Jefferies Financial Group Inc.
For the period ended Nov 30, 2025. Filed Jan 28, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jan 28, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2024-11-30; filed 2025-01-28.
0001628280-25-002833
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2025-11-30; filed 2026-01-28.
0000096223-26-000009
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 872 previous paragraphs and 955 current paragraphs.
729 unchanged; 110 reworded; 106 added; 28 removed; 5 previous and 10 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (106)
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services companies and their service providers reporting the
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variety of sources, including foreign governments and third-
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artificial intelligence (“AI”) tools or methods that can be used to
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create deepfakes for impersonation or to enable attack
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campaigns more quickly and effectively. Retaliatory acts by
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the Russia-Ukraine and Hamas-Israel conflicts, as well as other
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acts by nation states or their allies in the context of other
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other malicious code, impersonation campaigns as well as
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The development and use of artificial intelligence presents risks
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and challenges that could adversely impact our business,
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We, or our third-party service providers, may develop or
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incorporate AI technology in certain business operations,
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processes, products, or services. The development and use of AI
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presents a number of opportunities for us, as well as risks and
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challenges. The full extent of current or future risks related to the
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development of AI technology is not possible to predict and we
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may not be able to anticipate, prevent, mitigate or remediate all of
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the potential risks, challenges or impacts of such changes. AI
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could significantly disrupt the business models, investment
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strategies, operational processes, and markets in which we
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operate and subject us to increased competition, which could
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condition and results of operations. Some of our competitors
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may be more successful than us in the development and
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implementation of new technologies, including services and
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platforms based on AI, to address investor demands or improve
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operations. If we are unable to adequately advance our
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capabilities in these areas, or do so at a slower pace than others
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in our industry, we may be at a disadvantage. The use of AI may
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also include the input of sensitive personal information, trade
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secrets, and other protected data by both us and third parties and
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could result in the exposure of such information.
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In addition, the worldwide legal and regulatory environment
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relating to AI is uncertain and rapidly evolving, which could
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require changes in our potential use and implementation of AI
Showing the first 40 of 106 passages. Open the source sections for the rest.
Removed paragraphs (28)
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related incidents or events or other natural disasters, could
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services companies reporting the unauthorized disclosure of
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originate from a variety of sources, including third-parties
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artificial intelligence tools or methods. Retaliatory acts by Russia,
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other malicious code, as well as human error, natural disaster,
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Many factors, most of which are outside of our control, can affect
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syndicate loans, inability of borrowers to repay commitments,
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factors that directly and indirectly effect the results of operations,
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Many factors, most of which are outside of our control, can affect
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Berkadia’s business, including loan losses in excess of reserves,
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New prudential regimes for investment firms have been
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implemented in both the EU and the UK for MiFID authorized
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Other privacy laws are in effect in the Americas, Europe and the
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Middle East and Asia-Pacific regions, many of which involve
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heightened compliance obligations similar to those under EU
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GDPR and UK GDPR. The privacy and cybersecurity legislative
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and regulatory landscape is evolving rapidly, and numerous
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proposals regarding privacy and cybersecurity are pending before
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U.S. and non-U.S. legislative and regulatory bodies. The adopted
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form of such developing legislation and regulation will determine
Reworded paragraphs (110)
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attacks, war, trade policies, military conflict, extreme climate-
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attacks, war, trade policies, military conflict, could create
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create economic and financial disruptions, and could lead to
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economic and financial disruptions, and could lead to operational
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operational difficulties (including travel limitations) that could
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difficulties (including travel limitations) that could impair our
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impair our ability to manage our businesses. For instance, the
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ability to manage our businesses. For instance, the spread of
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spread of illnesses or pandemics has, and could in the future,
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illnesses or pandemics has, and could in the future, cause illness,
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cause illness, quarantines, various shutdowns, reduction in
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quarantines, various shutdowns, reduction in business activity
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business activity and financial transactions, labor shortages,
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and financial transactions, labor shortages, supply chain
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supply chain interruptions and overall economic and financial
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interruptions and overall economic and financial market
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market instability. In addition, geopolitical and military conflict
