Jefferies(US:JEF)2025-10-16 13:00Financial Performance & Growth - Jefferies' net revenues have grown significantly, reaching $72 billion LTM Q3'25, an 86% increase compared to $39 billion in 2019[38] - The firm's ROTE (Return on Tangible Equity) to all shareholders from continuing operations has improved to 103% LTM Q3'25, a 440 bps increase from 59% in 2019[38] - Asset Management total fees increased +456% from $2 million in 2019 to $139 million LTM Q3'25[145] Investment Banking - Investment Banking net revenues reached $36 billion LTM Q3'25, marking the 2nd highest in the firm's history[19] - Advisory revenues hit a record $21 billion LTM Q3'25[19] - Jefferies' global investment banking market share increased to 41% in Q3'25 Ann, a 30 bps increase from 38% in 2024[22] - The firm's 2025 fee wallet increased by 11%, driven by corporate activity, while sponsor activity is yet to return to growth[65] Equities - Equities net revenues achieved a record high, with LTM Q3'25 revenues reaching $1833 million, a 137% increase compared to 2019[81] - International revenue now represents 42% of global revenue, up from 34% in 2019[94] - Global equities cash market share reached a record 5% in Q2'25[19] Strategic Partnerships - SMBC will increase equity ownership in Jefferies from 145% to up to 20% in the open market[29] - Jefferies and SMBC's alliance has led to a >4x increase in Jefferies' M&A and ECM market share for joint sponsor clients since launch in 2024[30]