Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The tables below present revenue from contracts with customers by geographic location and major types of services for the periods indicated.


		Year-Ended December 31,
		2025			2024			2023

		(in millions)

Geographic location 1
United States		$	1,482		$	1,230		$	968
International			958			747			589
		$	2,440		$	1,977		$	1,557

Major types of services
Commissions		$	2,149		$	1,697		$	1,360
Market data fees 2			79			71			70
Risk exposure fees 2			80			100			46
Payments for order flow 2			51			45			31
FDIC sweep fees 2			37			28			19
Other 2			44			36			31
		$	2,440		$	1,977		$	1,557

(1)

Based on the location of the subsidiaries in which the revenues are recorded.

(2)

Reported in “Other fees and services” in the consolidated statements of comprehensive income.