# EDGAR Filing Document

**Accession Number:** 0000096223
**File Stem:** 0000096223-26-000021
**Filing Date:** 2026-6
**Character Count:** 38851
**Document Hash:** 442b8defa6d834b694b30a49de4ab723
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000096223-26-000021.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0000096223-26-000021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260624

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jefferies Financial Group Inc.
- **CENTRAL INDEX KEY:** 0000096223
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132615557
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05721
- **FILM NUMBER:** 261116115

**BUSINESS ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2124601900

**MAIL ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEUCADIA NATIONAL CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TALCOTT NATIONAL CORP
- **DATE OF NAME CHANGE:** 19800603

?xml version='1.0' encoding='ASCII'? jef-20260624

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________________________________

**FORM 8-K** 

________________________________

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)** 

**of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): June 24, 2026

________________________________

**JEFFERIES FINANCIAL GROUP INC.**

**(Exact name of registrant as specified in its charter)**

________________________________

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| | | | |
|:---|:---|:---|:---|
| **New York** | **001-05721** | **001-05721** | **13-2615557** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission File Number)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |
| **520 Madison Avenue** | **New York,** | **New York** | **10022** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 284-2300** 

**(Former name or former address, if changed since last report)**

______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Voting Common Shares, par value $1 per share | JEF | New York Stock Exchange |
| 4.850% Senior Notes Due 2027 | JEF 27A | New York Stock Exchange |
| 5.875% Senior Notes Due 2028 | JEF 28 | New York Stock Exchange |
| 5.125% Senior Notes Due 2031 | JEF 31 | New York Stock Exchange |
| 2.750% Senior Notes Due 2032 | JEF 32A | New York Stock Exchange |
| 6.200% Senior Notes Due 2034 | JEF 34 | New York Stock Exchange |
| 5.500% Senior Notes Due 2036 | JEF 36 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition**

On June 24, 2026, we issued a press release containing financial results for our quarter and six months ended May 31, 2026. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.

The information provided in this Item 2.02, including the exhibits hereto, is intended to be "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits**

The following exhibits are furnished with this report:

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99 | <u>[Press Release of Jefferies Financial Group Inc. - Quarter and Six Months ended May 31, 2026 Results](jfgpressrelease5312026.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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***SIGNATURES***

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 24, 2026

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| | |
|:---|:---|
| JEFFERIES FINANCIAL GROUP INC. | JEFFERIES FINANCIAL GROUP INC. |
| By: | /s/ Michael J. Sharp |
| Name: | Michael J. Sharp |
| Title: | Executive Vice President and General Counsel |

---

## Ex-99

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| | |
|:---|:---|
| ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) | FOR MORE INFORMATION<br>Jonathan Freedman 212.778.8913 |

---

For Immediate Release

NEW YORK — Jefferies Financial Group Inc. (NYSE: JEF)

June 24, 2026

![linejpeg.jpg](linejpeg.jpg)

Jefferies Announces Second Quarter 2026 Financial Results

Quarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues,

as well as Quarterly Record Equities Net Revenues

Q2 Financial Highlights

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| | | | | |
|:---|:---|:---|:---|:---|
| *$ in thousands, except per share amounts* | Quarter End | Quarter End | Year-to-Date | Year-to-Date |
|  | 2Q26 | 2Q25 | 2026 | 2025 |
| Net earnings attributable to common shareholders | $226234 | $88017 | $382161 | $215955 |
| Diluted earnings per voting common share | $1.02 | $0.40 | $1.70 | $0.97 |
| Return on adjusted tangible shareholders' equity<sup>1</sup> | 12.8% | 5.5% | 12.2% | 6.9% |
| Total net revenues | $2206451 | $1634447 | $4223581 | $3227466 |
| Investment banking net revenues | $1206820 | $766307 | $2224113 | $1466999 |
| Capital markets net revenues | $799292 | $704155 | $1578048 | $1402439 |
| Asset management net revenues | $187718 | $154621 | $407980 | $346336 |
| Pre-tax earnings | $315549 | $134901 | $527765 | $285966 |
| Book value per common share | $51.95 | $49.96 | $51.95 | $49.96 |
| Adjusted tangible book value per fully diluted share<sup>3</sup> | $34.55 | $32.84 | $34.55 | $32.84 |

---

Quarterly Cash Dividend and Stock Buyback Activity

The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 28, 2026 to record holders of Jefferies common shares on August 18, 2026.

