XML 74 R53.htm IDEA: XBRL DOCUMENT v3.25.3
Acquisitions (Tables)
 12 Months Ended
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 stock300.1 
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 regulations2,182.0 
Securities purchased under agreements to resell1,581.2 
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net3,287.7 
Receivable from clients, net25.6 
Financial instruments owned, at fair value30.6 
Deferred tax asset(0.5)
Property and equipment, net14.9 
Operating right of use assets6.4 
Other assets54.9 
Total fair value of assets acquired7,345.3 
Accounts payable and other accrued liabilities118.0 
Operating lease liabilities 11.3 
Payable to clients6,637.2 
Payables to lenders under loans125.7 
Income taxes payable 0.8 
Deferred tax liabilities95.3 
Total fair value of liabilities assumed6,988.3 
Fair value of tangible net assets acquired357.0 
Identifiable intangible assets acquired
Client base407.7 
Trade name2.9 
Total fair value of intangible assets acquired410.6 
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 counterparties7.7
Receivable from clients, net51.9
Financial instruments owned, at fair value45.7
Deferred income taxes, net (3.3)
Property and equipment, net 0.1
Physical commodities inventory, net22.5
Other assets6.7
Total fair value of tangible assets acquired139.5
Accounts payable and other accrued liabilities40.0
Financial instruments sold, not yet purchased, at fair value28.3
Payables to lenders under loans10.1
Payables to broker-dealers, clearing organizations, and counterparties0.4
Payables to clients2.6
Income taxes payable 0.8
Total fair value of liabilities assumed82.2
Fair value of tangible net assets acquired$57.3 
Identifiable intangible assets acquired
Client relationships$4.7 
Supplier relationships3.7
Trade name0.4
Non-compete0.1
Total fair value of intangible assets acquired8.9
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
20252024
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