Filing Flows › Jefferies Financial Group (JEF) › Q1 FY26
Jefferies Financial Group (JEF) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Apr 7, 2026
Jefferies Financial Group (JEF) reported revenue of $2.9B for the first quarter fiscal 2026 (Q1 FY26), +16% from a year earlier and -3% from the quarter before. Operating margin was 7.4%, net earnings $159M (5.5% of revenue).
Jefferies Financial Group, Q1 FY26: revenue $2.9B (+16% year over year), operating margin 7.4%, net earnings $159M, operating cash flow −$1.7B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | -3% | +16% |
| Operating profit | $212M | -15% | +40% |
| Net earnings | $159M | -25% | +16% |
| Operating cash flow | −$1.7B | -188% | — |
What changed
Revenue was $2.9B in Q1 FY26, up 16% year over year and down 3% from the previous quarter. Investment banking was the largest line at 35% of revenue. Investment banking added $0.29B year over year (up 40%), 73% of the total change. Asset management fees declined 85%.
Operating profit was $0.21B, a 7.4% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, above the 6% margin then. Total costs grew 15% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.16B, up 25% year over year. The effective tax rate was 24.9%.
Operating cash flow was −$1.7B. Non-cash charges added back $0.06B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $2.0B. Capital expenditures of $0.06B exceeded it, leaving free cash flow of −$1.8B.
Questions
What was Jefferies Financial Group's revenue in the first quarter fiscal 2026?
Jefferies Financial Group (JEF) reported revenue of $2.9B for the first quarter fiscal 2026 (Q1 FY26), +16% from a year earlier and -3% from the quarter before.
Was Jefferies Financial Group profitable in the first quarter fiscal 2026?
Operating profit was $212M (7.4% of revenue) and net earnings $159M.