v3.26.1
Geographic Information and Business Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Revenues, Income (Loss) Before Income Taxes (“Pre-Tax Earnings”) and Total Assets by Segment
The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended June 30, 2026 and 2025 are summarized in the following table:
(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
2026
Total revenues$1,009,174 $173,461 $7,318 $1,189,953 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net225,815 33,171 — 258,986 
Interest and dividends expense202,982 2,284 — 205,266 
Other segment items (2)270,643 111,832 669 383,144 
Total operating expenses699,440 147,287 669 847,396 
Income (loss) before income taxes and noncontrolling interest$309,734 $26,174 $6,649 $342,557 
2025
Total revenues$786,593 $214,488 $(1,508)$999,573 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net172,311 29,814 — 202,125 
Interest and dividends expense163,871 1,342 — 165,213 
Other segment items (2)194,949 89,206 1,060 285,215 
Total operating expenses531,131 120,362 1,060 652,553 
Income (loss) before income taxes and noncontrolling interest$255,462 $94,126 $(2,568)$347,020 
(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.
(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.

The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the six months ended June 30, 2026 and 2025 are summarized in the following table:
(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
2026
Total revenues$1,924,871 $360,592 $(183)$2,285,280 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net328,573 69,241 — 397,814 
Interest and dividends expense379,323 3,870 — 383,193 
Other segment items (2)530,797 220,217 1,130 752,144 
Total operating expenses1,238,693 293,328 1,130 1,533,151 
Income (loss) before income taxes and noncontrolling interest$686,178 $67,264 $(1,313)$752,129 
2025
Total revenues$1,477,765 $355,496 $4,181 $1,837,442 
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net366,614 57,386 — 424,000 
Interest and dividends expense293,922 2,619 — 296,541 
Other segment items (2)372,587 171,440 2,118 546,145 
Total operating expenses1,033,123 231,445 2,118 1,266,686 
Income (loss) before income taxes and noncontrolling interest$444,642 $124,051 $2,063 $570,756 
(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.
(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.
Schedule of Total Revenues by Geographic Area The following table presents total revenues by geographic area for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Revenues:
United States$937,535 $816,973 $1,765,914 $1,526,082 
Ireland130,510 108,048 263,563 192,742 
Others121,908 74,552 255,803 118,618 
Total revenues$1,189,953 $999,573 $2,285,280 $1,837,442