Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Information Regarding Revenue from External Customers, Significant Segment Expenses and Consolidated Net Income

Information regarding revenues from external customers, other revenues, significant segment expenses, other segment items and Consolidated net income (loss) is as follows:


	Three Months Ended March 31,
	2026		2025
Revenues:
ECS	$	329,970	$	149,937
Rates	256,223		200,945
FX	131,033		110,035
Credit	94,078		86,936
Equities	84,523		62,936
Total brokerage revenues	895,827		610,789
Fees from related parties	4,296		4,422
Data, network and post-trade	34,468		32,500
Interest and dividend income1	10,579		11,629
Other revenues	10,311		4,900
Total other revenues	59,654		53,451
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
Other segment items2	251,237		193,840
Consolidated net income (loss)	$	83,464	$	53,429

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1 For the three months ended March 31, 2026 and 2025, Interest income was $10.6 million and $11.6 million, respectively.

2 Other segment items include Occupancy and equipment expense, Fees to related parties expense, Professional and consulting fees expense, Communications expense, Selling and promotion expense, Commissions and floor brokerage expense, Interest expense, Other expenses, Gains (losses) on divestitures and sales of investments, Gains (losses) on equity method investments, Other income (loss), and Provision (benefit) for income taxes, each of which are presented on the Company’s unaudited Condensed Consolidated Statements of Operations. Also included in Other segment items is Fixed asset depreciation and intangible asset amortization. For the three months ended March 31, 2026 and 2025, Fixed asset depreciation and intangible asset amortization was $25.8 million and $21.9 million, respectively.

Schedule of Geographic Information Regarding Revenues

Information regarding revenues is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues:
EMEA1	$	535,829	$	341,961
Americas2	320,496		246,639
APAC	99,156		75,640
Total revenues	$	955,481	$	664,240

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1For the three months ended March 31, 2026 and 2025, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended March 31, 2026 and 2025 were $363.0 million and $228.2 million, respectively.

2For the three months ended March 31, 2026 and 2025, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended March 31, 2026 and 2025 were $298.1 million and $229.5 million, respectively.

Schedule of Information Regarding Long-Lived Assets in Geographic Areas

Information regarding long-lived assets (defined as: loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; ROU assets; certain other investments; rent and other deposits; excluding goodwill and other intangible assets, net) in the applicable geographic area is as follows (in thousands):


	March 31, 2026		December 31, 2025
Long-lived assets:
EMEA1	$	442,171	$	416,597
Americas2	319,301		297,554
APAC	87,111		88,010
Total long-lived assets	$	848,583	$	802,161

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1As of March 31, 2026 and December 31, 2025, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of March 31, 2026 and December 31, 2025 were $306.2 million and $286.7 million, respectively.

2As of March 31, 2026 and December 31, 2025, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of March 31, 2026 and December 31, 2025 were $311.4 million and $289.7 million, respectively.