Operating cash flow remains volatile, evidenced by a significant -$1.0 billion outflow in 2026Q1 despite a consistent quarterly dividend payout of approximately $93 million.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 128.78M | -1.5B | -209.25M | -1.93B | 1.8B | 1.58B | 2.08B | -827.84M | -82.79M | 788.29M | 572.41M | -761.75M | -987.16M | 702.34M | 221.86M | 9.08M | 431.27M | -133.42M | 8.81M | -18.37M | 91.52M | 321.11M | 68.44M | -23.26M | 55.38M | -14.63M | -146.43M | 92.2M | -116.3M | -149.8M | -17.4M |
| Operating CF Growth % | -2889.37% | -616.6% | 89.18% | -207.14% | 14.07% | -23.78% | 350.77% | -899.97% | -110.5% | 37.71% | 175.14% | 22.83% | -240.55% | 216.57% | 2342.28% | -97.89% | 423.23% | -1614.12% | 147.97% | -120.07% | -71.5% | 369.21% | 394.2% | -142.01% | 478.39% | 90.01% | -258.82% | 179.28% | 22.36% | -760.92% | -114.75% |
| Net Income | 741.85M | 682.04M | 716.02M | 262.39M | 781.71M | 1.68B | 768.41M | 962.56M | 270.21M | 252.85M | 194.32M | 244.28M | 186.46M | 352.09M | 870.99M | 15.29M | 1.88B | 548.6M | -2.54B | 484.29M | 189.4M | 1.64B | 145.5M | 97.05M | 161.62M | -7.51M | 116.01M | 193.4M | 46.2M | -22.3M | -28.9M |
| Depreciation & Amortization | 210.25M | 201.91M | 197.85M | 113.47M | 189.34M | 144.25M | 142.39M | 129.77M | 131.25M | 64.76M | 71.61M | 172.07M | 139.74M | 138.96M | 170.11M | 96.62M | 105.85M | 86.38M | 72.28M | 42.44M | 24M | 189.5M | 235.92M | 61.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 109.94M | -4.13M | 10.46M | -70.4M | 96.89M | 64.67M | -538.19M | 0 | 712.05M | 118.63M | 134.02M | 126.89M | 70.05M | 484.97M | 30.18M | -1.17B | 19.61M | 1.67B | -567.86M | 99.99M | -1.14B | 7.24M | 28.96M | -28.05M | -64.09M | 43.13M | 40.7M | 7.6M | -7M | 14.1M |
| Other Non-Cash Items | 867.51M | 534.44M | 162.81M | 217.76M | -755.05M | -72.05M | 489.81M | 17.87M | -149.34M | 119.13M | 191.35M | -69.32M | -108.71M | -218.72M | -1.02B | -786.51M | -379.9M | -812.25M | 808.44M | 9.41M | -289.79M | -383.17M | -347.26M | -150.54M | -95.55M | 67.51M | -115.87M | -205.7M | -114.9M | -28M | 137.7M |
| Working Capital Changes | -1.76B | -3.12B | -1.34B | -2.58B | 1.62B | -342.34M | 570.63M | -1.45B | -387.55M | -408.88M | -37.09M | -1.32B | -1.44B | 272.65M | 128.77M | 72.14M | -11.77M | 13.16M | -19.34M | 13.35M | 67.92M | 13.84M | 27.04M | -59.83M | 17.35M | -39.35M | -54.94M | 63.8M | -55.2M | -123.3M | -105.6M |
| Cash from Investing | -1.84B | -298.81M | 210.31M | -12.2M | -60.54M | -409.87M | -186.19M | 1.71B | 142.44M | -54.63M | -636.22M | 781.16M | 449.08M | 3.32B | -16.62M | 390.67M | -208.72M | 71.97M | -403.03M | -957.36M | -186.18M | 22.59M | -16.72M | -217.03M | -56.52M | -88.6M | 277.06M | 765.8M | 14.4M | 540.3M | 86M |
| Purchase of Investments | -331.34M | -953.02M | -1.08B | -251.75M | -351.64M | -2.34B | -906K | -3M | -5.38B | -1.15B | -739.3M | -873.83M | -1.82B | -3.79B | -2.69B | -3.53B | -1.78B | -2.24B | -4.41B | -6.81B | -4.38B | -3.39B | -2.6B | -1.68B | -1.14B | -1.01B | -769.19M | -1.81B | -2.9B | -1.72B | -877.5M |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 3.59M | 3.27M | 22.99M | 1.44B | 5.01B | 787.52M | 645.75M | 2.31B | 3.07B | 4.21B | 1.87B | 4.73B | 1.22B | 2.46B | 4.94B | 5.97B | 4.09B | 3.24B | 2.34B | 1.24B | 1.21B | 898.18M | 1.27B | 2.54B | 2.98B | 1.17B | 933.7M |
| Net Investment Activity | -331.34M | -953.02M | -1.08B | -251.75M | -348.06M | -2.34B | 22.08M | 1.44B | -371.58M | -359.07M | -93.55M | 1.44B | 1.25B | 417.6M | -816.5M | 1.2B | -555.13M | 223.76M | 528.59M | -839.26M | -295.03M | -143.25M | -268.28M | -438.93M | 62.38M | -115.83M | 498.62M | 732.1M | 81.3M | -541.7M | 56.2M |
| Acquisitions | 0 | 0 | 610.84M | 215.19M | 310.04M | 0 | 179.65M | 890.79M | 114.05M | 441.74M | -10M | -16.51M | -269.46M | 3.02B | -25.23M | -1.02B | -333.99M | -179.67M | -792.05M | -90.27M | -105.28M | -170.52M | 0 | 114.52M | -37.85M | -51.92M | -83.12M | 0 | 0 | 0 | 0 |
