Jefferies Financial Group Inc.
For the period ended Aug 31, 2025. Filed Oct 9, 2025.
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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 Financial Condition (Unaudited)
| Consolidated Statements of Financial Condition (Unaudited) | ||
|---|---|---|
| $ in thousands, except share and per share amounts | August 31, 2025 | November 30, 2024 |
| Assets | ||
| Cash and cash equivalents ............................................................................................................................................................... | $11,458,472 | $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) ......................................................... | 1,111,620 | 1,132,612 |
| Financial instruments owned, at fair value (includes securities pledged of $18,135,984 and $18,441,751) ....................... | 26,117,064 | 24,138,274 |
| Investments in and loans to related parties ................................................................................................................................... | 1,458,250 | 1,385,658 |
| Securities borrowed ........................................................................................................................................................................... | 8,175,141 | 7,213,421 |
| Securities purchased under agreements to resell ........................................................................................................................ | 7,917,487 | 6,179,653 |
| Securities received as collateral, at fair value ................................................................................................................................ | 54,155 | 185,588 |
| Receivables: | ||
| Brokers, dealers and clearing organizations ............................................................................................................................... | 2,878,285 | 2,666,591 |
| Customers ........................................................................................................................................................................................ | 3,028,443 | 2,494,717 |
| Fees, interest and other .................................................................................................................................................................. | 720,912 | 663,536 |
| Premises and equipment .................................................................................................................................................................. | 1,255,000 | 1,194,720 |
| Goodwill ............................................................................................................................................................................................... | 1,840,432 | 1,827,938 |
| Assets held for sale ........................................................................................................................................................................... | — | 51,885 |
| Other assets (includes assets pledged of $545,419 and $429,347) .......................................................................................... | 3,304,448 | 3,072,302 |
| Total assets ........................................................................................................................................................................................ | $69,319,709 | $64,360,309 |
| Liabilities and Equity | ||
| Short-term borrowings ...................................................................................................................................................................... | $1,231,328 | $443,160 |
| Financial instruments sold, not yet purchased, at fair value ....................................................................................................... | 12,356,852 | 11,007,328 |
| Securities loaned ................................................................................................................................................................................ | 2,498,013 | 2,540,861 |
| Securities sold under agreements to repurchase ......................................................................................................................... | 12,090,567 | 12,337,935 |
| Other secured financings (includes $611,903 and $24,848 at fair value) ................................................................................. | 2,683,269 | 2,183,000 |
| Obligation to return securities received as collateral, at fair value ............................................................................................. | 54,155 | 185,588 |
| Payables: | ||
| Brokers, dealers and clearing organizations ............................................................................................................................... | 3,680,047 | 3,686,367 |
| Customers ........................................................................................................................................................................................ | 4,448,494 | 4,073,975 |
| Lease liabilities ................................................................................................................................................................................... | 603,445 | 635,306 |
| Accrued expenses and other liabilities ........................................................................................................................................... | 3,158,589 | 3,510,831 |
| Long-term debt (includes $3,564,534 and $2,351,346 at fair value) .......................................................................................... | 16,013,634 | 13,530,565 |
| Total liabilities .................................................................................................................................................................................... | 58,818,393 | 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; 206,280,296 and 205,504,272 shares issued and outstanding, after deducting 114,837,774 and 115,613,798 shares held in treasury .................................................. | 206,280 | 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 .................................................................................................................................................................. | 2,145,409 | 2,104,199 |
| Accumulated other comprehensive loss ........................................................................................................................................ | (374,927) | (423,131) |
| Retained earnings .............................................................................................................................................................................. | 8,461,907 | 8,270,145 |
| Total Jefferies Financial Group Inc. shareholders' equity .......................................................................................................... | 10,438,724 | 10,156,772 |
| Noncontrolling interests ................................................................................................................................................................... | 62,186 | 68,215 |
| Total equity ......................................................................................................................................................................................... | 10,500,910 | 10,224,987 |
| Total liabilities and equity ................................................................................................................................................................ | $69,319,709 | $64,360,309 |
