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Geographic Information and Business Segments (Tables) | 12 Months Ended
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Dec. 31, 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 years ended December 31, 2025, 2024, and 2023 are summarized in the following table:
(in thousands) |  | Market Making |  | Execution Services |  | Corporate (1) |  | Consolidated Total
2025 |  |  |  |  |  |  |  |
Total revenues |  | $ | 2,949,221 |  |  | $ | 668,192 |  |  | $ | 14,705 |  |  | $ | 3,632,118 |
Operating expenses: |  |  |  |  |  |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net |  | 650,150 |  |  | 119,624 |  |  | — |  |  | 769,774 |
Interest and dividends expense |  | 641,584 |  |  | 5,864 |  |  | — |  |  | 647,448 |
Other segment items (2) |  | 766,893 |  |  | 352,142 |  |  | 1,532 |  |  | 1,120,567 |
Total operating expenses |  | 2,058,627 |  |  | 477,630 |  |  | 1,532 |  |  | 2,537,789 |
Income (loss) before income taxes and noncontrolling interest |  | $ | 890,594 |  |  | $ | 190,562 |  |  | $ | 13,173 |  |  | $ | 1,094,329 |
2024 |  |  |  |  |  |  |  |
Total revenues |  | $ | 2,374,096 |  |  | $ | 507,230 |  |  | $ | (4,377) |  |  | $ | 2,876,949 |
Operating expenses: |  |  |  |  |  |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net |  | 573,382 |  |  | 101,044 |  |  | — |  |  | 674,426 |
Interest and dividends expense |  | 524,158 |  |  | 5,019 |  |  | — |  |  | 529,177 |
Other segment items (2) |  | 685,504 |  |  | 339,407 |  |  | 3,465 |  |  | 1,028,376 |
Total operating expenses |  | 1,783,044 |  |  | 445,470 |  |  | 3,465 |  |  | 2,231,979 |
Income (loss) before income taxes and noncontrolling interest |  | $ | 591,052 |  |  | $ | 61,760 |  |  | $ | (7,842) |  |  | $ | 644,970 |
2023 |  |  |  |  |  |  |  |
Total revenues |  | $ | 1,843,523 |  |  | $ | 446,542 |  |  | $ | 3,308 |  |  | $ | 2,293,373 |
Operating expenses: |  |  |  |  |  |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net |  | 420,608 |  |  | 87,750 |  |  | — |  |  | 508,358 |
Interest and dividends expense |  | 497,895 |  |  | 2,572 |  |  | — |  |  | 500,467 |
Other segment items (2) |  | 609,418 |  |  | 345,780 |  |  | 4,219 |  |  | 959,417 |
Total operating expenses |  | 1,527,921 |  |  | 436,102 |  |  | 4,219 |  |  | 1,968,242 |
Income (loss) before income taxes and noncontrolling interest |  | $ | 315,602 |  |  | $ | 10,440 |  |  | $ | (911) |  |  | $ | 325,131 |
(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 years ended December 31, 2025, 2024, and 2023:
|  |  |  | Year Ended December 31,
(in thousands) |  |  |  |  |  | 2025 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  | $ | 2,939,967 |  |  | $ | 2,362,481 |  |  | $ | 1,920,748 |
Ireland |  |  |  |  |  | 386,992 |  |  | 273,215 |  |  | 206,507 |
Others |  |  |  |  |  | 305,159 |  |  | 241,253 |  |  | 166,118 |
Total revenues |  |  |  |  |  | $ | 3,632,118 |  |  | $ | 2,876,949 |  |  | $ | 2,293,373 |

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