Revenues from Contracts with Customers (Tables)

9 Months Ended

Aug. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue



			Three Months Ended August 31,						Nine Months Ended August 31,
$ in thousands			2026			2025			2026			2025
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 fees			2,156			8,236			12,648			61,539


Real estate revenues			8,847			16,621			13,388			43,913
Internet connection and broadband revenues			35,524			56,598			142,038			171,069
Other contracts with customers			17,870			16,616			54,902			49,515
Total revenue from contracts with customers			1,751,808			1,504,162			4,882,268			3,875,528
Other sources of revenue:
Principal transactions			468,655			486,893			1,444,819			1,232,630
Revenues from strategic affiliates			15,883			11,933			104,250			76,582
Interest			922,999			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 thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	817,822		$	—		$	817,822
Investment banking - Underwriting			482,621			—			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 East			232,627			36,426			269,053
Asia-Pacific			146,058			1,034			147,092
Total			$	1,687,411		$	64,397		$	1,751,808

			Three Months Ended August 31, 2025
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	655,578		$	—		$	655,578
Investment banking - Underwriting			430,730			—			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 East			252,336			57,591			309,927
Asia-Pacific			115,286			889			116,175
Total			$	1,406,091		$	98,071		$	1,504,162


			Nine Months Ended August 31, 2026
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	2,019,068		$	—		$	2,019,068
Investment banking - Underwriting			1,501,325			—			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 East			747,347			145,080			892,427
Asia-Pacific			398,982			2,959			401,941
Total			$	4,659,292		$	222,976		$	4,882,268


			Nine Months Ended August 31, 2025
$ in thousands			Investment Banking and Capital Markets			Asset Management			Total
Major business activity:
Investment banking - Advisory			$	1,511,218		$	—		$	1,511,218
Investment banking - Underwriting			1,086,341			—			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-Pacific			310,088			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.