RJF · 10-Q · 2026Q2 · Full report

Income Tax Rate Changes

RAYMOND JAMES FINANCIAL INC · 2026-08-05 · Importance 18 · Surprise 14

The third-quarter 2026 effective income tax rate decreased to 20.7% from 22.6% in the prior-year quarter. The quarterly reduction was primarily caused by higher non-taxable valuation gains on corporate-owned life insurance policies. The nine-month effective tax rate increased modestly to 23.1% from 22.8%. The year-to-date increase reflected a lower benefit from share-based compensation settlements, partly offset by higher non-taxable corporate-owned life-insurance valuation gains.

Key facts

• Effective income tax rate for the quarter ended June 30, 2026: 20.7% compared with 22.6% for the prior-year quarter, largely due to higher non-taxable valuation gains on corporate-owned life insurance policies source