| Other Investing | -1.35B | 861.68M | 930.41M | 25.52M | 201.78M | 2.09B | -210.97M | -392.75M | 755.24M | -14.28M | -276M | -343.88M | 71.24M | 54.2M | 896.44M | 247.5M | 724.74M | 22.61M | -63.51M | 107.26M | 324.67M | 498.67M | 372M | 253.84M | -81.04M | 132.49M | 255.07M | 161.6M | 12.4M | 1.26B | 49.7M |
| Cash from Financing | 2.34B | 3.59B | 3.35B | 1.06B | -2.84B | 994.29M | -723.52M | 1.59B | 133.13M | 434.8M | 230.91M | -651.98M | 917.78M | -270.51M | -651.71M | -106.64M | 64.66M | -21.95M | 174.82M | 1.15B | -5.21M | -442.66M | 220.53M | 35.19M | 46.62M | 1.66M | 50.24M | -1.01B | -19.7M | 48M | -7.8M |
| Dividends Paid | -374.19M | -374.13M | -302.96M | -278.6M | -280.1M | -222.8M | -160.94M | -149.65M | -151.76M | -117.41M | -91.3M | -92.55M | -93.07M | -91.33M | -61.15M | -61.15M | -60.95M | 0 | 0 | -55.64M | -54.09M | -27.01M | -26.9M | -17.71M | -13.84M | -13.83M | -13.82M | -811.9M | -8.4M | -16M | -15.1M |
| Share Repurchases | -176.5M | -58.52M | -44.31M | -169.4M | -859.59M | -269.4M | -816.87M | -509.91M | -1.13B | -100.48M | -95.02M | -125.75M | -75.73M | -40.02M | -86.9M | -155K | -18K | 0 | -122K | -163K | -187K | -167K | 0 | -61K | -115K | -45K | -32.09M | -125.5M | -59.3M | -1.5M | -800K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 3.61M | 1.5M | 1.06M | 1.22M | 2.19M | 5.56M | 87.92M | 7.13M | 11.29M | 958K | 106.32M | 253.44M | 4.29M | 3.69M | 22.01M | 1.29M | 150.04M | 517K | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -176.5M | -58.52M | -44.31M | -169.4M | -859.59M | -269.4M | -816.87M | -508.8M | -1.13B | -98.98M | -93.96M | -124.53M | -73.54M | -34.47M | 1.02M | 6.97M | 11.28M | 958K | 106.2M | 253.28M | 4.11M | 3.52M | 22.01M | 1.23M | 149.93M | 472K | -32.09M | -125.5M | -59.3M | -1.5M | -800K |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K |
| Other Financing | 24.56M | 17.34M | -167.9M | 6.06M | 65M | -10.13M | 18.96M | 1.87M | 113.48M | -140.08M | -80.07M | 14.11M | 45.62M | -315.34M | -18.66M | -1.02M | -2.36M | -30.06M | -4.18M | 5.48M | 14.31M | -24.57M | -120.52M | -245.84M | -82.35M | -45.93M | 117.01M | 128.3M | 33.9M | 86.8M | 6.4M |
| Net Change in Cash | 1.25B | 1.8B | 3.33B | -876.49M | -1.12B | 2.16B | 1.18B | 2.47B | 238.16M | 1.18B | 134.4M | -638.13M | 369.18M | 3.76B | -22.53M | -272.85M | 287.21M | -83.38M | -219.47M | 169.77M | -99.76M | -99.99M | 272.56M | -204.21M | 45.38M | -102.14M | 256.1M | -163.6M | -121.6M | 423.2M | 120.6M |
| Exchange Rate Effect | 623.17M | 2.37M | -2.25M | 9.22M | -22.14M | -3.39M | 18.31M | -1.06M | 283.52M | 12.07M | -27.5M | -5.55M | -10.53M | 6.18M | 358K | 0 | -292K | 0 | -66K | 39K | 108K | -1.03M | 311K | 895K | -94K | -564K | -9.01M | -11.8M | 0 | 0 | 0 |
| Cash at Beginning | 14.96B | 13.17B | 9.83B | 10.71B | 11.83B | 9.66B | 8.48B | 6.01B | 5.77B | 4.6B | 4.46B | 4.28B | 3.91B | 145.96M | 168.49M | 441.34M | 154.13M | 237.5M | 456.97M | 287.2M | 386.96M | 486.95M | 214.39M | 418.6M | 373.22M | 529.81M | 296.06M | 459.7M | 581.2M | 184M | 266.2M |
| Cash at End | 13.72B | 14.96B | 13.17B | 9.83B | 10.71B | 11.83B | 9.66B | 8.48B | 6.01B | 5.77B | 4.6B | 3.64B | 4.28B | 3.91B | 145.96M | 168.49M | 441.34M | 154.13M | 237.5M | 456.97M | 287.2M | 386.96M | 486.95M | 214.39M | 418.6M | 376.54M | 552.16M | 296.1M | 459.6M | 607.2M | 386.8M |
| Interest Paid | 2.63B | 3.48B | 3.44B | 2.35B | 1.16B | 936.27M | 1.08B | 1.56B | 0 | 1.12B | 0 | 980.27M | 1.04B | 722.7M | 104M | 112.77M | 123.86M | 129.6M | 144.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 282.88M | 291.97M | 257.5M | 159.36M | 214.07M | 727.13M | 25K | 24.59M | 0 | 15.36M | 0 | 510K | 9.88M | 75.92M | 37.35M | 26.18M | 22.23M | 4.36M | 3.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -93.97M | -1.71B | -459.84M | -1.93B | 1.58B | 1.42B | 1.9B | -1.06B | -408.45M | 665.27M | 315.75M | -1.06B | -1.59B | 536.21M | 574.11M | -595.36M | 386.92M | -167.06M | -175.34M | -153.46M | -19M | 158.8M | -52M | -176.9M | 55.38M | -14.63M | -26.48M | -35.7M | -195.6M | -234.6M | -37.3M |
