# Jefferies Financial Group Inc. (JEF) Informational only - not investment advice. CIK: 0000096223 SIC: 6211 Security Brokers, Dealers & Flotation Companies SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/) Latest 10-K filed: 2026-01-28 SEC page: https://www.sec.gov/edgar/browse/?CIK=96223 Filing source: https://www.sec.gov/Archives/edgar/data/96223/000009622326000009/jef-20251130.htm ## At a glance FY2025 · period end 2025-11-30 · filed 2026-01-28 · accession 0000096223-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096223.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 10,823,677,000 USD | 2025 | verified | | Net income | 682,045,000 USD | 2025 | verified | | Assets | 76,012,347,000 USD | 2025 | verified | | Free cash flow | -1,702,610,000 USD | 2025 | computed | | Net margin | 6.30% | 2025 | computed | | Revenue YoY | +2.93% | 2025 | computed | | ROE | 6.45% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Brokers, exchanges, and market infrastructure](/compare/brokers-exchanges/) · SIC 6211 Security Brokers, Dealers & Flotation Companies No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including JEF - Brokers, exchanges, and market infrastructure: [peer review](/compare/brokers-exchanges/) · [market-risk page](/compare/brokers-exchanges/risk/) ### Peer percentile fingerprint | Ratio | JEF | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 6.3% | 14.8% | 22 | 19 | | Revenue growth | 2.9% | 14.4% | 6 | 19 | | FCF margin | -15.7% | 14.7% | 7 | 15 | | ROE | 6.4% | 15.1% | 22 | 19 | | ROA | 0.9% | 1.8% | 22 | 19 | | Liabilities / equity | 6.18 | 6.06 | 56 | 19 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6211 Security Brokers, Dealers & Flotation Companies, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 10823677000 | USD | 2025 | 2026-01-28 | | Net income | 682045000 | USD | 2025 | 2026-01-28 | | Assets | 76012347000 | USD | 2025 | 2026-01-28 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096223.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 10,875,254,000 | 5,048,906,000 | 5,009,728,000 | 5,358,656,000 | 6,880,447,000 | 8,945,464,000 | 7,149,263,000 | 7,441,399,000 | 10,515,069,000 | 10,823,677,000 | | Net income | | | | | 194,321,000 | 252,847,000 | 1,051,076,000 | 962,563,000 | 768,410,000 | 1,677,376,000 | 781,710,000 | 262,388,000 | 716,019,000 | 682,045,000 | | Diluted EPS | | | | | 0.34 | 0.45 | 2.90 | 3.03 | 2.65 | 6.13 | 3.06 | 1.10 | 2.99 | 2.83 | | Operating cash flow | | | | | | 234,463,000 | 526,453,000 | -827,837,000 | 2,075,948,000 | | 1,804,847,000 | -1,933,626,000 | -140,466,000 | -1,495,143,000 | | Capital expenditures | 44,344,000 | 38,586,000 | 71,325,000 | 137,130,000 | | | | | 176,958,000 | 165,605,000 | 224,301,000 | 1,155,000 | 250,584,000 | 207,467,000 | | Dividends paid | | | | | 91,296,000 | 117,407,000 | 151,758,000 | 149,647,000 | 160,940,000 | 222,798,000 | 280,104,000 | 278,595,000 | 302,964,000 | 374,130,000 | | Share buybacks | | | | | 95,020,000 | 100,477,000 | 1,130,854,000 | 509,914,000 | 816,871,000 | 269,400,000 | 859,593,000 | 169,402,000 | 44,312,000 | 58,515,000 | | Assets | | | | | 45,071,307,000 | 47,169,108,000 | 47,131,095,000 | 49,460,234,000 | 53,118,352,000 | 56,107,311,000 | 51,057,683,000 | 57,905,161,000 | 64,360,309,000 | 76,012,347,000 | | Liabilities | | | | | 34,305,849,000 | 36,478,536,000 | 36,907,059,000 | 39,706,945,000 | 43,530,151,000 | 45,377,271,000 | 40,630,743,000 | 48,102,620,000 | 54,134,916,000 | 65,369,738,000 | | Stockholders' equity | | | | | 10,128,100,000 | 10,105,957,000 | 10,060,866,000 | 9,579,705,000 | 9,403,893,000 | 10,553,755,000 | 10,232,846,000 | 9,709,827,000 | 10,156,772,000 | 10,574,696,000 | | Cash and cash equivalents | | | | | 3,807,558,000 | 5,275,480,000 | 5,258,809,000 | 7,678,821,000 | 9,055,148,000 | 10,755,133,000 | 9,703,109,000 | 8,526,363,000 | 12,153,414,000 | 14,043,889,000 | | Free cash flow | | | | | | | | | 1,898,990,000 | | 1,580,546,000 | -1,934,781,000 | -391,050,000 | -1,702,610,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | 1.79% | 5.01% | 20.98% | 17.96% | 11.17% | 18.75% | 10.93% | 3.53% | 6.81% | 6.30% | | Return on equity | | | | | 1.92% | 2.50% | 10.45% | 10.05% | 8.17% | 15.89% | 7.64% | 2.70% | 7.05% | 6.45% | | Return on assets | | | | | 0.43% | 0.54% | 2.23% | 1.95% | 1.45% | 2.99% | 1.53% | 0.45% | 1.11% | 0.90% | | Liabilities / equity | | | | | 3.39 | 3.61 | 3.67 | 4.14 | 4.63 | 4.30 | 3.97 | 4.95 | 5.33 | 6.18 | ## As-reported value updates 5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/JEF/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096223.