Jefferies Announces Fourth Quarter 2025 Financial Results

Jefferies Financial Group Inc. (NYSE: JEF):

Q4 Financial Highlights

$ in thousands, except per share amounts

Quarter End

Year-to-Date

4Q25

4Q24

2025

2024

Net earnings attributable to common shareholders

$

190,890

$

205,746

$

630,791

$

669,273

Adjusted net earnings attributable to common shareholders 15

$

213,460

$

205,746

$

653,361

$

669,273

Diluted earnings per common share from continuing operations

$

0.87

$

0.91

$

2.85

$

2.96

Adjusted diluted earnings per common share from continuing operations 15

$

0.96

$

0.91

$

2.94

$

2.96

Return on adjusted tangible shareholders' equity from continuing operations 1

11.8

%

12.7

%

10.1

%

10.8

%

Adjusted return on adjusted tangible shareholders' equity from continuing operations 1

12.9

%

12.7

%

10.4

%

10.8

%

Total net revenues

$

2,068,853

$

1,956,602

$

7,343,751

$

7,034,803

Investment banking net revenues 13

$

1,187,975

$

986,824

$

3,790,299

$

3,444,787

Capital markets net revenues 13

$

691,914

$

651,690

$

2,817,735

$

2,759,554

Asset management net revenues

$

186,998

$

314,750

$

710,216

$

803,669

Pre-tax earnings from continuing operations

$

253,208

$

304,862

$

870,989

$

1,005,546

Book value per common share

$

51.26

$

49.42

$

51.26

$

49.42

Adjusted tangible book value per fully diluted share 3

$

33.69

$

32.36

$

33.69

$

32.36

Quarterly Cash Dividend

The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on February 27, 2026 to record holders of Jefferies common shares on February 17, 2026.

Management Comments

"Our fourth quarter net revenues were $2.07 billion, net earnings attributable to common shareholders were $191 million and diluted earnings per common share from continuing operations were $0.87. Adjusting our results for a markdown and resulting pre-tax loss of $30 million associated with our investment in Point Bonita—a fund we advise and in which we hold an equity interest—our net earnings attributable to common shareholders was $213 million, or $0.96 per diluted share. Our quarterly results reflect strong performance and sustained momentum in both Investment Banking and Equities, with net revenues increasing 20% and 18%, respectively, partially offset by lower net revenues in Fixed Income and Asset Management. Adjusting for the impact of Point Bonita, our businesses delivered an adjusted return on adjusted tangible shareholders' equity of 12.9%.

"Investment Banking net revenues were $1.19 billion, up 20% from the prior year quarter, driven by market share gains and a stronger overall market for our services. Our Advisory net revenues were our second-best quarter on record, reflecting strong corporate and sponsor activity. Approximately 44% of annual Equity Underwriting net revenues were generated in the fourth quarter, positioning us well for 2026 as sponsor activity accelerates.

"Capital Markets net revenues were $692 million, up 6% from the prior year quarter. Equities net revenues grew 18%, driven by higher global volumes, market share gains, and continued strength in prime services, corporate derivatives and electronic trading—key areas of our growth strategy. Fixed Income net revenues declined 14% due to persistent credit market headwinds resulting in lower overall activity compared to the prior year quarter.

"Asset management fees and investment return revenues of $81 million was lower from the prior year quarter. While fee income was stable, an increase in investment return performance from certain strategies was offset by underperformance in other strategies including a pre-tax loss of $30 million related to our investment in Point Bonita.

"We are intensely focused on executing on our opportunity and realizing the attractive and consistent results that we believe Jefferies can produce. We believe we can continue to gain market position in what we anticipate will be an increasingly favorable environment. Ongoing technology investments are yielding innovation, enhanced productivity and better client solutions. Further, we continue to drive opportunities and initiatives we have underway across our firm to support additional long-term growth. Consistent market share gains, margin improvement and the benefits of scale and brand, and perhaps a more "normal" operating environment, all bode extremely well for Jefferies."

Richard Handler, CEO, and Brian Friedman, President

Please refer to the just-released Jefferies Financial Group Annual Letter from our CEO and President for broader perspective on 2025, as well as our strategy and outlook.

