JEF Jefferies Financial Group Inc.

Overview and Growth

Fiscal 2025 results for Jefferies Financial Group Inc. combined $10.82B of revenue with net income of $630.79M and an operating cash outflow of $1.50B. Revenue of $10.82B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $10.52B in fiscal 2024, revenue recorded a 2.9% year-over-year increase. The company reported diluted EPS of $2.83, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $2.99 in fiscal 2024, the current result was 5.4% lower. Total assets stood at $76.01B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.14x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $10.63B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 98.2% of revenue, quantifying the portion retained before operating expenses were recognized. The bottom-line result was net income of $630.79M, after the operating, financing, tax, and other items recognized for the period. Net margin was 5.8%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $870.99M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 8.0%, relating income before taxes directly to revenue. Income tax expense totaled $184.57M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 21.2% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 5.9% of period-end equity, showing the earnings generated on shareholders’ book capital. Return on period-end assets was 0.8%, connecting net income with the company’s total asset base. Against $669.27M in fiscal 2024, the current $630.79M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $76.01B of assets against $65.37B of liabilities and $10.64B of equity, revealing how the asset base was financed. The company held $14.04B in cash and equivalents, a narrower liquidity measure than total current assets. The company carried $17.66B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 1.66x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 23.2% of total assets, placing borrowing in the context of the company’s full resource base. Equity equaled 14.0% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 86.0%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 18.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $64.36B in fiscal 2024, the current asset base moved 18.1% and finished higher. Book equity was 4.1% higher than fiscal 2024 equity of $10.22B, showing how shareholder capital changed year over year. Cash and equivalents were 15.6% higher than fiscal 2024 cash of $12.15B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $1.50B of cash, resulting in an operating cash outflow for the year. The company spent $207.47M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $1.70B cash deficit after capital spending for the period. Free-cash-flow margin was -15.7%, reflecting a cash deficit equal to 15.7% of revenue after capital spending. The cash deficit after capital spending represented 2.2% of the period-end asset base.

Based on the annual report for the fiscal year ending Nov 30, 2025. Analysis generated Oct 21, 2026.