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-05-31 | | | 0.45 | reported discrete quarter | | 2022-Q3 | 2022-08-31 | | | 0.78 | reported discrete quarter | | 2023-Q1 | 2023-02-28 | | | 0.54 | reported discrete quarter | | 2023-Q2 | 2023-05-31 | | | 0.05 | reported discrete quarter | | 2023-Q3 | 2023-08-31 | 2,040,915,000 | 53,947,000 | 0.22 | reported discrete quarter | | 2023-Q4 | 2023-11-30 | 1,968,738,000 | 70,433,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-02-29 | 2,551,942,000 | 156,392,000 | 0.66 | reported discrete quarter | | 2024-Q2 | 2024-05-31 | 2,516,296,000 | 154,687,000 | 0.64 | reported discrete quarter | | 2024-Q3 | 2024-08-31 | 2,595,589,000 | 181,039,000 | 0.75 | reported discrete quarter | | 2024-Q4 | 2024-11-30 | 2,851,242,000 | 223,901,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-02-28 | 2,472,864,000 | 136,849,000 | 0.57 | reported discrete quarter | | 2025-Q2 | 2025-05-31 | 2,494,315,000 | 91,395,000 | 0.40 | reported discrete quarter | | 2025-Q3 | 2025-08-31 | 2,907,674,000 | 242,504,000 | 1.01 | reported discrete quarter | | 2025-Q4 | 2025-11-30 | 2,948,824,000 | 211,297,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-02-28 | 2,871,265,000 | 159,346,000 | 0.70 | reported discrete quarter | | 2026-Q2 | 2026-05-31 | 3,118,197,000 | 249,978,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from JEF's latest 10-K: [/company/JEF/business/](/company/JEF/business/). ## Risk Factors Verbatim Item 1A Risk Factors from JEF's latest 10-K: [/company/JEF/risk-factors/](/company/JEF/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/96223/000009622326000025/jef-20260531.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-09 Report date: 2026-05-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report may contain or incorporate by reference certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future and statements that are not historical or current facts. These forward-looking statements are often preceded by the words “should,” “expect,” “believe,” “intend,” “may,” “will,” “would,” “could” or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward-looking statements also include statements pertaining to our strategies for future development of our business and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in this report and other documents we file. You should read and interpret any forward-looking statement together with these documents, including the following: •the description of our business and risk factors contained in our Annual Report on Form 10-K for the year ended November 30, 2025 and filed with the Securities and Exchange Commission (“SEC”) on January 28, 2026; •the discussion of our analysis of financial condition and results of operations contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein; •the discussion of our risk management policies, procedures and methodologies contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Risk Management” herein; •the consolidated financial statements and notes to the consolidated financial statements contained in this report; and •cautionary statements we make in our public documents, reports and announcements. Any forward looking statement speaks only as of the date on which that statement is made. We undertake no obligation to update any forward looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law. Our business, by its nature, does not produce predictable or necessarily recurring earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and our own activities and positions. Consolidated Results of Operations Overview [[GREPCENT_TABLE]] [["","Three Months Ended May 31,"],["$ in thousands","2026","2025","% Change"],["Net revenues","$","2,206,451","","$","1,634,447","","35.0","%"],["Non-interest expenses","1,890,902","","1,499,546","","26.1","%"],["Earnings before income taxes","315,549","","134,901","","133.9","%"],["Income tax expense","65,571","","43,506","","50.7","%"],["Net earnings","249,978","","91,395","","173.5","%"],["Net losses attributable to noncontrolling interests","(5,440)","","(7,668)","","(29.1)","%"],["Preferred stock dividends","29,184","","11,046","","164.2","%"],["Net earnings attributable to common shareholders","226,234","","88,017","","157.0","%"],["Effective tax rate","20.8","%","32.3","%"],["","Six Months Ended May 31,"],["$ in thousands","2026","2025","% Change"],["Net revenues","$","4,223,581","","$","3,227,466","","30.9","%"],["Non-interest