Financial Summary (Unaudited)

$ in thousands

Three Months Ended

Year Ended

November 30,
2025

August 31,
2025

November 30,
2024

November 30,
2025

November 30,
2024

Net revenues by source:

Advisory

$

634,203

$

655,578

$

596,707

$

2,145,421

$

1,811,634

Equity underwriting

339,799

181,205

191,218

771,890

799,804

Debt underwriting

215,757

249,525

171,456

870,007

689,227

Other investment banking 13

(1,784

)

49,017

27,443

2,981

144,122

Total Investment Banking

1,187,975

1,135,325

986,824

3,790,299

3,444,787

Equities 13

485,869

486,695

410,768

1,907,866

1,592,793

Fixed income

206,045

236,687

240,922

909,869

1,166,761

Total Capital Markets

691,914

723,382

651,690

2,817,735

2,759,554

Total Investment Banking and Capital Markets Net revenues 5

1,879,889

1,858,707

1,638,514

6,608,034

6,204,341

Asset management fees and revenues 6

15,602

15,916

13,752

140,914

103,488

Investment return

65,018

68,026

101,762

177,814

212,209

Allocated net interest 4

(21,130

)

(18,550

)

(15,104

)

(76,045

)

(62,135

)

Other investments, inclusive of net interest

127,508

111,490

214,340

467,533

550,107

Total Asset Management Net revenues

186,998

176,882

314,750

710,216

803,669

Other

1,966

11,843

3,338

25,501

26,793

Total Net revenues by source

$

2,068,853

$

2,047,432

$

1,956,602

$

7,343,751

$

7,034,803

Non-interest expenses:

Compensation and benefits

$

1,080,779

$

1,083,510

$

981,626

$

3,860,255

$

3,659,588

Compensation ratio 14

52.2

%

52.9

%

50.2

%

52.6

%

52.0

%

Non-compensation expenses

$

734,866

$

632,107

$

670,114

$

2,612,507

$

2,369,669

Non-compensation ratio 14

35.5

%

30.9

%

34.2

%

35.6

%

33.7

%

Total Non-interest expenses

$

1,815,645

$

1,715,617

$

1,651,740

$

6,472,762

$

6,029,257

Net earnings from continuing operations before income taxes

$

253,208

$

331,815

$

304,862

$

870,989

$

1,005,546

Income tax expense

$

37,537

$

89,311

$

86,117

$

184,570

$

293,194

Income tax rate

14.8

%

26.9

%

28.2

%

21.2

%

29.2

%

Net earnings from continuing operations

$

215,671

$

242,504

$

218,745

$

686,419

$

712,352

Net (losses) earnings from discontinued operations, net of income taxes

(4,374

)

—

5,155

(4,374

)

3,667

Net losses attributable to noncontrolling interests

(3,738

)

(10,041

)

(8,262

)

(28,430

)

(27,364

)

Preferred stock dividends

24,145

28,559

26,416

79,684

74,110

Net earnings attributable to common shareholders

$

190,890

$

223,986

$

205,746

$

630,791

$

669,273

Highlights

Three Months Ended November 30, 2025 Versus November 30, 2024

Year Ended November 30, 2025 Versus November 30, 2024

  • Net earnings attributable to common shareholders of:
    • $191 million, or $0.87 per diluted common share from continuing operations.
    • $213 million 15 , or $0.96 per diluted common share from continuing operations excluding impact of Point Bonita write-down.
  • Return on adjusted tangible shareholders' equity from continuing operations 1 of 11.8%. Excluding the impact of the write-down on Point Bonita, adjusted return on adjusted tangible shareholders' equity of 12.9% 1 .
  • We had 206.3 million common shares outstanding and 256.7 million common shares outstanding on a fully diluted basis 2 at November 30, 2025. Our book value per common share was $51.26 and adjusted tangible book value per fully diluted share 3 was $33.69.
  • Effective tax rate from continuing operations of 14.8% compared to 28.2% for the prior year quarter. The lower rate was primarily driven by the resolution of certain state and local tax matters.

  • Net earnings attributable to common shareholders of:
    • $631 million, or $2.85 per diluted common share from continuing operations.
    • $653 million 15 , or $2.94 per diluted common share from continuing operations excluding impact of Point Bonita write-down.
  • Return on adjusted tangible shareholders' equity from continuing operations 1 of 10.1%. Excluding the impact of the write-down on Point Bonita, adjusted return on adjusted tangible shareholders' equity of 10.4% 1 .
  • Repurchased 0.7 million shares of common stock for $59 million, at an average price of $79.57 per share in connection with net-share settlements related to our equity compensation plan vestings.
  • Effective tax rate from continuing operations of 21.2% compared to 29.2% for the prior year period. The lower rate was primarily driven by the resolution of certain state and local tax matters.

