v3.25.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES:        
Advisory $ 1,717,738 $ 1,288,163 $ 3,406,983 $ 2,487,974
Commission 1,038,087 787,046 2,085,844 1,533,492
Asset-based 702,347 601,008 1,397,588 1,201,729
Service and fee 151,839 135,000 297,038 267,172
Transaction and fee 60,541 58,935 128,405 116,193
Interest Income 76,941 47,478 120,792 91,003
Other 87,532 14,139 68,382 66,799
Total net revenues 3,835,025 2,931,769 7,505,032 5,764,362
EXPENSES:        
Advisory and commission 2,483,165 1,819,027 4,837,090 3,552,514
Compensation and benefits 319,100 274,000 624,646 548,369
Promotional 177,552 136,125 323,197 262,744
Occupancy and equipment 81,443 69,529 158,683 135,793
Depreciation and amortization 96,231 70,999 188,587 138,157
Interest Expense, Debt 105,636 64,341 191,498 124,423
Brokerage, clearing and exchange 43,290 32,984 87,428 63,516
Amortization of intangible assets 46,103 30,607 89,624 60,159
Professional services 41,092 22,100 77,418 35,379
Communications and data processing 21,417 19,406 40,923 39,150
Other 51,192 62,580 99,881 99,895
Costs and Expenses, Total 3,466,221 2,601,698 6,718,975 5,060,099
INCOME BEFORE PROVISION FOR INCOME TAXES 368,804 330,071 786,057 704,263
PROVISION FOR INCOME TAXES 95,555 86,271 194,235 171,699
NET INCOME $ 273,249 $ 243,800 $ 591,822 $ 532,564
EARNINGS PER SHARE        
Earnings per share, basic $ 3.42 $ 3.26 $ 7.66 $ 7.13
Earnings per share, diluted $ 3.40 $ 3.23 $ 7.61 $ 7.05
Weighted-average shares outstanding, basic 79,984 74,725 77,307 74,644
Weighted-average shares outstanding, diluted 80,373 75,548 77,760 75,529
Client cash        
REVENUES:        
Asset-based $ 397,332 $ 341,475 $ 789,363 $ 693,857
Other asset-based        
REVENUES:        
Asset-based 305,015 259,533 608,225 507,872
Trailing        
REVENUES:        
Commission 418,295 363,976 856,014 725,187
Sales-based        
REVENUES:        
Commission $ 619,792 $ 423,070 $ 1,229,830 $ 808,305