Filing Flows › Jefferies Financial Group (JEF) › Q2 FY26
Jefferies Financial Group (JEF) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Jul 9, 2026
Jefferies Financial Group (JEF) reported revenue of $3.1B for the second quarter fiscal 2026 (Q2 FY26), +25% from a year earlier and +9% from the quarter before. Operating margin was 10.1%, net earnings $250M (8.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +9% | +25% |
| Operating profit | $316M | +49% | +134% |
| Net earnings | $250M | +57% | +174% |
| Operating cash flow | $1.6B | — | — |
| Free cash flow | $1.6B | — | — |
What changed
Revenue was $3.1B in Q2 FY26, up 25% year over year and up 9% from the previous quarter. Investment banking was the largest line at 39% of revenue. Investment banking added $0.42B year over year (up 53%), 67% of the total change. Real estate revenues declined 86%.
Operating profit was $0.32B, a 10.1% margin (up 4.7 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 5% margin then. Total costs grew 19% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $0.25B, up 184% year over year. The effective tax rate was 20.8%.
Operating cash flow was $1.6B, 640% of net earnings. Non-cash charges added back $0.05B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $0.05B left free cash flow of $1.6B.
Questions
What was Jefferies Financial Group's revenue in the second quarter fiscal 2026?
Jefferies Financial Group (JEF) reported revenue of $3.1B for the second quarter fiscal 2026 (Q2 FY26), +25% from a year earlier and +9% from the quarter before.
Was Jefferies Financial Group profitable in the second quarter fiscal 2026?
Operating profit was $316M (10.1% of revenue) and net earnings $250M.