Jefferies Financial Group Inc.
For the period ended Aug 31, 2025. Filed Oct 9, 2025.
View on SEC.govAbout 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.
Aug 31, 2025 · Filed Oct 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.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended August 31, | ||
|---|---|---|
| $ in thousands | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net earnings ...................................................................................................................................................................................... | $470,748 | $492,118 |
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Depreciation and amortization .................................................................................................................................................... | 144,434 | 141,584 |
| Share-based compensation ......................................................................................................................................................... | 67,810 | 47,949 |
| Net bad debt expense ................................................................................................................................................................... | 16,931 | 48,305 |
| Income on investments in and loans to related parties ........................................................................................................... | (54,270) | (62,187) |
| Distributions received on investments in related parties ........................................................................................................ | 71,368 | 36,048 |
| Gain on sale of subsidiaries and investments in related parties ............................................................................................ | — | (58,452) |
| Loss on assets held for sale ........................................................................................................................................................ | 12,566 | — |
| Other adjustments ......................................................................................................................................................................... | 434,110 | 208,693 |
| Net change in assets and liabilities: | ||
| Receivables: | ||
| Brokers, dealers and clearing organizations .......................................................................................................................... | (193,514) | (188,454) |
| Customers ................................................................................................................................................................................... | (533,734) | (356,045) |
| Fees, interest and other ............................................................................................................................................................. | (60,040) | (59,530) |
| Securities borrowed ...................................................................................................................................................................... | (945,232) | 158,071 |
| Financial instruments owned ....................................................................................................................................................... | (1,712,385) | (2,145,820) |
| Securities purchased under agreements to resell .................................................................................................................... | (1,664,568) | (975,592) |
| Other assets ................................................................................................................................................................................... | (266,563) | (421,913) |
| Payables: | ||
| Brokers, dealers and clearing organizations .......................................................................................................................... | (26,372) | 663,467 |
| Customers ................................................................................................................................................................................... | 374,518 | (62,089) |
| Securities loaned ........................................................................................................................................................................... | (62,979) | 691,548 |
| Financial instruments sold, not yet purchased ......................................................................................................................... | 1,260,915 | 985,256 |
| Securities sold under agreements to repurchase ..................................................................................................................... | (312,049) | (1,387,996) |
| Lease liabilities .............................................................................................................................................................................. | (48,280) | (56,408) |
| Accrued expenses and other liabilities ...................................................................................................................................... | (432,723) | 451,355 |
| Net cash used in operating activities from continuing operations ......................................................................................... | (3,459,309) | (1,850,092) |
| Net cash used in operating activities from discontinued operations ..................................................................................... | — | (68,789) |
| Cash flows from investing activities: | ||
| Contributions to investments in and loans to related parties ................................................................................................. | (466,338) | (108,484) |
| Capital distributions from investments and repayments of loans from related parties ..................................................... | 379,193 | 1,406 |
| Originations and purchases of automobile loans, notes and other receivables .................................................................. | — | (89,540) |
| Principal collections of automobile loans, notes and other receivables ............................................................................... | — | 83,268 |
| Net payments on premises and equipment .............................................................................................................................. | (151,425) | (180,654) |
| Proceeds from assets held for sale ............................................................................................................................................ | 26,843 | — |
| Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold ........................... | — | 610,843 |
| Net cash (used in) provided by investing activities from continuing operations ................................................................. | (211,727) | 316,839 |
| August 2025 Form 10-Q | 7 |
|---|
Consolidated Statements of Cash Flows(Unaudited)
| Nine Months Ended August 31, | ||
|---|---|---|
| $ in thousands | 2025 | 2024 |
| Cash flows from financing activities: | ||
| Proceeds from short-term borrowings ....................................................................................................................................... | $7,170,583 | $3,826,758 |
| Payments on short-term borrowings .......................................................................................................................................... | (6,363,688) | (3,058,475) |
| Proceeds from issuance of long-term debt, net of issuance costs ....................................................................................... | 3,852,721 | 4,646,993 |
| Repayment of long-term debt ...................................................................................................................................................... | (1,758,422) | (1,763,572) |
| Proceeds from conversion of common to preferred shares ................................................................................................... | — | 9,844 |
| Purchase of common shares for treasury ................................................................................................................................. | (58,486) | (44,311) |
| Dividends paid to common and preferred shareholders ......................................................................................................... | (280,589) | (221,392) |
| Net proceeds from other secured financings ........................................................................................................................... | 497,768 | 434,285 |
| Net change in bank overdrafts .................................................................................................................................................... | (22,050) | (33,795) |
| Proceeds from contributions of noncontrolling interests ....................................................................................................... | 18,909 | 9,426 |
| Payments on distributions to noncontrolling interests ............................................................................................................ | (8,084) | (12,565) |
| Other ................................................................................................................................................................................................ | 9,573 | 7,871 |
| Net cash provided by financing activities from continuing operations .................................................................................. | 3,058,235 | 3,801,067 |
| Net cash used in financing activities from discontinued operations ...................................................................................... | — | (170,631) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash ............................................................... | 17,281 | 18,901 |
| Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale .................................... | — | (13,224) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash ................................................................................. | (595,520) | 2,047,295 |
| Cash, cash equivalents, and restricted cash at beginning of period ........................................................................................ | 13,165,612 | 9,830,758 |
| Cash, cash equivalents, and restricted cash at end of period .................................................................................................. | $12,570,092 | $11,864,829 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest ............................................................................................................................................................................................ | $2,588,490 | $2,535,591 |
| Income taxes, net (1) .................................................................................................................................................................... | 235,549 | 167,796 |
(1)Includes the purchase of investment tax credits in the aggregate of$149.7 million.
Noncash investing activities:
During thenine months ended August 31, 2025, we donated land with a fair market value of$5.7 million.
During thenine months ended August 31, 2025 and 2024, we had stock distributions of$0.4 million and$0.6 million, respectively, from
our equity method investments.
Noncash financing activities:
During thenine months ended August 31, 2025, we had declared distributions to noncontrolling interests of$6.7 million.
Cash, cash equivalents and restricted cash by category in our Consolidated Statements of Financial Condition:
| August 31, | November 30, | |
|---|---|---|
| $ in thousands | 2025 | 2024 |
| Cash and cash equivalents ........................................................................................................................................... | $11,458,472 | $12,153,414 |
| Cash on deposit for regulatory purposes with clearing and depository organizations ....................................... | 1,111,620 | 1,012,198 |
| Total cash, cash equivalents and restricted cash .................................................................................................... | $12,570,092 | $13,165,612 |
| 8 | Jefferies Financial Group Inc. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.