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Raymond James Financial vs Jefferies Financial Group: RJF and JEF compared
Raymond James Financial is the larger company: $4.7B of revenue in its latest quarter (Q4 FY26) against $3.2B for Jefferies Financial Group (Q3 FY26). Raymond James Financial is growing faster (+13% against +11% a year earlier). Raymond James Financial is more profitable, with an operating margin of 18.2% against 10.9%.
Where the money goes: RJF and JEF
Raymond James Financial (RJF) · Q4 FY26
Raymond James Financial, Q4 FY26: revenue $4.7B (+13% year over year), operating margin 18.2%, net earnings $666M. The chart follows the revenue to costs, profit and cash.
Jefferies Financial Group (JEF) · Q3 FY26
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.
| Raymond James Financial (RJF) | Jefferies Financial Group (JEF) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q3 FY26 |
| Revenue | $4.7B | $3.2B |
| Revenue growth, Y/Y | +13% | +11% |
| Operating margin | 18.2% | 10.9% |
| Net earnings | $666M | $288M |
| Net margin | 14.1% | 8.9% |
| Operating cash flow | — | $2.6B |
| Free cash flow | — | $2.5B |
| Market value | $32.5B | $10.6B |
| P/E | 14.1× | 11.6× |
| Analysts’ mean target | $182.21 | $55.17 |
Where the revenue comes from
Jefferies Financial Group
- Investment banking: $1.3B (40%)
- Interest: $923M (29%)
- Investment banking - Underwriting: $483M (15%)
- Principal transactions: $467M (14%)
Questions
Which is bigger, Raymond James Financial or Jefferies Financial Group?
Raymond James Financial is the larger company: $4.7B of revenue in its latest quarter (Q4 FY26) against $3.2B for Jefferies Financial Group (Q3 FY26).
Is Raymond James Financial or Jefferies Financial Group growing faster?
Raymond James Financial is growing faster (+13% against +11% a year earlier).
Which is more profitable, Raymond James Financial or Jefferies Financial Group?
Raymond James Financial is more profitable, with an operating margin of 18.2% against 10.9%.
More: Raymond James Financial earnings · how Raymond James Financial makes money · Jefferies Financial Group earnings · how Jefferies Financial Group makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Oct 28, 2026; 10-Q filed Oct 9, 2026). Fiscal quarters can end on different dates. Not investment advice.