On this page of StockholderLetter.com we present the latest annual shareholder letter from Jefferies Financial Group Inc. — ticker symbol JEF. Reading current and past JEF letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
JA N UA RY 8, 2025 Dear Fellow Shareholders, RS QEXXIV LS[ [IPP TSWMXMSRIH ]SY EVI JSV WYGGIWW XLI [SVPH GER FI ZSPEXMPI JVEKMPI YRTVIHMGXEFPI ERH GSQTPI\ ;LMPI MR SYV LIEVXW ERH FSRIW [I FIPMIZI XLI RERGMEP WXEVW EVI EPMKRMRK .IJJIVMIW [MPP EP[E]W FI SR LMKL EPIVX JSV XLI VWX WMKR SJ XVSYFPI MRXIVREP EVVSKERGI JEPWI WIRWI SJ IRXMXPIQIRX GSQTPEGIRG] SV IZIR XLI WQEPPIWX HMWVIKEVH JSV HS[RWMHI VMWO ;MXL XLEX VIEPMX] GLIGO SJJ SYV GLIWXW PIX W RS[ JSGYW SR [LEX QE] FI XLI QSWX STXMQMWXMG ]IEV IRH PIXXIV [I LEZI [VMXXIR XSKIXLIV EX .IJJIVMIW Jefferies begins 2025 in the best position ever in our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
By emphasizing a sense of longterm ownership and alignment, entrepreneurship and purpose, we have been able to achieve our ever-better market position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
ERH XSSO E ZIV] PSRK XMQI XS TVSTIVP] VIEPM^I ZEPYI 8LI QEVOIX VMKLXJYPP] UYIWXMSRIH XLI GSQTPI\MX] SJ SYV TPER ERH SYV GSQQMXQIRX XS GSRWMWXIRXP] MQTPIQIRXMRK MX FYX XLEX XSS TVSZMHIH MXW S[R YRMUYI STTSVXYRMX] 8LI KVS[XL MR SYV WXSGO TVMGI MR [EW SR XLI SRI LERH FVIEXLXEOMRK ERH SR XLI SXLIV LERH MRGVIHMFP] KVEXMJ]MRK EW [I [SYPH PMOI XS FIPMIZI XLI HIHMGEXIH IJJSVX ERH ZEPYI GVIEXMSR SJ WS QER] EX .IJJIVMIW EVI FIMRK VIGSKRM^IH ERH SYV TVSWTIGXW QIEWYVIH ;MXL LMRHWMKLX XLI QIVKIV EPQSWX X[IPZI ]IEVW EKS SJ .IJJIVMIW ERH 0IYGEHME LEW TEMH SJJ LERHWSQIP] 8LEX QIVKIV KEZI YW XLI GETMXEP FEWI XS GSRXMRYI XS KS JSV MX EX E XMQI SJ TVSPSRKIH ZSPEXMPMX] ERH YRGIVXEMRX] ;I TVSEGXMZIP] QIVKIH SYV [E] MRXS E [SRHIVJYP GSRKPSQIVEXI [MXL XVIQIRHSYW GETMXEP ERH EWWIXW ERH [I XLIR WTIRX QSVI XLER E HIGEHI WXVEXIKMGEPP] STXMQM^MRK XLI ZEPYI SJ XLI EWWIXW [I EGUYMVIH VIMRZIWXMRK MR SYV GSVI FYWMRIWW ERH VIXYVRMRK IRSVQSYW EQSYRXW SJ GETMXEP XS SYV WLEVILSPHIVW EPP [LMPI TVSXIGXMRK SYV FSRHLSPHIVW ERH PIRHIVW 'SQFMRMRK .IJJIVMIW ERH 0IYGEHME [EW ER YRGSRZIRXMSREP ETTVSEGL VIUYMVIH LEVH [SVO F] QER] 20 24 A N N U A L R E P O R T 7MRGI [I LEZI VITYVGLEWIH QMPPMSR WLEVIW EX