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Aug 31, 2025
Jefferies Q3 2025 Earnings Report
Jefferies reported strong third quarter results driven by record advisory revenue and broad strength across business lines.
Key Takeaways
Jefferies posted robust Q3 performance with $2.05B in revenue and $224M in net income, highlighted by record advisory revenues and strong Equities and Asset Management segments.
Record advisory revenue at $655.6M due to increased M&A activity
EPS reached $1.01, up from $0.72 in Q3 2024
Net income attributable to common shareholders was $223.99M
Asset Management revenues tripled YoY to $176.88M
Revenue by Segment
Forward Guidance
Jefferies expressed optimism about near and long-term prospects, citing improved market sentiment and strategic positioning.
Positive Outlook
- Strong rebound in global market sentiment
- Record advisory revenue suggests increased M&A pipeline
- Improved Asset Management performance across multiple fund strategies
- Continued growth in Equities, especially in U.S. and Europe
- Lower effective tax rate due to resolution of tax matters
Challenges Ahead
- Fixed Income revenues declined YoY due to tight credit conditions
- Volatility in credit spreads impacted trading activity
- Increased non-compensation expenses from brokerage and tech costs
- 13 trading loss days YTD, up from 11 last year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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