v3.26.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES:        
Advisory $ 2,632,405 $ 1,717,738 $ 5,247,452 $ 3,406,983
Commission 1,232,073 1,038,087 2,424,107 2,085,844
Asset-based 835,144 702,347 1,655,949 1,397,588
Service and fee 208,879 151,839 419,863 297,038
Transaction and fee 83,216 60,541 163,758 128,405
Interest Income 46,527 76,941 91,707 120,792
Other 148,379 87,532 122,221 68,382
Total net revenues 5,186,623 3,835,025 10,125,057 7,505,032
EXPENSES:        
Advisory and commission 3,507,164 2,483,165 6,798,373 4,837,090
Compensation and benefits 355,612 319,100 724,352 624,646
Promotional 220,030 177,552 428,430 323,197
Occupancy and equipment 125,542 81,443 244,065 158,683
Depreciation and amortization 109,805 96,231 215,556 188,587
Interest Expense, Debt 101,502 105,636 201,794 191,498
Brokerage, clearing and exchange 52,018 43,290 107,493 87,428
Amortization of intangible assets 70,886 46,103 138,116 89,624
Professional services 50,757 41,092 101,138 77,418
Communications and data processing 26,200 21,417 49,667 40,923
Other 51,603 51,192 115,985 99,881
Costs and Expenses, Total 4,671,119 3,466,221 9,124,969 6,718,975
INCOME BEFORE PROVISION FOR INCOME TAXES 515,504 368,804 1,000,088 786,057
PROVISION FOR INCOME TAXES 136,243 95,555 264,423 194,235
NET INCOME $ 379,261 $ 273,249 $ 735,665 $ 591,822
Earnings Per Share [Abstract]        
Earnings per share, basic $ 4.75 $ 3.42 $ 9.20 $ 7.66
Earnings per share, diluted $ 4.74 $ 3.40 $ 9.17 $ 7.61
Weighted-average shares outstanding, basic 79,791 79,984 79,951 77,307
Weighted-average shares outstanding, diluted 80,032 80,373 80,243 77,760
Client cash        
REVENUES:        
Asset-based $ 443,501 $ 397,332 $ 888,826 $ 789,363
Other asset-based        
REVENUES:        
Asset-based 391,643 305,015 767,123 608,225
Trailing        
REVENUES:        
Commission 503,918 418,295 990,537 856,014
Sales-based        
REVENUES:        
Commission $ 728,155 $ 619,792 $ 1,433,570 $ 1,229,830