10-Q · July 9, 2026
Jefferies Financial Group reported Q2 2026 results with revenues of $2.21 billion, reflecting a year-over-year increase of 35%, but falling short of the $2.28 billion estimate. Diluted EPS came in at $1.03, below the…
Earnings analysis · 10-Q
JEF earnings analysis
Filed October 9, 2026 · Our reading of the company's report
The latest report
Jefferies reported $2.222 billion of revenue and $1.09 of diluted EPS, with EPS up 6.9% sequentially and 7.9% year over year while revenue declined sharply versus both comparison periods. Revenue and EPS exceeded…
Read full summary
Jefferies reported $2.222 billion of revenue and $1.09 of diluted EPS, with EPS up 6.9% sequentially and 7.9% year over year while revenue declined sharply versus both comparison periods. Revenue and EPS exceeded consensus estimates, but the filing provides no quantitative guidance and the available text does not disclose gross margin, operating margin, free cash flow, balance-sheet metrics, or segment revenue. Capital returns continued through 1,328,417 share repurchases, while risk factors were incorporated by reference to the November 30, 2025 Form 10-K.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.09
What stood out
-
Revenue beat estimates despite sequential decline
Revenue was $2.222 billion, down approximately 28.8% from $3.12 billion in 2026Q2 and 23.7% from $2.91 billion in 2025Q3. Revenue nevertheless exceeded the $2.199 billion consensus estimate by approximately 1.0%.
-
EPS improved sequentially and year over year
Diluted EPS was $1.09, up from $1.02 in 2026Q2 and $1.01 in 2025Q3, representing increases of approximately 6.9% and 7.9%, respectively.
-
Share repurchases continued
Jefferies repurchased 1,328,417 shares during the three months ended August 31, 2026, at an average price of $51.84 per share.
-
Repurchase authorization remains available
The company had approximately $182.611 million remaining under its publicly announced share-repurchase authorization at August 31, 2026.
-
No material control weakness reported
Management concluded that disclosure controls were effective as of August 31, 2026, and reported no change in internal control over financial reporting during the quarter that materially affected, or was reasonably likely to materially affect, those controls.
What to watch
-
Sharp sequential revenue contraction
Revenue declined to $2.222 billion from $3.12 billion in the immediately preceding quarter, a sequential contraction of approximately 28.8%, indicating significant earnings sensitivity to capital-markets activity and market conditions.
-
Limited forward earnings visibility
The available 10-Q text does not provide quantitative revenue or EPS guidance; investors therefore lack a filing-based forecast range against which to assess the next period.
-
No updated risk-factor discussion
The 10-Q states that its risk factors are those disclosed in the Annual Report on Form 10-K for the year ended November 30, 2025, rather than presenting updated risk-factor disclosures. This limits visibility into changes since the 2025 filing.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance; outlook was not quantified in the available filing text.
Earlier filings 2
10-Q · April 7, 2026
Jefferies reported Q1 (ended Feb 28, 2026) revenue of $2,871,265,000 and diluted EPS of $0.70. Revenue and EPS increased materially year-over-year, driven by a $1,018,284,000 investment banking quarter and gains in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.