v3.26.1
Segment Analysis
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Analysis Segment Analysis
Three of the Company’s operating segments are principally based on the nature of the clients it serves (commercial, institutional, and self-directed/retail), and include a fourth operating segment, its payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 5,200 employees allowing it to serve clients in more than 180 countries.
During the three months ended September 30, 2025, the Company’s acquisition of RJO triggered a reassessment of the financial information reviewed by management. The Company determined the acquired business activities of RJO were similar to its existing businesses, and the reassessment confirmed the current composition of the Company’s operating segments, except for one change resulting in the combination of all physical trading capabilities in precious metals being reported within the Commercial segment. Previously, the Self-Directed/Retail segment contained a portion of our precious metals activities. All segment information has been revised to reflect all precious metals business within the Commercial segment retroactive to October 1, 2024.
The Company’s business activities are managed as operating segments and organized into reportable segments as follows:
Commercial
The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, market intelligence and physical commodity trading, marketing, procurement, logistics and price management services. The ability to provide these high-value-added products and services, differentiates the Company from its competitors and maximizes the opportunity to retain clients.
Institutional
The Company provides institutional clients with a complete suite of equity trading services to help them find liquidity with best execution, consistent liquidity across a robust array of fixed income products, competitive and efficient clearing and execution in all major futures and securities exchanges globally as well as prime brokerage in equities and major foreign currency pairs and swap transactions. Additionally, the Company operates a comprehensive investment banking platform which provides both investment banking services and equity research.
Self-Directed/Retail
The Company provides self-directed/retail clients around the world access to over 18,000 global financial markets, including spot foreign exchange ("forex"), as well as CFDs, which are investment products with returns linked to the performance of underlying assets. In addition, its independent wealth management business offers a comprehensive product suite to self-directed/retail investors in the U.S.
Payments
The Company provides customized payment, technology, and treasury services to banks and commercial businesses as well as charities and non-governmental organizations and government organizations. The Company provides transparent pricing and offers payments services in more than 180 countries and 140 currencies, which it believes is more than any other payments solution provider.
********
The total revenues reported combine gross revenues from physical contracts for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the table below also reflects the segment contribution to Operating revenues, which is shown on the face of the Condensed Consolidated Income Statements and which is calculated by deducting physical commodities cost of sales from total revenues.
Operating revenues, which are shown on the face of the Condensed Consolidated Income Statements is calculated by deducting physical commodities cost of sales from total revenues.
Net Operating revenues, which are also shown on the face of the Condensed Consolidated Income Statements is calculated by deducting transaction-based clearing expenses, introducing broker commissions, and interest expense from operating revenues.
Net contribution is calculated as net operating revenues less direct variable compensation. Variable compensation paid to risk management consultants and traders generally represents a fixed percentage of revenues generated, and in some cases, revenues generated less transaction-based clearing expenses, base salaries and an overhead allocation.
Segment data includes the profitability measure of net contribution by segment. Net contribution is one of the key measures used by management to assess the performance of each segment and for decisions regarding the allocation of the Company’s resources. Net contribution is calculated as revenue less direct cost of sales, transaction-based clearing expenses, variable compensation, introducing broker commissions, and interest expense. Variable compensation paid to risk management
consultants/traders generally represent a fixed percentage of revenues generated, and in some cases, revenues generated less transaction-based clearing expenses, base salaries and an overhead allocation.
Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses.
Inter-segment revenues, expenses, receivables and payables are eliminated upon consolidation.
Total revenues, operating revenues and net operating revenues shown in the table below as “Corporate” primarily consist of interest income from the Company’s centralized corporate treasury function. In the normal course of operations, the Company operates a centralized corporate treasury function in which it may sweep excess cash from certain subsidiaries, where permitted within regulatory limitations, in exchange for a short-term interest bearing intercompany payable, or provide excess cash to subsidiaries in exchange for a short-term interest bearing intercompany receivable in lieu of the subsidiary borrowing on external credit facilities. The intercompany receivables and payables are eliminated during consolidation.
“Overhead costs and expenses” include costs and expenses of certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. These amounts represent the gross overhead costs and expenses, before any allocation of overhead costs to operating segments.
The Company’s Executive Committee functions as the Company’s Chief Operating Decision Maker ("CODM"). The Executive Committee comprises its Executive Vice-Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, Chief Governance and Legal Officer, Chief Information Officer, and Chief Executive Officer - Asia Pacific.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM uses segment net operating revenues and segment income to manage business operational decisions, including the allocation of financial and employee resources, and to evaluate the performance of each segment by comparing the results of each segment with one another, as well as to internal forecasts.
Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows:
Three Months Ended June 30, 2026
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$39,084.3 $355.9 $89.3 $59.9 $(8.2)$(2.5)$39,578.7 
Interest income92.9 519.4 7.0 0.4 11.0 (16.4)614.3 
Total revenues39,177.2 875.3 96.3 60.3 2.8 (18.9)40,193.0 
Cost of sales of physical commodities38,725.0 — — — — — 38,725.0 
Operating revenues452.2 875.3 96.3 60.3 2.8 (18.9)1,468.0 
Transaction-based clearing expenses36.5 101.0 3.3 2.5 1.8 (0.8)144.3 
Introducing broker commissions51.8 15.0 26.7 1.3 — (1.7)93.1 
Total interest expense37.5 447.0 1.9 0.1 40.8 (16.4)510.9 
Net operating revenues326.4 312.3 64.4 56.4 (39.8)— 719.7 
Variable compensation and benefits80.6 119.8 4.8 9.4 29.4 — 244.0 
Net contribution245.8 192.5 59.6 47.0 (69.2)— 475.7 
Fixed compensation and benefits24.4 31.7 8.6 4.6 80.5 — 149.8 
Trading systems and market information5.3 10.8 3.5 0.2 5.9 — 25.7 
Professional fees3.0 (10.0)0.7 0.6 11.6 — 5.9 
Non-trading technology and support1.2 1.4 1.5 0.3 25.7 — 30.1 
Selling and marketing1.9 1.0 9.7 0.2 3.8 — 16.6 
Travel and business development3.0 3.3 0.4 0.2 4.0 — 10.9 
Depreciation and amortization5.7 5.5 3.0 1.5 11.2 — 26.9 
Bad debts, net of recoveries(1.3)0.3 — — — — (1.0)
Shared services12.5 8.5 4.0 3.8 (28.8)— — 
Other fixed expenses8.7 10.1 3.3 1.0 26.2 — 49.3 
Non-variable expenses64.4 62.6 34.7 12.4 140.1 — 314.2 
Other loss— — — (0.2)(1.5)— (1.7)
Segment income$181.4 $129.9 $24.9 $34.4 $(210.8)$— $159.8 
Three Months Ended June 30, 2025
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$33,990.9 $233.4 $102.3 $53.0 $7.3 $(0.8)$34,386.1 
Interest income42.9 392.6 8.4 0.3 8.4 (9.9)442.7 
Total revenues34,033.8 626.0 110.7 53.3 15.7 (10.7)34,828.8 
Cost of sales of physical commodities33,804.5 — — — — — 33,804.5 
Operating revenues229.3 626.0 110.7 53.3 15.7 (10.7)1,024.3 
Transaction-based clearing expenses21.5 67.5 3.6 1.9 1.2 (0.8)94.9 
Introducing broker commissions12.8 7.8 27.9 1.2 — — 49.7 
Total interest expense23.5 350.6 1.8 — 25.4 (9.9)391.4 
Net operating revenues171.5 200.1 77.4 50.2 (10.9)— 488.3 
Variable compensation and benefits44.5 63.7 3.7 8.9 23.1 — 143.9 
Net contribution127.0 136.4 73.7 41.3 (34.0)— 344.4 
Fixed compensation and benefits19.9 21.6 8.0 7.1 66.8 — 123.4 
Trading systems and market information4.4 8.1 3.5 0.2 5.1 — 21.3 
Professional fees2.4 6.2 3.3 0.7 11.3 — 23.9 
Non-trading technology and support0.4 1.0 2.0 0.4 17.3 — 21.1 
Selling and marketing1.5 0.6 8.9 0.1 1.9 — 13.0 
Travel and business development2.4 1.8 0.4 0.3 3.0 — 7.9 
Depreciation and amortization2.0 1.2 3.2 1.2 7.3 — 14.9 
Bad debts, net of recoveries— — 0.4 — — — 0.4 
Shared services10.0 3.8 1.6 2.1 (17.5)— — 
Other fixed expenses2.3 2.4 3.7 1.1 22.1 — 31.6 
Non-variable expenses45.3 46.7 35.0 13.2 117.3 — 257.5 
Other gains (losses), net1.0 (2.3)— — — — (1.3)
Segment income$82.7 $87.4 $38.7 $28.1 $(151.3)$— $85.6 
Nine Months Ended June 30, 2026
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$121,669.5 $1,093.2 $274.9 $172.3 $4.8 $(4.2)$123,210.5 