| FCF Growth % | 94.71% | -271.21% | 76.23% | -222.41% | 11.57% | -25.4% | 279.14% | -159.53% | -161.4% | 110.7% | 129.85% | 33.4% | -396.15% | -6.6% | 196.43% | -253.87% | 331.61% | 4.72% | -14.25% | -707.52% | -111.97% | 405.4% | 70.61% | -419.45% | 478.39% | 44.74% | 25.82% | 81.75% | 16.62% | -528.95% | -151.1% |
Cyclical Capital Markets Exposure
According to reported financial statements, Jefferies' net income has remained modest, peaking at $252.5 million in 2025Q3, which suggests that the firm's ability to generate organic capital is frequently offset by the high costs of maintaining its full-service investment banking and trading infrastructure.
The firm's reliance on transactional revenue creates significant volatility in capital generation, as evidenced by the wide swings in quarterly net income. Investors should monitor whether the current level of earnings retention is sufficient to support the firm's strategic hiring initiatives and the capital requirements of its SMFG partnership.
Based on recent SEC filings, Jefferies has demonstrated inconsistent investment activity, with a notable $599.7 million in securities purchases during 2026Q1, indicating that the firm continues to deploy capital into its trading book despite the prevailing uncertainty in global capital markets and interest rate environments.
The lack of significant asset sales across the observed periods suggests a strategy of holding positions rather than active portfolio rotation. This approach may indicate that the firm is prioritizing liquidity and market-making capacity over the realization of gains from its legacy investment portfolio.
As reported in financial statements, Jefferies has maintained a consistent dividend payout of approximately $93 million per quarter throughout 2025, even as operating cash flows have fluctuated wildly, suggesting a management commitment to shareholder returns that may be decoupled from short-term cash flow volatility.
While dividends appear stable, the sporadic nature of share repurchases, which saw a significant $174.3 million outflow in 2026Q1, implies that buybacks are used as a tactical tool rather than a fixed commitment. This warrants further investigation into whether such capital returns are sustainable during prolonged periods of market stress.
Based on the firm's reported figures, provision expenses for loan losses surged to $394.8 million in 2026Q1, a sharp increase from the $112.3 million recorded in 2025Q1, which may indicate a more cautious internal assessment of the credit quality within the firm's loan book.
The upward trend in provisioning suggests that the firm is bracing for potential credit deterioration, likely reflecting the broader economic sensitivity of its client base. Analysts should monitor whether these provisions are a proactive response to macroeconomic headwinds or a reaction to specific, identified weaknesses in the loan portfolio.
Quick answers to the most common questions about buying JEF stock.
Jefferies Financial Group Inc. (JEF) generated $-1499.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jefferies Financial Group Inc. (JEF) reported negative free cash flow of $1.71B in 2025, indicating capital requirements exceeded cash from operations.
Jefferies Financial Group Inc. (JEF) spent $207.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Jefferies Financial Group Inc. (JEF) returned $374.1M to shareholders via cash dividends and spent $58.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.