Filing Flows › Jefferies Financial Group (JEF) › Q3 FY25
Jefferies Financial Group (JEF) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Oct 9, 2025
Jefferies Financial Group (JEF) reported revenue of $2.9B for the third quarter fiscal 2025 (Q3 FY25), +12% from a year earlier and +17% from the quarter before. Operating margin was 11.4%, net earnings $224M (7.7% of revenue).
Jefferies Financial Group, Q3 FY25: revenue $2.9B (+12% year over year), operating margin 11.4%, net earnings $224M, operating cash flow $184M. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | +17% | +12% |
| Operating profit | $332M | +146% | +28% |
| Net earnings | $224M | +154% | +34% |
| Operating cash flow | $184M | — | — |
| Free cash flow | $126M | — | — |
What changed
Revenue was $2.9B in Q3 FY25, up 12% year over year and up 17% from the previous quarter. Investment banking was the largest line at 37% of revenue. Investment banking added $0.16B year over year (up 17%), 51% of the total change. Fixed income declined 41%.
Operating profit was $0.33B, a 11.4% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, above the 10% margin then. Total costs grew 10% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $0.22B, up 34% year over year. The effective tax rate was 26.9%.
Operating cash flow was $0.18B, 76% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.13B. Capital expenditures of $0.06B left free cash flow of $0.13B.
Questions
What was Jefferies Financial Group's revenue in the third quarter fiscal 2025?
Jefferies Financial Group (JEF) reported revenue of $2.9B for the third quarter fiscal 2025 (Q3 FY25), +12% from a year earlier and +17% from the quarter before.
Was Jefferies Financial Group profitable in the third quarter fiscal 2025?
Operating profit was $332M (11.4% of revenue) and net earnings $224M.