{"id":25958,"date":"2026-06-25T01:16:00","date_gmt":"2026-06-24T23:16:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=c91ebe37959df323c9a474c1a7b55156"},"modified":"2026-06-25T01:16:00","modified_gmt":"2026-06-24T23:16:00","slug":"jefferies-announces-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=25958","title":{"rendered":"Jefferies Announces Second Quarter 2026 Financial Results"},"content":{"rendered":"

\nQuarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues, as well as Quarterly Record Equities Net Revenues<\/b><\/p>

NEW YORK--(BUSINESS WIRE)--Jefferies Financial Group Inc. (NYSE: JEF)<\/p><\/a><\/a>

\nQ2 Financial Highlights<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n

\n$ in thousands, except per share amounts<\/i><\/p><\/td>

\nQuarter End<\/b><\/p><\/td>

\nYear-to-Date<\/b><\/p><\/td><\/tr>\n

\n\u00a0<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n2Q26<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2Q25<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet earnings attributable to common shareholders<\/p><\/td>

\n$<\/p><\/td>

\n226,234<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n88,017<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n382,161<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n215,955<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted earnings per voting common share<\/p><\/td>

\n$<\/p><\/td>

\n1.02<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.40<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1.70<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.97<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nReturn on adjusted tangible shareholders' equity1<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n12.8<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.5<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n12.2<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6.9<\/p><\/td>

\n%<\/p><\/td><\/tr>\n

\nTotal net revenues<\/p><\/td>

\n$<\/p><\/td>

\n2,206,451<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,634,447<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n4,223,581<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n3,227,466<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInvestment banking net revenues<\/p><\/td>

\n$<\/p><\/td>

\n1,206,820<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n766,307<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n2,224,113<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,466,999<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCapital markets net revenues<\/p><\/td>

\n$<\/p><\/td>

\n799,292<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n704,155<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,578,048<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,402,439<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAsset management net revenues<\/p><\/td>

\n$<\/p><\/td>

\n187,718<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n154,621<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n407,980<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n346,336<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPre-tax earnings<\/p><\/td>

\n$<\/p><\/td>

\n315,549<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n134,901<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n527,765<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n285,966<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBook value per common share<\/p><\/td>

\n$<\/p><\/td>

\n51.95<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n49.96<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n51.95<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n49.96<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjusted tangible book value per fully diluted share3<\/sup><\/p><\/td>

\n$<\/p><\/td>

\n34.55<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n32.84<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n34.55<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n32.84<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>

\nQuarterly Cash Dividend and Stock Buyback Activity<\/b><\/p>

\nThe Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 28, 2026 to record holders of Jefferies common shares on August 18, 2026.<\/p>

\nDuring the quarter, we repurchased 4.0 million shares of common stock for $197 million, or an average price of $49.83 per share. Our Board of Directors has increased our share buyback authorization back to a total of $250 million.<\/p>

\nManagement Comments<\/b><\/p>

\n\"Our strong second quarter net revenues of $2.21 billion, net earnings attributable to common shareholders of $226 million, diluted earnings per voting common share of $1.02 and return on adjusted tangible shareholders' equity of 12.8% reflect the momentum and market position we have been building at Jefferies.<\/i><\/p>

\n\"The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods.<\/i><\/p>

\n\u201cInvestment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings.<\/i><\/p>

\n\"Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses.<\/i><\/p>

\n\"Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results.\"<\/i><\/p>

\nRichard Handler, CEO, and Brian Friedman, President<\/i><\/p>

\nFinancial Summary<\/b> (Unaudited)<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n$ in thousands<\/i><\/p><\/td>

\nThree Months Ended<\/b><\/p><\/td>

\nSix Months Ended<\/b><\/p><\/td><\/tr>\n

\n\u00a0<\/b><\/p><\/td>

\nMay 31,\n2026<\/b><\/p><\/td>

\nFebruary 28,\n2026<\/b><\/p><\/td>

\nMay 31,\n2025<\/b><\/p><\/td>

\nMay 31,\n2026<\/b><\/p><\/td>

\nMay <\/b>31,\n2025<\/b><\/p><\/td><\/tr>\n

\nNet revenues by source:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdvisory<\/p><\/td>

\n$<\/p><\/td>

\n674,118<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n527,128<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n457,860<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,201,246<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n855,640<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nEquity underwriting<\/p><\/td>

\n\u00a0<\/p><\/td>

\n370,691<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n305,969<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n122,366<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n676,660<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n250,886<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDebt underwriting<\/p><\/td>

\n\u00a0<\/p><\/td>

\n160,186<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n181,858<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n205,363<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n342,044<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n404,725<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther investment banking<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,825<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,338<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(19,282<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4,163<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(44,252<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nTotal Investment Banking<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,206,820<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,017,293<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n766,307<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,224,113<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,466,999<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nEquities<\/p><\/td>

\n\u00a0<\/p><\/td>

\n600,751<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n558,488<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n526,244<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,159,239<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n935,302<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nFixed income<\/p><\/td>

\n\u00a0<\/p><\/td>

\n198,541<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n220,268<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n177,911<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n418,809<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n467,137<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nT<\/b>otal Capital Markets<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n799,292<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n778,756<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n704,155<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,578,048<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,402,439<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal Investment Banking and Capital Markets Net revenues5<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,006,112<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,796,049<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1,470,462<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3,802,161<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,869,438<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAsset management fees and revenues6<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n15,169<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n69,910<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n20,766<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n85,079<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n109,396<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInvestment return<\/p><\/td>

\n\u00a0<\/p><\/td>

\n31,037<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n88,992<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n50,404<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n120,029<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n44,770<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAllocated net interest4<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n(22,935<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(22,238<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(19,144<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(45,173<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(36,365<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nOther investments, inclusive of net interest<\/p><\/td>

\n\u00a0<\/p><\/td>

\n164,447<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n83,598<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n102,595<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n248,045<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n228,535<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal Asset Management Net revenues<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n187,718<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n220,262<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n154,621<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n407,980<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n346,336<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOther<\/p><\/td>

\n\u00a0<\/p><\/td>

\n12,621<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n819<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9,364<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n13,440<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n11,692<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal Net revenues by source<\/b><\/p><\/td>

\n$<\/b><\/p><\/td>

\n2,206,451<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n2,017,130<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n1,634,447<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n4,223,581<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n3,227,466<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-interest expenses:<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCompensation and benefits<\/p><\/td>

\n$<\/p><\/td>

\n1,188,245<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,085,890<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n854,839<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n2,274,135<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,695,966<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCompensation ratio13<\/sup><\/i><\/p><\/td>

\n\u00a0<\/p><\/td>

\n53.9<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n53.8<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n52.3<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n53.8<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n52.5<\/p><\/td>

\n%<\/p><\/td><\/tr>\n

\nNon-compensation expenses<\/p><\/td>

\n$<\/p><\/td>

\n702,657<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n719,024<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n644,707<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,421,681<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,245,534<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNon-compensation ratio13<\/sup><\/i><\/p><\/td>

\n\u00a0<\/p><\/td>

\n31.8<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n35.6<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n39.4<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n33.7<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n38.6<\/p><\/td>

\n%<\/p><\/td><\/tr>\n

\nTotal Non-interest expenses<\/b><\/p><\/td>

\n$<\/b><\/p><\/td>

\n1,890,902<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n1,804,914<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n1,499,546<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n3,695,816<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n2,941,500<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet earnings before income taxes<\/b><\/p><\/td>

\n$<\/b><\/p><\/td>

\n315,549<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n212,216<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n134,901<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n527,765<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n285,966<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIncome tax expense<\/p><\/td>

\n$<\/p><\/td>

\n65,571<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n52,870<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n43,506<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n118,441<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n57,722<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nIncome tax rate<\/i><\/p><\/td>

\n\u00a0<\/p><\/td>

\n20.8<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n24.9<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n32.3<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n22.4<\/p><\/td>

\n%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n20.2<\/p><\/td>

\n%<\/p><\/td><\/tr>\n

\nNet earnings<\/b><\/p><\/td>

\n$<\/b><\/p><\/td>

\n249,978<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n159,346<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n91,395<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n409,324<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n228,244<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet losses attributable to noncontrolling interests<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(5,440<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(15,858<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(7,668<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(21,298<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(14,651<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nPreferred stock dividends<\/p><\/td>

