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Investor Relations14 Oct 2025
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Jefferies Financial Group (JEF) investor relations material
Jefferies Financial Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Sep, 2025
Executive summary
Net revenues for Q3 2025 were $2.05 billion, up 21.6% year-over-year, with earnings from continuing operations before income taxes rising 31.3% to $331.8 million, driven by strong Investment Banking and Equities performance and improved Asset Management returns, partially offset by weaker Fixed Income results.
Net earnings attributable to common shareholders reached $224 million for Q3 2025, or $1.01 per diluted share, up from $167 million ($0.72/share) in Q3 2024, reflecting strong business momentum.
For the nine months ended August 31, 2025, net revenues increased 3.9% to $5.27 billion, but earnings from continuing operations before income taxes declined 11.8% to $617.8 million due to higher non-compensation expenses and a revenue mix shift toward Equities.
Advisory revenues reached a record high, and underwriting revenues rebounded as market conditions improved in the latter part of the period.
Return on adjusted tangible shareholders' equity from continuing operations was 13.6% for the quarter, compared to 10.3% a year ago.
Financial highlights
Q3 2025 net earnings attributable to common shareholders were $224.0 million, up 34.0% year-over-year; diluted EPS from continuing operations was $1.01, compared to $0.75 in Q3 2024.
Total net revenues for Q3 2025 were $2.05 billion, up from $1.68 billion in Q3 2024.
Compensation and benefits expense for Q3 2025 was $1.08 billion, up 21.9% year-over-year, while non-compensation expenses rose 16.7% to $632.1 million.
Asset management net revenues for Q3 2025 were $176.9 million, up from $59.0 million in Q3 2024, driven by higher management and performance fees and improved investment returns.
Non-compensation expenses rose due to higher brokerage, clearing, technology, and business development costs, but as a percentage of net revenues declined to 30.9% from 32.2%.
Outlook and guidance
Operating margins improved in August and are expected to further strengthen as fixed income market activity normalizes.
The investment banking backlog remains strong, but realization timing is subject to market conditions.
Management expects continued growth in market position as market activity accelerates and expresses optimism about both near- and long-term prospects.
Forward-looking statements caution that actual results may differ materially due to inherent uncertainties and risks.
How did human capital investments boost Q3 Advisory?
What caused the decline in Fixed Income net revenues?
Detail one-off impacts on YTD non-comp expenses
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Next Jefferies Financial Group earnings date
Investor Meeting16 Oct, 2025
Next Jefferies Financial Group earnings date
Investor Meeting16 Oct, 2025
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Frequently asked questions
A client-centric investment bank
Jefferies is an investment bank that provides a wide range of financial services to clients worldwide. With expertise in areas such as investment banking, capital markets, and asset management, Jefferies offers strategic advisory services, underwriting of securities, mergers and acquisitions, and other corporate finance solutions. The firm focuses on building strong relationships with clients, leveraging their deep industry knowledge and global network to deliver a service tailored to the client’s objectives and needs.
A global reach
Jefferies has a rich history that dates back to its founding in 1962. Over the years, the company has grown to become a global investment bank with a presence in major financial centers around the world. With offices in North America, Europe, and Asia, Jefferies operates across international markets, serving clients globally. The firm has a strong track record in providing financial solutions and advisory services to corporations, institutions, and governments.
A diverse offering of financial services
Jefferies offers a wide range of financial services and solutions to meet the diverse needs of its clients. These services include investment banking, capital markets, asset management, and securities research. Some of their competitors include other financial institutions such as Goldman Sachs and JPMorgan.
In investment banking, Jefferies provides advisory services for mergers and acquisitions, debt and equity offerings, and restructuring transactions. The capital markets division of the company offers underwriting and distribution capabilities for various securities. The asset management arm focuses on managing investment portfolios and providing investment strategies in close correspondence with the client in question. Jefferies also has their own securities research department which provides insights and analysis on investment opportunities in global markets, industries, and companies.
Client centric approach
Jefferies works under the motto “Clients first-always”. Operating under a client centric approach is something that most investment banks do, but Jefferies takes great pride in providing their clients with solutions that are tailored to their specific needs and objectives. Putting the client first has become part of the culture at Jefferies, and is a crucial building block of the organization.
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