v3.25.4
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Commissions $ 2,149 $ 1,697 $ 1,360
Other fees and services 291 280 197
Other income (loss) 202 60 (11)
Total non-interest income 2,642 2,037 1,546
Interest income 7,782 7,339 6,230
Interest expense (4,219) (4,191) (3,436)
Total net interest income 3,563 3,148 2,794
Total net revenues 6,205 5,185 4,340
Non-interest expenses:      
Execution, clearing and distribution fees 420 447 386
Employee compensation and benefits 626 574 527
Occupancy, depreciation and amortization 97 101 99
Communications 43 39 41
General and administrative 247 314 211
Customer bad debt 1 15 7
Total non-interest expenses 1,434 1,490 1,271
Income before income taxes 4,771 3,695 3,069
Income tax expense 414 288 257
Net income 4,357 3,407 2,812
Less net income attributable to noncontrolling interests 3,373 2,652 2,212
Net income available for common stockholders $ 984 $ 755 $ 600
Earnings per share:      
Basic $ 2.23 $ 1.75 $ 1.43
Diluted $ 2.22 $ 1.73 $ 1.42
Weighted average common shares outstanding:      
Basic 440,931,909 432,448,796 419,860,200
Diluted 443,859,546 436,011,752 423,387,508
Comprehensive income:      
Net income available for common stockholders $ 984 $ 755 $ 600
Other comprehensive income:      
Cumulative translation adjustment, before income taxes 101 (53) 30
Income taxes related to items of other comprehensive income 0 0 0
Other comprehensive income (loss), net of tax 101 (53) 30
Comprehensive income available for common stockholders 1,085 702 630
Comprehensive income attributable to noncontrolling interests:      
Net income attributable to noncontrolling interests 3,373 2,652 2,212
Other comprehensive income - cumulative translation adjustment 290 (154) 92
Comprehensive income attributable to noncontrolling interests $ 3,663 $ 2,498 $ 2,304