Jefferies posts record investment-banking quarter as advisory revenue hits $818 million

Jefferies Financial Group reported record investment-banking net revenue of $1.33 billion for its third fiscal quarter of 2026, a 17% increase over the same quarter a year earlier, the firm announced September 28, 2026. The quarter included a record performance in advisory work, which generated $818 million in net revenue, alongside a 69% year-over-year jump in equity underwriting revenue.

Combined investment-banking and capital-markets net revenue also reached a quarterly record for the firm, contributing to total firmwide net revenue of $2.22 billion for the period. Jefferies, one of the largest independent investment banks not attached to a commercial banking arm, has leaned heavily on advisory and underwriting fee income as its core growth engine, and this quarter’s results extend a run of strength in both dealmaking and capital-raising activity.

The scale of the advisory and underwriting gains — a record quarter in one and a near-70% jump in the other — points to broader momentum in M&A and equity issuance markets during the quarter, though the publicly summarized results reviewed for this article did not break out the specific deals or sectors driving that activity.