v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summarized Financial Data of Reportable Segments
Summarized financial data of reportable segments were as follows (in millions):
Three Months Ended June 30,
2026
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$743.1 $520.0 $117.8 $33.4 $28.5 $— $1,442.8 
Cost of revenues269.2 405.3 33.0 2.8 0.9 — 711.2 
Revenues less cost of revenues473.9 114.7 84.8 30.6 27.6 — 731.6 
Depreciation and amortization8.6 10.2 6.1 0.7 2.4 0.1 28.1 
Other segment operating expenses (a)124.3 38.4 37.1 13.8 9.7 4.2 227.5 
Operating income (loss)$341.0 $66.1 $41.6 $16.1 $15.5 $(4.3)$476.0 
Non-operating income (expenses):
Interest expense (b)$— $— $(2.3)$— $— $(10.9)$(13.2)
Interest income (b)— 0.9 1.1 0.5 — 15.7 18.2 
Earnings on investments, net (b)— — — — — 12.8 12.8 
Other income (expense), net (b)— 0.5 (0.1)— — 0.5 0.9 
Income before income tax provision341.0 67.5 40.3 16.6 15.5 13.8 494.7 
Income tax provision (c)— 1.2 1.4 — — 139.0 141.6 
Net income (loss) (d)$341.0 $66.3 $38.9 $16.6 $15.5 $(125.2)$353.1 
Three Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Cost of revenues211.0 343.4 28.6 2.4 0.8 — 586.2 
Revenues less cost of revenues364.8 98.4 70.4 30.1 23.6 — 587.3 
Depreciation and amortization7.0 11.5 8.1 0.5 2.7 0.1 29.9 
Other segment operating expenses (a)97.9 39.6 57.5 12.5 8.4 2.4 218.3 
Operating income (loss)$259.9 $47.3 $4.8 $17.1 $12.5 $(2.5)$339.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(2.0)$— $— $(10.9)$(12.9)
Interest income (b)0.2 0.9 1.0 0.6 0.1 8.5 11.3 
Earnings (loss) on investments, net (b)— 0.3 — — — (1.4)(1.1)
Other (expense) income, net (b)(1.4)(0.6)(0.1)— — 0.3 (1.8)
Income (loss) before income tax provision258.7 47.9 3.7 17.7 12.6 (6.0)334.6 
Income tax provision (c)— 0.8 1.0 — — 97.7 99.5 
Net income (loss) (d)$258.7 $47.1 $2.7 $17.7 $12.6 $(103.7)$235.1 
Six Months Ended June 30,
2026
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$1,411.5 $935.7 $237.2 $72.3 $58.9 $— $2,715.6 
Cost of revenues470.0 709.8 67.5 5.9 1.9 — 1,255.1 
Revenues less cost of revenues941.5 225.9 169.7 66.4 57.0 — 1,460.5 
Depreciation and amortization16.8 21.6 12.8 1.3 5.0 0.1 57.6 
Other segment operating expenses (a)224.1 71.7 75.6 24.9 18.7 6.3 421.3 
Operating income (loss)$700.6 $132.6 $81.3 $40.2 $33.3 $(6.4)$981.6 
Non-operating income (expenses):
Interest expense (b)$— $— $(4.7)$— $— $(21.8)$(26.5)
Interest income (b)— 1.7 2.2 1.0 — 31.0 35.9 
(Loss) earnings on investments, net (b)— (0.3)— — — 12.4 12.1 
Other income (expense), net (b)
0.2 0.6 (0.5)— — 6.8 7.1 
Income before income tax provision700.8 134.6 78.3 41.2 33.3 22.0 1,010.2 
Income tax provision (c)— 2.4 1.4 — — 267.6 271.4 
Net income (loss) (d)$700.8 $132.2 $76.9 $41.2 $33.3 $(245.6)$738.8 
Six Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Cost of revenues443.2 708.9 57.6 4.9 1.4 — 1,216.0 
Revenues less cost of revenues717.2 193.0 134.5 62.9 44.9 — 1,152.5 
Depreciation and amortization13.9 23.5 16.0 1.1 5.6 0.1 60.2 
Other segment operating expenses (a)185.5 77.8 91.7 24.1 16.5 3.7 399.3 
Operating income (loss)$517.8 $91.7 $26.8 $37.7 $22.8 $(3.8)$693.0 
Non-operating (expenses) income:
Interest expense (b)$— $— $(3.8)$— $— $(21.9)$(25.7)
Interest income (b)0.4 1.6 2.1 1.2 0.1 14.3 19.7 
Earnings (loss) on investments, net (b)— 0.6 — — — (5.0)(4.4)
Other (expense) income, net (b)(1.4)(1.2)(0.3)— 0.2 4.9 2.2 
Income (loss) before income tax provision (benefit)516.8 92.7 24.8 38.9 23.1 (11.5)684.8 
Income tax provision (benefit) (c)0.1 1.7 1.0 — (0.1)196.4 199.1 
Net income (loss) (d)$516.7 $91.0 $23.8 $38.9 $23.2 $(207.9)$485.7 
___________________________
(a) Other segment operating expenses include compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.
(b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
Schedule of Long-Lived Assets by Geographic Areas The following summarizes long-lived assets by geographic area based on primary jurisdiction as of June 30, 2026 and December 31, 2025 (in millions) :
June 30, 2026December 31, 2025
United States
$182.5$184.5
United Kingdom
33.930.0
Other
21.929.6
Total
$238.3$244.1
The following summarizes revenues less cost of revenues by geographic area based on primary jurisdiction (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States$635.8$508.1$1,269.6$1,000.2
Other95.879.2190.9152.3
Total$731.6$587.3$1,460.5$1,152.5
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue The following summarizes long-lived assets by geographic area based on primary jurisdiction as of June 30, 2026 and December 31, 2025 (in millions) :
June 30, 2026December 31, 2025
United States
$182.5$184.5
United Kingdom
33.930.0
Other
21.929.6
Total
$238.3$244.1
The following summarizes revenues less cost of revenues by geographic area based on primary jurisdiction (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States$635.8$508.1$1,269.6$1,000.2
Other95.879.2190.9152.3
Total$731.6$587.3$1,460.5$1,152.5