Jefferies Financial Group Inc. (JEF) Cash Flow Statement
Where JEF’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- −$1.50B
- Capital expenditures
- $207.5M 1.9% of revenue
- Free cash flow
- −$1.71B −15.8% margin
- Returned to shareholders
- $432.6M
- Change in cash
- $1.80B cash at year-end $14.96B
Drawn to scale: where the cash came from and how it was used. Hover for values.
JEF operating cash flow, capex and free cash flow
JEF cash flow trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $788.3MFY2017 | −$1.50BFY2025 | — | |
| Capital expenditures | $123.0MFY2017 | $207.5MFY2025 | +6.0%/yr | |
| Free cash flow | $665.3MFY2017 | −$1.71BFY2025 | — | |
| Free cash flow margin | 13.2%FY2017 | −15.8%FY2025 | −28.9 pts | |
| Operating cash flow / net income | 3.12FY2017 | −2.20FY2025 | −5.32 | |
| Stock-based compensation | $48.4MFY2017 | $88.2MFY2025 | +6.9%/yr | |
| Dividends paid | $117.4MFY2017 | $374.1MFY2025 | +13.7%/yr | |
| Share buybacks (net) | $100.5MFY2017 | $58.5MFY2025 | −5.8%/yr | |
| Capex / revenue | 2.4%FY2017 | 1.9%FY2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JEF cash flow by activity
JEF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
JEF cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $682.0M | $716.0M | $262.4M | $781.7M | $1.68B | $768.4M | $962.6M | $270.2M | $252.8M | $252.8M |
| Depreciation & amortization | $201.9M | $197.8M | $113.5M | $189.3M | $151.2M | $142.4M | $129.8M | $131.3M | $164.0M | $64.8M |
| Stock-based compensation | $88.2M | $63.1M | $45.4M | $43.9M | $78.2M | $40.0M | $49.8M | $52.6M | $48.4M | $48.4M |
| Change in working capital | −$3.12B | −$1.34B | −$2.58B | $1.62B | −$353.7M | $570.6M | −$1.45B | −$387.5M | −$88.4M | −$408.9M |
| Other non-cash items | $644.4M | $158.7M | $228.2M | −$825.4M | $20.0M | $554.5M | −$520.3M | −$149.3M | $696.0M | $831.2M |
| Cash from operating activities | −$1.50B | −$209.3M | −$1.93B | $1.80B | $1.57B | $2.08B | −$827.8M | −$82.8M | $1.07B | $788.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$207.5M | −$250.6M | −$1.2M | −$224.3M | −$165.6M | −$177.0M | −$232.2M | −$355.3M | −$193.5M | −$123.0M |
| Investments (net) | −$953.0M | $210.3M | −$12.2M | −$60.5M | $2.33B | −$1.75B | $1.60B | $1.73B | −$2.46B | −$2.46B |
| Acquisitions & other investing | $861.7M | $250.6M | $1.2M | $224.3M | −$2.56B | $1.74B | $342.9M | −$1.23B | $2.60B | $2.53B |
| Cash from investing activities | −$298.8M | $210.3M | −$12.2M | −$60.5M | −$400.6M | −$186.2M | $1.71B | $142.4M | −$47.3M | −$54.6M |
| Financing activities | ||||||||||
| Dividends paid | −$374.1M | −$303.0M | −$278.6M | −$280.1M | −$222.8M | −$160.9M | −$149.6M | −$151.8M | −$117.4M | −$117.4M |
| Share repurchases & issuance (net) | −$58.5M | −$44.3M | −$169.4M | −$859.6M | −$269.4M | −$816.9M | −$509.9M | −$1.13B | −$100.5M | −$100.5M |
| Net borrowing (repayment) | $4.01B | $3.85B | $1.47B | −$1.77B | $1.50B | $17.3M | $2.25B | $643.3M | $712.1M | $712.1M |
| Shares issued | $0 | $9.8M | $31.5M | $0 | $0 | $0 | $1.1M | $0 | $0 | $0 |
| Other financing | $17.3M | −$167.9M | $6.1M | $65.0M | −$10.1M | $237.0M | $754,000 | $772.5M | −$59.4M | −$59.4M |
| Cash from financing activities | $3.59B | $3.35B | $1.06B | −$2.84B | $994.3M | −$723.5M | $1.59B | $133.1M | $434.8M | $434.8M |
| Summary | ||||||||||
| Net change in cash | $1.80B | $3.33B | −$876.5M | −$1.12B | $2.16B | $1.18B | $2.47B | $238.2M | $1.47B | $1.18B |
| Cash at end of period | $14.96B | $13.17B | $9.83B | $10.71B | $11.83B | $9.66B | $8.48B | $6.01B | $5.28B | $5.77B |
| Free cash flow | −$1.71B | −$459.8M | −$1.93B | $1.58B | $1.41B | $1.90B | −$1.06B | −$408.5M | $879.4M | $665.3M |
| Free cash flow margin | −15.8% | −4.4% | −26.0% | 22.1% | 15.7% | 27.3% | −19.8% | −12.8% | 7.1% | 13.2% |
| Capex / revenue | 1.9% | 2.4% | 0.0% | 3.1% | 1.9% | 2.5% | 4.3% | 11.2% | 1.6% | 2.4% |
| Operating cash flow / net income | −2.20 | −0.29 | −7.37 | 2.31 | 0.94 | 2.70 | −0.86 | −0.31 | 4.24 | 3.12 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $288.3M | $250.0M | $159.3M | $211.3M | $242.5M | $91.4M | $136.8M | $223.9M | $181.0M | $154.7M | $156.4M | $70.4M |
| Depreciation & amortization | $46.4M | $47.3M | $41.3M | $57.5M | $56.0M | $55.5M | $33.0M | $56.3M | $47.9M | $49.5M | $44.2M | $28.6M |
