v3.26.1
Revenues from Contracts with Customers
 6 Months Ended
May 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers
Note 13. Revenues from Contracts with Customers
Three Months Ended
 May 31,		Six Months Ended
 May 31,
$ in thousands2026202520262025
Revenues from contracts with customers:
Investment banking$1,204,995 $785,455 $2,219,950 $1,511,116 
Commissions and other fees 390,858 344,184 751,931 632,149 
Asset management fees3,593 7,495 10,492 53,303 
Real estate revenues2,295 16,211 4,541 27,292 
Internet connection and broadband revenues 54,102 56,668 106,514 114,471 
Other contracts with customers18,967 16,791 37,032 32,899 
Total revenue from contracts with customers1,674,810 1,226,804 3,130,460 2,371,230 
Other sources of revenue:
Principal transactions488,666 338,507 976,164 745,737 
Revenues from strategic affiliates
19,075 21,336 88,367 64,785 
Interest853,962 878,025 1,667,081 1,723,196 
Other 81,684 29,643 127,390 62,231 
Total revenues$3,118,197 $2,494,315 $5,989,462 $4,967,179 
Disaggregation of Revenue
Three Months Ended May 31, 2026
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$674,118 $— $674,118 
Investment banking - Underwriting530,877 — 530,877 
Equities (1)389,218 — 389,218 
Fixed income (1)1,640 — 1,640 
Asset management— 3,593 3,593 
Other investments— 75,364 75,364 
Total$1,595,853 $78,957 $1,674,810 
Primary geographic region:
Americas$1,161,291 $22,773 $1,184,064 
Europe and the Middle East277,424 55,131 332,555 
Asia-Pacific157,138 1,053 158,191 
Total$1,595,853 $78,957 $1,674,810 
Three Months Ended May 31, 2025
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$457,725 $— $457,725 
Investment banking - Underwriting327,730 — 327,730 
Equities (1)342,179 — 342,179 
Fixed income (1)2,005 — 2,005 
Asset management— 7,495 7,495 
Other investments— 89,670 89,670 
Total$1,129,639 $97,165 $1,226,804 
Primary geographic region:
Americas$788,139 $38,522 $826,661 
Europe and the Middle East238,528 57,695 296,223 
Asia-Pacific102,972 948 103,920 
Total$1,129,639 $97,165 $1,226,804 
Six Months Ended May 31, 2026
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$1,201,246 $— $1,201,246 
Investment banking - Underwriting1,018,704 — 1,018,704 
Equities (1)748,599 — 748,599 
Fixed income (1)3,332 — 3,332 
Asset management— 10,492 10,492 
Other investments— 148,087 148,087 
Total$2,971,881 $158,579 $3,130,460 
Primary geographic region:
Americas$2,204,238 $47,999 $2,252,237 
Europe and the Middle East514,719 108,655 623,374 
Asia-Pacific252,924 1,925 254,849 
Total$2,971,881 $158,579 $3,130,460 
Six Months Ended May 31, 2025
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$855,505 $— $855,505 
Investment banking - Underwriting655,611 — 655,611 
Equities (1)628,229 — 628,229 
Fixed income (1)3,920 — 3,920 
Asset management— 53,303 53,303 
Other investments — 174,662 174,662 
Total$2,143,265 $227,965 $2,371,230 
Primary geographic region:
Americas$1,536,814 $109,593 $1,646,407 
Europe and the Middle East 411,649 116,488 528,137 
Asia-Pacific194,802 1,884 196,686 
Total$2,143,265 $227,965 $2,371,230 
(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 May 31, 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 and six months ended May 31, 2026, we recognized $19.2 million and $25.2 million, respectively, compared with $10.1 million and $64.9 million during the three and six months ended May 31, 2025, 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 six months ended May 31, 2026, we recognized $8.9 million and $16.6 million, respectively, compared with $7.7 million and $15.5 million during the three and six months ended May 31, 2025, 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 May 31, 2026 and November 30, 2025 was $62.6 million and $92.3 million, respectively, which is recorded in Accrued expenses and other liabilities. During the three and six months ended May 31, 2026, we recognized revenues of $20.1 million and $61.1 million, respectively, compared with $25.5 million and $38.5 million for the three and six months ended May 31, 2025, respectively, that were recorded as deferred revenue at the beginning of the periods.
We had receivables related to revenues from contracts with customers of $433.6 million and $396.8 million at May 31, 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 May 31, 2026 and November 30, 2025, capitalized costs to fulfill a contract were $5.6 million and $5.2 million, respectively, which are recorded in Receivables – Fees, interest and other. During the three and six months ended May 31, 2026 and, we recognized expenses of $1.7 million and $2.9 million, respectively, compared with $1.4 million and $1.7 million during the three and six months ended May 31, 2025, 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 and six months ended May 31, 2026 and May 31, 2025.