Segment Analysis (Tables)

9 Months Ended

Jun. 30, 2026

Schedule of Segment Reporting Information

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)	Commercial		Institutional		Self-Directed / Retail		Payments		Corporate		Eliminations		Total
Non-interest revenues	$	39,084.3	$	355.9	$	89.3	$	59.9	$	(8.2)	$	(2.5)	$	39,578.7
Interest income	92.9		519.4		7.0		0.4		11.0		(16.4)		614.3
Total revenues	39,177.2		875.3		96.3		60.3		2.8		(18.9)		40,193.0
Cost of sales of physical commodities	38,725.0		—		—		—		—		—		38,725.0
Operating revenues	452.2		875.3		96.3		60.3		2.8		(18.9)		1,468.0
Transaction-based clearing expenses	36.5		101.0		3.3		2.5		1.8		(0.8)		144.3
Introducing broker commissions	51.8		15.0		26.7		1.3		—		(1.7)		93.1
Total interest expense	37.5		447.0		1.9		0.1		40.8		(16.4)		510.9
Net operating revenues	326.4		312.3		64.4		56.4		(39.8)		—		719.7
Variable compensation and benefits	80.6		119.8		4.8		9.4		29.4		—		244.0
Net contribution	245.8		192.5		59.6		47.0		(69.2)		—		475.7
Fixed compensation and benefits	24.4		31.7		8.6		4.6		80.5		—		149.8
Trading systems and market information	5.3		10.8		3.5		0.2		5.9		—		25.7
Professional fees	3.0		(10.0)		0.7		0.6		11.6		—		5.9
Non-trading technology and support	1.2		1.4		1.5		0.3		25.7		—		30.1
Selling and marketing	1.9		1.0		9.7		0.2		3.8		—		16.6
Travel and business development	3.0		3.3		0.4		0.2		4.0		—		10.9
Depreciation and amortization	5.7		5.5		3.0		1.5		11.2		—		26.9
Bad debts, net of recoveries	(1.3)		0.3		—		—		—		—		(1.0)
Shared services	12.5		8.5		4.0		3.8		(28.8)		—		—
Other fixed expenses	8.7		10.1		3.3		1.0		26.2		—		49.3
Non-variable expenses	64.4		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)	Commercial		Institutional		Self-Directed / Retail		Payments		Corporate		Eliminations		Total
Non-interest revenues	$	33,990.9	$	233.4	$	102.3	$	53.0	$	7.3	$	(0.8)	$	34,386.1
Interest income	42.9		392.6		8.4		0.3		8.4		(9.9)		442.7
Total revenues	34,033.8		626.0		110.7		53.3		15.7		(10.7)		34,828.8
Cost of sales of physical commodities	33,804.5		—		—		—		—		—		33,804.5
Operating revenues	229.3		626.0		110.7		53.3		15.7		(10.7)		1,024.3
Transaction-based clearing expenses	21.5		67.5		3.6		1.9		1.2		(0.8)		94.9
Introducing broker commissions	12.8		7.8		27.9		1.2		—		—		49.7
Total interest expense	23.5		350.6		1.8		—		25.4		(9.9)		391.4
Net operating revenues	171.5		200.1		77.4		50.2		(10.9)		—		488.3
Variable compensation and benefits	44.5		63.7		3.7		8.9		23.1		—		143.9
Net contribution	127.0		136.4		73.7		41.3		(34.0)		—		344.4
Fixed compensation and benefits	19.9		21.6		8.0		7.1		66.8		—		123.4
Trading systems and market information	4.4		8.1		3.5		0.2		5.1		—		21.3
Professional fees	2.4		6.2		3.3		0.7		11.3		—		23.9
Non-trading technology and support	0.4		1.0		2.0		0.4		17.3		—		21.1
Selling and marketing	1.5		0.6		8.9		0.1		1.9		—		13.0
Travel and business development	2.4		1.8		0.4		0.3		3.0		—		7.9
Depreciation and amortization	2.0		1.2		3.2		1.2		7.3		—		14.9
Bad debts, net of recoveries	—		—		0.4		—		—		—		0.4
Shared services	10.0		3.8		1.6		2.1		(17.5)		—		—
Other fixed expenses	2.3		2.4		3.7		1.1		22.1		—		31.6
Non-variable expenses	45.3		46.7		35.0		13.2		117.3		—		257.5
Other gains (losses), net	1.0		(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)	Commercial		Institutional		Self-Directed / Retail		Payments		Corporate		Eliminations		Total
