v3.26.1
Segment information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment information Segment information
The Company has determined its reportable segments based on the Company's method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.
The CODM evaluates the performance of the Company’s reportable segments based on their year-over-year revenue and pre-tax profit or loss and uses this measure to allocate resources (including employee, financial and/or capital resources), largely in conjunction with monthly and/or quarterly reviews of segment financial performance. The CODM also uses segment profit or loss in evaluating the incentive and other compensation of segment employees as well as capital investment for facilities and information technology development.
The Company's reportable segments are:
Wealth Management — includes commissions and fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees, net contributions from stock loan activities and financing activities, and direct expenses;
Capital Markets — includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment; and
Corporate/Other — The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization. The Company also includes activities associated with BondWave, LLC ("BondWave") in Corporate/Other. BondWave is a cloud-based financial market software-as-a-service provider which offers institutions and broker-dealers active in fixed income markets with an integrated suite of portfolio analytics, transaction analytics and proprietary data solutions. BondWave also offers municipal bond data analysis, news and information to financial institutions.
The tables below present information about the Company’s reported segment revenues, segment pre-tax income or loss, compensation expenses, and other segment items for the three and six months ended June 30, 2026 and 2025. There are no adjustments or reconciling items for any of the periods presented. Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the CODM.

(Expressed in thousands)   
 
For the Three Months Ended June 30, 2026
 Wealth Management Capital MarketsCorporate/OtherTotal
Revenue$272,671 $179,163 $3,042 $454,876 
Less :
Compensation expenses (1)
164,514 109,872 32,755 307,141 
Other segment items (2)
52,503 46,749 9,038 108,290 
Pre-tax income (loss)$55,654 $22,542 $(38,751)$39,445 
(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $24.8 million.
(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.
(Expressed in thousands)   
 
For the Three Months Ended June 30, 2025
 Wealth Management Capital MarketsCorporate/OtherTotal
Revenue$246,421 $122,981 $3,776 $373,178 
Less :
Compensation expenses (1)
132,291 80,610 26,173 239,074 
Other segment items (2)
51,296 46,235 4,363 101,894 
Pre-tax income (loss)$62,834 $(3,864)$(26,760)$32,210 
(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $8.3 million.
(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(Expressed in thousands)   
 
For the Six Months Ended June 30, 2026
 Wealth Management Capital MarketsCorporate/OtherTotal
Revenue$526,351 $368,285 $5,335 $899,971 
Less :
Compensation expenses (1)
320,314 222,511 60,317 603,142 
Other segment items (2)
106,829 87,791 89,765 284,385 
Pre-tax income (loss)$99,208 $57,983 $(144,747)$12,444 
(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $47.2 million.
(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest, expense related to the settlement of the “cash sweep” program litigation and other expenses.


(Expressed in thousands)   
 
For the Six Months Ended June 30, 2025
 Wealth Management Capital MarketsCorporate/OtherTotal
Revenue$488,407 $246,242 $6,354 $741,003 
Less :
Compensation expenses (1)
251,939 167,954 46,272 466,165 
Other segment items (2)
105,770 87,249 8,233 201,252 
Pre-tax income (loss)$130,698 $(8,961)$(48,151)$73,586 
(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $5.5 million.
(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.
Revenue, classified by the major geographic areas in which it was earned, for the three and six months ended June 30, 2026 and 2025 was:
(Expressed in thousands)  
 
For the Three Months Ended June 30,
For the Six Months Ended June 30,
 2026202520262025
Americas$426,179 $358,813 $849,215 $713,521 
Europe/Middle East28,127 13,737 49,485 26,090 
Asia570 628 1,271 1,392 
Total$454,876 $373,178 $899,971 $741,003