v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Commissions $ 649,171 $ 599,496 $ 1,402,106 $ 1,094,207
Principal transactions 122,257 120,403 265,149 236,481
Fees from related parties 5,493 5,241 9,789 9,663
Data, network and post-trade 36,677 35,462 71,145 67,962
Interest and dividend income 26,713 15,268 37,292 26,897
Other revenues 5,234 8,134 15,545 13,034
Total revenues 845,545 784,004 1,801,026 1,448,244
Expenses:        
Compensation and employee benefits 449,946 416,463 987,285 758,111
Equity-based compensation and allocations of net income to limited partnership units 75,557 83,926 158,998 159,249
Total compensation and employee benefits 525,503 500,389 1,146,283 917,360
Occupancy and equipment 47,272 46,478 95,003 89,047
Fees to related parties 9,721 10,409 17,794 18,759
Professional and consulting fees 17,266 15,796 34,186 31,465
Communications 38,212 34,659 76,901 65,288
Selling and promotion 37,448 28,810 66,579 48,251
Commissions and floor brokerage 20,434 16,690 42,090 34,182
Interest expense 32,799 33,801 65,251 58,455
Other expenses 44,988 24,654 76,538 35,401
Total expenses 773,643 711,686 1,620,625 1,298,208
Other income (losses), net:        
Gains (losses) on divestitures and sale of investments 20,000 0 20,000 0
Gains (losses) on equity method investments 5,727 2,379 10,312 4,737
Other income (loss) 1,314 581 3,677 483
Total other income (losses), net 27,041 2,960 33,989 5,220
Income (loss) from operations before income taxes 98,943 75,278 214,390 155,256
Provision (benefit) for income taxes 30,106 19,063 62,089 45,612
Consolidated net income (loss) 68,837 56,215 152,301 109,644
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries (3,650) (1,330) (4,334) (3,065)
Net income (loss) available to common stockholders 72,487 57,545 156,635 112,709
Basic earnings (loss) per share        
Net income (loss) attributable to common stockholders $ 69,585 $ 55,117 $ 150,151 $ 107,905
Basic earnings (loss) per share (in dollars per share) $ 0.15 $ 0.11 $ 0.32 $ 0.22
Basic weighted-average shares of common stock outstanding (in shares) 475,565 480,138 474,886 479,655
Fully diluted earnings (loss) per share        
Net income (loss) for fully diluted shares $ 69,603 $ 55,136 $ 150,201 $ 107,950
Fully diluted earnings (loss) per share (in dollars per share) $ 0.15 $ 0.11 $ 0.31 $ 0.22
Fully diluted weighted-average shares of common stock outstanding (in shares) 478,965 484,636 479,090 485,090