Jefferies Financial Group Inc.

For the period ended May 31, 2025. Filed Jul 9, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

May 31, 2025 · Filed Jul 9, 2025

JEF$48.06-2.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Financial Condition (Unaudited)

$ in thousands, except share and per share amounts	May 31, 2025	November 30, 2024
Assets
Cash and cash equivalents ...............................................................................................................................................................	$11,260,403	$12,153,414
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $120,414 of securities at fair value at November 30, 2024) .........................................................	1,051,304	1,132,612
Financial instruments owned, at fair value (includes securities pledged of $18,404,776 and $18,441,751) .......................	25,570,194	24,138,274
Investments in and loans to related parties ...................................................................................................................................	1,436,583	1,385,658
Securities borrowed ...........................................................................................................................................................................	7,844,835	7,213,421
Securities purchased under agreements to resell ........................................................................................................................	7,485,007	6,179,653
Securities received as collateral, at fair value ................................................................................................................................	50,968	185,588
Receivables:
Brokers, dealers and clearing organizations ...............................................................................................................................	2,766,535	2,666,591
Customers ........................................................................................................................................................................................	2,652,808	2,494,717
Fees, interest and other ..................................................................................................................................................................	805,846	663,536
Premises and equipment ..................................................................................................................................................................	1,235,343	1,194,720
Goodwill ...............................................................................................................................................................................................	1,842,114	1,827,938
Assets held for sale ...........................................................................................................................................................................	39,128	51,885
Other assets (includes assets pledged of $532,703 and $429,347) ..........................................................................................	3,244,276	3,072,302
Total assets ........................................................................................................................................................................................	$67,285,344	$64,360,309
Liabilities and Equity
Short-term borrowings ......................................................................................................................................................................	$1,315,103	$443,160
Financial instruments sold, not yet purchased, at fair value .......................................................................................................	11,775,135	11,007,328
Securities loaned ................................................................................................................................................................................	2,041,795	2,540,861
Securities sold under agreements to repurchase .........................................................................................................................	12,157,620	12,337,935
Other secured financings (includes $429,289 and $24,848 at fair value) .................................................................................	2,741,561	2,183,000
Obligation to return securities received as collateral, at fair value .............................................................................................	50,968	185,588
Payables:
Brokers, dealers and clearing organizations ...............................................................................................................................	3,809,896	3,686,367
Customers ........................................................................................................................................................................................	4,266,776	4,073,975
Lease liabilities ...................................................................................................................................................................................	616,494	635,306
Accrued expenses and other liabilities ...........................................................................................................................................	2,775,449	3,510,831
Long-term debt (includes $3,304,517 and $2,351,346 at fair value) ..........................................................................................	15,351,967	13,530,565
Total liabilities ....................................................................................................................................................................................	56,902,764	54,134,916
Mezzanine Equity
Redeemable noncontrolling interests .............................................................................................................................................	406	406
Equity
Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 shares issued and outstanding; liquidation preference of $17,500 per share .............................................................................................................................	55	55
Common shares, par value $1 per share, authorized 565,000,000 shares; 206,271,769 and 205,504,272 shares issued and outstanding, after deducting 114,846,301 and 115,613,798 shares held in treasury ..................................................	206,272	205,504
Non-voting common shares, par value $1 per share, authorized 35,000,000, shares; no shares issued and outstanding ....................................................................................................................................................................................	—	—
Additional paid-in capital ..................................................................................................................................................................	2,129,358	2,104,199
Accumulated other comprehensive loss ........................................................................................................................................	(339,695)	(423,131)
Retained earnings ..............................................................................................................................................................................	8,309,035	8,270,145
Total Jefferies Financial Group Inc. shareholders' equity ..........................................................................................................	10,305,025	10,156,772
Noncontrolling interests ...................................................................................................................................................................	77,149	68,215
Total equity .........................................................................................................................................................................................	10,382,174	10,224,987
Total liabilities and equity ................................................................................................................................................................	$67,285,344	$64,360,309

May 2025 Form 10-Q	3

Consolidated Statements of Earnings(Unaudited)

