IB Revenue Begins to Click; Raising Estimates

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IB Revenue Begins to Click; Raising Estimates

June 7, 2026 | 16:00 ET~

Jefferies Financial Group, Inc.

JEF-NYSE Rating Price: Jun-4 Target ↑ Total Rtn Investment Banks

Market Perform $55.24 $60.00 12%

Brennan Hawken Analyst

brennan.hawken@bmo.com (646) 648-2408

David Giunta Associate

IB Revenue Begins to Click; Raising Estimates david.giunta@bmo.com (332) 257-0570

Marc Palucci VP Associate

marc.palucci@bmo.com (347) 640-1044

Bottom Line: Josh Brechtel, CFA Associate

We expect Jefferies to report earnings in the second half of the month (we estimate josh.brechtel@bmo.com (332) 274-9887

6/24). The setup looks much cleaner than last quarter, with litigation and loss events Legal Entity: BMO Capital Markets Corp.

fading to the background and strong revenue trends emerging. The focus is shifting

2YR Price Volume Chart

back to execution as ECM activity looks very strong and advisory momentum has 90

improved. It is unclear if the pace of improvement is sustainable but it is certainly 80

encouraging. We are raising 2Q, 2026, and 2027 estimates based on the capital markets 70

rebound. 60 10

Key Points 40 30 9876543210

Dec Jun Dec Jun

Investment banking looks poised for a solid quarter, led by ECM. Based on current LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Dealogic data, we estimate advisory revenue will be up 50% Y/Y to roughly $687mm, Company Data in $

16% above consensus. ECM is the headline, with our estimate calling for revenue to

Dividend $1.60 Shares O/S (mm) 204.4

increase 265% Y/Y and 46% Q/Q to $447mm, 63% above consensus. DCM should also

be better, with our estimate implying revenue up 1% Y/Y to roughly $207mm, 3% Yield 2.9% Market Cap (mm) $11,293

above consensus. Wkly $Vol (000s) 773,034

Core business momentum is improving, which is more encouraging.