v3.26.3
Revenues from Contracts with Customers
 9 Months Ended
Aug. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers
Note 13. Revenues from Contracts with Customers
Three Months Ended
 August 31,		Nine Months Ended
 August 31,
$ in thousands2026202520262025
Revenues from contracts with customers:
Investment banking$1,300,443 $1,086,307 $3,520,393 $2,597,559 
Commissions and other fees 386,968 319,784 1,138,899 951,933 
Asset management fees2,156 8,236 12,648 61,539 
Real estate revenues8,847 16,621 13,388 43,913 
Internet connection and broadband revenues 35,524 56,598 142,038 171,069 
Other contracts with customers17,870 16,616 54,902 49,515 
Total revenue from contracts with customers1,751,808 1,504,162 4,882,268 3,875,528 
Other sources of revenue:
Principal transactions468,655 486,893 1,444,819 1,232,630 
Revenues from strategic affiliates
15,883 11,933 104,250 76,582 
Interest922,999 846,894 2,590,080 2,570,090 
Other 71,453 57,792 198,843 120,023 
Total revenues$3,230,798 $2,907,674 $9,220,260 $7,874,853 
Disaggregation of Revenue
Three Months Ended August 31, 2026
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$817,822 $— $817,822 
Investment banking - Underwriting482,621 — 482,621 
Equities (1)385,244 — 385,244 
Fixed income (1)1,724 — 1,724 
Asset management— 2,156 2,156 
Other investments— 62,241 62,241 
Total$1,687,411 $64,397 $1,751,808 
Primary geographic region:
Americas$1,308,726 $26,937 $1,335,663 
Europe and the Middle East232,627 36,426 269,053 
Asia-Pacific146,058 1,034 147,092 
Total$1,687,411 $64,397 $1,751,808 
Three Months Ended August 31, 2025
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$655,578 $— $655,578 
Investment banking - Underwriting430,730 — 430,730 
Equities (1)318,319 — 318,319 
Fixed income (1)1,464 — 1,464 
Asset management— 8,236 8,236 
Other investments— 89,835 89,835 
Total$1,406,091 $98,071 $1,504,162 
Primary geographic region:
Americas$1,038,469 $39,591 $1,078,060 
Europe and the Middle East252,336 57,591 309,927 
Asia-Pacific115,286 889 116,175 
Total$1,406,091 $98,071 $1,504,162 
Nine Months Ended August 31, 2026
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$2,019,068 $— $2,019,068 
Investment banking - Underwriting1,501,325 — 1,501,325 
Equities (1)1,133,843 — 1,133,843 
Fixed income (1)5,056 — 5,056 
Asset management— 12,648 12,648 
Other investments— 210,328 210,328 
Total$4,659,292 $222,976 $4,882,268 
Primary geographic region:
Americas$3,512,963 $74,937 $3,587,900 
Europe and the Middle East747,347 145,080 892,427 
Asia-Pacific398,982 2,959 401,941 
Total$4,659,292 $222,976 $4,882,268 
Nine Months Ended August 31, 2025
$ in thousandsInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking - Advisory$1,511,218 $— $1,511,218 
Investment banking - Underwriting1,086,341 — 1,086,341 
Equities (1)946,549 — 946,549 
Fixed income (1)5,384 — 5,384 
Asset management— 61,539 61,539 
Other investments — 264,497 264,497 
Total$3,549,492 $326,036 $3,875,528 
Primary geographic region:
Americas$2,575,418 $149,184 $2,724,602 
Europe and the Middle East 663,986 174,079 838,065 
Asia-Pacific310,088 2,773 312,861 
Total$3,549,492 $326,036 $3,875,528 
(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 August 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 nine months ended August 31, 2026, we recognized $21.6 million and $32.7 million, respectively, compared with $36.1 million and $83.8 million during the three and nine months ended August 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 nine months ended August 31, 2026, we recognized $9.8 million and $26.4 million, respectively, compared with $8.5 million and $24.0 million during the three and nine months ended August 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 August 31, 2026 and November 30, 2025 was $59.5 million and $92.3 million, respectively, which is recorded in Accrued expenses and other liabilities. During the three and nine months ended August 31, 2026, we recognized
revenues of $19.7 million and $77.3 million, respectively, compared with $44.8 million and $52.8 million for the three and nine months ended August 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 $475.2 million and $396.8 million at August 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 August 31, 2026 and November 30, 2025, capitalized costs to fulfill a contract were $6.3 million and $5.2 million, respectively, which are recorded in Receivables – Fees, interest and other. During the three and nine months ended August 31, 2026, we recognized expenses of $2.5 million and $3.9 million, respectively, compared with $1.3 million and $1.9 million during the three and nine months ended August 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 nine months ended August 31, 2026 and August 31, 2025.