Filing Flows › Jefferies Financial Group (JEF) › Q3 FY26
Jefferies Financial Group (JEF) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Oct 9, 2026
Jefferies Financial Group (JEF) reported revenue of $3.2B for the third quarter fiscal 2026 (Q3 FY26), +11% from a year earlier and +4% from the quarter before. Operating margin was 10.9%, net earnings $288M (8.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +4% | +11% |
| Operating profit | $351M | +11% | +6% |
| Net earnings | $288M | +15% | +19% |
| Operating cash flow | $2.6B | +62% | 14× |
| Free cash flow | $2.5B | +64% | 20× |
What changed
Revenue was $3.2B in Q3 FY26, up 11% year over year and up 4% from the previous quarter. Investment banking was the largest line at 40% of revenue. Investment banking added $0.21B year over year (up 20%), 66% of the total change. Asset management fees declined 74%.
Operating profit was $0.35B, a 10.9% margin (down 0.5 points year over year). Of the extra revenue versus Q3 FY25, 6% reached operating profit, below the 11% margin then. Total costs grew 12% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.29B, up 29% year over year. The effective tax rate was 17.9%.
Operating cash flow was $2.6B (up 1307% year over year), 899% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $2.2B. Capital expenditures of $0.05B left free cash flow of $2.5B.
Questions
What was Jefferies Financial Group's revenue in the third quarter fiscal 2026?
Jefferies Financial Group (JEF) reported revenue of $3.2B for the third quarter fiscal 2026 (Q3 FY26), +11% from a year earlier and +4% from the quarter before.
Was Jefferies Financial Group profitable in the third quarter fiscal 2026?
Operating profit was $351M (10.9% of revenue) and net earnings $288M.