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Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
For more information on revenue recognition and the nature of services provided, see Note 2 "Summary of Significant Accounting Policies" and Note 13 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2024 Annual Report on Form 10-K.

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$9,821 $112,426 $— $122,247 
Workflow technology— 23,180 — 23,180 
Analytics— 9,056 — 9,056 
Total revenue from contracts with customers9,821 144,662 — 154,483 
Other sources of revenue658,196 9,844 2,266 670,306 
Total revenues$668,017 $154,506 $2,266 $824,789 
Timing of revenue recognition:
Services transferred at a point in time$668,017 $136,276 $2,266 $806,559 
Services transferred over time— 18,230 — 18,230 
Total revenues$668,017 $154,506 $2,266 $824,789 
Three Months Ended September 30, 2024
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$12,721 $85,126 $— $97,847 
Workflow technology— 24,145 — 24,145 
Analytics— 9,629 — 9,629 
Total revenue from contracts with customers12,721 118,900 — 131,621 
Other sources of revenue563,939 6,827 4,453 575,219 
Total revenues$576,660 $125,727 $4,453 $706,840 
Timing of revenue recognition:
Services transferred at a point in time$576,660 $107,457 $4,453 $688,570 
Services transferred over time— 18,270 — 18,270 
Total revenues$576,660 $125,727 $4,453 $706,840 
Nine Months Ended September 30, 2025
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$41,547 $314,327 $— $355,874 
Workflow technology— 75,684 — 75,684 
Analytics— 28,091 — 28,091 
Total revenue from contracts with customers41,547 418,102 — 459,649 
Other sources of revenue2,104,235 91,900 6,447 2,202,582 
Total revenues$2,145,782 $510,002 $6,447 $2,662,231 
Timing of revenue recognition:
Services transferred at a point in time$2,145,782 $455,488 $6,447 $2,607,717 
Services transferred over time— 54,514 — 54,514 
Total revenues$2,145,782 $510,002 $6,447 $2,662,231 
Nine Months Ended September 30, 2024
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$29,203 $245,972 $— $275,175 
Workflow technology— 72,257 — 72,257 
Analytics— 28,901 — 28,901 
Total revenue from contracts with customers29,203 347,130 — 376,333 
Other sources of revenue1,638,247 23,445 4,639 1,666,331 
Total revenues$1,667,450 $370,575 $4,639 $2,042,664 
Timing of revenue recognition:
Services transferred at a point in time$1,667,450 $316,790 $4,639 $1,988,879 
Services transferred over time— 53,785 — 53,785 
Total revenues$1,667,450 $370,575 $4,639 $2,042,664 


Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of September 30, 2025 and 2024, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs.

Receivables related to revenues from contracts with customers amounted to $62.4 million and $62.1 million as of September 30, 2025 and December 31, 2024, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of September 30, 2025.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $9.4 million and $8.1 million as of September 30, 2025 and December 31, 2024, respectively. The Company recognized the full amount of revenue during the nine months ended September 30, 2025 and 2024, that had been recorded as deferred revenue in the respective prior year.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.