Segment Reporting And Geographic Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting And Geographic Information [Abstract]


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(in millions)


Total net revenues	$	1,480	$	1,230	$	2,907	$	2,433

Significant Expenses
Transaction based fees ¹		94		94		196		174
Non-transaction based fees ¹		22		20		41		42
Employee compensation ²		142		132		285		266
Advertising ³		26		18		47		31
Other expenses ⁴		92		86		179		174
Total non-interest expenses		376		350		748		687
Income before income taxes		1,104		880		2,159		1,746
Income tax expense		98		71		189		142
Net income	$	1,006	$	809	$	1,970	$	1,604

Total Segment Assets	$	181,475	$	136,648	$	181,475	$	136,648
Total Depreciation and Amortization ⁵	$	15	$	17	$	30	$	34

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1.Included in “Execution, clearing and distribution fees” in the condensed consolidated statements of comprehensive income.

2.Included in “Employee compensation and benefits” in the condensed consolidated statements of comprehensive income.

3.Included in “General and administrative” in the condensed consolidated statements of comprehensive income.

4.Includes “Occupancy, depreciation and amortization”; “Communications”; “Customer bad debt”; employee benefits and other personnel expenses included in “Employee compensation and benefits”; and professional services, legal and regulatory matters, and other administrative expenses included in “General and administrative” in the condensed consolidated statements of comprehensive income.

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5.Included in “Occupancy, depreciation and amortization” in the condensed consolidated statements of comprehensive income.

Schedule Of Total Net Revenues And Income Before Income Taxes By Geographic Area



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(in millions)

Net revenues
United States	$	1,006	$	836	$	1,997	$	1,664
International		474		394		910		769
Total net revenues	$	1,480	$	1,230	$	2,907	$	2,433
Income before income taxes
United States	$	830	$	656	$	1,636	$	1,303
International		274		224		523		443
Total income before income taxes	$	1,104	$	880	$	2,159	$	1,746