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Geographic Information and Business Segments (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

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-Topic 280
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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