Jefferies Financial Group (JEF) has reported mixed fourth quarter 2025 results, despite posting strong investment banking growth as dealmaking accelerates on Wall Street.
The New York-based financial services company reported earnings per share (EPS) of $0.85 U.S. for the final quarter of last year. That missed analysts’ consensus estimate of $0.93 U.S.
Revenue in the quarter totaled $2.07 billion U.S., which was slightly above the $2.02 billion U.S. expected on Wall Street.
Management at Jefferies said that investment banking revenue grew 20% to $1.19 billion U.S. in Q4 from a year earlier, reflecting increased deal activity on Wall Street.
Advisory revenue totaled $634 million U.S., the second-best quarter on record at Jefferies.
Capital markets revenue, which mostly comes from trading stocks, increased 6% to $692 million U.S. However, fixed income (bond) revenue declined 14% amid credit market headwinds.
Also, Jefferies’ asset management segment saw lower revenue due to a $30 million U.S. pre-tax loss related to a bad investment.
The financial services company maintained its quarterly dividend of $0.40 U.S. per share, payable on Feb. 27 to shareholders of record as of Feb. 17.
Jefferies is the first Wall Street bank to report Q4 2025 financial results. Goldman Sachs (GS), JPMorgan Chase (JPM), and others, are scheduled to report their earnings later in January.
JEF stock has declined 19% over the past 12 months to trade at $64.67 U.S. per share.
