v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues REVENUE
Commission
The following table presents total commission revenue disaggregated by product category (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Commission revenue
Annuities$727,746 $629,763 $1,418,323 $1,245,357 
Mutual funds262,044 223,317 528,100 457,213 
Fixed income82,014 53,014 167,337 114,566 
Equities58,751 47,811 116,291 96,885 
Other101,518 84,182 194,056 171,823 
Total commission revenue
$1,232,073 $1,038,087 $2,424,107 $2,085,844 
The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Commission revenue
Sales-based
Annuities
$444,791 $393,654 $869,012 $759,421 
Fixed income
82,014 53,014 167,337 114,566 
Equities
58,751 47,811 116,291 96,885 
Mutual funds
53,993 52,301 112,004 107,908 
Other
88,606 73,012 168,926 151,050 
Total sales-based revenue
$728,155 $619,792 $1,433,570 $1,229,830 
Trailing
Annuities$282,955 $236,109 $549,311 $485,936 
Mutual funds208,051 171,016 416,096 349,305 
Other12,912 11,170 25,130 20,773 
Total trailing revenue$503,918 $418,295 $990,537 $856,014 
Total commission revenue
$1,232,073 $1,038,087 $2,424,107 $2,085,844 
Asset-Based
The following table sets forth asset-based revenue disaggregated by product category (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Asset-based revenue
Client cash
$443,501 $397,332 $888,826 $789,363 
Sponsorship programs
235,519 171,715 459,168 342,253 
Recordkeeping
156,124 133,300 307,955 265,972 
Total asset-based revenue$835,144 $702,347 $1,655,949 $1,397,588 
Service and Fee
The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Service and fee revenue
Over time(1)
$156,923 $113,003 $315,694 $222,761 
Point-in-time(2)
51,956 38,836 104,169 74,277 
Total service and fee revenue$208,879 $151,839 $419,863 $297,038 
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(1)Service and fee revenue recognized over time includes revenue such as brokerage account maintenance fees, error and omission insurance fees, and technology fees.
(2)Service and fee revenue recognized at a point-in-time includes revenue such as registration fees, account fees, and IRA termination fees.
Unearned Revenue
The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue increased from $265.0 million as of December 31, 2025 to $329.2 million as of June 30, 2026. The increase in unearned revenue for the six months ended June 30, 2026 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $264.3 million of revenue recognized during the six months ended June 30, 2026 that was included in the unearned revenue balance as of December 31, 2025.
The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.