\n\u00a0<\/p><\/td>

\n29,184<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n19,504<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n11,046<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n48,461<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n26,940<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNet earnings attributable to common shareholders<\/b><\/p><\/td>

\n$<\/b><\/p><\/td>

\n226,234<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n155,700<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n88,017<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n382,161<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n215,955<\/b><\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>

\nResults Discussion<\/b><\/p>\n\n\n

\nThree Months Ended May 31, 2026 Versus May 31, 2025<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nSix Months Ended May 31, 2026 Versus May 31, 2025<\/b><\/p><\/td><\/tr>\n

    \n
  • \nNet earnings attributable to common shareholders of $226 million.<\/li>\n
  • \nDiluted earnings per voting common share of $1.02.<\/li>\n
  • \nReturn on adjusted tangible shareholders' equity1<\/sup> of 12.8%.<\/li>\n
  • \nRepurchased 4.0 million shares of common stock for $197 million, at an average price of $49.83 per share, including 2.5 million shares of common stock in the open market for $121 million and 1.5 million shares of common stock for $76 million in connection with net-share settlements related to our equity compensation plans.<\/li>\n
  • \nWe had 194.1 million voting common shares outstanding and 252.0 million common shares outstanding on a fully diluted basis2<\/sup> at May 31, 2026. Our book value per common share was $51.95 and adjusted tangible book value per fully diluted share3<\/sup> was $34.55.<\/li>\n
  • \nEffective tax rate of 20.8% compared to 32.3% for the prior year quarter. The lower rate was primarily from investment tax credits and lower state and local taxes.<\/li>\n<\/ul>\n

    \n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

    \n
  • \nNet earnings attributable to common shareholders of $382 million.<\/li>\n
  • \nDiluted earnings per voting common share of $1.70.<\/li>\n
  • \nReturn on adjusted tangible shareholders' equity1<\/sup> of 12.2%.<\/li>\n
  • \nRepurchased 7.0 million shares of common stock for $372 million, at an average price of $53.42 per share, including 5.0 million shares of common stock in the open market for $265 million and 2.0 million shares of common stock for $107 million in connection with net-share settlements related to our equity compensation plans.<\/li>\n
  • \nEffective tax rate of 22.4% compared to 20.2% for the prior year period. The lower rate last year was primarily driven by the partial resolution of certain state and local tax matters in the prior year period.<\/li>\n<\/ul>\n<\/td><\/tr>\n<\/table>\n\n\n

    \nInvestment Banking and Capital Markets<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \nInvestment Banking and Capital Markets<\/b><\/p><\/td><\/tr>\n

      \n
    • \nInvestment Banking net revenues from combined Advisory and Underwriting totaling $1.20 billion reflect our best quarterly results ever and were 53% higher than the prior year quarter.\n
        \n
      • \nAdvisory net revenues of $674 million reflect our best quarter on record and were 47% higher than the prior year quarter, driven by market share gains and increased deal volumes.<\/li>\n
      • \nUnderwriting net revenues of $531 million were 62% higher than the prior year quarter, primarily driven by market share gains and increased activity in Equity underwriting across most sectors. Debt underwriting remained solid but decreased compared to the prior year quarter primarily due to lower deal values and lower origination of asset-backed securities.<\/li>\n<\/ul><\/li>\n
      • \nCapital Markets net revenues of $799 million were 14% higher compared to the prior year quarter.\n
          \n
        • \nEquities net revenues increased 14%, marking our strongest quarter on record, primarily due to higher global trading volumes driving stronger results across most of our businesses, particularly within cash and electronic trading. Additionally, prime services continues to expand.<\/li>\n
        • \nFixed Income net revenues increased 12% from the prior year quarter, primarily driven by strong performance in our distressed, municipal securities and emerging markets businesses.<\/li>\n<\/ul><\/li>\n<\/ul>\n