| Stock-based compensation | $22.2M | $22.9M | $50.7M | $20.4M | $14.0M | $18.2M | $35.6M | $15.2M | $13.4M | $14.4M | $20.2M | $9.9M |
| Change in working capital | $2.28B | $1.34B | −$2.18B | $1.51B | −$397.7M | −$1.38B | −$2.84B | $1.36B | −$982.8M | −$135.6M | −$1.59B | −$130.5M |
| Other non-cash items | −$45.9M | −$59.4M | $195.3M | $163.7M | $269.4M | $239.1M | −$27.8M | $55.1M | $91.8M | −$50.2M | $62.0M | −$22.1M |
| Cash from operating activities | $2.59B | $1.60B | −$1.74B | $1.96B | $184.2M | −$978.3M | −$2.67B | $1.71B | −$648.7M | $32.7M | −$1.30B | −$43.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$49.3M | −$48.0M | −$64.9M | −$56.0M | −$58.2M | −$43.7M | −$49.6M | −$69.9M | −$35.8M | −$48.6M | −$96.2M | −$79.1M |
| Investments (net) | — | −$145.8M | −$64.8M | −$486.7M | −$54.6M | −$99.4M | −$57.8M | −$106.5M | $427.3M | $34.8M | −$145.3M | −$145.3M |
| Acquisitions & other investing | −$98.2M | $111.0M | $426,000 | $455.6M | $58.2M | $43.7M | $49.6M | $69.9M | $35.8M | $48.6M | $96.2M | $468.2M |
| Cash from investing activities | −$147.5M | −$82.9M | −$129.3M | −$87.1M | −$54.6M | −$99.4M | −$57.8M | −$106.5M | $427.3M | $34.8M | −$145.3M | $243.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$91.9M | −$91.8M | −$92.8M | −$93.5M | −$93.5M | −$94.3M | −$92.7M | −$81.6M | −$81.6M | −$69.9M | −$69.9M | −$70.0M |
| Share repurchases & issuance (net) | −$68.2M | −$197.4M | −$174.3M | −$29,000 | −$918,000 | −$1.2M | −$56.3M | −$1,000 | −$332,000 | −$946,000 | −$43.0M | −$35.6M |
| Net borrowing (repayment) | — | $535.0M | $887.6M | $630.3M | $276.3M | $924.6M | $2.18B | −$197.6M | $374.7M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $314.2M | $2.7M | $6.6M | −$3.1M | −$8.9M | $30.0M | −$775,000 | −$2.0M | −$166.1M | $3.26B | $430.6M | $147.8M |
| Cash from financing activities | $154.1M | $248.5M | $627.1M | $533.7M | $173.0M | $859.1M | $2.03B | −$281.2M | $126.8M | $3.19B | $317.6M | $42.2M |
| Summary | ||||||||||||
| Net change in cash | $2.61B | $1.73B | −$1.25B | $2.39B | $258.4M | −$149.1M | −$704.8M | $1.30B | −$74.2M | $3.25B | −$1.15B | $251.9M |
| Cash at end of period | $18.06B | $15.45B | $13.72B | $14.96B | $12.57B | $12.31B | $12.46B | $13.17B | $11.86B | $11.94B | $8.68B | $9.83B |
| Free cash flow | $2.54B | $1.55B | −$1.80B | $1.90B | $126.0M | −$1.02B | −$2.71B | $1.64B | −$684.5M | −$15.9M | −$1.40B | $35.4M |
| Free cash flow margin | 78.7% | 45.5% | −62.8% | 64.6% | 4.3% | −41.0% | −109.8% | 57.5% | −26.4% | −0.6% | −54.8% | 1.8% |
| Capex / revenue | 1.5% | 1.4% | 2.3% | 1.9% | 2.0% | 1.8% | 2.0% | 2.5% | 1.4% | 1.9% | 3.8% | 4.0% |
| Operating cash flow / net income | 8.99 | 6.40 | −10.90 | 9.28 | 0.76 | −10.70 | −19.48 | 7.64 | −3.58 | 0.21 | −8.33 | −0.62 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
JEF cash generation
In fiscal 2025 (ended November 30, 2025), Jefferies Financial generated -$1.5 billion of cash from operations and spent $207.5 million on capital expenditures, leaving free cash flow of -$1.7 billion, −15.8% of revenue. It returned $432.6 million to shareholders through dividends ($374.1 million) and net share buybacks ($58.5 million). Cash and equivalents rose by $1.8 billion over the year.
Related: JEF income statement, JEF balance sheet, JEF dividend history. See the JEF stock overview for the latest quote and news.
JEF cash flow FAQ
What is Jefferies Financial's free cash flow?
Jefferies Financial's free cash flow was -$1.7 billion in fiscal 2025: -$1.5 billion of operating cash flow minus $207.5 million of capital expenditures It was -$459.8 million a year earlier..
How much cash does Jefferies Financial generate from operations?
Jefferies Financial generated -$1.5 billion of cash from operating activities in fiscal 2025, −2.20 times its net income of $682.0 million.
How much does Jefferies Financial spend on capital expenditures?
Jefferies Financial spent $207.5 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $250.6 million the year before.
How much stock does Jefferies Financial buy back?
Jefferies Financial spent $58.5 million on net share repurchases in fiscal 2025.
How much does Jefferies Financial pay in dividends?
Jefferies Financial paid $374.1 million in dividends in fiscal 2025.