| August 2025 Form 10-Q | 3 |
|---|
Consolidated Statements of Earnings(Unaudited)
| Three Months Ended August 31, | Nine Months Ended August 31, | |||
|---|---|---|---|---|
| $ in thousands, except per share amounts | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Investment banking ............................................................................................... | $1,088,197 | $927,094 | $2,606,976 | $2,344,743 |
| Principal transactions ............................................................................................ | 486,893 | 324,501 | 1,232,630 | 1,381,432 |
| Commissions and other fees ............................................................................... | 325,178 | 270,643 | 966,711 | 787,968 |
| Asset management fees and revenues .............................................................. | 13,079 | 11,986 | 118,563 | 74,126 |
| Interest ..................................................................................................................... | 846,894 | 936,786 | 2,570,090 | 2,636,002 |
| Other ......................................................................................................................... | 147,433 | 124,579 | 379,883 | 439,556 |
| Total revenues ........................................................................................................ | 2,907,674 | 2,595,589 | 7,874,853 | 7,663,827 |
| Interest expense ..................................................................................................... | 860,242 | 912,037 | 2,599,955 | 2,585,627 |
| Net revenues ........................................................................................................... | 2,047,432 | 1,683,552 | 5,274,898 | 5,078,200 |
| Non-interest expenses | ||||
| Compensation and benefits ................................................................................. | 1,083,510 | 889,098 | 2,779,476 | 2,677,962 |
| Brokerage and clearing fees ................................................................................. | 121,164 | 101,119 | 360,345 | 321,325 |
| Underwriting costs ................................................................................................. | 20,332 | 14,017 | 52,703 | 51,053 |
| Technology and communications ....................................................................... | 157,171 | 136,953 | 442,844 | 409,703 |
| Occupancy and equipment rental ........................................................................ | 32,908 | 30,078 | 93,818 | 87,558 |
| Business development .......................................................................................... | 78,999 | 68,152 | 231,360 | 194,433 |
| Professional services ............................................................................................ | 73,329 | 64,630 | 223,563 | 217,967 |
| Depreciation and amortization ............................................................................. | 53,230 | 45,977 | 136,471 | 139,125 |
| Cost of sales ........................................................................................................... | 34,430 | 37,400 | 118,959 | 109,533 |
| Other expenses ....................................................................................................... | 60,544 | 43,441 | 217,578 | 168,858 |
| Total non-interest expenses ................................................................................ | 1,715,617 | 1,430,865 | 4,657,117 | 4,377,517 |
| Earnings from continuing operations before income taxes ............................ | 331,815 | 252,687 | 617,781 | 700,683 |
| Income tax expense ............................................................................................... | 89,311 | 78,011 | 147,033 | 207,077 |
| Net earnings from continuing operations ........................................................... | 242,504 | 174,676 | 470,748 | 493,606 |
| Net earnings (losses) from discontinued operations (including gain on disposal of $0, $2,839, $0, $2,839), net of income tax benefit of $0, $9,145, $0, and $12,321 ........................................................................................ | — | 6,363 | — | (1,488) |
| Net earnings ........................................................................................................... | 242,504 | 181,039 | 470,748 | 492,118 |
| Net losses attributable to noncontrolling interests ........................................... | (10,041) | (6,874) | (24,692) | (19,102) |
| Preferred stock dividends ..................................................................................... | 28,559 | 20,785 | 55,528 | 48,501 |
| Net earnings attributable to common shareholders ........................................ | $223,986 | $167,128 | $439,912 | $462,719 |
| Earnings per common share | ||||
| Basic from continuing operations ....................................................................... | $1.04 | $0.75 | $2.05 | $2.12 |
| Diluted from continuing operations ..................................................................... | 1.01 | 0.72 | 1.98 | 2.06 |
| Basic ......................................................................................................................... | 1.04 | 0.78 | 2.05 | 2.12 |
| Diluted ...................................................................................................................... | 1.01 | 0.75 | 1.98 | 2.06 |
| Weighted-average common shares outstanding ............................................. | ||||
| Basic ......................................................................................................................... | 215,293 | 214,452 | 214,977 | 218,106 |
| Diluted ...................................................................................................................... | 222,715 | 221,699 | 222,539 | 224,180 |
| 4 | Jefferies Financial Group Inc. |
Consolidated Statements of Comprehensive Income (Unaudited)
| Three Months Ended August 31, | Nine Months Ended August 31, | |||
|---|---|---|---|---|
| $ in thousands | 2025 | 2024 | 2025 | 2024 |
| Net earnings ................................................................................................................... | $242,504 | $181,039 | $470,748 | $492,118 |
| Other comprehensive income (loss), net of tax: | ||||
| Currency translation adjustments and other (1) ...................................................... | 8,551 | 22,560 | 39,998 | 18,443 |
| Changes in fair value related to instrument-specific credit risk (2) ...................... | (43,882) | 17,783 | 7,945 | 5,081 |
| Unrealized gains on available-for-sale-securities ................................................... | 99 | 426 | 261 | 2,056 |
| Total other comprehensive income (loss), net of tax (3) ....................................... | (35,232) | 40,769 | 48,204 | 25,580 |
| Comprehensive income ................................................................................................ | 207,272 | 221,808 | 518,952 | 517,698 |
| Net losses attributable to noncontrolling interests .................................................. | (10,041) | (6,874) | (24,692) | (19,102) |
| Preferred stock dividends ............................................................................................ | 28,559 | 20,785 | 55,528 | 48,501 |
| Comprehensive income attributable to common shareholders ............................ | $188,754 | $207,897 | $488,116 | $488,299 |
(1)Includes income tax expense of$4.5 million and$14.6 million for thethree and nine months ended August 31, 2025, respectively, and income tax
expense of$7.9 million and$7.2 million for thethree and nine months ended August 31, 2024.
