v3.26.1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities:    
Net income $ 251,419 $ 52,992
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 15,306 15,009
Amortization of loans and advances to financial advisors and other employees 38,008 35,796
Amortization of premium on investment portfolio 1,432 1,727
Provision for credit losses 6,535 12,020
Amortization of intangible assets 10,548 5,396
Deferred income taxes 17,904 (29,668)
Stock-based compensation 65,680 57,633
Gain on sale of business (49,784) 0
Unrealized (gains)/losses on investments 599 (405)
Gain on sale of leased aircraft engines 0 (3,610)
Other, net 12,514 1,638
Receivables:    
Brokerage clients, net (389,853) (53,407)
Brokers, dealers, and clearing organizations (89,723) 48,306
Securities purchased under agreements to resell (182,213) (113,874)
Financial instruments owned (229,514) (250,148)
Loans originated as held for sale (611,999) (512,027)
Proceeds from loans held for sale 781,466 543,192
Loans and advances to financial advisors and other employees, net (18,545) (24,060)
Other assets (56,286) 81,775
Increase/(decrease) in operating liabilities, net of liabilities assumed:    
Brokerage clients, net 371,566 5,055
Brokers, dealers, and clearing organizations 104,020 46,889
Drafts (50,293) (39,015)
Financial instruments sold, but not yet purchased 130,759 179,217
Accrued compensation (466,295) (390,840)
Other liabilities and accrued expenses (5,824) 119,201
Net cash used in operating activities (342,573) (211,208)
Cash Flows From Investing Activities:    
Principal paydowns, maturities, and calls of available-for-sale securities 101,024 88,000
Principal paydowns, maturities, and calls of held-to-maturity securities 344,381 615,712
Sale or maturity of investments 890 6
Disposition of business, net 59,061 0
Sale of leased aircraft engines 0 14,616
Decrease in loans held for investment, net 55,269 24,231
Payments for:    
Purchase of fixed assets (47,847) (16,573)
Purchase of available-for-sale securities (106,209) (90,408)
Purchase of held-to-maturity securities (656,550) (807,335)
Purchase of investments (6,196) (768)
Net cash used in investing activities (256,177) (172,519)
Cash Flows From Financing Activities:    
Payment of contingent consideration (57) (128)
Increase in securities sold under agreements to repurchase 211,718 104,391
Increase in bank deposits, net 1,045,273 537,045
Increase in securities loaned 257,232 113,316
Proceeds from borrowings 45,000 0
Repayment of borrowings (10,000) 0
Repayment of short-term debt 0 (18,177)
Tax payments related to shares withheld for stock-based compensation plans (125,715) (114,596)
Repurchase of common stock (96,408) (93,173)
Cash dividends on preferred stock (9,320) (9,320)
Cash dividends paid to common stock and equity-award holders (70,165) (62,850)
Net cash provided by financing activities 1,247,558 456,508
Effect of exchange rate changes on cash (3,049) 3,073
Increase in cash, cash equivalents, and cash segregated for regulatory purposes 645,759 75,854
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period 2,282,807 2,678,203
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period 2,928,566 2,754,057
Supplemental disclosure of cash flow information:    
Cash paid for interest 188,350 215,510
Cash paid for income taxes, net of refunds 5,994 8,033
Noncash investing and financing activities:    
Transfer of loans held for investment to held for sale 25,314 469,741
Unit grants, net of forfeitures $ 187,098 $ 158,245