Jefferies Financial Group (JEF) Q4 2025 earnings summary

Executive summary

• Net earnings attributable to common shareholders were $191 million for Q4 2025 ($0.87 per diluted share), or $213 million ($0.96 per share) excluding a $30 million pre-tax loss on Point Bonita investment.

• Total net revenues reached $2.07 billion, up from $1.96 billion in Q4 2024, driven by strong Investment Banking and Equities performance.

• Book value per common share was $51.26; adjusted tangible book value per fully diluted share was $33.69 at quarter end.

• Quarterly cash dividend of $0.40 per share declared, payable February 27, 2026.

Financial highlights

• Q4 2025 net earnings attributable to common shareholders: $191 million, down from $206 million in Q4 2024.

• Adjusted net earnings (excluding Point Bonita): $213 million, up from $206 million in Q4 2024.

• Diluted EPS from continuing operations: $0.87 (Q4 2025) vs. $0.91 (Q4 2024); adjusted EPS: $0.96 (Q4 2025).

• Return on adjusted tangible shareholders' equity: 11.8% (Q4 2025); adjusted return: 12.9%.

• Effective tax rate dropped to 14.8% from 28.2% due to resolution of certain tax matters.

Outlook and guidance

• Management anticipates continued market share gains and margin improvement, supported by ongoing technology investments and a potentially more favorable operating environment.