Revenue: As of FY2025, the actual value is USD 10.82 B, beating the estimate of USD 7.312 B.EPS: As of FY2025, the actual value is USD 2.83, missing the estimate of USD 2.958.EBIT: As of FY2025, the actual value is USD 948.6 M, missing the estimate of USD 951.44 M.<h4>Segment Revenue</h4>Jefferies Financial Group Inc. reported total net revenues of $7,343,751 thousand for the year ended November 30, 2025, marking a 4.4% increase from $7,034,803 thousand in the prior year period.<h5>Investment Banking and Capital Markets Segment</h5>This segment generated total revenue of $6,608,034 thousand in 2025, an increase of 6.5% from $6,204,341 thousand in 2024. Advisory Revenue increased by 18.4% to $2,145,421 thousand in 2025, from $1,811,634 thousand in 2024, reflecting a record year driven by market share gains and increased market opportunities. Equity Underwriting Revenue decreased by -3.5% to $771,890 thousand in 2025, from $799,804 thousand in 2024, due to reduced transaction activity, although market conditions strengthened in the second half of 2025. Over 40% of annual Equity underwriting net revenues were generated in the fourth quarter of 2025. Debt Underwriting Revenue increased by 26.2% to $870,007 thousand in 2025, from $689,227 thousand in 2024, driven by increased mergers and acquisition activity and collateralized loan origination. Other Investment Banking Revenue significantly decreased by -97.9% to $2,981 thousand in 2025, from $144,122 thousand in 2024, primarily due to the prior year’s inclusion of Foursight’s operating revenues and sale gain, and mark-to-market net losses on certain investments in the current year. Equities Net Revenues reached a record $1,907,866 thousand in 2025, up 19.8% from $1,592,793 thousand in 2024, driven by market share gains and strong client activity in prime services, global electronic trading, Europe and Asia equity cash, equity options, and corporate derivatives. Fixed Income Net Revenues decreased by -22.0% to $909,869 thousand in 2025, from $1,166,761 thousand in 2024, due to lower global activity levels and volatility in credit spreads during the first half of 2025.<h5>Asset Management Segment</h5>Total revenue for this segment was $710,216 thousand in 2025, a decrease of -11.6% from $803,669 thousand in 2024. Asset Management Fees and Revenues increased by 36.2% to $140,914 thousand in 2025, from $103,488 thousand in 2024, mainly due to higher performance fees on managed funds and strategic affiliates. Investment Return decreased by -16.2% to $177,814 thousand in 2025, from $212,209 thousand in 2024, primarily due to a pre-tax loss of $30.0 million related to the investment in Point Bonita. Allocated Net Interest resulted in a -$76,045 thousand expense in 2025, up 22.4% from -$62,135 thousand in 2024. Other Investments Net Revenues decreased by -15.0% to $467,533 thousand in 2025, from $550,107 thousand in 2024, due to lower performance from Stratos and HomeFed, and net losses on certain investments compared to net gains in the prior year.<h4>Operational Metrics</h4><ul><li>Net Earnings Attributable to Common Shareholders decreased by -5.7% to $630,791 thousand in 2025, from $669,273 thousand in 2024.</li><li>Non-interest Expenses totaled $6,472,762 thousand in 2025, an increase of 7.4% from $6,029,257 thousand in 2024.<ul><li>Compensation and Benefits rose to $3,860,255 thousand in 2025, up 5.5% from $3,659,588 thousand in 2024, representing 52.6% of Net revenues in 2025, compared to 52.0% in 2024.</li><li>Brokerage and Clearing Fees increased by 13.1% to $489,203 thousand in 2025, due to increased global equities trading volumes.</li><li>Underwriting Costs increased by 25.3% to $85,838 thousand in 2025, from $68,492 thousand in 2024.</li><li>Technology and Communications increased by 9.4% to $598,187 thousand in 2025, driven by development of trading and management systems and higher data-related costs in investment banking.</li><li>Business Development increased by 18.4% to $335,683 thousand in 2025, due to higher deal-related costs and increased expenses for travel, conferences, and other events.</li><li>Other Expenses increased by 23.5% to $280,146 thousand in 2025, partly due to a $17.0 million increase in charitable donations and a write-down on certain assets held for sale.</li></ul></li><li>The Effective Tax Rate from continuing operations was 21.2% in 2025, down from 29.2% in 2024, primarily due to the resolution of certain state and local tax matters.</li><li>Total Assets increased by 18.1% to $76,012.3 million at November 30, 2025, from $64,360.3 million at November 30, 2024.</li><li>Total Equity increased to $10,642 million at November 30, 2025, from $10,225 million at November 30, 2024.</li><li>Goodwill totaled $1,837.6 million at November 30, 2025, compared to $1,827.9 million at November 30, 2024, with no impairment indicated by annual tests.</li><li>Employees totaled 7,787 global headcount at November 30, 2025, a slight decrease from 7,822 at November 30, 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities from Continuing Operations was -$1,495,143 thousand in 2025, compared to -$140,466 thousand in 2024.</li><li>Net Cash Used in Operating Activities from Discontinued Operations was -$4,374 thousand in 2025, compared to -$68,789 thousand in 2024.</li><li>Net Cash Provided by Financing Activities from Continuing Operations was $3,591,923 thousand in 2025, compared to $3,519,897 thousand in 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Assets Under Management (AUM) aggregated to $30,842 million at November 30, 2025, up from $28,017 million at November 30, 2024, including $2,798 million attributed to Jefferies as investor and $27,849 million attributed to third-party investors.</li><li>The Leverage Ratio (total assets divided by total equity) was 7.1 in 2025, up from 6.3 in 2024, and the tangible gross leverage ratio was 8.7 in 2025, up from 7.7 in 2024.</li><li>Net Capital for Jefferies LLC was $2,262,928 thousand with $2,115,314 thousand in excess net capital at November 30, 2025; all entities were in compliance with applicable requirements.</li><li>The average Daily Firmwide Value-at-Risk (VaR) decreased to $11.23 million in 2025 from $13.13 million in 2024, primarily due to lower equity exposures.</li></ul><h4>Outlook / Guidance</h4>Jefferies Financial Group Inc.’s investment banking momentum and backlog remain strong, continuing the trend from the second half of 2025, though revenue realization is subject to uncontrollable factors. The company plans to expand its strategic alliance with SMBC Group, including a new joint venture in Japan and increased joint coverage for syndicated loans in Europe and the Middle East, with SMBC Group intending to increase its economic ownership to up to 20% and provide approximately $2.5 billion in new credit facilities. Post-fiscal year, Jefferies Financial Group Inc. agreed to acquire a 50% interest in Hildene Holding Company, LLC, a credit-focused asset manager with approximately $18.0 billion of assets under management, with closing expected in the third quarter of 2026.

Jefferies Financial | 10-K: FY2025 Revenue Beats Estimate at USD 10.82 B