Revenue remains entirely dependent on fee income, yet profitability is strained by a persistent negative net interest margin that reached -1.1% in 2026Q1.
Jefferies Financial Group Inc. (JEF) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -3.45B | -3.48B | -3.48B | -2.74B | -1.17B | -931.64M | -945.06M | -1.47B | 0 | -971.46M | -812.64M | -797.47M | -848.42M | -573.26M | 19.14M | 0 | -102.66M | -128.75M | -145.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 10.24% | 0.01% | -26.97% | -134.19% | -25.63% | 1.42% | 35.52% | - | 100% | -19.54% | -1.9% | 6.01% | -48% | -3095.09% | - | 100% | 20.27% | 11.49% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -4.64% | -4.58% | -5.41% | -4.73% | -2.29% | -1.66% | -1.78% | -2.96% | 0% | -2.06% | -1.8% | -1.72% | -1.61% | -1.2% | 0.2% | 0% | -1.1% | -1.9% | -2.8% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.14M | 0 | 22.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.45B | 3.48B | 3.48B | 2.74B | 1.17B | 931.64M | 945.06M | 1.47B | 0 | 971.46M | 812.64M | 797.47M | 848.42M | 573.26M | 0 | 0 | 124.81M | 128.75M | 145.47M | 0 | 0 | 0 | 0 | 0 | 29.98M | 0 | 0 | 34.6M | 45.3M | 0 | 0 |
| Loan Loss Provision | 1.17B | 885.08M | 818.33M | 190.43M | 2.21B | 3.4B | 2.69B | 989.17M | 0 | 1.54B | 1.48B | 8.86B | 9.35B | 8.58B | 7.74B | 405.57M | 401.17M | 156.5M | 749.95M | 753.51M | 386.47M | 281.45M | 45.05M | 100.28M | -29.98M | 0 | 0 | -34.6M | -45.3M | 0 | 0 |
| Non-Interest Income | 11.22B | 10.82B | 10.52B | 7.44B | 7.15B | 8.95B | 6.96B | 5.36B | 0 | 5.05B | 3.85B | 11.68B | 12.33B | 11B | 9.39B | 642.63M | 352.46M | 575.21M | 1.08B | 877.79M | 450.85M | 332.25M | 64.06M | 124.37M | 296.52M | 0 | 0 | 706.6M | 530.5M | 0 | 0 |
| Non-Interest Income % | 144.47% | 147.39% | 149.47% | 158.31% | 119.58% | 111.63% | 115.72% | 137.65% | - | 123.83% | 126.77% | 107.33% | 107.39% | 105.5% | 99.8% | 100% | 141.1% | 128.84% | 115.56% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | 100% | 100% | - | - |
| Total Net Revenue | 7.77B | 7.34B | 7.03B | 4.7B | 5.98B | 8.01B | 6.01B | 3.89B | 0 | 4.08B | 3.04B | 10.89B | 11.49B | 10.43B | 9.4B | 642.63M | 249.79M | 446.45M | 935.18M | 877.79M | 450.85M | 332.25M | 64.06M | 124.37M | 296.52M | 0 | 0 | 706.6M | 530.5M | 0 | 0 |
| Revenue Growth % | 12.75% | 4.39% | 49.66% | -21.38% | -25.39% | 33.32% | 54.4% | - | -100% | 34.33% | -72.12% | -5.22% | 10.17% | 10.86% | 1363.45% | 157.26% | -44.05% | -52.26% | 6.54% | 94.7% | 35.7% | 418.7% | -48.49% | -58.06% | - | - | -100% | 33.2% | - | - | - |
| Non-Interest Expense | 5.84B | 5.77B | 1.5B | 1.2B | 1.16B | 1.09B | 1.24B | 1.16B | 0 | 888.45M | 914.24M | 981.92M | 1.04B | 843.1M | 312.74M | 203.75M | 220.62M | 402.36M | 406.33M | 346.93M | 262.99M | 208.47M | 167.13M | 183.72M | 249.78M | -51.59M | -214.82M | 412.5M | 456M | 32.2M | 48.2M |
| Efficiency Ratio | 75.22% | 78.6% | 21.38% | 25.54% | 19.38% | 13.66% | 20.59% | 29.86% | - | 21.79% | 30.12% | 9.02% | 9.07% | 8.09% | 3.33% | 31.71% | 88.32% | 90.12% | 43.45% | 39.52% | 58.33% | 62.75% | 260.92% | 147.72% | 84.24% | - | - | 58.38% | 85.96% | - | - |
| Operating Income | 756.94M | 686.42M | 4.71B | 3.31B | 2.61B | 3.52B | 2.09B | 1.74B | 0 | 1.65B | 645.45M | 1.04B | 1.09B | 999.8M | 1.35B | 33.31M | -372M | -112.4M | -221.1M | -222.66M | -198.61M | -157.67M | -148.13M | -159.63M | 46.73M | 51.59M | 214.82M | 294.1M | 74.5M | -32.2M | -48.2M |
| Operating Margin % | 9.74% | 9.35% | 66.99% | 70.41% | 43.71% | 43.96% | 34.73% | 44.73% | - | 40.54% | 21.26% | 9.59% | 9.5% | 9.59% | 14.39% | 5.18% | -148.92% | -25.18% | -23.64% | -25.37% | -44.05% | -47.46% | -231.25% | -128.35% | 15.76% | - | - | 41.62% | 14.04% | - | - |
| Operating Income Growth % | - | -85.43% | 42.39% | 26.65% | -25.83% | 68.76% | 19.89% | - | -100% | 156.08% | -38.16% | -4.34% | 9.13% | -26.13% | 3962.98% | 108.95% | -230.96% | 49.16% | 0.7% | -12.11% | -25.96% | -6.44% | 7.2% | -441.57% | -9.41% | -75.99% | -26.96% | 294.77% | 331.37% | 33.2% | -308.66% |
| Pretax Income | 932.14M | 870.99M | 1.01B | 354.27M | 1.06B | 2.25B | 1.07B | 478.61M | 0 | 606.5M | -12.59M | 356.54M | 381.22M | 545.59M | 1.72B | -298.72M | 763.71M | 539.08M | -366.57M | -57.09M | 171.54M | 89.3M | 183.3M | 65.97M | 7.67M | 51.59M | 214.82M | 237.9M | 21.1M | -32.2M | -48.2M |
| Pretax Margin % | 12% | 11.86% | 14.29% | 7.54% | 17.65% | 28.13% | 17.75% | 12.29% | - | 14.87% | -0.41% | 3.28% | 3.32% | 5.23% | 18.27% | -46.48% | 305.73% | 120.75% | -39.2% | -6.5% | 38.05% | 26.88% | 286.17% | 53.04% | 2.59% | - | - | 33.67% | 3.98% | - | - |
| Income Tax | 223.22M | 184.57M | 293.19M | 91.88M | 273.85M | 576.73M | 298.67M | -483.95M | 0 | 642.29M | 25.77M | 109.95M | 165.97M | 136.48M | 539.46M | 62.4M | -1.14B | 7.11M | 1.67B | -559.77M | 41.77M | -1.13B | -20.54M | -35.17M | -144.87M | -11.34M | 68.22M | 44.5M | -25.1M | -9.9M | -19.3M |
| Effective Tax Rate % | 23.95% | 21.19% | 29.16% | 25.94% | 25.94% | 25.59% | 27.99% | -101.12% | - | 105.9% | -204.68% | 30.84% | 43.54% | 25.02% | 31.4% | -20.89% | -148.88% | 1.32% | -456.58% | 980.54% | 24.35% | -1266.53% | -11.21% | -53.32% | -1889.71% | -21.98% | 31.75% | 18.71% | -118.96% | 30.75% | 40.04% |
| Net Income | 741.85M | 710.48M | 743.38M | 277.69M | 785.45M | 1.67B | 775.24M | 964.7M | 0 | 171.73M | 130M | 283.65M | 208.37M | 372.64M | 854.47M | 25.23M | 1.94B | 550.28M | -2.54B | 484.29M | 189.4M | 1.64B | 145.5M | 97.05M | 161.62M | -7.51M | 116.01M | 215M | 54.3M | 671.7M | 48.7M |
| Net Margin % | 9.55% | 9.67% | 10.57% | 5.91% | 13.14% | 20.89% | 12.9% | 24.78% | - | 4.21% | 4.28% | 2.61% | 1.81% | 3.57% | 9.09% | 3.93% | 776.36% | 123.26% | -271.12% | 55.17% | 42.01% | 492.41% | 227.15% | 78.04% | 54.51% | - | - | 30.43% | 10.24% | - | - |
| Net Income Growth % | 2.55% | -4.43% | 167.7% | -64.65% | -53.09% | 115.98% | -19.64% | - | -100% | 32.1% | -54.17% | 36.13% | -44.08% | -56.39% | 3286.57% | -98.7% | 252.42% | 121.7% | -623.53% | 155.7% | -88.42% | 1024.43% | 49.92% | -39.95% | 2252.68% | -106.47% | -46.04% | 295.95% | -91.92% | 1279.26% | -54.7% |
| Net Income (Continuing) | 708.92M | 686.42M | 712.35M | 262.39M | 781.71M | 1.68B | 768.41M | 962.56M | 0 | -35.78M | -38.37M | 246.59M | 215.25M | 409.1M | 902.57M | 32.92M | 1.9B | 531.97M | -2.04B | 480.81M | 129.77M | 1.22B | 203.85M | 101.14M | 152.53M | 62.93M | 146.61M | 193.4M | 46.2M | -22.3M | -28.9M |
| EPS (Diluted) | 3.33 | 2.83 | 2.99 | 1.10 | 3.06 | 6.13 | 2.65 | 3.03 | 0.52 | 0.45 | 0.34 | 0.74 | 0.54 | 1.06 | 3.44 | 0.10 | 7.85 | 2.25 | -11.00 | 2.10 | 0.85 | 7.14 | 0.67 | 0.52 | 0.96 | -0.05 | 0.70 | 1.21 | 0.29 | 3.55 | 0.27 |
| EPS Growth % | 2.42% | -5.35% | 171.82% | -64.05% | -50.08% | 131.32% | -12.54% | 482.69% | 15.56% | 32.35% | -54.05% | 37.04% | -49.06% | -69.19% | 3340% | -98.73% | 248.89% | 120.45% | -623.81% | 147.06% | -88.1% | 965.67% | 28.85% | -45.83% | 2233.33% | -106.43% | -42.15% | 317.24% | -91.83% | 1214.81% | -55% |
| EPS (Basic) | - | 2.93 | 3.08 | 1.12 | 3.13 | 6.29 | 2.68 | 3.07 | 0.52 | 0.45 | 0.34 | 0.74 | 0.54 | 1.07 | 3.49 | 0.10 | 7.97 | 2.28 | -11.00 | 2.22 | 0.88 | 7.59 | 0.68 | 0.53 | 0.97 | -0.05 | 0.70 | 1.21 | 0.29 | 3.55 | 0.27 |
| Diluted Shares Outstanding | 222.72M | 222.72M | 223.65M | 236.62M | 255.57M | 271.5M | 290.49M | 317.03M | 351.27M | 370.7M | 371.52M | 372.43M | 373.33M | 347.73M | 248.91M | 244.57M | 247.67M | 247.85M | 230.49M | 230.62M | 222.82M | 229.14M | 210.1M | 186.64M | 168.36M | 166.84M | 166.52M | 178.18M | 189.42M | 189.39M | 180.37M |
Quick answers to the most common questions about buying JEF stock.
For fiscal year 2025, Jefferies Financial Group Inc. (JEF) reported total revenue of $7.34B.
