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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of provision for income taxes

The components of the provision for income taxes were as follows (in thousands):

			Years Ended December 31,
			2025			2024			2023
Current provision for income taxes:
Federal			$	158,426		$	325,858		$	355,393
State			75,122			84,662			91,586
Total current provision for income taxes			233,548			410,520			446,979
Deferred provision (benefit) for income taxes:
Federal			66,574			(66,056)			(56,539)
State			(13,639)			(10,188)			(11,915)
Total deferred provision (benefit) for income taxes			52,935			(76,244)			(68,454)
Provision for income taxes			$	286,483		$	334,276		$	378,525

Summary of effective income tax rate reconciliation

The following table reflects a reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates:

			Year Ended December 31, 2025
			Amount			%
Federal at statutory income tax rates			$	241,413		21.0		%
State income taxes, net of federal benefit (1)			47,832			4.2
Tax credits:
General business credits			(9,914)			(0.9)
Changes in unrecognized tax benefits			9,717			0.8
Nontaxable or nondeductible items:
Share-based payment awards			(4,163)			(0.4)
Other			1,598			0.2
Effective income tax rate			$	286,483		24.9		%

(1) State taxes in California, Illinois, New York, Pennsylvania, New Jersey, and Minnesota made up the majority (greater than 50%) of the tax effect in this category.

The following table reflects a reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rates in accordance with the guidance in effect prior to the adoption of the new income tax disclosure requirements during the year ended December 31, 2025:

			Years Ended December 31,
			2024			2023
Federal statutory income tax rates			21.0		%	21.0		%
State income taxes, net of federal benefit			4.2			5.0
Non-deductible expenses			0.2			0.9
Federal research and development credits			(0.7)			(0.6)
Share-based compensation			(0.8)			(0.2)
Other			0.1			0.1
Effective income tax rates			24.0		%	26.2		%

Components of the net deferred income taxes

The components of the net deferred income taxes included in the consolidated statements of financial condition were as follows (in thousands):

			December 31,
			2025			2024
Deferred tax assets:
Deferred compensation			$	290,055		$	230,757
Operating lease liabilities			55,072			40,240
Tax credit carryforwards			28,999			24,244
Finance lease liabilities			—			28,383
Forgivable loans			89,783			41,003
Capitalized research and development expenditures			2,062			22,164
Accrued liabilities			33,369			29,813
Share-based compensation			17,433			15,323
Other			14,290			19,329
Deferred tax assets			531,063			451,256
Less: valuation allowance			(24,131)			(23,215)
Total deferred tax assets			506,932			428,041
Deferred tax liabilities:
Internally developed software			(201,680)			(43,053)
Depreciation of property and equipment			(33,901)			(55,334)
Amortization of other intangibles			(110,091)			(147,574)
Operating lease assets			(47,019)			(32,167)
Unrealized gains and losses			(31,276)			(15,842)
Other			(4,743)			(4,169)
Total deferred tax liabilities			(428,710)			(298,139)
Deferred tax assets, net			$	78,222		$	129,902

Schedule of Unrecognized Tax Benefits Roll Forward

The following table reflects a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (in thousands):

			December 31,
			2025			2024			2023
Balance — beginning of year			$	46,519		$	61,592		$	52,270
Increases for tax positions taken during the current year			5,384			7,795			10,433
Increases for tax positions taken in the prior years			10,074			2,950			10,606
Reductions as a result of a lapse of the applicable statute of limitations and decreases in prior-year tax positions			(9,223)			(25,818)			(11,717)
Balance — end of year			$	52,754		$	46,519		$	61,592

Schedule of Cash Flow, Supplemental Disclosures

Net cash paid (refunds received) for income taxes consisted of the following (in thousands):

			Year Ended December 31, 2025
Federal			$	257,101
Aggregated state and local jurisdictions (1)			71,459
Net cash paid for income taxes			$	328,560

(1) No individual state taxing jurisdiction comprised more than 5% of net cash paid (refunds received).

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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