ER EZIVEKI TVMGI SJ TIV WLEVI %X XLI WEQI XMQI [I MRGVIEWIH SYV ERRYEP HMZMHIRH MR WIZIR SJ XLI PEWX IMKLX ]IEVW MRGPYHMRK XSHE] ERH LEZI TEMH SYX FMPPMSR MR GEWL HMZMHIRHW XS SYV WLEVILSPHIVW EW [IPP EW HMWXVMFYXIH E JYVXLIV RIEVP] FMPPMSR JVSQ SYV 7TIGXVYQ &VERHW WLEVI HMZMHIRH MR ERH SYV WTMR SJJ SJ :MXIWWI MR .ERYEV] XLI TIVJSVQERGI SJ [LMGL LEW FIIR SYXWXERHMRK -R EKKVIKEXI HYVMRK XLI TEWX WIZIR ]IEVW [I LEZI VIXYVRIH XS SYV WLEVILSPHIVW FMPPMSR SV SJ SYV XERKMFPI IUYMX] EX XLI FIKMRRMRK SJ XLI TIVMSH LEZI LEH SYV GVIHMX VEXMRKW YTKVEHIH F] EPP XLVII 3 JEFFERIES
2024 Highights $7.0B $1.0B $2.96 10.8% Net revenues Pre-tax earnings from continuing operations Diluted earnings per common share from continuing operations Return on adjusted tangible shareholders equity from continuing operations 20 24 A N N U A L R E P O R T 4 JEFFERIES
 • shareholder letter icon 2/14/2025 Letter Continued (Full PDF)
 • stockholder letter icon 2/21/2023 JEF Stockholder Letter
 • stockholder letter icon 2/16/2024 JEF Stockholder Letter
 • stockholder letter icon More "Investment Brokerages" Category Stockholder Letters
 • Benford's Law Stocks icon JEF Benford's Law Stock Score = 100


JEF Shareholder/Stockholder Letter Transcript:

2024 Annual Report

JA N UA RY 8, 2025
Dear Fellow Shareholders,
RS QEXXIV LS[ [IPP TSWMXMSRIH ]SY EVI JSV WYGGIWW  
XLI [SVPH GER FI ZSPEXMPI  JVEKMPI  YRTVIHMGXEFPI ERH 
GSQTPI\  ;LMPI MR SYV LIEVXW ERH FSRIW [I FIPMIZI 
XLI   RERGMEP WXEVW EVI EPMKRMRK  .IJJIVMIW [MPP EP[E]W 
FI SR LMKL EPIVX JSV XLI   VWX WMKR SJ XVSYFPI  MRXIVREP 
EVVSKERGI  JEPWI WIRWI SJ IRXMXPIQIRX  GSQTPEGIRG] 
SV IZIR XLI WQEPPIWX HMWVIKEVH JSV HS[RWMHI VMWO  
;MXL XLEX VIEPMX] GLIGO SJJ SYV GLIWXW  PIX  W RS[ 
JSGYW SR [LEX QE] FI XLI QSWX STXMQMWXMG ]IEV 
IRH PIXXIV [I LEZI [VMXXIR XSKIXLIV EX .IJJIVMIW  
Jefferies begins 2025 in the best position ever in our
  VQ  W WM\X] X[S ]IEV LMWXSV]  ;I FIPMIZI SYV XIEQ MW 
MRGVIHMFP] XEPIRXIH ERH WTIGMEP  ERH XLI] EVI HVMZMRK 
SYV QSQIRXYQ JSV[EVH  3YV GPMIRXW EVI VI[EVHMRK YW 
[MXL FVSEH KPSFEP KVS[XL ERH ER IRLERGIH QEVOIX 
TSWMXMSR MR EPQSWX IZIV]XLMRK .IJJIVMIW SJJIVW  %JXIV 
HIGEHIW SJ LEVH [SVO  [I EVI MR XLI JVSRX SJ XLI TEGO 
SJ GSQTIXMXSVW WIVZMRK GPMIRXW EGVSWW EPP WIGXSVW ERH 
