Jefferies Q3 Earnings Surpass Estimates with Record Advisory Revenue

Jefferies Financial Group Inc. (NYSE: JEF) reported stronger-than-expected fiscal third-quarter results, with earnings of $1.01 per share surpassing the $0.80 consensus estimate. Revenue climbed 21.6% year-over-year to $2.05 billion, exceeding the $1.89 billion forecast.

Advisory net revenues reached a record $656 million, driven by robust M&A activity. Debt underwriting saw a 36% jump to $249.5 million, while net earnings attributable to common shareholders ROSE to $224 million from $167.1 million a year earlier.

Despite the positive results, Jefferies' stock closed at $66.66 on September 29, 2025, down 0.07%, with further declines in afterhours trading. The performance reflects broader market trends where traditional finance strength hasn't translated to immediate equity gains.