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Revenues from Contracts with Customers
 3 Months Ended
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.