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2h ago

Jefferies’ Q3 Tops Forecasts as Advisory Fees Hit Record and Underwriting Rebounds

The results offer an early read on a Wall Street dealmaking recovery.

The company logo for Jefferies Financial Group Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 30, 2025. REUTERS/Jeenah Moon

Overview

  • Revenue rose 21.6% year over year to $2.05 billion with earnings of $1.01 per share, beating analyst estimates.
  • Net earnings reached $224 million as total investment banking net revenues climbed 20.3% to $1.14 billion.
  • Advisory net revenue set a record at $655.6 million, up 10.7% from a year earlier.
  • Equity underwriting increased 20.7% and debt underwriting rose 36.3% to about $249.5 million, while capital markets revenue grew 6.9% from the prior quarter to $723.4 million.
  • Jefferies served as bookrunner on U.S. IPOs including Firefly Aerospace and Bullish, and SMBC moved to raise its stake to bolster cross-border dealmaking as larger peers report next month.