VIKMSRW MR MRZIWXQIRX FEROMRK ERH GETMXEP QEVOIXW  
;I FIPMIZI [I LEZI VIEGLIH XLMW TSWMXMSR FIGEYWI 
SJ SYV YRMUYI GYPXYVI SJ GSPPEFSVEXMSR ERH MRXIKVMX]  
&] IQTLEWM^MRK E WIRWI SJ PSRK XIVQ S[RIVWLMT 
ERH EPMKRQIRX  IRXVITVIRIYVWLMT ERH TYVTSWI  [I 
LEZI FIIR EFPI XS EGLMIZI SYV IZIV FIXXIV QEVOIX 
TSWMXMSR  ERH [I [MPP HS IZIV]XLMRK MR SYV TS[IV XS 
TVIWIVZI ERH IRLERGI MX EW [I GSRXMRYI SYV NSYVRI]  
;I IRXIVIH      ERXMGMTEXMRK E ]IEV SJ VIGSZIV]  
TVMQEVMP] JVSQ XLI GSRWIUYIRGIW SJ E HIITP] RIIHIH 
ERH SZIVHYI VIXYVR XS RSVQEPM^IH MRXIVIWX VEXIW  %W 
[I LEZI IQTLEWM^IH MR VIGIRX ERRYEP PIXXIVW ERH 
SXLIV GSQQYRMGEXMSRW  [I LEZI GSRXMRYIH XS TPE] 
SJJIRWI ERH LEZI EHHIH EHHMXMSREP [SVPH GPEWW 
TVSJIWWMSREPW XS .IJJIVMIW HYVMRK XLI PEWX X[S ]IEVW 
[LIR GETMXEP QEVOIXW EGXMZMX] WXEPPIH TVMQEVMP] HYI XS 
MR  EXMSR ERH XLI YRGIVXEMRX] SJ [LIVI LMKLIV MRXIVIWX 
VEXIW [SYPH WIXXPI  3RI SJ SYV JYRHEQIRXEP XIRIXW 
LEW FIIR XV]MRK XS HS RSXLMRK EVVSKERX SV WXYTMH 
HYVMRK KSSH XMQIW XS IREFPI .IJJIVMIW XS TPE] SJJIRWI 
HYVMRK XSYKL XMQIW  ERH [LMPI SYV LMWXSVMGEP I\IGYXMSR 
SJ XLMW TLMPSWSTL] LEW RSX EP[E]W FIIR TIVJIGX  [I 
FIPMIZI .IJJIVMIW   REMPIH XLMW   SZIV XLI PEWX JI[ ]IEVW  
8LI GLIVV] SR XST QE] FI XLEX XLI   RERGMEP WXEVW 
EVI EPMKRMRK  8MQI [MPP XIPP  FYX XLIVI EVI WMKRM  GERX 
WMKRW XLEX XLI QEVOIXW [LMGL [I WIVZI EVI TSMWIH JSV 
GSRXMRYIH QSQIRXYQ ERH WYWXEMRIH KVS[XL  -J WS  
[I FIPMIZI .IJJIVMIW GSYPH RSX FI FIXXIV TSWMXMSRIH 
&YX TPIEWI HSR  X [SVV]  ;LMPI [I  VI JIIPMRK TVIXX] 
KSSH EFSYX XLI JYXYVI  [I EVI EPWS XLI WEQI VIEPMWXW 
[I LEZI EP[E]W FIIR  ;I ORS[ FIXXIV XLER QSWX XLEX 
20 24 A N N U A L R E P O R T
1
JEFFERIES

   By emphasizing a sense of longterm ownership and alignment,
entrepreneurship and purpose,
we have been able to achieve our
ever-better market position...   
8LI GLEPPIRKI XS SYV ETTVSEGL MW XLEX SRI RIZIV 
ORS[W LS[ PSRK MX [MPP XEOI JSV XLI JVYMXW SJ XLIWI 
MRZIWXQIRXW XS VMTIR  EW VIGSZIV] TIVMSHW ERH QEVOIXW 
EVI EP[E]W YRGIVXEMR  ;LMPI MX [EW TSWWMFPI XLEX XLI 
VIGSZIV] GSYPH LEZI WXEVXIH EW IEVP] EW E ]IEV EKS  
XLI FIKMRRMRK SJ      [EW GSQTPMGEXIH F]  EQSRK 
SXLIV XLMRKW  XLI TSWWMFMPMX] SJ E VIGIWWMSR  PMRKIVMRK 
MR  EXMSR  XLI XLIR TIRHMRK 9 7  IPIGXMSR  9 7    WGEP 
