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How Jefferies Financial Group (JEF) makes money

Jefferies Financial Group (JEF) made $3.2B of revenue in the third quarter fiscal 2026 (Q3 FY26), +12% from a year earlier. Investment banking brought in $1.3B (40%); Interest brought in $923M (29%); Investment banking - Underwriting brought in $483M (15%). Of every dollar of revenue, 11¢ was left as operating profit, 9¢ was left as net earnings.

Drawing the Sankey…

Jefferies Financial Group revenue by segment, Q3 FY26Jefferies Financial Group revenue by segment, Q3 FY26Investment banking$1.3BInterest$923MInvestment banking - Underwriting$483MPrincipal transactions$467MInternet connection and broadband…$35.5MReal estate revenues$8.8MAsset management fees$2.2MAsset management$2.2MFixed income$1.7M
Jefferies Financial Group: revenue by line, Q4 FY25 to Q3 FY26Jefferies Financial Group: revenue by line, Q4 FY25 to Q3 FY26Investment bankingInterestPrincipal transactionsInvestment banking - …Commissions and other…Internet connection a…Other InvestmentsProduct and Service, …Investment banking: $1.3B latest$1.3BInterest: $923M latest$923MPrincipal transactions: $467M latest$467MInvestment banking - Underwriting: $483M latest$483MCommissions and other fees: $0 latestInternet connection and broadband revenues: $35.5M latestOther Investments: $0 latestProduct and Service, Other: $0 latestQ4 FY25Q1 FY26Q2 FY26Q3 FY26
The mix barely moved between Q4 FY25 and Q3 FY26.
Jefferies Financial Group revenue by quarterJefferies Financial Group revenue by quarter$2.9BQ3 FY25$2.9BQ4 FY25$2.9BQ1 FY26$3.1BQ2 FY26$3.2BQ3 FY26
Jefferies Financial Group: where each dollar of revenue goesJefferies Financial Group: where each dollar of revenue goesOperating profit11¢Income tax2¢Net earnings9¢Operating cash flow80¢Free cash flow79¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Investment banking$1.3B40.3%—+20%
Interest$923M28.6%—+9%
Investment banking - Underwriting$483M15.0%—+12%
Principal transactions$467M14.5%—+10%
  ↳ Commissions and other fees$387M12.0%—+21%
  ↳ Other Investments$62.2M1.9%—-31%
  ↳ Product and Service, Other$17.9M0.6%—+8%
Internet connection and broadband revenues$35.5M1.1%—-37%
Real estate revenues$8.8M0.3%—-47%
Asset management fees$2.2M0.1%—-74%
Asset management$2.2M0.1%—-74%
Fixed income$1.7M0.1%—+18%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$3.2B100.0%
Operating profit$351M10.9%
Income tax$62.8M1.9%
Net earnings$288M8.9%
Operating cash flow$2.6B80.4%
Free cash flow$2.5B78.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$3.2B+11%
Q2 FY26$3.1B+25%
Q1 FY26$2.9B+16%
Q4 FY25$2.9B+3%
Q3 FY25$2.9B+12%

From Jefferies Financial Group's 10-Q filed Oct 9, 2026 (on EDGAR).

Questions

How does Jefferies Financial Group make money?

Jefferies Financial Group (JEF) made $3.2B of revenue in the third quarter fiscal 2026 (Q3 FY26), +12% from a year earlier. Investment banking brought in $1.3B (40%); Interest brought in $923M (29%); Investment banking - Underwriting brought in $483M (15%). Of every dollar of revenue, 11¢ was left as operating profit, 9¢ was left as net earnings.

What is Jefferies Financial Group's biggest business?

Investment banking: $1.3B in the third quarter fiscal 2026, 40% of revenue, +20% from a year earlier.

What is Jefferies Financial Group's profit margin?

Net earnings were $288M, 8.9% of revenue, in the third quarter fiscal 2026; the operating margin was 10.9%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.