          \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

      \n
    • \nInvestment Banking net revenues from Advisory and Underwriting totaling $2.22 billion reflect our best first-half year results ever and were 47% higher than the prior year period.\n
        \n
      • \nAdvisory net revenues of $1.20 billion reflect our best first-half year results ever and were 40% higher than the prior year period, driven by market share gains and increased overall market opportunity.<\/li>\n
      • \nUnderwriting net revenues of $1.02 billion were 55% higher than the prior year period, primarily driven by market share gains and increased activity in Equity underwriting across several sectors and is reflective of a stronger issuance market. Debt underwriting remained strong but decreased compared to the prior year period primarily due to lower deal values.<\/li>\n<\/ul><\/li>\n
      • \nCapital Markets net revenues of $1.58 billion reflect our best first-half year results ever and were 13% higher compared to the prior year period.\n
          \n
        • \nEquities net revenues increased 24%, marking our highest first-half year results on record, primarily due to higher global trading volumes driving stronger results across most of our businesses, particularly within cash and electronic trading. Additionally, prime services continues to expand. Our equity options, convertibles, and corporate derivatives businesses also produced strong results.<\/li>\n
        • \nFixed Income net revenues decreased 10% from the prior year period and current year results include a mark-to-market loss associated with Market Financial Solutions.<\/li>\n<\/ul><\/li>\n<\/ul>\n

          \n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n

          \nAsset Management<\/b><\/p><\/td>

          \n\u00a0<\/p><\/td>

          \nAsset Management<\/b><\/p><\/td><\/tr>\n

            \n
          • \nAsset Management fees and revenues and investment return of $46 million were lower than the prior year quarter.\n
              \n
            • \nAsset management fees and revenues decreased from the prior year quarter, as a result of lower management fees from funds and accounts managed by us, primarily Point Bonita, as well as funds and accounts managed by our strategic affiliates.<\/li>\n
            • \nInvestment return decreased from the prior year quarter, as strong performance from strategies with a long equity bias was offset by lower performance across other fund strategies and the impact of reduced capital allocated to certain funds based on our strategy to reposition the business.<\/li>\n<\/ul><\/li>\n<\/ul>\n

              \n\u00a0<\/p><\/td>

          \n\u00a0<\/p><\/td>

            \n
          • \nAsset Management fees and revenues and investment return of $205 million were meaningfully higher than the prior year period.\n
              \n
            • \nAsset management fees and revenues were lower compared to the prior year period, as a result of higher performance fees from funds and accounts managed by our strategic affiliates, offset by lower performance fees largely associated with Point Bonita.<\/li>\n
            • \nInvestment return increased significantly from the prior year period due to improved performance across several fund strategies, particularly those with a long-equity bias.<\/li>\n<\/ul><\/li>\n<\/ul>\n

              \n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n

              \nNon-interest Expenses<\/b><\/p><\/td>

              \n\u00a0<\/p><\/td>

              \nNon-interest Expenses<\/b><\/p><\/td><\/tr>\n

                \n
              • \nCompensation and benefits expense as a percentage of Net revenues was 54%, compared to 52% for the prior year quarter.<\/li>\n
              • \nNon-compensation expenses were higher primarily due to increased brokerage and clearing fees associated with increased equities trading volumes, and increased technology and communication expenses. Non-compensation expenses as a percentage of Net revenues decreased to 32%, compared to 39% for the prior year quarter.<\/li>\n<\/ul>\n

                \n\u00a0<\/p><\/td>

              \n\u00a0<\/p><\/td>

                \n
              • \nCompensation and benefits expense as a percentage of Net revenues was 54%, compared to 53% for the prior year period.<\/li>\n
              • \nNon-compensation expenses were higher primarily due to increased brokerage and clearing fees associated with increased equities trading volumes, and increased technology and communication and business development expenses. In addition, other expenses were higher primarily due to the write-down of goodwill associated with the expected sale of Tessellis. Non-compensation expenses as a percentage of Net revenues decreased to 34%, compared to 39% for the prior year period.<\/li>\n<\/ul>\n

                \n\u00a0<\/p><\/td><\/tr>\n<\/table>

                \n* * * *<\/p>

                \nAmounts herein pertaining to May 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (\u201cSEC\u201d). More information on our results of operations for the three and six months ended May 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about July 9, 2026.<\/p>

                \nThis press release contains certain \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words \u201cshould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \"would,\" or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.<\/p>

                \nPast performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).<\/p>

                \nConsolidated Statements of Earnings (Unaudited)<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

                \n$ in thousands, except per share amounts<\/i><\/p><\/td>

                \nThree Months Ended May 31,<\/b><\/p><\/td>

                \nSix Months Ended May 31,<\/b><\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2026<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2025<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2026<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2025<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nRevenues<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nInvestment banking<\/p><\/td>

                \n$<\/p><\/td>

                \n1,209,625<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n789,269<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n2,227,909<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n1,518,779<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nPrincipal transactions<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n488,666<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n338,507<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n976,164<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n745,737<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nCommissions and other fees<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n400,614<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n353,233<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n768,218<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n641,533<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nAsset management fees and revenues<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n9,788<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n20,076<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n77,150<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n105,484<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nInterest<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n853,962<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n878,025<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,667,081<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,723,196<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nOther<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n155,542<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n115,205<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n272,940<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n232,450<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nTotal revenues<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n3,118,197<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2,494,315<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n5,989,462<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n4,967,179<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nInterest expense<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n911,746<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n859,868<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,765,881<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,739,713<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNet revenues<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2,206,451<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,634,447<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n4,223,581<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n3,227,466<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNon-interest expenses<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nCompensation and benefits<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,188,245<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n854,839<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2,274,135<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,695,966<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nBrokerage and clearing fees<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n147,446<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n129,745<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n280,578<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n239,181<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nUnderwriting costs<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n26,858<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n14,525<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n58,241<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n32,371<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nTechnology and communications<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n162,860<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n146,198<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n322,718<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n285,673<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nOccupancy and equipment rental<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n34,499<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n30,711<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n68,359<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n60,910<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nBusiness development<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n89,108<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n80,070<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n164,530<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n152,361<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nProfessional services<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n98,707<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n77,768<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n175,651<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n150,234<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nDepreciation and amortization<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n47,328<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n52,253<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n104,193<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n83,241<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nCost of sales<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n31,253<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n42,961<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n61,173<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n84,529<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nOther expenses<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n64,598<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n70,476<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n186,238<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n157,034<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nTotal non-interest expenses<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,890,902<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,499,546<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n3,695,816<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2,941,500<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nEarnings before income taxes<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n315,549<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n134,901<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n527,765<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n285,966<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nIncome tax expense<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n65,571<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n43,506<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n118,441<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n57,722<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNet earnings<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n249,978<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n91,395<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n409,324<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n228,244<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNet losses attributable to noncontrolling interests<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(5,440<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(7,668<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(21,298<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(14,651<\/p><\/td>

                \n)<\/p><\/td><\/tr>\n

                \nPreferred stock dividends<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n29,184<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n11,046<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n48,461<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n26,940<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNet earnings attributable to common shareholders<\/b><\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n226,234<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n88,017<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n382,161<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n215,955<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n<\/table>

                \nFinancial Data and Metrics <\/b>(Unaudited)<\/b><\/p>\n\n\n\n\n\n\n

                \n\u00a0<\/p><\/td>

                \nThree Months Ended<\/b><\/p><\/td>

                \nSix Months Ended<\/b><\/p><\/td><\/tr>\n

                \n\u00a0<\/b><\/p><\/td>

                \nMay 31,\n2026<\/b><\/p><\/td>

                \nFebruary 28,\n2026<\/b><\/p><\/td>

                \nMay 31,\n2025<\/b><\/p><\/td>

                \nMay 31,\n2026<\/b><\/p><\/td>

                \nMay 31,\n2025<\/b><\/p><\/td><\/tr>\n

                \nOther Data:<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNumber of trading days<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n63<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n61<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n63<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n124<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n124<\/p><\/td><\/tr>\n

                \nNumber of trading loss days7<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n13<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n17<\/p><\/td><\/tr>\n

