v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2026
May 31, 2025
Cash flows from operating activities:    
Net earnings $ 409,324 $ 228,244
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 82,305 88,454
Impairment of assets 65,413 0
Share-based compensation 73,597 53,830
Net bad debt expense 24,380 13,463
Income on investments in and loans to related parties (46,289) (15,162)
Distributions received on investments in related parties 26,846 28,593
Other adjustments 71,957 184,362
Receivables:    
Brokers, dealers and clearing organizations 1,035,793 (90,224)
Customers (747,599) (158,094)
Fees, interest and other (82,695) (143,594)
Securities borrowed (1,440,729) (622,392)
Financial instruments owned (348,992) (1,241,243)
Securities purchased under agreements to resell (976,401) (1,266,238)
Other assets (253,766) (205,378)
Payables:    
Brokers, dealers and clearing organizations (562,978) 112,293
Customers 1,905,940 192,801
Securities loaned 569,268 (509,851)
Financial instruments sold, not yet purchased 1,250,926 727,110
Securities sold under agreements to repurchase (828,336) (217,150)
Lease liabilities (41,903) (33,240)
Accrued expenses and other liabilities (323,925) (770,081)
Net cash used in operating activities (137,864) (3,643,497)
Cash flows from investing activities:    
Contributions to investments in and loans to related parties (210,679) (111,087)
Capital distributions from investments and repayments of loans from related parties 111,385 47,190
Net payments on premises and equipment (112,864) (93,247)
Net cash used in investing activities (212,158) (157,144)
Cash flows from financing activities:    
Proceeds from short-term borrowings 4,191,712 4,744,829
Payments on short-term borrowings (4,431,779) (3,852,844)
Proceeds from issuance of long-term debt, net of issuance costs 4,818,221 2,635,540
Repayment of long-term debt (2,668,443) (960,857)
Purchase of common shares for treasury (371,714) (57,568)
Dividends paid to common and preferred shareholders (184,596) (187,054)
Net proceeds from (payments on) other secured financings (569,215) 556,902
Net change in bank overdrafts 82,132 (22,945)
Proceeds from contributions of noncontrolling interests 681 16,354
Payments on distributions to noncontrolling interests (7,429) (3,223)
Other 16,000 16,134
Net cash provided by (used in) financing activities from continuing operations 875,570 2,885,268
Supplemental Cash Flow Elements    
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (4,836) 61,470
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale (31,635) 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 520,712 (853,905)
Cash, cash equivalents, and restricted cash at beginning of period 14,961,586 13,165,612
Cash, cash equivalents, and restricted cash at end of period 15,450,663 12,311,707
Cash paid during the period for:    
Interest 1,693,886 1,716,136
Income taxes, net (1) [1] 180,350 $ 53,197
Tax credits 56,200  
Non-cash investing activities related to exchange of real estate 40,000  
Non-cash investing activities related to donated land with a fair market value $ 5,700  
[1] Includes the purchase of tax credits in the aggregate of $56.2 million for the six months ended May 31, 2026.