> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Jefferies' 10-Q Shows A $23.3 Million Higher Quarterly Profit Than Its September 28 Release - URL: https://www.bullished.co/jefferies-10-q-shows-a-23-3-million-higher-quarterly-profit-than-its-september-28-release-b19d3076/ - Published: 2026-10-09T20:25:52.000Z - Updated: 2026-10-09T20:25:52.000Z - Description: A post-closing tax adjustment lifted net earnings to common shareholders and cut income tax expense by $24.2 million. - Author: Matteo Parrino - Tags: Earnings, JEF, Industry: Financials [Jefferies Financial Group](https://www.bullished.co/tag/jef/)'s 10-Q, filed Friday, reports quarterly profit that is higher than the figures in its September 28 earnings release. The firm says [post-closing adjustments](https://www.sec.gov/Archives/edgar/data/0000096223/000009622326000033/jef-20260831.htm?ref=bullished.co) for excess tax benefits on share-based awards added $23.3 million to net earnings attributable to common shareholders for the three months ended August 31, and $22.1 million for the nine months. ## The finding: a tax adjustment after the release The 10-Q says its results differ from those in the Form 8-K dated September 28\. Income tax expense was $24.2 million lower in both periods. Net earnings attributable to common shareholders were $283.9 million, against $224.0 million a year earlier. Earnings before income taxes rose to $351.0 million from $331.8 million. Income tax expense was $62.8 million, versus $89.3 million a year earlier. The effective tax rate was 17.9% for the quarter, against 26.9% a year earlier. For nine months it was 20.6%, against 23.8%. The [prior quarter's filing](https://www.sec.gov/Archives/edgar/data/0000096223/000009622326000025/jef-20260531.htm?ref=bullished.co) showed 20.8% for the three months ended May 31. The 10-Q attributes the lower rate to the excess tax benefits on share-based awards, investment tax credits and lower state and local taxes. ## The balance sheet moved with it The benefit lifted both total assets and shareholders' equity by $24.2 million, to $81.30 billion and $10.71 billion. The tax change did not touch revenue. Net revenues were $2.22 billion, up 8.5% from $2.05 billion a year earlier. ## What moved the other way Fixed income net revenues were $176.0 million in the quarter, down 25.6% from $236.7 million. For nine months they were $594.8 million, down 15.5%. The filing says credit markets stayed challenging for the products where the firm is most active. The nine-month figure includes a gross mark-to-market loss of $64.7 million tied to Market Financial Solutions in the securitized products business. Equities and advisory ran the other way. Equities net revenues were $626.2 million, up 28.7%, which the firm calls its strongest quarter on record. Advisory revenue was $817.8 million, up 24.7%. ## Other items in the filing Stratos Group International, a Jefferies subsidiary, has agreed since quarter-end to sell nearly all its operations and assets to AvaTrade Markets. The 10-Q says the sale of Tessellis is expected to close in the first quarter of 2027. Sumitomo Mitsui Banking Corporation (SMBC) held 19.6% of Jefferies' common stock at August 31, fully diluted. The board declared a $0.40 dividend on September 28, payable November 25 to holders of record on November 16. Jefferies' next quarterly filing will show whether the excess-tax-benefit effect recurs or the effective tax rate drifts back toward last year's 26.9%. ### Sources - [10-Q Filing — Jefferies Financial (JEF)](https://www.sec.gov/Archives/edgar/data/0000096223/000009622326000033/jef-20260831.htm?ref=bullished.co) — SEC EDGAR - [10-Q Filing — Jefferies Financial (JEF), Q2 FY2026 filed 2026-07-09 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000096223/000009622326000025/jef-20260531.htm?ref=bullished.co) — SEC EDGAR ### More on Jefferies Financial Group - [Jefferies LLC Pays $650,000 To Settle SEC Case Over At Least 7,700 Flawed Trading-Data Submissions](https://www.bullished.co/jefferies-llc-pays-650-000-to-settle-sec-case-over-at-least-7-700-flawed-trading-data-0df3517d/) [All Jefferies Financial Group (JEF) coverage →](https://www.bullished.co/tag/jef/)