Jefferies Financial Group Inc.
For the period ended Nov 30, 2025. Filed Jan 28, 2026.
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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.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended November 30, | |||
|---|---|---|---|
| $ in thousands | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net earnings ....................................................................................................................................................... | $682,045 | $716,019 | $262,388 |
| Adjustments to reconcile net earnings to net cash used in operating activities: | |||
| Depreciation and amortization ..................................................................................................................... | 201,906 | 197,850 | 113,473 |
| Deferred income taxes .................................................................................................................................. | 109,937 | (4,131) | 10,462 |
| Share-based compensation .......................................................................................................................... | 88,227 | 63,119 | 45,360 |
| Net bad debt expense .................................................................................................................................... | 24,426 | 52,451 | 67,009 |
| (Income) losses on investments in and loans to related parties ............................................................ | (95,275) | (86,466) | 192,197 |
| Distributions received on investments in related parties ......................................................................... | 104,616 | 60,039 | 58,336 |
| Gain on sale of subsidiaries and investments in related parties ............................................................. | — | (59,105) | — |
| Loss on assets held for sale ......................................................................................................................... | 12,566 | — | — |
| Other adjustments .......................................................................................................................................... | 492,481 | 264,680 | (99,784) |
| Net change in assets and liabilities: | |||
| Securities deposited with clearing and depository organizations .......................................................... | — | — | (110,198) |
| Receivables: | |||
| Brokers, dealers and clearing organizations ........................................................................................... | (1,641,314) | (287,820) | (436,029) |
| Customers .................................................................................................................................................... | (945,204) | (790,292) | (480,487) |
| Fees, interest and other .............................................................................................................................. | (151,506) | (69,280) | (103,870) |
| Securities borrowed ....................................................................................................................................... | (1,079,449) | (23,601) | (1,307,125) |
| Financial instruments owned ....................................................................................................................... | (3,447,283) | (2,416,306) | (2,843,554) |
| Securities purchased under agreements to resell ..................................................................................... | (2,261,455) | (237,567) | (1,263,278) |
| Other assets .................................................................................................................................................... | (359,330) | (339,141) | (551,926) |
| Payables: | |||
| Brokers, dealers and clearing organizations ........................................................................................... | 3,266,151 | (48,889) | 1,054,135 |
| Customers .................................................................................................................................................... | 1,142,739 | 113,418 | 83,181 |
| Securities loaned ............................................................................................................................................ | (2,464) | 702,646 | 431,423 |
| Financial instruments sold, not yet purchased .......................................................................................... | 2,302,187 | (234,747) | (8,894) |
| Securities sold under agreements to repurchase ...................................................................................... | (188,543) | 1,427,068 | 3,324,482 |
| Lease liabilities ............................................................................................................................................... | (65,791) | (65,417) | (52,129) |
| Accrued expenses and other liabilities ....................................................................................................... | 315,190 | 925,006 | (318,798) |
| Net cash used in operating activities from continuing operations .......................................................... | (1,495,143) | (140,466) | (1,933,626) |
| Net cash (used in) provided by operating activities from discontinued operations ............................. | (4,374) | (68,789) | — |
| Cash flows from investing activities: | |||
| Contributions to investments in and loans to related parties .................................................................. | (953,024) | (1,080,358) | (251,751) |
| Capital distributions from investments and repayments of loans from related parties ...................... | 834,842 | 936,684 | 116,750 |
| Originations and purchases of automobile loans, notes and other receivables ................................... | — | (89,540) | (441,583) |
| Principal collections of automobile loans, notes and other receivables ................................................ | — | 83,268 | 350,348 |
| Net payments on premises and equipment ............................................................................................... | (207,467) | (250,584) | (1,155) |
| Proceeds from assets held for sale ............................................................................................................. | 26,843 | — | — |
| Net cash acquired in business acquisitions ............................................................................................... | — | — | 215,187 |
| 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 .................................. | (298,806) | 210,313 | (12,204) |
Consolidated Statements of Cash Flows
| Year Ended November 30, | |||
|---|---|---|---|
| $ in thousands | 2025 | 2024 | 2023 |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings ........................................................................................................ | $10,360,275 | $6,219,084 | $5,413,000 |
| Payments on short-term borrowings ........................................................................................................... | (9,037,414) | (6,743,153) | (5,010,868) |
| Proceeds from issuance of long-term debt, net of issuance costs ........................................................ | 6,043,025 | 5,952,286 | 2,209,672 |
| Repayment of long-term debt ....................................................................................................................... | (4,059,438) | (2,427,653) | (1,282,369) |
| Proceeds from conversion of common to preferred shares ................................................................... | — | 9,844 | 31,500 |
| Purchase of common shares for treasury .................................................................................................. | (58,515) | (44,312) | (169,402) |
| Dividends paid to common and preferred shareholders .......................................................................... | (374,130) | (302,964) | (278,595) |
| Net proceeds from other secured financings ............................................................................................ | 702,959 | 877,962 | 89,073 |
| Net change in bank overdrafts ..................................................................................................................... | (2,184) | (23,933) | 52,054 |
| Proceeds from contributions of noncontrolling interests ........................................................................ | 18,209 | 10,039 | — |
| Payments on distributions to noncontrolling interests ............................................................................ | (14,034) | (13,407) | — |
| Other ................................................................................................................................................................. | 13,170 | 6,104 | 6,059 |
| Net cash provided by financing activities from continuing operations ................................................... | 3,591,923 | 3,519,897 | 1,060,124 |
| Net cash used in financing activities from discontinued operations ...................................................... | — | (170,631) | — |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash ................................ | 2,372 | (2,246) | 54,911 |
| Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale ..... | — | (13,224) | (45,691) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash .................................................. | 1,795,974 | 3,348,078 | (830,795) |
| Cash, cash equivalents, and restricted cash at beginning of period ......................................................... | 13,165,612 | 9,830,758 | 10,707,244 |
| Cash, cash equivalents, and restricted cash at end of period ................................................................... | $14,961,586 | $13,165,612 | $9,830,758 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for: | |||
| Interest ............................................................................................................................................................. | $3,478,237 | $3,440,878 | $2,348,061 |
| Income taxes, net (1) ..................................................................................................................................... | 291,970 | 257,503 | 159,359 |
(1)Includes the purchase of tax credits in the aggregate of$163.6 million for theyear ended November 30, 2025.
Noncash investing activities:
During theyear ended November 30, 2025, we donated land with a fair market value of$5.7 million.
During theyear ended November 30, 2025 and 2024, we had stock distributions of$0.4 million and$0.6 million, respectively, from our
equity method investments.
During theyear ended November 30, 2023, we had acquisition related activity attributable to Vitesse Oil, LLC of$30.6 million.
Noncash financing activities:
During theyear ended November 30, 2023, we had capital distributions of$527.0 million and$31.4 million to our shareholders and
noncontrolling interest holders, respectively, related to the spin-off of Vitesse Energy, Inc.
During theyear ended November 30, 2023, preferred shares of$125.0 million were converted to common shares.
Cash, cash equivalents and restricted cash by category in our Consolidated Statements of Financial Condition:
| November 30, | ||
|---|---|---|
| $ in thousands | 2025 | 2024 |
| Cash and cash equivalents ........................................................................................................................................... | $14,043,889 | $12,153,414 |
| Cash on deposit for regulatory purposes with clearing and depository organizations ....................................... | 917,697 | 1,012,198 |
| Total cash, cash equivalents and restricted cash .................................................................................................... | $14,961,586 | $13,165,612 |
| 51 | 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.