During the quarter, we repurchased 4.0 million shares of common stock for $197 million, or an average price of $49.83 per share. Our Board of Directors has increased our share buyback authorization back to a total of $250 million.

Management Comments

*"Our strong second quarter net revenues of $2.21 billion, net earnings attributable to common shareholders of $226 million, diluted earnings per voting common share of $1.02 and return on adjusted tangible shareholders' equity of 12.8% reflect the momentum and market position we have been building at Jefferies.* 

*"The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods.*

*"Investment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings.*

*"Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses.* 

1 Jefferies Financial Group

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*"Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results."*

*Richard Handler, CEO, and Brian Friedman, President*

---

| | |
|:---|:---|
| 2 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

---

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Financial Summary **(Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *$ in thousands* | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | May 31,<br> 2026 | February 28, <br> 2026 | May 31,<br> 2025 | May 31,<br> 2026 | May 31,<br> 2025 |
| Net revenues by source: |  |  |  |  |  |
| Advisory | $674118 | $527128 | $457860 | $1201246 | $855640 |
| Equity underwriting | 370691 | 305969 | 122366 | 676660 | 250886 |
| Debt underwriting | 160186 | 181858 | 205363 | 342044 | 404725 |
| Other investment banking | 1825 | 2338 | (19282) | 4163 | (44252) |
| **Total Investment Banking** | 1206820 | 1017293 | 766307 | 2224113 | 1466999 |
| Equities | 600751 | 558488 | 526244 | 1159239 | 935302 |
| Fixed income | 198541 | 220268 | 177911 | 418809 | 467137 |
| Total Capital Markets | 799292 | 778756 | 704155 | 1578048 | 1402439 |
| Total Investment Banking and Capital Markets Net revenues<sup>5</sup> | 2006112 | 1796049 | 1470462 | 3802161 | 2869438 |
| Asset management fees and revenues<sup>6</sup> | 15169 | 69910 | 20766 | 85079 | 109396 |
| Investment return | 31037 | 88992 | 50404 | 120029 | 44770 |
| Allocated net interest<sup>4</sup> | (22935) | (22238) | (19144) | (45173) | (36365) |
| Other investments, inclusive of net interest | 164447 | 83598 | 102595 | 248045 | 228535 |
| Total Asset Management Net revenues  | 187718 | 220262 | 154621 | 407980 | 346336 |
| Other | 12621 | 819 | 9364 | 13440 | 11692 |
| Total Net revenues by source | $2206451 | $2017130 | $1634447 | $4223581 | $3227466 |
| **Non-interest expenses:** |  |  |  |  |  |
| Compensation and benefits | $1188245 | $1085890 | $854839 | $2274135 | $1695966 |
| &nbsp;&nbsp;*Compensation ratio*<sup>13</sup> | 53.9% | 53.8% | 52.3% | 53.8% | 52.5% |
| Non-compensation expenses | $702657 | $719024 | $644707 | $1421681 | $1245534 |
| &nbsp;&nbsp;*Non-compensation ratio*<sup>13</sup> | 31.8% | 35.6% | 39.4% | 33.7% | 38.6% |
| **Total Non-interest expenses** | $**1890902** | $**1804914** | $**1499546** | $**3695816** | $**2941500** |
| **Net earnings before income taxes** | $**315549** | $**212216** | $**134901** | $**527765** | $**285966** |
| Income tax expense | $65571 | $52870 | $43506 | $118441 | $57722 |
| &nbsp;&nbsp;*Income tax rate* | 20.8% | 24.9% | 32.3% | 22.4% | 20.2% |
| Net earnings | $249978 | $159346 | $91395 | $409324 | $228244 |
| Net losses attributable to noncontrolling interests | (5440) | (15858) | (7668) | (21298) | (14651) |
| Preferred stock dividends | 29184 | 19504 | 11046 | 48461 | 26940 |
| Net earnings attributable to common shareholders | $226234 | $155700 | $88017 | $382161 | $215955 |

