Annual Report for Fiscal Year Ending 12-31, 2025 (Form 10-K)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended December 31, 2025

OR

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

For the transition period from to

Commission file number 0-16633

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

(Exact name of registrant as specified in its charter)

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:

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

(Title of Class)

Class A Limited Partner Interests

Limited Partnership Profits Interests

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

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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

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

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

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

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

As of February 27, 2026 (most recent month end), 1,729,244units of Class A limited partner interests were outstanding, each representing $1,000 of Class A limited partner capital, and $720,023,500of notional capital in limited partnership Profits Interests were outstanding. There is nopublic or private market for the Class A limited partner interests or the limited partnership Profits Interests.

DOCUMENTS INCORPORATED BY REFERENCE

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

TABLE OF CONTENTS

2

PART I

ITEM 1.BUSINESS

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

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

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

Organizational Structure.

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

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

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

3

PART I

Item 1. Business, continued

Business Operations

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

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

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

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

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

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

4

PART I

Item 1. Business, continued

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

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

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

Revenues by Source

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

Asset-based Fees

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

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

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

5

PART I

Item 1. Business, continued

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

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

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

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

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

Service Fees and Other Asset-Based Fees. The Partnership earns revenue on clients' assets through service fees and revenue sharing received under agreements with certain mutual fund and insurance companies. Cash solutions revenue is earned from the Edward Jones Insured Bank Deposit Program ("IBD Program"), which is an interest-bearing cash management solution for clients that offers Federal Deposit Insurance Corporation ("FDIC") insurance coverage1. Edward Jones has agreements with FDIC-insured third-party banks to transfer available cash balances in participating clients' accounts to interest-bearing deposit accounts at those banks.

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

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

6

PART I

Item 1. Business, continued

Account and Activity Fees

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

Trade Revenue

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

Interest and Dividends

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

Other Revenue, Net

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

Competition

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

Human Capital

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

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

7

PART I

Item 1. Business, continued

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

Development

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

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

Compensation, Benefits and Opportunities

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

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

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

8

PART I

Item 1. Business, continued

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

Colleague Engagement

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

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

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

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

Employees

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

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

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

9

PART I

Item 1. Business, continued

Regulation

Broker-Dealer Regulation

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

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

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

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

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

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

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

10

PART I

Item 1. Business, continued

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

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

Investment Adviser Regulation

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

Employment Regulation

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

ERISA Regulation

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

Anti-Money Laundering and Sanctions Regulation

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

11

PART I

Item 1. Business, continued

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

Privacy & Data Protection Regulation

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

Trust Services Regulation

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

Insurance Coverage

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

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

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

Edward Jones Bank

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

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

12

PART I

Item 1. Business, continued

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

AVAILABLE INFORMATION

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

FORWARD-LOOKING STATEMENTS

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

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

13

PART I

ITEM 1A. RISK FACTORS

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

RISKS RELATED TO THE PARTNERSHIP'S BUSINESS

Risks Related to Economic and Market Conditions and Events

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

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

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

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

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

14

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

15

PART I

Item 1A. Risk Factors, continued

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

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

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

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

Risks Related to Legal and Regulatory Matters

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

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

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

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

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

16

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

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

17

PART I

Item 1A. Risk Factors, continued

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

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

Risks Related to Human Capital

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

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

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

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

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

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

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

18

PART I

Item 1A. Risk Factors, continued

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

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

Risks Related to Business Operations

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

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

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

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

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

19

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

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

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

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

20

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

21

PART I

Item 1A. Risk Factors, continued

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

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

Risks Related to Liquidity and Capital

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

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

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

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

22

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

23

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

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

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

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

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

24

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

25

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

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

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

26

PART I

Item 1A. Risk Factors, continued

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

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

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

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

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

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

27

PART I

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

28

PART I

Item 1C. Cybersecurity, continued

ITEM 2. PROPERTIES

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

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

29

PART I

ITEM 3. LEGAL PROCEEDINGS

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

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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

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

ITEM 6. [RESERVED]

30

PART II

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

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

Introduction

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

Edward Jones Bank

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

Basis of Presentation

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

31

PART II

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

OVERVIEW

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

32

PART II

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

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

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

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

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

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

33

PART II

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

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

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

Fee Revenue

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

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

34

PART II

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

Trade Revenue

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

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

Net Interest and Dividends

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

35

PART II

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

Operating Expenses

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

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

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

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

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

36

PART II

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

Segment Information

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

U.S.

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

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

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

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

37

PART II

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

Canada

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

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

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

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

LEGISLATIVE AND REGULATORY REFORM

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

MUTUAL FUNDS AND INSURANCE PRODUCTS

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

LIQUIDITY AND CAPITAL RESOURCES

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

Partnership Capital

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

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

38

PART II

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

allocations and distributions based on the Partnership's net income and are not entitled to the 71/2% Payment to which Class A limited partners are entitled under the Partnership Agreement.

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

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

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

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

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

39

PART II

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

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

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

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

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

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

Lines of Credit

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

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

40

PART II

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

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

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

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

Cash Activity

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

Regulatory Requirements

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

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

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

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

41

PART II

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

MATERIAL CASH COMMITMENTS

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

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

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

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

CRITICAL ACCOUNTING ESTIMATES

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

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

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

THE EFFECTS OF INFLATION

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

42

PART II

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

RECENTLY ISSUED ACCOUNTING STANDARDS

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

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

43

PART II

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial Statements Included in this Item

44

PART II

Item 8. Financial Statements and Supplementary Data, continued

MANAGEMENT'S REPORT ON INTERNAL CONTROL

OVER FINANCIAL REPORTING

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

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

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

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

45

PART II

Item 8. Financial Statements and Supplementary Data, continued

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Basis for Opinions

The Partnership's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Partnership's consolidated financial statements and on the Partnership's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

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

Definition and Limitations of Internal Control over Financial Reporting

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

46

PART II

Item 8. Financial Statements and Supplementary Data, continued

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

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

Critical Audit Matters

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

Asset-based Fee Revenue - Advisory Programs Fees

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

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

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

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

March 13, 2026

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

47

PART II

Item 8. Financial Statements and Supplementary Data, continued

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

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION