Segment Reporting And Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting And Geographic Information [Abstract]

The table below presents selected financial information, including significant expenses, for the Company’s single operating segment for the periods indicated.


	Year-Ended December 31,
	2025		2024		2023

	(in millions)


Total net revenues	$	6,205	$	5,185	$	4,340

Significant Expenses
Transaction based fees 1		335		364		308
Non-transaction based fees 1		85		83		78
Employee compensation 2		574		533		486
Advertising 3		102		67		47
Other expenses 4		338		443		352
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

Total Segment Assets	$	203,240	$	150,142	$	128,251

(1)

Reported in “Execution, clearing and distribution fees” in the consolidated statements of comprehensive income.

(2)

Reported in “Employee compensation and benefits” in the consolidated statements of comprehensive income.

(3)

Reported in “General and administrative” in the consolidated statements of comprehensive income.

(4)

Includes “Occupancy, depreciation and amortization”; “Communications”; “Customer bad debt”; employee benefits and other personnel expenses reported in “Employee compensation and benefits”; and professional services, legal and regulatory matters, and other administrative expenses reported in “General and administrative” in the consolidated statements of comprehensive income.

Schedule of Geographic Information

This geographic information does not reflect the way the Company’s business is managed.


	Year-Ended December 31,
	2025		2024		2023

	(in millions)

Net revenues
United States	$	4,324	$	3,589	$	3,028
International		1,881		1,596		1,312
Total net revenues	$	6,205	$	5,185	$	4,340
Income before income taxes
United States	$	3,662	$	2,786	$	2,316
International		1,109		909		753
Total income before income taxes	$	4,771	$	3,695	$	3,069