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v3.25.4

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
Revenues: |  |  |
Total revenues | $ 3,632,118 | $ 2,876,949 | $ 2,293,373
Operating Expenses: |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net | 769,774 | 674,426 | 508,358
Interest and dividends expense | 647,448 | 529,177 | 500,467
Other segment items | 1,120,567 | 1,028,376 | 959,417
Total operating expenses | 2,537,789 | 2,231,979 | 1,968,242
Income before income taxes and noncontrolling interest | 1,094,329 | 644,970 | 325,131
Operating segments | Market Making |  |  |
Revenues: |  |  |
Total revenues | 2,949,221 | 2,374,096 | 1,843,523
Operating Expenses: |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net | 650,150 | 573,382 | 420,608
Interest and dividends expense | 641,584 | 524,158 | 497,895
Other segment items | 766,893 | 685,504 | 609,418
Total operating expenses | 2,058,627 | 1,783,044 | 1,527,921
Income before income taxes and noncontrolling interest | 890,594 | 591,052 | 315,602
Operating segments | Execution Services |  |  |
Revenues: |  |  |
Total revenues | 668,192 | 507,230 | 446,542
Operating Expenses: |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net | 119,624 | 101,044 | 87,750
Interest and dividends expense | 5,864 | 5,019 | 2,572
Other segment items | 352,142 | 339,407 | 345,780
Total operating expenses | 477,630 | 445,470 | 436,102
Income before income taxes and noncontrolling interest | 190,562 | 61,760 | 10,440
Corporate |  |  |
Revenues: |  |  |
Total revenues | 14,705 | (4,377) | 3,308
Operating Expenses: |  |  |
Brokerage, exchange, clearance fees and payments for order flow, net | 0 | 0 | 0
Interest and dividends expense | 0 | 0 | 0
Other segment items | 1,532 | 3,465 | 4,219
Total operating expenses | 1,532 | 3,465 | 4,219
Income before income taxes and noncontrolling interest | $ 13,173 | $ (7,842) | $ (911)

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