0000096223-25-000014
SEC filingJefferies reports strong balance sheet with $11.5B cash, $10.4B equity, and $17.2B total debt; unfunded investment commitments of $202M.
As of August 31, 2025, Jefferies held $11.46B in cash and cash equivalents, a decrease from $12.15B at November 30, 2024. Cash and securities segregated for regulatory purposes stood at $1.11B. Financial instruments owned (at fair value) totaled $26.12B, up from $24.14B, reflecting increased trading assets. Total assets were $69.32B. Shareholders' equity was $10.44B, up from $10.16B, driven by retained earnings. Total debt (short-term borrowings of $1.23B plus long-term debt of $16.01B) was $17.24B, an increase from $13.97B. The debt increase was funded largely through $3.85B in long-term debt issuance, partially offset by $1.76B in repayments.
Unfunded investment commitments totaled $202M as of August 31, 2025, down from $294M at November 30, 2024. These commitments are primarily to real estate and other funds ($151M), private equity funds ($27M), and credit funds ($24M). No other purchase commitments were disclosed in the available notes.
Share repurchases totaled $58.5M year-to-date (nine months ended August 31, 2025). Common dividends paid were $270.6M, or $1.20 per share for the nine months ($0.40 per quarter in the latest quarter). Preferred dividends were $33.1M. Total dividends paid (per cash flow) were $280.6M. Net debt increased by $2.9B, primarily from long-term debt issuance. Capital expenditures (net payments on premises and equipment) were $151.4M.
No segment-level financial data was provided in the notes section beyond the identification of two reportable segments: Investment Banking and Capital Markets, and Asset Management. Geographic breakdown was not included in the available notes.
Net earnings of $470.7M contrast sharply with negative operating cash flow of $3.46B, indicating significant non-cash adjustments and large working capital outflows. Depreciation and amortization ($144M) and share-based compensation ($68M) added back, but major uses included increases in financial instruments owned ($1.71B), securities purchased under resale agreements ($1.66B), and securities borrowed ($945M). These are typical for a broker-dealer and reflect business growth or market conditions. Capex of $151M was modest relative to the scale of operations. Investing activities consumed $212M mainly from net contributions to related party investments ($87M after distributions) and capex. Financing activities were not fully disclosed in the excerpt. Overall, the company's cash generation from operations was negative, driven by asset growth, but net income remained positive.