	Three Months Ended May 31,		Six Months Ended May 31,
$ in thousands, except per share amounts	2025	2024	2025	2024
Revenues
Investment banking ...............................................................................................	$789,269	$738,584	$1,518,779	$1,417,649
Principal transactions ............................................................................................	338,507	416,195	745,737	1,056,931
Commissions and other fees ...............................................................................	353,233	271,782	641,533	517,325
Asset management fees and revenues ..............................................................	20,076	11,768	105,484	62,140
Interest .....................................................................................................................	878,025	879,727	1,723,196	1,699,216
Other .........................................................................................................................	115,205	198,240	232,450	314,977
Total revenues ........................................................................................................	2,494,315	$2,516,296	4,967,179	5,068,238
Interest expense .....................................................................................................	859,868	859,851	1,739,713	1,673,590
Net revenues ...........................................................................................................	1,634,447	1,656,445	3,227,466	3,394,648
Non-interest expenses
Compensation and benefits .................................................................................	854,839	861,993	1,695,966	1,788,864
Brokerage and clearing fees .................................................................................	129,745	110,536	239,181	220,206
Underwriting costs .................................................................................................	14,525	18,552	32,371	37,036
Technology and communications .......................................................................	146,198	135,238	285,673	272,750
Occupancy and equipment rental ........................................................................	30,711	29,327	60,910	57,480
Business development ..........................................................................................	80,070	68,630	152,361	126,281
Professional services ............................................................................................	77,768	75,493	150,234	153,337
Depreciation and amortization .............................................................................	52,253	49,946	83,241	93,148
Cost of sales ...........................................................................................................	42,961	37,462	84,529	72,133
Other expenses .......................................................................................................	70,476	41,514	157,034	125,417
Total non-interest expenses ................................................................................	1,499,546	1,428,691	2,941,500	2,946,652
Earnings from continuing operations before income taxes ............................	134,901	227,754	285,966	447,996
Income tax expense ...............................................................................................	43,506	73,107	57,722	129,066
Net earnings from continuing operations ...........................................................	91,395	154,647	228,244	318,930
Net earnings (losses) from discontinued operations, net of income tax benefit of $0, $173, $0, and $3,176 .....................................................................	—	40	—	(7,851)
Net earnings ...........................................................................................................	91,395	154,687	228,244	311,079
Net losses attributable to noncontrolling interests ...........................................	(7,668)	(4,790)	(14,651)	(12,228)
Preferred stock dividends .....................................................................................	11,046	13,741	26,940	27,930
Net earnings attributable to common shareholders ........................................	$88,017	$145,736	$215,955	$295,377
Earnings per common share
Basic from continuing operations .......................................................................	$0.41	$0.66	$1.01	$1.37
Diluted from continuing operations .....................................................................	0.40	0.64	0.97	1.34
Basic .........................................................................................................................	0.41	0.66	1.01	1.34
Diluted ......................................................................................................................	0.40	0.64	0.97	1.31
Weighted-average common shares outstanding .............................................
Basic .........................................................................................................................	215,097	219,971	214,818	219,935
Diluted ......................................................................................................................	221,897	226,146	222,383	225,587

4	Jefferies Financial Group Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended May 31,		Six Months Ended May 31,
$ in thousands	2025	2024	2025	2024
Net earnings ...................................................................................................................	$91,395	$154,687	$228,244	$311,079
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other (1) ......................................................	46,769	(4,018)	31,447	(4,117)
Changes in fair value related to instrument-specific credit risk (2) ......................	21,571	(9,950)	51,827	(12,702)
Unrealized gains (losses) on available-for-sale-securities ....................................	37	(328)	162	1,630
Total other comprehensive income (loss), net of tax (3) .......................................	68,377	(14,296)	83,436	(15,189)
Comprehensive income ................................................................................................	159,772	140,391	311,680	295,890
Net losses attributable to noncontrolling interests ..................................................	(7,668)	(4,790)	(14,651)	(12,228)
Preferred stock dividends ............................................................................................	11,046	13,741	26,940	27,930
Comprehensive income attributable to common shareholders ............................	$156,394	$131,440	$299,391	$280,188

(1)Includes income taxexpenses of$14.6 million and$10.1 million for thethree and six months ended May 31, 2025, respectively, and income tax

benefits of$0.7 million for both thethree and six months ended May 31, 2024.

