Key Takeaways Jefferies reported adjusted Q3 EPS of $1.05, which beat the Zacks Consensus Estimate of 79 cents.Net revenues climbed 21.6% to $2.05 billion, led by investment banking and capital markets strength.Total non-interest expenses rose 19.9% to $1.72 billion, driven by increases across most cost components.Shares of Jefferies Financial Group (JEF) have declined 3.6% since the announcement of its quarterly results on Sept. 29. Its third-quarter fiscal 2025 (ended Aug. 31) adjusted earnings of $1.05 p ...

Core Viewpoint - Nike's stock has seen a decline of 15% since CEO Elliot Hill took over, but analysts see a potential upside of 60% with a price target of $115 [1] Company Performance - Nike's athletic footwear category is expected to grow at a rate of 5% annually due to global casualization trends [2] - The company has lost market share in recent years but is expected to regain it under new leadership, which will help spark sales growth [3] - Upcoming quarters are anticipated to show a significant improvement in comparisons, with operating income declines projected at 50% and 90% for the fiscal third and fourth quarters, respectively [4][5] Management Strategy - The new management is focused on reasserting Nike's presence in product innovation and distribution, which had been neglected under the previous CEO [6] - The current earnings report is viewed as a progress report rather than a definitive turnaround, with expectations of a revenue decline of about 5% this quarter compared to a 12% decline last quarter [7] - Future quarters are expected to approach flat revenue growth, with a notable inflection anticipated as comparisons become easier later in the fiscal year [8]

Key Points Nuvation Bio enrolled the first patient in a late-stage study of Ibtrozi. The bigger story, though, was a Wall Street analyst's initiation of coverage on the stock. 10 stocks we like better than Nuvation Bio › Shares of Nuvation Bio (NYSE: NUVB) were skyrocketing 15.7% higher as of 11:20 a.m. ET on Tuesday. The big jump came after two positive developments for the cancer-focused drugmaker. Nuvation Bio announced on Tuesday morning that it has enrolled the first patient in its phase 3 cl ...

Group 1: Mega Deals in M&A - The year has seen a record number of 49 global M&A transactions valued over $10 billion, marking the highest count for mega deals in the first nine months of any year [1] - Notable transactions include Electronic Arts' $55 billion leveraged buyout, Union Pacific's $85 billion merger with Norfolk Southern, and Google's $32 billion acquisition of Wiz [2] Group 2: Investment Bank Performance - Jefferies Financial Group reported a record revenue of $655.6 million from M&A advisory services for the three months ending in August, a 10% increase from the previous year [3] - Total investment banking revenue for Jefferies in the third quarter reached $1.1 billion, a 20% increase year-over-year, with profits rising 38% to $242 million [8] Group 3: Market Sentiment and Expectations - Jefferies CEO expressed an increasingly optimistic mood at the bank, citing a rebound in global market sentiment [4] - Major banks like Goldman Sachs, JPMorgan Chase, and others are expected to report higher dealmaking fees due to increased activity in the third quarter [5] - Global M&A deal announcements surged to $1.22 trillion since July, representing a $345 billion increase compared to the same period last year, indicating the highest third quarter for M&A since 2021 [6][7]

Jefferies Financial Group Inc. (NYSE:JEF) reported an earnings per share (EPS) of $1.01, surpassing the estimated $0.79.The company's revenue reached approximately $2.05 billion, exceeding the estimated $1.92 billion.Net earnings attributable to common shareholders were approximately $224 million, with a return on adjusted tangible shareholders' equity from continuing operations of 13.6%.Jefferies Financial Group Inc. (NYSE:JEF), a prominent player in the financial services sector, known for its investment ...

Jefferies Financial Group Inc. posted its best fiscal third-quarter revenue ever, buoyed by what the firm said is a strengthening environment for dealmaking and trading activity across the globe. Total revenue for the three months through August jumped almost 22 per cent to $2.05 billion, the New York-based firm said in a statement Monday. That’s the highest third quarter in the investment bank’s history, and the most revenue for any quarter since the first three months of 2021, when dealmaking surged comin ...