---

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| | |
|:---|:---|
| 3 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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Results Discussion

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| | |
|:---|:---|
| Three Months Ended May 31, 2026 Versus May 31, 2025 | Six Months Ended May 31, 2026 Versus May 31, 2025 |
| &nbsp;&nbsp;&nbsp;• Net earnings attributable to common shareholders of $226 million.<br>• Diluted earnings per voting common share of $1.02.<br>*•* Return on adjusted tangible shareholders' equity<sup>1</sup> of 12.8%. <br>*•* Repurchased 4.0 million shares of common stock for $197 million, at an average price of $49.83 per share, including 2.5 million shares of common stock in the open market for $121 million and 1.5 million shares of common stock for $76 million in connection with net-share settlements related to our equity compensation plans.<br>*•* We had 194.1 million voting common shares outstanding and 252.0 million common shares outstanding on a fully diluted basis<sup>2</sup> at May 31, 2026. Our book value per common share was $51.95 and adjusted tangible book value per fully diluted share<sup>3</sup> was $34.55.<br>*•* Effective tax rate of 20.8% compared to 32.3% for the prior year quarter. The lower rate was primarily from investment tax credits and lower state and local taxes. | • Net earnings attributable to common shareholders of $382 million.<br>• Diluted earnings per voting common share of $1.70.<br>• Return on adjusted tangible shareholders' equity<sup>1</sup> of 12.2%. <br>• Repurchased 7.0 million shares of common stock for $372 million, at an average price of $53.42 per share, including 5.0 million shares of common stock in the open market for $265 million and 2.0 million shares of common stock for $107 million in connection with net-share settlements related to our equity compensation plans.<br>• Effective tax rate of 22.4% compared to 20.2% for the prior year period. The lower rate last year was primarily driven by the partial resolution of certain state and local tax matters in the prior year period. |

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| | |
|:---|:---|
| Investment Banking and Capital Markets | Investment Banking and Capital Markets  |
| • Investment Banking net revenues from combined Advisory and Underwriting totaling $1.20 billion reflect our best quarterly results ever and were 53% higher than the prior year quarter. <br>&nbsp;&nbsp;&nbsp;&nbsp;• Advisory net revenues of $674 million reflect our best quarter on record and were 47% higher than the prior year quarter, driven by market share gains and increased deal volumes.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting net revenues of $531 million were 62% higher than the prior year quarter, primarily driven by market share gains and increased activity in Equity underwriting across most sectors. Debt underwriting remained solid but decreased compared to the prior year quarter primarily due to lower deal values and lower origination of asset-backed securities.<br>• Capital Markets net revenues of $799 million were 14% higher compared to the prior year quarter. <br>&nbsp;&nbsp;&nbsp;&nbsp;• Equities net revenues increased 14%, marking our strongest quarter on record, primarily due to higher global trading volumes driving stronger results across most of our businesses, particularly within cash and electronic trading. Additionally, prime services continues to expand.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Fixed Income net revenues increased 12% from the prior year quarter, primarily driven by strong performance in our distressed, municipal securities and emerging markets businesses. | &nbsp;&nbsp;&nbsp;*•* Investment Banking net revenues from Advisory and Underwriting totaling $2.22 billion reflect our best first-half year results ever and were 47% higher than the prior year period. <br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Advisory net revenues of $1.20 billion reflect our best first-half year results ever and were 40% higher than the prior year period, driven by market share gains and increased overall market opportunity.<br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Underwriting net revenues of $1.02 billion were 55% higher than the prior year period, primarily driven by market share gains and increased activity in Equity underwriting across several sectors and is reflective of a stronger issuance market. Debt underwriting remained strong but decreased compared to the prior year period primarily due to lower deal values.<br>*•* Capital Markets net revenues of $1.58 billion reflect our best first-half year results ever and were 13% higher compared to the prior year period. <br>&nbsp;&nbsp;&nbsp;&nbsp;• Equities net revenues increased 24%, marking our highest first-half year results on record, primarily due to higher global trading volumes driving stronger results across most of our businesses, particularly within cash and electronic trading. Additionally, prime services continues to expand. Our equity options, convertibles, and corporate derivatives businesses also produced strong results.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Fixed Income net revenues decreased 10% from the prior year period and current year results include a mark-to-market loss associated with Market Financial Solutions. |

