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Segment and Geographic Information
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company's operating segments are principally based on the nature of the clients it serves (commercial, institutional, and self-directed/retail), and a fourth operating segment, its payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 5,400 employees allowing it to serve clients in more than 180 countries.
During the three months ended September 30, 2025, the Company’s acquisition of RJO triggered a reassessment of the financial information reviewed by management. The Company determined the acquired business activities of RJO were similar to its existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2022.
The Company’s business activities are managed as operating segments and organized into reportable segments as follows:
Commercial
The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, market intelligence and physical commodity trading, marketing, procurement, logistics and price management services. The ability to provide these high-value-added products and services, differentiates the Company from its competitors and maximizes the opportunity to retain clients.
Institutional
The Company provides institutional clients with a complete suite of equity trading services to help them find liquidity with best execution, consistent liquidity across a robust array of fixed income products, competitive and efficient clearing and execution in all major futures and securities exchanges globally as well as prime brokerage in equities and major foreign currency pairs
and swap transactions. Additionally, the Company operates a comprehensive investment banking platform which provides both investment banking services and equity research.
Self-Directed/Retail
The Company provides self-directed/retail clients around the world access to over 18,000 global financial markets, including spot foreign exchange ("forex"), as well as CFDs, which are investment products with returns linked to the performance of underlying assets. In addition, its independent wealth management business offers a comprehensive product suite to self-directed/retail investors in the U.S.
Payments
The Company provides customized payment, technology and treasury services to banks and commercial businesses as well as charities and non-governmental organizations and government organizations. The Company provides transparent pricing and offers payments services in more than 180 countries and 140 currencies, which it believes is more than any other payments solution provider.
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The total revenues reported combine gross revenues from physical contracts for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the tables below reflect Operating revenues, Net operating revenues, Net contribution, and Segment income by segment, which are key measures used by management to assess the performance of each segment and for decisions regarding the allocation of the Company’s resources
Operating revenues, which is shown on the face of the Consolidated Income Statements is calculated by deducting physical commodities cost of sales from total revenues.
Net Operating revenues, which is also shown on the face of the Consolidated Income Statements is calculated by deducting transaction-based clearing expenses, introducing broker commissions, and interest expense from operating revenues.
Net contribution is calculated as net operating revenues less direct variable compensation. Variable compensation paid to risk management consultants/traders generally represents a fixed percentage of revenues generated, and in some cases, revenues generated less transaction-based clearing expenses, base salaries and an overhead allocation.
Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses.
Inter-segment revenues, expenses, receivables and payables are eliminated upon consolidation.
Total revenues, operating revenues and net operating revenues shown in the table below as “Corporate” primarily consist of interest income from the Company’s centralized corporate treasury function. In the normal course of operations, the Company operates a centralized corporate treasury function in which it may sweep excess cash from certain subsidiaries, where permitted within regulatory limitations, in exchange for a short-term interest bearing intercompany payable, or provide excess cash to subsidiaries in exchange for a short-term interest bearing intercompany receivable in lieu of the subsidiary borrowing on external credit facilities. The intercompany receivables and payables are eliminated during consolidation.
“Overhead costs and expenses” include costs and expenses of certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. These amounts represent the gross overhead costs and expenses, before any allocation of overhead costs to operating segments.
The Company’s Executive Committee functions as the Company’s Chief Operating Decision Maker ("CODM"). The Executive Committee comprises its Executive Vice-Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, Chief Governance and Legal Officer, Chief Information Officer, and Chief Executive Officer - Asia Pacific.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM uses segment net operating revenues and segment income to manage business operational decisions, including the allocation of financial and employee resources, and to evaluate the performance of each segment by comparing the results of each segment with one another, as well as to internal forecasts.
The following tables summarize by segment certain revenues and significant expense categories that are regularly provided to the CODM.
