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Jefferies Financial Group cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$2.5B in Q3 FY26

Operating cash flow$2.6B
Capital spending−$49.3M
Free cash flow+$2.5B
Cash / net income9.0×

Analysis

In Q3 FY26, Jefferies Financial Group generated $2.6B of operating cash flow and spent $49.3M on capital projects, leaving free cash flow of $2.5B. That is $2.4B more than in Q3 FY25 ($126M).

Operating cash flow was $2.6B against net income of $288M — 9.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$409M, prepaid and other assets +$159M, depreciation & amortization +$43.3M.

Free cash flow

Jefferies Financial Group: free cash flow by quarterJefferies Financial Group: free cash flow by quarter$1.6BQ4 FY24−$2.7BQ1 FY25−$1.0BQ2 FY25$126MQ3 FY25$1.9BQ4 FY25−$1.8BQ1 FY26$1.6BQ2 FY26$2.5BQ3 FY26
Operating cash flow less capital spending.
Jefferies Financial Group: operating cash flow against capital spendingJefferies Financial Group: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$69.9MQ4 FY24−$2.7B$49.6MQ1 FY25−$978M$43.7MQ2 FY25$184M$58.2MQ3 FY25$2.0B$56.0MQ4 FY25−$1.7B$64.9MQ1 FY26$1.6B$48.0MQ2 FY26$2.6B$49.3MQ3 FY26
Latest (Q3 FY26): Operating cash flow $2.6B, Capital spending $49.3M.

Capital allocation, year by year

Jefferies Financial Group: where the cash came from (up) and went (down), by fiscal yearJefferies Financial Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY21: Operating cash flow $1.6BFY21: Net borrowing $291MFY21: Capital spending −$166MFY21: Buybacks −$269MFY21: Dividends −$223M$1.9BFY21FY22: Operating cash flow $1.8BFY22: Net borrowing $695MFY22: Asset sales $333MFY22: Capital spending −$224MFY22: Buybacks −$860MFY22: Dividends −$280M$2.8BFY22FY23: Operating cash flow −$1.9BFY23: Net borrowing $1.3BFY23: Shares issued $31.5MFY23: Capital spending −$1.2MFY23: Buybacks −$169MFY23: Dividends −$279M$1.4BFY23FY24: Operating cash flow −$140MFY24: Net borrowing $3.0BFY24: Shares issued $9.8MFY24: Capital spending −$251MFY24: Buybacks −$44.3MFY24: Dividends −$303M$3.0BFY24FY25: Operating cash flow −$1.5BFY25: Net borrowing $3.3BFY25: Asset sales $26.8MFY25: Capital spending −$207MFY25: Buybacks −$58.5MFY25: Dividends −$374M$3.3BFY25
Over these 5 years operating cash flow totalled −$182M; the largest uses were operating cash flow ($3.6B) and dividends ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$16.9B
Debt$20.4B
Net debt$3.5B

Jefferies Financial Group funds itself: free cash flow was — over the last twelve months, and $16.9B of cash and investments stands against $20.4B of debt.

Where the cash came from and went

Jefferies Financial Group: sources (+) and uses (−) of cash, Q3 FY26Jefferies Financial Group: sources (+) and uses (−) of cash, Q3 FY26Cash drawn (+) / kept (−)−$2.6BOperating cash flow$2.6BNet borrowing (+) / repaid (−)$375MOther investing−$98.2MDividends−$91.9MBuybacks−$68.2MOther financing−$61.3MCapital spending−$49.3MExchange rates$2.3MPartners$123K

From profit to cash

Jefferies Financial Group: net income to operating cash flow, Q3 FY26Jefferies Financial Group: net income to operating cash flow, Q3 FY26Net income$288MDepreciation & amortization$43.3MStock-based pay$22.2MOther non-cash−$24.9MPayables$409MPrepaid and other assets$159MOperating cash flow$2.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$2.6B−$49.3M−$68.2M−$91.9M$375M−$2.6B$2.5B
Q2 FY26$1.6B−$48.0M−$197M−$91.8M$414M−$1.8B$1.6B
Q1 FY26−$1.7B−$64.9M−$174M−$92.8M$1.5B$1.2B−$1.8B
Q4 FY25$2.0B−$56.0M−$29K−$93.5M$405M−$2.4B$1.9B
Q3 FY25$184M−$58.2M−$918K−$93.5M$335M−$258M$126M
Q2 FY25−$978M−$43.7M−$1.2M−$94.3M$627M$149M−$1.0B
Q1 FY25−$2.7B−$49.6M−$56.3M−$92.7M$1.9B$705M−$2.7B
Q4 FY24$1.7B−$69.9M−$1K−$81.6M−$651M−$1.3B$1.6B

Jefferies Financial Group: income statement and cash flow

Jefferies Financial Group, Q3 FY26: revenue $3.2B (+11% year over year), operating margin 10.9%. The chart follows the revenue to costs, profit and cash.

Jefferies Financial Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.