v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Commissions $ 752,935 $ 494,711
Principal transactions 142,892 116,078
Fees from related parties 4,296 4,422
Data, network and post-trade 34,468 32,500
Interest and dividend income 10,579 11,629
Other revenues 10,311 4,900
Total revenues 955,481 664,240
Expenses:    
Compensation and employee benefits 537,339 341,648
Equity-based compensation and allocations of net income to limited partnership units 83,441 75,323
Total compensation and employee benefits 620,780 416,971
Occupancy and equipment 47,731 42,569
Fees to related parties 8,073 8,350
Professional and consulting fees 16,920 15,669
Communications 38,689 30,629
Selling and promotion 29,131 19,441
Commissions and floor brokerage 21,656 17,492
Interest expense 32,452 24,654
Other expenses 31,550 10,747
Total expenses 846,982 586,522
Other income (losses), net:    
Gains (losses) on equity method investments 4,585 2,358
Other income (loss) 2,363 (98)
Total other income (losses), net 6,948 2,260
Income (loss) from operations before income taxes 115,447 79,978
Provision (benefit) for income taxes 31,983 26,549
Consolidated net income (loss) 83,464 53,429
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries (684) (1,735)
Net income (loss) available to common stockholders 84,148 55,164
Basic earnings (loss) per share    
Net income (loss) attributable to common stockholders $ 80,627 $ 52,780
Basic earnings (loss) per share (in dollars per share) $ 0.17 $ 0.11
Basic weighted-average shares of common stock outstanding (in shares) 474,199 479,166
Fully diluted earnings (loss) per share    
Net income (loss) for fully diluted shares $ 80,659 $ 52,806
Fully diluted earnings (loss) per share (in dollars per share) $ 0.17 $ 0.11
Fully diluted weighted-average shares of common stock outstanding (in shares) 479,217 485,549