JEF — what changed in the latest 10-Q
A section-by-section comparison of JEF's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-09 vs the prior 10-Q · 2026-07-09
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +39 | −34 | ~82 | 181 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-09
Our results of operations for the three and nine months ended August 31, 2026, as reported in this Quarterly Report on Form 10-Q, differ from the results of operations previously presented in our Current Report on Form 8-K dated September 28, 2026. The differences reflect post-closing adjustments re…
The net impact of these adjustments was an increase in net earnings attributable to common shareholders of $23.3 million and $22.1 million for the three and nine months ended August 31, 2026, respectively, compared with the amounts previously disclosed. These adjustments also increased total assets …
Net earnings attributable to common shareholders were $661.7 million and $439.9 million for the nine months ended August 31, 2026 and 2025, respectively.
Our effective tax rate was 20.6%, and 23.8% for the nine months ended August 31, 2026 and 2025, respectively.
Other investment banking net revenues were $35.1 million, compared to net revenues of $4.8 million for the prior year period, largely due to improved performance from our Jefferies Finance joint venture.
Text removed vs the prior filing · source: 10-Q · 2026-07-09
Net earnings attributable to common shareholders were $226.2 million and $88.0 million for the three months ended May 31, 2026 and 2025, respectively.
Our effective tax rate was 20.8%, and 32.3% for the three months ended May 31, 2026 and 2025, respectively.
Other investment banking net revenues were $4.2 million, compared to net revenues of $(44.3) million for the prior year period and include mark-to-market net gains on certain investment positions for the current quarter. Performance from our Jefferies Finance joint venture improved, while performanc…
Asset management fees and revenues were $15.2 million, down 27.0% compared to $20.8 million for the prior year quarter, reflecting lower management fees on funds and accounts managed by us, primarily Point Bonita, as well as funds and accounts managed by our strategic affiliates.
During the six months ended May 31, 2026, we repurchased a total 7.0 million of our common shares for $371.7 million, or an average price of $53.42 per share, comprised of 5.0 million of our common shares for $264.9 million in the open market under our share repurchase program, and 2.0 million of ou…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice