Jefferies Financial
JEF · NYSESecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Nov 30
Jefferies Financial reported revenue of $5.5B in the fiscal year ended Nov 2025, up 14.2% from the year before. Net income was $682M. Operating cash flow of −$1.5B less capital expenditure of $207M left free cash flow of −$1.7B. Net debt was $3.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $6.1B | $4.7B | $3.2B | $4.9B | $5.5B |
| Cost of revenue | $471M | $441M | $29M | $206M | $191M |
| Gross profit | $5.7B | $4.3B | $3.2B | $4.7B | $5.4B |
| Interest expense | $932M | $1.2B | $2.7B | – | – |
| Pre-tax income | $2.3B | $1.1B | $354M | $1B | $871M |
| Income tax | $577M | $274M | $92M | $293M | $185M |
| Net income | $1.7B | $782M | $262M | $716M | $682M |
| Diluted EPS | 6.13 | 3.06 | 1.10 | 2.99 | 2.83 |
| Diluted shares | 272M | 256M | 237M | 224M | 223M |
Balance sheet
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $10.8B | $9.7B | $8.5B | $12.2B | $14B |
| Goodwill | $1.7B | $1.7B | $1.8B | $1.8B | $1.8B |
| Total assets | $56.1B | $51.1B | $57.9B | $64.4B | $76B |
| Deferred revenue | $50M | $27M | $48M | $79M | $92M |
| Short-term debt | $222M | $528M | $990M | $443M | $1.8B |
| Long-term debt | $9.1B | $8.8B | $9.7B | $13.5B | $15.9B |
| Total liabilities | $45.4B | $40.6B | $48.1B | $54.1B | $65.4B |
| Shareholders' equity | $10.6B | $10.2B | $9.7B | $10.2B | $10.6B |
Cash flow
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.8B | −$1.9B | −$140M | −$1.5B |
| Capital expenditure | $166M | $224M | $1M | $251M | $207M |
| Free cash flow | $1.4B | $1.6B | −$1.9B | −$391M | −$1.7B |
| Depreciation & amortisation | $157M | $173M | $112M | $190M | $192M |
| Stock-based compensation | $78M | $44M | $45M | $63M | $88M |
| Acquisitions | $0 | – | – | – | – |
| Share buybacks | $269M | $860M | $169M | $44M | $59M |
| Dividends paid | $223M | $280M | $279M | $303M | $374M |
| Dividend per share | 0.90 | 1.20 | 1.20 | 1.30 | 1.60 |
Key ratios
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −22.8% | −31.8% | 50.3% | 14.2% |
| EPS growth (YoY) | – | −50.1% | −64.1% | 171.8% | −5.4% |
| Gross margin | 92.3% | 90.7% | 99.1% | 95.8% | 96.6% |
| Net margin | 27.1% | 16.5% | 8.1% | 14.7% | 12.3% |
| Return on equityBlank when equity is negative | 15.8% | 7.6% | 2.7% | 7.0% | 6.4% |
| Free cash flow margin | 23.1% | 33.3% | −59.8% | −8.0% | −30.7% |
| Cash conversion (CFO ÷ net income) | 0.95x | 2.31x | −7.37x | −0.20x | −2.19x |
| Debt ÷ equity | 0.89x | 0.91x | 1.10x | 1.38x | 1.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.4B | −$401M | $2.2B | $1.8B | $3.6B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.