Jefferies Financial Group Inc.

For the period ended Feb 28, 2025. Filed Apr 9, 2025.

About 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.

Feb 28, 2025 · Filed Apr 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 exhibits

Contents

Consolidated Statements of Financial Condition (Unaudited)

Consolidated Statements of Financial Condition (Unaudited)
$ in thousands, except share and per share amounts	February 28, 2025	November 30, 2024
Assets
Cash and cash equivalents ..............................................................................................................................................................	$11,176,343	$12,153,414
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $381,467 and $120,414 of securities at fair value) .......................................................................	1,665,894	1,132,612
Financial instruments owned, at fair value (includes securities pledged of $19,399,604 and $18,441,751) ......................	26,087,291	24,138,274
Investments in and loans to related parties ..................................................................................................................................	1,383,293	1,385,658
Securities borrowed ..........................................................................................................................................................................	8,402,198	7,213,421
Securities purchased under agreements to resell ........................................................................................................................	8,125,231	6,179,653
Securities received as collateral, at fair value ...............................................................................................................................	287,078	185,588
Receivables:
Brokers, dealers and clearing organizations ..............................................................................................................................	3,534,080	2,666,591
Customers .......................................................................................................................................................................................	2,462,027	2,494,717
Fees, interest and other .................................................................................................................................................................	707,151	663,536
Premises and equipment ..................................................................................................................................................................	1,217,202	1,194,720
Goodwill ..............................................................................................................................................................................................	1,824,647	1,827,938
Assets held for sale ...........................................................................................................................................................................	51,885	51,885
Other assets (includes assets pledged of $472,953 and $429,347) .........................................................................................	3,294,571	3,072,302
Total assets ........................................................................................................................................................................................	$70,218,891	$64,360,309
Liabilities and Equity
Short-term borrowings ......................................................................................................................................................................	$1,172,806	$443,160
Financial instruments sold, not yet purchased, at fair value .......................................................................................................	13,997,227	11,007,328
Securities loaned ...............................................................................................................................................................................	2,501,643	2,540,861
Securities sold under agreements to repurchase .........................................................................................................................	13,664,290	12,337,935
Other secured financings (includes $22,231 and $24,848 at fair value) ...................................................................................	2,280,003	2,183,000
Obligation to return securities received as collateral, at fair value ............................................................................................	287,078	185,588
Payables:
Brokers, dealers and clearing organizations ..............................................................................................................................	4,221,702	3,686,367
Customers .......................................................................................................................................................................................	4,122,388	4,073,975
Lease liabilities ..................................................................................................................................................................................	616,031	635,306
Accrued expenses and other liabilities ...........................................................................................................................................	2,301,325	3,510,831
Long-term debt (includes $3,075,403 and $2,351,346 at fair value) ..........................................................................................	14,785,553	13,530,565
Total liabilities ...................................................................................................................................................................................	59,950,046	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; 206,249,504 and 205,504,272 shares issued and outstanding, after deducting 114,868,566 and 115,613,798 shares held in treasury .....................................	206,250	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 ..................................................................................................................................................................	2,094,138	2,104,199
Accumulated other comprehensive loss .......................................................................................................................................	(408,072)	(423,131)
Retained earnings ..............................................................................................................................................................................	8,311,857	8,270,145
Total Jefferies Financial Group Inc. shareholders' equity .........................................................................................................	10,204,228	10,156,772
Noncontrolling interests ...................................................................................................................................................................	64,211	68,215
Total equity ........................................................................................................................................................................................	10,268,439	10,224,987
Total liabilities and equity ...............................................................................................................................................................	$70,218,891	$64,360,309

February 2025 Form 10-Q	3

Consolidated Statements of Earnings (Unaudited)

$ in thousands, except per share amounts	Three Months Ended
	February 28, 2025	February 29, 2024
Revenues
Investment banking ...................................................................................................................................................................	$729,510	$679,065
Principal transactions ...............................................................................................................................................................	407,230	640,736
Commissions and other fees ..................................................................................................................................................	288,300	245,543
Asset management fees and revenues .................................................................................................................................	85,408	50,372
Interest ........................................................................................................................................................................................	845,171	819,489
Other ............................................................................................................................................................................................	117,245	116,737
Total revenues ...........................................................................................................................................................................	2,472,864	2,551,942
Interest expense ........................................................................................................................................................................	879,845	813,739
Net revenues ..............................................................................................................................................................................	1,593,019	1,738,203
Non-interest expenses
Compensation and benefits .....................................................................................................................................................	841,127	926,871
Brokerage and clearing fees ....................................................................................................................................................	109,436	109,670
Underwriting costs ....................................................................................................................................................................	17,846	18,484
Technology and communications ..........................................................................................................................................	139,475	137,512
Occupancy and equipment rental ...........................................................................................................................................	30,199	28,153
Business development .............................................................................................................................................................	72,291	57,651
Professional services ...............................................................................................................................................................	72,466	77,844
Depreciation and amortization ................................................................................................................................................	30,988	43,202
Cost of sales ..............................................................................................................................................................................	41,568	34,671
Other expenses ..........................................................................................................................................................................	86,558	83,903
Total non-interest expenses ...................................................................................................................................................	1,441,954	1,517,961
Earnings from continuing operations before income taxes ................................................................................................	151,065	220,242
Income tax expense ..................................................................................................................................................................	14,216	55,959
Net earnings from continuing operations ..............................................................................................................................	136,849	164,283
Net losses from discontinued operations, net of income tax benefit of $3,003 ..............................................................	—	(7,891)
Net earnings ...............................................................................................................................................................................	136,849	156,392
Net losses attributable to noncontrolling interests ..............................................................................................................	(6,983)	(7,438)
Preferred stock dividends ........................................................................................................................................................	16,039	14,189
Net earnings attributable to common shareholders ...........................................................................................................	$127,793	$149,641
Earnings per common share
Basic from continuing operations ...........................................................................................................................................	$0.60	$0.71
Diluted from continuing operations ........................................................................................................................................	0.57	0.69
Basic ............................................................................................................................................................................................	0.60	0.68
Diluted .........................................................................................................................................................................................	0.57	0.66
Weighted-average common shares outstanding ................................................................................................................
Basic ............................................................................................................................................................................................	214,536	220,046
Diluted .........................................................................................................................................................................................	222,448	225,291

