v3.26.1
Revenue from Contracts with Clients (Tables)
 9 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)2026202520262025
Revenues from contracts with clients as a percentage of total revenues2.0 %2.4 %2.7 %2.3 %
The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated.
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)2026202520262025
Revenues from contracts with clients:
Commission and clearing fees:
Sales-based:
Exchange-traded futures and options$178.1 $72.8 $539.2 $207.0 
OTC derivative brokerage 3.5 2.9 8.3 8.2 
Equities and fixed income 46.7 16.5 121.0 46.6 
Mutual funds 0.8 0.7 2.6 2.3 
Insurance and annuity products 2.6 2.8 10.1 9.3 
Other 0.8 0.3 1.7 1.1 
Total sales-based commission232.5 96.0 682.9 274.5 
Trailing:
Mutual funds3.6 3.3 10.8 10.2 
Insurance and annuity products4.0 3.9 12.3 11.9 
Total trailing commission7.6 7.2 23.1 22.1 
Clearing fees86.7 49.1 263.5 141.2 
Trade conversion fees4.7 2.5 10.8 8.1 
Other 0.5 11.2 4.2 33.7 
Total commission and clearing fees332.0 166.0 984.5 479.6 
Consulting, management, and account fees:
Underwriting fees15.8 0.3 36.3 0.8 
Asset management fees 15.2 17.1 47.3 46.3 
Advisory and consulting fees8.8 7.8 31.7 25.6 
Sweep program fees 9.6 10.7 29.8 33.7
Client account fees 14.9 7.4 54.6 20.1 
Other 5.3 2.9 15.0 11.8 
Total consulting, management, and account fees69.6 46.2 214.7 138.3 
Sales of physical commodities:
Precious metals sales under ASC Topic 606413.5 639.0 2,199.1 1,716.8 
Total revenues from contracts with clients$815.1 $851.2 $3,398.3 $2,334.7 
Method of revenue recognition:
Point-in-time$773.9 $808.4 $3,266.4 $2,207.0 
Time elapsed41.2 42.8 131.9 127.7 
Total revenues from contracts with clients815.1 851.2 3,398.3 2,334.7 
Other sources of revenues
Physical precious metals under ASC Topic 81536,646.7 32,102.3 114,278.5 91,857.9 
Physical agricultural and energy products1,712.1 1,098.6 4,280.7 3,308.9 
Principal gains, net404.8 334.0 1,253.0 943.4 
Interest income 614.3 442.7 1,773.3 1,209.9 
Total revenues $40,193.0 $34,828.8 $124,983.8 $99,654.8 
Total revenues by primary geographic region:
United States $2,700.3 $1,930.5 $7,734.9 $5,594.9 
Europe894.8 900.2 3,507.7 2,446.2 
South America 191.6 106.5 570.8 411.5 
Middle East and Asia36,390.5 31,877.0 113,138.9 91,191.9 
Other 15.8 14.6 31.5 10.3 
Total revenues $40,193.0 $34,828.8 $124,983.8 $99,654.8 
Operating revenues by primary geographic region:
United States$1,068.4 $733.1 $3,168.5 $2,097.1 
Europe258.4 175.4 828.1 484.3 
South America50.1 46.2 138.0 131.2 
Middle East and Asia75.3 55.0 306.8 175.9 
Other15.8 14.6 31.6 36.1 
Total operating revenues$1,468.0 $1,024.3 $4,473.0 $2,924.6 
Schedule of Income and Expense The following table indicates the relevant income and expense:
Three Months Ended June 30,Nine Months Ended June 30,
(in millions)2026202520262025
Dividend income on long equity positions$46.0 $35.8 $116.9 $108.7 
Dividend expense on short equity positions46.9 37.8 118.6 109.4 
Dividend (expense)/income, net reported within Principal gains, net
$(0.9)$(2.0)$(1.7)$(0.7)