(2)Includes income tax benefit (expense) of$15.1 million and$(3.4) million for thethree and nine months ended August 31, 2025, respectively, and
income tax expense of$6.1 million and$1.0 million for thethree and nine months ended August 31, 2024, respectively.
(3)Includes unrealized gains (losses) related tocurrency translation adjustments attributable to noncontrolling interests of$0.9 million and
$(1.0) million for thethree and nine months ended August 31, 2024, respectively.
| August 2025 Form 10-Q | 5 |
|---|
Consolidated Statements of Changes in Equity(Unaudited)
| Three Months Ended August 31, | Nine Months Ended August 31, | |||
|---|---|---|---|---|
| $ in thousands, except par value and per share amounts | 2025 | 2024 | 2025 | 2024 |
| Preferred shares $1 par value | ||||
| Balance, beginning of period ............................................................................. | $55 | $42 | $55 | $42 |
| Conversion of common shares to preferred shares ................................... | — | 13 | — | 13 |
| Balance, end of period ....................................................................................... | $55 | $55 | $55 | $55 |
| Common shares $1 par value | ||||
| Balance, beginning of period ............................................................................. | $206,272 | $212,053 | $205,504 | $210,627 |
| Purchase of common shares for treasury ................................................... | (16) | (7) | (735) | (1,089) |
| Conversion of common shares to preferred shares ................................... | — | (6,562) | — | (6,562) |
| Other .................................................................................................................. | 24 | 11 | 1,511 | 2,519 |
| Balance, end of period ....................................................................................... | $206,280 | $205,495 | $206,280 | $205,495 |
| Additional paid-in capital | ||||
| Balance, beginning of period ............................................................................. | $2,129,358 | $2,051,149 | $2,104,199 | $2,044,859 |
| Share-based compensation expense ............................................................ | 13,980 | 13,377 | 67,810 | 47,949 |
| Purchase of common shares for treasury ................................................... | (902) | (325) | (57,751) | (43,222) |
| Dividend equivalents ....................................................................................... | 6,138 | 4,756 | 23,089 | 14,436 |
| Conversion of common shares to preferred shares ................................... | — | 16,393 | — | 16,393 |
| Change in equity interest related to consolidated subsidiaries ................ | (4,710) | — | (5,833) | — |
| Other .................................................................................................................. | 1,545 | 877 | 13,895 | 5,812 |
| Balance, end of period ....................................................................................... | $2,145,409 | $2,086,227 | $2,145,409 | $2,086,227 |
| Accumulated other comprehensive loss, net of tax | ||||
| Balance, beginning of period ............................................................................. | $(339,695) | $(410,734) | $(423,131) | $(395,545) |
| Other comprehensive income (loss), net of taxes ...................................... | (35,232) | 40,769 | 48,204 | 25,580 |
| Balance, end of period ....................................................................................... | $(374,927) | $(369,965) | $(374,927) | $(369,965) |
| Retained earnings | ||||
| Balance, beginning of period ............................................................................. | $8,309,035 | $8,022,546 | $8,270,145 | $7,849,844 |
| Net earnings attributable to Jefferies Financial Group Inc. ....................... | 252,545 | 187,913 | 495,440 | 511,222 |
| Dividends - common shares ($0.40, $0.35, $1.20, $0.95 per share) ........ | (88,648) | (76,678) | (270,603) | (213,581) |
| Dividends - preferred shares .......................................................................... | (11,025) | (9,647) | (33,075) | (22,247) |
| Cumulative effect of change in accounting principle for current expected credit losses, net of tax ............................................................. | — | — | — | (644) |
| Other .................................................................................................................. | — | — | — | (460) |
| Balance, end of period ....................................................................................... | $8,461,907 | $8,124,134 | $8,461,907 | $8,124,134 |
| Total Jefferies Financial Group Inc. shareholders' equity ........................... | $10,438,724 | $10,045,946 | $10,438,724 | $10,045,946 |
| Noncontrolling interests | ||||
| Balance, beginning of period ............................................................................. | $77,149 | $77,130 | $68,215 | $92,308 |
| Net losses attributable to noncontrolling interests .................................... | (10,041) | (6,874) | (24,692) | (19,102) |
| Contributions .................................................................................................... | 1,455 | 105 | 18,909 | 9,426 |
| Distributions ..................................................................................................... | (10,464) | (1,876) | (14,787) | (12,565) |
| Change in equity interest related to consolidated subsidiaries ................ | 4,092 | — | 14,548 | — |
| Other .................................................................................................................. | (5) | 930 | (7) | (652) |
| Balance, end of period ....................................................................................... | $62,186 | $69,415 | $62,186 | $69,415 |
| Total equity .......................................................................................................... | $10,500,910 | $10,115,361 | $10,500,910 | $10,115,361 |
| 6 | Jefferies Financial Group Inc. |
Consolidated Statements of Cash Flows(Unaudited)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.