v3.26.3
Business Segment and Geographic Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segment and Geographic Information Business Segment and Geographic Information
The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. Through its electronic marketplaces, the Company facilitates trading by clients across the institutional, wholesale, retail and corporates client sectors and builds comprehensive market data sets that it is able to separately sell to clients, primarily LSEG, as incremental market data revenue. Because of the highly integrated nature of these marketplaces and services and the global financial markets in which the Company competes, the Chief Operating Decision Maker (the “CODM”) reviews financial information on a global consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined it operates as one operating segment and one reportable segment.
Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant expense categories included in consolidated net income that are regularly provided to the CODM include employee compensation and benefits, technology and communications, general and administrative, professional fees and occupancy, each as presented in the condensed consolidated statements of income.
Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:
Three Months EndedNine Months Ended
September 30, September 30,
2026202520262025
(dollars in thousands)
Revenues
Institutional$374,600 $317,148 $1,134,880 $947,162 
Wholesale110,514 99,365 335,710 302,894 
Retail39,080 38,025 105,579 111,504 
Corporates23,479 23,243 73,999 69,745 
Market Data36,872 30,817 111,087 99,941 
Total revenue584,545 508,598 1,761,255 1,531,246 
Less:
Employee compensation and benefits178,927 164,993 549,182 511,563 
Technology and communications44,623 33,867 126,148 92,807 
General and administrative17,324 16,892 45,884 66,616 
Professional fees19,757 11,483 44,846 38,100 
Occupancy8,165 6,641 24,735 17,737 
Other segment items (1)
90,844 64,173 305,702 250,047 
Net income$224,905 $210,549 $664,758 $554,376 
(1)Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented in the condensed consolidated statements of income.
The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Variable revenues are generally attributed to geographic area based on the jurisdiction where the underlying transactions take place. The attribution of fixed revenues may vary by revenue and contract type. Given the global nature of the financial markets in which we operate and the Company’s clients’ worldwide businesses and contracts, the results by geographic region and allocation of revenues to individual countries are not necessarily meaningful in understanding the Company’s business.
The measure of segment assets is reported in the condensed consolidated statements of financial condition as total consolidated assets. Total expenditures for additions to long-lived assets are as reported in the condensed consolidated statements of cash flows. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.
The following table provides revenue by geographic area:
Three Months EndedNine Months Ended
September 30, September 30,
2026202520262025
(dollars in thousands)
Revenues
U.S.$326,038 $297,435 $983,566 $893,119 
International258,507 211,163 777,689 638,127 
Total revenue$584,545 $508,598 $1,761,255 $1,531,246 
The following table provides information on the attribution of long-lived assets by geographic area:
September 30,December 31,
20262025
(dollars in thousands)
Long-lived assets
U.S.$4,637,523 $4,737,934 
International39,243 31,746 
Total$4,676,766 $4,769,680