Non-interest revenues	$	121,669.5	$	1,093.2	$	274.9	$	172.3	$	4.8	$	(4.2)	$	123,210.5
Interest income	258.5		1,516.5		22.3		1.0		29.9		(54.9)		1,773.3
Total revenues	121,928.0		2,609.7		297.2		173.3		34.7		(59.1)		124,983.8
Cost of sales of physical commodities	120,510.8		—		—		—		—		—		120,510.8
Operating revenues	1,417.2		2,609.7		297.2		173.3		34.7		(59.1)		4,473.0
Transaction-based clearing expenses	108.7		298.6		11.4		6.7		6.7		(2.5)		429.6
Introducing broker commissions	153.4		46.7		81.5		3.6		0.2		(1.7)		283.7
Total interest expense	102.2		1,312.4		6.2		0.1		120.5		(54.9)		1,486.5
Net operating revenues	1,052.9		952.0		198.1		162.9		(92.7)		—		2,273.2
Variable compensation and benefits	256.8		341.3		14.2		26.8		69.3		—		708.4
Net contribution	796.1		610.7		183.9		136.1		(162.0)		—		1,564.8
Fixed compensation and benefits	71.4		94.8		24.5		14.8		243.0		—		448.5
Trading systems and market information	15.5		32.6		9.6		0.6		18.2		—		76.5
Professional fees	7.0		8.2		4.1		2.0		35.8		—		57.1
Non-trading technology and support	2.3		4.1		5.2		1.0		72.5		—		85.1
Selling and marketing	4.5		3.5		26.6		0.4		9.7		—		44.7
Travel and business development	8.9		9.4		1.4		0.7		19.1		—		39.5
Depreciation and amortization	17.3		16.4		9.8		4.1		31.2		—		78.8
Bad debts, net of recoveries	10.1		1.9		0.6		—		—		—		12.6
Shared services	33.6		22.2		10.9		9.2		(75.9)		—		—
Other fixed expenses	20.7		25.0		17.8		2.4		79.5		—		145.4
Non-variable expenses	191.3		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)	Commercial		Institutional		Self-Directed / Retail		Payments		Corporate		Eliminations		Total
Non-interest revenues	$	97,301.8	$	671.8	$	300.2	$	160.3	$	13.2	$	(2.4)	$	98,444.9
Interest income	142.3		1,055.0		24.3		1.4		30.3		(43.4)		1,209.9
Total revenues	97,444.1		1,726.8		324.5		161.7		43.5		(45.8)		99,654.8
Cost of sales of physical commodities	96,730.2		—		—		—		—		—		96,730.2
Operating revenues	713.9		1,726.8		324.5		161.7		43.5		(45.8)		2,924.6
Transaction-based clearing expenses	58.2		197.6		10.2		5.4		4.2		(2.4)		273.2
Introducing broker commissions	37.2		23.1		76.1		3.1		—		—		139.5
Total interest expense	61.2		941.0		5.5		—		79.9		(43.4)		1,044.2
Net operating revenues	557.3		565.1		232.7		153.2		(40.6)		—		1,467.7
Variable compensation and benefits	141.6		182.4		11.1		26.8		62.0		—		423.9
Net contribution	415.7		382.7		221.6		126.4		(102.6)		—		1,043.8
Fixed compensation and benefits	56.8		62.0		26.1		21.1		197.0		—		363.0
Trading systems and market information	13.1		23.7		10.3		0.9		12.8		—		60.8
Professional fees	6.4		12.8		8.7		2.6		28.9		—		59.4
Non-trading technology and support	1.2		2.9		6.7		1.4		49.5		—		61.7
Selling and marketing	4.0		2.4		26.5		0.4		5.1		—		38.4
Travel and business development	6.7		6.1		1.5		0.9		8.2		—		23.4
Depreciation and amortization	5.9		3.2		12.8		3.4		20.9		—		46.2
Bad debts, net of recoveries	0.9		(0.1)		1.5		—		—		—		2.3
Shared services	23.8		10.7		7.0		6.3		(47.8)		—		—
Other fixed expenses	13.9		6.0		9.7		2.7		61.1		—		93.4
Non-variable expenses	132.7		129.7		110.8		39.7		335.7		—		748.6
Other gains (losses), net	1.0		(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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details