Jefferies Financial Group Inc.

Listed Company

JEFCIK 0000096223NYSELarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesNew YorkFY ends Nov 30

Period

FY 2025

Revenue

$10.82B

Net Income

$682.04M

Total Assets

$76.01B

Equity

$10.57B

Shares Out

204.43M

Op. Cash Flow

$-1.50B

+ 13F Filer

Business

Jefferies Financial Group Inc. is a global full-service investment banking and capital markets firm. It offers investment banking advisory and underwriting, capital markets sales and trading across equities and fixed income, prime brokerage and financing, research and strategy, alternative asset management, corporate and commercial real estate lending and related services. The company reports two primary segments — Investment Banking and Capital Markets and Asset Management — and conducts certain activities through joint ventures and affiliated asset management platforms. Jefferies operates across the Americas, Europe and the Middle East, and Asia‑Pacific, serving public and private companies, sponsors, institutional investors and government entities.

Summary from filing dated 2025-01-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Revenues	10,824	10,515	7,441	7,149	8,945
Interest expense	3,480	3,480	2,741	1,170	—
Net revenues	7,344	7,035	4,700	5,979	8,014
Compensation and benefits	3,860	3,660	2,535	2,589	3,555
Brokerage and clearing fees	489	433	367	348	302
Underwriting costs	86	68	61	42	118
Technology and communications	598	547	477	444	388
Occupancy and equipment rental	126	119	106	108	106
Business development	336	283	178	151	110
Professional services	314	296	266	241	216
Depreciation and amortization	192	190	112	173	157
Cost of sales	191	206	29	441	471
Other expenses	280	227	214	387	337
Total non-interest expenses	6,473	6,029	4,346	4,923	5,760
Earnings from continuing operations before income taxes	871	1,006	354	1,056	2,254
Income tax expense	185	293	92	274	577
Net earnings from continuing operations	686	712	262	782	—
Net (losses) earnings from discontinued operations (including gain on disposal of $0, $3,493, $0), net of income tax (expense) benefit of $(4,374), $17,063, and $0	−4	4	0	0	—
Net earnings	682	716	262	782	1,677
Net losses attributable to noncontrolling interests	−28	−27	−15	−2	4
Net losses attributable to redeemable noncontrolling interests	0	0	−454,000	−1	−826,000
Preferred stock dividends	80	74	15	8	7
Net earnings attributable to common shareholders	631	669	263	777	1,667
Basic from continuing operations (in dollars per share)	2.95	3.05	1.12	3.13	—
Diluted from continuing operations (in dollars per share)	2.85	2.96	1.1	3.06	—
Basic (in dollars per share)	2.93	3.08	1.12	3.13	6.29
Diluted (in dollars per share)	2.83	2.99	1.1	3.06	6.13
Basic (in shares)	215	217	233	247	—
Diluted (in shares)	223	224	237	256	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Cash and cash equivalents	14,044	12,153	8,526	9,703	10,755
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $120,414 of securities at fair value at November 30, 2024)	918	1,133	1,415	957	—
Financial instruments owned, at fair value (includes securities pledged of $17,419,373 and $18,441,751)	27,723	24,138	21,747	18,666	18,025
Investments in and loans to related parties	1,496	1,386	1,239	1,427	1,587
Securities borrowed	8,295	7,213	7,192	5,831	6,409
Securities purchased under agreements to resell	8,449	6,180	5,951	4,547	7,642
Securities received as collateral, at fair value	201	186	9	100	7
Brokers, dealers and clearing organizations	4,310	2,667	2,381	1,793	2,455
Customers	3,440	2,495	1,705	1,225	1,616
Fees, interest and other	806	664	630	569	583
Premises and equipment	1,246	1,195	1,066	907	911
Goodwill	1,838	1,828	1,848	1,736	1,745
Assets held for sale	0	52	1,545	0	—
Other assets (includes assets pledged of $627,259 and $429,347)	3,247	3,072	2,651	3,596	3,356
Total assets	76,012	64,360	57,905	51,058	56,107
Short-term borrowings	1,767	443	990	528	222
Financial instruments sold, not yet purchased, at fair value	13,320	11,007	11,251	11,056	9,267
Securities loaned	2,541	2,541	1,841	1,366	1,526
Securities sold under agreements to repurchase	12,157	12,338	10,921	7,452	8,446
Other secured financings (includes $425,964 and $24,848 at fair value)	2,886	2,183	1,430	2,038	4,487
Obligation to return securities received as collateral, at fair value	201	186	9	100	7
Brokers, dealers and clearing organizations	6,955	3,686	3,738	2,629	3,952
Customers	5,217	4,074	3,961	3,579	4,461
Lease liabilities	594	635	545	534	548
Accrued expenses and other liabilities	3,837	3,511	2,546	2,574	3,334
Long-term debt (includes $3,734,843 and $2,351,346 at fair value)	15,900	13,531	9,699	8,774	9,130
Total liabilities	65,370	54,135	48,103	40,631	45,377
Redeemable noncontrolling interests	406,000	406,000	406,000	6	25
Series B preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 shares issued and outstanding	55,000	55,000	42,000	0	—
Additional paid-in capital	2,178	2,104	2,045	1,968	2,742
Accumulated other comprehensive loss	−384	−423	−396	−379	−372
Retained earnings	8,575	8,270	7,850	8,418	7,940
Total Jefferies Financial Group Inc. shareholders' equity	10,575	10,157	9,710	10,233	10,554
Noncontrolling interests	68	68	92	63	26
Total equity	10,642	10,225	9,802	10,295	10,580
Total liabilities and equity	76,012	64,360	57,905	51,058	56,107

