Jefferies Financial Group Inc.

For the period ended Nov 30, 2025. Filed Jan 28, 2026.

About 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

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 Earnings

	Year Ended November 30,
$ in thousands, except per share amounts	2025	2024	2023
Revenues
Investment banking ..........................................................................................................................................	$3,799,290	$3,309,060	$2,169,366
Principal transactions ......................................................................................................................................	1,610,960	1,816,963	1,413,283
Commissions and other fees ..........................................................................................................................	1,322,753	1,085,349	905,665
Asset management fees and revenues .........................................................................................................	130,673	86,106	82,574
Interest ................................................................................................................................................................	3,402,317	3,543,497	2,868,674
Other ...................................................................................................................................................................	557,684	674,094	1,837
Total revenues ..................................................................................................................................................	10,823,677	10,515,069	7,441,399
Interest expense ................................................................................................................................................	3,479,926	3,480,266	2,740,982
Net revenues .....................................................................................................................................................	7,343,751	7,034,803	4,700,417
Non-interest expenses
Compensation and benefits ............................................................................................................................	3,860,255	3,659,588	2,535,272
Brokerage and clearing fees ............................................................................................................................	489,203	432,721	366,702
Underwriting costs ............................................................................................................................................	85,838	68,492	61,082
Technology and communications ..................................................................................................................	598,187	546,655	477,028
Occupancy and equipment rental ...................................................................................................................	126,414	118,611	106,051
Business development .....................................................................................................................................	335,683	283,459	177,541
Professional services .......................................................................................................................................	313,821	296,204	266,447
Depreciation and amortization ........................................................................................................................	192,281	190,326	112,201
Cost of sales ......................................................................................................................................................	190,934	206,283	29,435
Other expenses ..................................................................................................................................................	280,146	226,918	214,389
Total non-interest expenses ...........................................................................................................................	6,472,762	6,029,257	4,346,148
Earnings from continuing operations before income taxes .......................................................................	870,989	1,005,546	354,269
Income tax expense ..........................................................................................................................................	184,570	293,194	91,881
Net earnings from continuing operations .....................................................................................................	686,419	712,352	262,388
Net (losses) earnings from discontinued operations (including gain on disposal of $0, $3,493, $0), net of income tax (expense) benefit of $(4,374), $17,063, and $0 ........................................................	(4,374)	3,667	—
Net earnings ......................................................................................................................................................	682,045	716,019	262,388
Net losses attributable to noncontrolling interests .....................................................................................	(28,430)	(27,364)	(14,846)
Net losses attributable to redeemable noncontrolling interests ...............................................................	—	—	(454)
Preferred stock dividends ................................................................................................................................	79,684	74,110	14,616
Net earnings attributable to common shareholders ..................................................................................	$630,791	$669,273	$263,072
Earnings per common share
Basic from continuing operations ..................................................................................................................	$2.95	$3.05	$1.12
Diluted from continuing operations ................................................................................................................	2.85	2.96	1.10
Basic ...................................................................................................................................................................	2.93	3.08	1.12
Diluted .................................................................................................................................................................	2.83	2.99	1.10
Weighted-average common shares outstanding
Basic ...................................................................................................................................................................	215,096	217,079	232,609
Diluted .................................................................................................................................................................	222,746	223,650	236,620

47	Jefferies Financial Group Inc.

Consolidated Statements of Comprehensive Income

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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.