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Total Equity
 9 Months Ended
Aug. 31, 2025
Equity [Abstract]  
Total Equity Note 17. Total EquityCommon Stock
At August 31, 2025 and November 30, 2024, we had 565,000,000
authorized shares of voting common stock with a par value of
$1.00 per share. At August 31, 2025 and November 30, 2024, we
had outstanding 206,280,296 and 205,504,272 common shares
outstanding, respectively.
The Board of Directors has authorized the repurchase of
common stock up to $250.0 million under a share repurchase
program. Treasury stock repurchases during the three and nine
months ended August 31, 2025 represent repurchases of
common stock for net-share tax withholding under our equity
compensation plan.
Non-Voting Convertible Preferred Shares
On April 27, 2023, we established Series B Non-Voting
Convertible Preferred Shares with a par value of $1.00 per share
(“Series B Preferred Stock”) and designated 70,000 shares as
Series B Preferred Stock. The Series B Preferred Stock has a
liquidation preference of $17,500 per share and rank senior to our
voting common stock upon dissolution, liquidation or winding up
of Jefferies Financial Group Inc. Each share of Series B Preferred
Stock is automatically convertible into 500 shares of non-voting
common stock, subject to certain anti-dilution adjustments, three
years after issuance. The Series B Preferred Stock participates in
cash dividends and distributions alongside our voting common
stock on an as-converted basis.
Additionally, on April 27, 2023, we entered into an Exchange
Agreement with Sumitomo Mitsui Banking Corporation (“SMBC”),
which entitles SMBC to exchange shares of our voting common
stock for shares of the Series B Preferred Stock at a rate of 500
shares of voting common stock for one share of Series B
Preferred Stock. The Exchange Agreement is limited to 55,125
shares of Preferred Stock and SMBC will pay $1.50 per share of
voting common stock so exchanged. As of November 30, 2024,
SMBC had cumulatively exchanged approximately 27.6 million
shares of voting common stock for 55,125 shares of Series B
Preferred Stock. Following this exchange, SMBC increased its
ownership of our common stock on an as-converted basis and
fully-diluted, as-converted basis. As a result, the CEO of
Sumitomo Mitsui Financial Group, Inc. was elected and now
serves on our Board of Directors. On September 19, 2024, SMBC
purchased 9.2 million shares of our common stock. At August 31,
2025, SMBC owns approximately 15.7% of our common stock on
an as-converted basis and 14.5% on a fully-diluted, as-converted
basis. Refer to Note 22, Related Party Transactions for further
information regarding transactions with SMBC.
On September 19, 2025, our Board of Directors established Series
B-1 Non-Voting Convertible Preferred Shares with a par value of
$1.00 per share (“Series B-1 Preferred Stock”) and designated
17,500 shares as Series B-1 Preferred Stock. The Series B-1
Preferred Stock has a liquidation preference of $500 per share
and ranks senior to our voting common stock and equal to the
Series B Preferred Stock upon dissolution, liquidation or winding
up of Jefferies Financial Group Inc. Each share of Series B-1
Preferred Stock is automatically convertible into 500 shares of
non-voting common stock as soon as such non-voting common
stock exists, subject to certain anti-dilution adjustments. The
Series B-1 Preferred Stock also participates in cash dividends
and distributions alongside our voting common stock on an as-
converted basis.
Additionally, on September 19, 2025, we entered into an amended
and restated Exchange Agreement (the “Amended and Restated
Exchange Agreement”) with SMBC, which entitles SMBC to
exchange shares of our voting common stock for shares of the
Series B-1 Preferred Stock at a rate of 500 shares of voting
common stock for one share of Series B-1 Preferred Stock. The
Amended and Restated Exchange Agreement is limited to 17,500
shares of Series B-1 Preferred Stock. Under the Amended and
Restated Exchange Agreement, SMBC is permitted to increase its
economic ownership in the Company to up to 20% on an as-
converted and fully diluted basis, while continuing to own less
than 5% of a voting interest in the Company.
Earnings Per Common Share
Basic and diluted earnings per common share amounts were calculated by dividing net earnings by the weighted-average number of
common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per common share are as
follows:
Three Months Ended
August 31,
Nine Months Ended
 August 31,
In thousands, except per share amounts
2025
2024
2025
2024
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations ...........................................................................................
$242,504
$174,676
$470,748
$493,606
Less: Net losses attributable to noncontrolling interests .................................................................
(10,041)
(6,304)
(24,692)
(16,541)
Allocation of earnings to participating securities (1) ........................................................................
(28,559)
(20,785)
(55,528)
(48,501)
Net earnings from continuing operations attributable to common shareholders for basic
earnings per share .............................................................................................................................
$223,986
$160,195
$439,912
$461,646
Net earnings from continuing operations attributable to common shareholders for diluted
earnings per share .............................................................................................................................
$223,986
$160,195
$439,912
$461,646
Numerator for earnings per common share from discontinued operations:
Net earnings (losses) from discontinued operations, net of taxes .................................................
—
6,363
—
(1,488)
Less: Net losses attributable to noncontrolling interests .................................................................
