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Segment Operating Results (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Information Regarding Operations By Segment
The following information presents each segment's contribution.
 For the Years Ended December 31,
 202520242023
Investment Banking & Equities
Net Revenues(1)
$3,767,655 $2,898,489 $2,355,943 
Employee Compensation and Benefits2,448,409 1,927,928 1,617,449 
Non-Compensation(2)
548,304 456,257 393,308 
Special Charges, Including Business Realignment Costs— 7,305 2,921 
Operating Income770,942 506,999 342,265 
Income from Equity Method Investments1,073 620 
Pre-Tax Income $770,948 $508,072 $342,885 
Identifiable Segment Assets$5,184,718 $4,022,227 $3,541,886 
Investment Management
Net Revenues(1)
$88,165 $81,104 $70,006 
Employee Compensation and Benefits52,425 46,108 39,426 
Non-Compensation(2)
16,740 15,081 13,710 
Operating Income19,000 19,915 16,870 
Income from Equity Method Investments3,866 5,158 6,035 
Pre-Tax Income$22,866 $25,073 $22,905 
Identifiable Segment Assets$173,379 $151,744 $161,412 
Total
Net Revenues(1)
$3,855,820 $2,979,593 $2,425,949 
Employee Compensation and Benefits2,500,834 1,974,036 1,656,875 
Non-Compensation(2)
565,044 471,338 407,018 
Special Charges, Including Business Realignment Costs— 7,305 2,921 
Operating Income789,942 526,914 359,135 
Income from Equity Method Investments3,872 6,231 6,655 
Pre-Tax Income$793,814 $533,145 $365,790 
Identifiable Segment Assets$5,358,097 $4,173,971 $3,703,298 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Years Ended December 31,
 202520242023
Investment Banking & Equities(A)
$78,236 $86,772 $78,281 
Investment Management809 1,554 2,965 
Total Other Revenue, net$79,045 $88,326 $81,246 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests of $24,264, $16,768 and $16,717 for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Non-Compensation expenses are as follows:
For the Years Ended December 31,
202520242023
Investment Banking & Equities
Occupancy and Equipment Rental$106,309 $88,604 $82,180 
Professional Fees(A)
98,531 91,861 69,953 
Travel and Related Expenses94,515 78,519 63,798 
Technology and Information Services(A)
141,413 117,091 103,083 
Depreciation and Amortization32,098 24,141 23,943 
Execution, Clearing and Custody Fees10,654 11,487 10,724 
Acquisition and Transition Costs9,858 — — 
Other Operating Expenses54,926 44,554 39,627 
Total Non-Compensation$548,304 $456,257 $393,308 
Investment Management
Occupancy and Equipment Rental$2,475 $2,349 $2,149 
Professional Fees(B)
4,513 4,344 3,788 
Travel and Related Expenses1,097 927 729 
Technology and Information Services(B)
4,809 3,904 3,580 
Depreciation and Amortization459 327 405 
Execution, Clearing and Custody Fees1,845 1,724 1,551 
Other Operating Expenses1,542 1,506 1,508 
Total Non-Compensation$16,740 $15,081 $13,710 
Total
Occupancy and Equipment Rental$108,784 $90,953 $84,329 
Professional Fees(C)
103,044 96,205 73,741 
Travel and Related Expenses95,612 79,446 64,527 
Technology and Information Services(C)
146,222 120,995 106,663 
Depreciation and Amortization32,557 24,468 24,348 
Execution, Clearing and Custody Fees12,499 13,211 12,275 
Acquisition and Transition Costs9,858 — — 
Other Operating Expenses56,468 46,060 41,135 
Total Non-Compensation$565,044 $471,338 $407,018 
(A)The Company reclassified $38,536 and $34,146 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information.
(B)The Company reclassified $985 and $914 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information.
(C)The Company reclassified $39,521 and $35,060 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information.
Revenues Derived from Clients by Geographical Areas
The Company's revenues were derived from clients located and managed in the following geographical areas:
 For the Years Ended December 31,
 202520242023
Net Revenues:(1)
Americas(2)
$3,067,300 $2,331,369 $1,826,861 
EMEA626,250 503,496 469,694 
Asia-Pacific83,225 56,402 48,148 
Total$3,776,775 $2,891,267 $2,344,703 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
(2)Primarily includes revenue attributable to the United States of $2,885,717, $2,187,916 and $1,719,337 for the years ended December 31, 2025, 2024 and 2023, respectively.
Assets by Geographic Areas
The Company's total assets are located in the following geographical areas:
December 31,
20252024
Total Assets:
Americas(1)
$3,396,905 $3,496,519 
EMEA(2)
1,887,541 614,494 
Asia-Pacific73,651 62,958 
Total$5,358,097 $4,173,971 
(1)Primarily includes assets located in the United States.
(2)Primarily includes assets located in the United Kingdom.