Jefferies Financial Group Inc. Q2 2026 Results
Jefferies Financial Group Inc. (NYSE:JEF) reported second‑quarter 2026 results that missed analyst expectations. Adjusted earnings per share were $1.02, below the consensus estimate of $1.24, and the stock slipped 1.2% in after‑hours trading.
Net revenues reached $2.21 billion, a 35% increase year‑over‑year from $1.63 billion in the same quarter last year, but fell marginally short of the $2.22 billion forecast. The revenue uplift was powered by a record $1.21 billion in investment‑banking net revenues, representing a 57% year‑over‑year rise. Within investment banking, advisory revenues hit a quarterly record of $674 million and total underwriting revenues a record $531 million. Capital‑markets net revenues grew 14% to $799 million, with equities delivering a record $601 million, also up 14% year‑over‑year.
Net earnings attributable to common shareholders totaled $226 million, up sharply from $88 million in the prior year quarter. Return on adjusted tangible shareholders’ equity improved to 12.8%, compared with 5.5% a year earlier. Asset‑management fees and investment‑return revenues declined to $46 million from $71 million a year ago, reflecting weaker fund performance and reduced capital allocation as the firm prepares to acquire a 50% stake in Hildene, targeted for completion in the third quarter.
The board approved a share‑repurchase program of 4.0 million shares costing $197 million at an average price of $49.83 per share. It also declared a quarterly dividend of $0.40 per share, payable on August 28, 2026.
CEO Richard Handler and President Brian Friedman said the quarter’s $2.21 billion net revenue, $226 million net earnings, $1.02 diluted EPS and 12.8% return on adjusted tangible equity demonstrate the momentum and market position the firm has been building.