Jefferies Financial Group (JEF) Q3 FY2026 earnings: revenue $2.2 billion, up 8.5% on the year

Jefferies Financial Group Inc. (JEF) reported revenue of $2.2 billion for Q3 FY2026, the quarter ended 31 August 2026, up 8.5% on the same quarter a year earlier. Net income was $288 million, up 28.7% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 9 October 2026.

Revenue$2.2 billionup 8.5%

Net income$288 millionup 28.7%

Diluted EPSn/a

QuarterQ3 FY2026ended 31 August 2026

What management said

Guidance figures: 2 kept.

Total revenue rose, led by banking: Total net revenues were $2.22 billion against $2.05 billion a year earlier. Investment Banking net revenues were $1.33 billion, up 17%.
Earnings to common shareholders rose: Net earnings to common shareholders were $261 million against $224 million. Diluted EPS was $1.08 against $1.01, and return on adjusted tangible equity was 13.5% against 13.6%.
Advisory delivered a record quarter: Advisory net revenues were $818 million, up 25%, driven by market share gains across multiple sectors. The company called it its best quarter on record.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	2,222	2,206	2,047	+8.5%
Cost of revenue	22.9	31.3	34.4	-33.4%
Gross profit	2,199	2,175	2,013	+9.2%
Gross margin	99.0%	98.6%	98.3%
Pre-tax income	351	316	332	+5.8%
Income tax	62.8	65.6	89.3	-29.7%
Effective tax rate	17.9%	20.8%	26.9%
Net income	288	250	224	+28.7%
Net margin	13.0%	11.3%	10.9%
Diluted EPS	n/a	n/a	$1.01	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Operating cash flow	2,591	1,599	184	+1306.9%
Capital expenditure	49.3	48.0	58.2	-15.2%
Free cash flow	2,542	1,551	126	+1917.3%
Free cash flow margin	114.4%	70.3%	6.2%
Cash from investing	-148	-82.9	-54.6	n/a
Cash from financing	154	248	173	-10.9%
Depreciation and amortisation	43.3	47.3	53.2	-18.7%
Share-based compensation	157	150	142	+10.4%
Buybacks	68.2	197	0.9	+7331.2%
Dividends paid	91.9	91.8	93.5	-1.8%
Dividend per share	$0.40	$0.40	$0.40	+0.0%
Diluted shares, weighted	n/a	n/a	223m	n/a
Shares outstanding at period end	230m	203m	206m	+11.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Shareholders' equity	10,714	10,567	10,439	+2.6%
Non-controlling interest	38.1	40.4	62.2	-38.7%
Redeemable equity	0.4	0.4	0.4	+0.0%
Short-term borrowings	n/a	n/a	1,231	n/a
Debt	18,459	18,041	16,014	+15.3%
Other liabilities	52,090	50,891	41,573	+25.3%
Total liabilities and equity	81,302	79,540	69,320	+17.3%
Goodwill	1,726	1,725	1,840	-6.2%
Intangible assets	109	111	212	-48.7%
Securities borrowed	11,158	9,730	8,175	+36.5%
Cash and equivalents	16,884	14,315	11,458	+47.3%
Other assets	51,425	53,659	47,633	+8.0%
Total assets	81,302	79,540	69,320	+17.3%

Questions

What was Jefferies Financial Group's revenue in Q3 FY2026?

Jefferies Financial Group (JEF) reported revenue of $2.2 billion for Q3 FY2026, the quarter ended 31 August 2026, up 8.5% on the same quarter a year earlier.

How much did Jefferies Financial Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $288 million, up 28.7% on the year.

When did Jefferies Financial Group report Q3 FY2026 results?

Jefferies Financial Group filed its 10-Q for the quarter ended 31 August 2026 with the SEC on 9 October 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,809	1,693	1,338	1,510	1,438	1,283	1,038	1,182	1,197	1,738	1,656	1,684	1,957	1,593	1,634	2,047	2,069	2,017	2,206	2,222
Cost of revenue	80.0	95.7	130	123	91.3	2.2	2.4	1.6	23.3	34.7	37.5	37.4	96.8	41.6	43.0	34.4	72.0	29.9	31.3	22.9
Gross profit	1,729	1,597	1,208	1,386	1,347	1,281	1,035	1,180	1,174	1,704	1,619	1,646	1,860	1,551	1,591	2,013	1,997	1,987	2,175	2,199
Gross margin	96%	94%	90%	92%	94%	100%	100%	100%	98%	98%	98%	98%	95%	97%	97%	98%	97%	99%	99%	99%
Operating income	459	383	157	292	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	25%	23%	12%	19%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	17.3	220	258	322	370	497	614	859	772	814	860	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	426	392	167	302	195	158	17.9	91.1	87.3	220	228	253	305	151	135	332	253	212	316	351
Tax rate	22%	16%	30%	35%	28%	18%	52%	41%	19%	25%	32%	31%	28%	9%	32%	27%	15%	25%	21%	18%
Net income	323	325	114	195	140	133	12.4	57.7	64.6	150	146	167	207	128	88.0	224	191	159	250	288
Net margin	18%	19%	8%	13%	10%	10%	1%	5%	5%	9%	9%	10%	11%	8%	5%	11%	9%	8%	11%	13%
Diluted EPS	$1.20	$1.23	$0.45	$0.78	$0.60	$0.54	$0.05	$0.22	$0.29	$0.66	$0.64	$0.75	$0.94	$0.57	$0.40	$1.01	$0.87	$0.70	n/a	n/a
Operating cash flow	1,486	-1,215	1,225	1,438	358	-1,819	417	-488	-43.7	n/a	n/a	n/a	n/a	-2,665	-978	184	n/a	-1,737	1,599	2,591
Capital expenditure	n/a	27.6	57.1	47.2	92.3	25.2	25.1	30.0	n/a	96.2	48.6	35.8	69.9	49.6	43.7	58.2	56.0	64.9	48.0	49.3
Free cash flow	n/a	-1,243	1,168	1,391	265	-1,844	392	-518	n/a	n/a	n/a	n/a	n/a	-2,715	-1,022	126	n/a	-1,802	1,551	2,542
Buybacks	87.5	338	284	116	121	50.9	114	0.3	4.1	43.0	0.9	0.3	0.0	56.3	1.2	0.9	0.0	174	197	68.2
Dividends paid	61.5	72.3	70.2	69.3	68.3	68.8	69.9	69.9	70.0	69.9	69.9	81.6	81.6	92.7	94.3	93.5	93.5	92.8	91.8	91.9
Shares outstanding	244m	240m	232m	229m	226m	234m	231m	210m	211m	212m	212m	205m	206m	206m	206m	206m	206m	204m	203m	230m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 August 2026, filed 9 October 2026, accession 0000096223-26-000033: the filing on EDGAR. All of Jefferies Financial Group Inc.'s filings: EDGAR company page.