expenses","3,695,816","","2,941,500","","25.6","%"],["Earnings before income taxes","527,765","","285,966","","84.6","%"],["Income tax expense","118,441","","57,722","","105.2","%"],["Net earnings","409,324","","228,244","","79.3","%"],["Net losses attributable to noncontrolling interests","(21,298)","","(14,651)","","45.4","%"],["Preferred stock dividends","48,461","","26,940","","79.9","%"],["Net earnings attributable to common shareholders","382,161","","215,955","","77.0","%"],["Effective tax rate","22.4","%","20.2","%"]] [[/GREPCENT_TABLE]] Executive Summary Three Months Ended May 31, 2026 Versus May 31, 2025 Net earnings attributable to common shareholders were $226.2 million and $88.0 million for the three months ended May 31, 2026 and 2025, respectively. Our effective tax rate was 20.8%, and 32.3% for the three months ended May 31, 2026 and 2025, respectively. Six Months Ended May 31, 2026 Versus May 31, 2025 Net earnings attributable to common shareholders were $382.2 million and $216.0 million for the six months ended May 31, 2026 and 2025, respectively. Our effective tax rate was 22.4%, and 20.2% for the six months ended May 31, 2026 and 2025, respectively. The remainder of our “Consolidated Results of Operations” is presented on a detailed product and expense basis. Our “Revenues by Source” is reported along the following business lines: Investment Banking, Equities, Fixed Income and Asset Management. At May 31, 2026, we had 7,371 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,787 at November 30, 2025. Included within our global headcount are 1,334 employees at May 31, 2026 and 1,797 employees at November 30, 2025 of our Stratos, Tessellis, HomeFed and M Science subsidiaries. [[GREPCENT_TABLE]] [["May 2026 Form 10-Q","","47"]] [[/GREPCENT_TABLE]] Revenues by Source We present our results as two reportable business segments: Investment Banking and Capital Markets and Asset Management. Additionally, corporate activities are fully allocated to each of these reportable business segments. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of these costs, including the net interest cost of allocated short- and long-term debt, which is a function of the mix of each business’s associated assets and liabilities and the related funding costs. Debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income items are not considered by management in assessing the financial performance of our operating businesses and are, therefore, not reported as part of our business segment results. [[GREPCENT_TABLE]] [["","Three Months Ended May 31,"],["","2026","2025"],["$ in thousands","Amount","% of Net Revenues","Amount","% of Net Revenues","% Change"],["Advisory","$","674,118","","30.6","%","$","457,860","","28.0","%","47.2","%"],["Equity underwriting","370,691","","16.8","","122,366","","7.5","","202.9"],["Debt underwriting","160,186","","7.3","","205,363","","12.6","","(22.0)"],["Other investment banking","1,825","","\u2014","","(19,282)","","(1.2)","","N/M"],["Total Investment Banking","1,206,820","","54.7","","766,307","","46.9","","57.5"],["Equities","600,751","","27.2","","526,244","","32.2","","14.2"],["Fixed income","198,541","","9.0","","177,911","","10.9","","11.6"],["Total Capital Markets","799,292","","36.2","","704,155","","43.1","","13.5"],["Total Investment Banking and Capital Markets (1)","2,006,112","","90.9","","1,470,462","","90.0","","36.4"],["Asset management fees and revenues","15,169","","0.7","","20,766","","1.3","","(27.0)"],["Investment return","31,037","","1.4","","50,404","","3.1","","(38.4)"],["Allocated net interest (2)","(22,935)","","(1.0)","","(19,144)","","(1.2)","","19.8"],["Other investments, inclusive of net interest","164,447","","7.5","","102,595","","6.3","","60.3"],["Total Asset Management","187,718","","8.6","","154,621","","9.5","","21.4"],["Other","12,621","","0.5","","9,364","","0.5","","34.8"],["Net revenues","$","2,206,451","","100.0","%","$","1,634,447","","100.0","%","35.0","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Six Months Ended May 31,"],["","2026","2025"],["$ in thousands","Amount","% of Net Revenues","Amount","% of Net Revenues","% Change"],["Advisory","$","1,201,246","","28.4","%","$","855,640","","26.5","%","40.4","%"],["Equity underwriting","676,660","","16.0","","250,886","","7.8","","169.7"],["Debt underwriting","342,044","","8.1","","404,725","","12.5","","(15.5)"],["Other investment banking","4,163","","0.2","","(44,252)","","(1.4)","","N/M"],["Total Investment