual Report").

**ITEM 1A. RISK FACTORS** 

For information regarding risk factors affecting the Partnership, please see the language in Part I, Item 2 – Forward-looking Statements of this Quarterly Report on Form 10-Q and the discussion in Part I, Item 1A – Risk Factors of the Partnership's Annual Report.

# ITEM 2. UNREGISTERED SALES OF EQUI TY SECURITIES AND USE OF PROCEEDS
The Partnership issued $1,470 thousand in subordinated limited partnership interests ("SLP Interests"), which are described in the Partnership Agreement, to general partners on July 1, 2025. The Partnership issued the SLP Interests pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended, in privately negotiated transactions and not pursuant to a public offering or general solicitation.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

**Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements**

None.

------

PART II. OTHER INFORMATION

**ITEM 6. Exhibits**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Description</u>** |
| 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) |
| 3.2<br> \* | [<u>Twenty-Second Amended and Restated Certificate of Limited Partnership of the Jones Financial Companies, L.L.L.P., dated February 22, 2022, incorporated by reference from Exhibit 3.2 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 25, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022008031/ck0000815917-ex3_2.htm) |
| 3.3<br> \* | [<u>First Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated March 24, 2022, incorporated by reference from Exhibit 3.3 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 25, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022008031/ck0000815917-ex3_3.htm) |
| 3.4<br> \* | [<u>Second Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 20, 2022, incorporated by reference from Exhibit 3.4 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 25, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022008031/ck0000815917-ex3_4.htm) |
| 3.5<br> \* | [<u>Third Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 24, 2022, incorporated by reference from Exhibit 3.5 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 24, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022015032/ck0000815917-ex3_5.htm) |
| 3.6<br> \* | [<u>Fourth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 23, 2022, incorporated by reference from Exhibit 3.6 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 24, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022015032/ck0000815917-ex3_6.htm) |
| 3.7<br> \* | [<u>Fifth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 21, 2022, incorporated by reference from Exhibit 3.7 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 24, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022015032/ck0000815917-ex3_7.htm) |
| 3.8<br> \* | [<u>Sixth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated September 15, 2022, incorporated by reference from Exhibit 3.8 to The Jones Financial Companies, L.L.L.P Form 10-Q for the quarterly period ended September 30, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022024862/ck0000815917-ex3_8.htm) |
| 3.9<br> \* | [<u>Seventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 16, 2022, incorporated by reference from Exhibit 3.9 to The Jones Financial Companies, L.L.L.P Form 10-Q for the quarterly period ended September 30, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017022024862/ck0000815917-ex3_9.htm) |
| 3.10<br> \* | <br>[<u>Eighth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated November 21, 2022, incorporated by reference from Exhibit 3.10 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023007158/ck0000815917-ex3_10.htm) |
| 3.11<br> \* | <br>[<u>Ninth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated December 21, 2022, incorporated by reference from Exhibit 3.11 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023007158/ck0000815917-ex3_11.htm) |
| 3.12<br> \* | <br>[<u>Tenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated January 25, 2023, incorporated by reference from Exhibit 3.12 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023007158/ck0000815917-ex3_12.htm) |
| 3.13<br> \* | <br>[<u>Eleventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated February 23, 2023, incorporated by reference from Exhibit 3.13 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023007158/ck0000815917-ex3_13.htm) |
| 3.14<br> \* | [<u>Twelfth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated March 16, 2023, incorporated by reference from Exhibit 3.14 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023019198/ck0000815917-ex3_14.htm) |

---

------

PART II. OTHER INFORMATION

Item 6. Exhibits, continued

3.15 \* [<u>Thirteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 18, 2023, incorporated by reference from Exhibit 3.15 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023019198/ck0000815917-ex3_15.htm)

3.16 \* [<u>Fourteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 18, 2023, incorporated by reference from Exhibit 3.16 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023041626/ck0000815917-ex3_16.htm)

3.17 \* [<u>Fifteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 22, 2023, incorporated by reference from Exhibit 3.17 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023041626/ck0000815917-ex3_17.htm)

3.18 \* [<u>Sixteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 20, 2023, incorporated by reference from Exhibit 3.18 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023041626/ck0000815917-ex3_18.htm)

3.19 \* [<u>Seventeenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated August 24, 2023, incorporated by reference from Exhibit 3.19 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 29, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023061944/ck0000815917-ex3_19.htm)

3.20 \* [<u>Eighteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated September 21, 2023, incorporated by reference from Exhibit 3.20 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 29, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023061944/ck0000815917-ex3_20.htm)

3.21 \* [<u>Nineteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 19, 2023, incorporated by reference from Exhibit 3.21 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 29, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017023061944/ck0000815917-ex3_21.htm)

3.22 \* [<u>Twentieth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated November 20, 2023, incorporated by reference from Exhibit 3.22 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024029758/ck0000815917-ex3_22.htm)

3.23 \* [<u>Twenty-First Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated December 20, 2023, incorporated by reference from Exhibit 3.23 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024029758/ck0000815917-ex3_23.htm)

3.24 \* [<u>Twenty-Second Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated January 25, 2024, incorporated by reference from Exhibit 3.24 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024029758/ck0000815917-ex3_24.htm)

3.25 \* [<u>Twenty-Third Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated February 20, 2024, incorporated by reference from Exhibit 3.25 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024029758/ck0000815917-ex3_25.htm)

3.26 \* [<u>Twenty-Fourth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 19, 2024, incorporated by reference from Exhibit 3.26 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024057529/ck0000815917-ex3_26.htm)

3.27 \* [<u>Twenty-Fifth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 16, 2024, incorporated by reference from Exhibit 3.27 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 28, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024094375/ck0000815917-ex3_27.htm)

