Jefferies Financial Group Reports 4.4% Revenue Growth to $7.34 Billion for Fiscal Year 2025

**Jefferies Financial Group Reports Fiscal Year Performance**

Jefferies Financial Group Inc. (JEF), a global investment banking and capital markets firm, has released its 10-K filing, detailing its financial performance for the fiscal year ended November 30, 2025. The company reported net revenues of $7.34 billion, a 4.4% increase compared to $7.03 billion in the previous fiscal year. Net earnings attributable to common shareholders were $630.8 million, a decrease of 5.7% from $669.3 million in the prior year. The effective tax rate for continuing operations was 21.2%, compared to 29.2% in the previous year, primarily driven by the resolution of certain state and local tax matters.

The Investment Banking and Capital Markets segment saw net revenues increase by 6.5% to $6.61 billion. Advisory net revenues reached a record $2.15 billion, up 18.4% year-over-year. Total underwriting net revenues increased by 10.3% to $1.64 billion, with debt underwriting showing solid growth. Equities net revenues were a record $1.91 billion, up 19.8% compared to $1.59 billion for the prior year period, as market share gains and overall strong client activity drove stronger results in our prime services, global electronic trading, Europe and Asia equity cash, equity options and corporate derivatives businesses. Fixed income net revenues decreased by 22.0% to $909.9 million, due to lower global activity levels and volatility in credit spreads.

The Asset Management segment reported a decrease in net revenues of 11.6% to $710.2 million. Asset management fees and revenues increased by 36.2% to $140.9 million, primarily reflecting higher performance fees. Investment return decreased by 16.2% to $177.8 million, primarily driven by a pre-tax loss of $30.0 million related to our investment in Point Bonita. Other investments net revenues decreased by 15.0% to $467.5 million, as performance from Stratos and HomeFed was lower than the prior year period, as well as net losses recognized on certain investments in the current year period compared to net gains in the prior year period. As of November 30, 2025, assets under management (AUM) aggregated to $30.84 billion, compared to $28.02 billion as of November 30, 2024.

Key strategic developments included an expansion of the strategic alliance with SMBC Group, with plans to establish a joint venture in Japan and increase SMBC Group's economic ownership in Jefferies. Additionally, Jefferies entered into an agreement to acquire a 50% interest in Hildene Holding Company, LLC, a credit-focused asset manager. As of November 30, 2025, the company had 7,787 employees globally, a slight decrease from 7,822 in the previous year. The company also donated approximately $19.0 million to charitable initiatives in 2025.