v3.25.2
Geographic Information and Business Segments - Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 999,573 $ 692,985 $ 1,837,442 $ 1,335,824
Operating Expenses:        
Brokerage, exchange, clearance fees and payments for order flow, net 202,125 150,787 424,000 290,586
Interest and dividends expense 165,213 123,693 296,541 249,721
Other segment items 285,215 263,120 546,145 500,312
Total operating expenses 652,553 537,600 1,266,686 1,040,619
Income before income taxes and noncontrolling interest 347,020 155,385 570,756 295,205
Operating segments | Market Making        
Revenues:        
Total revenues 786,593 569,783 1,477,765 1,090,791
Operating Expenses:        
Brokerage, exchange, clearance fees and payments for order flow, net 172,311 125,972 366,614 241,838
Interest and dividends expense 163,871 122,130 293,922 247,288
Other segment items 194,949 177,139 372,587 330,170
Total operating expenses 531,131 425,241 1,033,123 819,296
Income before income taxes and noncontrolling interest 255,462 144,542 444,642 271,495
Operating segments | Execution Services        
Revenues:        
Total revenues 214,488 127,059 355,496 244,847
Operating Expenses:        
Brokerage, exchange, clearance fees and payments for order flow, net 29,814 24,815 57,386 48,748
Interest and dividends expense 1,342 1,563 2,619 2,433
Other segment items 89,206 85,082 171,440 168,824
Total operating expenses 120,362 111,460 231,445 220,005
Income before income taxes and noncontrolling interest 94,126 15,599 124,051 24,842
Corporate        
Revenues:        
Total revenues (1,508) (3,857) 4,181 186
Operating Expenses:        
Brokerage, exchange, clearance fees and payments for order flow, net 0 0 0 0
Interest and dividends expense 0 0 0 0
Other segment items 1,060 899 2,118 1,318
Total operating expenses 1,060 899 2,118 1,318
Income before income taxes and noncontrolling interest $ (2,568) $ (4,756) $ 2,063 $ (1,132)