Filing Flows › Jefferies Financial Group (JEF) › Q3 FY26 › vs Q3 FY25
Jefferies Financial Group (JEF) Q3 FY26 vs Q3 FY25 (year over year)
Jefferies Financial Group's revenue rose $323M (+11%) from $2.9B in Q3 FY25 to $3.2B in Q3 FY26. The biggest changes: Investment banking +$214M (+20%); Interest +$76.1M (+9%); Investment banking - Underwriting +$51.9M (+12%). Operating margin 10.9% against 11.4% (-0.5 pts).
Jefferies Financial Group, Q3 FY26: revenue $3.2B (+11% year over year), operating margin 10.9%, net earnings $288M, operating cash flow $2.6B. The chart draws each line against Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Operating margin | 10.9% | 11.4% | -0.5 pts |
| Net margin | 8.9% | 8.3% | +0.6 pts |
| Free cash flow margin | 78.7% | 4.3% | +74.3 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Commissions and other fees | $387M | $320M | $67.2M | +21% |
| Other Investments | $62.2M | $89.8M | −$27.6M | -31% |
| Product and Service, Other | $17.9M | $16.6M | $1.3M | +8% |
| Principal transactions | $467M | $426M | $40.8M | +10% |
| Investment banking | $1.3B | $1.1B | $214M | +20% |
| Interest | $923M | $847M | $76.1M | +9% |
| Investment banking - Underwriting | $483M | $431M | $51.9M | +12% |
| Internet connection and broadband revenues | $35.5M | $56.6M | −$21.1M | -37% |
| Real estate revenues | $8.8M | $16.6M | −$7.8M | -47% |
| Asset management fees | $2.2M | $8.2M | −$6.1M | -74% |
| Asset management | $2.2M | $8.2M | −$6.1M | -74% |
| Fixed income | $1.7M | $1.5M | $260K | +18% |
| Revenue | $3.2B | $2.9B | $323M | +11% |
| Operating profit | $351M | $332M | $19.2M | +6% |
| Costs & expenses | $2.9B | $2.6B | $304M | +12% |
| Pre-tax earnings | $351M | $332M | $19.2M | +6% |
| Cost of revenue | $22.9M | $34.4M | −$11.5M | -33% |
| Other operating costs | $2.9B | $2.5B | $315M | +12% |
| Net earnings | $288M | $243M | $45.7M | +19% |
| Income tax | $62.8M | $89.3M | −$26.5M | -30% |
| Depreciation & amortization | $43.3M | $53.2M | −$9.9M | -19% |
| Share-based compensation | $22.2M | $14.0M | $8.2M | +59% |
| Working capital & other | $2.2B | −$126M | $2.4B | — |
| Operating cash flow | $2.6B | $184M | $2.4B | 14× |
| Free cash flow (OCF − capex) | $2.5B | $126M | $2.4B | 20× |
| Capital expenditures | $49.3M | $58.2M | −$8.8M | -15% |
Questions
How much did Jefferies Financial Group's revenue grow year over year in Q3 FY26?
Jefferies Financial Group's revenue rose $323M (+11%) from $2.9B in Q3 FY25 to $3.2B in Q3 FY26.
What drove Jefferies Financial Group's revenue change in Q3 FY26?
Investment banking +$214M (+20%); Interest +$76.1M (+9%); Investment banking - Underwriting +$51.9M (+12%).