Jefferies Financial Group (JEF) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly net revenues of $2.21 billion, up 35% year-over-year, with net earnings attributable to common shareholders of $226 million and diluted EPS of $1.02 for Q2 2026.

• Return on adjusted tangible shareholders' equity reached 12.8% for the quarter, reflecting strong business momentum.

• Repurchased 4.0 million shares for $197 million and declared a $0.40 per share dividend.

Financial highlights

• Total net revenues for Q2 2026 were $2.21 billion, compared to $1.63 billion in Q2 2025.

• Net earnings attributable to common shareholders rose to $226 million from $88 million year-over-year.

• Diluted EPS increased to $1.02 from $0.40 year-over-year.

• Book value per common share was $51.95; adjusted tangible book value per fully diluted share was $34.55.

• Effective tax rate decreased to 20.8% from 32.3% in the prior year quarter.

Outlook and guidance

• Management expects to build on current momentum, citing a strong backlog and new business bookings for the second half of 2026.

• The acquisition of 50% of Hildene is targeted for Q3 2026 and is expected to be immediately accretive.