                \nAverage VaR (in millions)8<\/sup><\/p><\/td>

                \n$<\/p><\/td>

                \n10.31<\/p><\/td>

                \n$<\/p><\/td>

                \n9.78<\/p><\/td>

                \n$<\/p><\/td>

                \n11.89<\/p><\/td>

                \n$<\/p><\/td>

                \n10.05<\/p><\/td>

                \n$<\/p><\/td>

                \n12.50<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

                \nIn millions, except other data<\/i><\/b><\/p><\/td>

                \nMay 31,\n2026<\/b><\/p><\/td>

                \nFebruary 28,\n2026<\/b><\/p><\/td>

                \nMay 31,\n2025<\/b><\/p><\/td><\/tr>\n

                \nFinancial position:<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nTotal assets<\/p><\/td>

                \n$<\/p><\/td>

                \n79,540<\/p><\/td>

                \n$<\/p><\/td>

                \n74,380<\/p><\/td>

                \n$<\/p><\/td>

                \n67,285<\/p><\/td><\/tr>\n

                \nCash and cash equivalents<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n14,315<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n11,963<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n11,260<\/p><\/td><\/tr>\n

                \nFinancial instruments owned<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n28,038<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n28,079<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n25,570<\/p><\/td><\/tr>\n

                \nLevel 3 financial instruments owned9<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n839<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n849<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n763<\/p><\/td><\/tr>\n

                \nGoodwill and intangible assets, net14<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,974<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,979<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2,060<\/p><\/td><\/tr>\n

                \nTotal equity<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n10,607<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n10,662<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n10,382<\/p><\/td><\/tr>\n

                \nTotal shareholders' equity<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n10,567<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n10,611<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n10,305<\/p><\/td><\/tr>\n

                \nTangible shareholders' equity10<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n8,593<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n8,632<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n8,245<\/p><\/td><\/tr>\n

                \nOther data and financial ratios:<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nLeverage ratio11<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n7.5<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n7.0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n6.5<\/p><\/td><\/tr>\n

                \nTangible gross leverage ratio12<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n9.0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n8.4<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n7.9<\/p><\/td><\/tr>\n

                \nNumber of employees at period end<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n7,371<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n7,596<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n7,671<\/p><\/td><\/tr>\n

                \nNumber of employees excluding Tessellis and Stratos at period end<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n6,236<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n6,221<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n5,949<\/p><\/td><\/tr>\n<\/table>

                \nNon-GAAP Reconciliations<\/b><\/p>

                \nThe following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.<\/p>

                \nReturn on Adjusted Tangible Equity Reconciliation<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

                \n$ in thousands<\/i><\/p><\/td>

                \nThree Months Ended<\/b><\/p>

                \nMay 31,<\/b><\/p><\/td>

                \nSix Months Ended<\/b><\/p>

                \nMay 31,<\/b><\/p><\/td><\/tr>\n

                \n\u00a0<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2026<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2025<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2026<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2025<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNet earnings attributable to common shareholders (GAAP)<\/p><\/td>

                \n$<\/p><\/td>

                \n226,234<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n88,017<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n382,161<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n215,955<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nIntangible amortization and impairment expense, net of tax15<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,682<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n5,824<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n48,170<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n13,093<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nAdjusted net earnings to common shareholders (non-GAAP)<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n227,916<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n93,841<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n430,331<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n229,048<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nPreferred stock dividends<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n29,184<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n11,046<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n48,461<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n26,940<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nAdjusted net earnings to total shareholders (non-GAAP)<\/b><\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n257,100<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n104,887<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n478,792<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n255,988<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nAdjusted net earnings to total shareholders (non-GAAP)1<\/sup><\/p><\/td>

                \n$<\/p><\/td>

                \n1,028,400<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n419,548<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n957,584<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n511,976<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \nFebruary 28,<\/b><\/p><\/td>

                \nNovember 30,<\/b><\/p><\/td><\/tr>\n

                \n\u00a0<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2026<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2025<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2025<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n2024<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nShareholders' equity (GAAP)<\/p><\/td>

                \n$<\/p><\/td>

                \n10,610,845<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n10,204,228<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n10,574,696<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n10,156,772<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nLess: Goodwill and intangible assets, net<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(1,978,652<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(2,037,906<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(2,040,147<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(2,054,310<\/p><\/td>

