XML 38 R25.htm IDEA: XBRL DOCUMENT v3.25.2
Revenues from Contracts with Customers
 9 Months Ended
Aug. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Note 14. Revenues from Contracts with Customers
Three Months Ended
 August 31,
Nine Months Ended
 August 31,
$ in thousands
2025
2024
2025
2024
Revenues from
contracts with
customers:
Investment banking ..........
$1,086,307
$925,635
$2,597,559
$2,343,284
Commissions and other
fees ....................................
319,784
270,643
951,933
787,968
Asset management fees .
8,236
7,189
61,539
43,539
Real estate revenues ........
16,621
4,038
43,913
10,727
Internet connection and
broadband revenues
(1) ..................................
56,598
61,268
171,069
183,537
Other contracts with
customers ..........................
16,616
15,140
49,515
43,890
Total revenue from
contracts with
customers ....................
1,504,162
1,283,913
3,875,528
3,412,945
Other sources of
revenue:
Principal transactions ......
486,893
324,501
1,232,630
1,381,432
Revenues from strategic
affiliates ........................
11,933
6,256
76,582
32,046
Interest ...............................
846,894
936,786
2,570,090
2,636,002
Other (1) .............................
57,792
44,133
120,023
201,402
Total revenues ..................
$2,907,674
$2,595,589
$7,874,853
$7,663,827
(1)There was an immaterial correction associated with classification of certain
revenue as revenue from contracts with customers, which resulted in
decreases of $61.3 million and $183.5 million in other revenue and increases
of $61.3 million and $183.5 million in internet connection and broadband
revenues for the three and nine months ended August 31, 2024, respectively.
Disaggregation of Revenue
Three Months Ended August 31, 2025
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$655,578
$—
$655,578
Investment banking - Underwriting .........
430,730
—
430,730
Equities (1) .................................................
318,319
—
318,319
Fixed income (1) ........................................
1,464
—
1,464
Asset management ...................................
—
8,236
8,236
Other investments .....................................
—
89,835
89,835
Total ............................................................
$1,406,091
$98,071
$1,504,162
Primary geographic region:
Americas .....................................................
$1,038,469
$39,591
$1,078,060
Europe and the Middle East .....................
252,336
57,591
309,927
Asia-Pacific ................................................
115,286
889
116,175
Total ............................................................
$1,406,091
$98,071
$1,504,162
Three Months Ended August 31, 2024
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$592,462
$—
$592,462
Investment banking - Underwriting .........
333,173
—
333,173
Equities (1) .................................................
267,697
—
267,697
Fixed income (1) ........................................
2,486
—
2,486
Asset management ...................................
—
7,189
7,189
Other investments (2) ...............................
—
80,906
80,906
Total ............................................................
$1,195,818
$88,095
$1,283,913
Primary geographic region:
Americas .....................................................
$885,377
$24,858
$910,235
Europe and the Middle East (2) ...............
223,570
62,308
285,878
Asia-Pacific ................................................
86,871
929
87,800
Total ............................................................
$1,195,818
$88,095
$1,283,913
Nine Months Ended August 31, 2025
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$1,511,218
$—
$1,511,218
Investment banking - Underwriting .........
1,086,341
—
1,086,341
Equities (1) .................................................
946,549
—
946,549
Fixed income (1) ........................................
5,384
—
5,384
Asset management ...................................
—
61,539
61,539
Other investments .....................................
—
264,497
264,497
Total ............................................................
$3,549,492
$326,036
$3,875,528
Primary geographic region:
Americas .....................................................
$2,575,418
$149,184
$2,724,602
Europe and the Middle East .....................
663,986
174,079
838,065
Asia-Pacific ................................................
310,088
2,773
312,861
Total ............................................................
$3,549,492
$326,036
$3,875,528
Nine Months Ended August 31, 2024
$ in thousands
Investment
Banking and
Capital Markets
Asset
Management
Total
Major business activity:
Investment banking - Advisory ................
$1,214,927
$—
$1,214,927
Investment banking - Underwriting .........
1,128,356
—
1,128,356
Equities (1) .................................................
779,462
—
779,462
Fixed income (1) ........................................
7,036
—
7,036
Asset management ...................................
—
43,539
43,539
Other investments (2) ...............................
—
239,625
239,625
Total ............................................................
$3,129,781
$283,164
$3,412,945
Primary geographic region:
Americas .....................................................
$2,351,130
$93,626
$2,444,756
Europe and the Middle East (2) ...............
518,916
186,729
705,645
Asia-Pacific ................................................
259,735
2,809
262,544
Total ............................................................
$3,129,781
$283,164
$3,412,945
(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 $61.3 million and $183.5 million in Other Investments within
major business activities and increases of $61.3 million and $183.5 million in
Europe and the Middle East under primary geographic regions for the three
and nine months ended August 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 August 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 nine months ended August 31, 2025, we
recognized $36.1 million and $83.8 million, respectively,
compared with $39.2 million and $39.7 million during the three
and nine months ended August 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 nine months ended August
31, 2025, we recognized $8.5 million and $24.0 million,
respectively, compared with $8.6 million and $23.8 million during
the three and nine months ended August 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 August 31, 2025 and November 30, 2024
was $84.8 million and $79.1 million, respectively, which is
recorded in Accrued expenses and other liabilities. During the
three and nine months ended August 31, 2025, we recognized
revenues of $44.8 million and $52.8 million, respectively,
compared with $35.0 million and $33.2 million for the three and
nine months ended August 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 $324.4 million and $275.9 million at August 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 August 31, 2025 and November 30, 2024, capitalized costs to
fulfill a contract were $7.7 million and $5.8 million, respectively,
which are recorded in Receivables – Fees, interest and other.
During the three and nine months ended August 31, 2025, we
recognized expenses of $1.3 million and $1.9 million, compared
with $1.2 million and $1.9 million during the three and nine
months ended August 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 nine
months ended August 31, 2025 and August 31, 2024.