Jefferies Financial Group Inc. (NYSE: JEF) is an investment banking and capital markets company that provides advisory, underwriting, sales and trading, and prime brokerage services to institutional clients. Revenue is earned through investment banking fees, commissions and spread on equity and equity-related transaction execution, and prime services including financing and capital introduction for hedge funds and asset managers. The firm organizes its equity research, sales and trading operations across the Americas, Europe and the Middle East, and Asia-Pacific. For the fiscal year ended November 30, 2025, Jefferies reported net revenues of $7.34 billion, up 4.4% from $7.03 billion in FY2024, while net earnings attributable to common shareholders were $630.8 million, down 5.7% year over year. Non-interest expenses were $6.47 billion in FY2025, reflecting an 88.1% expense ratio on net revenues. The firm serves primarily institutional market participants including mutual funds, hedge funds, investment advisors, pension plans, and insurance companies.

Revenue model

Transactional and fee-based. Commissions and spread revenue from executing, settling, and clearing equity and equity-related transactions. Investment banking fees from advisory and underwriting. Prime services revenue from financing, capital introduction, and outsourced trading solutions provided to hedge funds and asset managers.

Products and services

Equity sales and trading across common stock, American depository receipts, global depository receipts, ETFs, exchange-traded and OTC equity derivatives, convertible and equity-linked products, and closed-end funds. Equity research and distribution of trading ideas and market analysis. Prime brokerage services including financing, business consulting, capital introduction, outsourced trading solutions, and technology platforms for hedge fund managers.

Customers and end markets

Primarily institutional market participants: mutual funds, hedge funds, investment advisors, pension and profit sharing plans, and insurance companies. Also serves start-up and existing fund managers through prime services.

Value-chain role

Intermediary and service provider between institutional investors and capital markets. Executes, settles, and clears transactions on behalf of clients. Distributes research and trading ideas. Provides financing and operational infrastructure to hedge fund managers via prime brokerage.

Geographic exposure

Americas, Europe and the Middle East, and Asia-Pacific. The filing describes an ongoing effort to strengthen the global footprint across all three regions.

Source: SEC 10-K, filed 2026-01-28

Industry: Security Brokers, Dealers & Flotation Companies Peers: Morgan Stanley Evercore Inc GOLDMAN SACHS GROUP INC Houlihan Lokey Inc Interactive Brokers Group Inc LPL Financial Holdings Inc Robinhood Markets Inc Raymond James Financial Inc Stifel Financial Corp Virtu Financial Inc