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| | |
|:---|:---|
| Asset Management  | Asset Management  |
| &nbsp;&nbsp;&nbsp;*•* Asset Management fees and revenues and investment return of $46 million were lower than the prior year quarter.<br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Asset management fees and revenues decreased from the prior year quarter, as a result of lower management fees from funds and accounts managed by us, primarily Point Bonita, as well as funds and accounts managed by our strategic affiliates.<br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Investment return decreased from the prior year quarter, as strong performance from strategies with a long equity bias was offset by lower performance across other fund strategies and the impact of reduced capital allocated to certain funds based on our strategy to reposition the business. | &nbsp;&nbsp;&nbsp;*•* Asset Management fees and revenues and investment return of $205 million were meaningfully higher than the prior year period. <br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Asset management fees and revenues were lower compared to the prior year period, as a result of higher performance fees from funds and accounts managed by our strategic affiliates, offset by lower performance fees largely associated with Point Bonita.<br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Investment return increased significantly from the prior year period due to improved performance across several fund strategies, particularly those with a long-equity bias. |

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| | |
|:---|:---|
| 4 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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| | |
|:---|:---|
| Non-interest Expenses | Non-interest Expenses |
| &nbsp;&nbsp;&nbsp;*•* Compensation and benefits expense as a percentage of Net revenues was 54%, compared to 52% for the prior year quarter. <br>*•* Non-compensation expenses were higher primarily due to increased brokerage and clearing fees associated with increased equities trading volumes, and increased technology and communication expenses. Non-compensation expenses as a percentage of Net revenues decreased to 32%, compared to 39% for the prior year quarter.  | &nbsp;&nbsp;&nbsp;*•* Compensation and benefits expense as a percentage of Net revenues was 54%, compared to 53% for the prior year period.<br>*•* 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. In addition, other expenses were higher primarily due to the write-down of goodwill associated with the expected sale of Tessellis. Non-compensation expenses as a percentage of Net revenues decreased to 34%, compared to 39% for the prior year period.  |

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\* \* \* \*

Amounts herein pertaining to May 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission ("SEC"). More information on our results of operations for the three and six months ended May 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about July 9, 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).

