0000096223-26-000025
SEC filingJefferies reported $14.3B cash, $19.6B total debt, and $10.6B equity; buybacks of $0.37B and dividends of $0.18B in H1 2026; investment and lending commitments of $150.4M.
Jefferies ended Q2 2026 with $14.3B in cash and cash equivalents, down slightly from $14.0B at November 30, 2025. Total assets grew to $79.5B from $76.0B, driven by increases in financial instruments owned, securities borrowed, and customer receivables. Total debt (short-term plus long-term) stood at $19.6B, up from $17.7B at year-end, primarily due to $2.81B in new senior note issuances partially offset by $1.12B in repayments. Shareholders' equity remained stable at $10.6B, with retained earnings increasing $0.23B to $8.80B, offset by share repurchases and dividends.
The Notes disclosure reveals $150.4M in unfunded commitments to investment funds measured at NAV (Note 5). Additionally, Note 10 details further commitments: $15.4M to Jefferies Finance (equity commitment), $9.0M to Berkadia (CMBS purchase commitments), $8.7M to JCP Fund V, and $205.6M to other investment vehicles. Note 18 (Commitments, Contingencies and Guarantees) was not included in this filing, so contractual obligations such as operating leases or credit commitments are not captured here.
During the six months ended May 31, 2026, Jefferies deployed $371.7M on share repurchases (6.96M shares) and paid $184.6M in dividends ($0.40 per common share quarterly). Net debt increased by $2.15B as the firm issued $4.82B in long-term debt and repaid $2.67B. No new buyback authorization or capex guidance was provided in the Notes section.
Note 13 (Revenue from Contracts with Customers) provides a disaggregation by segment. For the six months ended May 31, 2026, Investment Banking and Capital Markets generated $2.97B in contract revenue, up 38.7% from $2.14B in the prior year, driven by stronger advisory ($1.20B) and underwriting ($1.02B) fees. Asset Management contract revenue declined 30.4% to $158.6M, mainly due to lower asset management fees. Geographically, Americas accounted for 72% of total contract revenue, with Europe and Middle East at 20% and Asia-Pacific at 8%. Operating income or margins by segment were not disclosed in the Notes.