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Revenues from Contracts with Customers
 6 Months Ended
May 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Note 14. Revenues from Contracts with Customers
Three Months Ended
 May 31,
Six Months Ended
 May 31,
$ in thousands
2025
2024
2025
2024
Revenues from
contracts with
customers:
Investment banking ..........
$785,455
$738,584
$1,511,116
$1,417,649
Commissions and other
fees ....................................
344,184
271,782
632,149
517,325
Asset management fees .
7,495
6,989
53,303
36,350
Real estate revenues ........
16,211
3,540
27,292
6,689
Internet connection and
broadband revenues
(1) ..................................
56,668
58,855
114,471
122,269
Other contracts with
customers ..........................
16,791
14,651
32,899
28,750
Total revenue from
contracts with
customers ....................
1,226,804
1,094,401
2,371,230
2,129,032
Other sources of
revenue:
Principal transactions ......
338,507
416,195
745,737
1,056,931
Revenues from strategic
affiliates ........................
21,336
4,779
64,785
25,790
Interest ...............................
878,025
879,727
1,723,196
1,699,216
Other (1) .............................
29,643
121,194
62,231
157,269
Total revenues ..................
$2,494,315
$2,516,296
$4,967,179
$5,068,238
(1)There was an immaterial correction associated with classification of certain
revenue as revenue from contracts with customers, which resulted in
decreases of $58.9 million and $122.3 million in other revenue and increases
of $58.9 million and $122.3 million in internet connection and broadband
revenues for the three and six months ended May 31, 2024, respectively.
Disaggregation of Revenue
Three Months Ended May 31, 2025
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$457,725
$—
$457,725
Investment banking - Underwriting .........
327,730
—
327,730
Equities (1) .................................................
342,179
—
342,179
Fixed income (1) ........................................
2,005
—
2,005
Asset management ...................................
—
7,495
7,495
Other investments .....................................
—
89,670
89,670
Total ............................................................
$1,129,639
$97,165
$1,226,804
Primary geographic region:
Americas .....................................................
$788,139
$38,522
$826,661
Europe and the Middle East .....................
238,528
57,695
296,223
Asia-Pacific ................................................
102,972
948
103,920
Total ............................................................
$1,129,639
$97,165
$1,226,804
Three Months Ended May 31, 2024
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$283,898
$—
$283,898
Investment banking - Underwriting .........
454,686
—
454,686
Equities (1) .................................................
269,189
—
269,189
Fixed income (1) ........................................
2,120
—
2,120
Asset management ...................................
—
6,989
6,989
Other investments (2) ...............................
—
77,519
77,519
Total ............................................................
$1,009,893
$84,508
$1,094,401
Primary geographic region:
Americas .....................................................
$735,377
$23,568
$758,945
Europe and the Middle East (2) ...............
169,344
59,901
229,245
Asia-Pacific ................................................
105,172
1,039
106,211
Total ............................................................
$1,009,893
$84,508
$1,094,401
Six Months Ended May 31, 2025
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$855,505
$—
$855,505
Investment banking - Underwriting .........
655,611
—
655,611
Equities (1) .................................................
628,229
—
628,229
Fixed income (1) ........................................
3,920
—
3,920
Asset management ...................................
—
53,303
53,303
Other investments .....................................
—
174,662
174,662
Total ............................................................
$2,143,265
$227,965
$2,371,230
Primary geographic region:
Americas .....................................................
$1,536,814
$109,593
$1,646,407
Europe and the Middle East .....................
411,649
116,488
528,137
Asia-Pacific ................................................
194,802
1,884
196,686
Total ............................................................
$2,143,265
$227,965
$2,371,230
Six Months Ended May 31, 2024
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$622,466
$—
$622,466
Investment banking - Underwriting .........
795,183
—
795,183
Equities (1) .................................................
511,765
—
511,765
Fixed income (1) ........................................
4,550
—
4,550
Asset management ...................................
—
36,350
36,350
Other investments (2) ...............................
—
158,718
158,718
Total ............................................................
$1,933,964
$195,068
$2,129,032
Primary geographic region:
Americas .....................................................
$1,465,754
$68,767
$1,534,521
Europe and the Middle East (2) ...............
295,346
124,421
419,767
Asia-Pacific ................................................
172,864
1,880
174,744
Total ............................................................
$1,933,964
$195,068
$2,129,032
(1)Revenues from contracts with customers associated with the equities and
fixed income businesses primarily represent commissions and other fee
revenue.
(2)There was an immaterial correction associated with classification of certain
revenue as revenue from contracts with customers, which resulted in
increases of $58.9 million and $122.3 million in Other Investments within
major business activities and increases of $58.9 million and $122.3 million in
Europe and the Middle East under primary geographic regions for the three
and six months ended May 31, 2024, respectively.
Information on Remaining Performance Obligations and Revenue
Recognized from Past Performance
We do not disclose information about remaining performance
obligations pertaining to contracts that have an original expected
duration of one year or less. The transaction price allocated to
remaining unsatisfied or partially unsatisfied performance
obligations with an original expected duration exceeding one year
was not material at May 31, 2025. Investment banking advisory
fees that are contingent upon completion of a specific milestone
and fees associated with certain distribution services are also
excluded as the fees are considered variable and not included in
the transaction price.
During the three and six months ended May 31, 2025, we
recognized $10.1 million and $64.9 million, respectively,
compared with $16.7 million and $25.6 million during the three
and six months ended May 31, 2024, respectively, of revenue
related to performance obligations satisfied (or partially
satisfied) in previous periods, mainly due to resolving
uncertainties in variable consideration that was constrained in
prior periods. In addition, three and six months ended May 31,
2025, we recognized $7.7 million and $15.5 million, respectively,
compared with $8.9 million and $15.2 million during the three
and six months ended May 31, 2024, respectively, of revenues
primarily associated with distribution services, a portion of which
relates to prior periods.
Contract Balances
The timing of our revenue recognition may differ from the timing
of payment by our customers. We record a receivable when
revenue is recognized prior to payment and we have an
unconditional right to payment. Alternatively, when payment
precedes the provision of the related services, we record deferred
revenue until the performance obligations are satisfied.
Our deferred revenue primarily relates to retainer and milestone
fees received in investment banking advisory engagements
where the performance obligation has not yet been satisfied.
Deferred revenue at May 31, 2025 and November 30, 2024 was
$87.8 million and $79.1 million, respectively, which is recorded in
Accrued expenses and other liabilities. During the three and six
months ended May 31, 2025, we recognized revenues of $25.5
million and $38.5 million, respectively, compared with $36.4
million and $32.9 million for the three and six months ended May
31, 2024, respectively, that were recorded as deferred revenue at
the beginning of the periods.
We had receivables related to revenues from contracts with
customers of $289.4 million and $275.9 million at May 31, 2025
and November 30, 2024, respectively.
Contract Costs
We capitalize costs to fulfill contracts associated with
investment banking advisory engagements where the revenue is
recognized at a point in time and the costs are determined to be
recoverable. Capitalized costs to fulfill a contract are recognized
at the point in time that the related revenue is recognized.
At May 31, 2025 and November 30, 2024, capitalized costs to
fulfill a contract were $7.4 million and $5.8 million, respectively,
which are recorded in Receivables – Fees, interest and other.
During the three and six months ended May 31, 2025, we
recognized expenses of $1.4 million and $1.7 million, compared
with $1.3 million and $2.0 million during the three and six months
ended May 31, 2024, related to costs to fulfill a contract that
were capitalized as of the beginning of the period. There were no
significant impairment charges recognized in relation to these
capitalized costs during the three and six months ended May 31,
2025 and May 31, 2024.