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Depreciation and amortization	202	198	113	189	144
Deferred income taxes	110	−4	10	−70	97
Share-based compensation	88	63	45	44	78
Net bad debt expense	24	52	67	47	56
(Income) losses on investments in and loans to related parties	−95	−86	192	36	—
Distributions received on investments in related parties	105	60	58	82	111
Gain on sale of subsidiaries and investments in related parties	0	−59	0	—	—
Loss on assets held for sale	13	0	0	—	—
Other adjustments	492	265	−100	−601	−89
Securities deposited with clearing and depository organizations	0	0	−110	0	34
Brokers, dealers and clearing organizations	−1,641	−288	−436	632	−137
Customers	−945	−790	−480	384	−329
Fees, interest and other	−152	−69	−104	201	−28
Securities borrowed	−1,079	−24	−1,307	549	520
Financial instruments owned	−3,447	−2,416	−2,844	−774	−1,315
Securities purchased under agreements to resell	−2,261	−238	−1,263	3,047	−2,553
Other assets	−359	−339	−552	−231	−226
Brokers, dealers and clearing organizations	3,266	−49	1,054	−1,289	2,173
Customers	1,143	113	83	−883	210
Securities loaned	−2	703	431	−140	−282
Financial instruments sold, not yet purchased	2,302	−235	−9	1,876	992
Securities sold under agreements to repurchase	−189	1,427	3,324	−953	133
Lease liabilities	−66	−65	−52	−90	—
Accrued expenses and other liabilities	315	925	−319	−715	528
Net cash used in operating activities from continuing operations	−1,495	−140	−1,934	1,805	—
Net cash (used in) provided by operating activities from discontinued operations	−4	−69	0	0	—
Contributions to investments in and loans to related parties	−953	−1,080	−252	−352	−2,339
Capital distributions from investments and repayments of loans from related parties	835	937	117	287	2,310
Originations and purchases of automobile loans, notes and other receivables	0	−90	−442	−528	−611
Principal collections of automobile loans, notes and other receivables	0	83	350	434	394
Proceeds from assets held for sale	27	0	0	333	0
Net payments on premises and equipment	−207	−251	−1	−224	−166
Net cash acquired in business acquisitions	0	0	215	0	0
Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold	0	611	0	4	3
Net cash (used in) provided by investing activities from continuing operations	−299	210	−12	−61	−410
Proceeds from short-term borrowings	10,360	6,219	5,413	3,659	1,005
Payments on short-term borrowings	−9,037	−6,743	−5,011	−3,338	−1,556
Proceeds from issuance of long-term debt, net of issuance costs	6,043	5,952	2,210	1,199	2,488
Repayment of long-term debt	−4,059	−2,428	−1,282	−825	−1,646
Proceeds from conversion of common to preferred shares	0	10	32	0	—
Purchase of common shares for treasury	−59	−44	−169	−860	−269
Dividends paid to common and preferred shareholders	−374	−303	−279	−280	−223
Net proceeds from other secured financings	703	878	89	−2,449	1,197
Net change in bank overdrafts	−2	−24	52	−15	8
Proceeds from contributions of noncontrolling interests	18	10	0	65	4
Payments on distributions to noncontrolling interests	−14	−13	0	−3	−16
Other	13	6	6	3	2
Net cash provided by financing activities from continuing operations	3,592	3,520	1,060	−2,843	—
Net cash used in financing activities from discontinued operations	0	−171	0	0	—
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	2	−2	55	−22	−3
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale	0	−13	−46	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,796	3,348	−831	−1,121	2,163
Interest	3,478	3,441	2,348	1,164	936
Income taxes, net	292	258	159	214	727
Investment tax credit	164	—	—	—	—
Non-cash investing activities related to donated land with a fair market value	6	—	—	—	—
Non-cash investing activities	400,000	600,000	31	—	—
Conversion of preferred shares to common shares	—	—	125	—	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 7 positions

Reported AUM

$208.35M

Holdings

Top sector

$208.35M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$208.35M	100.0%

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