HI  GMX GSRGIVRW  KISTSPMXMGW ERH QENSV [EVW  -X PSSOIH 
JSV E [LMPI PMOI [I QMKLX LEZI XS [EMX PSRKIV FIJSVI XLI 
FIRI  XW SJ SYV MRZIWXQIRXW [IVI VIEPM^IH  ,S[IZIV 
EW      TVSKVIWWIH ERH XLI QEVOIXW SZIVGEQI 
XLI TVSZIVFMEP   [EPP SJ [SVV]    MX FIGEQI GPIEVIV XS 
YW XLEX SYV XMQMRK ERH TSWMXMSRMRK [IVI JSVXYMXSYW  
&IXXIV XS FI FSXL JSV[EVH XLMROMRK ERH PYGO]  
HMH RSX JIIP HYVEFPI SV WYWXEMREFPI  *SVXYREXIP]  
XLI PS[W [I LMX  [LMPI TEMRJYP  EP[E]W JIPX QSVI PMOI 
STTSVXYRMXMIW XS YW  %JXIV XLMW VIGSZIV] ]IEV  [I 
FIPMIZI SYV LYQER GETMXEP  GSQTIXMXMZI TSWMXMSR  
QEVOIX WLEVI  EFMPMX] XS WIVZI SYV GPMIRXW  EW [IPP EW 
SYV SZIVEPP GYPXYVI  WTMVMX ERH QSVEPI  EVI I\GITXMSREP 
2SFSH] ORS[W [LEX XLI JYXYVI [MPP FVMRK  FYX [I 
EVI XLVMPPIH XS FI MR XLI WIGSRH QSRXL SJ SYV   WGEP 
      ;I FIKMR XLMW ]IEV [MXL E VIRI[IH 1 % 
TMTIPMRI XLEX LEW E LMKLIV PMOIPMLSSH SJ WYGGIWWJYP 
I\IGYXMSR  E KVS[MRK -43 FEGOPSK  KVIEXIV HIQERH 
JSV GETMXEP JVSQ GSQTERMIW ERH TVMZEXI IUYMX] 
WTSRWSVW  ERH IPIZEXIH XVEHMRK ZSPYQIW  
;I WII VIWYVKIRX MRXIVIWX MR 1 % MRZSPZMRK GSVTSVEXI 
ERH WXVEXIKMG EGUYMVSVW  GSRXMRYIH HIQERH JSV 
TVMZEXI IUYMX] WTSRWSVW XS FSXL VIXYVR GETMXEP XS 
PMQMXIH TEVXRIVW ERH XS JYVXLIV HITPS] XLIMV EQTPI 
WYTTP] SJ HV] TS[HIV  ;I LEZI WIIR XLI QIERMRKJYP 
STIRMRK SJ XLI -43 QEVOIX JSV GSQTERMIW XLEX EVI 
TVMGIH ETTVSTVMEXIP] ERH LEZI WXVSRK QEREKIQIRX 
XIEQW  HYVEFPI FYWMRIWW QSHIPW ERH WSPMH PSRK XIVQ 
TVSWTIGXW  4YFPMG QEVOIX ZEPYEXMSRW ERH ZSPYQIW 
VI  IGX STXMQMWQ  ERH XLI MRXIVIWXW SJ MRZIWXSVW 
LEZI FVSEHIRIH GSRWMHIVEFP] JVSQ E REVVS[ JSGYW 
SR E LERHJYP SJ XIGL NYKKIVREYXW  %PP SJ XLMW MW 
ZIV] KSSH RI[W JSV PMOIP] JYXYVI EGXMZMX] PIZIPW  
%W E VIWYPX  SYV      VIGSZIV] ]IEV HIPMZIVIH      
FMPPMSR MR RIX VIZIRYIW       FMPPMSR MR TVI XE\ MRGSQI 
JVSQ GSRXMRYMRK STIVEXMSRW        MR HMPYXIH IEVRMRKW 
TIV GSQQSR WLEVI JVSQ GSRXMRYMRK STIVEXMSRW ERH 
E VIXYVR SR EHNYWXIH XERKMFPI WLEVILSPHIVW   IUYMX] 
JVSQ GSRXMRYMRK STIVEXMSRW SJ        ;LMPI TVSYH 
SJ XLIWI WSPMH VIWYPXW  [I GSRWMHIV XLIQ QIVIP] E 
RI[ JSYRHEXMSR YTSR [LMGL XS GSRXMRYI XS FYMPH 
8LI X[S SJ YW LEZI I\TIVMIRGIH QER] LMKLW ERH 
PS[W [LMPI PIEHMRK .IJJIVMIW XLVSYKL E [MHI ZEVMIX] 
SJ QEVOIX G]GPIW SZIV RIEVP] E UYEVXIV SJ E GIRXYV]  
%X GIVXEMR TSMRXW  XLI LMKLW [I VIEGLIH EW E   VQ 