Investment Banking and Capital Markets

Investment Banking and Capital Markets

  • Investment Banking net revenues from Advisory, Equity underwriting and Debt underwriting totaling $1.19 billion were 24% higher than the prior year quarter.
  • Advisory net revenues of $634 million reflect our second-best quarter ever and were 6% higher than the prior year quarter, driven by increased activity in mergers and acquisitions across a number of sectors.
  • Underwriting net revenues of $556 million were meaningfully higher than the prior year quarter, primarily driven by market share gains and increased activity in Equity underwriting across most sectors. Debt underwriting results were solid.
  • Capital Markets net revenues of $692 million were higher compared to the prior year quarter. Equities net revenues increased from the prior year quarter by 18%, as results from our prime services, global electronic trading businesses significantly increased from the prior year quarter. Additionally, revenues from our Europe equity cash business also produced strong results. Fixed Income net revenues decreased from the prior year quarter as strong results from our securitized markets business was offset by lower results in our client flow trading, global rates and municipal securities businesses.

  • Investment Banking net revenues from Advisory, Equity underwriting and Debt underwriting totaling $3.79 billion were 15% higher than the prior year. Other investment banking net revenues were $3 million, compared to net revenues of $144 million for the prior year period in part due to the prior year period including Foursight operating revenues as well as the impact of the gain on sale as Foursight was sold in April 2024, and mark to market losses in 2025 on certain positions compared to gains in the prior year.
  • Advisory net revenues of $2.15 billion reflect our best year ever and were 18% higher than the prior year period, driven by market share gains and increased overall market opportunity.
  • Underwriting net revenues of $1.64 billion were higher than the prior year period, as stronger net revenues in Debt underwriting attributable to the increase in transaction activity across most sectors were partially offset by lower net revenues in Equity underwriting, consistent with the overall industry slowdown in the first-half of 2025.
  • Capital Markets net revenues of $2.82 billion were higher compared to the prior year. Equities net revenues were strong for the current year attributable to overall increased levels of activity during the period. Fixed Income net revenues decreased from the prior year period due to lower global activity levels and volatility in credit spreads for the first-half of 2025 meaningfully impacting the overall trading environment.

Asset Management

Asset Management

  • Asset Management fees and revenues and investment return of $81 million were modestly lower than the prior year quarter despite a markdown of $30 million on Point Bonita.
  • Asset management fees and revenues remained flat.
  • Investment return remained relatively flat as outperformance across multiple fund strategies was offset by underperformance in other strategies including a pre-tax loss of $30 million related to our investment in Point Bonita.

  • Asset Management fees and revenues and investment return of $319 million were slightly higher than the prior year period despite a markdown of $30 million on Point Bonita.
  • Asset management fees and revenues were higher compared to the prior year period, primarily reflecting higher performance fees on funds managed by us and through our strategic affiliates.
  • Investment return was lower compared to the prior year period, primarily driven by a pre-tax loss of $30 million related to our investment in Point Bonita.

Non-interest Expenses

Non-interest Expenses

  • Compensation and benefits expense as a percentage of Net revenues was 52.2%, compared to 50.2% for the prior year quarter.
  • Non-compensation expenses were higher primarily due to increased brokerage and clearing fees associated with increased equities trading volumes, and increased technology and communication and business development expenses. Non-compensation expenses as a percentage of Net revenues increased to 35.5%, compared to 34.2% for the prior year quarter. These increases reflect our continued investment in advancing key strategic priorities that strengthen our platform and position us for long-term growth.

  • Compensation and benefits expense as a percentage of Net revenues was 52.6%, compared to 52.0% for the prior year period.
  • Non-compensation expenses were higher primarily due to increased brokerage and clearing fees associated with increased equities trading volumes, and increased technology and communication and business development expenses. The current year period also includes approximately $19 million in charitable donations. In addition, non-compensation expenses for the prior year period include Foursight activity up through the sale in April 2024. Non-compensation expenses as a percentage of Net revenues increased to 35.6%, compared to 33.7% for the prior year period. These increases reflect our continued investment in advancing key strategic priorities that strengthen our platform and position us for long-term growth.

