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Revenues from Contracts with Customers | 3 Months Ended
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Feb. 28, 2026
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Note 13. Revenues from Contracts with Customers
| Three Months Ended February 28,
$ in thousands | 2026 | 2025
Revenues from contracts with customers: |  |
Investment banking .......................................................... | $1,014,955 | $725,661
Commissions and other fees ......................................... | 361,073 | 287,965
Asset management fees .................................................. | 6,899 | 45,808
Real estate revenues ........................................................ | 2,246 | 11,081
Internet connection and broadband revenues ............. | 52,412 | 57,804
Other contracts with customers ..................................... | 18,064 | 16,107
Total revenue from contracts with customers ............ | 1,455,649 | 1,144,426
Other sources of revenue: |  |
Principal transactions ...................................................... | 487,498 | 407,230
Revenues from strategic affiliates ................................. | 69,292 | 43,449
Interest ............................................................................... | 813,119 | 845,171
Other .................................................................................. | 45,707 | 32,588
Total revenues .................................................................. | $2,871,265 | $2,472,864
Disaggregation of Revenue
| Three Months Ended February 28, 2026
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Major business activity: |  |  |
Investment banking - Advisory ................ | $527,128 | $— | $527,128
Investment banking - Underwriting ......... | 487,827 | — | 487,827
Equities (1) ................................................. | 359,381 | — | 359,381
Fixed income (1) ........................................ | 1,692 | — | 1,692
Asset management ................................... | — | 6,899 | 6,899
Other investments ..................................... | — | 72,722 | 72,722
Total ............................................................ | $1,376,028 | $79,621 | $1,455,649
Primary geographic region: |  |  |
Americas ..................................................... | $1,042,946 | $25,226 | $1,068,172
Europe and the Middle East ..................... | 237,296 | 53,523 | 290,819
Asia-Pacific ................................................ | 95,786 | 872 | 96,658
Total ............................................................ | $1,376,028 | $79,621 | $1,455,649
| Three Months Ended February 28, 2025
$ in thousands | Investment Banking and Capital Markets | Asset Management | Total
Major business activity: |  |  |
Investment banking - Advisory ................ | $397,780 | $— | $397,780
Investment banking - Underwriting ......... | 327,881 | — | 327,881
Equities (1) ................................................. | 286,050 | — | 286,050
Fixed income (1) ........................................ | 1,915 | — | 1,915
Asset management ................................... | — | 45,808 | 45,808
Other investments .................................... | — | 84,992 | 84,992
Total ............................................................ | $1,013,626 | $130,800 | $1,144,426
Primary geographic region: |  |  |
Americas ..................................................... | $748,675 | $71,070 | $819,745
Europe and the Middle East .................... | 173,121 | 58,794 | 231,915
Asia-Pacific ................................................ | 91,830 | 936 | 92,766
Total ............................................................ | $1,013,626 | $130,800 | $1,144,426
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Refer to Note 20, Segment Reporting, for a further discussion on the allocation of revenues to geographic regions. 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 February 28, 2026. 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 months ended February 28, 2026 and 2025, we recognized $10.9 million and $58.2 million, 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, we recognized $7.8 million and $7.7 million of revenues primarily associated with distribution services for the three months ended February 28, 2026 and 2025, respectively, 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 February 28, 2026 and November 30, 2025 was $69.5 million and $92.3 million, respectively, which is recorded in Accrued expenses and other liabilities. During the three months ended February 28, 2026 and 2025, we recognized revenues of $46.0 million and $27.4 million, respectively, that were recorded as deferred revenue at the beginning of the periods. We had receivables related to revenues from contracts with customers of $353.9 million and $396.8 million at February 28, 2026 and November 30, 2025, 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 February 28, 2026 and November 30, 2025, capitalized costs to fulfill a contract were $5.3 million and $5.2 million, respectively, which are recorded in Receivables – Fees, interest and other. During the three months ended February 28, 2026 and 2025, we recognized expenses of $2.0 million and $0.9 million, respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the year. There were no significant impairment charges recognized in relation to these capitalized costs for the three months ended February 28, 2026 and 2025.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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