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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES:      
Advisory $ 8,161,238 $ 5,461,858 $ 4,135,681
Commission 4,505,072 3,305,487 2,552,623
Asset-based 2,995,933 2,497,698 2,377,729
Service and fee 652,395 552,020 508,437
Transaction and fee 270,813 236,274 199,939
Interest income, net 231,616 187,606 159,415
Other 172,412 144,164 119,024
Total net revenues 16,989,479 12,385,107 10,052,848
EXPENSE      
Commission and advisory 11,204,046 7,751,006 5,915,807
Compensation and benefits 1,586,043 1,136,717 979,681
Promotional 737,197 589,339 459,233
Occupancy and equipment 577,224 281,210 248,620
Depreciation, Depletion and Amortization, Nonproduction 393,434 308,527 246,994
Interest Expense, Debt 403,406 274,181 186,804
Brokerage, clearing, and exchange 178,133 127,941 105,984
Amortization of other intangibles 236,578 135,234 107,211
Professional services 218,738 93,729 72,583
Communications and data processing 85,846 75,838 75,717
Other 219,327 218,493 209,439
Total expense 15,839,972 10,992,215 8,608,073
INCOME BEFORE PROVISION FOR INCOME TAXES 1,149,507 1,392,892 1,444,775
Effective income tax rate 286,483 334,276 378,525
NET INCOME $ 863,024 $ 1,058,616 $ 1,066,250
Earnings Per Share [Abstract]      
Earnings Per Share, Basic $ 10.97 $ 14.17 $ 13.88
Earnings Per Share, Diluted $ 10.92 $ 14.03 $ 13.69
Weighted-average shares outstanding, basic 78,681,000 74,713,000 76,807,000
Weighted-average shares outstanding, diluted 79,061,000 75,427,000 77,861,000
Trailing      
REVENUES:      
Commission $ 1,859,159 $ 1,542,255 $ 1,299,840
Other Asset Based Fees      
REVENUES:      
Asset-based 1,338,126 1,071,170 867,860
Sales-Based      
REVENUES:      
Commission 2,645,913 1,763,232 1,252,783
Client Cash [Member]      
REVENUES:      
Asset-based $ 1,657,807 $ 1,426,528 $ 1,509,869