Fiscal Year Ended September 30, 2025
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$129,048.4 $991.1 $373.2 $212.2 $22.2 $(3.2)$130,643.9 
Interest income208.8 1,507.4 32.3 1.6 42.2 (58.0)1,734.3 
Total revenues129,257.2 2,498.5 405.5 213.8 64.4 (61.2)132,378.2 
Cost of sales of physical commodities128,251.3 — — — — — 128,251.3 
Operating revenues1,005.9 2,498.5 405.5 213.8 64.4 (61.2)4,126.9 
Transaction-based clearing expenses83.2 275.7 13.3 7.4 5.8 (3.2)382.2 
Introducing broker commissions70.6 33.6 103.0 4.2 — — 211.4 
Total interest expense83.4 1,332.3 7.6 — 115.2 (58.0)1,480.5 
Net operating revenues768.7 856.9 281.6 202.2 (56.6)— 2,052.8 
Variable compensation and benefits192.9 281.5 15.1 34.5 83.1 — 607.1 
Net contribution575.8 575.4 266.5 167.7 (139.7)— 1,445.7 
Fixed compensation and benefits77.6 87.5 33.5 25.9 276.1 — 500.6 
Trading systems and market information17.3 34.6 13.1 1.1 17.0 — 83.1 
Professional fees8.0 15.7 11.5 3.2 47.9 — 86.3 
Non-trading technology and support2.0 3.9 8.6 1.8 71.0 — 87.3 
Selling and marketing5.0 3.4 34.2 0.5 7.4 — 50.5 
Travel and business development9.2 8.7 1.9 1.1 12.1 — 33.0 
Depreciation and amortization10.3 7.2 15.8 4.7 29.5 — 67.5 
Bad debts, net of recoveries1.6 — 1.5 — — — 3.1 
Shared services32.2 16.1 9.7 8.8 (66.8)— — 
Other fixed expenses18.1 11.8 12.6 3.5 85.0 — 131.0 
Non-variable expenses181.3 188.9 142.4 50.6 479.2 — 1,042.4 
Other gains (losses), net1.0 (0.7)5.5 (0.3)— — 5.5 
Segment income$395.5 2`$385.8 $129.6 $116.8 $(618.9)$— $408.8 
As of September 30, 2025
Total assets$9,826.3 $32,465.5 $1,256.2 $722.5 $997.5 $— $45,268.0 
Fiscal Year Ended September 30, 2024
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$97,146.8 $782.1 $351.8 $207.3 $5.5 $(2.5)$98,491.0 
Interest income182.1 1,180.0 37.8 2.3 41.4 (46.8)1,396.8 
Total revenues97,328.9 1,962.1 389.6 209.6 46.9 (49.3)99,887.8 
Cost of sales of physical commodities96,451.6 — — — — — 96,451.6 
Operating revenues877.3 1,962.1 389.6 209.6 46.9 (49.3)3,436.2 
Transaction-based clearing expenses70.3 228.0 13.6 7.0 2.9 (2.5)319.3 
Introducing broker commissions44.3 31.2 87.8 2.9 — — 166.2 
Total interest expense41.8 1,072.5 7.1 0.2 108.7 (46.8)1,183.5 
Net operating revenues720.9 630.4 281.1 199.5 (64.7)— 1,767.2 
Variable compensation and benefits174.5 200.1 18.7 37.0 76.2 — 506.5 
Net contribution546.4 430.3 262.4 162.5 (140.9)— 1,260.7 
Fixed compensation and benefits68.9 77.1 44.2 28.6 217.1 — 435.9 
Trading systems and market information15.7 30.0 12.7 1.4 19.3 — 79.1 
Professional fees7.6 20.1 9.1 1.0 31.9 — 69.7 
Non-trading technology and support1.8 3.3 9.8 1.8 56.7 — 73.4 
Selling and marketing5.5 3.5 35.2 0.5 7.9 — 52.6 
Travel and business development8.3 7.5 2.5 1.1 9.0 — 28.4 
Depreciation and amortization6.2 3.9 15.5 3.3 24.2 — 53.1 
Bad debts, net of recoveries0.2 (1.3)0.5 1.2 — — 0.6 
Shared services28.7 13.6 7.9 7.8 (58.0)— — 
Other fixed expenses19.2 6.6 11.1 3.2 82.5 — 122.6 