* * * *

Amounts herein pertaining to November 30, 2025 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"). More information on our results of operations for the year ended November 30, 2025 will be provided upon filing our Annual Report on Form 10-K with the SEC, which we expect to file on or about January 28, 2026.

This press release contains certain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words "should," "expect," "intend," "may," "will," "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).

Consolidated Statements of Earnings (Unaudited)

$ in thousands, except per share amounts

Three Months Ended November 30,

Year Ended November 30,

2025

2024

2025

2024

Revenues

Investment banking

$

1,192,314

$

964,317

$

3,799,290

$

3,309,060

Principal transactions

378,330

435,531

1,610,960

1,816,963

Commissions and other fees

356,042

297,381

1,322,753

1,085,349

Asset management fees and revenues

12,110

11,980

130,673

86,106

Interest

832,227

907,495

3,402,317

3,543,497

Other

177,801

234,537

557,684

674,094

Total revenues

2,948,824

2,851,241

10,823,677

10,515,069

Interest expense

879,971

894,639

3,479,926

3,480,266

Net revenues

2,068,853

1,956,602

7,343,751

7,034,803

Non-interest expenses

Compensation and benefits

1,080,779

981,626

3,860,255

3,659,588

Brokerage and clearing fees

128,858

111,396

489,203

432,721

Underwriting costs

33,135

17,439

85,838

68,492

Technology and communications

155,343

136,952

598,187

546,655

Occupancy and equipment rental

32,596

31,053

126,414

118,611

Business development

104,323

89,026

335,683

283,459

Professional services

90,258

78,237

313,821

296,204

Depreciation and amortization

55,810

51,201

192,281

190,326

Cost of sales

71,975

96,750

190,934

206,283

Other expenses

62,568

58,060

280,146

226,918

Total non-interest expenses

1,815,645

1,651,740

6,472,762

6,029,257

Earnings from continuing operations before income taxes

253,208

304,862

870,989

1,005,546

Income tax expense

37,537

86,117

184,570

293,194

Net earnings from continuing operations

215,671

218,745

686,419

712,352

Net (losses) earnings from discontinued operations (including gain on disposal), net of income taxes

(4,374

)

5,155

(4,374

)

3,667

Net earnings

211,297

223,900

682,045

716,019

Net losses attributable to noncontrolling interests

(3,738

)

(8,262

)

(28,430

)

(27,364

)

Preferred stock dividends

24,145

26,416

79,684

74,110

Net earnings attributable to common shareholders

$

190,890

$

205,746

$

630,791

$

669,273

Financial Data and Metrics (Unaudited)

Three Months Ended

Year Ended

November 30,
2025

August 31,
2025

November 30,
2024

November 30,
2025

November 30,
2024

Other Data:

Number of trading days

63

63

63

250

251

Number of trading loss days 7

3

3

8

23

19

Average VaR (in millions) 8

$

9.50

$

10.45

$

12.75

$

11.23

$

13.13

In millions, except other data

November 30,
2025

August 31,
2025

November 30,
2024

Financial position:

Total assets

$

76,012

$

69,320

$

64,360

Cash and cash equivalents

14,044

11,458

12,153

Financial instruments owned

27,723

26,117

24,138

Level 3 financial instruments owned 9

739

803

734

Goodwill and intangible assets, net

2,040

2,052

2,054

Total equity

10,642

10,501

10,225

Total shareholders' equity

10,575

10,439

10,157

Tangible shareholders' equity 10

8,535

8,387

8,103

Other data and financial ratios:

Leverage ratio 11

7.1

6.6

6.3

Tangible gross leverage ratio 12

8.7

8.0

7.7

Number of employees at period end

7,825

7,866

7,822

Number of employees excluding Tessellis and Stratos at period end

6,194

6,206

5,968

Components of Numerators and Denominators for Earnings Per Common Share

$ in thousands, except per share amounts

Three Months Ended
November 30,

Year Ended
November 30,

2025

2024

2025

2024

Numerator for earnings per common share from continuing operations:

Net earnings from continuing operations

$

215,671

$

218,746

$

686,419

$

712,352

Less: Net losses attributable to noncontrolling interests

(3,738

)

