v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 439,853 $ 343,827
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 122,196 125,747
Stock-based compensation expense 54,865 49,096
Digital assets received as revenue (5,366) (2,058)
Deferred taxes 38,417 14,764
Other (income) loss, net (6,122) (16,886)
(Increase) decrease in operating assets:    
Receivable from/payable to brokers and dealers and clearing organizations, net 1,425 (387)
Deposits with clearing organizations 2,734 (11,916)
Accounts receivable (53,730) (35,246)
Receivable and due from related parties/payable and due to related parties, net 5,253 20,633
Deferred tax asset as a result of transferable tax credit purchase 0 17,646
Other assets (15,277) (28,728)
Increase (decrease) in operating liabilities:    
Accrued compensation (91,877) (67,499)
Deferred revenue 9,397 9,505
Accounts payable, accrued expenses and other liabilities (3,832) 50,896
Net cash provided by operating activities 497,936 469,394
Cash flows from investing activities    
Cash paid for investments (56,878) (20,000)
Purchases of furniture, equipment, software and leasehold improvements (17,929) (7,110)
Capitalized software development costs (36,410) (29,764)
Net cash used in investing activities (111,217) (56,874)
Cash flows from financing activities    
Share repurchases pursuant to share repurchase programs (240,549) (844)
Proceeds from stock-based compensation exercises 2,983 0
Dividends (59,504) (51,179)
Distributions to non-controlling interests (10,042) (12,528)
Payroll taxes paid for stock-based compensation (85,128) (47,766)
Payments on tax receivable agreement liability (19,024) (21,437)
Net cash used in financing activities (411,264) (133,754)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,265) 11,053
Net increase (decrease) in cash, cash equivalents and restricted cash (26,810) 289,819
Cash, cash equivalents and restricted cash    
Beginning of period 2,085,739 1,341,302
End of period 2,058,929 1,631,121
Supplemental disclosure of cash flow information    
Income taxes paid, net of (refunds) 112,901 45,095
Cash paid for interest 1,118 1,736
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 587 926
Unsettled share repurchases and excise tax included in other liabilities 3,330 0
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 2,057,929  
Restricted cash 1,000  
Cash, cash equivalents and restricted cash 2,058,929 1,631,121
Adjusted For Refinitiv Transaction    
Non-cash investing and financing activities    
Establishment of liabilities under tax receivable agreement 0 0
Deferred tax asset $ 39,368 $ 25,478