XML 57 R44.htm IDEA: XBRL DOCUMENT v3.25.2

Revenues from Contracts with Customers (Tables)

6 Months Ended

May 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

	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.

	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.

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration