Jefferies Financial Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Jefferies Financial Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,684	7,022	7,354	5,359	6,880	8,945	7,149	7,441	10,515	10,824
Cost of revenue	7,677	337	281	320	339	471	441	29.4	206	191
Gross profit	4,007	6,685	7,073	5,039	6,542	8,475	6,708	7,412	10,309	10,633
General and administrative	758	797	778	1,010	0	0
Interest expense	116	95.8	101	87.2	1,030	932	1,170	2,741
Interest income									3.1	1
Pre-tax income	357	-12.6	607	479	1,067	2,254	1,056	354	1,006	871
Income tax	110	25.8	642	-484	299	577	274	91.9	293	185
Income from continuing operations	274	-37.9	-36	960	770
Net income to minority interests	-5	-1.43	-3.46	-1.85	-5.27	3.85	-2.4
Net income	280	126	167	960	770	1,667	774	261	669	631
EPS, basic	0.74	0.34	0.45	3.07	2.68	6.29	3.13	1.12	3.08	2.93
EPS, diluted	0.74	0.34	0.45	3.03	2.65	6.13	3.06	1.10	2.99	2.83
Shares, basic (weighted)	372	371	368	311	286	264	247	233	217	215
Shares, diluted (weighted)	372	372	371	317	290	272	256	237	224	223
Dividend per share	0.25	0.25	0.33	0.50	0.60	0.90	1.20	1.20	1.30	1.60

Balance sheet

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,639	3,808	5,275	7,679	9,055	10,755	9,703	8,526	12,153	14,044
Inventory	288	310
Property, plant and equipment	722	709	750	385
Lease right-of-use assets					507	472	455	455	554	526
Goodwill	1,736	1,716	1,722	1,740	1,746	1,745	1,736	1,848	1,828	1,838
Intangible assets	912	798	741	183	167	152	139	197	226	203
Total assets	46,331	45,071	47,169	49,460	53,118	56,107	51,058	57,905	64,360	76,012
Deferred revenue						49.7	27	48.3	79.1	92.3
Short-term debt	311	526	436	548	765	222	528	990	443	1,767
Total liabilities	35,549	34,306	36,479	39,707	43,530	45,377	40,631	48,103	54,135	65,370
Total debt	7,401	7,380	7,886	8,337	8,352	9,126	8,774	9,699	13,531	15,896
Paid-in capital	4,987	4,813	4,676	3,628	2,911	2,742	1,968	2,045	2,104	2,178
Retained earnings	4,613	4,645	4,701	5,933	6,532	7,940	8,418	7,850	8,270	8,575
Other comprehensive income	439	311	373	-273	-289	-372	-379	-396	-423	-384
Shareholders' equity	10,401	10,128	10,106	9,580	9,404	10,554	10,233	9,710	10,157	10,575
Minority interests	64.7	176	33	22	34.6	25.9	62.6	92.3	68.2	67.5
Total equity	10,466	10,304	10,139	9,602	9,439	10,580	10,295	9,802	10,225	10,642
Total liabilities and equity	46,331	45,071	47,169	49,460	53,118	56,107	51,058	57,905	64,360	76,012
Shares outstanding	363	359	356	292	250	244	226	211		206

Cash flow statement

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	252	194	253	963	768	1,677	782	262	716	682
Depreciation and amortization	224	117	110	153	158	157	173	112	190	192
Stock-based compensation	74.1	33.6	48.4	49.8	40	78.2	43.9	45.4	63.1	88.2
Deferred income tax	131	23.7	596	6.39	64.7	96.9	-70.4	10.5	-4.13	110
Change in payables					1,179	528	-715	-319	925	315
Cash from operations	-762	572	788	-828	2,055	1,582	1,805	-1,934	-140	-1,495
Capital expenditures					-177	-166	-224	-1.16	-251	-207
Acquisitions	0	-9.67	0	101	0	0
Sales and maturities of investments				900
Cash from investing	781	-636	-54.6	1,707	-166	-410	-60.5	-12.2	210	-299
Debt issued					1,517	2,488	1,199	2,210	5,952	6,043
Debt repaid					-1,716	-1,646	-825	-1,282	-2,428	-4,059
Stock issued	1.22	1.06	1.5	1.11
Share buybacks	-126	-95	-100	-510	-817	-269	-860	-169	-44.3	-58.5
Dividends paid	-92.6	-91.3	-117	-150	-161	-223	-280	-279	-303	-374
Cash from financing	-652	231	435	1,590	-724	994	-2,843	1,060	3,520	3,592
Exchange rate effect	-5.55	-27.5	12.1	-1.06	18.3	-3.39	-22.1
Net change in cash	-638	134	1,177	2,468	1,185	2,163	-1,121	-831	3,348	1,796
Free cash flow					1,878	1,417	1,581	-1,935	-391	-1,703
Interest paid	980	957	1,120	1,563	1,080	936	1,164	2,348	3,441	3,478
Income taxes paid	0.51	-13.7	15.4	24.6	0.03	727	214	159	258	292

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $47.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	98.6%	Gross profit / revenue.
Pre-tax margin	9.4%	Pre-tax income / revenue.
Net margin	7.0%	Net income / revenue.
FCF margin	15.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.0%	Cash from operations / revenue.
Effective tax rate	22.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-5.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	23.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	21.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.71x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.7%	Total debt / total assets.
Liabilities / assets	86.7%	Total liabilities / total assets.
Net debt	$3.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.73B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
FCF conversion	216.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Book value per share	$51.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$42.92	Tangible book value / shares outstanding.
Cash per share	$70.38	(Cash + short-term investments) / shares outstanding.
Payout ratio	45.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	20.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.24B	Share price x shares outstanding.
Enterprise value	$12.96B	Market cap + total debt - cash - short-term investments.
P/E	11.2x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	0.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.06x	Market cap / tangible book value, when positive.
P/FCF	5.18x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.59x	Market cap / cash from operations, when positive.
EV/Sales	1.09x	Enterprise value / revenue.
EV/FCF	7.27x	Enterprise value / free cash flow, when both are positive.
FCF yield	19.3%	Free cash flow / market cap.
Earnings yield	8.9%	Net income / market cap (the inverse of P/E).
Dividend yield	4.0%	Dividends paid over the period / market cap.
Shareholder yield	8.1%	(Dividends paid + share buybacks) / market cap.

What was Jefferies Financial Group Inc.'s revenue in fiscal 2025?

Jefferies Financial Group Inc. reported revenue of $10.82B for fiscal 2025, 2.9% higher than the year before.

Was Jefferies Financial Group Inc. profitable in fiscal 2025?

Yes. Net income was $630.8M, a net margin of 5.8%.

How much free cash flow did Jefferies Financial Group Inc. generate in fiscal 2025?

Cash from operations of $1.50B minus capital expenditures of $207.5M left free cash flow of -$1.70B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Jefferies Financial Group Inc.