Report published September 28, 2026

Jefferies Financial Group (JEF): 3Q26 EPS Equities Trading and Expense Beat — Goldman Sachs Equity Research

Goldman Sachs · September 28, 2026

Jefferies reported 3Q26 EPS of $1.08, beating consensus of $1.00 on record Equities trading and advisory revenue as well as solid expense management. Goldman Sachs reiterated its Buy rating while trimming its 12-month price target to $57 on multiple compression.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.JEF reported 3Q26 EPS of $1.08, exceeding consensus of $1.00, driven by record Advisory and Equities trading revenue and robust expense discipline.
2.Equities trading posted a second consecutive record quarter at $626mn (14% above consensus), while Advisory hit a record on sponsor recovery and share gains.
3.Fixed income trading and asset management underperformed expectations, falling 18% and 64% below consensus, respectively.

Key Data
GS Forecast
GS Factor Profile
Ratios & Valuation
Growth & Margins (%)
Industry metrics
Price Performance
Income Statement ($ mn)
Balance Sheet ($ mn)
Estimates/PT changes
Risks

Report data

GS Forecast

Metric	Estimate	Context
3Q26 Reported EPS	1.08 USD	Reported EPS beat consensus of $1.00.
12-month Price Target	57.0 USD	Reduced from $67.00 to $57.00.
Equities Trading Revenue	626.0 USD mn	Second consecutive record print, 14% above consensus.
Total Trading Revenue	802.0 USD mn	Trading revenue was 3%/5% above GSe/consensus.
Core Pre-Tax Margin	15.8%	Core pre-tax margin came in ~115 bps above Street consensus.

Source: Visible Alpha Consensus Data; Goldman Sachs Research estimates; Visible Alpha / Street Consensus; Company data; Street Consensus. This is a dated model snapshot, not a live forecast.