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instability. In addition, geopolitical and military conflict and war
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and war between Russia and Ukraine and Hamas and Israel have
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between Russia and Ukraine and Hamas and Israel have and
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and will continue to result in instability and adversely affect the
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could continue to result in instability and adversely affect the
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Climate change concerns and incidents could disrupt our
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Climate change concerns and incidents or other natural disasters
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businesses, adversely affect the profitability of certain of our
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could disrupt our businesses, adversely affect the profitability of
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investments, adversely affect client activity levels, adversely
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certain of our investments, adversely affect client activity levels,
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affect the creditworthiness of our counterparties and damage our
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adversely affect the creditworthiness of our counterparties and
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United States and the European Union, ongoing concern about
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United States and the European Union, foreign trade restrictions,
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Asia’s economies, global supply disruptions, complications
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ongoing concern about Asia’s economies, global supply
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involving terrorism and armed conflicts around the world
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disruptions, complications involving terrorism and armed
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(including the conflict between Russia and Ukraine, and Hamas
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conflicts around the world (including the conflict between Russia
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and Israel, or other challenges to global trade or travel, such as
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and Ukraine, and Hamas and Israel, or other challenges to global
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those that occur due to a pandemic). More generally, because
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trade or travel, such as those that occur due to a pandemic).
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our business is closely correlated to the general economic
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More generally, because our business is closely correlated to the
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outlook, a significant deterioration in that outlook or realization of
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general economic outlook, a significant deterioration in that
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certain events would likely have an immediate and significant
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outlook or realization of certain events would likely have an
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negative impact on our business and overall results of
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immediate and significant negative impact on our business and
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international coalitions, the imposition of sanctions and tariffs,
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international coalitions, the imposition of sanctions, tariffs or
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governmental closures and no-confidence votes, domestic and
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confidence votes, domestic and international strife, and
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international strife, and general market upheaval in response to
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general market upheaval in response to such events, all of
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such results, all of which could negatively impact our business;
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We operate in an intensely competitive with other global bank
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We operate in an intensely competitive market with other global
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holding companies that engage in investment banking and
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bank holding companies that engage in investment banking and
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compete against other broker-dealers, asset managers and
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compete against other banks, broker-dealers, asset managers
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boutique firms on both a global and regional basis. There is also
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and boutique firms on both a global and regional basis. There is
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growing pressure to provide services at lower fees to appeal to
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also growing pressure to provide services at lower fees to appeal
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clients, which may impact our ability to effectively compete.
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to clients, which may impact our ability to effectively compete.
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Our businesses are highly dependent on our ability to process, on
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Our businesses are highly dependent on our ability to process
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a daily basis, a large number of transactions across numerous
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and settle, on a daily basis, a large number of transactions across
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and diverse markets in many currencies, and the transactions we
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numerous and diverse markets in many currencies, and the
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process have become increasingly complex. If any of our
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transactions we process have become increasingly complex. If
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financial, accounting or other data processing systems do not
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any of our financial, accounting or other data processing systems
Showing the first 40 of 110 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
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other trade restrictions, governmental closures and no-
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unauthorized disclosure of client or other confidential
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regulatory investigation, action, and penalties, and significant
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financial condition, and results of operations.
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assurance that we will be able to successfully reverse the
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potential failure to do so could have a material adverse effect on
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originations; adverse investment banking and capital market
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our results of operations or financial condition.
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powers and higher penalties. The UK has implemented GDPR as
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reputational damage which may have a material adverse effect
Rearranged previous paragraphs (5)
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impacted as some clients either ceased doing business or
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able to successfully reverse the negative impact of allegations
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consequently may adversely affect our results of operations or
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law (the “UK GDPR”). The UK GDPR exists alongside the UK Data
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and regulations, we could face significant administrative and