v3.26.1
Revenues from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
For more information on revenue recognition and the nature of services provided, see Note 2 “Summary of Significant Accounting Policies” and Note 14 “Revenues from Contracts with Customers” to the Consolidated Financial Statements of the Company’s 2025 Annual Report on Form 10-K.

Disaggregation of Revenues

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$15,944 $127,565 $— $143,509 
Workflow technology— 26,835 — 26,835 
Analytics— 9,201 — 9,201 
Total revenue from contracts with customers15,944 163,601 — 179,545 
Other sources of revenue993,230 9,860 7,318 1,010,408 
Total revenues$1,009,174 $173,461 $7,318 $1,189,953 
Timing of revenue recognition:
Services transferred at a point in time$1,009,174 $154,604 $7,318 $1,171,096 
Services transferred over time— 18,857 — 18,857 
Total revenues$1,009,174 $173,461 $7,318 $1,189,953 
Three Months Ended June 30, 2025
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$14,414 $104,467 $— $118,881 
Workflow technology— 25,433 — 25,433 
Analytics— 9,545 — 9,545 
Total revenue from contracts with customers14,414 139,445 — 153,859 
Other sources of revenue772,179 75,043 (1,508)845,714 
Total revenues$786,593 $214,488 $(1,508)$999,573 
Timing of revenue recognition:
Services transferred at a point in time$786,593 $196,144 $(1,508)$981,229 
Services transferred over time— 18,344 — 18,344 
Total revenues$786,593 $214,488 $(1,508)$999,573 
Six Months Ended June 30, 2026
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$24,619 $268,160 $— $292,779 
Workflow technology— 54,665 — 54,665 
Analytics— 18,726 — 18,726 
Total revenue from contracts with customers24,619 341,551 — 366,170 
Other sources of revenue1,900,252 19,041 (183)1,919,110 
Total revenues$1,924,871 $360,592 $(183)$2,285,280 
Timing of revenue recognition:
Services transferred at a point in time$1,924,871 $322,685 $(183)$2,247,373 
Services transferred over time— 37,907 — 37,907 
Total revenues$1,924,871 $360,592 $(183)$2,285,280 
Six Months Ended June 30, 2025
(in thousands)Market MakingExecution ServicesCorporateTotal
Revenues from contracts with customers:
Commissions, net$31,726 $201,901 $— $233,627 
Workflow technology— 52,504 — 52,504 
Analytics— 19,035 — 19,035 
Total revenue from contracts with customers31,726 273,440 — 305,166 
Other sources of revenue1,446,039 82,056 4,181 1,532,276 
Total revenues$1,477,765 $355,496 $4,181 $1,837,442 
Timing of revenue recognition:
Services transferred at a point in time$1,477,765 $319,213 $4,181 $1,801,159 
Services transferred over time— 36,283 — 36,283 
Total revenues$1,477,765 $355,496 $4,181 $1,837,442 


Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of June 30, 2026 and 2025, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs.

Receivables related to revenues from contracts with customers amounted to $79.8 million and $64.5 million as of June 30, 2026 and December 31, 2025, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of June 30, 2026.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $11.3 million and $9.2 million as of June 30, 2026 and December 31, 2025, respectively. The Company recognized the full amount of revenue during the six months ended June 30, 2026 and 2025, that had been recorded as deferred revenue in the respective prior year.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.