Jefferies Puts Record $4.7 Billion Investment Banking Revenue Atop Its Investor Deck, With Leverage At 9.1x
The investor presentation shows $8.5 billion in net revenues and 13.1% return on tangible equity for the last twelve months through the third quarter.
Jefferies Financial Group's investor presentation, furnished in an 8-K for Monday's investor meeting, reports $8.5 billion of net revenues for the last twelve months through the third quarter of 2026, up 119% since 2019. Investment banking net revenues hit a record $4.7 billion over the same stretch.
What the deck reports
Net earnings to all shareholders came to $0.9 billion, up 123% since 2019, the deck says. Return on tangible equity from continuing operations was 13.1%, a gain of 726 basis points (about 7.3 percentage points) since 2019.
The deck also labels last-twelve-month advisory revenues of $2.7 billion and equities revenues of $2.3 billion as records. It says investment banking and capital markets make up more than 90% of firm net revenues.
In that segment, net revenues were $7.8 billion against $4.5 billion in 2023, and pretax profit was $1.3 billion against $0.8 billion. The profit margin was 16% versus 11% in 2023.
Jefferies ranks fifth globally in advisory and in equity capital markets on the deck's table, and sixth in global investment banking year to date through September 2026. Equities revenue is described as on pace for a record year, with international business at 44% of global sales and trading revenue.
Balance sheet and shareholder returns
Management put the tangible gross leverage ratio at 9.1x, against a peer average of 16.3x. Total assets are up 82% since 2019, which the deck attributes largely to cash, prime assets and secured financing balances.
Since November 30, 2018, Jefferies has returned $6.4 billion to shareholders through buybacks and dividends, equal to 79% of tangible book value. Fully diluted shares are down 24% over that time.
SMBC, Hildene and the next phase
Jefferies and SMBC plan to combine their Japan equities businesses, launching January 1, 2027, with a stated goal of a number-one Japan equities franchise. The deck says SMBC-related pipeline has grown more than twofold versus a year ago.
In asset management, the deck lists the pending acquisition of Hildene and its insurance unit SILAC. It says Jefferies disclosed in September 2025 its intention to buy a 50% interest in Hildene Holding Company. In October 2026 the firm also launched JefAM, combining the marketing teams of two alternatives units.
The deck's forward-looking statements caution that actual results may differ materially.
The meeting's agenda ends with a question-and-answer session at 11:00 a.m., and the SMBC Japan combination is slated to go live January 1, 2027.
Sources
- 8-K Filing — Jefferies Financial Group Inc. (JEF) — SEC EDGAR
- Exhibit ef20083976_ex99-1.htm — Jefferies Financial Group Inc. 8-K exhibit — SEC EDGAR
More on Jefferies Financial Group
- Jefferies Says Hiring Peak Has Passed, Hildene Deal Targets First-Quarter Close, Japan Venture Starts In January
- Jefferies' 10-Q Shows A $23.3 Million Higher Quarterly Profit Than Its September 28 Release
- Jefferies LLC Pays $650,000 To Settle SEC Case Over At Least 7,700 Flawed Trading-Data Submissions
