Q4 25 EPS
$0.96
BEAT +1.68%
Est. $0.94
Q4 25 Revenue
$2.07B
BEAT +4.21%
Est. $1.99B
vs S&P Since Q4 25
-25.8%
TRAILING MARKET
JEF -16.3% vs S&P +9.5%
Full Year 2025 Results
FY 25 EPS
$2.94
MISS 0.61%
Est. $2.96
FY 25 Revenue
$7.34B
BEAT +0.43%
Est. $7.31B
Market Reaction
Did JEF Beat Earnings? Q4 2025 Results
Jefferies Financial Group closed out fiscal 2025 on solid footing, posting adjusted diluted EPS of $0.96 for Q4, ahead of the $0.93 consensus estimate by 3.23%, as net revenues of $2.07 billion rose 3.4% year-over-year despite pockets of pressure in … Read more Jefferies Financial Group closed out fiscal 2025 on solid footing, posting adjusted diluted EPS of $0.96 for Q4, ahead of the $0.93 consensus estimate by 3.23%, as net revenues of $2.07 billion rose 3.4% year-over-year despite pockets of pressure in Fixed Income and Asset Management. The quarter's standout driver was Investment Banking, where net revenues surged 20% to $1.19 billion, anchored by Advisory net revenues of $634.20 million, the second-best quarterly result in the firm's history, alongside a concentrated burst of equity underwriting activity that accounted for roughly 44% of the full year's underwriting revenues. That concentration is itself a forward signal, with management pointing to accelerating sponsor activity as a tailwind heading into 2026. The firm also priced a $1.5 billion senior notes offering at 5.50% due 2036, adding long-term funding flexibility as it pursues continued market share gains, margin improvement, and scale benefits it expects to compound meaningfully in a more normalized operating environment. A quarterly dividend of $0.40 per share was declared.
Key Takeaways
- • Market share gains in Investment Banking and Equities
- • Second-best quarter on record for Advisory net revenues driven by strong corporate and sponsor M&A activity
- • 44% of annual Equity Underwriting net revenues generated in Q4
- • Equities net revenues grew 18% driven by prime services, corporate derivatives, and electronic trading
- • Lower effective tax rate of 14.8% due to resolution of state and local tax matters
JEF YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
JEF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our fourth quarter net revenues were $2.07 billion, net earnings attributable to common shareholders were $191 million and diluted earnings per common share from continuing operations were $0.87. Adjusting our results for a markdown and resulting pre-tax loss of $30 million associated with our investment in Point Bonita—a fund we advise and in which we hold an equity interest—our net earnings attributable to common shareholders was $213 million, or $0.96 per diluted share.”
— Richard Handler, Q4 2025 Earnings Press Release
JEF Earnings Trends
JEF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
JEF EPS Trend
Earnings per share: estimate vs actual
JEF Revenue Trend
Quarterly revenue: estimate vs actual
JEF Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | $1.24 | — | — | — | — |
| Q1 26 MISS | $0.91 | $0.70 | -23.28% | $2.02B | +1.81% |
| Q4 25 BEAT FY | $0.94 | $0.96 | +1.68% | $2.07B | +4.21% |
| FY Full Year | $2.96 | $2.94 | -0.61% | $7.34B | +0.43% |
| Q3 25 BEAT | $0.80 | $1.01 | +26.25% | $2.05B | +6.49% |
| Q2 25 MISS | $0.44 | $0.40 | -9.09% | $1.63B | +4.64% |
| Q1 25 MISS | $1.20 | $0.57 | -52.31% | $1.59B | -14.49% |