(2)Includes income taxexpenses of$7.9 million and$18.6 million for thethree and six months ended May 31, 2025, respectively, and income tax

benefits of$3.9 million and$5.1 million for thethree and six months ended May 31, 2024, respectively.

(3)Includes currency translation adjustments attributable to noncontrolling interests of$1.6 million and$1.9 million for thethree and six months

ended May 31, 2024, respectively.

May 2025 Form 10-Q	5

Consolidated Statements of Changes in Equity(Unaudited)

	Three Months Ended May 31,		Six Months Ended May 31,
$ in thousands, except share amounts	2025	2024	2025	2024
Preferred shares $1 par value
Balance, beginning of period .............................................................................	$55	$42	$55	$42
Balance, end of period .......................................................................................	$55	$42	$55	$42
Common shares $1 par value
Balance, beginning of period .............................................................................	$206,250	$212,001	$205,504	$210,627
Purchase of common shares for treasury ...................................................	(23)	(15)	(719)	(1,082)
Other ..................................................................................................................	45	67	1,487	2,508
Balance, end of period .......................................................................................	$206,272	$212,053	$206,272	$212,053
Additional paid-in capital
Balance, beginning of period .............................................................................	$2,094,138	$2,026,584	$2,104,199	$2,044,859
Share-based compensation expense ............................................................	18,193	14,357	53,830	34,572
Purchase of common shares for treasury ...................................................	(1,227)	(931)	(56,849)	(42,897)
Dividend equivalents .......................................................................................	8,354	4,926	16,951	9,680
Change in equity interest related to consolidated subsidiaries ................	(1,976)	—	(1,123)	—
Other ..................................................................................................................	11,876	6,213	12,350	4,935
Balance, end of period .......................................................................................	$2,129,358	$2,051,149	$2,129,358	$2,051,149
Accumulated other comprehensive loss, net of tax
Balance, beginning of period .............................................................................	$(408,072)	$(396,438)	$(423,131)	$(395,545)
Other comprehensive income (loss), net of taxes ......................................	68,377	(14,296)	83,436	(15,189)
Balance, end of period .......................................................................................	$(339,695)	$(410,734)	$(339,695)	$(410,734)
Retained earnings
Balance, beginning of period .............................................................................	$8,311,857	$7,937,908	$8,270,145	$7,849,844
Net earnings attributable to Jefferies Financial Group Inc. .......................	99,063	159,478	242,895	323,308
Dividends - common shares ($0.40, $0.30, $0.80, $0.60) per share) .......	(90,860)	(68,540)	(181,955)	(136,903)
Dividends - preferred shares ..........................................................................	(11,025)	(6,300)	(22,050)	(12,600)
Cumulative effect of change in accounting principle for current expected credit losses, net of tax .............................................................	—	—	—	(644)
Other ..................................................................................................................	—	—	—	(459)
Balance, end of period .......................................................................................	$8,309,035	$8,022,546	$8,309,035	$8,022,546
Total Jefferies Financial Group Inc. shareholders' equity ...........................	$10,305,025	$9,875,056	$10,305,025	$9,875,056
Noncontrolling interests
Balance, beginning of period .............................................................................	$64,211	$87,372	$68,215	$92,308
Net losses attributable to noncontrolling interests ....................................	(7,668)	(4,790)	(14,651)	(12,228)
Contributions ....................................................................................................	17,350	5	17,454	9,321
Distributions .....................................................................................................	(1,528)	(3,563)	(4,323)	(10,689)
Change in equity interest related to consolidated subsidiaries ................	4,273	—	3,420	—
Other ..................................................................................................................	511	(1,894)	7,034	(1,582)
Balance, end of period .......................................................................................	$77,149	$77,130	$77,149	$77,130
Total equity ..........................................................................................................	$10,382,174	$9,952,186	$10,382,174	$9,952,186

6	Jefferies Financial Group Inc.

Consolidated Statements of Cash Flows(Unaudited)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.