v3.26.1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income $ 477,896 $ 208,047
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 31,012 30,281
Amortization of loans and advances to financial advisors and other employees 75,863 70,918
Amortization of premium on investment portfolio 2,800 3,660
Provision for credit losses 19,073 20,348
Amortization of intangible assets 19,099 10,937
Deferred income taxes 14,234 (42,923)
Stock-based compensation 111,852 93,481
Gain on sale of business (47,284) 0
Unrealized gains on investments (238) (4,468)
Gain on sale of leased aircraft engines 0 (32,063)
Other, net 10,484 (2,101)
Receivables:    
Brokerage clients, net (223,708) (19,799)
Brokers, dealers, and clearing organizations (293,183) (150,592)
Securities purchased under agreements to resell (234,745) (108,554)
Financial instruments owned (271,235) (174,505)
Loans originated as held for sale (1,235,628) (986,234)
Proceeds from loans held for sale 1,383,978 1,403,477
Loans and advances to financial advisors and other employees, net (23,915) (127,850)
Other assets (107,717) 69,236
Increase/(decrease) in operating liabilities, net of liabilities assumed:    
Brokerage clients, net 278,240 110,388
Brokers, dealers, and clearing organizations (15,318) 11,310
Drafts (74,873) (20,047)
Financial instruments sold, but not yet purchased 169,344 173,284
Accrued compensation (277,156) (247,393)
Other liabilities and accrued expenses (55,328) 107,444
Net cash provided by/(used in) operating activities (266,453) 396,282
Cash Flows From Investing Activities:    
Principal paydowns, maturities, and calls of available-for-sale securities 170,190 165,343
Principal paydowns, maturities, and calls of held-to-maturity securities 1,206,749 845,032
Sale or maturity of investments 1,280 8
Disposition of business, net 50,456 0
Sale of leased aircraft engines 0 77,803
Increase in loans held for investment, net (2,550,901) (573,871)
Payments for:    
Purchase of fixed assets (62,638) (31,405)
Purchase of available-for-sale securities (119,010) (90,408)
Purchase of held-to-maturity securities (1,539,018) (904,935)
Purchase of investments (7,470) (1,454)
Acquisitions, net of cash received 0 (72,591)
Net cash used in investing activities (2,850,362) (586,478)
Cash Flows From Financing Activities:    
Payment of contingent consideration (113) (190)
Increase in securities sold under agreements to repurchase 444,383 139,262
Increase/(decrease) in bank deposits, net 2,511,943 (429,164)
Increase in securities loaned 199,130 221,073
Proceeds from Federal Home Loan Bank advances, net 450,000 0
Proceeds from borrowings 145,000 0
Repayment of borrowings (145,000) 0
Repayment of short-term debt 0 (75,056)
Tax payments related to shares withheld for stock-based compensation plans (130,534) (119,068)
Repurchase of common stock (268,491) (176,211)
Cash dividends on preferred stock (18,641) (18,641)
Cash dividends paid to common stock and equity-award holders (127,837) (115,557)
Net cash provided by/(used in) financing activities 3,059,840 (573,552)
Effect of exchange rate changes on cash (4,136) 11,608
Decrease in cash, cash equivalents, and cash segregated for regulatory purposes (61,111) (752,140)
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period 2,282,807 2,678,203
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period 2,221,696 1,926,063
Supplemental disclosure of cash flow information:    
Cash paid for interest 379,842 426,513
Cash paid for income taxes, net of refunds 61,996 81,595
Noncash investing and financing activities:    
Transfer of loans held for investment to held for sale 25,314 735,629
Transfer of loans held for sale to held for investment 0 97,464
Unit grants, net of forfeitures $ 203,040 $ 228,370