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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 293,965 $ 157,440 $ 98,973
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of fixed assets 17,388 16,783 17,932
Deferred income taxes 5,459 17,624 11,426
Stock-based compensation 123,914 103,363 93,768
Amortization of intangible assets 9,999 10,288 19,440
Amortization of forgivable loans 25,352 16,635 10,816
Decrease/(increase) in operating assets:      
Receivables from brokers, dealers and clearing organizations 120,879 37,513 88,459
Net financial instruments and other inventory positions owned (105,010) (63,169) (6,434)
Investments (40,556) 16,086 (12,322)
Other assets (22,091) (66,171) 28,756
Increase/(decrease) in operating liabilities:      
Payables to brokers, dealers and clearing organizations 16,496 4,883 (3,643)
Accrued compensation 107,367 56,604 (74,689)
Other liabilities and accrued expenses 33,465 5,376 3,147
Net cash provided by operating activities 586,627 313,255 275,629
Investing Activities      
Business acquisitions, net of cash acquired (8,989) (16,268) 0
Purchases of fixed assets, net (34,665) (15,498) (10,051)
Net cash used in investing activities (43,654) (31,766) (10,051)
Financing Activities      
Net change in short-term financing 5,000 (37,342) 30,000
Repayment of long-term financing 0 0 (125,000)
Payment of contingent consideration 0 (1,550) 0
Payment of cash dividends (114,146) (73,726) (84,444)
Increase/(decrease) in noncontrolling interests 11,209 (2,358) 538
Repurchase of common stock (125,043) (66,426) (70,680)
Proceeds from stock option exercises 4,247 792 0
Net cash used in financing activities (218,733) (180,610) (249,586)
Currency adjustment:      
Effect of exchange rate changes on cash 2,341 (1,143) 1,482
Net increase in cash and cash equivalents 326,581 99,736 17,474
Cash and cash equivalents at beginning of year 482,834 383,098 365,624
Cash and cash equivalents at end of year $ 809,415 $ 482,834 $ 383,098