v3.25.2
Revenues from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
For more information on revenue recognition and the nature of services provided, see Note 2 "Summary of Significant Accounting Policies" and Note 13 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2024 Annual Report on Form 10-K.

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, 2025
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$14,414 $104,467 $— $118,881 
Workflow technology— 25,433 — 25,433 
Analytics— 9,545 — 9,545 
Total revenue from contracts with customers14,414 139,445 — 153,859 
Other sources of revenue772,179 75,043 (1,508)845,714 
Total revenues$786,593 $214,488 $(1,508)$999,573 
Timing of revenue recognition:
Services transferred at a point in time$786,593 $196,144 $(1,508)$981,229 
Services transferred over time— 18,344 — 18,344 
Total revenues$786,593 $214,488 $(1,508)$999,573 
Three Months Ended June 30, 2024
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$9,281 $82,634 $— $91,915 
Workflow technology— 24,194 — 24,194 
Analytics— 9,992 — 9,992 
Total revenue from contracts with customers9,281 116,820 — 126,101 
Other sources of revenue560,502 10,239 (3,857)566,884 
Total revenues$569,783 $127,059 $(3,857)$692,985 
Timing of revenue recognition:
Services transferred at a point in time$569,783 $109,194 $(3,857)$675,120 
Services transferred over time— 17,865 — 17,865 
Total revenues$569,783 $127,059 $(3,857)$692,985 
Six Months Ended June 30, 2025
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$31,726 $201,901 $— $233,627 
Workflow technology— 52,504 — 52,504 
Analytics— 19,035 — 19,035 
Total revenue from contracts with customers31,726 273,440 — 305,166 
Other sources of revenue1,446,039 82,056 4,181 1,532,276 
Total revenues$1,477,765 $355,496 $4,181 $1,837,442 
Timing of revenue recognition:
Services transferred at a point in time$1,477,765 $319,213 $4,181 $1,801,159 
Services transferred over time— 36,283 — 36,283 
Total revenues$1,477,765 $355,496 $4,181 $1,837,442 
Six Months Ended June 30, 2024
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$16,483 $160,844 $— $177,327 
Workflow technology— 48,112 — 48,112 
Analytics— 19,273 — 19,273 
Total revenue from contracts with customers16,483 228,229 — 244,712 
Other sources of revenue1,074,308 16,618 186 1,091,112 
Total revenues$1,090,791 $244,847 $186 $1,335,824 
Timing of revenue recognition:
Services transferred at a point in time$1,090,791 $209,332 $186 $1,300,309 
Services transferred over time— 35,515 — 35,515 
Total revenues$1,090,791 $244,847 $186 $1,335,824 


Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of June 30, 2025 and 2024, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs.

Receivables related to revenues from contracts with customers amounted to $68.0 million and $62.1 million as of June 30, 2025 and December 31, 2024, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of June 30, 2025.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $11.0 million and $8.1 million as of June 30, 2025 and December 31, 2024, respectively. The Company recognized the full amount of revenue during the six months ended June 30, 2025 and 2024, that had been recorded as deferred revenue in the respective prior year.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.