Jefferies Financial reported third-quarter adjusted earnings of $1.08 per voting common share, exceeding the $1.00 analyst consensus, while revenue rose 9% year over year to $2.22 billion, slightly above estimates. Net earnings attributable to common shareholders increased to $260.6 million from $224.0 million in the prior-year quarter. Investment Banking and Equities produced record quarterly results, with Investment Banking revenue up 17% to $1.33 billion and Equities revenue up 29% to $626.2 million. Advisory revenue rose 25% to $818 million, while Equity Underwriting increased 69% to $305.5 million. Those gains were partly offset by a 26% decline in Fixed Income revenue to $176 million and a fall in Asset Management revenue to $85.6 million from $176.9 million. Jefferies shares fell 3% after the results. The company repurchased 1.3 million shares for $70 million and declared a quarterly dividend of $0.40 per share payable Nov. 25, 2026.