                \n)<\/p><\/td><\/tr>\n

                \nLess: Deferred tax asset, net<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(493,427<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(507,452<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(459,052<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(497,590<\/p><\/td>

                \n)<\/p><\/td><\/tr>\n

                \nLess: Weighted average impact of dividends and share repurchases<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(112,340<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(67,343<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(244,489<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(157,540<\/p><\/td>

                \n)<\/p><\/td><\/tr>\n

                \nAdjusted tangible shareholders' equity (non-GAAP)<\/b><\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n8,026,426<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n7,591,527<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n7,831,008<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n7,447,332<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nReturn on adjusted tangible shareholders' equity (non-GAAP)1<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n12.8<\/p><\/td>

                \n%<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n5.5<\/p><\/td>

                \n%<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n12.2<\/p><\/td>

                \n%<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n6.9<\/p><\/td>

                \n%<\/p><\/td><\/tr>\n<\/table>

                \nAdjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation<\/b><\/p>

                \nReconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

                \n$ in thousands, except per share amounts<\/i><\/p><\/td>

                \nMay 31, 2026<\/b><\/p><\/td>

                \nMay 31, 2025<\/b><\/p><\/td><\/tr>\n

                \nBook value (GAAP)<\/p><\/td>

                \n$<\/p><\/td>

                \n10,566,996<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n10,305,025<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nStock options(1)<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n114,939<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n114,939<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nGoodwill and intangible assets, net(2)<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(1,974,240<\/p><\/td>

                \n)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n(2,060,018<\/p><\/td>

                \n)<\/p><\/td><\/tr>\n

                \nAdjusted tangible book value (non-GAAP)<\/b><\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n8,707,695<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/b><\/p><\/td>

                \n8,359,946<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nVoting common shares outstanding (GAAP)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n194,145<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n206,272<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nNon-voting common shares outstanding (GAAP)<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n9,247<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u2014<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nPreferred shares<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n27,563<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n27,563<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nRestricted stock units (\"RSUs\")<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n14,251<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n14,099<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nStock options(1)<\/sup><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n5,064<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n5,064<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nOther<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,758<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n1,566<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nAdjusted fully diluted shares outstanding (non-GAAP)(3)<\/sup><\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n252,028<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n254,564<\/b><\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nBook value per common share outstanding<\/p><\/td>

                \n$<\/p><\/td>

                \n51.95<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n49.96<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \nAdjusted tangible book value per fully diluted share outstanding (non-GAAP)<\/p><\/td>

                \n$<\/p><\/td>

                \n34.55<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n$<\/p><\/td>

                \n32.84<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td>

                \n\u00a0<\/p><\/td><\/tr>\n

                \n(1)<\/sup><\/p><\/td>

                \nStock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025.<\/p><\/td><\/tr>\n

                \n(2)<\/sup><\/p><\/td>

                \nIncludes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026.<\/p><\/td><\/tr>\n

                \n(3)<\/sup><\/p><\/td>

                \nFully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options and the impact of convertible preferred shares if-converted to common shares.<\/p><\/td><\/tr>\n<\/table>

                \nNotes<\/b><\/p>

                  \n
                1. \nReturn on adjusted tangible shareholders' equity represents a non-GAAP financial measure and is based on full year or annualized amounts. Refer to schedule on page 8<\/span> for a reconciliation to U.S. GAAP amounts.<\/li>\n
                2. \nShares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9<\/span> for a reconciliation to U.<\/li><\/ol> Contacts<\/b>

                  \nFOR MORE INFORMATION\nJonathan Freedman 212.778.8913<\/p> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"

                  Quarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues, as well as Quarterly Record Equities Net RevenuesNEW YORK–(BUSINESS WIRE)–Jefferies Financial Group Inc. (NYSE: JEF)
                  \nQ2 Financial Highlights<\/p>\n

                  $ in thousands, excep…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25958","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/25958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25958"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/25958\/revisions"}],"predecessor-version":[{"id":25959,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/25958\/revisions\/25959"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}