Revenues from Contracts with Customers (Tables)

6 Months Ended

May 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue



			Three Months Ended May 31,						Six Months Ended May 31,
$ in thousands			2026			2025			2026			2025
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 fees			3,593			7,495			10,492			53,303


Real estate revenues			2,295			16,211			4,541			27,292
Internet connection and broadband revenues			54,102			56,668			106,514			114,471
Other contracts with customers			18,967			16,791			37,032			32,899
Total revenue from contracts with customers			1,674,810			1,226,804			3,130,460			2,371,230
Other sources of revenue:
Principal transactions			488,666			338,507			976,164			745,737
Revenues from strategic affiliates			19,075			21,336			88,367			64,785
Interest			853,962			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


			Three Months Ended May 31, 2026
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	674,118		$	—		$	674,118
Investment banking - Underwriting			530,877			—			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 East			277,424			55,131			332,555
Asia-Pacific			157,138			1,053			158,191
Total			$	1,595,853		$	78,957		$	1,674,810

			Three Months Ended May 31, 2025
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	457,725		$	—		$	457,725
Investment banking - Underwriting			327,730			—			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 East			238,528			57,695			296,223
Asia-Pacific			102,972			948			103,920
Total			$	1,129,639		$	97,165		$	1,226,804


			Six Months Ended May 31, 2026
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	1,201,246		$	—		$	1,201,246
Investment banking - Underwriting			1,018,704			—			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 East			514,719			108,655			623,374
Asia-Pacific			252,924			1,925			254,849
Total			$	2,971,881		$	158,579		$	3,130,460

			Six Months Ended May 31, 2025
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	855,505		$	—		$	855,505
Investment banking - Underwriting			655,611			—			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-Pacific			194,802			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.