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Jefferies Financial Group (JEF) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Oct 9, 2026 · Jefferies Financial Group (JEF) Q3 FY26 earnings results →

Q3 FY26 Revenue up 11% year over year to $3.2B · 9¢ of every $1 of revenue kept as net profit · operating margin 10.9%

Jefferies Financial Group made $3.2B in Q3 FY26 (+11% Y/Y): Investment banking $1.3B, Interest $923M, Investment banking - Underwriting $483M. Operating margin 10.9%, net earnings $288M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 9, 2026.

Revenue$3.2B
Year over year+11%
Operating margin10.9%
Net earnings$288M
Operating cash flow$2.6B

Drawing the Sankey…

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Jefferies Financial Group Q3 FY26 revenue breakdown: Sankey diagram of revenue (Investment banking, Interest, Investment banking - Underwriting, Principal transactions), costs, profit and cash flow
Jefferies Financial Group Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.2B in Q3 FY26, up 11% year over year and up 4% from the previous quarter. Investment banking was the largest line at 40% of revenue. Investment banking added $0.21B year over year (up 20%), 66% of the total change. Asset management fees declined 74%.

Operating profit was $0.35B, a 10.9% margin (down 0.5 points year over year). Of the extra revenue versus Q3 FY25, 6% reached operating profit, below the 11% margin then. Total costs grew 12% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.29B, up 29% year over year. The effective tax rate was 17.9%.

Operating cash flow was $2.6B (up 1307% year over year), 899% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $2.2B. Capital expenditures of $0.05B left free cash flow of $2.5B.

Quarterly history

Jefferies Financial Group revenue by quarterJefferies Financial Group revenue by quarter$2.9BQ3 FY25$2.9BQ4 FY25$2.9BQ1 FY26$3.1BQ2 FY26$3.2BQ3 FY26
Jefferies Financial Group net earnings by quarterJefferies Financial Group net earnings by quarter$224MQ3 FY25$191MQ4 FY25$159MQ1 FY26$250MQ2 FY26$288MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QOct 9, 2026$3.2B+11%10.9%$288M$2.6B
Q2 FY2610-QJul 9, 2026$3.1B+25%10.1%$250M$1.6B
Q1 FY2610-QApr 7, 2026$2.9B+16%7.4%$159M−$1.7B
Q4 FY2510-KJan 28, 2026$2.9B+3%8.4%$191M$2.0B
Q3 FY2510-QOct 9, 2025$2.9B+12%11.4%$224M$184M

Charts

Jefferies Financial Group: revenue growth, year over year and quarter over quarterJefferies Financial Group: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q3 FY25+3%+1%Q4 FY25+16%-3%Q1 FY26+25%+9%Q2 FY26+11%+4%Q3 FY26
Latest (Q3 FY26): Y/Y +11%, Q/Q +4%.
Jefferies Financial Group: where the cash came from (+) and went (−), FY25Jefferies Financial Group: where the cash came from (+) and went (−), FY25Net borrowing (+) / repaid (−)$3.3BCash drawn (+) / kept (−)−$1.8BOperating cash flow−$1.5BOther financing$714MDividends−$374MCapital spending−$207MOther investing−$118MBuybacks−$58.5MAsset & business sales$26.8MNot reconciled−$4.4MPartners$4.2MExchange rates$2.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Jefferies Financial Group: profit against cash, quarter by quarterJefferies Financial Group: profit against cash, quarter by quarterNet incomeOperating cash flow$224M$1.7BQ4 FY24$137M−$2.7BQ1 FY25$91.4M−$978MQ2 FY25$243M$184MQ3 FY25$211M$2.0BQ4 FY25$159M−$1.7BQ1 FY26$250M$1.6BQ2 FY26$288M$2.6BQ3 FY26
Latest (Q3 FY26): Net income $288M, Operating cash flow $2.6B.
Jefferies Financial Group: diluted shares by fiscal yearJefferies Financial Group: diluted shares by fiscal year290MFY20272MFY21256MFY22237MFY23224MFY24223MFY25
-23.3% since FY20: buybacks shrank the count.
Jefferies Financial Group in its industry: growth against margin (24 companies, SIC 6211)Jefferies Financial Group in its industry: growth against margin (24 companies, SIC 6211)revenue growth, year over year →↑ operating marginmedian +13%median 18%MSGSGLXYBLKSCHWJones Financial Companies LllpRJFIBKRSFHOODVIRTFRHCSEICPIPROPYMIAXNAVINavient CorpMKTXWTCOHNSIEBDOMHJEF (+11%, 11%)
Security Brokers, Dealers & Flotation Companies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Jefferies Financial Group

Jefferies Financial Group Inc. is a U.S.-headquartered global investment banking and capital markets firm. The accompanying consolidated financial statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together, the “Company,” “we” or “us”). We, collectively with our consolidated subsidiaries and through our affiliates, deliver a broad range of financial services across investment banking, capital markets and asset management. We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients. We operate in the Americas; Europe and the Middle East; and Asia-Pacific.

In its own words, from its 10-Q, filed Oct 9, 2026.

Jefferies Financial Group against its Security Brokers, Dealers & Flotation Companies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +13%. Operating margin: 10.9% against the peers' median 30.0%.

CompanyQuarterRevenueY/YOp. margin
JEF Jefferies Financial GroupQ3 FY26$3.2B+11%10.9%
MS Morgan StanleyQ3 2026$20.3B+12%31.9%
GS Goldman Sachs GroupQ3 2026$18.7B+23%37.5%
GLXY Galaxy DigitalQ3 2026$8.1B-72%4.3%
BLK BlackRockQ3 2026$7.8B+19%30.0%
SCHW Schwab CharlesQ3 2026$7.2B+17%52.7%
Jones Financial Companies LllpQ3 2026$5.2B+13%0.0%
RJF Raymond James FinancialQ4 FY26$4.7B+13%18.2%
IBKR Interactive Brokers GroupQ3 2026$1.9B+16%78.2%

Source: Jefferies Financial Group 10-Q on SEC EDGAR · CIK 96223 · Security Brokers, Dealers & Flotation Companies

13F: who owns JEF and who is buying

Largest holders of JEF (13F)Largest holders of JEF (13F)Vanguard Group$913MBlackRock$835MAQR Capital Management LLC$421MVanguard Portfolio Management LLC$355MVanguard Capital Management LLC$335MSumitomo Mitsui Financial Group$321MState Street$248MMassachusetts Mutual Life Insuran…$233MTwo Sigma Investments, LP$160MGeode Capital Management, LLC$149M
Funds' net buying of JEF by quarter (13F)Funds' net buying of JEF by quarter (13F)$950M2024-09−$25.5M2024-12−$660M2025-03$182M2025-06$65.2M2025-09$312M2025-12−$356M2026-03−$98.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on JEF

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：Jefferies Financial Group（JEF）财报

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