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Segment and Geographic Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Information Regarding Revenue from External Customers, Significant Segment Expenses and Consolidated Net Income | Information regarding revenues from external customers, other revenues, significant segment expenses, other segment items and Consolidated net income (loss) is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
ECS | $ | 241,622 |  |  | $ | 112,921 |  |  | $ | 653,199 |  |  | $ | 349,128 |
Rates | 195,328 |  |  | 174,313 |  |  | 596,852 |  |  | 515,442 |
FX | 106,672 |  |  | 92,076 |  |  | 325,159 |  |  | 265,045 |
Credit | 69,085 |  |  | 68,000 |  |  | 231,303 |  |  | 224,973 |
Equities | 60,403 |  |  | 53,336 |  |  | 197,285 |  |  | 167,599 |
Total brokerage revenues | 673,110 |  |  | 500,646 |  |  | 2,003,798 |  |  | 1,522,187 |
Fees from related parties | 4,453 |  |  | 5,106 |  |  | 14,116 |  |  | 14,170 |
Data, software, and post-trade | 34,349 |  |  | 32,661 |  |  | 102,311 |  |  | 94,376 |
Interest and dividend income 1 | 14,039 |  |  | 16,944 |  |  | 40,936 |  |  | 43,853 |
Other revenues | 10,898 |  |  | 5,754 |  |  | 23,932 |  |  | 15,900 |
Total other revenues | 63,739 |  |  | 60,465 |  |  | 181,295 |  |  | 168,299 |
Total revenues | $ | 736,849 |  |  | $ | 561,111 |  |  | $ | 2,185,093 |  |  | $ | 1,690,486 |
Expenses |  |  |  |  |  |  |
Compensation and employee benefits | $ | 400,262 |  |  | $ | 271,307 |  |  | $ | 1,158,373 |  |  | $ | 834,139 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs | 74,447 |  |  | 85,690 |  |  | 233,696 |  |  | 247,978 |
Total compensation and employee benefits | $ | 474,709 |  |  | $ | 356,997 |  |  | $ | 1,392,069 |  |  | $ | 1,082,117 |
Other segment items 2 | 236,078 |  |  | 190,401 |  |  | 657,318 |  |  | 508,440 |
Consolidated net income (loss) | $ | 26,062 |  |  | $ | 13,713 |  |  | $ | 135,706 |  |  | $ | 99,929 |
_______________________________________ 1 For the three months ended September 30, 2025 and 2024, Interest income was $14.0 million and $16.1 million, respectively. For the nine months ended September 30, 2025 and 2024, interest income was $40.3 million and $37.1 million, respectively. 2 Other segment items include Occupancy and equipment expense, Fees to related parties expense, Professional and consulting fees expense, Communications expense, Selling and promotion expense, Commissions and floor brokerage expense, Interest expense, Other expenses, Gains (losses) on divestitures and sales of investments, Gains (losses) on equity method investments, Other income (loss), and Provision (benefit) for income taxes, each of which are presented on the Company’s unaudited Condensed Consolidated Statements of Operations. Also included in Other segment items is Fixed asset depreciation and intangible asset amortization. For the three months ended September 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $27.4 million and $19.9 million, respectively. For the nine months ended September 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $75.2 million and $60.7 million, respectively.
Schedule of Geographic Information Regarding Revenues | Information regarding revenues is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
EMEA 1 | $ | 385,939 |  |  | $ | 280,883 |  |  | $ | 1,147,411 |  |  | $ | 864,697 |
Americas 2 | 262,378 |  |  | 204,811 |  |  | 787,675 |  |  | 603,434 |
APAC | 88,532 |  |  | 75,417 |  |  | 250,007 |  |  | 222,355 |
Total revenues | $ | 736,849 |  |  | $ | 561,111 |  |  | $ | 2,185,093 |  |  | $ | 1,690,486 |
____________________________ 1 For the three months ended September 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended September 30, 2025 and 2024 were $266.6 million and $189.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the nine months ended September 30, 2025 and 2024 were $780.5 million and $591.3 million, respectively. 2For the three months ended September 30, 2025 and 2024, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended September 30, 2025 and 2024 were $243.4 million and $187.7 million, respectively. U.S. revenues for the nine months ended September 30, 2025 and 2024 accounted for 10% or more of total revenues. U.S. revenues for the nine months ended September 30, 2025 and 2024 were $732.7 million and $550.4 million, respectively.
Schedule of Information Regarding Long-Lived Assets in Geographic Areas | Information regarding long-lived assets (defined as: loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; ROU assets; certain other investments; rent and other deposits; excluding goodwill and other intangible assets, net) in the applicable geographic area is as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
Long-lived assets: |  |  |
EMEA 1 | $ | 425,185 |  |  | $ | 346,198 |
Americas 2 | 334,110 |  |  | 261,297 |
APAC | 101,062 |  |  | 81,276 |
Total long-lived assets | $ | 860,357 |  |  | $ | 688,771 |
____________________________ 1 As of September 30, 2025 and December 31, 2024, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of September 30, 2025 and December 31, 2024 were $293.8 million and $251.9 million, respectively. 2 As of September 30, 2025 and December 31, 2024, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of September 30, 2025 and December 31, 2024 were $325.9 million and $255.5 million, respectively.

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
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