Companies · JEF
Jefferies Financial Group
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Latest analysis
Updated Jul 9, 2026
Jefferies posts record advisory and equities revenue in Q2 2026, with net revenues up 35% YoY to $2.21 billion as investment banking surges 57.5%.
Jefferies delivered its strongest quarter on record across advisory and equities, with Q2 2026 net revenues of $2.21 billion and net earnings attributable to common shareholders of $226.2 million — a 157% increase over the prior year quarter. Advisory revenue of $674.1 million marked the best quarter in firm history, driven by market share gains and rising deal volumes; equity underwriting surged 202.9% QoQ on strengthening issuance markets. The firm's effective tax rate fell sharply to 20.8% from 32.3% in the prior year quarter, providing an additional earnings tailwind, while the Point Bonita/First Brands fraud exposure has been fully written to zero.
Tone: bullishRevenue
$10.8B
JEF 10-K · FY 2025
Employees
7,787
Revenue FY2024
$10.5B
Founded
1962
Profile
JEF 10-K Item 1 · Jan 28, 2026Jefferies Financial Group is a U.S.-headquartered global investment banking and capital markets firm operating through two segments: Investment Banking and Capital Markets, and Asset Management. Founded in 1962, the firm serves public and private companies, institutional investors, financial sponsors, and government entities across the Americas, Europe, the Middle East, and Asia-Pacific. Its strategy centers on advisory and underwriting momentum, capital markets execution, and growing credit and alternative asset management platforms.
Read filing description ↓ Collapse description ↑
Jefferies Financial Group Inc. is a U.S.-headquartered global investment banking and capital markets firm. Our largest subsidiary, Jefferies LLC, a U.S. broker-dealer, was founded in the U.S. in 1962 and our first international operating subsidiary, Jefferies International Limited, a U.K. broker-dealer, was established in the U.K. in 1986. Our strategy focuses on driving momentum in our investment banking business, bringing value to clients and executing in our capital markets sales and trading businesses and growing our credit and alternative asset management platforms. We are always client focused first and committed to integration and collaboration across our businesses. Our Investment Banking and Capital Markets segment provides investment banking, capital markets and other related services to our clients. We provide underwriting and financial advisory services across a range of industry sectors in the Americas; Europe and the Middle East; and Asia-Pacific. Our capital markets businesses operate across the spectrum of equities and fixed income products. Related services include prime brokerage, equity finance, and research and strategy. Investment Banking and Capital Markets also includes our corporate lending joint venture and our commercial real estate finance joint venture. Our Asset Management segment provides alternative investment management services to investors globally through our directly owned managers and through our affiliated asset managers. We also hold investments in public securities and private companies, along with investments in several consolidated subsidiaries whose operations consist of, among other businesses, real estate development, online foreign exchange trading and telecommunications.
Primary products
- Advisory services (mergers and acquisitions, debt advisory and restructuring, private capital advisory)
- Equity underwriting
- Debt underwriting
- Equities research, sales and trading
- Prime brokerage and prime services
- Fixed income sales, trading and capital markets
Business segments
End markets
Geographies
Named customers
“We believe the principal factors driving our competitiveness include our ability to provide differentiated insights to our clients that lead to better business outcomes, to attract, retain and develop skilled professionals and to deliver a competitive breadth of high-quality service offerings; our vast global footprint; the depth and breadth of our capabilities in Investment Banking and Capital Markets; and our ability to maintain a flat, nimble and entrepreneurial culture built on immediacy and client service.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues increased 4.4% year-over-year, driven primarily by growth in advisory, debt underwriting, and equities, partially offset by declines in fixed income and asset management.
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