Banking","2,224,113","","52.7","","1,466,999","","45.4","","51.6"],["Equities","1,159,239","","27.4","","935,302","","29.0","","23.9"],["Fixed income","418,809","","9.9","","467,137","","14.5","","(10.3)"],["Total Capital Markets","1,578,048","","37.3","","1,402,439","","43.5","","12.5"],["Total Investment Banking and Capital Markets (1)","3,802,161","","90.0","","2,869,438","","88.9","","32.5"],["Asset management fees and revenues","85,079","","2.0","","109,396","","3.4","","(22.2)"],["Investment return","120,029","","2.8","","44,770","","1.4","","168.1"],["Allocated net interest (2)","(45,173)","","(1.1)","","(36,365)","","(1.1)","","24.2"],["Other investments, inclusive of net interest","248,045","","5.9","","228,535","","7.1","","8.5"],["Total Asset Management","407,980","","9.6","","346,336","","10.8","","17.8"],["Other","13,440","","0.4","","11,692","","0.3","","15.0"],["Net revenues","$","4,223,581","","100.0","%","$","3,227,466","","100.0","%","30.9","%"]] [[/GREPCENT_TABLE]] N/M — Not Meaningful (1)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. (2)Allocated net interest represents an allocation to Asset Management of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Investment Banking Revenues Investment banking is composed of revenues from: •advisory services with respect to mergers and acquisitions, debt financing, restructurings and private capital transactions; •underwriting services, which include debt underwriting, syndication and placement services related to investment grade debt, high yield bonds, leveraged loans, emerging market debt, global structured notes, municipal debt and mortgage-backed and asset-backed securities; and equity underwriting and placement services related to equity offerings, preferred stock and equity-linked securities; •our 50% share of net earnings from our Jefferies Finance joint venture; •our 45% share of net earnings from our commercial real estate joint venture, Berkadia, which includes commercial mortgage origination and servicing as well as investment sales; •securities and loans received or acquired in connection with our investment banking activities; and •certain revenue-sharing agreements with SMBC primarily associated with investment banking transactions. [[GREPCENT_TABLE]] [["48","","Jefferies Financial Group Inc."]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/96223/000009622326000009/jef-20251130.htm Complete FY 2025 MD&A: /company/JEF/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-01-28 Report date: 2025-11-30 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report may contain or incorporate by reference certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future and statements that are not historical or current facts. These forward-looking statements are often preceded by the words “should,” “expect,” “believe,” “intend,” “may,” “will,” “would,” “could” or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward- looking statements also include statements pertaining to our strategies for future development of our business and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in this report and other documents we file. You should read and interpret any forward-looking statement together with these documents, including the following: •the description of our business contained in this report under the caption “Business”; •the risk factors contained in this report under the caption “Risk Factors”; •the discussion of our analysis of financial condition and results of operations contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein; •the discussion of our risk management policies, procedures and methodologies contained in this report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management” herein; •the consolidated financial statements and notes to the consolidated financial statements contained in this report; and •cautionary statements we make in our public documents, reports and announcements. Any forward-looking statement speaks only as of the date on which that statement is made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law. Our business, by its nature, does not produce predictable or necessarily recurring earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and our own activities and positions. For a further discussion of the factors that may affect our future operating results, refer to the risk factors contained in this report under the caption “Risk Factors”. Our results of operations for the years ended November 30, 2025 (“2025”) and November 30, 2024 (“2024”) are discussed below. For a