Jefferies Financial Group Inc. (JEF) Income Statement
JEF FY2025 at a glance
Fiscal year ended November 30, 2025 · U.S. dollarsJEF revenue and net income
Where JEF's revenue goes
FY2025Each bar shows an amount and its share of revenue. JEF kept 6.6% of revenue as net income.
JEF profit margins
JEF growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.9% | +14.8% | +9.2% | +10.9% |
| Gross profit | +3.9% | +19.6% | +14.2% | +15.3% |
| Operating income | −85.4% | −36.0% | −19.9% | +0.6% |
| Net income | −4.4% | −3.3% | −1.7% | +18.5% |
| EPS (diluted) | −14.0% | −4.3% | +1.6% | +24.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
JEF quarterly EPS vs estimates
Jefferies Financial beat the analyst EPS estimate in 4 of the last 8 quarters.
JEF income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.82B | $10.52B | $7.44B | $7.15B | $8.95B | $6.96B | $5.36B | $3.18B | $12.41B | $5.05B |
| Cost of revenue | $4.37B | $4.30B | $2.93B | $3.38B | $4.33B | $3.63B | $2.45B | $1.93B | $10.29B | $2.51B |
| Gross profit | $6.46B | $6.22B | $4.51B | $3.77B | $4.62B | $3.33B | $2.90B | $1.26B | $2.12B | $2.54B |
| Research & development | — | — | $177.5M | $150.5M | $109.8M | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $3.86B | $961.5M | $849.5M | $943.5M | $710.1M | $247.1M | $1.01B | $710.2M | $817.6M | $2.99B |
| Total operating expenses | $5.77B | $1.50B | $1.20B | $1.16B | $1.09B | $1.24B | $1.16B | $774.6M | $1.03B | $888.4M |
| Operating income | $686.4M | $4.71B | $3.31B | $2.61B | $3.52B | $2.09B | $1.74B | $378.3M | $1.13B | $1.65B |
| Interest income | — | — | — | — | $94.4M | $75.5M | $203.0M | $57.0M | $176.1M | — |
| Interest expense | $3.48B | $3.48B | $2.74B | $1.17B | $931.6M | $945.1M | $1.47B | $31.1M | $971.5M | $971.5M |
| Income before taxes | $871.0M | $1.01B | $354.3M | $1.06B | $2.25B | $1.07B | $478.6M | $323.0M | $1.01B | $606.5M |
| Income taxes | $184.6M | $293.2M | $91.9M | $273.9M | $576.7M | $298.7M | −$484.0M | $20.7M | $761.0M | $642.3M |
| Net income | $710.5M | $743.4M | $277.7M | $785.4M | $1.67B | $775.2M | $964.7M | $158.8M | $171.7M | $171.7M |
| EBITDA | $1.07B | $4.68B | $3.21B | $2.42B | $3.33B | $2.17B | $2.10B | $131.3M | $1.30B | $1.64B |
| EPS (diluted) | $2.94 | $3.42 | $1.13 | $3.35 | $6.13 | $2.71 | $1.31 | $2.60 | $0.47 | $1.65 |
| Gross margin | 59.7% | 59.1% | 60.6% | 52.8% | 51.6% | 47.8% | 54.2% | 39.5% | 17.0% | 50.3% |
| Operating margin | 6.3% | 44.8% | 44.5% | 36.6% | 39.4% | 30.0% | 32.5% | 11.9% | 9.1% | 32.7% |
| Net margin | 6.6% | 7.1% | 3.7% | 11.0% | 18.7% | 11.1% | 18.0% | 5.0% | 1.4% | 3.4% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.23B | $3.41B | $2.87B | $2.95B | $2.91B | $2.49B | $2.47B | $2.85B | $2.60B | $2.52B | $2.55B | $1.97B |
| Cost of revenue | $194.3M | $300.2M | $1.25B | $1.19B | $1.15B | $1.03B | $992.1M | $1.19B | $1.03B | $1.01B | $1.07B | $734.0M |
| Gross profit | $3.04B | $3.11B | $1.62B | $1.76B | $1.75B | $1.47B | $1.48B | $1.66B | $1.57B | $1.51B | $1.48B | $1.23B |
| Research & development | — | $75.4M | $75.4M | $296.9M | $144.6M | $80.1M | $72.3M | $126.3M | $68.2M | $68.6M | $57.7M | $73.7M |
