| Schedule of Stock by Class |
| | | | | | | | | | | | August 31, 2026 | | Common Shares | Par Value | Authorized
Shares (1) | Outstanding Shares | | Voting common shares | $1.00 | 552,264,500 | | 189,078,660 | | | Non-voting common shares | $1.00 | 47,735,500 | | 40,579,081 | | | Total | | 600,000,000 | | 229,657,741 | | | | | | | November 30, 2025 | | Common Shares | Par Value | Authorized
Shares | Outstanding Shares | | Voting common shares | $1.00 | 565,000,000 | | 206,296,167 | | | Non-voting common shares | $1.00 | 35,000,000 | | — | | | Total | | 600,000,000 | | 206,296,167 | |
(1)On March 26, 2026, shareholders approved an Amended and Restated Certificate of Incorporation, which authorized the issuance of 552,264,500 shares of voting common stock with a par value of $1.00 per share, and 47,735,500 shares of non-voting common stock with a par value of $1.00 per share.
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| Schedule of Earnings Per Share Computation |
The numerators and denominators used to calculate basic and diluted earnings per common share are as follows: | | | | | | | | | | | | | | | | $ in thousands, except per share amounts | Three Months Ended
August 31, 2026 | Nine Months Ended
August 31, 2026 | | Voting | Non-Voting | Voting | Non-Voting | | Basic earnings per share: | | | | | | Numerator | | | | | | Allocation of distributed earnings (cash dividends paid) | $ | 80,481 | | $ | 16,232 | | $ | 251,819 | | $ | 19,930 | | | Allocation of undistributed earnings | 162,381 | | 24,789 | | 369,798 | | 20,171 | | | Net earnings attributable to common shareholders for basic earnings per share | $ | 242,862 | | $ | 41,021 | | $ | 621,617 | | $ | 40,101 | | | Denominator | | | | | | Weighted average common shares outstanding | 191,147 | | 30,293 | | 199,269 | | 11,353 | | | Weighted average shares of restricted stock outstanding with future service required | (2,058) | | — | | (2,095) | | — | | | Weighted average RSUs outstanding with no future service required | 9,348 | | — | | 10,958 | | — | | | Number of shares used in per share computation | 198,437 | | 30,293 | | 208,132 | | 11,353 | | | Basic earnings per share (1) | $ | 1.22 | | $ | 1.35 | | $ | 2.99 | | $ | 3.53 | | | | | | | | Diluted earnings per share: | | | | | | Numerator | | | | | | Allocation of total earnings for basic computation | $ | 242,862 | | $ | 41,021 | | $ | 621,617 | | $ | 40,101 | | | | | | | | Reallocation of total earnings as a result of conversion of preferred shares to non-voting common shares | — | | 7,110 | | — | | 59,843 | | | | | | | | Net earnings attributable to common shareholders for diluted earnings per share | $ | 242,862 | | $ | 48,131 | | $ | 621,617 | | $ | 99,944 | | | Denominator | | | | | | Number of shares used in basic computation | 198,437 | | 30,293 | | 208,132 | | 11,353 | | | Weighted average effect of dilutive securities: | | | | | | | | | | | Add: Conversion of preferred shares to non-voting common shares | — | | 8,688 | | — | | 21,271 | | | Add: Stock options and other share-based awards | 5,210 | | — | | 4,900 | | — | | | Add: Senior executive compensation plan restricted stock unit awards | 2,698 | | — | | 2,499 | | — | | | Number of shares used in per share computation | 206,345 | | 38,981 | | 215,531 | | 32,624 | | | Diluted earnings per share (1) | $ | 1.18 | | $ | 1.23 | | $ | 2.88 | | $ | 3.06 | |
(1)As a result of the timing of SMBC’s conversion of 55,125 shares of preferred stock for shares of Jefferies’ non-voting common stock and the exchange of 3.8 million shares of Jefferies’ voting common stock for non-voting common stock during the third quarter of 2026, basic and diluted earnings per share differ between the voting and non-voting common shares. Because non-voting shares were outstanding for only a portion of the three and nine month periods, their weighted average share count amplified the impact of distributed dividends, and accordingly, the non-voting common shares reflect higher earnings per share than the voting common shares, despite both classes having identical dividend rates. | | | | | | | | | | | | | | In thousands, except per share amounts | Three Months Ended August 31, 2025 | Nine Months Ended August 31, 2025 | | Numerator for earnings per common share: | | | | Net earnings | $ | 242,504 | | $ | 470,748 | | | Less: Net losses attributable to noncontrolling interests | (10,041) | | (24,692) | | | | | | Allocation of earnings to participating securities (1) | (28,559) | | (55,528) | | | Net earnings attributable to common shareholders for basic earnings per share | $ | 223,986 | | $ | 439,912 | | | | | | | | | Net earnings attributable to common shareholders for diluted earnings per share | $ | 223,986 | | $ | 439,912 | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator for earnings per common share: | | | | Weighted average common shares outstanding | 206,272 | | 206,191 | | | Weighted average shares of restricted stock outstanding with future service required | (2,224) | | (2,259) | | | Weighted average RSUs outstanding with no future service required | 11,245 | | 11,045 | | | Weighted average basic common shares | 215,293 | | 214,977 | | | Stock options and other share-based awards | 4,643 | | 4,915 | | | Senior executive compensation plan RSU awards | 2,779 | | 2,647 | | | | | | Weighted average diluted common shares (2) | 222,715 | | 222,539 | | | | | | Earnings per common share: | | | | | | | | | | Basic | $ | 1.04 | | $ | 2.05 | | | | | | | | | Diluted | $ | 1.01 | | $ | 1.98 | |
(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 27.6 million for both the three and nine months ended August 31, 2025. Dividends paid on participating securities were $11.0 million and $33.1 million for the three and nine months ended August 31, 2025, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. (2)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the future. Antidilutive shares at August 31, 2025 were 13.4% of the weighted average common shares outstanding for three and nine months ended August 31, 2025.