discussion of our results of operations for the year ended November 30, 2023 (“2023”) and our 2024 results of operations as compared to our 2023 results of operations, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report Form 10-K for the year ended November 30, 2024, which was filed with the SEC on January 28, 2025. [[GREPCENT_TABLE]] [["17","","Jefferies Financial Group Inc."]] [[/GREPCENT_TABLE]] Consolidated Results of Operations Overview [[GREPCENT_TABLE]] [["$ in thousands","2025","2024","% Change"],["Net revenues ....................................................","$7,343,751","$7,034,803","4.4%"],["Non-interest expenses ....................................","6,472,762","6,029,257","7.4%"],["Earnings from continuing operations before income taxes ...................................","870,989","1,005,546","(13.4)%"],["Income tax expense from continuing operations ....................................................","184,570","293,194","(37.0)%"],["Net earnings from continuing operations .....","686,419","712,352","(3.6)%"],["Net (losses) earnings from discontinued operations, net of income taxes ...............","(4,374)","3,667","N/M"],["Net losses attributable to noncontrolling interests .......................................................","(28,430)","(27,364)","3.9%"],["Preferred stock dividends ...............................","79,684","74,110","7.5%"],["Net earnings attributable to common shareholders ................................................","630,791","669,273","(5.7)%"],["Effective tax rate from continuing operations ...................................................","21.2%","29.2%"],["$ in thousands","2024","2023","% Change"],["Net revenues ....................................................","$7,034,803","$4,700,417","49.7%"],["Non-interest expenses ....................................","6,029,257","4,346,148","38.7%"],["Earnings from continuing operations before income taxes ...................................","1,005,546","354,269","183.8%"],["Income tax expense from continuing operations ....................................................","293,194","91,881","219.1%"],["Net earnings from continuing operations .....","712,352","262,388","171.5%"],["Net losses from discontinued operations, net of income taxes ....................................","3,667","\u2014","N/M"],["Net losses attributable to noncontrolling interests .......................................................","(27,364)","(14,846)","84.3%"],["Net losses attributable to redeemable noncontrolling interests .............................","\u2014","(454)","(100.0)%"],["Preferred stock dividends ...............................","74,110","14,616","407.0%"],["Net earnings attributable to common shareholders ................................................","669,273","263,072","154.4%"],["Effective tax rate from continuing operations ...................................................","29.2%","25.9%"]] [[/GREPCENT_TABLE]] N/M — Not Meaningful Executive Summary Year Ended November 30, 2025 Versus November 30, 2024 Net earnings attributable to common shareholders were $630.8 million and $669.3 million for the year ended November 30, 2025 and 2024, respectively. Our effective tax rate was 21.2%, and 29.2% for the year ended November 30, 2025 and 2024, respectively. The remainder of our “Consolidated Results of Operations” is presented on a detailed product and expense basis. Our “Revenues by Source” is reported along the following business lines: Investment Banking, Equities, Fixed Income and Asset Management. At November 30, 2025, we had 7,787 employees globally across all of our consolidated subsidiaries within our Investment Banking and Capital Markets and Asset Management reportable segments, compared to 7,822 at November 30, 2024. Included within our global headcount are 1,797 employees at November 30, 2025 and 2,063 employees at November 30, 2024 of our Stratos, Tessellis, HomeFed and M Science subsidiaries. Revenues by Source We present our results as two reportable business segments: Investment Banking and Capital Markets and Asset Management. Additionally, corporate activities are fully allocated to each of these reportable business segments. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of these costs, including the net interest cost of allocated short- and long-term debt, which is a function of the mix of each business’s associated assets and liabilities and the related funding costs. Debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income items are not considered by management in assessing the financial performance of our operating businesses and are, therefore, not reported as part of our business segment results. [[GREPCENT_TABLE]] [["","2025","2024"],["$ in thousands","Amount","% of Net Revenues","Amount","% of Net Revenues","% Change"],["Advisory .................................","$2,145,421","29.2%","$1,811,634","25.8%","18.4%"],["Equity underwriting ...............","771,890","10.5","799,804","11.4","(3.5)"],["Debt underwriting ..................","870,007","11.8","689,227","9.8","26.2"],["Other investment banking ....","2,981","\u2014","144,122","2.0","(97.9)"],["Total Investment Banking ...","3,790,299","51.5","3,444,787","49.0","10.0"],["Equities ...................................","1,907,866","26.0","1,592,793","22.6","19.8"],["Fixed income .........................","909,869","12.4","1,166,761","16.6","(22.0)"],["Total Capital Markets ..........","2,817,735","38.4","2,759,554","39.2","2.1"],["Total Investment Banking and Capital Markets (1) .","6,608,034","89.9","6,204,341","88.2","6.5"],["Asset management fees and revenues ..................","140,914","1.9","103,488","1.5","36.2"],["Investment return ..................","177,814","2.4","212,209","3.0","(16.2)"],["Allocated net interest (2) .....","(76,045)","(1.0)","(62,135)","(1.0)","22.4"],["Other investments, inclusive of net interest ..","467,533","6.4","550,107","7.8","(15.0)"],["Total Asset Management ....","710,216","9.7","803,669","11.3","(11.6)"],["Other .......................................","25,501","0.3","26,793","0.5","(4.8)"],["Net revenues .........................","$7,343,751","100.0%","$7,034,803","100.0%","4.4%"],["","2024","2023"],["$ in thousands","Amount","% of Net Revenues","Amount","% of Net Revenues","% Change"],["Advisory ..................................","$1,811,634","25.8%","$1,198,916","25.5%","51.1%"],["Equity underwriting ...............","799,804","11.4","560,243","11.9","42.8"],["Debt underwriting ..................","689,227","9.8","410,208","8.7","68.0"],["Other investment banking ....","144,122","2.0","102,851","2.2","40.1"],["Total Investment Banking ...","3,444,787","49.0","2,272,218","48.3","51.6"],["Equities ...................................","1,592,793","22.6","1,139,425","24.2","39.8"],["Fixed income .........................","1,166,761","16.6","1,092,736","23.2","6.8"],["Total Capital Markets ..........","2,759,554","39.2","2,232,161","47.4","23.6"],["Total Investment Banking and Capital Markets (1) .","6,204,341","88.2","4,504,379","95.7","37.7"],["Asset management fees and revenues ...................","103,488","1.5","93,678","2.0","10.5"],["Investment return ..................","212,209","3.0","154,461","3.3","37.4"],["Allocated net interest (2) .....","(62,135)","(1.0)","(49,519)","(1.1)","25.5"],["Other investments, inclusive of net interest ..","550,107","7.8","(10,275)","(0.2)","N/M"],["Total Asset Management ....","803,669","11.3","188,345","4.0","326.7"],["Other .......................................","26,793","0.5","7,693","0.3","248.3"],["Net revenues .........................","$7,034,803","100.0%","$4,700,417","100.0%","49.7%"]] [[/GREPCENT_TABLE]] N/M — Not Meaningful (1)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. (2)Allocated net interest represents an allocation to Asset Management of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparenc [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/JEF/mda/fy2025/ All MD&A years: /company/JEF/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/JEF/mda/fy2024/): filed 2025-01-28; accession 0001628280-25-002833 (https://www.sec.gov/Archives/edgar/data/96223/000162828025002833/jef-20241130.htm) - [FY 2023 MD&A](/company/JEF/mda/fy2023/): filed 2024-01-26; accession 0000096223-24-000006 (https://www.sec.gov/Archives/edgar/data/96223/000009622324000006/jef-20231130.htm) - [FY 2022 MD&A](/company/JEF/mda/fy2022/): filed 2023-01-27; accession 0000096223-23-000009 (https://www.sec.gov/Archives/edgar/data/96223/000009622323000009/jef-20221130.htm) - [FY 2021 MD&A](/company/JEF/mda/fy2021/): filed 2022-01-28; accession 0000096223-22-000006 (https://www.sec.gov/Archives/edgar/data/96223/000009622322000006/jef-20211130.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6211 Security Brokers, Dealers & Flotation Companies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/JEF.md · JSON record: /company/JEF.json · verified financials: /company/JEF/financials.json / /company/JEF/financials.csv · machine TOC for the whole site: /llms.txt