NYSE$JEF
Jefferies Financial Group Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Jefferies' Q4 2023 financial results were announced, with a net income of $66 million and revenue of $1.20 billion.
Jefferies Financial Group reported Q4 2023 financial results, including net earnings attributable to common shareholders of $66 million, or $0.29 per diluted common share, and net revenues of $1.20 billion. The company's Board of Directors has increased the share buyback authorization back to a total of $250 million.
- Net earnings attributable to common shareholders were $66 million, or $0.29 per diluted common share.
- Annualized return on adjusted tangible equity was 3.8%.
- Net revenues totaled $1.20 billion, with Investment Banking contributing $577 million, Capital Markets $481 million, and Asset Management $155 million.
- The Board of Directors increased the share buyback authorization back to a total of $250 million.
Headline financials
Revenue & EPS history
Jefferies · Revenue · Quarterly
$1.2B
Revenue by segment
Jefferies · $1.12B total across 4 segments · Q3 2023
- Total Capital Markets$524M+15.8%46.6%
- Advisory$335M-31.1%29.8%
- Equity Underwriting$154M+2.1%13.7%
- Debt Underwriting$111M+43.9%9.9%
Forward guidance
Jefferies anticipates improved results and will continue to return capital to shareholders through dividends and share repurchases. The firm is well-positioned for future growth, driven by lower-risk Investment Banking revenue and a diversified sales, trading, and research platform.
Tailwinds
- Expectation of better results over the next several years.
- Commitment to return capital to shareholders through cash dividends and share repurchases.
- Enhanced market position, broader geographic reach, a credit rating upgrade, enhanced human capital, and an even stronger brand achieved in 2023.
- Expanded global talent pool in Investment Banking, Equities, Fixed Income, Research, and Alternative Asset Management.
- Firm better positioned than ever before, with a path to deliver excellent long-term total returns to shareholders.
Headwinds
- Transition year in the economy and capital markets posed challenges.
- Geopolitical turmoil created sadness and uncertainty.
- Pain of transition felt primarily in Investment Banking due to curtailed new capital markets issuance and dampened merger and acquisition activity.
- Uncertainty, turmoil, and volatility impacted performance.
- Results pale in comparison to the period of 2020-21, which represented the height of free money and strong stimulus.
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 Q4 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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