v3.25.2
Geographic Information and Business Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenues, Income (Loss) Before Income Taxes (“Pre-Tax Earnings”) and Total Assets by Segment
The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended June 30, 2025 and 2024 are summarized in the following table:

(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
2025
Total revenues$786,593 $214,488 $(1,508)$999,573 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net172,311 29,814 — 202,125 
Interest and dividends expense163,871 1,342 — 165,213 
Other segment items (2)194,949 89,206 1,060 285,215 
Total operating expenses531,131 120,362 1,060 652,553 
Income (loss) before income taxes and noncontrolling interest$255,462 $94,126 $(2,568)$347,020 
2024
Total revenues$569,783 $127,059 $(3,857)$692,985 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net125,972 24,815 — 150,787 
Interest and dividends expense122,130 1,563 — 123,693 
Other segment items (2)177,139 85,082 899 263,120 
Total operating expenses425,241 111,460 899 537,600 
Income (loss) before income taxes and noncontrolling interest$144,542 $15,599 $(4,756)$155,385 
(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.
(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.

The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the six months ended June 30, 2025 and 2024 are summarized in the following table:
(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
2025
Total revenues$1,477,765 $355,496 $4,181 $1,837,442 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net366,614 57,386 — 424,000 
Interest and dividends expense293,922 2,619 — 296,541 
Other segment items (2)372,587 171,440 2,118 546,145 
Total operating expenses1,033,123 231,445 2,118 1,266,686 
Income (loss) before income taxes and noncontrolling interest$444,642 $124,051 $2,063 $570,756 
2024
Total revenues$1,090,791 $244,847 $186 $1,335,824 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net241,838 48,748 — 290,586 
Interest and dividends expense247,288 2,433 — 249,721 
Other segment items (2)330,170 168,824 1,318 500,312 
Total operating expenses819,296 220,005 1,318 1,040,619 
Income (loss) before income taxes and noncontrolling interest$271,495 $24,842 $(1,132)$295,205 
(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.
(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.
Schedule of Total Revenues by Geographic Area The following table presents total revenues by geographic area for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Revenues:
United States$816,973 $563,937 $1,526,082 $1,086,006 
Ireland108,048 66,303 192,742 129,322 
Others74,552 62,745 118,618 120,496 
Total revenues$999,573 $692,985 $1,837,442 $1,335,824