Jefferies Financial Group Financials
This page shows Jefferies Financial Group (JEF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Balance-sheet expansion has been funded mainly by rising liabilities, while reported profit has not been turning into cash.
From FY2023 to FY2025, total assets rose from$57.9B to$76.0B while equity changed little. That means the balance sheet expansion was largely liability-funded, and the point is sharper because operating cash flow stayed negative in FY2024 and FY2025 even with positive net income.
By FY2025, cash reached
The business is not cash-hungry because of heavy physical reinvestment: capital spending in FY2025 was only
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Jefferies Financial Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Jefferies Financial Group passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Jefferies Financial Group generates $-2.19 in operating cash flow (-$1.5B OCF vs $682.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Jefferies Financial Group generated $7.3B in revenue in fiscal year 2025. This represents an increase of 4.4% from the prior year.
Jefferies Financial Group reported $682.0M in net income in fiscal year 2025. This represents a decrease of 4.7% from the prior year.
Jefferies Financial Group earned $2.83 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 5.4% from the prior year.
Cash & Balance Sheet
Jefferies Financial Group generated -$1.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 335.4% from the prior year.
Jefferies Financial Group held $14.0B in cash against $15.9B in long-term debt as of fiscal year 2025.
Jefferies Financial Group paid $1.60 per share in dividends in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Jefferies Financial Group had 207M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Jefferies Financial Group's gross margin was 97.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Jefferies Financial Group's net profit margin was 9.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.
Jefferies Financial Group's ROE was 6.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Capital Allocation
Jefferies Financial Group spent $58.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 32.1% from the prior year.
Jefferies Financial Group invested $207.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.2% from the prior year.
JEF Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B+9.4% | $2.0B-2.5% | $2.1B+1.0% | $2.0B+25.3% | $1.6B+2.6% | $1.6B-18.6% | $2.0B+16.2% | $1.7B |
| Cost of Revenue | $31.3M+4.5% | $29.9M-58.4% | $72.0M+109.0% | $34.4M-19.9% | $43.0M+3.4% | $41.6M-57.0% | $96.8M+158.7% | $37.4M |
| Gross Profit | $2.2B+9.5% | $2.0B-0.5% | $2.0B-0.8% | $2.0B+26.5% | $1.6B+2.6% | $1.6B-16.6% | $1.9B+13.0% | $1.6B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.2B+9.4% | $1.1B+0.5% | $1.1B-0.3% | $1.1B+26.8% | $854.8M+1.6% | $841.1M-14.3% | $981.6M+10.4% | $889.1M |
| Operating Income | $302.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $911.7M+6.7% | $854.1M-2.9% | $880.0M+2.3% | $860.2M0.0% | $859.9M-2.3% | $879.8M-1.7% | $894.6M-1.9% | $912.0M |
| Income Tax | $65.6M+24.0% | $52.9M+40.8% | $37.5M-58.0% | $89.3M+105.3% | $43.5M+206.0% | $14.2M-83.5% | $86.1M+10.4% | $78.0M |
| Net Income | $250.0M+56.9% | $159.3M-24.6% | $211.3M-12.9% | $242.5M+165.3% | $91.4M-33.2% | $136.8M-38.9% | $223.9M+23.7% | $181.0M |
| EPS (Diluted) | $1.02+45.7% | $0.70 | N/A | $1.01+152.5% | $0.40-29.8% | $0.57 | N/A | $0.75 |
JEF Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $79.5B+6.9% | $74.4B-2.1% | $76.0B+9.7% | $69.3B+3.0% | $67.3B-4.2% | $70.2B+9.1% | $64.4B+1.7% | $63.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $14.3B+19.7% | $12.0B-14.8% | $14.0B+22.6% | $11.5B+1.8% | $11.3B+0.8% | $11.2B-8.0% | $12.2B+14.9% | $10.6B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $1.7B0.0% | $1.7B-6.1% | $1.8B-0.2% | $1.8B-0.1% | $1.8B+1.0% | $1.8B-0.2% | $1.8B-0.3% | $1.8B |
| Total Liabilities | $68.9B+8.2% | $63.7B-2.5% | $65.4B+11.1% | $58.8B+3.4% | $56.9B-5.1% | $60.0B+10.7% | $54.1B+1.8% | $53.2B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $18.0B+4.7% | $17.2B+8.4% | $15.9B-0.7% | $16.0B+4.3% | $15.4B+3.8% | $14.8B+9.3% | $13.5B+4.7% | $12.9B |
| Total Equity | $10.6B-0.4% | $10.6B+0.3% | $10.6B+1.3% | $10.4B+1.3% | $10.3B+1.0% | $10.2B+0.5% | $10.2B+1.1% | $10.0B |
| Retained Earnings | $8.8B+1.8% | $8.6B+0.8% | $8.6B+1.3% | $8.5B+1.8% | $8.3B0.0% | $8.3B+0.5% | $8.3B+1.8% | $8.1B |
JEF Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.6B+192.1% | -$1.7B-188.4% | $2.0B+966.4% | $184.2M+118.8% | -$978.3M+63.3% | -$2.7B-255.9% | $1.7B+355.2% | -$670.0M |
