Filing Flows › Jefferies Financial Group (JEF) › Q2 FY26 › vs Q2 FY25
Jefferies Financial Group (JEF) Q2 FY26 vs Q2 FY25 (year over year)
Jefferies Financial Group's revenue rose $624M (+25%) from $2.5B in Q2 FY25 to $3.1B in Q2 FY26. The biggest changes: Investment banking +$420M (+53%); Investment banking - Underwriting +$203M (+62%); Principal transactions +$150M (+44%). Operating margin 10.1% against 5.4% (+4.7 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 10.1% | 5.4% | +4.7 pts |
| Net margin | 8.0% | 3.7% | +4.4 pts |
| Free cash flow margin | 49.8% | -41.0% | +90.7 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Commissions and other fees | $391M | $344M | $46.7M | +14% |
| Equities | $389M | $342M | $47.0M | +14% |
| Other Investments | $75.4M | $89.7M | −$14.3M | -16% |
| Interest | $855M | $776M | $79.4M | +10% |
| Investment banking | $1.2B | $785M | $420M | +53% |
| Investment banking - Underwriting | $531M | $328M | $203M | +62% |
| Principal transactions | $489M | $339M | $150M | +44% |
| Product and Service, Other | $19.0M | $16.8M | $2.2M | +13% |
| Asset management fees | $3.6M | $7.5M | −$3.9M | -52% |
| Asset management | $3.6M | $7.5M | −$3.9M | -52% |
| Real estate revenues | $2.3M | $16.2M | −$13.9M | -86% |
| Fixed income | $1.6M | $2.0M | −$365K | -18% |
| Revenue | $3.1B | $2.5B | $624M | +25% |
| Operating profit | $316M | $135M | $181M | +134% |
| Costs & expenses | $2.8B | $2.4B | $443M | +19% |
| Pre-tax earnings | $316M | $135M | $181M | +134% |
| Cost of revenue | $31.3M | $43.0M | −$11.7M | -27% |
| Other operating costs | $2.8B | $2.3B | $455M | +20% |
| Net earnings | $250M | $91.4M | $159M | +174% |
| Income tax | $65.6M | $43.5M | $22.1M | +51% |
| Depreciation & amortization | $47.3M | $52.3M | −$4.9M | -9% |
| Share-based compensation | $22.9M | $18.2M | $4.7M | +26% |
| Working capital & other | $1.3B | −$1.1B | $2.4B | — |
| Operating cash flow | $1.6B | −$978M | $2.6B | — |
| Free cash flow (OCF − capex) | $1.6B | −$1.0B | $2.6B | — |
| Capital expenditures | $48.0M | $43.7M | $4.3M | +10% |
Questions
How much did Jefferies Financial Group's revenue grow year over year in Q2 FY26?
Jefferies Financial Group's revenue rose $624M (+25%) from $2.5B in Q2 FY25 to $3.1B in Q2 FY26.
What drove Jefferies Financial Group's revenue change in Q2 FY26?
Investment banking +$420M (+53%); Investment banking - Underwriting +$203M (+62%); Principal transactions +$150M (+44%).