20 24 A N N U A L R E P O R T
2
JEFFERIES

ERH XSSO E ZIV] PSRK XMQI XS TVSTIVP] VIEPM^I ZEPYI  8LI 
QEVOIX VMKLXJYPP] UYIWXMSRIH XLI GSQTPI\MX] SJ SYV TPER 
ERH SYV GSQQMXQIRX XS GSRWMWXIRXP] MQTPIQIRXMRK 
MX  FYX XLEX XSS TVSZMHIH MXW S[R YRMUYI STTSVXYRMX]  
8LI KVS[XL MR SYV WXSGO TVMGI MR      [EW SR XLI SRI 
LERH FVIEXLXEOMRK ERH SR XLI SXLIV LERH MRGVIHMFP] 
KVEXMJ]MRK  EW [I [SYPH PMOI XS FIPMIZI XLI HIHMGEXIH 
IJJSVX ERH ZEPYI GVIEXMSR SJ WS QER] EX .IJJIVMIW 
EVI FIMRK VIGSKRM^IH ERH SYV TVSWTIGXW QIEWYVIH  
;MXL LMRHWMKLX  XLI QIVKIV EPQSWX X[IPZI ]IEVW EKS 
SJ .IJJIVMIW ERH 0IYGEHME LEW TEMH SJJ LERHWSQIP]  
8LEX QIVKIV KEZI YW XLI GETMXEP FEWI XS GSRXMRYI 
XS   KS JSV MX   EX E XMQI SJ TVSPSRKIH ZSPEXMPMX] ERH 
YRGIVXEMRX]  ;I TVSEGXMZIP] QIVKIH SYV [E] MRXS E 
[SRHIVJYP GSRKPSQIVEXI  [MXL XVIQIRHSYW GETMXEP 
ERH EWWIXW  ERH [I XLIR WTIRX QSVI XLER E HIGEHI 
WXVEXIKMGEPP] STXMQM^MRK XLI ZEPYI SJ XLI EWWIXW 
[I EGUYMVIH  VIMRZIWXMRK MR SYV GSVI FYWMRIWW ERH 
VIXYVRMRK IRSVQSYW EQSYRXW SJ GETMXEP XS SYV 
WLEVILSPHIVW  EPP [LMPI TVSXIGXMRK SYV FSRHLSPHIVW ERH 
PIRHIVW  'SQFMRMRK .IJJIVMIW ERH 0IYGEHME [EW ER 
YRGSRZIRXMSREP ETTVSEGL  VIUYMVIH LEVH [SVO F] QER] 
20 24 A N N U A L R E P O R T
7MRGI       [I LEZI VITYVGLEWIH     QMPPMSR WLEVIW 
EX ER EZIVEKI TVMGI SJ        TIV WLEVI  %X XLI 
WEQI XMQI  [I MRGVIEWIH SYV ERRYEP HMZMHIRH MR 
WIZIR SJ XLI PEWX IMKLX ]IEVW  MRGPYHMRK XSHE]  ERH 
LEZI TEMH SYX      FMPPMSR MR GEWL HMZMHIRHW XS SYV 
WLEVILSPHIVW  EW [IPP EW HMWXVMFYXIH E JYVXLIV RIEVP] 
   FMPPMSR JVSQ SYV 7TIGXVYQ &VERHW WLEVI HMZMHIRH 
MR      ERH SYV WTMR SJJ SJ :MXIWWI MR .ERYEV]       
XLI TIVJSVQERGI SJ [LMGL LEW FIIR SYXWXERHMRK  
-R EKKVIKEXI  HYVMRK XLI TEWX WIZIR ]IEVW  [I LEZI 
VIXYVRIH XS SYV WLEVILSPHIVW      FMPPMSR  SV     SJ 
SYV XERKMFPI IUYMX] EX XLI FIKMRRMRK SJ XLI TIVMSH   
LEZI LEH SYV GVIHMX VEXMRKW YTKVEHIH F] EPP XLVII 
3
JEFFERIES

2024 Highights
$7.0B $1.0B
$2.96 10.8%
Net revenues
Pre-tax earnings from continuing operations
Diluted earnings per common share
from continuing operations
Return on adjusted tangible shareholders   
equity from continuing operations
20 24 A N N U A L R E P O R T
4
JEFFERIES



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