(7,826

)

(28,430

)

(24,367

)

Allocation of earnings to participating securities

(24,145

)

(26,416

)

(79,684

)

(74,110

)

Net earnings from continuing operations attributable to common shareholders for basic earnings per share

$

195,264

$

200,156

$

635,165

$

662,609

Net earnings from continuing operations attributable to common shareholders for diluted earnings per share

$

195,264

$

200,156

$

635,165

$

662,609

Numerator for earnings per common share from discontinued operations:

Net (losses) earnings from discontinued operations, net of taxes

$

(4,374

)

$

5,155

$

(4,374

)

$

3,667

Less: Net losses attributable to noncontrolling interests

—

(436

)

—

(2,997

)

Net (losses) earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share

$

(4,374

)

$

5,591

$

(4,374

)

$

6,664

Net earnings attributable to common shareholders for basic earnings per share

$

190,890

$

205,747

$

630,791

$

669,273

Net earnings attributable to common shareholders for diluted earnings per share

$

190,890

$

205,747

$

630,791

$

669,273

Denominator for earnings per common share:

Weighted average common shares outstanding

206,286

205,499

206,214

208,873

Weighted average shares of restricted stock outstanding with future service required

(2,178

)

(2,298

)

(2,239

)

(2,334

)

Weighted average restricted stock units outstanding with no future service required

11,346

10,546

11,121

10,540

Weighted average basic common shares

215,454

213,747

215,096

217,079

Stock options and other share-based awards

4,862

4,968

4,913

3,638

Senior executive compensation plan restricted stock unit awards

3,009

3,619

2,737

2,933

Weighted average diluted common shares

223,325

222,334

222,746

223,650

Earnings (losses) per common share:

Basic from continuing operations

$

0.91

$

0.94

$

2.95

$

3.05

Basic from discontinued operations

(0.02

)

0.02

(0.02

)

0.03

Basic

$

0.89

$

0.96

$

2.93

$

3.08

Diluted from continuing operations

$

0.87

$

0.91

$

2.85

$

2.96

Diluted from discontinued operations

(0.02

)

0.02

(0.02

)

0.03

Diluted

$

0.85

$

0.93

$

2.83

$

2.99

Non-GAAP Reconciliations

The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.

Adjusted Net Earnings Attributable to Common Shareholders and Adjusted Earnings Per Share Reconciliation

$ in thousands

Three Months Ended
November 30,

Year Ended
November 30,

2025

2024

2025

2024

Net earnings attributable to common shareholders (GAAP)

$

190,890

$

205,747

$

630,791

$

669,273

Loss attributable to Point Bonita, net of tax

22,570

—

22,570

—

Adjusted net earnings attributable to common shareholders (non-GAAP)

213,460

205,747

653,361

669,273

Diluted earnings per share from continuing operations (GAAP)

$

0.87

$

0.91

$

2.85

$

2.96

Loss attributable to Point Bonita, net of tax

0.09

—

0.09

—

Adjusted diluted earnings per share from continuing operations (non-GAAP)

$

0.96

$

0.91

$

2.94

$

2.96

Return on Adjusted Tangible Equity Reconciliation

$ in thousands

Three Months Ended
November 30,

Year Ended
November 30,

2025

2024

2025

2024

Net earnings attributable to common shareholders (GAAP)

$

190,890

$

205,747

$

630,791

$

669,273

Intangible amortization and impairment expense, net of tax

7,110

5,871

29,335

21,771

Adjusted net earnings to common shareholders (non-GAAP)

198,000

211,618

660,126

691,044

Preferred stock dividends

24,145

26,416

79,684

74,110

Adjusted net earnings to total shareholders (non-GAAP)

$

222,145

$

238,034

$

739,810

$

765,154

Adjusted net earnings to total shareholders (non-GAAP) 1

$

888,580

$

952,136

$

739,810

$

765,154

Net earnings impact for net losses (earnings) from discontinued operations, net of noncontrolling interests

4,374

(5,591

)

4,374

(6,664

)

Adjusted net earnings to total shareholders from continuing operations (non-GAAP)

226,519

232,443

744,184

758,490

Adjusted net earnings to total shareholders from continuing operations (non-GAAP) 1

