v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 664,758 $ 554,376
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 184,515 190,098
Stock-based compensation expense 81,242 75,232
Digital assets received as revenue (6,812) (4,372)
Deferred taxes 58,852 23,619
Other (income) loss, net (24,864) (56,306)
(Increase) decrease in operating assets:    
Receivable from/payable to brokers and dealers and clearing organizations, net (41,091) (11,989)
Deposits with clearing organizations 964 (10,002)
Accounts receivable (71,042) (43,672)
Receivable and due from related parties/payable and due to related parties, net 5,230 22,081
Deferred tax asset as a result of transferable tax credit purchase 0 17,646
Other assets (18,339) (17,377)
Increase (decrease) in operating liabilities:    
Accrued compensation (32,359) (14,946)
Deferred revenue 9,126 5,233
Accounts payable, accrued expenses and other liabilities 35,075 82,076
Net cash provided by operating activities 845,255 811,697
Cash flows from investing activities    
Cash paid for investments (76,891) (38,440)
Cash received from sale of digital assets 0 15,000
Purchases of furniture, equipment, software and leasehold improvements (27,235) (21,141)
Capitalized software development costs (56,278) (47,144)
Net cash used in investing activities (160,404) (91,725)
Cash flows from financing activities    
Share repurchases pursuant to share repurchase programs (447,305) (844)
Proceeds from stock-based compensation exercises 2,983 0
Dividends (88,924) (76,788)
Distributions to non-controlling interests (14,109) (14,158)
Payroll taxes paid for stock-based compensation (86,031) (48,985)
Payments on tax receivable agreement liability (19,024) (21,437)
Net cash used in financing activities (652,410) (162,212)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,285) 9,860
Net increase (decrease) in cash, cash equivalents and restricted cash 30,156 567,620
Cash, cash equivalents and restricted cash    
Beginning of period 2,085,739 1,341,302
End of period 2,115,895 1,908,922
Supplemental disclosure of cash flow information    
Income taxes paid, net of (refunds) 135,922 43,517
Cash paid for interest 1,203 2,118
Non-cash investing and financing activities    
Equity securities received upon conversion of receivables 78,370 0
Furniture, equipment, software and leasehold improvement additions included in accounts payable 790 10,189
Leasehold improvements obtained in exchange for lease liabilities 0 11,374
Unsettled share repurchases and excise tax included in other liabilities 8,454 0
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 2,114,895  
Restricted cash 1,000  
Cash, cash equivalents and restricted cash 2,115,895 1,908,922
Adjusted For Refinitiv Transaction    
Non-cash investing and financing activities    
Establishment of liabilities under tax receivable agreement 0 0
Deferred tax asset $ 49,772 $ 24,268