v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 233,167 $ 168,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 60,709 62,699
Stock-based compensation expense 25,060 22,187
Digital assets received as revenue (3,669) (302)
Deferred taxes 21,408 9,610
Other (income) loss, net 1,156 (4,221)
(Increase) decrease in operating assets:    
Receivable from/payable to brokers and dealers and clearing organizations, net 4,666 (30,972)
Deposits with clearing organizations 864 (47,246)
Accounts receivable (95,857) (46,632)
Receivable and due from related parties/payable and due to related parties, net 7,426 6,604
Deferred tax asset as a result of transferable tax credit purchase 0 17,646
Other assets (8,829) (18,607)
Increase (decrease) in operating liabilities:    
Accrued compensation (141,244) (121,644)
Deferred revenue 25,347 16,064
Accounts payable, accrued expenses and other liabilities (26,375) 26,716
Net cash provided by operating activities 103,829 60,207
Cash flows from investing activities    
Cash paid for investments (50,191) 0
Purchases of furniture, equipment, software and leasehold improvements (9,596) (1,645)
Capitalized software development costs (17,514) (13,172)
Net cash used in investing activities (77,301) (14,817)
Cash flows from financing activities    
Share repurchases pursuant to share repurchase programs (53,331) (844)
Proceeds from stock-based compensation exercises 2,983 0
Dividends (29,770) (25,573)
Distributions to non-controlling interests (7,646) (7,416)
Payroll taxes paid for stock-based compensation (83,659) (46,127)
Payments on tax receivable agreement liability (719) (3,066)
Net cash used in financing activities (172,142) (83,026)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,824) 3,789
Net increase (decrease) in cash, cash equivalents and restricted cash (147,438) (33,847)
Cash, cash equivalents and restricted cash    
Beginning of period 2,085,739 1,341,302
End of period 1,938,301 1,307,455
Supplemental disclosure of cash flow information    
Income taxes paid, net of (refunds) 78,293 11,863
Cash paid for interest 475 1,385
Non-cash investing and financing activities    
Equity securities received upon conversion of receivables 39,755 0
Furniture, equipment, software and leasehold improvement additions included in accounts payable 254 964
Unsettled share repurchases and excise tax included in other liabilities 231 0
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation 1,319 1,595
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 1,937,301  
Restricted cash 1,000  
Cash, cash equivalents and restricted cash 1,938,301 1,307,455
Adjusted For Refinitiv Transaction    
Non-cash investing and financing activities    
Establishment of liabilities under tax receivable agreement 0 0
Deferred tax asset $ 34,905 $ 28,830