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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 863,024 $ 1,058,616 $ 1,066,250
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 393,434 308,527 246,994
Amortization of other intangibles 236,578 135,234 107,211
Amortization of debt issuance costs 21,601 11,319 8,731
Share-based compensation 79,362 91,761 68,669
Provision for credit losses 16,977 18,970 15,947
Deferred provision (benefit) for income taxes 52,935 (76,244) (68,454)
Loan forgiveness 430,787 292,446 223,517
Unrealized loss on deferred compensation plans 72,761 66,456 1,164
Change in estimated fair value of contingent consideration 24,163 41,721 26,852
Other (4,938) (25,319) 11,156
Changes in operating assets and liabilities:      
Receivables from clients, net (175,845) (45,808) (28,070)
Receivables from brokers, dealers and clearing organizations 7,487 (12,742) 6,207
Advisor loans, net (1,751,748) (1,103,933) (594,438)
Other receivables, net (270,373) (126,829) (71,328)
Investment securities - trading 11,640 34,183 (38,956)
Other assets (413,296) (435,255) (213,043)
Client payables 409,085 (367,511) (428,753)
Payables to brokers, dealers and clearing organizations 21,292 (34,149) 15,585
Accrued advisory and commission expenses payable 23,187 74,699 11,421
Accounts payable and accrued liabilities 161,291 36,977 31,256
Other liabilities (617,789) 336,412 117,805
Operating lease assets (3,019) (1,942) (3,112)
Net cash (used in) provided by operating activities (411,404) 277,589 512,611
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (570,376) (562,531) (403,286)
Acquisitions, net of cash acquired (1,787,592) (1,020,221) (453,475)
Purchases of securities classified as held-to-maturity (5,100) (4,769) (4,725)
Proceeds from maturities of securities classified as held-to-maturity 5,100 5,000 5,500
Payments to Acquire Investments (29,070) 0 (4,200)
Proceeds from Sale of Other Investments 7,271 0 0
Interest Costs Capitalized (6,826) (9,611) 0
Net cash used in investing activities (2,386,593) (1,592,132) (860,186)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facilities 876,000 1,430,000 1,718,000
Repayments of revolving credit facilities (1,844,000) (663,000) (1,438,000)
Proceeds from senior unsecured term loans 0 1,020,000 0
Repayment of senior secured term loans 0 (1,027,200) (10,700)
Proceeds from senior unsecured notes 2,744,930 998,325 749,468
Payment of debt issuance costs (31,236) (17,905) (13,474)
Payment of equity issuance costs (47,779) 0 0
Payment of contingent consideration 47,395 50,063 0
Tax payments related to settlement of restricted stock units (33,484) (41,288) (40,005)
Proceeds from Issuance of Common Stock 1,725,000 0 0
Repurchase of common stock (100,004) (170,096) (1,100,101)
Dividends on common stock (94,411) (89,727) (92,190)
Proceeds from stock option exercises and other 22,175 28,728 18,665
Principal payment of finance leases and obligations (902) 0 0
Principal payment of finance leases and obligations (209) (342) (195)
Net cash provided by (used in) financing activities 3,168,685 1,417,432 (208,532)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH 370,688 102,889 (556,107)
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of year 2,684,052 2,581,163 3,137,270
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of year 3,054,740 2,684,052 2,581,163
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Interest paid 379,919 268,351 191,350
Income taxes paid 328,560 320,259 535,959
Cash paid for amounts included in the measurement of operating lease liabilities 39,452 31,737 27,714
Cash paid for amounts included in the measurement of finance lease liabilities 209 8,727 8,577
NONCASH DISCLOSURES:      
Capital expenditures included in accounts payable and accrued liabilities 45,544 36,260 26,021
Lease assets obtained in exchange for operating lease liabilities 57,734 37,115 17,517
Pre-Funded Acquisition 70,202 0 0
Contingent consideration and other liabilities recognized at acquisition date $ 86,821 $ 87,883 $ 88,132