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Revenues from Contracts with Customers | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Revenues from Contracts with Customers Commissions, net. The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are received on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services. The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation, which is the trade date for that trade order routed, that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to Commissions, net using a residual allocation approach. The Company participates in commission sharing arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date. The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, are fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client. Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using: (i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and (ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer. For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery. 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 years ended December 31, 2025, 2024, and 2023:
|  | Year Ended December 31, 2025
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 50,949 |  |  | $ | 429,354 |  |  | $ | — |  |  | $ | 480,303 |
Workflow technology |  | — |  |  | 99,227 |  |  | — |  |  | 99,227 |
Analytics |  | — |  |  | 37,495 |  |  | — |  |  | 37,495 |
Total revenue from contracts with customers |  | 50,949 |  |  | 566,076 |  |  | — |  |  | 617,025 |
Other sources of revenue |  | 2,898,272 |  |  | 102,116 |  |  | 14,705 |  |  | 3,015,093 |
Total revenues |  | $ | 2,949,221 |  |  | $ | 668,192 |  |  | $ | 14,705 |  |  | $ | 3,632,118 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 2,949,221 |  |  | $ | 595,149 |  |  | $ | 14,705 |  |  | $ | 3,559,075 |
Services transferred over time |  | — |  |  | 73,043 |  |  | — |  |  | 73,043 |
Total revenues |  | $ | 2,949,221 |  |  | $ | 668,192 |  |  | $ | 14,705 |  |  | $ | 3,632,118 |
|  | Year Ended December 31, 2024
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 42,376 |  |  | $ | 340,211 |  |  | $ | — |  |  | $ | 382,587 |
Workflow technology |  | — |  |  | 95,827 |  |  | — |  |  | 95,827 |
Analytics |  | — |  |  | 38,369 |  |  | — |  |  | 38,369 |
Total revenue from contracts with customers |  | 42,376 |  |  | 474,407 |  |  | — |  |  | 516,783 |
Other sources of revenue |  | 2,331,720 |  |  | 32,823 |  |  | (4,377) |  |  | 2,360,166 |
Total revenues |  | $ | 2,374,096 |  |  | $ | 507,230 |  |  | $ | (4,377) |  |  | $ | 2,876,949 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 2,374,096 |  |  | $ | 435,503 |  |  | $ | (4,377) |  |  | $ | 2,805,222 |
Services transferred over time |  | — |  |  | 71,727 |  |  | — |  |  | 71,727 |
Total revenues |  | $ | 2,374,096 |  |  | $ | 507,230 |  |  | $ | (4,377) |  |  | $ | 2,876,949 |
|  | Year Ended December 31, 2023
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 29,571 |  |  | $ | 297,089 |  |  | $ | — |  |  | $ | 326,660 |
Workflow technology |  | — |  |  | 90,654 |  |  | — |  |  | 90,654 |
Analytics |  | — |  |  | 38,284 |  |  | — |  |  | 38,284 |
Total revenue from contracts with customers |  | 29,571 |  |  | 426,027 |  |  | — |  |  | 455,598 |
Other sources of revenue |  | 1,813,952 |  |  | 20,515 |  |  | 3,308 |  |  | 1,837,775 |
Total revenues |  | $ | 1,843,523 |  |  | $ | 446,542 |  |  | $ | 3,308 |  |  | $ | 2,293,373 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 1,843,523 |  |  | $ | 374,306 |  |  | $ | 3,308 |  |  | $ | 2,221,137 |
Services transferred over time |  | — |  |  | 72,236 |  |  | — |  |  | 72,236 |
Total revenues |  | $ | 1,843,523 |  |  | $ | 446,542 |  |  | $ | 3,308 |  |  | $ | 2,293,373 |
Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations As of December 31, 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 $64.5 million and $62.1 million as of December 31, 2025 and December 31, 2024, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of December 31, 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 $9.2 million and $8.1 million as of December 31, 2025 and December 31, 2024, respectively. The Company recognized the full amount of revenue during the years ended December 31, 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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