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Nov 30, 2025
Jefferies Q4 2025 Earnings Report
Jefferies reported solid Q4 2025 results with strong growth in Investment Banking and Equities, partially offset by weakness in Asset Management.
Key Takeaways
Jefferies delivered strong Q4 performance with solid earnings and revenue growth, particularly in Investment Banking and Equities, despite a $30 million write-down in Asset Management.
Net income for Q4 reached $190,890,000, with adjusted EPS at $0.96.
Investment Banking revenues rose to $1.19 billion, marking a strong quarter led by Advisory and Equity Underwriting.
Equities revenue grew 18% year-over-year, reflecting market share gains and volume increases.
Asset Management performance was impacted by a $30 million loss related to Point Bonita.
Revenue by Segment
Forward Guidance
Jefferies expects continued momentum in Investment Banking and Equities amid market share gains and a more favorable environment, though some segments may remain challenged.
Positive Outlook
- Strong positioning in Equities with momentum in prime services and electronic trading.
- High advisory activity suggesting sustained M&A momentum.
- Technology investments yielding higher productivity and innovation.
- Strong equity underwriting activity to close the year, signaling a better 2026 pipeline.
- Improved margins expected from operating leverage and brand strength.
Challenges Ahead
- Asset Management impacted by volatility and specific underperforming investments.
- Fixed Income remains pressured by credit market headwinds.
- Continued drag from Point Bonita investment losses.
- Higher non-compensation expenses due to growth and tech investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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