v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 441.2 $ 220.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 78.8 46.2
Amortization of right of use assets 21.5 19.1
Bad debts, net of recoveries 12.6 2.3
Deferred income taxes 18.8 12.0
Amortization and extinguishment of debt issuance costs 3.6 3.1
Amortization of share-based compensation expense 42.3 35.2
Loss on disposal of property and equipment 2.5 0.0
Accretion of deferred consideration 6.6 0.0
Adjustment to fair value of deferred consideration 1.1 0.0
Loss on equity method investment 0.8 0.0
Changes in operating assets and liabilities, net:    
Securities and other assets segregated under federal and other regulations 29.6 38.4
Securities purchased under agreements to resell (5,495.1) (2,957.8)
Securities borrowed (264.1) (823.9)
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net 39.2 37.5
Receivables from clients, net (6.7) 49.1
Income taxes receivable (34.5) (36.7)
Financial instruments owned, at fair value (2,538.7) (2,194.1)
Physical commodities inventory, net (248.0) (22.6)
Other assets (128.8) (73.6)
Accounts payable and other accrued liabilities 80.6 71.8
Operating lease liabilities (22.7) (11.7)
Payables to clients 1,296.9 610.9
Payables to broker-dealers, clearing organizations, and counterparties 1,258.5 (231.2)
Income taxes payable 25.8 (0.2)
Securities sold under agreements to repurchase 4,445.1 4,794.1
Securities loaned 404.9 416.2
Financial instruments sold, not yet purchased, at fair value 856.7 854.6
Net cash provided by operating activities 328.5 858.9
Cash flows from investing activities:    
Cash paid for acquisitions of businesses and assets, net of cash acquired (5.7) (13.8)
Purchase of exchange memberships and common stock (0.1) (0.2)
Sale of exchange memberships and stock 1.7 0.0
Cost method investment (5.0) 0.0
Purchases of property and equipment (52.7) (44.9)
Net cash used in investing activities (61.8) (58.9)
Cash flows from financing activities:    
Net change in payables to lenders under loans with maturities 90 days or less (115.0) 13.9
Repayments of note payable (6.3) 0.0
Deferred consideration payments (3.4) (21.1)
Shares withheld to cover taxes on vesting of equity awards (13.7) (6.4)
Exercise of stock options 19.7 9.7
Net cash used in financing activities (118.7) (3.9)
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents (1.1) 4.4
Net increase in cash, segregated cash, cash equivalents, and segregated cash equivalents 146.9 800.5
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period 11,520.2 6,672.6
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period 11,667.1 7,473.1
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,395.9 1,016.8
Income taxes paid, net of cash refunds 120.0 100.7
Supplemental disclosure of non-cash investing and financing activities:    
Identified intangible assets and goodwill on acquisitions 33.0 11.3
Additional consideration payable related to acquisitions 22.7 3.2
Acquisition consideration paid in silver bullion 2.6 12.6
Acquisition of business:    
Assets acquired 19.5 29.0
Liabilities assumed 11.6 8.1
Total net assets acquired 7.9 20.9
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents 2,194.3 1,313.1
Cash segregated under federal and other regulations [1] 5,382.0 2,910.9
Securities segregated under federal and other regulations [2] 447.1 0.0
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”) [3] 3,382.3 2,507.0
Securities segregated and pledged to exchange-clearing organizations [4] 261.4 742.1
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows $ 11,667.1 $ 7,473.1
[1] Represents segregated client cash held at third-party banks included within Cash, securities and other assets segregated under federal and other regulations on the Condensed Consolidated Balance Sheets.
[2] Represents segregated client United States (“U.S.”) Treasury obligations and U.S. government agency obligations. Excludes segregated commodity warehouse receipts, segregated U.S. Treasury obligations with acquired maturities of greater than 90 days, and other assets, combined totaling $441.5 million and $13.4 million as of June 30, 2026 and 2025, respectively, included within Cash, securities and other assets segregated under federal and other regulations on the Condensed Consolidated Balance Sheets.
[3] Represents segregated client cash on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes non-segregated cash and other assets, combined totaling $3,169.5 million and $1,982.2 million as of June 30, 2026 and 2025, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Condensed Consolidated Balance Sheets.
[4] Represents segregated client U.S. Treasury obligations and U.S. government agency obligations on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes segregated securities pledged to exchange-clearing organizations with acquired maturities greater than 90 days and other assets, combined totaling $4,568.9 million and $2,649.3 million as of June 30, 2026 and 2025, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Condensed Consolidated Balance Sheets.