| Sales, general & admin | $1.57B | $270.7M | $270.7M | $2.88B | $484.3M | $254.7M | $242.1M | $246.2M | $231.7M | $308.7M | $301.2M | $219.6M |
| Total operating expenses | $1.68B | $1.89B | $434.3M | $3.50B | $1.51B | $401.5M | $363.3M | $403.9M | $359.8M | $377.2M | $362.8M | $323.4M |
| Operating income | $1.36B | $1.22B | $1.19B | −$1.74B | $242.5M | $1.07B | $1.12B | $1.26B | $1.21B | $1.13B | $1.12B | $911.3M |
| Interest expense | $1.01B | $911.7M | $854.1M | $880.0M | $860.2M | $859.9M | $879.8M | $894.6M | $912.0M | $859.9M | $813.7M | $771.5M |
| Income before taxes | $351.0M | $315.5M | $212.2M | $253.2M | $331.8M | $134.9M | $151.1M | $304.9M | $252.7M | $227.8M | $220.2M | $87.3M |
| Income taxes | $62.8M | $65.6M | $52.9M | $37.5M | $89.3M | $43.5M | $14.2M | $86.1M | $78.0M | $73.1M | $56.0M | $16.8M |
| Net income | $291.0M | $255.4M | $175.2M | $215.0M | $252.5M | $99.1M | $143.8M | $232.2M | $187.9M | $159.5M | $163.8M | $71.9M |
| EBITDA | $1.40B | $1.26B | $1.11B | −$1.43B | $387.8M | $1.05B | $1.06B | $1.26B | $1.21B | $1.14B | $1.08B | $887.4M |
| EPS (diluted) | $1.09 | $1.03 | $0.70 | $0.96 | $1.01 | $0.40 | $0.57 | $1.07 | $0.87 | $0.73 | $0.75 | $0.30 |
| Gross margin | 94.0% | 91.2% | 56.5% | 59.6% | 60.3% | 58.8% | 59.9% | 58.3% | 60.4% | 59.9% | 58.0% | 62.7% |
| Operating margin | 42.1% | 35.7% | 41.4% | −59.0% | 8.3% | 42.7% | 45.2% | 44.1% | 46.5% | 44.9% | 43.8% | 46.3% |
| Net margin | 9.0% | 7.5% | 6.1% | 7.3% | 8.7% | 4.0% | 5.8% | 8.1% | 7.2% | 6.3% | 6.4% | 3.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in JEF's financial statements (latest annual report filed January 28, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
JEF financial results
In fiscal year 2025 (ended November 30, 2025), Jefferies Financial reported revenue of $10.8 billion, up 2.9% from the year before. It had net income of $710.5 million (down 4.4%), a net profit margin of 6.6%. Diluted earnings per share came to $2.94. Over five years revenue grew at an average rate of 9.2% a year.
See the JEF stock overview for the latest quote and news, or the JEF chart for price history and technical indicators.
JEF income statement FAQ
What is Jefferies Financial's annual revenue?
Jefferies Financial reported total revenue of $10.8 billion for fiscal year 2025, which ended on November 30, 2025. That was up 2.9% from $10.5 billion the previous year.
Is Jefferies Financial profitable?
Yes. Jefferies Financial reported net income of $710.5 million in fiscal 2025, a net profit margin of 6.6%; its operating margin was 6.3%.
What is Jefferies Financial's gross margin?
Jefferies Financial's gross margin was 59.7% in fiscal 2025: for every $100 of revenue, Jefferies Financial kept $60 after the direct cost of its products and services.
How fast is Jefferies Financial growing?
Revenue grew 9.2% a year on average over the last five fiscal years, from $7.0 billion to $10.8 billion.
What are Jefferies Financial's earnings per share?
Jefferies Financial earned $2.94 per diluted share in fiscal 2025, compared with $3.42 a year earlier.
When does Jefferies Financial's fiscal year end?
Jefferies Financial's fiscal year ends in November. The latest annual report covers the year ended November 30, 2025 and was filed on January 28, 2026.