Non-variable expenses162.1 164.3 148.5 49.9 390.6 — 915.4 
Other gains, net6.9 — 1.9 — — — 8.8 
Segment income$391.2 $266.0 $115.8 $112.6 $(531.5)$— $354.1 
As of September 30, 2024
Total assets$5,383.9 $19,492.9 $1,027.2 $438.8 $1,123.5 $— $27,466.3 
Fiscal Year Ended September 30, 2023
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$58,662.2 $700.9 $290.5 $210.9 $6.1 $(2.1)$59,868.5 
Interest income154.5 812.7 30.5 1.7 25.6 (37.4)987.6 
Total revenues58,816.7 1,513.6 321.0 212.6 31.7 (39.5)60,856.1 
Cost of sales of physical commodities57,942.0 — — — — — 57,942.0 
Operating revenues874.7 1,513.6 321.0 212.6 31.7 (39.5)2,914.1 
Transaction-based clearing expenses60.7 187.9 16.2 6.8 2.3 (2.1)271.8 
Introducing broker commissions40.2 35.4 83.7 2.3 — — 161.6 
Total interest expense41.0 758.3 5.3 0.2 92.3 (37.4)859.7 
Net operating revenues732.8 532.0 215.8 203.3 (62.9)— 1,621.0 
Variable compensation and benefits177.2 180.5 13.8 38.8 72.9 — 483.2 
Net contribution555.6 351.5 202.0 164.5 (135.8)— 1,137.8 
Fixed compensation and benefits61.4 59.7 47.2 36.6 180.5 — 385.4 
Trading systems and market information13.9 27.7 13.0 1.3 18.1 — 74.0 
Professional fees6.2 13.3 9.9 1.2 26.4 — 57.0 
Non-trading technology and support3.1 5.1 7.9 1.7 43.8 — 61.6 
Selling and marketing4.9 2.3 41.3 1.1 4.4 — 54.0 
Travel and business development7.1 6.5 3.4 1.8 6.0 — 24.8 
Depreciation and amortization4.3 3.5 19.7 0.8 22.7 — 51.0 
Bad debts, net of recoveries15.7 (1.5)2.3 — — — 16.5 
Shared services24.0 10.5 10.6 7.1 (52.2)— — 
Other fixed expenses14.8 8.6 10.4 3.8 78.3 — 115.9 
Non-variable expenses155.4 135.7 165.7 55.4 328.0 — 840.2 
Gain on acquisition and other gains, net— 2.1 — — 23.3 — 25.4 
Segment income$400.2 $217.9 $36.3 $109.1 $(440.5)$— $323.0 
As of September 30, 2023
Total assets$4,707.2 $15,059.3 $983.3 $376.6 $812.3 $— $21,938.7 
Information regarding revenues and operating revenues for the fiscal years ended September 30, 2025, 2024, and 2023, and information regarding long-lived assets (defined as property, equipment, leasehold improvements and software) as of September 30, 2025, 2024, and 2023 in geographic areas were as follows:
 Fiscal Year Ended September 30,
(in millions)202520242023
Total revenues:
United States $7,760.5 $6,026.3 $6,017.4 
Europe 3,107.4 2,358.8 3,498.9 
South America564.0 455.0 271.4 
Middle East and Asia 120,922.7 91,015.0 51,023.6 
Other 23.6 32.7 44.8 
Total$132,378.2 $99,887.8 $60,856.1 
Operating revenues:
United States $3,013.6 $2,507.0 $2,120.4 
Europe 663.7 594.8 494.3 
South America177.5 141.8 127.0 
Middle East and Asia 236.7 159.9 127.6 
Other 35.4 32.7 44.8 
Total$4,126.9 $3,436.2 $2,914.1 
(in millions)As of September 30, 2025As of September 30, 2024As of September 30, 2023
Long-lived assets, as defined:
United States $77.5 $76.2 $76.0 
Europe 74.7 54.2 40.7 
South America6.8 5.6 4.4 
Middle East and Asia 6.6 7.1 2.4 
Other 1.0 — — 
Total$166.6 $143.1 $123.5