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

Revenues from Contracts with Customers (Tables)

9 Months Ended

Aug. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

	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.

	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.

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