| Capital Expenditures | $48.0M-26.0% | $64.9M+15.7% | $56.0M-3.7% | $58.2M+33.2% | $43.7M-11.9% | $49.6M-29.1% | $69.9M+95.4% | $35.8M |
| Free Cash Flow | $1.6B+186.1% | -$1.8B-194.4% | $1.9B+1414.3% | $126.0M+112.3% | -$1.0B+62.4% | -$2.7B-265.6% | $1.6B+332.3% | -$705.8M |
| Investing Cash Flow | -$82.9M+35.9% | -$129.3M-48.4% | -$87.1M-59.5% | -$54.6M+45.1% | -$99.4M-72.0% | -$57.8M+45.8% | -$106.5M-124.9% | $427.3M |
| Financing Cash Flow | $248.5M-60.4% | $627.1M | N/A | N/A | $859.1M-57.6% | $2.0B | N/A | N/A |
| Dividends Paid | $91.8M-1.1% | $92.8M-0.8% | $93.5M0.0% | $93.5M-0.8% | $94.3M+1.7% | $92.7M+13.7% | $81.6M0.0% | $81.6M |
| Share Buybacks | $197.4M+13.3% | $174.3M+600944.8% | $29K-96.8% | $918K-26.6% | $1.3M-97.8% | $56.3M+5631700.0% | $1K-99.7% | $332K |
JEF Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.6%+0.1pp | 98.5%+2.0pp | 96.5%-1.8pp | 98.3%+0.9pp | 97.4%-0.0pp | 97.4%+2.3pp | 95.1%-2.7pp | 97.8% |
| Operating Margin | 13.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 11.3%+3.4pp | 7.9%-2.3pp | 10.2%-1.6pp | 11.8%+6.3pp | 5.6%-3.0pp | 8.6%-2.8pp | 11.4%+0.7pp | 10.8% |
| Return on Equity | 2.4%+0.9pp | 1.5%-0.5pp | 2.0%-0.3pp | 2.3%+1.4pp | 0.9%-0.5pp | 1.3%-0.9pp | 2.2%+0.4pp | 1.8% |
| Return on Assets | 0.3%+0.1pp | 0.2%-0.1pp | 0.3%-0.1pp | 0.4%+0.2pp | 0.1%-0.1pp | 0.2%-0.2pp | 0.4%+0.1pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.71+0.1 | 1.62+0.1 | 1.50-0.0 | 1.53+0.0 | 1.49+0.0 | 1.45+0.1 | 1.33+0.0 | 1.29 |
| FCF Margin | 70.3%+159.6pp | -89.3%-181.6pp | 92.2%+86.1pp | 6.2%+68.7pp | -62.5%+107.9pp | -170.4%-254.2pp | 83.8%+125.7pp | -41.9% |
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Frequently Asked Questions
What is Jefferies Financial Group's annual revenue?
Jefferies Financial Group (JEF) reported $7.3B in total revenue for fiscal year 2025. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Jefferies Financial Group's revenue growing?
Jefferies Financial Group (JEF) revenue grew by 4.4% year-over-year, from $7.0B to $7.3B in fiscal year 2025.
Is Jefferies Financial Group profitable?
Yes, Jefferies Financial Group (JEF) reported a net income of $682.0M in fiscal year 2025, with a net profit margin of 9.3%.
How much debt does Jefferies Financial Group have?
As of fiscal year 2025, Jefferies Financial Group (JEF) had $14.0B in cash and equivalents against $15.9B in long-term debt.
What is Jefferies Financial Group's gross margin?
Jefferies Financial Group (JEF) had a gross margin of 97.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Jefferies Financial Group's net profit margin?
Jefferies Financial Group (JEF) had a net profit margin of 9.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Jefferies Financial Group pay dividends?
Yes, Jefferies Financial Group (JEF) paid $1.60 per share in dividends during fiscal year 2025.
What is Jefferies Financial Group's return on equity (ROE)?
Jefferies Financial Group (JEF) has a return on equity of 6.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Jefferies Financial Group's free cash flow?
Jefferies Financial Group (JEF) generated -$1.7B in free cash flow during fiscal year 2025. This represents a -335.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Jefferies Financial Group's operating cash flow?
Jefferies Financial Group (JEF) generated -$1.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Jefferies Financial Group's total assets?
Jefferies Financial Group (JEF) had $76.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Jefferies Financial Group's capital expenditures?
Jefferies Financial Group (JEF) invested $207.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Jefferies Financial Group's debt-to-equity ratio?
Jefferies Financial Group (JEF) had a debt-to-equity ratio of 1.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Jefferies Financial Group's return on assets (ROA)?
Jefferies Financial Group (JEF) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Jefferies Financial Group's cash runway?
Based on fiscal year 2025 data, Jefferies Financial Group (JEF) had $14.0B in cash against an annual operating cash burn of $1.5B. This gives an estimated cash runway of approximately 113 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Jefferies Financial Group's Piotroski F-Score?
Jefferies Financial Group (JEF) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Jefferies Financial Group's earnings high quality?
Jefferies Financial Group (JEF) has an earnings quality ratio of -2.19x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Jefferies Financial Group?
Jefferies Financial Group (JEF) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.