v3.26.1
Business Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment and Geographic Information Business Segment and Geographic Information
The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. Through its electronic marketplaces, the Company facilitates trading by clients across the institutional, wholesale, retail and corporates client sectors and builds comprehensive market data sets that it is able to separately sell to clients, primarily LSEG, as incremental market data revenue. Because of the highly integrated nature of these marketplaces and services and the global financial markets in which the Company competes, the Chief Operating Decision Maker (the “CODM”) reviews financial information on a global consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined it operates as one operating segment and one reportable segment.
Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant expense categories included in consolidated net income that are regularly provided to the CODM include employee compensation and benefits, technology and communications, general and administrative, professional fees and occupancy, each as presented on the accompanying condensed consolidated statements of income.
Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:
Three Months EndedSix Months Ended
June 30, June 30,
2026202520262025
(dollars in thousands)
Revenues
Institutional$355,355 $321,943 $760,280 $630,014 
Wholesale109,609 101,242 225,196 203,529 
Retail33,064 37,584 66,499 73,479 
Corporates23,630 21,785 50,520 46,502 
Market Data37,288 30,417 74,215 69,124 
Total revenue558,946 512,971 1,176,710 1,022,648 
Less:
Employee compensation and benefits172,462 169,693 370,255 346,570 
Technology and communications41,976 30,212 81,525 58,940 
General and administrative16,616 29,984 28,560 49,724 
Professional fees12,765 14,159 25,089 26,617 
Occupancy8,378 6,022 16,570 11,096 
Other segment items (1)
100,063 87,379 214,858 185,874 
Net income$206,686 $175,522 $439,853 $343,827 
(1)Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on the accompanying condensed consolidated statements of income.
The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Variable revenues are generally attributed to geographic area based on the jurisdiction where the underlying transactions take place. The attribution of fixed revenues may vary by revenue and contract type. Given the global nature of the financial markets in which we operate and the Company’s clients’ worldwide businesses and contracts, the results by geographic region and allocation of revenues to individual countries are not necessarily meaningful in understanding the Company’s business.
The measure of segment assets is reported on the accompanying condensed consolidated statements of financial condition as total consolidated assets. Total expenditures for additions to long-lived assets are as reported on the accompanying condensed consolidated statements of cash flows. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.
The following table provides revenue by geographic area:
Three Months EndedSix Months Ended
June 30, June 30,
2026202520262025
(dollars in thousands)
Revenues
U.S.$313,876 $297,803 $657,528 $595,684 
International245,070 215,168 519,182 426,964 
Total revenue$558,946 $512,971 $1,176,710 $1,022,648 
The following table provides information on the attribution of long-lived assets by geographic area:
June 30,December 31,
20262025
(dollars in thousands)
Long-lived assets
U.S.$4,675,781 $4,737,934 
International33,456 31,746 
Total$4,709,237 $4,769,680