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| | |
|:---|:---|
| 5 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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Consolidated Statements of Earnings (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| *$ in thousands, except per share amounts* | **Three Months Ended May 31,** | **Three Months Ended May 31,** | **Six Months Ended May 31,** | **Six Months Ended May 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Revenues** |  |  |  |  |
| Investment banking | $1209625 | $789269 | $2227909 | $1518779 |
| Principal transactions | 488666 | 338507 | 976164 | 745737 |
| Commissions and other fees | 400614 | 353233 | 768218 | 641533 |
| Asset management fees and revenues | 9788 | 20076 | 77150 | 105484 |
| Interest | 853962 | 878025 | 1667081 | 1723196 |
| Other | 155542 | 115205 | 272940 | 232450 |
| **Total revenues** | **3118197** | **2494315** | **5989462** | **4967179** |
| Interest expense | 911746 | 859868 | 1765881 | 1739713 |
| **Net revenues** | **2206451** | **1634447** | **4223581** | **3227466** |
| **Non-interest expenses** |  |  |  |  |
| Compensation and benefits | 1188245 | 854839 | 2274135 | 1695966 |
| Brokerage and clearing fees | 147446 | 129745 | 280578 | 239181 |
| Underwriting costs | 26858 | 14525 | 58241 | 32371 |
| Technology and communications | 162860 | 146198 | 322718 | 285673 |
| Occupancy and equipment rental | 34499 | 30711 | 68359 | 60910 |
| Business development | 89108 | 80070 | 164530 | 152361 |
| Professional services | 98707 | 77768 | 175651 | 150234 |
| Depreciation and amortization | 47328 | 52253 | 104193 | 83241 |
| Cost of sales | 31253 | 42961 | 61173 | 84529 |
| Other expenses | 64598 | 70476 | 186238 | 157034 |
| **Total non-interest expenses** | **1890902** | **1499546** | **3695816** | **2941500** |
| Earnings before income taxes | 315549 | 134901 | 527765 | 285966 |
| Income tax expense | 65571 | 43506 | 118441 | 57722 |
| **Net earnings** | **249978** | **91395** | **409324** | **228244** |
| Net losses attributable to noncontrolling interests | (5440) | (7668) | (21298) | (14651) |
| Preferred stock dividends | 29184 | 11046 | 48461 | 26940 |
| **Net earnings attributable to common shareholders** | $**226234** | $**88017** | $**382161** | $**215955** |

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| | |
|:---|:---|
| 6 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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Financial Data and Metrics **(Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | May 31,<br> 2026 | February 28, <br> 2026 | May 31,<br> 2025 | May 31,<br> 2026 | May 31,<br> 2025 |
| Other Data: |  |  |  |  |  |
| Number of trading days | 63 | 61 | 63 | 124 | 124 |
| Number of trading loss days<sup>7</sup> | 0 | 1 | 13 | 1 | 17 |
| Average VaR (in millions)<sup>8</sup> | $10.31 | $9.78 | $11.89 | $10.05 | $12.50 |

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| | | | |
|:---|:---|:---|:---|
| ***In millions, except other data*** | May 31,<br> 2026 | February 28, <br> 2026 | May 31,<br> 2025 |
| Financial position: |  |  |  |
| Total assets | $79540 | $74380 | $67285 |
| Cash and cash equivalents | 14315 | 11963 | 11260 |
| Financial instruments owned | 28038 | 28079 | 25570 |
| Level 3 financial instruments owned<sup>9</sup> | 839 | 849 | 763 |
| Goodwill and intangible assets, net<sup>14</sup> | 1974 | 1979 | 2060 |
| Total equity | 10607 | 10662 | 10382 |
| Total shareholders' equity | 10567 | 10611 | 10305 |
| Tangible shareholders' equity<sup>10</sup> | 8593 | 8632 | 8245 |
| Other data and financial ratios: |  |  |  |
| Leverage ratio<sup>11</sup> | 7.5 | 7.0 | 6.5 |
| Tangible gross leverage ratio<sup>12</sup> | 9.0 | 8.4 | 7.9 |
| Number of employees at period end | 7371 | 7596 | 7671 |
| Number of employees excluding Tessellis and Stratos at period end | 6236 | 6221 | 5949 |

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| | |
|:---|:---|
| 7 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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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.

