Jefferies Financial (JEF) financial statements
Jefferies Financial reported revenue of $10.8B in fiscal 2025, down 0.8% a year over 9 years.
Net income was $682M.
Free cash flow was -$1.7B, and the company returned $374M in dividends and $59M in net buybacks.
The diluted share count fell 40% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Jefferies Financial's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.7B | $3.8B | $5.0B | $5.4B | $6.9B | $8.9B | $7.1B | $7.4B | $10.5B | $10.8B |
| Cost of revenue | $7.7B | $337M | $281M | $320M | $339M | $471M | $441M | $29M | $206M | $191M |
| Gross profit | $4.0B | $3.5B | $4.8B | $5.0B | $6.5B | $8.5B | $6.7B | $7.4B | $10.3B | $10.6B |
| Selling, general and admin | $758M | $797M | $778M | $1.0B | $1.1B | $1.3B | — | — | — | — |
| Operating income | $1.0B | $645M | $1.7B | $1.7B | $2.0B | $3.1B | — | — | — | — |
| Interest expense | $116M | $96M | $101M | $87M | $1.0B | $932M | $1.2B | $2.7B | — | — |
| Pre-tax income | $357M | -$13M | $607M | $479M | $1.1B | $2.3B | $1.1B | $354M | $1.0B | $871M |
| Income tax | $110M | $26M | $642M | -$484M | $299M | $577M | $274M | $92M | $293M | $185M |
| Net income | $280M | $126M | $167M | $960M | $770M | $1.7B | $782M | $262M | $716M | $682M |
| EPS (diluted) | $0.74 | $0.34 | $0.45 | $3.03 | $2.65 | $6.13 | $3.06 | $1.10 | $2.99 | $2.83 |
| Diluted shares | 372M | 372M | 371M | 317M | 290M | 272M | 256M | 237M | 224M | 223M |
| Gross margin | 34.3% | 91.2% | 94.4% | 94.0% | 95.1% | 94.7% | 93.8% | 99.6% | 98.0% | 98.2% |
| Operating margin | 8.9% | 16.8% | 32.7% | 32.5% | 29.2% | 34.8% | — | — | — | — |
| Net margin | 2.4% | 3.3% | 3.3% | 17.9% | 11.2% | 18.8% | 10.9% | 3.5% | 6.8% | 6.3% |
Balance sheet
Fiscal years, from Jefferies Financial's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.6B | $3.8B | $5.3B | $7.7B | $9.1B | $10.8B | $9.7B | $8.5B | $12.2B | $14.0B |
| Inventory | $288M | $310M | — | — | — | — | — | — | — | — |
| Property, plant and equipment | $722M | $709M | $750M | $385M | — | — | — | — | — | — |
| Goodwill | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B | $1.8B | $1.8B |
| Total assets | $46.3B | $45.1B | $47.2B | $49.5B | $53.1B | $56.1B | $51.1B | $57.9B | $64.4B | $76.0B |
| Total liabilities | $35.5B | $34.3B | $36.5B | $39.7B | $43.5B | $45.4B | $40.6B | $48.1B | $54.1B | $65.4B |
| Shareholders' equity | $10.4B | $10.1B | $10.1B | $9.6B | $9.4B | $10.6B | $10.2B | $9.7B | $10.2B | $10.6B |
| Net debt | -$3.6B | -$3.8B | -$5.3B | -$7.7B | -$9.1B | -$10.8B | -$9.7B | -$8.5B | -$12.2B | -$14.0B |
Cash flow
Fiscal years, from Jefferies Financial's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$762M | $572M | $788M | -$828M | $2.1B | $1.6B | $1.8B | -$1.9B | -$140M | -$1.5B |
| Capital spending | — | — | — | — | $177M | $166M | $224M | $1M | $251M | $207M |
| Free cash flow | — | — | — | — | $1.9B | $1.4B | $1.6B | -$1.9B | -$391M | -$1.7B |
| Stock-based compensation | $74M | $34M | $48M | $50M | $40M | $78M | $44M | $45M | $63M | $88M |
| Dividends paid | $93M | $91M | $117M | $150M | $161M | $223M | $280M | $279M | $303M | $374M |
| Share buybacks (net) | -$126M | -$95M | -$100M | -$510M | -$817M | -$269M | -$860M | -$169M | -$44M | -$59M |
| Net borrowing | $299M | $205M | $23M | — | -$1.7B | -$1.6B | -$825M | -$1.3B | -$2.4B | -$4.1B |
| Free cash flow margin | — | — | — | — | 27.3% | 15.8% | 22.1% | -26.0% | -3.7% | -15.7% |
| Dividends per share | $0.25 | $0.25 | $0.32 | $0.47 | $0.55 | $0.82 | $1.10 | $1.18 | $1.35 | $1.68 |
Questions
What was Jefferies Financial's revenue in 2025?
$10.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Jefferies Financial generate?
-$1.7B in fiscal 2025 (operating cash flow minus capital spending).
From Jefferies Financial's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.