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Acquisitions (Tables) | 12 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Aggregate Merger Consideration | The aggregate merger consideration was (in millions):
Cash consideration | $ | 651.9 |
Common stock | 300.1 |
Amounts receivable from sellers | (10.0) |
Total merger consideration | $ | 942.0 |
The following table summarizes the preliminary purchase price allocation as of the RJO acquisition date (in millions):
| Preliminary Purchase Price Allocation
Cash and cash equivalents | $ | 162.5 |
Cash, securities and other assets segregated under federal and other regulations | 2,182.0 |
Securities purchased under agreements to resell | 1,581.2 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | 3,287.7 |
Receivable from clients, net | 25.6 |
Financial instruments owned, at fair value | 30.6 |
Deferred tax asset | (0.5) |
Property and equipment, net | 14.9 |
Operating right of use assets | 6.4 |
Other assets | 54.9 |
Total fair value of assets acquired | 7,345.3 |
Accounts payable and other accrued liabilities | 118.0 |
Operating lease liabilities | 11.3 |
Payable to clients | 6,637.2 |
Payables to lenders under loans | 125.7 |
Income taxes payable | 0.8 |
Deferred tax liabilities | 95.3 |
Total fair value of liabilities assumed | 6,988.3 |
Fair value of tangible net assets acquired | 357.0 |
Identifiable intangible assets acquired |
Client base | 407.7 |
Trade name | 2.9 |
Total fair value of intangible assets acquired | 410.6 |
Fair value of identifiable net assets acquired | 767.6 |
Total merger consideration | 942.0 |
Goodwill | $ | 174.4 |
(in millions) | Fair Value
Cash and cash equivalents | $ | 8.2 |
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties | 7.7
Receivable from clients, net | 51.9
Financial instruments owned, at fair value | 45.7
Deferred income taxes, net | (3.3)
Property and equipment, net | 0.1
Physical commodities inventory, net | 22.5
Other assets | 6.7
Total fair value of tangible assets acquired | 139.5
Accounts payable and other accrued liabilities | 40.0
Financial instruments sold, not yet purchased, at fair value | 28.3
Payables to lenders under loans | 10.1
Payables to broker-dealers, clearing organizations, and counterparties | 0.4
Payables to clients | 2.6
Income taxes payable | 0.8
Total fair value of liabilities assumed | 82.2
Fair value of tangible net assets acquired | $ | 57.3 |
Identifiable intangible assets acquired |
Client relationships | $ | 4.7 |
Supplier relationships | 3.7
Trade name | 0.4
Non-compete | 0.1
Total fair value of intangible assets acquired | 8.9
Fair value of identifiable net assets acquired | 66.2
Total merger consideration | 42.7
Gain on acquisition | $ | 23.5 |
Schedule of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the RJO merger as if it had been consummated on October 1, 2023.
| Fiscal Year Ended September 30
| 2025 | 2024
Total revenues | $ | 133,102.0 |  | $ | 100,784.7 |
Operating revenues | $ | 4,850.7 |  | $ | 4,333.1 |
Net income | $ | 329.2 |  | $ | 345.6 |
Basic earnings per share | $ | 6.37 |  | $ | 6.84 |
Diluted earnings per share | $ | 6.05 |  | $ | 6.62 |

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