Core Insights - Jefferies (JEF) reported quarterly earnings of $1.05 per share, exceeding the Zacks Consensus Estimate of $0.79 per share, and up from $0.75 per share a year ago, representing an earnings surprise of +32.91% [1] - The company posted revenues of $2.05 billion for the quarter ended August 2025, surpassing the Zacks Consensus Estimate by 8.20%, compared to year-ago revenues of $1.68 billion [2] - Jefferies shares have underperformed the market, losing about 14.9% since the beginning of the year, while the S&P 500 gained 13% [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.75 on revenues of $1.94 billion, and for the current fiscal year, it is $2.52 on revenues of $7.06 billion [7] - The estimate revisions trend for Jefferies was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Jefferies belongs, is currently in the top 31% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Jefferies reported higher third-quarter profit on Monday, as record advisory fees and a rebound in dealmaking gave investors an early read on how Wall Street's investment-banking business may perform ... ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Jefferies Financial Group reported strong Q3 2025 results, with significant net earnings and revenue growth from Investment Banking and Capital Markets [Q3 & YTD Financial Highlights](index=1&type=section&id=Q3%20%26%20YTD%20Financial%20Highlights) Q3 2025 financial highlights show significant year-over-year growth in net earnings and total revenues, driven by Investment Banking and Capital Markets Key Financial Highlights ($ thousands, except per share amounts) | Quarter End 3Q25 | Quarter End 3Q24 | Year-to-Date 2025 | Year-to-Date 2024 | | :--------------- | :--------------- | :---------------- | :---------------- | | Net earnings attributable to common shareholders | $223,986 | $167,128 | $439,912 | $462,719 | | Diluted EPS from continuing operations | $1.01 | $0.72 | $1.98 | $2.06 | | Return on adjusted tangible shareholders' equity from continuing operations | 13.6 % | 10.3 % | 9.3 % | 10.0 % | | Total net revenues | $2,047,432 | $1,683,552 | $5,274,898 | $5,078,200 | | Investment banking net revenues | $1,135,325 | $943,566 | $2,602,324 | $2,457,963 | | Capital markets net revenues | $723,382 | $676,525 | $2,125,821 | $2,107,863 | | Asset management net revenues | $176,882 | $59,012 | $523,218 | $488,919 | | Book value per common share | $50.60 | $48.89 | $50.60 | $48.89 | | Adjusted tangible book value per fully diluted share | $33.38 | $31.87 | $33.38 | $31.87 | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted continued market position growth, record Investment Banking Advisory results, and optimism for long-term value delivery - Net revenues of **$2.05 billion** for Q3 2025 reflect continued growth in market position amid a strengthening environment for services[4](index=4&type=chunk) - Investment Banking Advisory business delivered record quarterly results, driven by increased market share, human capital investments, and improved M&A and capital formation environments[4](index=4&type=chunk) - Management is optimistic about the near and long-term outlook for Jefferies, citing strong positioning with talent, global reach, product offerings, client relationships, and brand[5](index=5&type=chunk) [Quarterly Cash Dividend](index=1&type=section&id=Quarterly%20Cash%20Dividend) The Board declared a **$0.40** per common share quarterly cash dividend, payable in November 2025 - Quarterly cash dividend declared: **$0.40** per Jefferies common share[3](index=3&type=chunk) - Payment Date: November 26, 2025[3](index=3&type=chunk) - Record Date: November 17, 2025[3](index=3&type=chunk) [Detailed Financial Performance (Unaudited)](index=2&type=section&id=Detailed%20Financial%20Performance%20(Unaudited)) This section details Jefferies' unaudited financial performance, covering net revenues by source, non-interest expenses, and consolidated earnings [Net Revenues by Source](index=2&type=section&id=Net%20Revenues%20by%20Source) Q3 