Filing Flows › Jefferies Financial Group (JEF) › Q2 FY26 › vs Q1 FY26
Jefferies Financial Group (JEF) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Jefferies Financial Group's revenue rose $247M (+9%) from $2.9B in Q1 FY26 to $3.1B in Q2 FY26. The biggest changes: Investment banking +$190M (+19%); Interest +$62.3M (+8%); Investment banking - Underwriting +$43.0M (+9%). Operating margin 10.1% against 7.4% (+2.7 pts).
Jefferies Financial Group, Q2 FY26: revenue $3.1B (+25% year over year), operating margin 10.1%, net earnings $250M, operating cash flow $1.6B. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 10.1% | 7.4% | +2.7 pts |
| Net margin | 8.0% | 5.5% | +2.5 pts |
| Free cash flow margin | 49.8% | -62.8% | +112.5 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Commissions and other fees | $391M | $361M | $29.8M | +8% |
| Equities | $389M | $359M | $29.8M | +8% |
| Other Investments | $75.4M | $72.7M | $2.6M | +4% |
| Interest | $855M | $793M | $62.3M | +8% |
| Investment banking | $1.2B | $1.0B | $190M | +19% |
| Investment banking - Underwriting | $531M | $488M | $43.0M | +9% |
| Principal transactions | $489M | $487M | $1.2M | +0.2% |
| Product and Service, Other | $19.0M | $18.1M | $903K | +5% |
| Asset management fees | $3.6M | $6.9M | −$3.3M | -48% |
| Asset management | $3.6M | $6.9M | −$3.3M | -48% |
| Real estate revenues | $2.3M | $2.2M | $49K | +2% |
| Fixed income | $1.6M | $1.7M | −$52K | -3% |
| Revenue | $3.1B | $2.9B | $247M | +9% |
| Operating profit | $316M | $212M | $103M | +49% |
| Costs & expenses | $2.8B | $2.7B | $144M | +5% |
| Pre-tax earnings | $316M | $212M | $103M | +49% |
| Cost of revenue | $31.3M | $29.9M | $1.3M | +4% |
| Other operating costs | $2.8B | $2.6B | $142M | +5% |
| Net earnings | $250M | $159M | $90.6M | +57% |
| Income tax | $65.6M | $52.9M | $12.7M | +24% |
| Depreciation & amortization | $47.3M | $56.9M | −$9.5M | -17% |
| Share-based compensation | $22.9M | $50.7M | −$27.7M | -55% |
| Working capital & other | $1.3B | −$2.0B | $3.3B | — |
| Operating cash flow | $1.6B | −$1.7B | $3.3B | — |
| Free cash flow (OCF − capex) | $1.6B | −$1.8B | $3.4B | — |
| Capital expenditures | $48.0M | $64.9M | −$16.9M | -26% |
Questions
How much did Jefferies Financial Group's revenue grow quarter over quarter in Q2 FY26?
Jefferies Financial Group's revenue rose $247M (+9%) from $2.9B in Q1 FY26 to $3.1B in Q2 FY26.
What drove Jefferies Financial Group's revenue change in Q2 FY26?
Investment banking +$190M (+19%); Interest +$62.3M (+8%); Investment banking - Underwriting +$43.0M (+9%).