Interest income258.5 1,516.5 22.3 1.0 29.9 (54.9)1,773.3 
Total revenues121,928.0 2,609.7 297.2 173.3 34.7 (59.1)124,983.8 
Cost of sales of physical commodities120,510.8 — — — — — 120,510.8 
Operating revenues1,417.2 2,609.7 297.2 173.3 34.7 (59.1)4,473.0 
Transaction-based clearing expenses108.7 298.6 11.4 6.7 6.7 (2.5)429.6 
Introducing broker commissions153.4 46.7 81.5 3.6 0.2 (1.7)283.7 
Total interest expense102.2 1,312.4 6.2 0.1 120.5 (54.9)1,486.5 
Net operating revenues1,052.9 952.0 198.1 162.9 (92.7)— 2,273.2 
Variable compensation and benefits256.8 341.3 14.2 26.8 69.3 — 708.4 
Net contribution796.1 610.7 183.9 136.1 (162.0)— 1,564.8 
Fixed compensation and benefits71.4 94.8 24.5 14.8 243.0 — 448.5 
Trading systems and market information15.5 32.6 9.6 0.6 18.2 — 76.5 
Professional fees7.0 8.2 4.1 2.0 35.8 — 57.1 
Non-trading technology and support2.3 4.1 5.2 1.0 72.5 — 85.1 
Selling and marketing4.5 3.5 26.6 0.4 9.7 — 44.7 
Travel and business development8.9 9.4 1.4 0.7 19.1 — 39.5 
Depreciation and amortization17.3 16.4 9.8 4.1 31.2 — 78.8 
Bad debts, net of recoveries10.1 1.9 0.6 — — — 12.6 
Shared services33.6 22.2 10.9 9.2 (75.9)— — 
Other fixed expenses20.7 25.0 17.8 2.4 79.5 — 145.4 
Non-variable expenses191.3 218.1 110.5 35.2 433.1 — 988.2 
Other losses— (2.5)— (0.8)(1.5)— (4.8)
Segment income$604.8 $390.1 $73.4 $100.1 $(596.6)$— $571.8 
As of June 30, 2026
Total assets$10,314.9 $39,569.3 $1,500.7 $756.7 $1,904.4 $— $54,046.0 
Nine Months Ended June 30, 2025
(in millions)CommercialInstitutionalSelf-Directed / RetailPaymentsCorporateEliminationsTotal
Non-interest revenues$97,301.8 $671.8 $300.2 $160.3 $13.2 $(2.4)$98,444.9 
Interest income142.3 1,055.0 24.3 1.4 30.3 (43.4)1,209.9 
Total revenues97,444.1 1,726.8 324.5 161.7 43.5 (45.8)99,654.8 
Cost of sales of physical commodities96,730.2 — — — — — 96,730.2 
Operating revenues713.9 1,726.8 324.5 161.7 43.5 (45.8)2,924.6 
Transaction-based clearing expenses58.2 197.6 10.2 5.4 4.2 (2.4)273.2 
Introducing broker commissions37.2 23.1 76.1 3.1 — — 139.5 
Total interest expense61.2 941.0 5.5 — 79.9 (43.4)1,044.2 
Net operating revenues557.3 565.1 232.7 153.2 (40.6)— 1,467.7 
Variable compensation and benefits141.6 182.4 11.1 26.8 62.0 — 423.9 
Net contribution415.7 382.7 221.6 126.4 (102.6)— 1,043.8 
Fixed compensation and benefits56.8 62.0 26.1 21.1 197.0 — 363.0 
Trading systems and market information13.1 23.7 10.3 0.9 12.8 — 60.8 
Professional fees6.4 12.8 8.7 2.6 28.9 — 59.4 
Non-trading technology and support1.2 2.9 6.7 1.4 49.5 — 61.7 
Selling and marketing4.0 2.4 26.5 0.4 5.1 — 38.4 
Travel and business development6.7 6.1 1.5 0.9 8.2 — 23.4 
Depreciation and amortization5.9 3.2 12.8 3.4 20.9 — 46.2 
Bad debts, net of recoveries0.9 (0.1)1.5 — — — 2.3 
Shared services23.8 10.7 7.0 6.3 (47.8)— — 
Other fixed expenses13.9 6.0 9.7 2.7 61.1 — 93.4 
Non-variable expenses132.7 129.7 110.8 39.7 335.7 — 748.6 
Other gains (losses), net1.0 (1.0)4.4 — — — 4.4 
Segment income$284.0 $252.0 $115.2 $86.7 $(438.3)$— $299.6 
As of September 30, 2025
Total assets$9,826.3 $32,465.5 $1,256.2 $722.5 $997.5 $— $45,268.0