2025 total net revenues increased to **$2.05 billion**, primarily from strong Investment Banking and Capital Markets, with overall year-to-date growth Net Revenues by Source ($ thousands) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total Investment Banking | $1,135,325 | $943,566 | $2,602,324 | $2,457,963 | | Total Capital Markets | $723,382 | $676,525 | $2,125,821 | $2,107,863 | | Total Asset Management Net revenues | $176,882 | $59,012 | $523,218 | $488,919 | | Other | $11,843 | $4,449 | $23,535 | $23,455 | | **Total Net revenues by source** | **$2,047,432** | **$1,683,552** | **$5,274,898** | **$5,078,200** | [Investment Banking](index=2&type=section&id=Investment%20Banking) Investment Banking net revenues grew **20.3%** year-over-year in Q3 2025 to **$1.14 billion**, driven by record Advisory and improved underwriting Investment Banking Net Revenues ($ thousands) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Advisory | $655,578 | $592,462 | $1,511,218 | $1,214,927 | | Equity underwriting | $181,205 | $150,096 | $432,091 | $608,586 | | Debt underwriting | $249,525 | $183,078 | $654,250 | $517,771 | | Other investment banking | $49,017 | $17,930 | $4,765 | $116,679 | | **Total Investment Banking** | **$1,135,325** | **$943,566** | **$2,602,324** | **$2,457,963** | - Advisory net revenues of **$656 million** represent the best quarter ever, driven by increased deal values in M&A across most sectors due to improved market conditions[7](index=7&type=chunk) - Underwriting net revenues of **$431 million** were higher than the prior year quarter, as market conditions for Equity and Debt underwriting improved, leading to increased activity levels[7](index=7&type=chunk) [Capital Markets](index=2&type=section&id=Capital%20Markets) Capital Markets net revenues increased **6.9%** in Q3 2025 to **$723 million**, primarily from stronger Equities, offsetting Fixed Income declines year-to-date Capital Markets Net Revenues ($ thousands) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Equities | $486,695 | $387,342 | $1,421,997 | $1,182,025 | | Fixed income | $236,687 | $289,183 | $703,824 | $925,838 | | **Total Capital Markets** | **$723,382** | **$676,525** | **$2,125,821** | **$2,107,863** | - Equities net revenues increased from the prior year quarter due to higher global volumes, particularly in U.S. and Europe equity cash business, and strong results in equity options, corporate derivatives, and global electronic trading[7](index=7&type=chunk) - Fixed Income net revenues decreased from the prior year quarter as strong results from global structured products were offset by lower results in client flow trading businesses due to tight credit conditions[7](index=7&type=chunk) [Asset Management](index=2&type=section&id=Asset%20Management) Asset Management net revenues significantly increased to **$176.9 million** in Q3 2025, driven by higher fees and improved investment returns from fund performance Asset Management Net Revenues ($ thousands) | Three Months Ended Aug 31, 2025 | Three Months Ended Aug 31, 2024 | Nine Months Ended Aug 31, 2025 | Nine Months Ended Aug 31, 2024 | | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Asset management fees and revenues | $15,916 | $13,261 | $125,312 | $89,736 | | Investment return | $68,026 | $(40,135) | $112,796 | $110,447 | | Allocated net interest | $(18,550) | $(16,016) | $(54,915) | $(47,031) | | Other investments, inclusive of net interest | $111,490 | $101,902 |

Key Takeaways Morgan Stanley's IB revenues rose 36% last year, aided by robust deal-making activities.Jefferies' IB fees jumped 51.6% in fiscal 2024, supported by mid-market advisory and capital markets.Analysts expect JEF's 2026 earnings to surge 70.8% versus steadier growth forecasts for Morgan Stanley.Investment banking (IB) is at the center of global capital flows, from multibillion-dollar mergers and acquisitions (M&A) transactions to high-profile IPOs. Among the sector’s key players, Morgan Stanley (M ...