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| Schedule of Dividends Declared |
Dividends | | | | | | | | | | | | | Nine Months Ended August 31, 2026 | | Declaration Date | Record Date | Payment Date | Per Common Share Amount | | January 7, 2026 | February 17, 2026 | February 27, 2026 | $0.40 | | March 25, 2026 | May 18, 2026 | May 29, 2026 | $0.40 | | | | | | | | | | | | | | June 24, 2026 | August 18, 2026 | August 28, 2026 | $0.40 | | | | | | Nine Months Ended August 31, 2025 | | Declaration Date | Record Date | Payment Date | Per Common Share Amount | | January 8, 2025 | February 14, 2025 | February 27, 2025 | $0.40 | | March 26, 2025 | May 19, 2025 | May 29, 2025 | $0.40 | | June 25, 2025 | August 18, 2025 | August 29, 2025 | $0.40 | | | | | | | | |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Gains (losses) on our cash flow hedge recognized as a component of Other comprehensive income (loss) (“OCI”), in our Consolidated Statements of Comprehensive Income: | | | | | | | | | | | | | | | | $ in thousands | Three Months Ended August 31, | Nine Months Ended August 31, | | Gains (Losses) | 2026 | 2025 | 2026 | 2025 | | Interest rate contracts | | | | | | Recognized in OCI | $ | 600 | | $ | — | | $ | 346 | | $ | — | | | | | | | | Net change included within AOCI | $ | 600 | | $ | — | | $ | 346 | | $ | — | |
Accumulated Other Comprehensive Income (Loss) | | | | | | | | | | | $ in thousands | August 31,
2026 | November 30,
2025 | | | Net unrealized losses on available-for-sale securities | $ | 298 | | $ | (1,796) | | | | Net currency translation adjustments and other | (143,336) | | (145,280) | | | | Net unrealized losses related to instrument-specific credit risk | (182,717) | | (200,688) | | | | Net cash flow hedges | 263 | | — | | | | Net minimum pension liability | (36,430) | | (36,670) | | | | Total accumulated other comprehensive loss, net of tax | $ | (361,922) | | $ | (384,434) | | |
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings: | | | | | | | | | | | | | | | | | | | | | Three Months Ended
August 31, | Nine Months Ended
August 31, | | | | $ in thousands | 2026 | 2025 | 2026 | 2025 | | | | Net unrealized gains on instrument-specific credit risk at fair value (1) | $ | 3,135 | | $ | 2,304 | | $ | 8,925 | | $ | 9,962 | | | | | | | | | | | | Amortization of defined benefit pension plan actuarial losses (2) | (155) | | (124) | | (466) | | (950) | | | | | Total reclassifications for the period, net of tax | $ | 2,980 | | $ | 2,180 | | $ | 8,459 | | $ | 9,012 | | | |
(1)The amounts include income tax expense of $1.0 million and $2.8 million for the three and nine months ended August 31, 2026, respectively, compared with income tax expense of $0.8 million and $3.4 million for the three and nine months ended August 31, 2025, respectively, which were reclassified to Principal transactions revenues. (2)The amount includes income tax benefit of $0.1 million for the nine months ended August 31, 2026, compared with an income tax benefit of $0.3 million for nine months ended August 31, 2025, which were reclassified to Compensation and benefits expenses.
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