4	Jefferies Financial Group Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

$ in thousands	Three Months Ended
	February 28, 2025	February 29, 2024
Net earnings ..................................................................................................................................................................................	$136,849	$156,392
Other comprehensive income (loss), net of tax:
Currency translation adjustments and other (1) .....................................................................................................................	(15,322)	(99)
Changes in fair value related to instrument-specific credit risk (2) ......................................................................................	30,256	(2,752)
Unrealized gains on available-for-sale-securities ...................................................................................................................	125	1,958
Total other comprehensive income (loss), net of tax (3) ......................................................................................................	15,059	(893)
Comprehensive income ...............................................................................................................................................................	151,908	155,499
Net losses attributable to noncontrolling interests .................................................................................................................	(6,983)	(7,438)
Preferred stock dividends ............................................................................................................................................................	16,039	14,189
Comprehensive income attributable to common shareholders ...........................................................................................	$142,852	$148,748

(1)Includes income taxbenefit of$4.5 million and$14.0 thousand for thethree months ended February 28, 2025, and February 29, 2024, respectively.

(2)Includes income tax(expense) benefit of$(10.6) million and$1.2 million for thethree months ended February 28, 2025 and February 29, 2024,

(3)Includes unrealized losses of$0.2 million for thethree months ended February 28, 2025 related to currency translation adjustments attributable to

noncontrolling interests.

February 2025 Form 10-Q	5

Consolidated Statements of Changes in Equity(Unaudited)

$ in thousands	Three Months Ended
	February 28, 2025	February 29, 2024
Preferred shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$55	$42
Balance, end of period ..............................................................................................................................................................	$55	$42
Common shares $1 par value
Balance, beginning of period ....................................................................................................................................................	$205,504	$210,627
Purchase of common shares for treasury ..........................................................................................................................	(696)	(1,067)
Other .........................................................................................................................................................................................	1,442	2,441
Balance, end of period ..............................................................................................................................................................	$206,250	$212,001
Additional paid-in capital
Balance, beginning of period ....................................................................................................................................................	$2,104,199	$2,044,859
Share-based compensation expense ..................................................................................................................................	35,637	20,215
Purchase of common shares for treasury ..........................................................................................................................	(55,622)	(41,966)
Dividend equivalents ..............................................................................................................................................................	8,597	4,754
Change in equity interest related to consolidated subsidiaries .......................................................................................	853	—
Other .........................................................................................................................................................................................	474	(1,278)
Balance, end of period ..............................................................................................................................................................	$2,094,138	$2,026,584
Accumulated other comprehensive loss, net of tax
Balance, beginning of period ....................................................................................................................................................	$(423,131)	$(395,545)
Other comprehensive income (loss), net of taxes .............................................................................................................	15,059	(893)
Balance, end of period ..............................................................................................................................................................	$(408,072)	$(396,438)
Retained earnings
Balance, beginning of period ....................................................................................................................................................	$8,270,145	$7,849,844
Net earnings attributable to Jefferies Financial Group Inc. ..............................................................................................	143,832	163,830
Dividends - common shares ($0.40 and $0.30 per share) ................................................................................................	(91,095)	(68,363)
Dividends - preferred shares .................................................................................................................................................	(11,025)	(6,300)
Cumulative effect of change in accounting principle for current expected credit losses, net of tax .........................	—	(644)
Other .........................................................................................................................................................................................	—	(459)
Balance, end of period ..............................................................................................................................................................	$8,311,857	$7,937,908
Total Jefferies Financial Group Inc. shareholders' equity .................................................................................................	$10,204,228	$9,780,097
Noncontrolling interests
Balance, beginning of period ....................................................................................................................................................	$68,215	$92,308
Net losses attributable to noncontrolling interests ...........................................................................................................	(6,983)	(7,438)
Contributions ...........................................................................................................................................................................	104	9,316
Distributions ............................................................................................................................................................................	(2,795)	(7,126)
Change in equity interest related to consolidated subsidiaries .......................................................................................	(853)	—
Other .........................................................................................................................................................................................	6,523	312
Balance, end of period ..............................................................................................................................................................	$64,211	$87,372
Total equity .................................................................................................................................................................................	$10,268,439	$9,867,469

6	Jefferies Financial Group Inc.

Consolidated Statements of Cash Flows(Unaudited)

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