XML 331 R50.htm IDEA: XBRL DOCUMENT v3.25.3
Geographic Information and Business Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenues, Income (Loss) Before Income Taxes (“Pre-Tax Earnings”) and Total Assets by Segment
The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended September 30, 2025 and 2024 are summarized in the following table:

(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
2025
Total revenues$668,017 $154,506 $2,266 $824,789 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net147,522 30,734 — 178,256 
Interest and dividends expense164,374 1,317 — 165,691 
Other segment items (2)205,674 94,045 1,133 300,852 
Total operating expenses517,570 126,096 1,133 644,799 
Income (loss) before income taxes and noncontrolling interest$150,447 $28,410 $1,133 $179,990 
2024
Total revenues$576,660 $125,727 $4,453 $706,840 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net152,316 24,429 — 176,745 
Interest and dividends expense134,912 1,158 — 136,070 
Other segment items (2)163,876 81,865 1,124 246,865 
Total operating expenses451,104 107,452 1,124 559,680 
Income (loss) before income taxes and noncontrolling interest$125,556 $18,275 $3,329 $147,160 
(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.
(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.

The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the nine months ended September 30, 2025 and 2024 are summarized in the following table:
(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
2025
Total revenues$2,145,782 $510,002 $6,447 $2,662,231 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net514,136 88,120 — 602,256 
Interest and dividends expense458,296 3,936 — 462,232 
Other segment items (2)578,261 265,485 3,251 846,997 
Total operating expenses1,550,693 357,541 3,251 1,911,485 
Income (loss) before income taxes and noncontrolling interest$595,089 $152,461 $3,196 $750,746 
2024
Total revenues$1,667,450 $370,575 $4,639 $2,042,664 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net394,154 73,177 — 467,331 
Interest and dividends expense382,200 3,591 — 385,791 
Other segment items (2)494,046 250,689 2,442 747,177 
Total operating expenses1,270,400 327,457 2,442 1,600,299 
Income (loss) before income taxes and noncontrolling interest$397,050 $43,118 $2,197 $442,365 
(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.
(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.
Schedule of Total Revenues by Geographic Area The following table presents total revenues by geographic area for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Revenues:
United States$627,070 $576,606 $2,153,152 $1,662,612 
Ireland87,570 63,024 280,313 192,346 
Others110,149 67,210 228,766 187,706 
Total revenues$824,789 $706,840 $2,662,231 $2,042,664