v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2026
Aug. 31, 2025
Cash flows from operating activities:    
Net earnings $ 697,577 $ 470,748
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 128,699 144,434
Impairment of assets 65,413 0
Share-based compensation 95,767 67,810
Net bad debt expense 30,583 16,931
Income on investments in and loans to related parties (99,082) (54,270)
Distributions received on investments in related parties 52,400 71,368
Loss on assets held for sale 0 12,566
Other adjustments 47,095 434,110
Receivables:    
Brokers, dealers and clearing organizations 1,210,771 (193,514)
Customers (976,898) (533,734)
Fees, interest and other (116,742) (60,040)
Securities borrowed (2,867,877) (945,232)
Financial instruments owned 416,562 (1,712,385)
Securities purchased under agreements to resell 597,100 (1,664,568)
Other assets (95,054) (266,563)
Payables:    
Brokers, dealers and clearing organizations (1,769,291) (26,372)
Customers 958,673 374,518
Securities loaned 1,486,559 (62,979)
Financial instruments sold, not yet purchased 1,792,713 1,260,915
Securities sold under agreements to repurchase 771,786 (312,049)
Lease liabilities (58,788) (48,280)
Accrued expenses and other liabilities 85,540 (432,723)
Net cash provided by (used in) operating activities 2,453,506 (3,459,309)
Cash flows from investing activities:    
Contributions to investments in and loans to related parties (766,395) (466,338)
Capital distributions from investments and repayments of loans from related parties 593,556 379,193
Originations and purchases of loans, notes and other receivables (24,782) 0
Principal collections of loans, notes and other receivables 156 0
Net payments on premises and equipment (162,203) (151,425)
Proceeds from assets held for sale 0 26,843
Net cash used in investing activities (359,668) (211,727)
Cash flows from financing activities:    
Proceeds from short-term borrowings 5,211,712 7,170,583
Payments on short-term borrowings (5,497,779) (6,363,688)
Proceeds from issuance of long-term debt, net of issuance costs 6,968,788 3,852,721
Repayment of long-term debt (4,397,648) (1,758,422)
Purchase of common shares for treasury (439,932) (58,486)
Dividends paid to common and preferred shareholders (276,460) (280,589)
Net proceeds from (payments on) other secured financings (539,583) 497,768
Net change in bank overdrafts (10,278) (22,050)
Proceeds from contributions of noncontrolling interests 981 18,909
Payments on distributions to noncontrolling interests (7,606) (8,084)
Other 17,470 9,573
Net cash provided by (used in) financing activities from continuing operations 1,029,665 3,058,235
Supplemental disclosures of cash flow information:    
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,566) 17,281
Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale (20,985) 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,120,937 (595,520)
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 18,061,538 12,570,092
Cash paid during the period for:    
Interest 2,706,822 2,588,490
Income taxes, net [1] 209,106 235,549
Tax credits 60,600 149,700
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
Preferred Stock    
Cash paid during the period for:    
Shares converted (in shares) 55,125  
Non-voting Common Stock    
Cash paid during the period for:    
Shares converted (in shares) 27,562,500  
[1] Includes the purchase of tax credits in the aggregate of $60.6 million and $149.7 million for the nine months ended August 31, 2026 and 2025, respectively.