—
(570)
—
(2,561)
Net earnings (losses) from discontinued operations attributable to common shareholders
for basic and diluted earnings per share .......................................................................................
$—
$6,933
$—
$1,073
Net earnings attributable to common shareholders for basic earnings per share .....................
$223,986
$167,128
$439,912
$462,719
Net earnings attributable to common shareholders for diluted earnings per share ..................
$223,986
$167,128
$439,912
$462,719
Denominator for earnings per common share:
Weighted average common shares outstanding ...............................................................................
206,272
206,418
206,191
209,997
Weighted average shares of restricted stock outstanding with future service required .............
(2,224)
(2,305)
(2,259)
(2,346)
Weighted average RSUs outstanding with no future service required ............................................
11,245
10,339
11,045
10,455
Weighted average basic common shares ..........................................................................................
215,293
214,452
214,977
218,106
Stock options and other share-based awards ...................................................................................
4,643
4,189
4,915
3,369
Senior executive compensation plan RSU awards ............................................................................
2,779
3,058
2,647
2,705
Weighted average diluted common shares (2) .................................................................................
222,715
221,699
222,539
224,180
Earnings per common share:
Basic from continuing operations ........................................................................................................
$1.04
$0.75
$2.05
$2.12
Basic from discontinued operations ....................................................................................................
—
0.03
—
—
Basic .........................................................................................................................................................
$1.04
$0.78
$2.05
$2.12
Diluted from continuing operations ......................................................................................................
$1.01
$0.72
$1.98
$2.06
Diluted from discontinued operations ..................................................................................................
—
0.03
—
—
Diluted ......................................................................................................................................................
$1.01
$0.75
$1.98
$2.06
(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities.
Net losses are not allocated to participating securities. Participating securities represent certain preferred stock, restricted stock and RSUs for
which requisite service has not yet been rendered and amounted to weighted average shares of 27.6 million for both the three and nine months
ended August 31, 2025, respectively, compared with 26.3 million and 22.9 million for the three and nine months ended August 31, 2024,
respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period
had been distributed.
(2)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the
future. Antidilutive shares at August 31, 2025 and was 13.4% of the weighted average common shares outstanding for both the three and nine
months ended August 31, 2025.
Dividends
Nine Months Ended August 31, 2025
Declaration Date
Record Date
Payment Date
Per Common
Share Amount
January 8, 2025
February 14, 2025
February 27, 2025
$0.40
March 26, 2025
May 19, 2025
May 29, 2025
$0.40
June 25, 2025
August 18, 2025
August 29, 2025
$0.40
Nine Months Ended August 31, 2024
Declaration Date
Record Date
Payment Date
Per Common
Share Amount
January 8, 2024
February 16, 2024
February 27, 2024
$0.30
March 27, 2024
May 20, 2024
May 30, 2024
$0.30
June 26, 2024
August 19, 2024
August 30, 2024
$0.35
On January 8, 2025, the Board of Directors increased our
quarterly dividend from $0.35 to $0.40 per common share. On
September 29, 2025, the Board of Directors declared a dividend
of $0.40 per common share to be paid on November 26, 2025 to
common shareholders of record at November 17, 2025.
During the three and nine months ended August 31, 2025, we
paid cash dividends of $11.0 million and $33.1 million, compared
to $9.6 million and $22.2 million for the three and nine months
ended August 31, 2024, respectively, to the Series B Preferred
stockholder. The payment of dividends is subject to the
discretion of our Board of Directors and depends upon general
business conditions and other factors that our Board of Directors
may deem to be relevant.
Accumulated Other Comprehensive Income (Loss)
$ in thousands
August 31,
2025
November 30,
2024
Net unrealized losses on available-for-sale
securities .......................................................................
$(2,145)
$(2,406)
Net currency translation adjustments and other .....
(134,748)
(173,841)
Net unrealized losses related to instrument-
specific credit risk .......................................................
(198,719)
(206,664)
Net minimum pension liability ....................................
(39,315)
(40,220)
Total accumulated other comprehensive loss, net
of tax ..............................................................................
$(374,927)
$(423,131)
Amounts reclassified out of accumulated other comprehensive
income (loss) to net earnings:
Three Months
Ended
 August 31,
Nine Months
Ended
 August 31,
$ in thousands
2025
2024
2025
2024
Net unrealized gains on instrument-
specific credit risk at fair value (1) ............
$2,304
$150
$9,962
$2,783
Amortization of defined benefit pension
plan actuarial losses (2) ..............................
(124)
(67)
(950)
(247)
Total reclassifications for the period,
net of tax .......................................................
$2,180
$83
$9,012
$2,536
(1)The amounts include income tax expense of $0.8 million and $3.4 million for
the three and nine months ended August 31, 2025, respectively, compared
with income tax expense of $0.1 million and $1.0 million for the three and nine
months ended August 31, 2024, respectively, which were reclassified to
Principal transactions revenues.
(2)The amounts include income tax benefit of $0.3 million for nine months ended
August 31, 2025, compared with an income tax benefit of $0.1 million for the
nine months ended August 31, 2024, which were reclassified to Compensation
and benefits expenses.