906,076

929,772

744,184

758,490

Net earnings impact for Point Bonita loss

22,570

—

22,570

—

Adjusted net earnings to total shareholders from continuing operations excluding Point Bonita loss (non-GAAP)

249,089

232,443

766,754

758,490

Adjusted net earnings to total shareholders from continuing operations excluding Point Bonita loss (non-GAAP) 1

996,356

929,772

766,754

758,490

August 31,

November 30,

2025

2024

2024

2023

Shareholders' equity (GAAP)

$

10,438,724

$

10,045,945

$

10,156,772

$

9,709,827

Less: Intangible assets, net and goodwill

(2,052,740

)

(2,073,105

)

(2,054,310

)

(2,044,776

)

Less: Deferred tax asset, net

(615,373

)

(572,772

)

(497,590

)

(458,343

)

Less: Weighted average impact of dividends and share repurchases

(64,387

)

(58,519

)

(258,443

)

(199,572

)

Adjusted tangible shareholders' equity (non-GAAP)

$

7,706,224

$

7,341,549

$

7,346,429

$

7,007,136

Return on adjusted tangible shareholders' equity (non-GAAP) 1

11.5

%

13.0

%

10.1

%

10.9

%

Return on adjusted tangible shareholders' equity from continuing operations (non-GAAP) 1

11.8

%

12.7

%

10.1

%

10.8

%

Adjusted return on adjusted tangible shareholders' equity from continuing operations (non-GAAP) 1

12.9

%

12.7

%

10.4

%

10.8

%

Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation

Reconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:

$ in thousands, except per share amounts

November 30, 2025

November 30, 2024

Book value (GAAP)

$

10,574,696

$

10,156,772

Stock options (1)

114,939

114,939

Intangible assets, net and goodwill

(2,040,147

)

(2,054,310

)

Adjusted tangible book value (non-GAAP)

$

8,649,488

$

8,217,401

Common shares outstanding (GAAP)

206,296

205,504

Preferred shares

27,563

27,563

Restricted stock units ("RSUs")

16,203

14,381

Stock options (1)

5,065

5,065

Other

1,602

1,388

Adjusted fully diluted shares outstanding (non-GAAP) (2)

256,729

253,901

Book value per common share outstanding

$

51.26

$

49.42

Adjusted tangible book value per fully diluted share outstanding (non-GAAP)

$

33.69

$

32.36

(1)

Stock options added to book value are equal to the total number of stock options outstanding as of November 30, 2025 and 2024 of 5.1 million multiplied by the weighted average exercise price of $22.69 on November 30, 2025 and 2024.

(2)

Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options and the impact of convertible preferred shares if-converted to common shares.

Notes

  1. Return on adjusted tangible shareholders' equity, Return on adjusted tangible shareholders' equity from continuing operations and Adjusted return on adjusted tangible shareholders' equity from continuing operations represent non-GAAP financial measures and are based on full year or annualized amounts. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts.
  2. Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts.
  3. Adjusted tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts.
  4. Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to present direct Asset Management revenues. We believe that aggregating Allocated net interest would obscure the revenue results by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.
  5. Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement.
  6. Asset management fees and revenues include management and performance fees from funds and accounts managed by us, revenue from strategic affiliated asset managers where we are entitled to portions their operating revenues and income based on our ownership interests in the affiliates.
  7. Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments, excluding certain Other investments.
  8. VaR estimates the potential loss in value of trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2024.
  9. Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned.
  10. Tangible shareholders' equity (a non-GAAP financial measure) is defined as shareholders' equity less Intangible assets and goodwill. We believe that tangible shareholders' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible shareholders' equity, making these ratios meaningful for investors.
  11. Leverage ratio equals total assets divided by total equity.
  12. Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and intangible assets divided by tangible shareholders' equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio.
  13. Beginning in the fourth quarter of 2024, revenues from corporate equity derivative transactions historically included within Other investment banking net revenues were reclassified to Equities net revenues as the underlying business has matured and has started to generate meaningful revenues. Prior year amounts have been revised to conform to this reclassification change to the current year reporting.
  14. Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues.
  15. Adjusted net earnings attributable to common shareholders (a non-GAAP financial measure) excludes the $30.0 million expense ($22.6 million, net of tax) related to a loss associated with our investment in Point Bonita in the current quarter. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts.

Jonathan Freedman 212.778.8913

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