------

PART II. OTHER INFORMATION

Item 6. Exhibits, continued

3.28 \* [<u>Twenty-Sixth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 25, 2024, incorporated by reference from Exhibit 3.28 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 28, 2024</u> <u>.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024094375/ck0000815917-ex3_28.htm)

3.29 \* [<u>Twenty-Seventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 18, 2024, incorporated by reference from Exhibit 3.29 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 28, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024094375/ck0000815917-ex3_29.htm)

3.30 \* [<u>Twenty-Eighth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated August 20, 2024, incorporated by reference from Exhibit 3.30 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 27, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024123780/ck0000815917-ex3_30.htm)

3.31 \* [<u>Twenty-Ninth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated September 17, 2024, incorporated by reference from Exhibit 3.31 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 27, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024123780/ck0000815917-ex3_31.htm)

3.32 \* [<u>Thirtieth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 22, 2024, incorporated by reference from Exhibit 3.32 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 27, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017024123780/ck0000815917-ex3_32.htm)

3.33 \* [<u>Thirty-First Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated November 19, 2024, incorporated by reference from Exhibit 3.33 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025039256/ck0000815917-ex3_33.htm)

3.34 \* [<u>Thirty-Second Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated January 23, 2025, incorporated by reference from Exhibit 3.34 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025039256/ck0000815917-ex3_34.htm)

3.35 \* [<u>Thirty-Third Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated February 19, 2025, incorporated by reference from Exhibit 3.35 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2024.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025039256/ck0000815917-ex3_35.htm)

3.36 \* [<u>Thirty-Fourth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated March 20, 2025, incorporated by reference from Exhibit 3.36 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025067575/ck0000815917-ex3_36.htm)

3.37 \* [<u>Thirty-Fifth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 16, 2025, incorporated by reference from Exhibit 3.37 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025067575/ck0000815917-ex3_37.htm)

3.38 \* [<u>Thirty-Sixth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 21, 2025, incorporated by reference from Exhibit 3.38 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 27, 2025.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025105509/ck0000815917-ex3_38.htm)

3.39 \* [<u>Thirty-Seventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 18, 2025, incorporated by reference from Exhibit 3.39 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 27, 2025.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025105509/ck0000815917-ex3_39.htm)

3.40 \* [<u>Thirty-Eighth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 17, 2025, incorporated by reference from Exhibit 3.40 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 27, 2025.</u>](https://www.sec.gov/Archives/edgar/data/815917/000095017025105509/ck0000815917-ex3_40.htm)

3.41 \*\* [<u>Thirty-Ninth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated August 14, 2025.</u>](ck0000815917-ex3_41.htm)

------

PART II. OTHER INFORMATION

Item 6. Exhibits, continued

---

| | | |
|:---|:---|:---|
| 3.42 | \*\* | [<u>Fortieth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 23, 2025.</u>](ck0000815917-ex3_42.htm) |
| 31.1 | \*\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0000815917-ex31_1.htm) |
| 31.2 | \*\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0000815917-ex31_2.htm) |
| 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) |
| 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 |
| 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 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) |
|  | November 7, 2025 |

---

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 <br>(Principal Executive Officer) | November 7, 2025 |
| Penny Pennington | Managing Partner <br>(Principal Executive Officer) | November 7, 2025 |
| /s/ Andrew T. Miedler | Chief Financial Officer<br>(Principal Financial and<br>Accounting Officer) | November 7, 2025 |
| Andrew T. Miedler | Chief Financial Officer<br>(Principal Financial and<br>Accounting Officer) | November 7, 2025 |

---

------

## Exhibit 3.41

**<u>Exhibit 3.41</u>**

**THIRTY-NINTH AMENDMENT OF TWENTY-SECOND 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-Second 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-Second Amended and Restated Certificate of Limited Partnership with the Missouri Secretary of State on March 18, 2022.**

&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-Second Amended and Restated Certificate of Limited Partnership is hereby amended to reflect the general partner withdrawal and admission 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 608.**

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

**Dated: August 14, 2025**

**General Partner:**

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

**Penny Pennington**

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

------

**<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;Adams, Aaron | 8/1/2025 | 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;ACA Management Trust | 8/1/2025 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Thirty-Ninth Amendment of Twenty-Second 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 3.42

**<u>Exhibit 3.42</u>**

**FORTIETH AMENDMENT OF TWENTY-SECOND 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-Second 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-Second Amended and Restated Certificate of Limited Partnership with the Missouri Secretary of State on March 18, 2022.**

&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-Second Amended and Restated Certificate of Limited Partnership is hereby amended to reflect the general partner withdrawal and admission 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 608.**

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

**Dated: October 23, 2025**

**General Partner:**

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

**Penny Pennington**

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

------

**<u>EXHIBIT A</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;McDaniel, Suzan Leigh | 10/1/2025 | 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;McDaniel Family Trust | 10/1/2025 | 12555 Manchester Road | St. Louis, MO 63131 |

---

Exhibit A to Fortieth Amendment of Twenty-Second Amended and Restated

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

------

## Exhibit 31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Penny Pennington, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q 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. |
| November 7, 2025 |

---

------

## Exhibit 31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Andrew T. Miedler, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q 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. |
| November 7, 2025 |

---

------

## 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 quarterly report of The Jones Financial Companies, L.L.L.P. (the "Registrant") on Form 10-Q for the period ended September 26, 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. |
| November 7, 2025 |

---

------

## 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 quarterly report of The Jones Financial Companies, L.L.L.P. (the "Registrant") on Form 10-Q for the period ended September 26, 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. |
| November 7, 2025 |

---

------

### Attached PDF Documents

**Attachment 1:** `ck0000815917-jones-10q-2025-.pdf`

_No text found in this document._