Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income	$ 343,827	$ 279,798
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	125,747	99,273
Stock-based compensation expense	49,096	40,117
Deferred taxes	14,764	17,008
Other (income) loss, net	(16,886)	0
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(387)	22,027
Deposits with clearing organizations	(11,916)	(25,902)
Accounts receivable	(35,246)	(64,949)
Receivable and due from affiliates/payable and due to affiliates, net	20,633	(4,356)
Deferred tax asset as a result of transferable tax credit purchase	17,646	0
Other assets	(30,786)	3,554
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	0	(21,612)
Accrued compensation	(67,499)	(44,448)
Deferred revenue	9,505	2,226
Accounts payable, accrued expenses and other liabilities	50,896	20,848
Net cash provided by operating activities	469,394	323,584
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	0	(89,224)
Cash paid for investments	(20,000)	(11,585)
Purchases of furniture, equipment, software and leasehold improvements	(7,110)	(11,417)
Capitalized software development costs	(29,764)	(22,478)
Net cash used in investing activities	(56,874)	(134,704)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(844)	0
Proceeds from stock-based compensation exercises	0	4,828
Dividends	(51,179)	(42,607)
Distributions to non-controlling interests	(12,528)	(16,058)
Payroll taxes paid for stock-based compensation	(47,766)	(44,457)
Payments on tax receivable agreement liability	(21,437)	(76,586)
Net cash used in financing activities	(133,754)	(174,880)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,053	(2,238)
Net increase (decrease) in cash, cash equivalents and restricted cash	289,819	11,762
Cash, cash equivalents and restricted cash
Beginning of period	1,341,302	1,707,468
End of period	1,631,121	1,719,230
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	45,095	61,414
Cash paid for interest	1,736	1,757
Non-cash investing and financing activities
Issuance of common stock for business acquisitions	0	36,692
Furniture, equipment, software and leasehold improvement additions included in accounts payable	926	165
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents	1,630,121
Restricted cash	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	1,631,121	1,719,230
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities
Establishment of liabilities under tax receivable agreement	0	0
Deferred tax asset	$ 25,478	$ 19,119