NYSE$JEF
Jefferies Financial Group Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Jefferies' financial results for Q2 2023 were announced, reflecting a cyclically low period with net earnings of $12 million and total net revenues of $1.04 billion.
Jefferies Financial Group reported Q2 2023 financial results, with net earnings attributable to common shareholders of $12 million, or $0.05 per diluted share, including $72 million of pre-tax losses related to OpNet. Total net revenues were $1.04 billion, which included $72 million of pre-tax losses related to OpNet. Investment Banking net revenues totaled $510 million, while Capital Markets net revenues were $543 million. The company repurchased 2.2 million shares of common stock for $67 million.
- Net earnings attributable to common shareholders were $12 million, or $0.05 per diluted share, including $72 million of pre-tax losses related to OpNet.
- Total net revenues reached $1.04 billion, including a $72 million pre-tax loss related to OpNet.
- Investment Banking net revenues amounted to $510 million.
- Capital Markets net revenues totaled $543 million.
Headline financials
Revenue & EPS history
Jefferies · Revenue · Quarterly
$1.65B
Revenue by segment
Jefferies · $1.05B total across 5 segments · Q2 2023
- Total Capital Markets$543M+30.4%51.6%
- Advisory$254M-31.6%24.1%
- Equity Underwriting$148M—14.1%
- Debt Underwriting$89.9M—8.5%
- Other Inv. Banking$17.3M-80.3%1.6%
Forward guidance
Jefferies is increasingly optimistic about a return to a more normal environment, with green shoots appearing in June. They believe the second half of the year could be more productive, although potential adverse developments always exist.
Tailwinds
- More forward-looking attitude from investor base.
- Stronger willingness from corporate clients to engage in capital formation and other major strategic initiatives.
- Several major impediments are behind them.
- Approaching a consensus and more stable interest rate environment.
- Changes and developments at some primary competitors are creating further market opportunity for the Jefferies platform, allowing them to recruit talent.
Headwinds
- Potential for further adverse developments.
- Challenges in the operating environment during the second quarter included the fallout from the regional banking crisis.
- The government-supported forced merger of Credit Suisse and UBS.
- The tumultuous process of extending the U.S. debt ceiling.
- Uncharacteristically low volumes of capital markets issuances and mergers and acquisition activity.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
+0.2%
Avg return
Earnings day
+1.3%
Avg return
5 days after
+2.5%
Avg return
30 days after
53%
38 / 72 earnings
Positive
+10.1%
Q2 2019
Best reaction
-10.3%
Q3 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +2.0% | +4.7% | — | |
| Q4 2025 | -5.5% | -3.9% | -8.9% | |
| Q3 2025 | -1.7% | -6.3% | -20.4% | |
| Q2 2025 | +0.3% | +1.7% | +9.9% | |
| Q1 2025 | -9.9% | -11.2% | -22.4% | |
| Q3 2024 | -2.1% | -1.5% | +2.5% | |
| Q2 2024 | +6.3% | +8.5% | +23.7% | |
| Q1 2024 | -2.5% | -3.7% | -3.7% | |
| Q4 2023 | -0.7% | -0.7% | -0.2% | |
| Q3 2023 | +1.8% | -1.2% | -12.6% | |
| Q2 2023 | +4.9% | +5.2% | +17.2% | |
| Q1 2023 | +3.3% | +5.3% | +7.5% | |
| Q4 2022 | +4.6% | +8.1% | +10.1% | |
| Q3 2022 | +0.1% | +5.5% | +18.1% | |
| Q2 2022 | +1.5% | +0.4% | +14.4% | |
| Q1 2022 | +3.1% | +2.9% | -2.2% | |
| Q4 2021 | -8.1% | -9.2% | -9.3% | |
| Q3 2021 | +0.5% | +1.6% | +14.0% | |
| Q2 2021 | +6.2% | +4.6% | +2.2% | |
| Q1 2021 | -4.1% | -8.0% | -1.2% | |
| Q4 2020 | +1.3% | +7.3% | +0.1% | |
| Q3 2020 | +4.8% | +6.2% | +17.0% | |
| Q2 2020 | +7.4% | +7.6% | +16.0% | |
| Q1 2020 | +4.8% | -0.1% | -11.0% | |
| Q4 2019 | +3.8% | +3.4% | +9.3% | |
| Q3 2019 | -3.6% | -1.4% | +2.6% | |
| Q2 2019 | +10.1% | +10.4% | +3.6% | |
| Q1 2019 | +0.5% | +3.6% | +9.2% | |
| Q4 2018 | +3.1% | +5.2% | +7.2% | |
| Q3 2018 | +1.5% | +4.8% | +3.6% | |
| Q2 2018 | +8.4% | +6.2% | +2.7% | |
| Q1 2018 | -1.7% | -1.6% | -5.0% | |
| Q4 2017 | -0.0% | -1.7% | -12.5% | |
| Q3 2017 | +1.3% | -0.6% | +0.9% | |
| Q2 2017 | -2.9% | -2.9% | -9.7% | |
| Q1 2017 | -2.9% | -1.8% | -5.9% | |
| Q4 2016 | +3.6% | -2.1% | -1.8% | |
| Q3 2016 | -2.6% | +0.4% | +21.4% | |
| Q2 2016 | +4.8% | +5.7% | +6.9% | |
| Q1 2016 | +0.7% | — | — | |
| Q4 2015 | +0.4% | — | — | |
| Q3 2015 | -2.5% | — | — | |
| Q2 2015 | -1.9% | — | — | |
| Q1 2015 | +2.1% | — | — | |
| Q4 2014 | -0.3% | — | — | |
| Q3 2014 | +1.5% | — | — | |
| Q2 2014 | -1.2% | — | — | |
| Q1 2014 | -1.0% | — | — | |
| Q4 2013 | -2.1% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -1.6% | — | — | |
| Q4 2012 | -3.2% | — | — | |
| Q3 2012 | -4.4% | — | — | |
| Q2 2012 | -3.1% | — | — | |
| Q1 2012 | -2.3% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2011 | -10.3% | — | — | |
| Q2 2011 | -6.5% | — | — | |
| Q1 2011 | +1.8% | — | — | |
| Q4 2010 | +3.1% | — | — | |
| Q3 2010 | +0.9% | — | — | |
| Q2 2010 | -2.3% | — | — | |
| Q1 2009 | -4.8% | — | — | |
| Q1 2010 | +1.3% | — | — | |
| Q4 2007 | +4.5% | — | — | |
| Q4 2009 | +4.5% | — | — | |
| Q3 2008 | +0.9% | — | — | |
| Q3 2009 | +0.9% | — | — | |
| Q2 2008 | -0.2% | — | — | |
| Q4 2008 | -0.2% | — | — | |
| Q2 2009 | -0.2% | — | — |
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