Jefferies Financial Group Inc. (JEF) is profitable, generating $710.5M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Jefferies Financial Group Inc. (JEF) reported an operating income of $686.4M, resulting in an operating profit margin of 6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Jefferies Financial Group Inc. (JEF) generated $6.46B in gross profit for the year, representing a gross profit margin of 59.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical Capital Markets Exposure
Metrics are mathematically derived from official filings.
Persistent Negative Net Interest Income
As reported in recent financial statements, Jefferies continues to record negative net interest income, with the 2026Q1 figure reaching -$854.1 million, suggesting that the firm's funding costs and interest-bearing liabilities significantly outweigh the interest income generated from its trading and investment portfolios during this period.
The persistent negative NII reflects the firm's structural reliance on wholesale funding to support its capital markets activities rather than a traditional deposit-funded banking model. Investors should monitor whether this trend indicates a structural cost of carry that may compress net revenue during periods of heightened market volatility.
Net Interest Margin Remains Compressed
Based on the firm's quarterly filings, the net interest margin has remained consistently negative, hovering between -1.1% and -1.4% over the last ten quarters, which highlights the inherent cost of maintaining a large, liquidity-heavy balance sheet in the current interest rate environment.
The negative NIM is a byproduct of the firm's business model, which prioritizes trading liquidity and underwriting capacity over net interest spread. This suggests that profitability is almost entirely dependent on non-interest income, leaving the firm highly sensitive to fluctuations in deal flow and market activity.
Efficiency Ratio Volatility Masks Performance
According to regulatory disclosures, the efficiency ratio experienced a significant spike to 118.6% in 2025Q4 before normalizing to 15.1% in 2026Q1, indicating that non-interest expenses are subject to substantial quarterly fluctuations that may not align with the underlying revenue generation of the investment banking segment.
The extreme variance in the efficiency ratio suggests that compensation accruals and one-time charges significantly distort quarterly operating leverage. Analysts should look past these headline figures to assess whether the firm is successfully managing its fixed cost base relative to the cyclical nature of its advisory business.
Provisioning Trends Reflect Credit Risk
As detailed in the company's income statement data, provision expenses for loan losses reached $394.8 million in 2026Q1, representing a notable increase from the $112.3 million recorded in 2025Q1, which may indicate a more cautious outlook on the credit quality of the firm's loan book.
The rising provision expense warrants further investigation into the specific sectors or asset classes driving these credit costs. It appears that the firm is proactively adjusting its reserves, which may imply an anticipation of deteriorating credit conditions within its middle-market client base.
Heavy Reliance on Fee Income
Financial data indicates that non-interest fee income consistently accounts for 100% of total revenue, confirming that Jefferies operates as a pure-play capital markets and advisory firm where transaction-based fees are the primary driver of the firm's overall financial performance and earnings capacity.
This total dependency on fee income underscores the firm's vulnerability to cyclical downturns in M&A and underwriting markets. While this model allows for high-margin potential during bull markets, it also suggests that the firm lacks the stabilizing influence of a diversified, interest-earning asset base.