Investment Banking was Jefferies Financial’s largest product and service line in fiscal 2025, bringing in $3.80B of $10.82B (35%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Investment Banking | $2.81B | $2.17B | $3.31B | $3.80B | |||||
| Interest | $1.18B | $2.87B | $3.54B | $3.40B | |||||
| Interest Income | — | — | — | — | |||||
| Principal Transactions | $833.76M | $1.41B | $1.82B | $1.61B | |||||
| Commissions & Other Fees | $925.49M | $905.67M | $1.09B | $1.32B | |||||
| Other Contracts With Customers | $1.32B | $1.84M | $674.09M | $557.68M | |||||
| Other, Pre-Reclass | — | — | — | — | |||||
| Manufacturing Revenues | — | — | — | — | |||||
| Gain On Sale Of National Beef | — | — | — | — | |||||
| Revenues Of Oil & Gas Production And Development Businesses | — | — | — | — | |||||
| Other | — | — | — | — | |||||
| Income From Associated Companies Classified As Other Revenues | — | — | — | — | |||||
| Asset Management Fees | $80.26M | $82.57M | $86.11M | $130.67M | |||||
| Gain On Revaluation Of Our Interest In Homefed | — | — | — | — | |||||
| Revenues From Sale Of Real Estate | — | — | — | — | |||||
| Total | $7.15B | $7.44B | $10.52B | $10.82B |
Jefferies Financial brought in $10.82B from its six product and service lines in fiscal 2025, the year ended November 30, 2025. That was up 2.9% from $10.52B in fiscal 2024. Investment Banking was the largest at $3.80B (35.1%), ahead of Interest at $3.40B (31.4%) and Principal Transactions at $1.61B (14.9%). The other three lines brought in $2.01B combined.
Compared with fiscal 2024, Commissions & Other Fees grew fastest, up 21.9% to $1.32B, while Other Contracts With Customers fell the most, down 17.3% to $557.68M. From fiscal 2022 to 2025, combined revenue from these lines grew from $7.15B to $10.82B, a compound annual growth rate of 14.8%. Investment Banking's share of the total fell from 39.3% to 35.1%.
Investment Banking & Capital Markets was Jefferies Financial’s largest segment in fiscal 2025, bringing in $9.79B of $10.80B (91%).
| Segment | FY 2011 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Investment Banking & Capital Markets | $7.07B | $9.37B | $9.79B | |
| Asset Management | $368.40M | $1.11B | $1.01B | |
| Other Operations | — | — | — | |
| Corporate | — | — | — | |
| Total | $7.43B | $10.49B | $10.80B |
Jefferies Financial brought in $10.80B from its two segments in fiscal 2025, the year ended November 30, 2025. That was up 3.0% from $10.49B in fiscal 2024. Investment Banking & Capital Markets was the largest at $9.79B (90.7%), ahead of Asset Management at $1.01B (9.3%).
Compared with fiscal 2024, Investment Banking & Capital Markets grew 4.4% to $9.79B, while Asset Management fell 9.6% to $1.01B. From fiscal 2023 to 2025, combined revenue from these segments grew from $7.43B to $10.80B, a compound annual growth rate of 20.5%. Investment Banking & Capital Markets' share of the total fell from 95.0% to 90.7%.
As Originally Reported was Jefferies Financial’s largest revenue line in fiscal 2020, bringing in $6.96B of $6.88B (101%).
| Revision of Prior Period | FY 2020 |
|---|---|
| As Originally Reported | $6.96B |
| Increases/Decreases Due To Reclassifications | -$75.48M |
| Total | $6.88B |
Jefferies Financial brought in $6.88B from its two revenue lines in fiscal 2020, the year ended November 30, 2020. As Originally Reported was the largest at $6.96B (101.1%).
The total is net of Increases/Decreases Due To Reclassifications, which took $75.48M off revenue in fiscal 2020.
Jefferies Financial (JEF) reports its revenue by product and service, by segment and by revision of prior period. In fiscal 2025, Investment Banking was its largest product and service line, bringing in $3.80B (35.1% of the total), followed by Interest at $3.40B (31.4%).
Investment Banking was Jefferies Financial's largest product and service line in fiscal 2025, bringing in $3.80B, or 35.1% of the $10.82B total across its six product and service lines.
Investment Banking & Capital Markets was Jefferies Financial's largest segment in fiscal 2025, bringing in $9.79B, or 90.7% of the $10.80B total across its two segments.
As Originally Reported was Jefferies Financial's largest revenue line in fiscal 2020, bringing in $6.96B, or 101.1% of the $6.88B total across its two revenue lines.
Among Jefferies Financial's product and service lines that make up at least 2% of revenue, Commissions & Other Fees grew fastest in fiscal 2025, up 21.9% from $1.09B to $1.32B.
Every figure comes from Jefferies Financial's annual financial filings, as reported. Each line keeps the name Jefferies Financial gives it, and years follow its fiscal calendar.
Jefferies Financial's revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.