Return on Adjusted Tangible Equity Reconciliation

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| | | | | |
|:---|:---|:---|:---|:---|
| *$ in thousands* | Three Months Ended<br> May 31, | Three Months Ended<br> May 31, | Six Months Ended<br> May 31, | Six Months Ended<br> May 31, |
|  | 2026 | 2025 | 2026 | 2025 |
| Net earnings attributable to common shareholders (GAAP) | $226234 | $88017 | $382161 | $215955 |
| Intangible amortization and impairment expense, net of tax<sup>15</sup> | 1682 | 5824 | 48170 | 13093 |
| Adjusted net earnings to common shareholders (non-GAAP) | 227916 | 93841 | 430331 | 229048 |
| Preferred stock dividends | 29184 | 11046 | 48461 | 26940 |
| Adjusted net earnings to total shareholders (non-GAAP) | $257100 | $104887 | $478792 | $255988 |
| Adjusted net earnings to total shareholders (non-GAAP)<sup>1</sup> | $1028400 | $419548 | $957584 | $511976 |
|  | February 28, | February 28, | November 30, | November 30, |
|  | 2026 | 2025 | 2025 | 2024 |
| Shareholders' equity (GAAP) | $10610845 | $10204228 | $10574696 | $10156772 |
| Less: Goodwill and intangible assets, net | (1978652) | (2037906) | (2040147) | (2054310) |
| Less: Deferred tax asset, net | (493427) | (507452) | (459052) | (497590) |
| Less: Weighted average impact of dividends and share repurchases | (112340) | (67343) | (244489) | (157540) |
| Adjusted tangible shareholders' equity (non-GAAP) | $8026426 | $7591527 | $7831008 | $7447332 |
| Return on adjusted tangible shareholders' equity (non-GAAP)<sup>1</sup> | 12.8% | 5.5% | 12.2% | 6.9% |

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| 8 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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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:

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| | | | |
|:---|:---|:---|:---|
| *$ in thousands, except per share amounts* | *$ in thousands, except per share amounts* | May 31, 2026 | May 31, 2025 |
| Book value (GAAP) | Book value (GAAP) | $10566996 | $10305025 |
| Stock options<sup>(1)</sup> | Stock options<sup>(1)</sup> | 114939 | 114939 |
| Goodwill and intangible assets, net<sup>(2)</sup> | Goodwill and intangible assets, net<sup>(2)</sup> | (1974240) | (2060018) |
| Adjusted tangible book value (non-GAAP) | Adjusted tangible book value (non-GAAP) | $8707695 | $8359946 |
| Voting common shares outstanding (GAAP) | Voting common shares outstanding (GAAP) | 194145 | 206272 |
| Non-voting common shares outstanding (GAAP) | Non-voting common shares outstanding (GAAP) | 9247 |  |
| Preferred shares | Preferred shares | 27563 | 27563 |
| Restricted stock units ("RSUs") | Restricted stock units ("RSUs") | 14251 | 14099 |
| Stock options<sup>(1)</sup> | Stock options<sup>(1)</sup> | 5064 | 5064 |
| Other | Other | 1758 | 1566 |
| Adjusted fully diluted shares outstanding (non-GAAP)<sup>(3)</sup> | Adjusted fully diluted shares outstanding (non-GAAP)<sup>(3)</sup> | 252028 | 254564 |
| Book value per common share outstanding | Book value per common share outstanding | $51.95 | $49.96 |
| Adjusted tangible book value per fully diluted share outstanding (non-GAAP) | Adjusted tangible book value per fully diluted share outstanding (non-GAAP) | $34.55 | $32.84 |
| <sup>(1)</sup> | Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025. | Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025. | Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025. |
| <sup>(2)</sup> | Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. | Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. | Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. |
| <sup>(3)</sup> | 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. | 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. | 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. |

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| 9 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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Notes

1. Return on adjusted tangible shareholders' equity represents a non-GAAP financial measure and is based on full year or annualized amounts. Refer to schedule on page <u>[8](#i37df00a6a9aa4646b135c913412ad992_471)</u> 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 <u>[9](#i3c75c53d4305454f9b8c5f74b2ba8edc_242)</u> 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 <u>[9](#i3c75c53d4305454f9b8c5f74b2ba8edc_242)</u> 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, 2025.

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. Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues.

14. Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026.

15. Includes a $35.5 million after-tax write-down of goodwill associated with Tessellis for the six months ended May 31, 2026.

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|:---|:---|
| 10 Jefferies Financial Group | ![jefferies_logoxblackx72dpi.jpg](jefferies_logoxblackx72dpi.jpg) |

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