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Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 5,128 $ 3,633
Cash segregated for regulatory purposes 48,784 36,600
Securities - segregated for regulatory purposes 38,691 27,846
Securities borrowed 11,568 5,369
Securities purchased under agreements to resell 8,524 6,575
Financial instruments owned, at fair value 3,127 1,924
Receivables:    
Customers, less allowance for credit losses of $22 and $25 as of September 30, 2025 and December 31, 2024 77,588 64,432
Brokers, dealers and clearing organizations 4,773 2,196
Interest 488 446
Total receivables 82,849 67,074
Other assets 1,551 1,121
Total assets 200,222 150,142
Liabilities and equity    
Short-term borrowings 10 14
Securities loaned 27,031 16,248
Securities sold under agreements to repurchase 894  
Financial instruments sold, not yet purchased, at fair value 499 293
Payables    
Customers 149,442 115,343
Brokers, dealers and clearing organizations 1,541 476
Affiliate 215 195
Accounts payable, accrued expenses and other liabilities 793 665
Interest 317 311
Total payables 152,308 116,990
Total liabilities 180,742 133,545
Commitments, contingencies and guarantees (see Note 13)
Stockholders' equity    
Additional paid-in capital 1,943 1,816
Retained earnings 3,117 2,515
Accumulated other comprehensive income, net of income taxes of $0 as of both September 30, 2025 and December 31, 2024 52 (45)
Treasury stock, at cost, 592,150 and 625,784 shares as of September 30, 2025 and December 31, 2024 (7) (7)
Total stockholders' equity 5,106 4,280
Noncontrolling interests 14,374 12,317
Total equity 19,480 16,597
Total liabilities and stockholders' equity 200,222 150,142
Asset Not Pledged as Collateral [Member]    
Assets    
Financial instruments owned, at fair value 3,028 1,847
Asset Pledged as Collateral [Member]    
Assets    
Financial instruments owned, at fair value 99 77
Common Class A [Member]    
Stockholders' equity    
Common stock, $0.01 par value per share 1 1
Common Class B [Member]    
Stockholders' equity    
Common stock, $0.01 par value per share