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Segment Reporting | 9 Months Ended
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Aug. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | Note 21. Segment Reporting We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients. We operate in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture Jefferies Finance, our commercial real estate joint venture Berkadia and historically our automobile lending and servicing activities. The Asset Management reportable business segment provides alternative investment management services to investors in the U.S. and overseas and generates investment income from capital invested in and managed by us or our affiliated asset managers, and includes certain remaining businesses and assets of our legacy merchant banking portfolio. Our reportable business segment information is prepared using the following methodologies: •Net revenues and non-interest expenses directly associated with each reportable business segment are included in determining earnings from continuing operations before income taxes. •Net revenues and non-interest expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors. •Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated long-term debt, which is a function of the mix of each business's associated assets and liabilities and the related funding costs.
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Investment Banking and Capital Markets: |  |  |  |
Net revenues | $1,858.7 | $1,620.1 | $4,728.2 | $4,565.8
Non-interest expenses | 1,522.4 | 1,251.6 | 4,036.6 | 3,791.0
Earnings from continuing operations before income taxes | 336.3 | 368.5 | 691.6 | 774.8
Asset Management: |  |  |  |
Net revenues | 176.9 | 59.0 | 523.2 | 488.9
Non-interest expenses | 193.2 | 179.3 | 620.5 | 586.5
Losses from continuing operations before income taxes | (16.3) | (120.3) | (97.3) | (97.6)
Total of Reportable Business Segments: |  |  |  |
Net revenues | 2,035.6 | 1,679.1 | 5,251.4 | 5,054.7
Non-interest expenses | 1,715.6 | 1,430.9 | 4,657.1 | 4,377.5
Earnings from continuing operations before income taxes | 320.0 | 248.2 | 594.3 | 677.2
Reconciliation to consolidated amounts: |  |  |  |
Net revenues | 11.8 | 4.5 | 23.5 | 23.5
Earnings from continuing operations before income taxes (1) | 11.8 | 4.5 | 23.5 | 23.5
Total: |  |  |  |
Net revenues | 2,047.4 | 1,683.6 | 5,274.9 | 5,078.2
Non-interest expenses | 1,715.6 | 1,430.9 | 4,657.1 | 4,377.5
Earnings from continuing operations before income taxes | $331.8 | $252.7 | $617.8 | $700.7
(1)Management does not consider debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation plans, foreign currency transaction gains or losses or certain other corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.
$ in millions | August 31, 2025 | November 30, 2024
Investment Banking and Capital Markets ................. | $63,722.7 | $59,142.9
Asset Management ...................................................... | 5,597.0 | 5,217.4
Total assets .................................................................. | $69,319.7 | $64,360.3
Net Revenues by Geographic Region Net revenues for the Investment Banking and Capital Markets reportable business segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For the Asset Management reportable business segment, net revenues are allocated according to the location of the investment advisor or the location of the invested capital.
| Three Months Ended August 31, | Nine Months Ended August 31,
$ in millions | 2025 | 2024 | 2025 | 2024
Americas (1) .......................................... | $1,448.0 | $1,159.3 | $3,545.3 | $3,612.2
Europe and the Middle East (2) ........... | 453.8 | 404.3 | 1,312.9 | 1,106.5
Asia-Pacific ............................................ | 145.6 | 120.0 | 416.7 | 359.5
Net revenues ......................................... | $2,047.4 | $1,683.6 | $5,274.9 | $5,078.2
(1)Primarily relates to U.S. results. (2)Primarily relates to U.K. results.

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- Definition The entire disclosure for reporting segments including data and tables. 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